Slides
Page 1
Oman India Fertiliser Company S.A.O.G. H1 2026 Earnings Presentation 31 August 2026 MSX: OMIF | ISIN: OM 0000011151
Page 2
This presentation may contain certain forward-looking statements. This applies to statements containing information on future financial results, plans, or expectations regarding our business and management, our future growth or profitability and general economic and regulatory conditions and other matters affecting us. Forward-looking statements reflect our management’s (“Management”) current views of future events, are based on Management’s assumptions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The occurrence or non-occurrence of an assumption could cause our actual financial condition and results of operations to differ materially from, or fail to meet expectations expressed or implied by, such forward-looking statements. Our business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or prediction to become inaccurate. These risks include but are not limited to fluctuations in prices and costs, ability to compete successfully, changes in social, legal or economic conditions in our markets of operation, worldwide economic trends, inflation, interest rate and exchange rate fluctuations and Management’s ability to timely and accurately identify future risks to our business and manage the risks mentioned above. This presentation is prepared for informational purposes only and should be read in conjunction with the audited and reviewed financial statements filed with the Muscat Stock Exchange. 2 Disclaimer
Page 3
3 Dr. Ahmed Al Marhoubi Chief Executive Officer Abdullah Al-Hashami Chief Financial Officer Zaki Al Maawali General Manager Technical Services Khalid Al Farsi General Manager Corporate Support OMIFCO At A Glance Operational Highlights Growth Update Market Overview Financial Results Closing Remarks Q&A Session Today’s Agenda and Speakers
Page 4
4 OMIFCO At A Glance
Page 5
5 Key Milestones 20031994 2005 2025 2026 Oman-India government MOU signed Foundation stone laid; OMIFCO established Both plants commissioned; first exports New 10-yr gas supply agreement; contracts renewed Listed on the Muscat Stock Exchange (MSX) on 8 July 2026 Ownership Structure 37.5% 18.75% 18.75% 25% OQ, Oman’s state-owned integrated energy company with deep industry expertise IFFCO, India-headquartered fertiliser producer with extensive experience in fertiliser manufacturing KRIBHCO, a well-established cooperative fertiliser company in India Public float, Muscat Stock Exchange Company Overview Established as a joint venture between Oman and India, OMIFCO (Oman India Fertiliser Company S.A.O.G.) is an integrated producer of granular Urea and anhydrous Ammonia with a strategically located manufacturing complex in Sur, Oman OMIFCO combines Oman’s energy advantage, leveraging abundant natural gas, with India’s agricultural demand, creating a unique platform for growth OMIFCO receives feedstock under a long-term contract with Integrated Gas Company (IGC), an entity owned by the Omani Ministry of Finance, through a pipeline network operated by OQ Gas Networks, an entity that is part of the OQ Group, and sells its products through long-term take- or-pay offtake agreements
Page 6
6 2 trains x 2,530 mtpd(2) capacity each for a total design capacity of 5,060 mtpd --- 1.65 million mtpa Nameplate ProductionCapacity Nameplate ProductionCapacity 2 trains x 1,750 mtpd capacity each for a total design capacity of 3,500 mtpd --- 1.15 million mtpa Urea Plant Ammonia Plant Integrated Producer of Granular Urea and Anhydrous Ammonia Notes: (1) Metric Tonnes per Annum; (2) Metric Tonnes per Day OMIFCO’s strengthlies in its scale and reliability, operating two ammonia and two urea trains with an annual output exceeding 2 million mtpa(1) of urea The manufacturing complex is fully integrated and self sufficient with in-house storage facilities for Ammonia and Urea, a captive power plant, 2-berth deep water jetty to facilitate product export and a captive waste treatment plant
Page 7
7 Business Continuity at OMIFCO 01 Natural Threats Precautionary activation to ensure readiness and business continuity during monsoon-season tropical cyclones and other threats 02 Ongoing geopolitical tension in the region Precautionary activation to ensure continuity of operations and protect people, assets and supply chain PRECAUTIONARY MEASURES OMIFCO operates a Business Continuity Management System (BCMS) that ensures business continuity preparedness (BCP) The system follows a four -stage cycle: Prepare, Respond, Recover , Resume OMIFCO’s BCMS is aligned with ISO 22301 standard for business continuity
Page 8
8 Key Strategic Pillars 02 Strong industry fundamentals, supported by urea growth and resilient ammonia demand 01 Integrated producer of granular urea and anhydrous ammonia at scale 03 Attractive geographic location and access to global logistics 05 Optimally positioned to capitalize on tangible growth opportunities 04 Contracted business model with competitive cost position 06 Attractive dividend capacity supported by strong cash flow generation 07 'Fortress' balance sheet enabling strong shareholder returns 08 Highly skilled management team with a robust execution track record
Page 9
Notes: (1) Utilisationrate defined as production / nameplate capacity of the plant; (2) EBITDA defined as earnings before net interest (aggregate of interest income and expenses), taxes, depreciation and amortisation. Calculated as Operating Profit + Depreciation, considering that is a non-GAAP financial measures presented for analytical purposes only; (3) Percentageof Omani nationalsemployed within OMIFCO’s workforce,as part of Oman’s national localization policy NameplateProductionCapacity H1 2026Revenue Health,SafetyandEnvironment (HSE) 5,060 MTPD (1.65 million mtpa) Urea 3,500 MTPD (1.15 million mtpa) Ammonia OMR 178.2M (+47% YoY) Urea OMR 12.7M (+21% YoY) Ammonia 25.7M Safe man-hours of operations since October 2019 H1 2026UtilisationRates(1) H1 2026EBITDA(2) H1 2026 Net profit Workforce as of 30 June 2026 Omanization(3) as of 30 June 2026 119% Urea 107% Ammonia OMR 99.7M (+44% YoY) OMR 80.2M (+48% YoY) 636 Employees 80% Omani nationalsH1 2026 EBITDA margin H1 2026 Profit margin 52% 42% 9 H1 2026 OMIFCO at a Glance
Page 10
10 Operational Highlights
Page 11
1,033k mt +6% YoY 119% +3p.p. YoY OMR 178.2 M +47% YoY 659k mt +1% YoY -1p.p. YoY OMR 12.7 M +21% YoY UREA PRODUCTION UREA UTILIZATION UREA REVENUE AMMONIA PRODUCTION AMMONIA UTILIZATION AMMONIA REVENUE 989k mt +7% YoY 53k mt -43% YoY UREA SALES VOLUME AMMONIA SALES VOLUME 108% 11 H1 2026 Key Highlights
Page 12
Urea: production of 500k mt in Q2 2026 (+6.6% YoY) ran at 119% of nameplate, a tenth straight quarter above capacity Ammonia: production of 319k mt (+1.6% YoY) in Q2 2026 ran at 107% of nameplate, in line with the guidance Next scheduled turnarounds: Q1 2027 421 536 534 544 503 469 546 546 533 500 119% 114% 119% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Urea production and capacity utilization Production (kt) Utilisation (%) 274 342 349 345 337 314 351 347 341 319 109% 108% 107% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Ammonia production and capacity utilization Production (kt) Utilisation (%) 119% vs. 115% guided +6.6% YoY 107% vs. 107% guided UREA UTILIZATION UREA PRODUCTION AMMONIA UTILIZATION 319k mt +1.6% YoY AMMONIA PRODUCTION 500k mt 12 Q2 2026 Production Volumes & Utilization Rates
Page 13
Growth Update
Page 14
14 Short - term Mid - term Long - term Optimally Positioned to Capture Growth Opportunities OperationalEfficiency Implement process and equipment upgrades Renewable energy projects Operational improvements to boost efficiency, cut energy use, and reduce emissions Plant Expansion Advance the expansion programme through a formal natural-gas allocation request submitted to the IGC Revalidate the 2018 feasibility study for the potential 3rd-train expansion Transition to clean energy and decarbonization plan aligned with national targets, leveraging carbon capture expertise Well-positioned to capitalize on hydrogen, CCUS and ammonia diversification initiatives Leverage existing business expertise and clean energy trends in Oman to develop new products Innovation and Product Diversification
Page 15
Market Overview
Page 16
16 Note: Benchmark price levels based on Company research, Argus, Bloomberg H 1 2026 Performance H 2 2026 Outlook Long - Term Outlook A volatile period: urea traded between roughly USD 400/t and above USD 800/t before settling near USD 450/t by June Middle East urea averaged approximately USD 600/t over the first five months of 2026, around 60% higher year on year Security of supplyset the market; demand was supportive but did not sustain the peak The market has corrected from the April peak and moved back toward a more balanced position Continued volatility expected, with prices materially below the April 2026 highs Four key factors: Chinese export availability, Indian tender demand, Brazil seasonal buying, Middle East supply Middle East supply remains the largest upside risk to prices; nitrogen supply is still vulnerable to renewed disruption Global urea demand expected to grow to around 215 million tonnes a year by 2035 India, OMIFCO's core market, has a structural import need of 9-12 million tonnes a year through 2040 Indian domestic production continues to fall short of consumption, underpinning long-term import demand Middle East gas-based producers sit on the advantaged end of the global cost curve Market Overview
Page 17
Supply-driven market: Middle East production and Strait of Hormuz disruption, plus higher gas and freight costs, cut availability and raised the cost of moving product Indian tenders remained the main source of price support, as in 2025, but with a limited effect on price this year Chinese export policy was the second major source of volatility; the return of Chinese fertilizers to the international market eased supply concerns By May, weaker buying from Korea, Japan, Australia and parts of Europe was identified as a factor behind the correction 557 USD/t +60.7% YoY 687 USD/t +152.4% YoY UREA REALIZED PRICE AMMONIA REALIZED PRICE 346 557 272 687 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Urea & ammonia average realized prices (USD/t) Urea Ammonia 17 Key market drivers – Urea & Ammonia prices Q2 2026 Urea & Ammonia Realized Price Trends
Page 18
Offtake channels Urea and ammonia export volumes sold through OQ Trading (OQT). Domestic urea sold through OQ Marketing (capped near 60k mtpa) Most part of ammonia utilized for urea production. Ammonia also sold to Kisan International Trading under a dedicated offtake agreement India relationship India offtake agreement renewed for August 2026 – February 2031, covering 50% of urea production (~1.0 Mt/year committed) India has historically represented ~71% of urea export volumes and ~61% of ammonia export volumes (FY 2023–2025) 18 Revenues Product Mix 10% 8% 89% 91% 2% 1% Q2 2025 Q2 2026 Q2 revenues mix, % of total revenue Ammonia Urea Other revenue 8% 7% 91% 93% 1% 1% H1 2025 H1 2026 H1 revenues mix, % of total revenue Ammonia Urea Other revenue
Page 19
Financial Results
Page 20
OMR 192.0 M +43.9% YoY 64.9% -3.7 p.p. YoY OMR 99.7 M +43.9% YoY OMR 80.2 M +48.0% YoY -51.9% YoY OMR 77.2 M +82.2% YoY TOTAL REVENUE GROSS MARGIN EBITDA NET INCOME CAPEX FREE CASH FLOW (FCF) 51.9% +0.0 p.p. YoY 77.4% +16.2 p.p. YoY EBITDA MARGIN FCF CONVERSION (FCF/EBITDA) OMR 3.6 M 20 H1 2026 Key Financial Highlights
Page 21
120,826 133,449 191,977 H1 2024 H1 2025 H1 2026 H1 2026 Total revenue 40,477 54,190 80,222 H1 2024 H1 2025 H1 2026 H1 2026 net profit 52,600 69,256 99,687 H1 2024 H1 2025 H1 2026 H1 2026 EBITDA +43.9% +43.9% +48.0% OMR, ‘000 21 Total Revenue, EBITDA And Net Profit Performance
Page 22
2,917 45,348 299 551 63,345 111,358 Q2 2025 revenueAmmonia exports Urea exports Urea local sales Other revenue Q2 2026 revenue Q2 Total revenue 48,013 392 289 18,728 1,939 31,300 59,327 Q2 2025 EBITDA Revenue Cost of materials consumed Other cost of goods sold Selling and marketing G&A excluding D&A Q2 2026 EBITDA Q2 EBITDA 58,529 1,479 413 26,997 2,993 69,256 99,687 H1 2025 EBITDA Revenue Cost of materials consumed Other cost of goods sold Selling and marketing G&A excluding D&A H1 2026 EBITDA H1 EBITDA OMR, ‘000 22 2,235 56,073 421 201 133,449 191,977 H1 2025 revenueAmmonia exports Urea exports Urea local sales Other revenue H1 2026 revenue H1 Total revenue Total revenue And EBITDA Development
Page 23
23 52.2% 44.8% 47.8% 55.2% 74.9% 68.1% 8.0% 15.9% 17.2% 16.0% Assets Q2 2025 Assets Q2 2026 Funding Q2 2025 Funding Q2 2026 Balance sheet structure, % Non-current assets Current assets Equity Non-current liabilities Current liabilities 137,425 171,891 126,082 211,569 197,248 261,084 21,064 60,928 45,195 61,448 Assets Q2 2025 Assets Q2 2026 Funding Q2 2025 Funding Q2 2026 Balance sheet structure, OMR ‘000 Non-current assets Current assets Equity Non-current liabilities Current liabilities 24,693 70,836 48,795 61,879 85,212 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Cash and bank balances, OMR ‘000 41.5% 39.0% 55.4% 57.3% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 LTM ROA and LTM ROE, % ROA (LTM) ROE (LTM) Balance Sheet Highlights
Page 24
24 3,297 541 2,298 22,730 78 3,553 1,007 30,800 11,23877,164 78,455 99,687 36,417 H1 2026 EBITDA Non-cash provisions and other adjustments Working capital Income tax paid End of service benefits paid Capital expenditure FCF Lease payments Interest received FCF before dividends Dividends paid Deposits placed and other investing Net increase in cash H1 2026 EBITDA to FCF before dividends bridge H1 2026 Cash Flow
Page 25
Closing Remarks
Page 26
Large scale operationswith fully integrated facilities, competitivecost position, and tangible growth plans High margins and strong cashflowgenerationacross commodity cycles allowing for attractive and sustainableshareholder distributions Strategic venture of the OQ Group and Governmentof India relationship, leveragingthe strengthand competitive advantagesof its shareholders Robust industry environmentacross urea and ammonia, with upside from strong demand for Urea as keystone for food security Opportunity to access a large-scale, cost-advantaged fertiliser leader delivering resilient cash flows and strong operational fundamentals ✓ ✓ ✓ ✓ 26 Recap of the OMIFCO Opportunity
Page 27
Thank you! Oman India Fertiliser Company S.A.O.G. H1 2026 Earnings Presentation 31 August 2026 MSX: OMIF | ISIN: OM 0000011151 P.O. Box 67, Sur 411, Sultanate of Oman ir@omifco.com https://ir.omifco.com/
Page 28
APPENDIX: Balance Sheet OMR, ‘000 30 Jun 2026 31 Dec 2025 Δ % YTD Cash and bank balances 85,212 48,795 +74.6% Other current financial assets 66,706 55,468 +20.3% Trade and other current receivables 37,197 38,366 -3.0% Inventory 22,454 16,433 +36.6% PP&E 171,891 174,597 -1.5% Trade and other current payables 27,855 18,341 +51.9% Current tax liabilities 14,671 22,873 -35.9% Other current provisions and liabilities 17,333 18,542 -6.5% Total equity 261,084 211,679 +23.3% 30 Jun 2025 24,693 51,515 26,114 23,760 137,425 15,614 10,149 17,898 197,248 Δ % YoY +245.1% +29.5% +42.4% -5.5% +25.1% +78.4% +44.6% -3.2% +32.4% Provision for abandonment and site restoration 40,210 39,041 +3.0%– n.m. 28 Deferred tax liabilities 8,201 8,562 -4.2%9,126 -10.1% Non-current provisions for employee benefits 4,914 4,598 +6.9%3,901 +26.0% Non-current lease liabilities 7,603 8,403 -9.5%8,037 -5.4% Current lease liabilities 1,589 1,620 -1.9%1,534 +3.6%