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BSF 9M 2026 Earnings Presentation 26 October 2026
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Highlights & Strategy Update
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3BSF Earnings Presentation | 26/10/2026 Balance Sheet Loan growth of 7% YoY, driven by both commercial (+5%) and consumer (+14%). Investments increased 11% YoY, capturing higher yields to manage interest rate risk. Deposits up 9% YoY from 23% growth in non-CASA balances while CASA balances declined 6%. Income Statement Operating income grew 6%, with NII and non-interest income up 6% and 8%, respectively. NIM declined 5bps YoY to 3.01% and 13bps QoQ to 2.94%. Net income up 7% YoY, from higher operating income, partly offset by higher operating expenses. 7% net income growth YoY supported by top-line growth Billion 230.4 +7% year-on-year Loans & Advances Billion 73.0 +11% year-on-year Investments Billion 203.2 +9% year-on-year Customers' Deposits Million 8,419 +6% year-on-year Operating Income 3.01% -5bps year-on-year NIM Million 4,377 +7% year-on-year Net Income
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4BSF Earnings Presentation | 26/10/2026 Asset Quality The NPL ratio improved 4bps YoY. Coverage ratio remains comfortable, despite a YTD decline reflecting the write-off of two corporate accounts in the previous quarter. COR remained broadly stable. Capital & Liquidity Capital, funding and liquidity remain strong and comfortably within regulatory limits. CASA ratio declined 6.6ppts YoY from 23% growth in non- CASA balances and 6% decline in CASA balances. Healthy asset quality and comfortable capital and liquidity levels 0.95% -4bps year-on-year NPL Ratio 165.3% -9.2ppts year-on-year NPL Coverage 0.43% -1bps year-on-year Cost of Risk 41.7% -6.6ppts year-on-year CASA Ratio 18.1% -1.5ppts year-on-year T1 Ratio 170% +10ppts year-on-year LCR
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5BSF Earnings Presentation | 26/10/2026 …focusing on two main themes for next 5 years3 Strategic Pillars… We aim to become a Better, Stronger and Faster bank through Strategy 2030, delivering sustainable ROE expansion to >15% and 10bn net income by 2030 Better 8-10% net income market share Faster >75% STP processes Stronger >15% ROE Strengthen the core Wholesale Banking GTS strengthening and Institutional Banking expansion Group-wide cross-sell Private Banking Product expansion and client engagement Retail and Affluent Differentiation and channel revamp Treasury Sales expansion and NIM enhancement BSF Capital Wealth management acceleration, brokerage system upgrade Prepare for the future Business Banking Customer acquisition and CASA gathering JB Digital-first distribution and embedded finance Support functions AI and Data innovation Open banking and embedded finance Capital optimization and partnership capabilities Growing net income market share Fee growth and cross-sell Operational excellence through Zero-Ops Embed AI Capital optimization Risk excellence Externally focused organization
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6BSF Earnings Presentation | 26/10/2026 We are seeing balanced performance across the key strategic metrics *Primarily from retail NTB customer acquisition through digital channels **Additional AI use cases are expected to be deployed by the end of 4Q Net income market share Return on Equity % of STP processes KPI Status2025 Baseline Current 2030 Target CASA ratio Non-interest income share 8–10% ~6% ~6% 18% >15% ~40% 21% 12.4% 42% ~12% 43% 18% CET1 ratio Cost-to-income ratio Digital penetration of clients AI and Analytics use cases** >75% >15% 100% ~27% 50+ 32.9% 16.2% 34% <20% 65-70%* 16 <20% 60-70% <5 Watch Watch Watch On track On track On track Watch On track On track Better Stronger Faster 15.3%
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Financial Highlights
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8BSF Earnings Presentation | 26/10/2026 Balance Sheet Growth in total assets of 10% YTD, mainly driven by loans, further aided by an increase in investments and interbank placements. The investment portfolio expanded by 6% YTD mainly from fixed rate government securities. Liabilities rose 12% YTD driven by a 150% increase in balances due to banks, alongside a 4% rise in customer deposits. Total equity declined by 1% YTD, reflecting lower other reserves and the payment of dividends. Balance sheet growth driven by loans, interbank and investments Mn 3Q 2026 2Q 2026 Δ% 4Q 2025 Δ% Due from banks, other FI & SAMA 20,489 19,495 +5% 14,748 +39% Investments 73,013 74,208 -2% 68,682 +6% Loans & advances 230,399 224,241 +3% 214,891 +7% Total assets 338,643 327,983 +3% 309,006 +10% Due to banks, other FI & SAMA 32,259 25,319 +27% 12,885 +150% Customers' deposits 203,227 204,588 -1% 195,219 +4% Debt securities & term loans 36,487 35,758 +2% 38,877 -6% Total liabilities 288,237 276,589 +4% 258,346 +12% Total equity 50,406 51,394 -2% 50,659 -1% 309.0 338.6 5.7 4.3 15.5 4.1 +39% +6% +7% +38% +10% Total Assets Movement YTD ( Bn) 4Q 25 Due from banks, other FI & SAMA Investments Loans & advances Other 3Q 26 258.3 288.219.4 7.2 0.8 (2.4) 4.9 +150% +6% +1% -6% +43% +12% Total Liabilities Movement YTD ( Bn) 4Q 25 Due to banks, other FI & SAMA Non-CASA CASA Debt securities & term loans Other 3Q 26
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9BSF Earnings Presentation | 26/10/2026 Loans & Advances Total loans and advances grew 7% on both YoY and YTD basis driven by growth across consumer and commercial lending. Commercial loans grew 6% YTD primarily driven by higher balances in the utilities, commerce and services sectors further aided by mining and contracting, and partly offset by declines in the transport and communication and financial sectors. Consumer loans grew 13% YTD, primarily driven by a 14% increase in mortgages and a 15% increase in personal loans. 7% YTD loan growth from both commercial and consumer sectors 156.0 160.2 162.3 14.4 16.8 17.9 44.5 47.2 50.1 214.9 224.2 230.4 +7% +3% Loans & Advances ( Bn) 4Q 25 2Q 26 3Q 26 Consumer MSME Corporate 44.5 50.13.1 2.0 0.5 0.1 +14% +15% +6% +6% +13% Consumer Loans Movement YTD ( Bn) 4Q 25 Mortgages Personal loans Auto loans Credit Cards 3Q 26 170.4 180.3 3.5 2.2 1.4 0.8 (0.5) (0.5) 2.9 +16% +6% +4% +26% -10% -14% +5% +6% Commercial Loans Movement YTD ( Bn) 4Q 25 Utilities Commerce Services Mining Transport & comms Financials Other 3Q 26
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10BSF Earnings Presentation | 26/10/2026 Customers’ Deposits Deposits grew 4% YTD, driven primarily by an increase in non-CASA balances and further supported by CASA balances. Non-CASA deposits grew 6.5% YTD, while CASA rose marginally. As of 30 September 2026, 41.7% of deposits were CASA, a decrease of 1.3ppts YTD. 4% YTD increase in customer deposits driven mainly by growth in non-CASA balances 48.2% 43.0% 44.4% 43.4% 41.7% CASA ratio (%) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 89.7 83.9 88.6 88.9 84.7 96.2 111.3 111.0 115.7 118.5 185.9 195.2 199.6 204.6 203.2 +4% +5% +2% +3% -1% Customers' Deposits ( Bn) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 CASA Non-CASA 71.0 68.5 124.2 134.7 195.2 203.27.2 0.8 +6% +1% +4% Customers' Deposits Movement YTD ( Bn) 4Q 25 Non-CASA CASA 3Q 26 Retail Corporate
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11BSF Earnings Presentation | 26/10/2026 Income Statement Net income for 9M 2026 grew 7% YoY to 4,377mn from higher operating income, partially offset by higher operating expenses. Total operating income increased 6% YoY, driven by 6% growth in net interest income and 8% growth in non-interest income. Operating expenses increased 7% YoY to 2,773mn from higher employee costs, increased G&A and depreciation as transformation projects continue to go live. The impairment charge increased 4% YoY to 784mn. On a sequential basis, net income increased marginally, supported by growth in non- interest income that more than offset the decline in net interest income. Net income grew 7% YoY from higher net interest income and non-interest income, partially offset by higher operating expenses Mn 9M 2026 9M 2025 Δ% 3Q 2026 3Q 2025 Δ% Net interest income 6,863 6,476 +6% 2,303 2,162 +7% Non-interest income 1,556 1,439 +8% 559 437 +28% Operating income 8,419 7,916 +6% 2,862 2,599 +10% Operating expenses (2,773) (2,594) +7% (926) (854) +8% Pre-impairment operating income 5,646 5,322 +6% 1,936 1,745 +11% Impairment charge (784) (752) +4% (271) (237) +14% Net income before zakat 4,862 4,570 +6% 1,666 1,508 +10% Zakat (485) (476) +2% (157) (156) +1% Net income 4,377 4,094 +7% 1,509 1,353 +12% ROAE 12.38% 12.39% -1bps 12.84% 12.07% +77bps 1,353 1,260 1,381 1,487 1,509 +12% -7% +10% +8% +1% Net Income ( Mn) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4,094 4,377387 117 (179) (32) (10) +6% +8% +7% +4% +2% +7% Net Income Movement YoY ( Mn) 9M 25 Net interest income Non-interest income Operating expenses Impairment charge Zakat 9M 26
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12BSF Earnings Presentation | 26/10/2026 Net Interest Income NII for 9M 2026 increased by 6% YoY to 6,863mn, driven by 8% average earnings assets growth. Lower expenses on due to banks balances and higher NII from investments, loans and advances and the impact of cash flow hedging were partially offset by higher funding costs on debt securities. Interest income rose by 5% YoY to 13,670mn and funding costs rose by 4% YoY to 6,807mn in 9M 2026. On a sequential basis, interest income increased by 2% QoQ, while funding costs were up by 6% resulting in 2% QoQ decline in NII. 6% YoY growth in NII driven by earning assets growth, partly offset by margin contraction 4,517 4,521 4,433 4,577 4,661+2% QoQ +3% Interest Income ( Mn) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 2,355 2,305 2,216 2,233 2,357+6% QoQ +0% Interest Expense ( Mn) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 6,476 6,863326 333 207 184 (18) (92) (554) -29% +16% +2% -42% +0% -23% +53% +6% Net Interest Income Movement YoY ( Mn) 9M 25 Due to banks Investments Loans, gross Cash flow hedging impact Customers' deposits Cash, SAMA & interbank Debt 9M 26
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13BSF Earnings Presentation | 26/10/2026 NIM declined 5bps YoY and 13bps QoQ due to a shift in the funding mix Net Interest Margin NIM moderated by 5bps YoY to 3.01% for 9M 2026, primarily reflecting a 16bps decline in asset yields, and partly offset by a similar reduction in funding costs. On a sequential basis, the quarterly NIM decreased by 13bps as funding costs rose by 9bps and asset yields declined by 4bps despite a 38bps increase in average 3M SAIBOR over the same period. 6.15% 6.14% 6.04% 6.02% 5.99% 3.06% 3.04% 3.02% 3.04% 3.01% 3.65% 3.65% 3.53% 3.47% 3.49% YTD NIM Trend 9M 25 FY 25 1Q 26 1H 26 9M 26 Interest yield NIM Cost of funding 5.38% 5.03% 4.85% 4.75% 5.13% 2.96% 2.97% 3.02% 3.06% 2.94% Quarterly NIM Trend 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 SAIBOR: SAR 3M (avg) NIM 75% 75% 74% 22% 22% 23%3% 3% 3% 283.3 286.1 305.0 +8% Average Interest Earning Assets ( Bn) 9M 25 FY 25 9M 26 Loans Investments SAMA & interbank 3.06% 3.01% 0.18% 0.14% 0.10% 0.08% -0.05% -0.21% -0.28% -5bps NIM Movement YoY (%) 9M 25 Due to banks Customers' deposits Cash flow hedging impact Investments SAMA & interbank Debt Loans 9M 26 41% 42% 43% 37% 36% 33% 12% 11% 9% 10% 11% 14% 240.6 243.1 261.1 +9% Average Interest Bearing Liabilities ( Bn) 9M 25 FY 25 9M 26 Non-CASA CASA Due to banks Debt
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14BSF Earnings Presentation | 26/10/2026 BSF has limited sensitivity to interest rate changes NIM Sensitivity As of 30 September 2026, BSF estimates a 1-year NIM sensitivity of a 100bps rates change at ±7bps; this would translate into a ±233mn NII delta. The net open short-term interest rate position arising from on-balance sheet items reflects BSF’s corporate DNA (excess of floating rate assets). BSF mitigates its interest rate risk exposure through a combination of on- and off-balance sheet instruments, including cash-flow hedges. The CFH outstanding position is driven by the evolution of BSF’s balance sheet structure, interest rate risk appetite and structural market trends. The notional amount of cash flow hedges decreased by 29% YTD due to growth in the retail loan book and fixed-rate investment portfolio. ±0.03% ±0.04% ±0.07% NIM Impact of ±100bps Rate Change (%) 2024 2025 3Q 26 28.1 25.0 21.9 19.4 17.7 -29% -11% -12% -12% -9% Cash Flow Hedges Swaps (Notional Amount Bn) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 177.2 112.5 19.3 161.0 19.8 128.2 Balance Sheet Repricing Profile as at 31 December 2025 ( Bn) Repricing < 1yr Repricing > 1yr Non-repricing Assets Liabilities and equity ±90 ±115 ±233 NII Impact of ±100bps Rate Change ( Mn) 2024 2025 3Q 26
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15BSF Earnings Presentation | 26/10/2026 Non-interest income improved 8% YoY mainly from trading and investment income *Non-funded exposure includes letters of credit, letters of guarantee and acceptances Non-Interest Income Non-interest income for 9M 2026 increased 8% YoY to 1,556mn from higher trading, investment and exchange income partially offset by lower fee and commission income. Net fee & commission income fell 2% YoY to 742mn in 9M 2026 due to lower brokerage & asset management fees and higher losses in card fees due to ongoing campaign costs. This was partly offset by higher trade finance and other fees including bancassurance. 3Q 2026 non-interest income increased 10% QoQ, driven by higher fee and commission, exchange and trading income partly offset by lower investment-related income. Quarterly fee and commission income has been trending upwards over the past three quarters. 437 406 491 506 559+10% QoQ +28% Non-interest Income ( Mn) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 1,439 1,556111 49 5 (13) (36) +79% +36% +1% -2% -99% +8% Non-interest Income Movement YoY ( Mn) 9M 25 Trading income Investment- related income Exchange Income Net fee & commission income Other 9M 26 755 74210 (22) (27) 26 +3% -7% +73% +27% -2% Fee & Commission Income Movement YoY ( Mn) 9M 25 Trade finance Brokerage & asset mgmt income Card fees Other 9M 26 66.5 67.2 65.1 67.9 71.2+5% QoQ +7% Non-funded Exposure* ( Bn) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26
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16BSF Earnings Presentation | 26/10/2026 Operating expenses rose 7% YoY on higher employee expenses, G&A expenses and depreciation, but were stable QoQ Operating Expenses Operating expenses increased 7% YoY to 2,773mn in 9M 2026 mainly reflecting higher employee costs, increased G&A expenses and depreciation following the rollout of transformation projects. Cost to income ratio increased by 17bps YoY to 32.9% in 9M 2026 from 32.8% in 9M 2025. At the same time, operating expenses as a percentage of average interest-earning assets (AIEA) decreased marginally YoY to 1.21% for 9M 2026, driven by an 8% expansion of AIEA relative to a 7% expense growth. On a sequential basis, operating expenses were broadly stable. 32.8% 33.8% 34.1% 33.2% 32.9% Cost to Income Ratio 9M 25 FY 25 1Q 26 1H 26 9M 26 854 965 922 925 926+0% QoQ +8% Operating Expenses ( Mn) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 1.22% 1.24% 1.24% 1.22% 1.21% Cost to AIEA Ratio 9M 25 FY 25 1Q 26 1H 26 9M 26 2,594 2,77390 45 41 3 +6% +5% +17% +5% +7% Operating Expenses Movement YoY ( Mn) 9M 25 Employee-related G&A Depreciation Premises-related 9M 26
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17BSF Earnings Presentation | 26/10/2026 Cost of risk remained stable YoY at 0.43%, as growth in average gross loans outpaced the increase in impairment charges Impairment Charge The total impairment charge for 9M 2026 increased 4% YoY to 784mn, from lower corporate impairments offset by an increase in consumer and other impairments. In combination with healthy loan growth, this drove relative stability in the cost of risk at 0.43% for 9M 2026. On a sequential basis, the impairment charge rose marginally due to increase in credit loss impairment charges partly offset by decline in investments and other charges. 0.44% 0.45% 0.48% 0.44% 0.43% Cost of Credit Risk (%) 9M 25 FY 25 1Q 26 1H 26 9M 26 179 228 237 57 39 34 237 267 271 +14% +1% Impairment Charge ( Mn) 3Q 25 2Q 26 3Q 26 Credit losses Investments and other 237 237 246 267 271+1% QoQ +14% Impairment Charge ( Mn) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 752 784 137 (114) 9 +60% -24% +19% +4% Impairment Charge Movement YoY ( Mn) 9M 25 Consumer Corporate Investments & other 9M 26
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18BSF Earnings Presentation | 26/10/2026 NPL & NPL Coverage The NPL ratio improved to 0.95% in 3Q 2026 from 0.97% in the previous quarter and 4Q 2025, supported by the write-off of two corporate accounts during the previous quarter and minor write-offs in the current quarter. The NPL coverage ratio decreased by 13ppts YTD to 165.3%, as accounts downgraded to NPLs in 2Q 2026 carried lower reserve levels than the two fully covered accounts that were written off during the same quarter. Stage 3 coverage decreased by 12.1ppts YTD to 58.4% due to the same factors in 2Q, while Stage 2 coverage decreased by 107bps to 8.0% and Stage 1 coverage narrowed marginally. Asset quality remains strong with improvement in NPL ratio YTD 0.99% 0.97% 1.01% 0.97% 0.95% NPL Ratio (%) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 174.5% 178.4% 175.8% 159.3% 165.3% NPL Coverage Ratio (%) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 64.8% 70.5% 68.9% 56.9% 58.4% 9.1% 9.1% 8.4% 8.0% 8.0% 0.5% 0.4% 0.4% 0.3% 0.3% Stage-Wise Provision Coverage (%) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 Stage 3 Stage 2 Stage 1
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19BSF Earnings Presentation | 26/10/2026 Liquidity LCR declined by 23ppts YTD to 170% during 9M 2026. NSFR moderated by 5ppts YTD to 121% as of 30 September 2026. The SAMA regulatory LTD ratio increased 5ppts YTD to 79.7% as of 30 September 2026, while the headline ratio stood at 113.4%. Liquidity remains strong and well above regulatory requirements 116.0% 110.1% 111.2% 109.6% 113.4% 77.5% 74.7% 76.3% 77.8% 79.7% LTD Ratios (%) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 Headline LTD Ratio LTD SAMA ratio 120% 126% 124% 125% 121% NSFR (%) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 160% 194% 186% 169% 170% LCR (%) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26
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20BSF Earnings Presentation | 26/10/2026 Capital Total capital (Tier 1 + Tier 2 regulatory capital) was stable YTD at 56.5bn during 9M 2026 supported by net income, partially offset by dividends paid and other comprehensive loss. RWAs increased by 6% YTD to 279.9bn. CAR stood at 20.2%, Tier 1 ratio at 18.1% and CET1 ratio at 15.3% as of 30 September 2026. Healthy capital levels maintained 56.5 56.5 4.4 (1.5) 0.1 (2.7) (0.3) +0% Total Capital Movement YTD ( Bn) 4Q 25 Net income OCI T2 Dividends, net Other 3Q 26 253.2 250.3 257.6 259.3 265.2 266.3 264.0 273.7 273.8 279.9 +6% -1% +4% +0% +2% RWA ( Bn) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 Credit Operational Market 21.9% 21.4% 21.0% 20.8% 20.2% 19.6% 19.2% 18.8% 18.8% 18.1% 15.7% 16.2% 15.9% 15.9% 15.3% CAR (%) 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 CAR T1 ratio CET1 Ratio
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21BSF Earnings Presentation | 26/10/2026 FY2026 guidance reaffirmed across all metrics, with loan growth on track and operating efficiency supporting ROE target Loans & Advances Growth unchanged The guidance reflects stronger volumes in both commercial and consumer portfolios, with JB driving growth in consumer lending. +7.2% Bn 230.4 YTD unchangedNet Interest Margin Impact from lower CASA ratio to be partly offset by increased spread from repricing of corporate loans and growth in JB. 3.01% -5 bps YOY unchangedCost of Risk Cost of risk outlook reflect a measured normalization of the commercial book, alongside growth in JB and prudent forecasting of recoveries. 43bps -1 bps YOY unchanged Cost to income ratio to remain within the guided range, supported by positive operating leverage. unchangedReturn on Equity ROE guidance is supported by higher net interest income, increased fee generation, and disciplined operating and risk cost containment. unchangedCore Equity Tier 1 Ratio Capital ratios are expected to remain stable through retained earnings, balancing growth-related capital consumption. 9M 2026 Revision9M 2026 Outcome 2026 GuidanceMetric Guidance Drivers Cost to Income Ratio 32.9% +17 bps YOY 12.4% -1 bps YOY 15.3% -95 bps YTD High single digit ~3.00% 45-50bps <33% 12-13% >15%
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Questions & Answers
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23BSF Earnings Presentation | 26/10/2026 Please contact the Investor Relations team for additional information or download BSF’s IR App For more information, please contact us at: BSF P.O. Box 56006, Riyadh 11554 Kingdom of Saudi Arabia IR@bsf.sa Access our IR website: BSF IR Website Find our disclosures: Financial Disclosures Strategy Day 2030 BSF Investor Relations Contact: Yasminah Abbas Head of Group Commercial Delivery and Investor Relations E: YAbbas@bsf.sa T: +966 11 289 1406 M: +966 50 418 7484 BSF Investor Relations App: My Account
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24BSF Earnings Presentation | 26/10/2026 Disclaimer This presentation is being provided to you for general information purposes. The information contained in the presentation has been obtained from sources believed by BSF to be up to date, correct and reliable, but BSF does not make any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy reasonableness or completeness of the information and opinions. The information provided does not constitute or form part of any legal advice or legal opinion. No advisory, fiduciary or other relationship is created between BSF and you or any person accessing or otherwise using any information of the presentation provided, nor does it constitute an offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, securities nor should it or any part of it nor the factof its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. It is not a recommendation by BSF to purchase securities . Before using the information provided, you should seek your own independent advice in relation to any investment, financial, legal, Shariah, tax, accounting or regulatory issues discussed and the presentation should not be construed as constituting tax, investment or legal advice . Analyses and opinions contained herein may be based on assumptions that if altered can change the analyses or opinions expressed. Nothing contained herein shall constitute any representation or warranty as to future performance of any financial instrument, credit, currency, rate or other market or economic measure.Furthermore, past performance is not necessarily indicative of future results. BSF and its affiliates, and any of its directors, officers, suppliers, agents and employees disclaim liability and will not be liable for any loss, damages, actions or course of actions arising out of or in connection with using of, or reliance on, this presentation. Any opinion, estimate or projection in this presentation constitutes an opinion, estimate or projection as of the date of this presentation, and there can be no assurance that future results will be consistent with any such opinion, estimate or projection. There is no obligation to update, modify or amend this communication or to otherwise notify the Recipient if information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning BSF. This document has been furnished to you solely for your information. It is not intended for distribution to the press or other media and may not be reproduced or redistributed by mail, facsimile, electronic or computer transmission or by any other means to any other person. By accepting this document you agree to be bound by the limitations set out in this disclaimer. The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. You understand the in order to be eligible to view the Information, you must be a “sophisticated investor” within the meaning of the Offers of Securities Regulations issued by the Capital Market Authority of the Kingdom of Saudi Arabia and should have (alone or with a financial advisor) the expertise to evaluate the performance of securities under changing conditions. The costs of such an evaluation will be of your account.