Kingdom Holding Co. · TADAWUL:4280
Kingdom — 2Q 2026 Earnings Presentation
26 slides from Kingdom's earnings presentation, Aug 10, 2026
Slide 1: Kingdom Holding Co. 2Q 2026 Earnings Presentation
High res photo Kingdom Holding Co. 2Q 2026 Earnings Presentation 10 August 2026
Slide 2: Disclaimer
Disclaimer The Kingdom Holding Company (KHC) prepared this presentation on a proprietary basis as general background information about the activities of KHC. The information contained herein is given in summary form and for discussion purposes only. Some of the information that is relied upon by KHC
Slide 3: Contents
Contents 1. Kingdom Holding Company Overview 2. 2Q 2026 NAV Update and Key Developments 3. 2Q 2026 Financial Performance 4. Investment Thesis P. 3
Slide 4: Kingdom Holding Company Overview
Kingdom Holding Company Overview Earnings Presentation P. 4
Slide 5: Kingdom Holding Company is an iconic global investment brand
KHC overview NAV update Financial performance Investment thesis Kingdom Holding Company is an iconic global investment brand Kingdom Holding Company (KHC) is 1 a KSA based holding company Gross Asset Value Composition, Fair Value Basis (%) Net Income 4 1H 2026 created and majority owned by HRH Princ
Slide 6: KHC's investment portfolio is well-balanced and diversified
KHC overview NAV update Financial performance Investment thesis KHC’s investment portfolio is well-balanced and diversified Equity 60.4% Hospitality 20.8% Real Estate 3.7% Land 15.1% ¥ 60.7bn ¥ 20.9bn ¥ 3.7bn ¥ 15.1bn Portfolio $16.1bn Portfolio $5. 6bn portfolio $1.0bn portfolio $4.0bn Four Seasons
Slide 7: Overall portfolio remains well-balanced and positioned for growth
KHC overview NAV update Financial performance Investment thesis Overall portfolio remains well-balanced and positioned for growth Total Portfolio Breakdown by Sector Total Portfolio Breakdown by Geography Total Portfolio Breakdown by Type US 50.5% Aerospace & Defense 27.1% 43.8% 18.6% Saudi Arabia 3
Slide 8: Deep-dive: Jeddah Economic Company Tower
KHC overview NAV update Financial performance Investment thesis Deep-dive: Jeddah Economic Company Tower End-July 2026 update: 1,000+m 3,280+ ft JEC Tower reached Level 106 (430m) as Height construction continued to advance on schedule. The ‘Centrepiece’ of Jeddah Structural works reached 67% comple
Slide 9: 2Q 2026 NAV Update and Key Developments
2Q 2026 NAV Update and Key Developments Earnings Presentation P. 9
Slide 10: NAV Methodology
KHC overview NAV update Financial performance Investment thesis NAV Methodology 01 LISTED 02 NON-LISTED 03 REAL ESTATE & 04 CASH, DEBT & EQUITIES INVESTMENTS HOSPITALITY OTHER Market price Last transaction / appraisal Independent appraisal Book value Closing price on the primary Most recent funding
Slide 11: 1H 2026 Semi-annual NAV update
KHC overview NAV update Financial performance Investment thesis 1H 2026 Semi-annual NAV update Gross asset value to NAV bridge, ¥ bn NAV PER SHARE ¥ 24.17 Listed equities 27.2 - SpaceX 60.7 SHARES OUTSTANDING Hospitality 20.9 3,705 mln Real Estate 3.7 Land Portfolio 15.1 Gross Asset Value 100.4 Net
Slide 12: Net asset value amounted to ¥ 89.5 bn, up 15% YTD
KHC overview NAV update Financial performance Investment thesis Net asset value amounted to ¥ 89.5 bn, up 15% YTD Gross Asset Value (FV Basis) Movement YTD (¥ Bn) Net Asset Value (FV Basis) Movement YTD (¥ Bn) +12% +15% 10.9 0.2 0.0 100.4 10.5 1.0 89.5 89.9 78.0 (0.5) +22% -3% +5% +0% +12% -8% FY 25
Slide 13: HoldCo remained elevated at ~50%
KHC overview NAV update Financial performance Investment thesis HoldCo remained elevated at ~50% 25 ¥ 24.17300% ¥ 21.05 250% 20 ¥ 17.43 ¥ 17.48 200% ¥ 16.16 ¥ 14.56 ¥ 14.70 150% 15 100% 10 50% ¥ 12.15 as of 30/07/2026 0% 5 50% -50% 0 -100% Series1 KHC Share price Series2 NAV per share (FV Basis) P.
Slide 14: Equity portfolio surged on the back of SpaceX IPO
KHC overview NAV update Financial performance Investment thesis Equity Portfolio Equity portfolio surged on the back of SpaceX IPO Equity Portfolios Movement YTD (¥ Bn) Selected listed equities YTD performance (1H26/2025) Citi +20% FY 25 49.8 BHP +35% Phoenix +11% Listed & Unlisted -1% (0.1) Equity
Slide 15: Hospitality remained stable amid cautious valuation approach
KHC overview NAV update Financial performance Investment thesis Hospitality Portfolio Hospitality remained stable amid cautious valuation approach Hospitality Portfolio Movement YTD (¥ Bn) FY 25 21.5 Accor +3% 0.1 George V -6% (0.4) Savoy -14% (0.2) -3% Four Seasons +0% Other +0% 1H 26 20.9 • Positi
Slide 16: Real estate delivers stable income with growth upside
KHC overview NAV update Financial performance Investment thesis Real Estate Portfolio Real estate delivers stable income with growth upside Real Estate Portfolio Movement YoY (¥ Bn) FY 25 3.5 Kingdom Centre +1% 0.0 +5% Kingdom +34% 0.1 Schools 1H 26 3.7 • Real-estate segment revenue came in at ¥ 231
Slide 17: Conservatively priced land poised for value realization
KHC overview NAV update Financial performance Investment thesis Land portfolio Conservatively priced land poised for value realization Land Portfolio Movement YoY (¥ Bn) FY 25 15.1 JEC +0% 0.0 Underdeveloped +0.2% 0.0 +0.1% land Developed land +0.2% 0.0 1H 26 15.1 • 10% discount on undeveloped land
Slide 18: 2Q 2026 Financial Performance
2Q 2026 Financial Performance Earnings Presentation P. 18
Slide 19: KHC reported net profit of ¥ 602 million for 1H 2026
KHC overview NAV update Financial performance Investment thesis KHC reported net profit of ¥ 602 million for 1H 2026 Net Profit Movement YoY (¥ Mn) 1. Lower dividend income due to a high base in 1H -28% 2025, which benefited from favorable timing and 836.7 the realization of certain historical entit
Slide 20: Total equity remained broadly stable
KHC overview NAV update Financial performance Investment thesis Total equity remained broadly stable ¥ Mn 2Q 2026 4Q 2025 YTD Change Book Value Per Share (¥) Total current assets 2,666 2,841 -6% Cash & cash equivalents 1,527 1,525 +0% 18.4 15.8 15.3 Total non-current assets 82,797 72,093 +15% 11.8 1
Slide 21: Leverage improved to multi-year lows
KHC overview NAV update Financial performance Investment thesis Leverage improved to multi-year lows Net Debt (¥ Bn) Debt to Equity 11.9 11.7 11.8 10.9 0.27x 10.5 0.25x 0.20x 0.18x -1% +1% -11% +3% 0.16x 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 Debt by currency (%) • KHC continues
Slide 22: FVOCI reserve increased substantially on SpaceX deal
KHC overview NAV update Financial performance Investment thesis FVOCI reserve increased substantially on SpaceX deal FVOCI Reserve (¥ Mn) 26,761 • FVOCI reserve increased to ¥ 26.8 billion, primarily reflecting the revaluation of SpaceX following its IPO 15,581 (2,372) (6,758) (16,042) 3Q 22 4Q 23 4
Slide 23: Exceptional dividend lifts 1H 2026 distribution to ¥ 0.34 per share
KHC overview NAV update Financial performance Investment thesis Exceptional dividend lifts 1H 2026 distribution to ¥ 0.34 per share DPS (¥) Cash & Cash Equivalents (¥ Mn) -30% 0.34 2,659 2,459 0.28 0.28 0.28 0.28 2,167 1,525 1,527 +13% -38% +74% -43% 2022 2023 2024 2025 1H26 2Q 25 3Q 25 4Q 25 1Q 26
Slide 24: Investment Thesis
Investment Thesis Earnings Presentation P. 24
Slide 25: Unlocking exclusive access with proven expertise and valuation upside
KHC overview NAV update Financial performance Investment thesis Kingdom Holding Company: Unlocking exclusive access with proven expertise and valuation upside 1. Current Unlisted assets provide opportunities for Valuation unlocking value 2. Portfolio A portfolio shift is underway, capitalizing on Sh
Slide 26: Thank you
Thank you