Slides
Page 1
Saudi Aramco: Company General Use Q3 2025 Results November 4, 2025 where energy is opportunity tm
Page 2
Saudi Aramco: Company General Use | 2Saudi Aramco Q3 2025 Results Cautionary notes This presentation may contain certain forward-looking statements with respect to the Saudi Arabian Oil Company’s ("Aramco" or the "Company" or "we") financial position, results of operations and business and certain of its plans, intentions, expectations, assumptions, goals and beliefs regarding such items. These statements include all matters that are not historical fact and generally, but not always, may be identified by the use of words such as “believes”, “expects”, “are expected to”, “anticipates”, “intends”, “estimates”, “should”, “will”, “shall”, “may”, “is likely to”, “plans”, “outlook” or similar expressions, including variations and the negatives thereof or comparable terminology. You should be aware that forward-looking statements are not guarantees of future performance and that Aramco’s actual financial position, results of operations and business and the development of the industries in which it operates may differ significantly from those made in or suggested by these forward-looking statements. In addition, even if Aramco’s financial position, results of operations and business and the development of the industries in which it operates are consistent with these forward-looking statements, those results or developments may not be indicative of results or developments in subsequent periods. Factors that could cause actual results to differ materially from Aramco’s expectations include, among other things, the following: global supply, demand and price fluctuations of oil, gas and petrochemicals; global economic conditions; competition in the industries in which Saudi Aramco operates; climate change concerns, weather conditions and related impacts on the global demand for hydrocarbons and hydrocarbon-based products; risks related to Saudi Aramco’s ability to successfully meet its ESG targets, including its failure to fully meet its GHG emissions reduction targets by 2050; any risk related to the digital transformation; conditions affecting the transportation of products; operational risk and hazards common in the oil and gas, refining and petrochemicals industries; the cyclical nature of the oil and gas, refining and petrochemicals industries; political and social instability and unrest and actual or potential armed conflicts in the MENA region and other areas; natural disasters and public health pandemics or epidemics; the management of Saudi Aramco’s growth; the management of the Company’s subsidiaries, joint operations, joint ventures, associates and entities in which it holds a minority interest; Saudi Aramco’s exposure to inflation, interest rate risk and foreign exchange risk; risks related to operating in a regulated industry and changes to oil, gas, environmental or other regulations that impact the industries in which Saudi Aramco operates; legal proceedings, international trade matters, and other disputes or agreements; and other risks and uncertainties that could cause actual results to differ from the forward-looking statements in this presentation, as set forth in the Company’s latest periodic reports filed with the Saudi Exchange. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company’s latest periodic reports filed with the Saudi Exchange. Our forward-looking statements speak only as of the date of this presentation or as of the date they are made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this presentation. The numbers referenced throughout this presentation may not sum precisely to the totals provided, and percentages may not precisely reflect the absolute figures, due to rounding. In addition, this presentation includes certain “non-IFRS financial measures” (including EBIT, adjusted EBIT, adjusted net income, ROACE, free cash flow and gearing). These measures are not recognized measures under IFRS and do not have standard meanings prescribed by IFRS. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation or as a substitute for analysis of the Company’s financial information reported under IFRS. For a reconciliation to the nearest comparable IFRS measures, see: https://www.aramco.com/en/investors/reports-and-presentations Our non-IFRS financial measures may not be directly comparable to similarly titled measures presented by other companies.
Page 3
Saudi Aramco: Company General Use Amin Nasser President & CEO
Page 4
Saudi Aramco: Company General Use | 4Saudi Aramco Q3 2025 Results Strong Q3 results, increased production and higher gas growth Delivering momentum for advantaged growth Upstream production growth delivered higher FCF up 55% q/q Total hydrocarbon production up 1mmboed vs Q1 1. Aramco’s Q3 2025 adjusted net income compared with adjusted net income of IOCs in the same period 2. Sales gas production capacity in 2030 compared with 2021 sales gas production levels; subject to demand and includes pre -FID projects not yet disclosed 3. Subject to future sales gas demand and liquid prices Strong Q3 results; adjusted net income up 14% q/q Operational momentum, earnings growth and industry-leading returns1 22.0 15.2 23.6 Q3 2024 Q2 2025 Q3 2025 Free cash flow ($bn) 27.7 24.5 28.0 Q3 2024 Q2 2025 Q3 2025 Adjusted net income ($bn) +1% y/y +55% q/q+14% q/q Increased gas growth targets2 to c.80%, up from >60% Expected to deliver even higher incremental OCF Incremental OCF3 from gas program in 2030 $9-10bn $12-15bn Prior target Latest target +7% y/y
Page 5
Saudi Aramco: Company General Use | 5Saudi Aramco Q3 2025 Results Gas: further volumes increase and value growth from captive market Top 10 Gas consuming countries1 Unlocking greater value from gas program: up from prior target Gas production volume amongst IOCs2 46 42 24 12 10 9 8 7 USA Russia China Iran Canada Saudi Arabia Mexico Japan Germany UAE 87 11 Captive market 6th largest globally bscfd - 2024 8 8 7 5 5 Aramco 11 bscfd - 2024 IOCs IOCs average c.6mmboed 5 from gas program by 2030 equivalent to c.50% of Aramco’s crude MSC, larger than any IOCs 2024 total hydrocarbon production +$12 - 15bn incremental OCF 6 in 2030 vs 2024 levels, up from prior $9 - 10bn target Higher gas growth - Capitalizing on deployment of cutting- edge technology - Improved operational insights - Stronger In-Kingdom demand expected Well - positioned in a captive gas consuming market, world’s 6th largest The largest gas producer versus five IOCs Largest gas producer versus IOCs in 2024 c.70% higher than IOCs average 1. Source: Statistical Review of World Energy Data 2025 –Energy Institute 2. Source: IOCs and Aramco 2024 disclosures 3. 2021 associated liquids from gas production was 1.1mmbpd 4. Sales gas production capacity growth in 2030 compared with 2021 sales gas production levels; subject to demand and includes pre-FID projects not yet disclosed 5. Consists of sales gas production capacity, expected production of associated liquids and ethane 6. Subject to future sales gas demand and liquid prices 2021 2030 Sales gas production capacity Sales gas production 4 Up from prior target of >60% + >1mmbpd Incremental high-value associated liquids3 1.7mmboed (9.2bscfd)
Page 6
Saudi Aramco: Company General Use | 6Saudi Aramco Q3 2025 Results At forefront of world-class technology and AI innovation in the energy sector 1. 2025-2030 global data center power demand expected to double per S&P Global 2. TRV represents the actual cashflow benefit delivered through capex avoidance and an increase in revenue and/or a decrease in operating expenditures from deployed Aramco technologies versus a defined business baseline 2023 2024 2025 Expected Proven track record World-class technology infrastructure – Pioneering approach with 1st industrial LLM and one of the most powerful supercomputers in the world Unmatched scale and competitive edge – Low-cost and lower-emissions resources powering significant data center demand1 – Focused investments through Aramco Ventures Capturing greater valueMeasurable returns AI-driven value generation Technology Realized Value ($bn) – Growing contribution from AI solutions through Technology Realized Value 2 – Independently-verified by big 4 accounting firm AI solutions c.50% of 2024 TRV 10 bn Daily data points Potential partnership in HUMAIN Combining AI businesses to capture greater value – PIF and Aramco to work jointly through HUMAIN – Strong advantages that are hard to replicate $2bn $4bn $2-4bn Innovation and deployment of world- class technologies – Vast, exclusive data from 90+ years operations – Sole operatorship with centralized network 400+Powering AI use cases today Unique positioning at Energy-AI convergence – Opportune timing and significant value-creation opportunities via Aramco’s scale advantages – Foundation for faster, scalable, synergistic, and consolidated full-stack AI deployment – Regional first-mover advantage in MENA market – Revenue growth with attractive margins – Favorable marketing rights in domestic market
Page 7
Saudi Aramco: Company General Use | 7Saudi Aramco Q3 2025 Results Record 2025 oil demand expected; 2026 growth to remain robust Key takeaways FID’d resources lower than depletion4Annual global oil demand growth (mmbpd) World GDP growth estimates for 20251 (%) Upward revisions on H2 vs H1 demand growth forecasts2 (mmbpd) 1. Source: Bloomberg consensus 2. Average of 3rd party forecasts, including S&P, WoodMac, JP Morgan, OPEC, IEA, EIA, and Rystad 3. Source: 3rd party consensus include S&P, WoodMac, JP Morgan, Rystad, Goldman Sachs, and EA 4. Source: Rystad 1.5 2.0 Post-tariffs announcement Oct-25 Healthy global economy despite trade tariff uncertainty Substantial upward revisions of h/h demand growth forecasts of 0.5 mmbpd – H2 vs H1 now +2.0 mmbpd – Earlier forecasts were +1.5 mmbpd Strong market fundamentals – Inventories remain stable and below 5-year average despite OPEC+ unwinding – Refining margins in certain regions doubled y/y and operating at maximum capacity Record 2025 oil demand of 106 mmbpd expected; 2026 growth to remain robust FID’d resources lower than annual depletion over past decade; higher oil investments required to meet rising global demand 2.75% 2.60% 2.80% Pre-tariffs announcement Post-tariffs announcement Sep-25 +0.2 1.4 0.7 +0.5 0% 20% 40% 60% 80% 100% 120% 0 100 200 300 400 500 600 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1.3 0.7 2025 2026 Oil investments FID’d resources as % of annual depletion (RHS) 105.2 106.0 106.8 2024 2025 2026 Annual demand forecast by S&P Consensus demand growth forecasts 3 $bn
Page 8
Saudi Aramco: Company General Use Ziad Al- Murshed Executive Vice President & CFO
Page 9
Saudi Aramco: Company General Use | 9Saudi Aramco Q3 2025 Results Strong execution and delivery across our integrated business portfolios Upstream Downstream Gas program on track: Jafurah Phase 1 and Tanajib gas plant on track for completion by year-end, adding 1.3bscfd combined sales gas production capacity Liquids increments projects progressing: Marjan and Berri on track for completion by year-end, adding 550mbpd combined crude production capacity Capturing integration value: 54% of crude oil production utilized by Downstream as of Q3 Well-recognized value proposition: $11.1bn proceeds from Jafurah midstream deal Strengthening operational excellence and unrivalled supply reliability: strong refining operational availability; supply reliability of 99.9% as of Q3 Q3 results demonstrate ability to capture margins upside: y/y adjusted EBIT up 2.6x and q/q performance remains strong
Page 10
Saudi Aramco: Company General Use | 10Saudi Aramco Q3 2025 Results Operational and financial momentum reflected in results Strong adjusted net income, up 14% q/q and 1% y/y Upstream EBIT2 up 15% q/q due to higher volumes and prices Downstream EBIT 2 remains strong with stable margins YTD capital investments of $38.4bn Narrowing FY2025 capital investments guidance 3 to $52-55bn Strong cash flow generation due to higher volumes and operational momentum; FCF up 55% q/q Leading balance sheet4; lowest industry gearing Key highlightsQ3 2024 Q2 2025 Q3 2025 Operational highlights Average realized crude oil prices ($/bbl) 79.3 66.7 70.1 Total hydrocarbon production (mmboed) 12.7 12.8 13.3 Liquids production (mmbpd) 10.4 10.5 10.8 Gas production (bscfd) 12.0 11.9 12.6 Financial results $Bn, unless otherwise indicated Adjusted EBIT1 Upstream 52.8 44.7 51.5 Downstream 1.0 2.6 2.6 Adjusted net income1 27.7 24.5 28.0 Cash flow statement Capital investments 14.0 12.4 12.9 Free cash flow 22.0 15.2 23.6 Balance sheet/other Gearing1 1.9% 6.5% 6.3% ROACE1 (12 months rolling) 20.8% 18.7% 18.4% Dividends Base dividend paid 20.3 21.1 21.1 Performance-linked dividend paid 10.8 0.2 0.2 1. Please refer to www.saudiaramco.com/investors for a reconciliation of non-IFRS measures 2. Refers to adjusted EBIT 3. Excluding $2-3bn project financing 4. Lowest gearing and highest cash and cash equivalents compared with IOCs in Q3 2025; basis for calculation may differ across companies
Page 11
Saudi Aramco: Company General Use | 11Saudi Aramco Q3 2025 Results Strong cash generation enables highly visible distributions 18.8 $bn 19.5 20.3 21.1 2022 2023 2024 2025 > Growth programs on track and building momentum to generate higher OCF > Capital investments peaking around mid-decade, subject to prevailing accretive investment opportunities > Strong FCF growth momentum to maximize shareholder distributions > $21.1bn declared and to be paid in November 2025, +4.2% y/y > Growing base dividends for three consecutive years > PLD of $220m declared and to be paid in November 2025 1. Subject to future sales gas demand and liquids prices 2. Based on 5-year historical average refining and chemicals margins, expected upside from transformation programs and SABIC synergies 3. In line with Aramco’s Rule of Thumb analysis which is indicative, may change over time and may not be precise. According to Rule of Thumb, and based on YTD 2025 average Brent price, every 1mmbpd of spare capacity utilized could translate to $11bn in incremental operating cash flow 4. Assuming constant macro environment and prices Advantaged growth programs driving incremental OCF Quarterly base dividends - sustainable and progressive +4% $136bn +$12-15bn +$8-10bn +$11bn per 1mmbpd Potential Crude production growth from readily available capacity3 Gas growth program1 Downstream business2 2024 baseline 2030 Expected4 +4% +4.2% Up from $9-10bn
Page 12
Saudi Aramco: Company General Use | 12Saudi Aramco Q3 2025 Results Strong Q3 results, adjusted net income up 14% q/q and FCF up 55% q/q | 12 1. Please refer to www.saudiaramco.com/investors for a reconciliation of non-IFRS measures 2. Compared with Q3 2025 performance of 5 IOCs: bp, Shell, Chevron, TotalEnergies, ExxonMobil; basis for calculation may differ across companies 3. Annualized OCF of $11bn/1mmbpd is the expected incremental OCF based on Aramco’s Rule of Thumb and the YTD 2025 average Brentprice, which is indicative and may change over time and may not be precise 4. Sales gas production capacity in 2030 compared with 2021 sales gas production levels; subject to demand and includes pre-FID projects not yet disclosed 5. Consists of sales gas production capacity, expected production of associated liquids and ethane 6. Subject to future sales gas demand and liquids prices $28.0bn $23.6bn Adjusted net income1 +14% q/q; +1% y/y Free cash flow +55% q/q; +7% y/y 18.4% Industry-leading ROACE1,2 2X IOCs average Further increased gas growth target to capture greater value in a captive market c.80% Sales gas production capacity growth4 by 2030; up from >60% prior target ~6mmboed From gas program5 by 2030 $12-15bn Incremental OCF6 in 2030 Revised up from $9-10bn Strong Q3 results, increased production and higher gas growth Delivering momentum for advantaged growth Upstream production growth to deliver higher cash flows3 13.3mmboed Q3 hydrocarbon production +1mmboed vs Q1 +$11bn / 1mmbpd Incremental OCF on annualized basis3 At forefront of world-class technology and AI innovation in the energy sector Supporting business growth and value generation
Page 13
Saudi Aramco: Company General Use Questions & Answers where energy is opportunity tm
Page 14
Saudi Aramco: Company General Use Appendix
Page 15
Saudi Aramco: Company General Use | 15Saudi Aramco Q3 2025 Results Upstream growth plans on track supporting higher underlying cash flows Gas projectsLiquids projects 9.2 0.75 0.65 0.65 1.15 1.35 ~1 2021 2023 - 2024 From 2025 From 2027 Hawiyah Expansion & Gas Compression Jafurah Phase 1 Tanajib Gas Plant Fadhili Expansion Jafurah Phase 2 bscfd 2030 Target Delivering the gas strategy c.80% growth1 Projects Capacity Progress Dammam Phase 1 Berri Marjan Zuluf Dammam Phase 2 25mbpd 250mbpd 300mbpd 600mbpd 50mbpd Onstream in 2026 Onstream in 2027 Onstream Completion by year-end 2025 1. Subject to demand and includes pre-FID projects not yet disclosed 2. The higher utilization of existing assets including gas reproduction from storage. Gas Reservoir storage annual average reproduction capacity is 1bscfd, with peak reproduction capacity of 2bscfd Sales gas production capacity Sales gas production Pre-FID projects ~2 Higher utilization across existing assets2 9.2 Completion by year-end 2025
Page 16
Saudi Aramco: Company General Use | 16Saudi Aramco Q3 2025 Results Aramco’s attractive and visible dividend distributions $bn FY 2022 FY 2023 Combined Operating cash flow 186.2 143.4 329.6 Capital expenditure 37.6 42.2 79.9 External investments 1.2 5.8 6.9 Base dividend 75.0 78.0 153.1 Surplus free cash flow 89.8 70% 62.8 Distributed in 2023 19.8 Distributed in 2024 43.1 Note: Due to rounding, the sums of all numbers may not agree exactly with the combined numbers 1. Base dividend declared 2. Exact amounts and eligibility dates for the base and performance -linked dividends are at the Board’s sole discretion, after cons idering the Company’s financial position and ability to fund commitments including growth capital plans, in accordance with the Company’s dividend distribution policy $bn FY 2024 Operating cash flow 135.7 Capital expenditure 50.4 External investments 3.0 Base dividend 81.2 Surplus free cash flow 1.2 70% 0.9 Distributed in Q1-Q3 2025 0.7 To be distributed in Nov 2025 0.2 Performance-Linked Dividend to share upside Clear mechanism to share upside • To be targeted in the amount of 50 – 70% of surplus free cash flow (annual free cash flow, net of the base dividend and other amounts including external investments) • To be determined annually and intended to be distributed quarterly2 $bn 2019 2020 2021 2022 2023 2024 2025 Base dividend1 75.0 75.0 75.0 75.0 78.0 81.2 84.6 Y/Y change % 4.0% 4.0% 4.2% Sustainable and Progressive Base Dividend
Page 17
Saudi Aramco: Company General Use | 17Saudi Aramco Q3 2025 Results Glossary and upcoming reporting dates Tuesday, March 10, 2026 FY 2025 Results & Earnings Call Sunday & Monday May 10 & 11, 2026 Sunday: Q1 2026 Saudi Exchange Results Monday: Q1 2026 Earnings Call 1. Expected dates, subject to change Reporting dates1 Adjusted EBIT Aramco defines adjusted EBIT as net income plus finance costs and income taxes and zakat, less finance income, adjusted for replacement cost, and identified items before tax impact. This is a non-IFRS financial measure Adjusted net income Aramco defines adjusted net income as net income adjusted for replacement cost and identified items after tax impact less the non-controlling interest share in net income and the adjusting Items. This is a non-IFRS financial measure bscfd Billion standard cubic feet per day bbl Barrels of crude oil, condensate or refined products boe Barrels of oil equivalent CF Cash flow Capital investments Capital expenditure and external investments including acquisition of affiliates, net of cash acquired, additional investments in joint ventures and associates, and certain amounts recognized in net investment in securities and other assets and receivables EBIT Earnings (losses) before interest, income taxes and zakat FCF Free Cash Flow, calculated as net cash provided by operating activities less capital expenditures Gearing Aramco defines gearing as the ratio of net debt (cash) (total borrowings less cash and cash equivalents, short-term investments, total investment in debt securities, and non-current cash investments) to total equity and net debt (cash). This is a non-IFRS financial measure GW Gigawatts IOC/Peers Five largest International Oil Companies (bp, Chevron, ExxonMobil, Shell, TotalEnergies) KAUST King Abdullah University of Science and Technology LLM Large Language Model LTC Liquids to Chemicals OCF Operating Cash Flow OPEC The Organization of the Petroleum Exporting Countries PLD Performance-Linked Dividends PV Photovoltaic solar facility Units: mmbbl Million barrels of crude oil, condensate or refined products mbpd Thousand barrels per day mmboed Million barrels of oil equivalent per day mmbpd Million barrels of oil per day mmtCO2e Million metric tons of carbon dioxide equivalents mmtpa Million tonnes per annum ROACE ROACE is net income before finance costs, net of income taxes and zakat, as a percentage of average capital employed, calculated on a 12-month rolling basis. Average capital employed is the average of total borrowings plus total equity at the beginning and end of the applicable period. This is a non- IFRS financial measure Rule of Thumb Guidance on what every 1mmbpd of crude production could translate to incremental operating cash flow, based on particular pricing points. Such analysis is indicative, may change over time and may not be precise MSC Maximum sustainable capacity NGL Natural gas liquids SABIC Saudi Basic Industries Corporation, a subsidiary of Aramco Surplus FCF FCF net of base dividend and other amounts including external investments RRR Reserve Replacement Ratio TAM Total addressable market WC Working capital Glossary
Page 18
Saudi Aramco: Company General Use