Saudi Aramco Base Oil Company - Luberef · TADAWUL:2223
Saudi Aramco Base Oil Company - Luberef — Saudi Aramco Base Oil Company - Luberef — Q3 2025 Earnings Presentation
16 slides from Saudi Aramco Base Oil Company - Luberef's earnings presentation, Nov 3, 2025
Slide 1: 3rd Quarter 2025
3°° Quarter 2025
Slide 2: Legal Disclaimer
2 Saudi Aramco Saudi AramcoBase BaseOil OilCompany Company — — Luberef Legal Disclaimer
Slide 3: Saudi Aramco Base Oil Company — Luberef
Saudi Aramco Base Oil Company — Luberef
Slide 4: Creating Sustainable Value
4 Saudi Aramco Base Oil Company — Luberef Creating Sustainable Driving Operational Delivering Value Value Excellence 01 Safe Operations 01 Contract (1) Ultra Low Sulfur TRIR 0.0 41.1 MM More than 5 Years Man-hours without LTI Diesel (ULSD) Selling Agreement 02 Reliability 02 Shipping Agreement 98.9%
Slide 5: Yanbu Growth II Project Progress Overview
5 Saudi Aramco Base Oil Company — Luberef Yanbu Growth II Project Progress Overview Project Current Overall Progress: Plan vs. Actual (%) During Q4, both procurement and construction activities are planned to accelerate, pushing progress to approximately 75% by year-end. Mitigation is in place to co
Slide 6: Crack Margins Within Historical Average
6 Saudi Aramco Base Oil Company — Luberef Crack Margins Within Historical Average Base Oil Price Base Oil Crack Margins ( /Mt) 2,484 2,248 2,068 1,995 1,846 1,849 1,884 Historical 1,703 1,728 Feedstock Cost AVG 1,791 1,413 1,222 1,083 Crack Margin 9M 2025 Crack Margin 2015 2016 2017 2018 2019 2020 2
Slide 7: Saudi Aramco Base Oil Company — Luberef
Saudi Aramco Base Oil Company — Luberef
Slide 8: 9M 2025 at a Glance
8 Saudi Aramco Base Oil Company — Luberef 9M 2025 at a Glance
Slide 9: Lower Net Income Due to Reduction in Sales Volume
9 Saudi Aramco Base Oil Company — Luberef Lower Net Income Due to Reduction in Sales Volume Lower (18Million) (2%) Million
Slide 10: Sustained Healthy Cash Generation
10 Saudi Aramco Base Oil Company — Luberef Sustained Healthy Cash Generation Lower (17 Million) (1%) Million FCF 604 Million
Slide 11: 2025 Guidance
11 Saudi Saudi Aramco Aramco Base Base OilOil Company Company ——Luberef Luberef 2025 Guidance Base Oil Volumes, Base Oil Prices $ Capex Turnaround & Shutdown & Crack Spreads • • • • • • • ~ • • Dividend • • •
Slide 12: Q&A Q3 Earnings Call 2025
Q&A Q3 Earnings Call 2025
Slide 13: Thank You
Thank You
Slide 14: Unlocking Future Value: Growth Potential for Yanbu facility
14 Saudi Aramco Base Oil Company — Luberef Unlocking Future Value: Growth Potential for Yanbu facility* Naphtha Naphtha Naphtha Vacuum Distillation Unit D. Oil ISO Dewaxer Unit 70 N Hydrocracker Unit 29 MBD 65 MBD 35 MBD 110 N Distillate Waxy 1.3 M MT 33.8 MBD 26.3 MBD 230 N 1.2 MBD 2.7 MBD RCO Over
Slide 15: Sustainable and Attractive Distributions Across Base Oil Crack Margin Environments
15 Saudi Aramco Base Oil Company — Luberef Sustainable and Attractive Distributions Across Base Oil Crack Margin Environments Based on 1.3 Million Tons (Dividend / Share) Dividends Range 60%–80% of FCF 2.1 1.9 1.7 1.4 Bn) ~7-10 per share ~6-9 per share Free Cash Flow ( ~5-8 ~4-7 per share per share
Slide 16: Q3 2025 at a Glance
16 Saudi Aramco Base Oil Company — Luberef Q3 2025 at a Glance *Some numbers are rounded (1) Luberef products only. (2) Realized Base Oil Sales Price $/MT – Freight $/MT – Feedstock Cost $/MT (3) Free cash flow divided by EBITDA
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