Miahona Co. · TADAWUL:2084
Miahona — H1 2026 Earnings Presentation
15 slides from Miahona's earnings presentation, Aug 9, 2026
Slide 1: Miahona's Earnings Call H1 2026
miahona.com Miahona’s Earnings Call H1 2026 August 09, 2026
Slide 2: Disclaimer
Disclaimer This document has been prepared by representatives of Miahona Company (the “Company” and, together with its subsidiaries, the “Group”). No reliance may be placed for any purpose whatsoever on the information or opinions contained in this document or any other document or oral statement or
Slide 3: Today's Speakers and Agenda
miahona.com Today’s Speakers and Agenda 01 | Business Review 02 | Financial Review 03 | Q&A AWAADH AL OTAIBI REHAN MASOOD Chief Executive Officer Chief Financial Officer
Slide 4: Business Review
BUSINESS REVIEW AWAADH AL OTAIBI Chief Executive Officer
Slide 5: Building Success Through Operational Excellence
Miahona | Building Success Through Operational Excellence PROVEN DEVELOPMENT AND OPERATIONAL TRACK RECORD STRONG NATIONWIDE PRESENCE m3/day 8 c. 8 mn 12 Projects +1 mn | +100 k Cities Population served Concession (7) | O&M (5) Wastewater | Water Daily Capacity INDUSTRIAL CLIENTS 07 Concessions (Inve
Slide 6: Key Pillars Underpinning Miahona's Operational Excellence
Key Pillars Underpinning Miahona’s Operational Excellence ESTABLISHED INNOVATIVE RELIABLE EFFICIENT INTERNATIONAL EXPERTISE SOLUTIONS SYSTEMS PROCESSES BEST PRACTICES 15+ yrs | 12 Projects Digital | Cost-Optimal Full Lifecycle | Zero-gap NRW < 10% | TSE 60% ISO 9001 · 14001 · 18001 · 27001 Dedicated
Slide 7: Concessions under construction | Driving Sustainable Growth
Concessions under construction| Driving Sustainable Growth OPERATIONAL UNDER CONSTRUCTION UNDER CONSTRUCTION UNDER REHABILITATION UNDER FINANCIAL CLOSE HADDA & ARANA RAS TANURA AL HAER JEDDAH ARANA Western Region · Makkah Eastern Region Central Region · Manfouha Western Region · Industrial City West
Slide 8: Q2 2026 Key Achievements
Q2 2026 Key Achievements DOMESTIC GROWTH · M&A INTERNATIONAL EXPANSION · PPP Strategic Acquisition SHA'S WATER SERVICES ZOMIN WTP Central Region · Riyadh Uzbekistan Signed an SPA to acquire 100% of Sha’s Water Services, supporting Miahona’s expansion in Riyadh’s water distribution market, strengthen
Slide 9: Financial Review
FINANCIAL REVIEW REHAN MASOOD Chief Executive Officer
Slide 10: H1 2026 Financial Summary
Key Pillars for Miahona’s Operational Excellence. Reported decline driven by timing of development income recognition in the prior period. mn H1 2026 H1 2025 % Change Revenue 233.8 361.7 -35% EBITDA 60.2 121.3 -50% Margin 25.7% 33.5% -7.8 PP Net Income 6.5 70.2 -91% Margin 2.8% 19.4% -16.6 PP
Slide 11: Revenue Insights
Revenue Insights Total Group Revenue ( 233.8 mn) mn, % -35.0% Revenue | Decrease in Project development and advisory services primarily reflects the absence of 57.9 development income from the Al Haer project. | Arana Development income is expected to be 2.2 accrue in 2026. 175.3 101.4 | Construc
Slide 12: Net Income to EBITDA
Net Income to EBITDA EBITDA Evolution and Margin mn, % -50.0% EBITDA | EBITDA decline primarily reflects the absence of development income from new projects 121.3 recognized in the prior period. 60.2 | Arana Development income is expected to be H1 2025 H1 2026 accrue in 2026. Non-Operational Costs
Slide 13: Profitability Insight
Profitability Insight Net Income Bridge* mn, % -91.0% Net Income | Revenue decline reflects the absence of 70.2 development income from new projects recognized in the prior period. | Cost of sales decreased in line with lower 72.1 construction activity and reduced development- 3.3 3.1 0.0 6.5 (1.7
Slide 14: Cash Flow Insight
Cash Flow Insight Underlying EBITDA-to-FCF Conversion Remains Disciplined Cash Flow Reflects Timing of EBITDA/FCF Conversion 27% 71% Development Cycle | Decrease in operating cash flow primarily due mn H1 2026 H1 2025 to the absence of one-off development-related Cash flow from Operations2 8.6 70.
Slide 15: Questions & Answers
miahona.com Questions & Answers