Almarai Company · TADAWUL:2280
Almarai — Q2 2025 Earnings Presentation
42 slides from Almarai's earnings presentation, Jul 8, 2025
Slide 1: Almarai Earnings Presentation Q2 2025
\S ‘aelholl Almarai Earnings Presentation 24 Quarter 2025 8" July 2025
Slide 2: Disclaimer
Disclaimer ae Information contained in this presentation is subject to change without further notice, its accuracy is not guaranteed, and it may not contain all material information concerning the company. We do not make any representation regarding, and assume no responsibility or liability for, th
Slide 3: Table of Contents
Table of Contents cial Almarai Market Dynamics Q2 Business Performance Q2 Financial Performance H1 Business Performance H1 Financial Performance Other Information Question & Answer K "« « « €« K« CF ¢ Appendix
Slide 4: Market Dynamics
% Market Dynamics v v Q2 Business Performance Q2 Financial Performance H1 Business Performance H1 Financial Performance Other Information Question & Answer Appendix
Slide 5: Whilst Almarai maintaining Market Share Leadership in KSA
Whilst Almarai maintaining Market Share Leadership in KSA Almarai Value Share % Almarai Rank Category Dairy 49 49 50 1 Juice 43 46 47 1 Food 34 32 33 1 Bakery 55 57 57 1 Poultry (Fresh Chicken) 37 35 35 1 Earnings Presentation -Q2 2025 Strictly Confidential
Slide 6: Innovation Pipeline
Innovation Pipeline Weboll nel Quarter Innovation Pipeline Earnings Presentation -Q2 2025 Strictly Confidential
Slide 7: Q2 Business Performance
Se ‘choll Almarai « Market Dynamics <a8 ie: Q2 Business Performance in By il! : Q2 Financial Performance an? —, - H1 Business Performance He. . i H1 Financial Performance : “ | Other Information Question & Answer Appendix
Slide 8: Q2 2025 Key highlights
Q2 2025 Key highlights +YOY% / (YOY%) AEeMillion Revenue Operating Profit Net Income n 2 fe 134 > pon 27 = 3% = =| 8 oO 793 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 2 Working Capital CAPEX Free Cash Flow 2 zl 316 =) (365) = sy ue _ (S) e 817 748 faa) Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2
Slide 9: Strong growth in KSA, UAE and Kuwait
Strong growth in KSA, UAE and Kuwait AEMillion Q2 2025 Revenue is J£5,288M with a total growth of 3£134M or 3% Oman Bahrain Qatar Jordan 192 104 3 193 Current Performance : 3%. 2% 0% +YOY96/ (YOY%) Earnings Presentation -Q2 2025 Strictly Confidential
Slide 10: ..driven by most product categories, mainly Bakery & Food
..driven by most product categories, mainly Bakery & Food AEMillion Q2 2025 Revenue is J£5,288M with a total growth of 3£134M or 3% Fresh Dairy ( 1,922 Current Performance Food 65 RR Bakery 49 » LongLifeDairy 32 » Eg Fruit Juice 30 » x Fruit Juice 481 Long Life 9% Dairy 484 996, \ Food 628 12%. Poul
Slide 11: ..driven by Modern and Traditional Trade
..driven by Modern and Traditional Trade AEMillion Q2 2025 Revenue is J£5,288M with a total growth of 3£134M or 3% Food Service Export / Other 838 183 16% 3% Current Performance annel Modern Trade 96 (i +8% Traditional Trade 622% Food Service 15 , | +2% Export / Other (39) (15%) Total 134 3% Modern
Slide 12: Q2 Financial Performance
« Market Dynamics Q2 Business Performance Q2 Financial Performance H1 Business Performance H1 Financial Performance Other Information Question & Answer Appendix
Slide 13: Q2 2025 Net Income Bridge
Q2 2025 Net Income Bridge JEMillion 647 620 —(56) 77 9 y Favourable Growth = 4% / 4é 27M > Q2 2024 Net Costof Volume, Mix Operational Funding & Q2 2025 Pricing GoodsSold &Others Cost Others Earnings Presentation -Q2 2025 Strictly Confidential
Slide 14: Q2 2025 Financial Performance
Q2 2025 Financial Performance Revenue 134 3% 5,155 Q2 2024 Q2 2025 & Positive Growth in all GCC markets, except Egypt and Oman, with the KSA and UAE leading the way, notwithstanding the 10 days Ramadan phasing effect in Q2. © Growth rate was the highest for the Food and Bakery, followed by Juice and
Slide 15: Q2 2025 Results By Segment
Q2 2025 Results By Segment +YoY% / (YOY%) Million Revenue By Segment Growth . . Dairy & Juice 3,515 — r © Revenue growth was driven by the Food and Long-life Paty &Juice | _ +3% categories but was affected by Ramadan timing in Fresh 698] ; Dairy and currency depreciation in EGP, leading to a decline
Slide 16: H1 Business Performance
Market Dynamics Q2 Business Performance Q2 Financial Performance H1 Business Performance H1 Financial Performance Other Information Question & Answer Appendix
Slide 17: H1 2025 Key highlights
H1 2025 Key highlights +YOY% / (YOY%) AEeMillion Revenue Operating Profit Net Income n = 442 _. 66 2 4 , S % 5% = =| Pa 10,613 1,312 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024. WM 2025 2 Working Capital Free Cash Flow £ io)) = *e 1,031 i=) men a : LL N (S) N e 1,607 1,249 ‘pin a H1 2024 H1 2025 H1 2024
Slide 18: Strong growth in KSA, UAE and Kuwait
Strong growth in KSA, UAE and Kuwait AEMillion H1 2025 Revenue is J£11,055M with a total growth of 3E442M or 4% Jordan Bahrain Qatar Oman 381 216 43 M4 39 2%. 0% Cant Current Performance Kuwait. sot KSA 375 +5% 5% UAE 86 Egypt Kuwait 40 733 7% Jordan 13 Qatar 12 . / +40% UAE Bahrain 5 | +3% 1,057 Om
Slide 19: ..driven by all product categories, mainly Fresh Dairy & Food
..driven by all product categories, mainly Fresh Dairy & Food AEMillion H1 2025 Revenue is J£11,055M with a total growth of 3E442M or 4% \ Lif Fruit Juice one ve 866 Noe 8%. Fresh Dairy oe 3,976 36% Current Performance Bakery . 1327 Fresh Dairy 153 | +4% 12%. Food 128 Poultry 59 » & Bakery 57 _ Frui
Slide 20: ..and growth observed in all channels
..and growth observed in all channels AEMillion H1 2025 Revenue is J£11,055M with a total growth of 3E442M or 4% Export / Other Food Service . AAT 1,709 . 4% 15% Current Performance hannel Traditional Trade Modern Trade 119 a Food Service 73 0s Export / Other 1 J.0% Total 442 es Modern Trade Traditi
Slide 21: H1 Financial Performance
‘neholl Almarai Market Dynamics Q2 Business Performance Q2 Financial Performance H1 Business Performance H1 Financial Performance Other Information Question & Answer Appendix
Slide 22: H1 2025 Net Income Bridge
H1 2025 Net Income Bridge JEMillion 1,312 (104) i Maal Pm as) | Favourable Growth = 5% / 4 66M . H1 2024 Cost of Volume, Mix Operational Funding & H2 2025 hema Goods Sold &Others Cost Others Earnings Presentation -Q2 2025 Strictly Confidential
Slide 23: H1 2025 Financial Performance
H1 2025 Financial Performance Revenue 442 4% 10,613 H1 2024 H1 2025 © The strong performance in core GCC markets continues, with KSA and UAE, leading the way. © Growth rate was the highest for the Dairy category due to a successful Ramadan execution, followed by Foodand Poultry. Operating Profit 26
Slide 24: H1 2025 Results By Segment
H1 2025 Results By Segment +YoY% / (YOY%) AeMillion Revenue By Segment Growth . . Ses Dairy & Juice : 7,534 Zz &% Growth was driven by all categories despite Egyptian pound Dairy & Juice 4% d ; 7212 evaluation. EYy) © Segment net profit was partly affected by higher Bakery to 5% transportation costs
Slide 25: Other Information
= ‘choll Almarai Market Dynamics Q2 Business Performance Q2 Financial Performance H1 Business Performance H1 Financial Performance Other Information Question & Answer Appendix
Slide 26: CAPEX starting to rise in line with long-term capex deployment plan
CAPExX starting to rise in line with long-term capex deployment plan Million Capital Investment - 2020 to TTM Q2 2025 17% 1% ‘0 . ated 13% 9% ° 6% . 7% e e 969 1,364 1,334 2,530 3,634 2020 2021 ~~~—«-2022 2023 2024. TTMQ22025. Net Cash Used in Investing Activities elnvestment as a % of Revenue Earni
Slide 27: Strategic Management of Working Capital continues
Strategic Management of Working Capital continues Million Working Capital - 2020 to Q2 2025 0, a2 se 19% a 18% 19% e ° -———* 3,238 2,609 3,599 4,322 3,812 2020 2021 2022 2023 2024 . TTM @2 2025 . Working Capital e Working Capital as a % of Revenue Earnings Presentation -Q2 2025 Strictly Confidential
Slide 28: Strong Operating Cash Flow
Strong Operating Cash Flow Million Operating Cash Flow - 2020 to TTM Q2 2025 (With Changes in Working Capital ) 31% 27% 29% 5 ° . 20% ~—__ 24% 4,203 4,915 3,830 4,483 6,028 2020 2021 2022 2023 2024 TTM Q2 2025 Operating Cash Flow e Operating Cash Flow as a% of Revenue Earnings Presentation -Q2 2025
Slide 29: Free Cash Flow - Rolling Months
Free Cash Flow - Rolling 12 Months AE Billion Free Cash Flow= 4¢0.5B OCF = 4£5.2B 5.8 (0.6) (4.7) ——— pre -_ . = ") 07 eo ae (0.1) 0.5 2. a : ST — —e—— Cash & Cash Operating Working Capex Netof Loan & Funding Cost Dividend Others Cash & Cash Equivalent Cash Flow Capital (PPE, BA Time Deposit Equival
Slide 30: Stable key profitability and balance sheet trends
Stable key profitability and balance sheet trends Net Debt Trend 2.3x 21x 24x 23x 53% 53% 51% 56% 9,054 9437 9,655 2022 2023 2024 TTW Q2 2025 Net Debt ‘Net Debt / Equity Ratio @Net Debt/ EBITDA Earnings Presentation AEeMillion EBITDA and EBIT Margins 21% 23% 22% 22% Aen 14% 14% 14% 18,722 19,576 20,
Slide 31: Debt Maturity Profile highlights average debt tenure at 6.18 Years
Debt Maturity Profile highlights average debt tenure at 6.18 Years Ag Billion Debt Maturity by Age and by Type 28 Upto1Yr 1-2Yrs 2-3Yrs 3-4Yrs 45Yrs >5Yrs m Banks Govt / Semi Govt Inst. Sukuk Earnings Presentation -Q2 2025 Strictly Confidential
Slide 32: Cash Dividend Since Listing
Cash Dividend Since Listing Million 4596 47% 43% 41% 42% 42% 40% ® 40% 42% a * oi ° ° ° ° 35% eo 36% = 36% = 35% 9345 ® e ° ° e e 200 272 381 450 518 518 500 600 600 690 720 750 850 850 1,000 1,000 1,000 1,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 33: Question & Answer
Market Dynamics Q2 Business Performance Q2 Financial Performance H1 Business Performance H1 Financial Performance Other Information Question & Answer Appendix
Slide 34: Appendix
¥% Market Dynamics % Q2 Business Performance % Q2Financial Performance % H1 Business Performance ¥% H1 Financial Performance ¥% Other Information % Question & Answer ~% Appendix
Slide 35: H1 2025 Profit and Loss Statement
H1 2025 Profit and Loss Statement 2nd Quarter 2025 5,288 100.0% 5,155 (3,575) (67.6% (3,452) 1,713 32.4% 1,702 (766) (145% (727) (130) (2.5% (124) 12 0.2% (40) (16) (03% (18) 813 15.4% 793 (125) (2.496 (143) (0) (0.0%) (0) 688 13.0% 650 (41) (08% (29) 647 122% 621 (0) (0.0%) (1) 647 122% 620 0.65 0.
Slide 36: H1 2025 Results by Segment
H1 2025 Results by Segment 2025 3,515 695 970 108 5,288 2025 390 102 130 25 647 2nd Quarter 2024 Growth 3.420 96 646 49 969 1 120 (12) 5,155 134 2nd Quarter 2024 Growth 394 (4) 94 8 130 0 2 24 620 27 Growth % +3% +8% +0% (10%) +3% Growth % (19) +8% +0% na. 14% Revenue Dairy & Juice Bakery Poultry Ot
Slide 37: Balance Sheet as of End of Q2 2025
Balance Sheet as of End of Q2 2025 Million Balance Sheet Q2 2025 FY 2024 Q2 2024 Net Operating Working Capital 4076 3,812 3,760 PPE, ROU & Intangible Assets 25,336 23,974 22,840 Biological Assets 1,815 1,838 1,789 Net Operating Assets 31,228 29,624 28,389 Goodwill and Other Assets 935 944 952 Net Ca
Slide 38: Cash Flow as of End of Q2 2025
Cash Flow as of End of Q2 2025 JEMillion Cash Flow Q2 2025 Q2 2024 Cashflow from Operating activities 3,037 3,012 Working Capital (352) 413 End of Service benefit and Zakat/Income Tax Paid (132) (52) Net Cash Generated from Operating Activities 2,553 3,373 Capex (2,108) (1,607) Proceeds/Acquisilion
Slide 39: Key Share Data
Key Share Data Key Statistics for Almarai (30 June 2025) Year to date total shareholder's return since listing Share Price (SAR) 50.70 Current P/E Ratio (ttm) 21.34 Earnings Per Share (SAR) (ttm) 2.38 12% Market Cap (SAR Million) 50,700 sae Shares Outstanding (Million) 1,000 ranbsr oe ete e eee Pere
Slide 40: Awards and Recognition 2024
Awards and Recognition 2024 - Page 1 of 2 Brand Finance’ u 4""Most Valuable Dairy Brand Globally m 5''Strongest Brand- Alyoum ™ 6'"Strongest Brand-L'usine ™ 6"Most Valuable Brand- KSA KANTAR UAE m 18 Place L'usine Food Brand m_2"4Place Almarai Dairy Brand m 3%Place FMCG Brand m 6t" Place Almarai Bev
Slide 41: Awards and Recognition 2024
Awards and Recognition 2024 - Page 2 of 2 Ip FESTIVAL, OF MEDIA GLOBAL AWARDS K 4 3 Place The Most Influential Brand Global & KSA Gold-Use of Data The Non-Sponsored Sponsorship of Ramadan - Contextual Bronze - Use of Data The Non-Sponsored Sponsorship of Ramadan- Contextual Gold- CSR 2024 Awarded by
Slide 42: Thank you
Thank you ‘tncholl