Investor Presentation Q1 2026 May 2026
Content Page
Overview 04 Consolidated Performance
Our Strategy 05 Stock and Shareholder Returns
NEWS
Our Investments 06 Appendix
2
01
Overview
3
Valmore Holding | A Leading MENA-Based Investment Company
Five
Strategic sectors
USD783mn
Market cap1
Valmore Holding is one of the MENA region's fastest-growing and prominent investment companies,
established in 1997 by a consortium of Kuwaiti and Egyptian businessmen
Valmore Holding has consistently delivered superior returns to shareholders supported by a unique investment portfolio and a capable management team
Dual-listed
EGX and Boursa Kuwait
FY25 Revenue FY25 EBITDA FY25 Attrib. Net Profitc4%
2020-25 Revenue CAGR
c6%
2020-25 EBITDA CAGR
>45%
2020-25 Average EBITDA margin
USD1.47bn
Total Assets1
USD593mn
Total Equity1
>28%
2018-25 Average ROE
Note: (1) As of 31-March-26
USD685mn USD322mn USD161mn
26%
37%
15%
11%
11%
EBITDA breakdown by sector | FY25
Fertilisers Petrochemicals Utilities
Oil & Gas
NBFS & Diversified2
Note: (2) 2025 EBITDA split includes Delta Insurance, divested in October 2025 4
Diverse Portfolio | Investments across Five Strategic Sectors
Chemicals
Recycling
Fertilisers
Petrochemicals
Building Materials
MDF
Utilities
Natural Gas & Electricity Distribution & Production
Oil and Gas
Exploration & Production
Non-Banking Financial Services
Insurance
Consumer & Microfinance
Plastics pyrolysis plant in
110k m² facility located in
103k m² facility located in
Nilewood: 150k m² MDF
NatEnergy: largest private
Operates 8 wells within a
Mohandes Insurance:
Bedayti: Fast-growing
Darlington, UK -
Alexandria, Egypt
10th of Ramadan, Egypt
factory (200k m³
sector operator of natural
403 km² concession
Established in 1980, MIC
microfinance subsidiary
Valmore's first investment
outside MENA
60kt p.a. Phase 1 capacity with 6 reactors; CAPEX totaling cGBP60mn
Converts waste plastics into pyrolysis oil using advanced recycling technology
Brownfield site enabling lower CAPEX and faster execution; commissioning expected in 4Q26
Produces urea and ammonium sulphate at capacities of 640ktpa and 180ktpa, respectively
c70% of output exported
75.33% effective Valmore ownership
Produces 19 petrochemical products, primarily formaldehyde derivatives, as well as sulfuric acid
Exports products to +50 markets
100% Valmore ownershipzy
capacity) adjacent to a
forest located in Sadat City, Egypt;
First MDF board produced, with commercial operations commencing in 4Q25
100% Valmore ownership
gas pipelines in the MENA
region, operating in Egypt via its gas distribution subsidiaries, NATGAS, Fayum Gas, and Nubaria Gas
EKACOM: first investment in Saudi Arabia, operating a 22 km natural gas pipeline network, serving factories in Dammam Industrial City 3
situated 65 km offshore
North of Port Said city
100% Valmore ownership
is one of Egypt's oldest
insurance firms, specialising in both life insurance and general insurance (property and liability)
24.99% effective Valmore ownership
based in Egypt
Launched in 1Q22, continues to leverage strong momentum in the microfinance loan market, operating 98
branches across 12 governorates
100% Valmore ownership
Kahraba: Produces and distributes electricity to over 1.3k industrial and commercial customers across Egypt
5
Unlocking Value | Our Investment Case
Diversified, resilient portfolioMultiple Investments, with superior cashflow generation, diversified across various sectors and geographies to mitigate market risks
Strategically positioned for expansionFocused domestic and international investments in capacity to enable sustainable value creation
Agile strategy for sustainable growthAdapting quickly to market dynamics to ensure capturing opportunities and securing long-term success
Experienced management teamProven track record across multiple sectors and geographies
Well-governed, dual-listed entityListed on EGX and Boursa Kuwait since establishment, demonstrating commitment to
the highest standards of corporate governance
Attractive shareholder returnsMarket-beating stock performance and consistent dividend distributions to investors
6
02
Our Strategy
7
Transforming to Maximise Value | Strategy Pillars and Framework
Key Strategic Pillars
Financial Resilience and Value Creation
Strengthen governance, capital allocation discipline, and credit profile to enhance access to capital markets and deliver sustainable shareholder returns
Innovation, Sustainability and Culture
Embed ESG, innovation, digitalisation, and talent development to build a high-performance, future-ready organisation
Portfolio Optimisation
Divest non-core, maturing assets and relocate capital into higher-return, strategically aligned investments to enhance long-term value creation
Maximising Core Business Value
Optimise core assets by enhancing efficiency, expanding exports and strengthening hard-currency revenues across platforms
Geographic Expansion and Diversification
Pursue accretive opportunities across MENA and Europe to diversify earnings, reduce concentration risk, and unlock new growth avenues
Global, Scalable
Investment Platform
Robust Majority Hard
Currency Revenues
Diversified, Risk-
Balanced Portfolio
Improved Credit & ESG
Profile
Enhanced Capital
Markets Profile
Consistent Shareholder
Returns
VALMORE'S 2030
VISION
8
03
Our Investments
9
AlexFert | Overview
USD77.3mn
1Q26 Revenue
USD39.7mn
1Q26 EBITDA
USD21.0mn
1Q26 Attrib. Net Profit
Alexandria Fertilisers Company (AlexFert) is an established player in the fertiliser production space producing ammonia, urea, and ammonium sulphate, with exports to key markets in Europe and South Asia as well as to the United States
440 ktpa
Ammonia production capacity
20 years
Track record
+500
Employees
640 ktpa
Urea production capacity
70%
Production exported
110k m²
Land area
180 ktpa
Ammonium sulphate production capacity
30%
Production sold locally
75.33%
Valmore effective ownership
10
AlexFert | Financial and Operational Performance
Revenues grew 16% y-o-y, driven by materially higher average export urea prices, which rose 15% y-o-y EBITDA increased 18% y-o-y, in line with revenues, with EBITDA margin remaining robust at 51%, broadly stable y-o-y Net profit grew 13% y-o-y, with net profit margin of 36%, broadly stable y-o-y1Q26
1Q25
2025
2024
2023
2022
2021
2020
77.3
+16%
66.8
213
194
251
264
280
486
CAGR: +5%
Revenues (USDmn)
1Q26
1Q25
2025
2024
2023
2022
2021
2020
39.7
+18%
33.8
60.8
119
106
122
124
31%
50.6%
47%
51.4%
50%
46%
44%
291 60%
CAGR: +14%
EBITDA (USDmn) | EBITDA Margin
1Q26
1Q25
2025
2024
2023
2022
2021
2020
+13%
24.6 27.8
39.9
86.2
81.2
95.1
85.3
21%
204
30%
36%
36.9%
34%
38%
36%
CAGR:+17%
42%
Net Profit (USDmn) | Net Profit Margin
Urea export prices strengthened by 15% y-o-y in 1Q26, averaging cUSD470/tonSimilarly, 1Q26 net profit attributable to Valmore grew by 13% y-o-y
Revenue Distribution
by Product | 1Q26
Sales Volumes
by Geography | 1Q26
7%
32%
By
Product
By
Geography
68%
93%
Urea
Ammonium Sulphate
Export Sales
Local Sales
Export Urea Prices (USD/ton)
CAGR:
+5%
+ 15% y-o-y
470
423
451
381
410
447
342
335
364
380
2023 2024 2025
3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26
1Q26
1Q25
2025
2024
2023
2022
2021
2020
21.0
18.6
18.1
65.0
61.2
67.9
48.9
+13%
118
9%
17%
24%
27%
28%
26%
26%
29%
CAGR:+29%
Attributable Net Profit (USDmn)
11
Sprea Misr | Overview
USD31.2mn
1Q26 Revenue
USD6.58mn
1Q26 EBITDA
USD8.25mn
1Q26 Attrib. Net Profit
Sprea Misr is engaged in the production of 19 different petrochemical products at its state-of- the-art downstream petrochemicals production facility located in 10th of Ramadan
195 ktpa
Formaldehyde & form-urea capacity
176 ktpa
SNF capacity
20 years
Track record
150 ktpa
Urea production capacity
25 ktpa
Melamine, urea molding
compound capacity
+50 countries
Export destinations
6mn sheets p.a.
Formica sheet capacity
165 ktpa
Sulfuric acid capacity
2007
Year acquired
1,111
Employees
103k m2
Land area
100%
Valmore effective ownership
12
Sprea Misr | Financial Performance
Revenues declined 35% y-o-y, reflecting a reduction in sales volumes owing to muted local demand and the disruption of access to key Gulf EBITDA declined 39% y-o-y, while EBITDA margin remained broadly Net profit declined 16% y-o-y, in line with top-line trendsexport markets
stable at 21%1Q26
1Q25
2025
2024
2023
2022
2021
2020
31.2
48.0
(35%)
103
133
161
168
177
203
CAGR +11%
Revenues (USDmn)
1Q26
1Q25
2025
2024
2023
2022
2021
2020
6.58
10.8
(39%)
36.1
36.3
20%
49.9
21%
48.6
22%
59.2
68.2
29%
29%
35%
38%
42%
CAGR: (0.1%)
EBITDA (USDmn) | EBITDA Margin
1Q26
1Q25
2025
2024
2023
2022
2021
2020
8.25
9.78
(16%)
33.7
36.7
47.7
52.1
61.5
70.3
19%
20%
26%
26%
36%
28%
46%
44%
CAGR: (2%)
Net Profit (USDmn) | Net Profit Margin
13
Sprea Misr | Key Products and Revenue Distribution
Revenue Distribution by Product | 1Q26
Revenues (USDmn)
SNF (liquid & Powder) Glue (Liquid & Powder)
Formaldehyde & Formurea
Sulfuric acid
Melamine & Urea Compound
11%
1%
2%
10%
0.06%
21%
SNF
Liquid & Powder
(54%)
14.3
Glue Liquid & Powder
+12%
Formaldehyde & Formurea
+13%
Formica Sheets
(71%)
Formica sheets Wood LPL & Others
16%
21%
10.7
Phenol Other
18%
6.61
5.88 6.57
5.06
5.73
3.10
1Q25 1Q26
1Q25 1Q26
1Q25 1Q26
1Q25 1Q26
14
Sprea Misr | Product Offering
Product Range Overview
Sulfuric Acid
Formaldehyde
Phenol FD Resin & Urea Resin
Liquid Sulfonated Naphthalene Formaldehyde
Melamine FD Liquid
Melamine Molding Compound
Urea Formaldehyde
Impregnated Kraft Paper
Novolac
SNF Powder
Powder Glaze
Impregnated Decorative Paper
Urea Molding Compound
Urea FD Liquid Glue
Phenol Molding Compound
Break Lining
Fiber & Formica Sheets
Laminated Wood & MDF Chipboard
Powder Glue
15
Endolys | Establishing Foothold in the Circular Plastics MarketValmore's first major investment outside the MENA region under a new entity named Endolys - a state-of-the-art plastics pyrolysis plant strategically located in Darlington, Northeast England to chemically recycle post-consumer and other plastic waste into pyrolysis oil
Key Project Highlights
cGBP60mn
Total planned CAPEX over the next 6 months
6
Reactors
60kt p.a.
Phase 1 dry input capacity of
plastic waste
4Q26
Expected start of commissioning
Financial close reached in August 2025;
capital deployment underway
Market Overview & Technology
Capturing growing global demand for recycled plastics and circular
feedstocks
Brownfield site with key infrastructure already in place, helping
minimise CAPEX, shorten execution timelines and partially de-risk
construction
Endolys will utilise advanced pyrolysis technology to chemically
recycle post-consumer and other plastic waste into pyrolysis oil
Provides a sustainable plastic waste management alternative to
landfill and incineration, helping address the global plastic waste challenge
Plastics pyrolysis is still relatively nascent, offering Valmore an early-
mover advantage in building a scalable and sustainable energy platform, with significant long-term potential
Strategic Location
Edinburgh
Glasgow
Darlington United
Kingdom
Dublin
Manchester
Birmingham
London
Located in Teesside, Darlington, Northeast England
Geographic Expansion and Diversification
Supports Valmore's strategy to broaden geographic reach and generate hard currency, reducing concentration risk
Portfolio Optimisation
Relocates capital into higher-return, strategically aligned investments to enhance long-term value creation
Financial Resilience and Value Creation
Leverages structural demand visibility, regulatory tailwinds, and sustainable growth potential
Innovation, Sustainability and Culture
Specializes in circular economy, chemical recycling, and environmentally-focused operations
Strategic Alignment
16
Nilewood | State-of-the-Art MDF Facility
EGP3.6bn
Total investment
4Q25
Commercial operations start
date
100%
Valmore's effective
ownership
STRATEGY- To supply raw MDF boards at a production capacity of 655 m3/day, serving both Egyptian and global markets, ensuring local industry support while
capitalising on export opportunities for sustained growth
Nilewood, Valmore's state-of-the-art MDF facility, successfully completed commissioning and is progressing through its commercial ramp-up phase
200k m3
Annual MDF capacity
150k m2
Land area located 140km from Alexandria Port
5 km
Distance to local forest in Sadat City
Strategic Alignment
17
Maximising Core Business Value
Portfolio Optimisation
Financial Resilience and Value Creation
Leverages Valmore's extensive track record
in industrials to generate cash and
operational scale
Relocates capital into higher-return,
strategically aligned investments to
enhance long-term value creation
Expected to contribute positively to
operating cashflows, supporting overall
shareholder value creation.
NatEnergy | Overview
83.98%
78.00%
100%
USD21.0mn
1Q26 Revenue
USD4.37mn
1Q26 EBITDA
USD6.19mn
1Q26 Attrib. Net Profit
86%
13%
0.9%
Valmore's Ownership Stake Contribution to NatEnergy's EBITDA
NatEnergy groups Valmore subsidiaries NATGAS, Fayum Gas, and Nubaria Gas, which develop, operate and maintain natural gas transmission and distribution networks in five concession areas across Egypt, making up the largest private sector operator of natural gas pipelines in the MENA region
3
Power stations
89
CNG stations
>2.34 mn
Households connected
35
Cities connected to
natural gas
5mn
Households within concession areas
920 clients
Industrial clients served
29
Pressure reduction stations
(PRS)
89
employees
15,999 km
Length of natural gas pipeline networks
528 MMSCFD
Natural gas distributed and
transmitted in 2025
100%
Valmore's effective
ownership
18
NatEnergy | Financial Performance1
Revenues grew 20% y-o-y, driven by a growing active connections base and higher gas distribution volumes1Q26
1Q25
2025
2024
2023
17.5
21.0
+20%
62.8
75.4
82.5
CAGR (4%)
Revenues (USDmn)
Note: (1) Kahraba was carved out from the NatEnergy platform beginning 2023
EBITDA was broadly stable y-o-y, with EBITDA margin contracting 4pp y-o-y to 21%1Q26
1Q25
2025
2024
2023
4.37
4.34
+1%
21%
25%
17.4
30%
28%
22.9
36%
29.6
CAGR (12%)
EBITDA (USDmn) | EBITDA Margin
Net profit grew 49% y-o-y, supported by y-o-y higher net interest income and FX gains booked during the quarter1Q26
1Q25
2025
2024
2023
4.94
7.37
+49%
25.2
51%
33%
43%
35%
28%
32.0
35.6
CAGR (16%)
Net Profit (USDmn) | Net Profit Margin
19
Securing a Strategic Role in Saudi Arabia's Energy Transition Goals
Valmore's first investment in Saudi Arabia marks a major strategic milestone with the successful completion and launch of a natural gas distribution network in Dammam Industrial City 3 - a strategically located, MODON-managed
industrial hub aligned with the Kingdom's energy transition goals and plans to grow total industrial capacity under Vision 2030
10mn sqm currently served, with plans to grow to 49mn sqm
Excellent access to highways, ports, and airports
Home to diverse and growing tenant base across
key industrial sectors
Located in Eastern Province - near Aramco and
major industrial hubs
KSA's first industrial city under MODON with a Build-Own-Operate-
Transfer (BOOT) model for the gas distribution grid
Key Project Highlights
35 years
Concession duration
25 MMSCFD
Initial capacity
22 km
Pipeline network length
10mn sqm
Developed area served
SAR60.3mn
Total CAPEX deployed
16
Factories served
9th July 2025
Gas flow to first customer
Strategic Location
4th natural gas-powered industrial hub within MODON's extensive network of 33+ industrial cities supporting manufacturing and logistics
Saudi Authority for Industrial Cities and Technology Zones (MODON) 3rd Industrial City, DammamStrategic Alignment
Geographic Expansion and Diversification Supports Valmore's strategy to broaden geographic reach and generate hard currency, reducing concentration risk
Maximising Core Business Value
Leverages Valmore's extensive track record in gas distribution and energy infrastructure to scale operations
Portfolio Optimisation
Relocates capital into higher-return, strategically aligned investments to enhance long-term value creation
Financial Resilience and Value Creation Cash-generative, scalable energy infrastructure, enhancing financial stability, dividend sustainability, and returns
20