Seera Holding Group · TADAWUL:1810
Seera — EFG Hermes 11th Annual London Conference 2025
69 slides from Seera's conference presentation, Sep 10, 2025
Slide 1: Investor Presentation
Investor Presentation EFG Hermes 11th Annual London Conference 10th–11th September, 2025 Seera Investor Presentation | Q2 2025 1
Slide 2: Contents
Contents Seera Group: Board Update 03 Seera Group: Strategy & Financials 05 Almosafer: Business Updates 12 Other Business Segment Updates 38 Appendix 50 Seera Investor Presentation | Q2 2025 2
Slide 3: Seera Group: Board Update
Seera Group: Board Update Seera Investor Presentation | Q2 2025 3
Slide 4: Seera Group Strategy Remains on Track
Seera Group Strategy Remains on Track Background Key Highlights Remaining Board members are committed to the announced value- Resignations unlocking strategy: Four members of the Board of Directors have resigned • The November 2023 value-unlocking strategy remains the Group’s including the Chairman,
Slide 5: Seera Group: Strategy & Financials
Seera Group: Strategy & Financials Seera Investor Presentation | Q2 2025 5
Slide 6: Strategy Pillars
A future focused on portfolio monetization and shareholder returns Strategy Pillars 2024+ Operate as an engaged investor and steward of companies, governing 2019-2023 • Monetizing portfolio with strong influence and • Successful assets through various expertise restructuring of avenues portfolio Bui
Slide 7: Seera Group continues to unlock value through a growing and unique portfolio
Seera Group continues to unlock value for shareholders through a growing and unique portfolio CENTRAL Segments UK-based Travel Travel Platform Car Rental Hospitality Investments Investment Portfolio Non-strategic, Strategic / Non- Strategic, Core Strategic, Core Strategic, Non-core relevance Non-cor
Slide 8: Capital allocation strategy focused on maximizing free cash flow per share
Capital allocation strategy focused on maximizing free cash flow per share, with continued progress in optimizing the capital structure Deleveraging New investment Share buy-back the balance sheet Opportunities program Minimize balance sheet debt Target opportunities offering Executed a share buy-ba
Slide 9: Strong revenue generation translated into accelerated earnings growth
Strong revenue generation translated into accelerated earnings growth Key H1 2025 Highlights Net Booking Value 1H 2025 NBV composition (%) Revenue 1H 2025 < < Hospitality 1.4% Other 0.4% 7,856 2,312 • NBV growth driven by strong Car Rental 10.5% performance across Almosafer, Lumi, and Portman. ¥ Mn
Slide 10: Almosafer: Business Updates
Almosafer: Business Updates Seera Investor Presentation | Q2 2025 12
Slide 11: Almosafer is a fully-fledged travel platform matching travel supply and demand
Almosafer is a fully-fledged travel platform matching travel supply and demand in the region Non-exhaustive SUPPLY DEMAND Regional and Global Reach #1 B2C & B2B Travel Community in the Region Largest travel partner for Present in KSA, UAE, Kuwait and others the top 10 regional carriers 1.4M+ Active
Slide 12: The travel platform is built on an asset-light and scalable business model
The travel platform is built on an asset-light and scalable business model serving tourist flows to, from and within Saudi Arabia Destination Consumer Travel Business Travel Hajj & Umrah Distribution Management B2C | Leisure & Religious | B2B | Business | B2B | Religious | B2B | Leisure & MICE | B2B
Slide 13: Between 2022-2024, Almosafer demonstrated consistent profitable growth
Between 2022-2024, Almosafer demonstrated consistent profitable growth, despite the impact of changes in government travel policies in 2024 ▪ NBV and revenue growth reflecting record performance in consumer Net Booking Value Revenue Gross Profit travel as well as gains in Hajj & (⃀ Mn) (⃀ Mn) (⃀ Mn)
Slide 14: Positive momentum continued in H1 2025, record NBV and EBITDA in Q2 2025
Positive momentum continued in H1 2025, record NBV and EBITDA reported in Q2 2025 driving strong year-to-date results ▪ NBV and revenue growth supported by peak demand in consumer Net Booking Value Revenue Gross Profit travel, continued growth in business (⃀ Mn) (⃀ Mn) (⃀ Mn) travel, and strong deli
Slide 15: Q2 2025 marks highest quarterly performance across key financial metrics
Q2 2025 marks highest quarterly performance across key financial metrics Total Net Booking Value (¥ Mn) 2Q 2025 Total Revenue (¥ Mn) 2Q 2025 Adjusted EBITDA* (¥ Mn) 2Q 2025 +15% +14% 2,402 368 +52% 45 2,088 324 1,993 1,841 1,726 1,591 30 203 211 210 206 20 18 13 5 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25
Slide 16: Almosafer Travel Platform: achievements across business segments
Almosafer Travel Platform: achievements across business segments Expanding topline Increasing margin #1 Top of Mind awareness among OTAs in KSA with the activation of the Al Hilal Club sponsorship New add-ons including activities and ad-sales revenue increased by 129% year-on-year at Consumer Travel
Slide 17: Almosafer remains on track to achieve SAR 12 Bn booking value by FY 2027
Almosafer remains on track to achieve ⃀ 12 Bn in booking value by FY 2027, generating EBITDA between 1.8%–2.0% of booking value Mid-term Guidance Growth Drivers • Maintain competitiveness in air FY ‘24 FY ’27 CAGR products & expand add-on travel Actuals Guidance FY ’24 - FY ‘27 offerings Booking Val
Slide 18: Consumer Travel
Consumer Travel Seera Investor Presentation | Q2 2025 20
Slide 19: Consumer Travel continues to deliver record NBV year-on-year
Consumer Travel continues to deliver record NBV year-on-year, driven by high-margin growth, organic demand and a strong partnerships network Net Booking Value Retention Rate Unpaid Share Customer Net Promoter Score (⃀ Mn) (% of returning customers in 12- (% of bookings from organic or Acquisition Co
Slide 20: Almosafer is the largest air OTA player in Saudi Arabia and the GCC
Almosafer is the largest air OTA player in Saudi Arabia and the entire GCC region Saudi Arabia: Total Air Market by Distribution Channel Saudi Arabia: OTA Air Gross Booking Value Share by Brand (USD Mn) (%) Others Cleartrip & Flyin 4% 11,279 7% +12% 24% Book on Wego (Wego OTA) 11% 7,114 28% 24% (3,1
Slide 21: Almosafer is a homegrown player among dominant global OTAs in the hotel segment
Almosafer is a homegrown player among dominant global OTAs in the hotel segment Saudi Arabia: Total Hotel Market by Distribution Channel Saudi Arabia: OTA Hotel Gross Booking Value Share by Brand (USD Mn) (%) Others Almosafer 3% +10% 15,911 11% 10% 25% 11,032 (3,917) Agoda 9% 12% 21% (2,349) 2024E O
Slide 22: Hajj & Umrah
Hajj & Umrah Seera Investor Presentation | Q2 2025 24
Slide 23: Hajj & Umrah experienced a delay in Nusuk platform bookings
Hajj & Umrah experienced a delay in Nusuk platform bookings due to Hajj visa quota changes in the upcoming season; recovery expected in Q2 2025 Net Booking Value Nusuk Hajj Nusuk Flights (⃀ Mn) • Government platform to distribute Hajj packages to • Integrated Almosafer’s flight booking capabilities
Slide 24: Mawasim is considering a shift to managed hotel inventory
Mawasim is considering a shift to managed hotel inventory to enhance margins and control distribution in Makkah’s constrained hotel market Mawasim currently adopts a wholesale tour operator model… …with plans to expand to managed hotel inventory Managed Hotel Model High Inventory Increasing… Fully l
Slide 25: Business Travel
Business Travel Seera Investor Presentation | Q2 2025 27
Slide 26: Business Travel has grown corporate accounts and non-air bookings
Business Travel has grown corporate accounts and non-air bookings post shift in government travel regulations, enabled by a dedicated digital booking portal Net Booking Value Travel Management Portal Transactions (%) Client Acquisitions (⃀ Mn) 45% 48% Tapping into new markets via strategic partnersh
Slide 27: Destination Management
Destination Management Seera Investor Presentation | Q2 2025 29
Slide 28: Destination Management's growth is driven by tourism projects and MICE travel
Destination Management’s growth is driven by tourism projects and continued support of MICE-related travel Net Booking Value Top Inbound Source Markets Key Projects & Initiatives (⃀ Mn) +10% Domestic tours for students and teachers across the Kingdom 58% 58% UK Russia GCC Italy +3.2k +68.9k Tours Tr
Slide 29: Distribution
Distribution Seera Investor Presentation | Q2 2025 31
Slide 30: Distribution is expanding through multiple distribution models
Distribution is expanding through the deployment of multiple distribution models tailored for different travel partners and markets Net Booking Value Air GDS Model Air API Connectivity Hotel API Connectivity (⃀ Mn) +27% 110 2.3% 2.0% 86 Extending GDS flight API enabled access to API providing access
Slide 31: Technology & AI
Technology & AI Seera Investor Presentation | Q2 2025 33
Slide 32: Almosafer Travel Platform: prioritizing AI innovation
Almosafer Travel Platform: prioritizing AI innovation to address key priorities AI Proof of Concepts +1oo Enhance customer Improve efficiency and AI experiments currently experience productivity being scoped, developed and tested Live Solutions 10 Validated for potential Optimize revenue streams Ena
Slide 33: Example 1: Hotel review tagging, filtering, and translation
Example 1: Hotel review tagging, filtering, and translation Categorizing and tagging reviews for users to access the most relevant information, helping them make faster and informed decisions Initiative is live. Reviews interaction +12% Conversion Rate 20% For customers that interact with reviews Se
Slide 34: Example 2: Hotel dynamic carousel; Example 3: Hotel reviews summarization
Example 2: Hotel dynamic Example 3: Hotel reviews carousel summarization Building a model that will dynamically decide which hotels to Summarizing all valuable reviews into concise, actionable be displayed based on each personalization summaries, helping users make faster and informed decisions Init
Slide 35: Additional Examples: Marketing content and spend
Additional Examples Marketing content Example 4: Search engine marketing (SEM) Initiative is live. and spend bidding 10% Predict the proper keyword bidding value and distribute SEM of additional GBV with the budget among the Ad Groups to improve marketing optimization same marketing budget Example 5
Slide 36: Other Business Segment Updates
Other Business Segment Updates Seera Investor Presentation | Q2 2025 38
Slide 37: Portman Travel
Portman Travel Seera Investor Presentation | Q2 2025
Slide 38: UK-based Travel Investment: financial performance
UK-based Travel Investment: financial performance Revenue (¥ Mn) 1H 2025 Gross profit (¥ Mn) 1H 2025 +15% +8% 22.4% 29.8% 26.3% 30.8% 156 284 306 +48% +25% 136 426 850 681 289 • Portman Travel Group encompasses some of the most well-established travel brands in UK and Europe travel sector, including
Slide 39: Portman Travel Group: business performance metrics
Portman Travel Group: business performance metrics 2.4mn Number +11% of business trips managed vs H1 2024 ¥ 92.1k Average Order Value +9% vs H1 2024 41.3K Number of travelers +39% vs H1 2024 6th largest TMC in UK Flat from H1 2024 2.9k Number of trips +12% vs H1 2024 86% % online booking rate +8% vs
Slide 40: Lumi Rental
Lumi Rental Seera Investor Presentation | Q2 2025
Slide 41: Car Rental: financial performance
Car Rental: financial performance Revenue (¥ Mn) 1H 2025 Gross profit (¥ Mn) 1H 2025 +11% +18% 828 246 +15% 745 +31% 209 416 125 360 95 2Q 24 2Q 25 1H 24 1H 25 2Q 24 2Q 25 1H 24 1H 25 • Lumi Rental Company is a leading car Operating expenses (¥ Mn) 1H 2025 EBITDA (¥ Mn) 1H 2025 rental and lease prov
Slide 42: Car Rental: business performance metrics
Car Rental: business performance metrics Revenue (¥ Mn) 1H 2025 Fleet size (th vehicles) 1H 2025 +2% +11% -0% 828 33 34 35 34 745 -3% +15% 331 360 416 260 24 23 24 24 164 229 261 134 114 135 256 236 11 10 11 10 113 117 • The Kingdom's top vehicle rental and 2Q 24 2Q 25 1H 24 1H 25 3Q 24 4Q 24 1Q 25
Slide 43: Hospitality
Hospitality Seera Investor Presentation | Q2 2025
Slide 44: Hospitality: Q2 25 performance affected by a shift in Ramadan seasonality
Hospitality: Q2 25 performance affected by a shift in Ramadan seasonality Revenue (¥ Mn) 1H 2025 Gross profit (¥ Mn) 1H 2025 -6% +4% 114 107 61 63 -22% -23% 59 34 46 26 2Q 24 2Q 25 1H 24 1H 25 2Q 24 2Q 25 1H 24 1H 25 Operating expenses (¥ Mn) 1H 2025 EBITDA (¥ Mn) 1H 2025 • Seven hotels, including S
Slide 45: Hospitality: softer demand weighed on business performance metrics
Hospitality: softer demand weighed on business performance metrics Q2 2025 Room Nights 50.0k -24% Sold vs Q2 2024 Operational 2,055 -10% Room Keys vs Q2 2024 Revenue Per ¥ 381 -12% Available Room vs Q2 2024 Occupancy 67% -8 ppts vs Q2 2024 Average ¥ 572 -1% Daily Rate vs Q2 2024 Seera Investor Prese
Slide 46: Appendix
Appendix Seera Investor Presentation | Q2 2025 50
Slide 47: Portman Travel Group
Portman Travel Group Seera Investor Presentation | 2Q 2024
Slide 48: Portman Travel Group operates three specialist business lines
Portman Travel Group operates three specialist business lines: business travel, sports travel and luxury leisure travel Business Travel Sports Travel Luxury Leisure Travel Blending innovative tech with human Sets the global standard in sports Multi-award-winning, pioneering expertise. Getting people
Slide 49: Portman Travel Group at a Glance
Portman Travel Group at a Glance 3 Divisions & £1.1bn 1400 15 Brands Turnover Employees 120,000 room nights; 65,000 >100 Global presence flights & professional across Europe, 140,000 rail sports clubs & USA, Caribbean, bookings per organisations Oceania & Asia month Note: All figures as of 31st Dece
Slide 50: Our Journey So Far
Our Journey So Far Acquired strategic stake Created in Barmy Army Inspiresport Acquired Created Incorporation Acquired Amaze and R66T acquired Acquired Portman Clarity Created of Inspiresport Sportive Acquired DMC Academy Tour Time Elegant Travel Sports SportsBreaks LLC in USA Breaks Sportsworld 202
Slide 51: Portman's growth reflects increased business scale and strategic acquisitions
Portman’s growth reflects both the increased business scale and strategic acquisitions in business and sports travel ▪ NBV growth reflects both the increased business scale and Net Booking Value Revenue Gross Profit acquisitions of Agiito and Mike (⃀ Mn) (⃀ Mn) (⃀ Mn) Burton Sports. 11.5% 600 15 ▪ E
Slide 52: In H1 2025, Portman delivered solid growth
In H1 2025, Portman delivered solid growth, reporting SAR 2.8bn booking value, EBITDA to improve as synergies realized ▪ Strong NBV performance in Q2 driven by the Sports Travel segment Net Booking Value Revenue Gross Profit and Luxury Leisure Travel division (⃀ Mn) (⃀ Mn) (⃀ Mn) ▪ EBITDA decline re
Slide 53: Business Travel
Business Travel Seera Investor Presentation | Q2 2025 57
Slide 54: Transient and M&E Market Consolidation; ClarityGo & MeetingsPro Synergies
Transient and ClarityGo & M&E MeetingsPro Market Synergies to Consolidation Come
Slide 55: Portman Travel Group: Business travel
Portman Travel Group: Business travel 2.4mn Number of business trips managed +11% vs H1 2024 Net Booking Value and Revenue (£ Mn) +71.7% 799 6th largest TMC in UK Flat from H1 2024 271 365 • • Best in class in-House Propriety software All Clarity Customers migrated in Q1 ‘25 88 9 22 33 78 with Agiit
Slide 56: Sports Travel
Sports Travel Seera Investor Presentation | Q2 2025 60
Slide 57: Organic Start, Higher Margin, Professional Clubs
Organic Higher Professional Start Margin Clubs Worldwide Huge range Exclusive DMC of Sports Partnerships
Slide 58: Portman Travel Group: Sports travel
Portman Travel Group: Sports travel 41.3K Number of travelers +39% vs H1 2024 Net Booking Value and Revenue (£ Mn) International growth +44.2% 185 • 68% Revenue from UK (H1FY24: 72%) 159 108 114 • 7% revenue from Europe (H1FY24: 6%) 89 15 40 • 10% of Revenue from USA (H1FY24:5%) 10 • 15% of revenue
Slide 59: Luxury Leisure Travel
Luxury Leisure Travel Seera Investor Presentation | Q2 2025 63
Slide 60: Ultra Personalised Relationships
Top 1% Ultra UHNW 71% Repeat Personalised Database Rate Top Hotel Brand Growth £1m Supplier Relation- Opportunities Revenue ships
Slide 61: Portman Travel Group: Luxury leisure travel
Portman Travel Group: Luxury leisure travel Revenue (£ Mn) Average Order Value ¥ 92.1k +9% vs H1 2024 83 +3.0% 88 88 24 Number of trips 2.9k +12% vs H1 2024 2021 2022 2023 2024 Revenue Retention Rate 71% +2% vs H1 2024 3% 3-year revenue CAGR post COVID 17% Growth in revenues related to the Middle Ea
Slide 62: Group Financials
Group Financials Seera Investor Presentation | 2Q 2024
Slide 63: Financial results benefited from increased travel demand and efficiency improvements
Financial results benefited from increased travel demand and efficiency improvements in key business segments ¥ Mn H1 2025 H1 2024 YoY % Change Q2 2025 Q2 2024 YoY % Change Net booking value 7,856 7,332 +7% 4,305 3,898 +10% Revenue 2,312 2,106 +10% 1,208 1,028 +17% Cost of revenue (1,394) (1,212) +1
Slide 64: Strong balance sheet and prudent financial policy as shown by modest leverage
Strong balance sheet and prudent financial policy as shown by modest leverage ¥ Mn Q2 2025 Q1 2025 QoQ % Change Property, plant & equipment 5,036 5,121 -2% Assets under construction and development 518 505 +2% Investments 427 425 +1% Trade & other receivables 1,821 1,628 +12% Other 3,779 3,594 +5% T
Slide 65: Improved cash position in H1 2025 driven by strong cash flow and asset disposals
Improved cash position in H1 2025 driven by strong cash flow and asset disposals ¥ Mn H1 2025 H1 2024 YoY % Change Profit for the period 72 131 -45% Depreciation 263 229 +15% Net book value of vehicles disposed 234 235 -0% Net finance cost 72 84 -14% Other 65 33 +96% Operating CF before working capi
Slide 66: Total NBV and revenue growth driven by travel and car rental businesses
Total NBV and revenue growth driven by travel and car rental businesses… Net Booking Value Movement YoY (¥ Mn) 1H 2025 Revenue Movement YoY (¥ Mn) 1H 2025 +7% +10% 7,332 449 172 83 7,856 2,106 46 169 83 2,312 (7) (174) (7) (86) +12% +7% +11% -6% -86% +9% +25% +11% -6% NM Net Booking Value - Total Co
Slide 67: Also supported gross profit and EBITDA expansion
…also supported gross profit and EBITDA expansion Gross Profit Movement YoY (¥ Mn) 1H 2025 EBITDA Movement YoY (¥ Mn) 1H 2025 +3% -6% 894 22 40 37 2 919 482 45 40 453 (1) (77) (29) (84) +8% +13% +18% +4% NM -49% +131% +12% -2% +842% Gross Profit Contribution YoY (¥ Mn) 1H 2025 EBITDA - Total Contrib
Slide 68: Seera Investor Relations
Seera Investor Relations investors@seera.sa Seera Investor Presentation | Q2 2025
Slide 69: Disclaimer
Disclaimer All information included in this document is for general use only and has not been independently verified, nor does it constitute or form part of any invitation or inducement to engage in any investment activity, nor does it constitute an offer or invitation or recommendation to buy or su
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