Issued by Investor Relations Department
Classification: Highly Confidential
Financial Results For The Year Ended 31 December 2025
KEY FINANCIAL HIGHLIGHTS
^ 1,261.2 | ||
12.8% | ▼ | $336.3 |
^ 395.6 | ||
36.4% | ▼ | $105.5 |
Operating Revenue
Net Profit After Zakat(1)
^ 938.5 | |
6.6% | $250.3 |
^ 716.3 | ||
21.4% | ▼ | $191.0 |
Operating Expenditures
^ 373.7 | ||
19.0% | ▼ | $99.6 |
Capital Markets Segment
Gross Profit
^ 438.5 | ^ 3.30 | ||
32.2% E | ▼ BITD | $116.9 A | $0.88 Earnings Per Share " |
SEGMENTS INFORMATION
^ 638.7 | ||
16.6% | ▼ | $170.3 |
Post Trade Services Segment
EPS"
^ 248.9 | |
13.3% | $66.4 |
Data and Technology Services Segment
(All figures are in millions, except earnings per share) - All results figures compared to the previous year (1) Attributable to Shareholders of the Parent
MESSAGE FROM THE GROUP CHIEF EXECUTIVE OFFICER
The financial results for FY 2025 demonstrated the strength of the Group's operating model and its ability to deliver balanced and sustainable growth, supported by continued progress in diversifying revenue streams and enhance operational resilience. We continued executing our strategic priorities through the launch of new product set, enhancing capital market infrastructure, and accelerating our data and technology capabilities to reinforce the Saudi capital market's as a leading regional and global financial center.
The year marked pivotal steps to deepen the market and enhance its efficiency. We introduced the fixed income market-making framework to strengthen liquidity in the debt market, expanding institutional access across through the launch of OTC settlement services for listed debt instruments and repo transactions, and introduced Saudi Depositary Receipts (SDRs) as a strategic initiative to enhance integration and international connectivity.
As part of advancing the data ecosystem, we have also launched Data Hub through the Group's subsidiary and innovation arm, WAMID. The platform serves as a centralized and trusted platform that enhances transparency and reliability while supporting institutional decision-makers with accurate and comprehensive data aligned with international best practices across the capital market ecosystem.
Enhancing capital market efficiency remains a top priority, supported by advanced technological systems, robust risk management frameworks. These efforts enable the expansion of the investor base and higher liquidity levels, particularly as foreign investor access reforms take effect, an important milestone reflecting the market's maturity and the integration of its regulatory and operational framework.
Enhancing capital market efficiency remains a top priority, supported by advanced technological systems, robust risk management frameworks. These efforts enable the expansion of the investor base and higher liquidity levels, particularly as foreign investor access reforms take effect, an important milestone reflecting the market's maturity and the integration of its regulatory and operational framework.
Eng. Khalid Abdullah AlHussanGroup Chief Executive Officer Saudi Tadawul Group Holding Co.
KEY BUESINESS HIGHLIGHTS
Total Number of New Listed Securities(1)
Main Market, Nomu - Parallel Market, Funds and Debt Instruments
52
Total Number of Listed Securities
Main Market, Nomu - Parallel Market, Funds and Debt Instruments
473
Average Daily Traded Value "ADTV" (Billion)
Main Market, Nomu - Parallel Market
^ 5.21 $1.39
Registered Qualified Foreign Investor (QFIs)(2)
4,620
Market Capitalization (Billion)
Main Market, Nomu - Parallel Market
^ 8,860
$2,363
Qualified Foreign Investors (QFIs) Holding Value(2) (Billion)
^ 338
$90
(1) Including the transferred companies from Nomu - Parallel Market to the Main Market
(2) The concept of the Qualified Foreign Investor (QFI) was eliminated in the Main Market in 01 February 2026, thereby allowing all categories of foreign investors to access the market without the need to meet qualification requirements.
KEY OPERATIONAL HIGHLIGHTSSaudi Exchange introduced the Fixed Income Market Making Framework to boost liquidity and efficiency in the sukuk and bonds market.
Saudi Exchange launched the Capital Management System, a digital platform that simplifies IPO for investors, issuers, and CMIs.
WAMID introduces WAMID Data Hub, a powerful and centralized hub for information and data on Saudi Arabia's dynamic capital markets, offering comprehensive updates for all market participants.
Saudi Exchange welcomed Saudi Arabia's addition to the
J.P. Morgan EM Bond Index Watchlist, signaling global confidence in the Saudi debt market.
The launch of the Edaa Connect platform by the Securities Depository Center (Edaa), aimed streamlining investing in investment funds with greater efficiency.
Saudi Tadawul Group hosted the second Capital Markets Forum in Hong Kong, strengthening financial connectivity between Asia and the Kingdom.
Saudi Tadawul Group launched the STG App, providing investors real-time access to market data, news, and portfolios through a single platform.
Muqassa and OSTTRA signed a cooperation agreement that aims to leap forward in Muqassa's mission to enhance clearing solutions and streamline operational efficiency, ensuring a top-tier service for its clients while adhering to the international best practices.
FINANCIAL PERFORMANCE ANALYSIS
Key Financial Results
Millions | Full Year 2025 | Full Year 2024 | |
Operating Revenue Operating Expenditures Gross Profit Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) Zakat Net Profit After Zakat (Attributable to Shareholders of the Parent) Earnings Per Share (EPS) | ^ | 1,261.2 | 1,446.6 |
$ | 336.3 | 385.7 | |
^ | 938.5 | 880.4 | |
$ | 250.3 | 234.8 | |
^ | 716.3 | 911.8 | |
$ | 191.0 | 243.1 | |
^ | 438.5 | 647.2 | |
$ | 116.9 | 172.6 | |
^ | 59.3 | 59.8 | |
$ | 15.8 | 16.0 | |
^ | 395.6 | 621.8 | |
$ | 105.5 | 165.8 | |
^ | 3.30 | 5.18 | |
$ | 0.88 | 1.38 | |
FY 2025 compared to FY 2024
The Group's net profit after Zakat amounted to ^ 395.6 million in 2025, compared to ^ 621.8 million in the previous year, representing a decrease of 36.4%.
The reasons for the decrease in net profit after zakat for 2025, compared to previous year include:
Operating revenues amounted to ^ 1,261.2 million in 2025, compared to ^ 1,446.6 million in the previous year, representing a decrease of 12.8%.The gross profit amounted to ^ 716.3 million in 2025, compared to ^ 911.8 million in the previous year, representing a decrease of 21.4%.
operating expenditures, which amounted to ^ 938.5 million in 2025, compared to ^ 880.4 million in the previous year, representing an increase of 6.6%, as a result of the strategic execution of the Group's plans to reinforces its future growth directions, which have resulted in an increase in systems maintenance costs, depreciation and amortization costs, as well as increase in workforce costs driven by a rise in headcount.
The operational profit reached ^ 322.7 million in 2025, compared to ^ 566.1 million in the previous year, representing a decrease of 43.0%.
The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) amounted to ^ 438.5 million in 2025, compared to ^ 647.2 million in the previous year, representing a decrease of 32.2%
The earnings per share amounted to ^ 3.30 in 2025, compared to ^ 5.18 for previous year, representing a decrease of 36.4%.
KEY FACTORS IMPACTING FINANCIAL RESULTS
ADTV Revenue (Million)
Full Year 2025
^ 516.6
$137.8
Full Year 2024
^ 754.2
$201.1
Operating Revenue Model
The Group's operating revenue model relies on two main sources, which are as follows:
Average Daily Traded Value (ADTV):
Non-ADTV Revenue (Million)
Full Year 2025
^ 744.6
$198.6
Full Year 2024
^ 692.3
$184.6
The revenues that are impacted by the ADTV.
Non-Average Daily Traded Value (Non-ADTV):
The revenues that are not impacted by the ADTV, and they constitute an important element in diversifying the Group's business model.
Yearly Evolution - Average Daily Traded Value (ADTV) (^ Billion)
Y-o-Y
Y-o-Y+7.7%
-22.8%
+39.4%
-30.6%
-22.4%
2020
2021
2022
2023
2024
FY 2024
FY 2025
5.2
5.4
6.9
7.5
7.5
8.3
9.0
Quarterly Evolution - Average Daily Traded Value (ADTV) (^ Billion)
Q-o-Q
Y-o-Y
-30.6%
-0.8%
-7.3%
-9.1%
-13.9%
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
FY 2024
FY 2025
4.3
5.0
5.2
5.6
6.0
6.0
7.5
SUMMRIZED FINANCIAL STATEMENTS
Balance Sheet Snapshot
Thousands | Full Year 2025 | Full Year Change % 2024 (Year-On-Year) | ||
Total Assets Total Liabilities Total Equity Total Equity (Excluding Minority Interest) Total Liabilities and Equity | ^ | 8,637,958.5 | 9,141,225.3 | -5.5% |
$ | 2,303,455.6 | 2,437,660.1 | ||
^ | 5,194,981.7 | 5,649,488.1 | -8.0% | |
$ | 1,385,328.5 | 1,506,530.2 | ||
^ | 3,442,976.8 | 3,491,737.2 | -1.4% | |
$ | 918,127.1 | 931,129.9 | ||
^ | 3,442,814.9 | 3,491,737.2 | -1.4% | |
$ | 918,084.0 | 931,129.9 | ||
^ | 8,637,958.5 | 9,141,225.3 | -5.5% | |
$ | 2,303,455.6 | 2,437,660.1 | ||
Statement Of Income Snapshot
Thousands | Full Year 2025 | Full Year Change % 2024 (Year-On-Year) | ||
Total Revenue (Sales/Operating) Net Profit before Zakat Zakat Net Profit after Zakat (Attributable to Shareholders of the Parent) Total Comprehensive Income (Attributable to Shareholders of the Parent) Earnings Per Share | ^ | 1,261,233.5 | 1,446,558.8 | -12.8% |
$ | 336,328.9 | 385,749.0 | ||
^ | 453,884.0 | 680,719.4 | -33.3% | |
$ | 121,035.7 | 181,525.2 | ||
^ | 59,284.9 | 59,833.4 | -0.9% | |
$ | 15,809.3 | 15,955.6 | ||
^ | 395,608.3 | 621,843.0 | -36.4% | |
$ | 105,495.5 | 165,824.8 | ||
^ | 382,981.9 | 622,720.8 | -38.5% | |
$ | 102,128.5 | 166,058.9 | ||
^ | 3.30 | 5.18 | -36.4% | |
$ | 0.88 | 1.38 | ||
Cash Flows Snapshot
Thousands | Full Year 2025 | Full Year Change % 2024 (Year-On-Year) | ||
Net Cash Flow From Operating Activities Net Cash Flow used in Investing Activities Net Cash Flow used in Financing Activities Cash and Cash Equivalents, Beginning of the Year Cash and Cash Equivalents, End of the Year | ^ | 514,423.8 | 624,899.2 | -17.7% |
$ | 137,179.7 | 166,639.8 | ||
^ | (490,868.1) | (2,163,075.3) | -77.3% | |
$ | (130,898.2) | (576,820.1) | ||
^ | (273,399.6) | (160,254.0) | 70.6% | |
$ | (72,906.5) | (42,734.4) | ||
^ | 352,183.9 | 2,050,614.1 | -82.8% | |
$ | 93,915.7 | 546,830.4 | ||
^ | 102,340.1 | 352,183.9 | -70.9% | |
$ | 27,290.7 | 93,915.7 | ||
Revenues of the Capital Markets segment decreased in 2025 to reach ^ 373.7 million, representing a decrease of 19.0%, compared to ^ 461.3 million in the previous year, as a result of a 30.6% decrease in the average daily trading values. The impact was partially offset by a 13.6% increase in listing services revenues.
Segment's contribution
to Operating Revenues
Full Year 2025
29.6%
Full Year 2024
31.9%
Segment Financial Performance (^ Million)
-19.0%
-5.1%
-5.7%
-5.1%
-6.2%
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Full Year Full Year
2024 2025
Y-o-Y
Q-o-Q
85.3
91.0
95.8
101.6
107.1
373.7
461.3
(1) All sub-segments of the Capital Market are non-ADTV linked, except the Trading Service.
Details of Capital Markets Segment Revenue(1)
Millions | Full Year 2025 | Full Year 2024 | |
Trading Services Listing Services Derivatives Market Membership Fees | ^ | 234.4 | 340.7 |
$ | 62.5 | 90.9 | |
^ | 128.6 | 113.2 | |
$ | 34.3 | 30.2 | |
^ | 0.7 | 1.3 | |
$ | 0.2 | 0.3 | |
^ | 10.0 | 6.1 | |
$ | 2.7 | 1.6 | |
Segment Revenue Segment Net Income | ^ | 373.7 | 461.3 |
$ | 99.6 | 123.0 | |
^ | 179.3 | 259.6 | |
$ | 47.8 | 69.2 | |
Revenues of the Post-Trade segment decreased in 2025 to reach ^ 638.7 million, representing a decrease of 16.6% compared to ^ 765.7 million in the previous year, due to a 30.6% decrease in the average daily trading values. The impact was partially offset by a 9.1% increase in registry services revenues.
Segment's contribution
to Operating Revenues
Full Year 2025
50.6%
Full Year 2024
52.9%
Segment Financial Performance (^ Million)
-16.6%
-3.2%
-3.8%
-3.4%
-3.0%
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Full Year Full Year
2024 2025
Y-o-Y
Q-o-Q
151.8
156.5
162.0
168.4
174.0
638.7
765.7
(1) All sub-segments of the Post Trade Services segments are not related to trading activities (Non-ADTV), except for the trading service, which includes revenues related to trading activities (ADTV) and revenues not related to trading activities (Non-ADTV).
Details of Post Trade Segment Revenue(1)
Millions | Full Year 2025 | Full Year 2024 | |
Post Trade Services Derivatives Market Membership Fees Treasury income from clearing business, Net | ^ | 541.9 | 655.5 |
$ | 144.5 | 174.8 | |
^ | 0.3 | 0.2 | |
$ | 0.1 | 0.1 | |
^ | 2.2 | 2.1 | |
$ | 0.6 | 0.6 | |
^ | 94.3 | 107.9 | |
$ | 25.2 | 28.8 | |
Segment Revenue Segment Net Income | ^ | 638.7 | 765.7 |
$ | 170.3 | 204.2 | |
^ | 247.6 | 381.7 | |
$ | 66.0 | 101.8 | |
Revenues of the Data and Technology Services segment increased in 2025 to reach ^ 248.9 million, representing a growth of 13.3% compared to ^ 219.6 million in the previous year, primarily driven by an increase in co-location services revenues, as well as an increase in Direct Financial Network Company's revenues.
Segment's contribution
to Operating Revenues
Full Year 2025
19.7%
Full Year 2024
15.2%
Segment Financial Performance (^ Million)
+13.3%
-10.8%
+5.0%
+15.1%
-15.7%
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Full Year Full Year
2024 2025
Y-o-Y
Q-o-Q
59.3
61.1
58.2
65.2
70.3
219.6
248.9
Details of Data and Technology Services Segment Revenue
Millions | Full Year 2025 | Full Year 2024 | |
Market Information Direct FN Co-Locations and Liqaa Services | ^ | 120.4 | 112.7 |
$ | 32.1 | 30.0 | |
^ | 86.1 | 78.0 | |
$ | 22.9 | 20.8 | |
^ | 42.4 | 28.9 | |
$ | 11.3 | 7.7 | |
Segment Revenue Segment Net Income (Attributable to Shareholders of the Parent) | ^ | 248.9 | 219.6 |
$ | 66.4 | 58.6 | |
^ | 72.1 | 65.4 | |
$ | 19.2 | 17.4 | |
ABOUT SAUDI TADAWUL GROUP
Saudi Tadawul Group Holding Company, a leading diversified capital markets group in the MENA region, is a holding company established in March 2021, following the transformation of the Saudi Stock Exchange (Tadawul) into a holding company. It is the parent company of four subsidiaries, including:
Saudi Exchange Company (Saudi Exchange)
Saudi Exchange, which acts as the Kingdom's securities exchange services and is the official source of market information.
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Securities Depository
Center Company (Edaa)
Edaa, which works is responsible for registering the ownership of securities.
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Securities Clearing Center Company (Muqassa)
Muqassa, which works to reduce post-trade risk by introducing new mechanisms to guarantee the settlement of trades.
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Tadawul Advance Solution Company (WAMID)
WAMID, the applied technology services business and innovation arm of the Group, which is focused on helping market players solve real-world challenges.
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In alignment with the Group's growth strategy and diversification ambitions as outlined in its strategic plan, the Group announced in June 2024 the completion of its acquisition of a 32.6% strategic stake in DME Holdings Limited. Subsequently, DME Holdings Limited has been rebranded as Gulf Mercantile Exchange (GME).
This step supports the Group's strategic move towards leveraging the Middle East's geographic proximity to both key commodity production hubs and end-markets. This transaction will unlock further opportunities in the energy, metals and agricultural commodity markets and will support the ongoing transition to a sustainable economy through the launch of next-generation derivative contracts.
As previously announced in May 2023, the Group announced the completion of its first inorganic growth towards achieving sustainable growth by acquiring a 51% stake in Direct Financial Network Company (DirectFN) by WAMID, which reflects the Group's ambitious strategy to create an opportunity to build new capabilities, elevate innovation in the regional capital markets and diversify revenue.
The Group benefits from its vertically integrated and diversified business model between its subsidiaries, ensuring efficient operations and the independence of each subsidiary. This facilitates the introduction of best-in-class services to all market participants, diversification of investment opportunities and the continued development of the Saudi capital market.
Advancing the Saudi capital market's infrastructure is one of the Group's objectives, in line with global best practices, while solidifying Saudi Arabia's position as an emerging market leader, a technologically advanced and attractive sophisticated global investment destination, and the gateway to the Middle East and North Africa (MENA) region.
The Group will remain one of the enabling forces for the Saudi economy and one of the main pillars for implementing the Financial Sector Development Program (FSDP) objectives to boost economic growth and diversify the economy.
For details of the financial results, please visit the Investor Relations page.
DISCLAIMER
This Investor Bulletin document (the "Document") may contain
certain forward-looking statements relating to the performance, results of operations, plans, directions and strategies of Saudi Tadawul Group Holding Company (the "Group"). Such forward-looking statements are not based on historical facts. All the information contained in this Document is provided for general use only and does not 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, sell, or subscribe for any securities in the Kingdom of Saudi Arabia, or an offer or invitation or recommendation in respect of buying, selling or subscribe for any securities of the Group.
The Group does not provide any warranty, express or implied, and no reliance should be placed by any person or any legal entity for any purpose on any of the information contained in this Document, or its clarity, validity, accuracy, completeness, or content.
This Document may contain statements that are, or may be deemed to be, "forward-looking statements" with respect to the Company's financial position, results of operations, and business. All Information on the Company's plans, expectations, assumptions, objectives, purposes, and beliefs are for identity purposes only and does not 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 sell or subscribe for any securities in any country, or an offer or invitation or recommendation in respect of buying, selling or subscribe for any securities of the Group.
That forward-looking statements are not guarantees of future performance, and actual results may differ materially or immaterially from those indicated in this Document as a result of a number of factors, including, without limitation:
For further details on risk factors, please refer to the Group's
Annual Report and periodic reports available on the Investor Relations page of the Saudi Tadawul Group website.
Reports and Publications - Investor Relations Page
That forward-looking statements are made based on information available as of the date of this Document. Any information contained in this Document may be amended, whether materially or non-materially, without prior notice by the Group. The Group is not obligated to amend or update the current information contained in this Document in the event of any change.
This Document may include certain financial or operational measures not included in International Financial Reporting Standards (IFRS), which are provided as supplementary information to enhance understanding of the Group's performance from a management perspective. These measures should not be considered a substitute for financial measures prepared in accordance with IFRS. Definitions of these measures and their equivalence to IFRS measures are provided in the Definitions section of this Document.
The financial information contained in this Document relating to the Group is derived from the Group's consolidated financial statements for the year ended 31 December 2025, prepared in accordance with International Accounting Standard (34) as adopted in the Kingdom of Saudi Arabia, in addition to other standards and publications issued by the Saudi Organization for Certified Public Accountants.
Certain figures in this Document have been converted using a fixed exchange rate of $1.00 = ^ 3.75. Some figures may not precisely match the totals presented due to rounding, and percentages may not fully reflect absolute values.
Regulatory developments in the Saudi financial market or global financial markets.Levels of activity in the Saudi financial market and daily trading volumes.
The macroeconomic environment, both domestically and globally.
Competition in the financial market infrastructure and technology services sector.
Operational and technical risks, including cybersecurity and business continuity.
Changes in the preferences of domestic and international investors.
Risks associated with third parties providing services to the Group or its subsidiaries.
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