Saudi Tadawul Group Holding Company · TADAWUL:1111
Saudi Tadawul — H1 2026 Earnings Presentation
27 slides from Saudi Tadawul's earnings presentation, 2026
Slide 1: First Half 2026 Financial Results Presentation
First Half - 2026 Financial Results Presentation Classification: Confidential
Slide 2: Disclaimer
IMPORTANT NOTICE 2 DISCLAIMER All information contained in this Earning Presentation document (the “Document”) has been prepared solely for use in presenting general information and financial results of Saudi Tadawul Group Holding Company (the “Group”). All information contained in this Document is
Slide 3: With you today…
H1 2026 FINANCIAL RESULTS | SPEAKERS 3 With you today… Eng. Khalid AlHussan Shahrukh Qureshi Lee Hodgkinson Haitham Al Shathri Group Chief Executive Officer Group Chief Financial Officer Group Chief Strategy Officer Group Investor Relations Head H1 2026 Financial Results - Saudi Tadawul Group
Slide 4: H1 Key Highlights
H1 2026 FINANCIAL RESULTS | OVERVIEW 4 H1 Key Highlights 1 Risk-off sentiment weighed on trading activity and ADTV revenue Revenue of SAR 617.1m, down 4.6% YoY reflects lower market activity owing to risk-off and sentiment driven trade predominately driven by the regional geopolitical environment. 2
Slide 5: Macro and Market Overview
— 01 Macro and Market Overview
Slide 6: KSA macro fundamentals remain attractive, supportive of a deepening capital market
KSA | MACROECONOMIC CONTEXT 6 KSA macro fundamentals remain attractive, and supportive of a deepening capital market over the long term GDP PMI INFLATION RISK PREMIUM PIF STRATEGY 3% 53.3 1.8% c.60bps Domestic Focus Real GDP growth, Q1 2026 (YoY) Real GDP growth, Q1 2026 (YoY) CPI inflation, June 20
Slide 7: TASI was the only large GCC market to pair a positive and stable return
KSA | MARKET PERFORMANCE 7 TASI was the only large GCC market to pair a positive and stable return, with large caps carrying the performance TASI Performance (YTD 30 Jun 2026) LARGE CAPS CARRIED THE MARKET 12,000.00 TASI50 +3.63% 11,500.00 Tadawul Large Cap +3.33% 11,000.00 Tadawul Medium Cap +2.40%
Slide 8: ADTV remained subdued YoY, but registered second QoQ increase
KSA | MARKET PERFORMANCE 8 ADTV remained subdued YoY, but registered second QoQ increase, despite regional uncertainty and fewer than expected listings ADTV⁽¹⁾ QUARTERLY EVOLUTION, SAR bn H1 CONTEXT H1 2026 ADTV Q-o-Q Y-o-Y SAR 5.25bn -9.1% ▼ 9.1% vs H1 2025 -9.1% +8.3% -13.9% +15.9% SUPPORTING MARK
Slide 9: Our market is maturing with investor composition becoming more balanced
MARKET OVERVIEW | INVESTOR PARTICIPATION 9 Our market is maturing with investor composition becoming more balanced Main Market value traded by quarter, SAR bn (bars) and institutional share, % (line) 400.0 70.0% Institutional investors make up the 350.0 60.0% majority of the Main Market (by value 30
Slide 10: Financial Performance
— 02 Financial Performance
Slide 11: H1 2026 financial performance
FINANCIAL PERFORMANCE | H1 2026 SNAPSHOT 11 H1 2026 financial performance OPERATING REVENUE EBITDA EBITDA MARGIN SAR 617.1m SAR 185.7m 30.1% ▼ 4.6% YoY ▼ 20.7% YoY ▼ 6.1pp YoY $164.6m $49.5m NET INCOME AFTER ZAKAT OPEX (ex. D&A) FREE CASH FLOW SAR 147.7m SAR 431.4m SAR 70.1m ▼ 31.9% YoY ▲ 4.5% YoY ▼
Slide 12: A more balanced revenue mix helped limit the impact of weaker trading activity
FINANCIAL PERFORMANCE | REVENUE 12 A more balanced revenue mix helped limit the impact of weaker trading activity ADTV AND NON-ADTV REVENUE CONTRIBUTION, % YOY OPERATING REVENUE BREAKDOWN, SAR m ADTV Revenue Non-ADTV Revenue Non-ADTV Revenue 2.1% 240.6 278.2 (39.0%) Operating Revenue -4.6% H1 2025 (
Slide 13: OpEx excluding D&A increased 4.5% YoY
FINANCIAL PERFORMANCE | OPEX 13 OpEx excluding D&A increased 4.5% YoY, reflecting disciplined cost control while the Group continued to invest in people, technology and platform capability ABOVE THE LINE COSTS BELOW THE LINE 2.7% 5.4% 0.0% (6.0)% 7.8% 69.3% 25.4% 56.2% 300 (SAR m) 250 235 241 200 15
Slide 14: Earnings bridge and free cash flow waterfall
FINANCIAL PERFORMANCE | NET INCOME AND FCF 14 Earnings bridge: ADTV-linked revenue decline was the primary driver of the profit reduction, working capital dynamics affected FCF Net Profit After Zakat Movement, SAR m Adverse Favorable Free Cash Flow Waterfall, SAR m Investment and Capital Change in N
Slide 15: In conclusion…
FINANCIAL PERFORMANCE | KEY TAKEAWAY 15 In conclusion… BALANCED REVENUE MIX COST DISCIPLINE Non-ADTV revenue was resilient. Non-ADTV revenue reached Opex excluding D&A increased 4.5% YoY. Cost growth remained contained, supported by SAR 376.5m, up SAR 7.6m from H1 2025. disciplined spend management.
Slide 16: Strategic Priorities
— 03 Strategic Priorities
Slide 17: Leveraging Our Capabilities to Deliver Long-Term Shareholder Value
OUR STRATEGY 17 Leveraging Our Capabilities to Deliver Long-Term Shareholder Value We leverage four unique strategic capabilities to expand our markets and commercialize our capabilities, driving higher quality and more resilient earnings. OUR STRATEGIC CAPABILITIES MARKET DATA & TECHNOLOGY & FINANC
Slide 18: Maximizing our data & analytics capabilities to drive growth of non-transaction revenues
STRATEGY IN ACTION | DATA & TECHNOLOGY SERVICES 18 Maximizing our data & analytics capabilities to drive growth of non-transaction revenues and improve margins Data, connectivity and technology services are being scaled to broaden STG’s client offering, improve decision-making and unlock new revenue
Slide 19: Reengineering a world-class equity Derivatives Market
STRATEGY IN ACTION | DERIVATIVES 19 Reengineering a world-class equity Derivatives Market Our objective is to build a deeper, more liquid and more diversified derivatives market that supports sustainable growth in transaction and post-trade revenues while strengthening the competitiveness of the Sau
Slide 20: Q&A
— 04 Q&A
Slide 21: Appendix
— 05 Appendix
Slide 22: Revenue Pressure Was Concentrated in Trading-Linked Segments
APPENDIX | AT A GLANCE 22 Revenue Pressure Was Concentrated in Trading-Linked Segments, While Data & Technology Continued to Grow Capital Market Segment Post-Trade Services Segment Data & Technology Segment 168 102 70 69 96 163 64 91 90 61 85 162 58 59 80 157 152 150 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Slide 23: EBITDA Margin Compressed, Reflecting Revenue Mix and Investment in Platform Expansion
APPENDIX | INCOME STATEMENT HIGHLIGHTS 23 EBITDA Margin Compressed, Reflecting Revenue Mix and Investment in Platform Expansion EBITDA & EBITDA MARGIN OPERATING EXPENDITURES (EXCL. D&A) Q -o-Q Y-o-Y Q -o-Q Y-o-Y 32.8% 37.0% 36.2% 29.8% 26.0% 33.8% 30.1% -20.7% +4.5% +15.6% -16.3% +16.6% +42.1% +4.1%
Slide 24: Net Income Declined to SAR 147.7M
APPENDIX | INCOME STATEMENT HIGHLIGHTS 24 Net Income Declined to SAR 147.7M as Lower Revenue and Higher Costs Compressed Margins NET PROFIT AFTER ZAKAT & MARGIN(1) RETURN ON AVERAGE EQUITY(1) Q -o-Q Y-o-Y Q -o-Q Y-o-Y 30.2% 32.5% 33.5% 26.0% 18.9% 28.5% 23.9% -31.9% -31.8% +16.4% +65.5% -14.1% -42.2
Slide 25: Investment Income Remained Resilient at SAR 79.9M
APPENDIX | INVESTMENT INCOME HIGHLIGHTS 25 Investment Income Remained Resilient at SAR 79.9M Despite Lower Portfolio Size INVESTMENT INCOME ON INVESTMENT PORTFOLIO INVESTMENT PORTFOLIO SIZE Time Deposit Money Market Funds Fixed Income Q -o-Q Y-o-Y Q -o-Q Y-o-Y -5.1% +6.5% -0.8% -2.1% -5.0% -1.8% 2,9
Slide 26: Key Financials Snapshot
APPENDIX | BALANCE SHEET AND INCOME STATEMENT 26 Key Financials Snapshot Balance Sheet Snapshot Cash Flows Snapshot ( Thousand s) ( Thousand s) Q2 2026 Q2 2025 Y-o-Y Q 1 2026 Q -o-Q Q2 2026 Q 2 2025 Y-o-Y Q 1 2026 Q -o-Q Ne t Cash Flow From Total Asse ts 8,826,295.3 8,903,137.2 -0.9% 8,817,743.7 0.1
Slide 27: Contact us
27 Contact us .. Investor Relations Department I.R@tadawulgroup.sa T: +966 (0) 11 203 5299 Address:King Abdullah Financial District (KAFD) - Parcel 1.17, Financial Blvd Al Aqiq, Riyadh 13519 - Kingdom of Saudi Arabia
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