Investor Presentation Q4 2025 March 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
USD791mn
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
USD1.60bn
Total Assets1
USD618mn
Total Equity1
>28%
2018-25 Average ROE
Note: (1) As of 31-December-25
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; operations targeted 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 ownership
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, specializing 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 67
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
USD251mn | USD119mn | USD65.0mn |
FY25 Revenue | FY25 EBITDA | FY25 Attrib. Net Profit |
USD72.6mn | USD35.5mn | USD19.6mn |
4Q25 Revenue | 4Q25 EBITDA | 4Q25 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 to the United States
440 ktpa
Ammonia production capacity
20 years
Track record
640 ktpa
Urea production capacity
70%
Production exported
180 ktpa
Ammonium sulphate production capacity
30%
Production sold locally
+500
Employees
110k m²
Land area
75.33%
Valmore effective ownership
10
AlexFert | Financial and Operational Performance
Revenues rose 23% y-o-y and 22% q-o-q, on 11% y-o-y and 33% q-o-q higher export volumes, favourable export pricing dynamics EBITDA rose 3% y-o-y and 29% q-o-q on higher gross profit, EBITDA margin expanded by 3pp q-o-q yet contracted by 9pp y-o-y to 49% Net profit grew 32% q-o-q, yet declined 9% y-o-y, given provision reversals in 4Q24, NPM expanded by 3pp q-o-q to 36%4Q25
4Q24
2025
2024
2023
2022
2021
2020
72.6
+23%
59.2
213
194
251
264
+18%
280
486
CAGR: +5%
Revenues (USDmn)
4Q25
4Q24
2025
2024
2023
2022
2021
2020
+3%
34.5 35.5
60.8
119
106
124 122
+12%
31%
49%
47%
50%
46%
44%
58%
291 60%
CAGR: +14%
EBITDA (USDmn) | EBITDA Margin
4Q25
4Q24
2025
2024
2023
2022
2021
2020
26.1
28.7
39.9
(9%)
86.2
81.2
95.1
+6%
30%
85.3
21%
36%
36%
34%
38%
42%
204
49%
CAGR:+17%
Net Profit (USDmn) | Net Profit Margin
Urea export prices strengthened by 24% y-o-y in FY25, averaging cUSD423/ton, and 23% y-o-y in 4Q25, averaging cUSD447/ton Similarly, 4Q25 net profit attributable to Valmore also declined by 9% y-o-y, with FY25 attributable net profit up by 6% y-o-yRevenue Distribution
by Product | 2025
Sales Volumes
by Geography | 2025
18%
34%
By
Product
By
Geography
66%
82%
Urea
Ammonium Sulphate
Export Sales
Local Sales
447
3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
2025
2024
2023
380
364
335
342
410
381
451
423
+ 24%
+ 23%
CAGR: +5%
Export Urea Prices (USD/ton)
67.9
4Q25
61.2
65.0
18.1
21.7
19.6
2020
2021
2022
2023
2024
2025
4Q24
48.9
(9%)
9%
+6%
118
17%
26%
24%
27%
26%
29%
37%
CAGR:+29%
Attributable Net Profit (USDmn)
11
Sprea Misr | Overview
USD177mn | USD36.1mn | USD33.7mn |
FY25 Revenue | FY25 EBITDA | FY25 Attrib. Net Profit |
USD48.8mn | USD6.99mn | USD7.39mn |
4Q25 Revenue | 4Q25 EBITDA | 4Q25 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
Revenues1surged 51% y-o-y on higher sales volumes amid continued execution of management's market share expansion strategy EBITDA1declined 28% y-o-y on the back of higher raw material and production input costs Net profit1fell 36% y-o-y, owing to reduced lower net interest income as well as FX losses4Q25
4Q24
2025
2024
2023
2022
2021
2020
1,627 1,536
2,320
2,631
+51%
3,554
4,913
5,836
+46% 8,717
CAGR +40%
Revenues (EGPmn)
4Q25
4Q24
2025
2024
2023
2022
2021
2020
(28%) 14%
464
332
20%
574
762
1,011
30%
38%
29%
29%
1,782
42%
35%
2,157 (17%)
2,077
CAGR: +25%
EBITDA (EGPmn) | EBITDA Margin
4Q25
4Q24
2025
2024
2023
2022
2021
2020
15%
351
546
19%
26%
748
582
894
44%
36%
(36%)
36%
(37%)
1,663
46%
28%
2,142
2,636
CAGR: +23%
Net Profit (EGPmn) | Net Profit Margin
4Q25
4Q24
2025
2024
2023
2022
2021
2020
31.0
48.8
+58%
103
133
161
177
168
+33%
CAGR +11%
203
Revenues (USDmn)
3Q25
3Q24
2025
2024
2023
2022
2021
2020
6.99
9.37
(25%)
14%
20%
36.3 36.1
49.9
48.6
59.2
(28%)
68.2
29%
30%
29%
35%
38%
42%
CAGR: (0.1%)
EBITDA (USDmn) | EBITDA Margin
4Q25
4Q24
2025
2024
2023
2022
2021
2020
7.39
(33%)
11.0
33.7
36.7
52.1
47.7
(45%)
61.5
15%
19%
70.3
26%
36%
28%
36%
46%
44%
CAGR: (2%)
Net Profit (USDmn) | Net Profit Margin
Note: (1)In EGP terms
13
Sprea Misr | Key Products and Revenue Distribution
Revenue Distribution by Product | 4Q25
Revenues (USDmn)
Formaldehyde & Formurea
Sulfuric Acid Formica Sheets SNF Liquid & Powder
SNF (liquid & Powder) Formica sheets Sulfuric acid
Formaldehyde & Formurea
Wood LPL & Others
11%
1% 0.05%
6%
21%
+26%
+126%
+201%
9.70
+8%
9.45 10.3
Glue (liquid & Powder) Melamine & Urea compound Phenol
Novolac & Brake lining Electiricity
14%
KEY PRODUCTS
14%
14%
20%
5.33
6.71
3.12
7.07
3.22
4Q24 4Q25
4Q24 4Q25
4Q24 4Q25
4Q24 4Q25
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
Targeted start of commercial operations
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 currently ramping up commercial operations
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
USD75.4mn
FY25 Revenue
USD22.9mn
FY25 EBITDA
USD21.1mn
FY25 Attrib. Net Profit
14%
78.00%
100%
83.98%
0.4%
USD21.6mn
4Q25 Revenue
USD6.56mn
4Q25 EBITDA
USD6.32mn
4Q25 Attrib. Net Profit
85%
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
>2.3 mn
Households connected
35
Cities connected to natural
gas
5mn
Households within concession areas
>915 clients
Industrial clients served
29
Pressure reduction stations (PRS)
+3,000
employees
15,825 km
Length of natural gas pipeline networks
464 MMSCFD
Natural gas distributed and
transmitted in 2024
100%
Valmore's effective ownership
18
NatEnergy | Financial Performance1
Revenue2grew 13% y-o-y, driven by higher installations and increased connections to margin-accretive households EBITDA2surged 68% y-o-y, with EBITDA margin expanding by 10pp y-o-y yet declining by 3pp q-o-q to 30% Net profit2rose 23% y-o-y, driven by strong top-line performance and supported by higher net interest income and provision reversals4Q25
4Q24
2025
2024
2023
1,028
909
+13%
2,533
2,829
+31%
3,704
CAGR +21%
Revenues (EGPmn)
4Q25
4Q24
2025
2024
2023
+68%
186
311
20%
30%
30%
28%
776
1,126
36%
910
+45%
CAGR +11%
EBITDA (EGPmn) | EBITDA Margin
4Q25
4Q24
2025
2024
2023
357
290
+23%
33%
51%
35%
32%
1,235
1,093
1,346
(8%)
CAGR +6%
Net Profit (EGPmn) | Net Profit Margin
43%
4Q25
4Q24
2025
2024
2023
21.6
18.3
+18%
62.8
75.4
82.5
+20%
CAGR (4%)
Revenues (USDmn)
4Q25
4Q24
2025
2024
2023
3.75
6.56
+75%
20%
30%
17.4
30%
36%
22.9
+32%
29.6
CAGR (12%)
EBITDA (USDmn) | EBITDA Margin
28%
4Q25
4Q24
2025
2024
2023
7.52
5.86
+28%
33%
25.2
51%
43%
35%
32%
32.0
35.6
(21%)
CAGR (16%)
Net Profit (USDmn) | Net Profit Margin
Note: (1)Kahraba was carved out from the NatEnergy platform beginning 2023
(2) In EGP terms 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
11
Factories served
9thJuly 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