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| 1Saudi Aramco Q3 2026 Results A leading global energy partner Q3 2026 Results November 3, 2026
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| 2Saudi Aramco Q3 2026 Results Cautionary notes 2026 Saudi Aramco | Company General Use 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 including disruptions to the Strait of Hormuz; 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. Certain market data and industry statistics in this presentation are based on information from third party sources not independently verified by the Company. Market size estimates, including total addressable market (TAM), or similar projections based on such data, are for illustrative purposes only and are not guarantees of future performance. 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. The interim financial statements are unaudited.
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Amin Nasser President & CEO 2026 Saudi Aramco | Company General Use
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| 4Saudi Aramco Q3 2026 Results The value of resilience: strong results despite disruptions Delivering reliably: operations 1. Refer to www.saudiaramco.com/investors for a reconciliation of non- IFRS measures 2. ROACE calculated on a 12 month rolling basis based on adjusted net income; and c ompared with IOCs: bp, Chevron, ExxonMobil, Shell and TotalEnergies, noting the basis of calculation across companies may differ Delivering reliably: financials Q3 adjusted net income $31.2bn1 Strong results, up 9% y/y despite external challenges 2026 capital guidance $50-55bn Delivering on previous guidance including restoration costs and investment in HUMAIN Q3 ROACE of 22.1% Strong returns and industry-leading1,2 > Resilience and capability: built over decades, ability to withstand disruption, while providing high performance and optionality > People at the heart of our business: world-class talent and an enduring, committed focus on operational excellence > The value of resilience: Q3 total hydrocarbon production of 11.0mmboed up 17% q/q > Delivering complex world-scale projects onstream: safely and on track > Actively working to enhance delivery capacity: options for increments to pipeline capacity and storage capacity > Strong demand and depleted inventories keep physical markets tight: >3bn barrels of supplies lost, with critically low supply options > Middle East supplies remain indispensable: Aramco’s sustained long-term investment supporting global energy security > Exceptional ability to ramp-up production: can achieve pre-conflict levels in days and MSC-12 in < 3 weeks with significant financial upside Conflict renews recognition of importance of oil and gas as part of the global economy Resilience Capital discipline Quality
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| 5Saudi Aramco Q3 2026 Results 2,7612,750 2,850 2,950 3,050 3,150 3,250 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5 year range 2025 2026 5 year average 3000 1800 Yanbu exports Hormuz liquids loss Net loss 1. Kpler and Energy Intelligence. Represents global loss of supply since start of conflict to November 3 rd, 2026 2. Energy Intelligence Global Commercial Products Inventory 3. S&P Global Refining Margins 4. Various independent forecasters including Energy Aspects, WoodMac, Rystad, S&P, and OPEC SPR releases and other offsets >3,000 ~2,000 Supply losses and offsets (mmbbl)1 Global liquids demand (mmbpd)4 > Liquids demand remained robust through the supply disruption; with seasonal middle distillates demand typically peaking in Q4 adding further pressure as the market enters the winter demand surge > Looking ahead, demand is expected to strengthen further into 2027, as short-term demand management measures unwind > Inventory replenishment could take up to 2-years, driven by the need to rebuild stocks and fill new storage capacities, in addition to the projected demand growth average of ~2.4mmbpd in 2027 Global products stocks (mmbbl)2 Refining margins ($/bbl)3 $4 $2 $4 $21 $25 $27 Asia NWE US Pre-SoH closure (Jan - Feb Avg) Post-SoH closure (Mar - Sep Avg)SoH liquids loss Net cumulative loss Oil market tightness persists amid supply losses, low stocks and robust demand EU 103.2 105.6 105.8 108.2 101 102 103 104 105 106 107 108 109 2026 2027 Range Low High >3bn barrels lost since start of disruptions, the market remains in a cumulative supply deficit of ~2bn barrels Commercial products inventories remain under pressure, with sustained drawdowns eroding market buffers, particularly across key middle distillates Record refining margins reflect tight product markets and strong demand Post-SoH closure (Jan-Feb avg.) Post-SoH closure (Mar-Sep avg.)
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| 6Saudi Aramco Q3 2026 Results Navigating challenges with speed, flexibility, and operational excellence Maximizing exports via multiple routes including Arabian Gulf, Red Sea, and to the Mediterranean Actively assessing options for increments to oil pipeline and storage capacities Increasing throughput through existing routes and infrastructure Assessing alternative routes via master gas system Preliminary engineering of East West pipeline capacity expansion Capturing advantage of integration and supply chain Expanding agility in infrastructure Increasing storage capacity in key demand centers and export routes Strong supplier coordination and multiple import routes ensures material availability to prioritized projects Ability to rapidly respond Specialized teams dedicated to handle major disruptions Strong and interconnected oil, gas, refining, and distribution networks facilitate value creation Localization of supply chain with 70% overall local content1 >90% of restoration assets sourced In-Kingdom including localized workforce Uninterrupted materials supply from 22,000 global suppliers with 30,000+ critical items Technology leveraged via tracking ~10bn data points per day MSC-12 built-in and available production capacity provides operational flexibility to increase production rapidly, capturing high-value cash flows when needed Major projects continue to progress as planned, Zuluf crude oil increment completed, with up to 600mbpd capacityAsset restoration strength at speed, 6x faster for emergency repairs than industry peers2 1. As of December 31st 2025 2. Based on Independent Project Analysis Limited benchmark report (2022) on Aramco’s restoration capability on previous incident s against industry peers
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| 7Saudi Aramco Q3 2026 Results 2026 Saudi Aramco | Company General Use Aramco’s 2026 investment: $2.6bn cash contributions + transfer of key AI, compute and digital assets Unlocking value-creation opportunities in the high-growth AI sector HUMAIN’s compelling attributes Unique and attractive opportunity capturing greater value Platform for full-stack AI deployment; integrated capabilities across data centers, cloud infrastructure, AI models and applications Low-cost, lower-carbon resources; supplying AI data center energy demand Plans to be a leading global AI exporter 2030 ambition of 3GW AI data center capacity; targets growing demand for AI services in domestic/international markets 49%51% Accelerates Aramco’s industrial AI ambition by capitalizing on world-class infrastructure and partnerships with global technology leaders Well-positioned in AI growth with strong operational and financial advantages that are hard to replicate New revenue streams with attractive margins supporting Aramco’s value, growth and resilience Unique positioning at AI-Energy convergence, with significant value-creation opportunities via Aramco’s scale advantages Builds on Aramco’s world-class technology infrastructure & proven track record of sole operatorship with 90+ years exclusive operational data
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Ziad Al- Murshed Executive Vice President & CFO 2026 Saudi Aramco | Company General Use
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| 9Saudi Aramco Q3 2026 Results Strong financial performance despite continued volatility 2026 Saudi Aramco | Company General Use Strong group earnings from advantaged assets Adjusted net income1,3 ($bn) Resilience from integrated business model Downstream adjusted EBIT1,3 ($bn) +9% -9% Upstream adjusted EBIT1 ($bn) 26.8 25.2 28.6 25.7 33.8 33.4 31.2 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 51.4 44.7 51.5 47.9 54.2 50.9 46.8 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Optimized upstream crude oil throughput into captive downstream portfolio drives both resilient upstream results and record downstream performance +234% Total hydrocarbon production 11.0 mmboed Crude placed into Downstream 51%$95.2 / bbl Average realized crude price Q3 2026 adjusted net income of $31.2bn up 9% y/y and stable q/q Free cash flow1 $28.2bn Gearing1 5.5% ROACE2 22.1% 1. Refer to www.saudiaramco.com/investors for a reconciliation of non-IFRS measures 2. ROACE calculated on a 12 month rolling basis based on adjusted net income 3. Prior period amounts have been amended to reflect revisions made to adjusting items for comparative purposes. For more inform ation, refer to the reconciliation of adjusting items section in the Q3 2026 Interim Report 1.6 3.2 3.1 3.4 5.4 6.2 10.3 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
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| 10Saudi Aramco Q3 2026 Results > Adjusted net income up 9% y/y and stable q/q, reflecting strength of underlying performance and portfolio, despite disruptions > Adjusted segment EBIT underpinned by resilient integrated model, combining value from upstream volumes flexibility with downstream margin capture − Upstream: total hydrocarbon production up 17% q/q, offset by lower prices − Downstream: record adjusted EBIT up 234% y/y and 65% q/q from structural efficiencies with strong refining margins − Q3 free cash flow of $28.2bn, up 20% y/y and 2.3x q/q > Q3 YTD free cash flow excluding working capital change at $87.4bn, up 35% y/y > Stronger balance sheet with lower gearing y/y and q/q > Industry-leading ROACE5,6 at 22.1%, up 10% y/y Q3 operational and financial performance 2026 Saudi Aramco | Company General Use1. Refer to www.saudiaramco.com/investors for a reconciliation of non-IFRS measures 2. Prior period amounts have been amended to reflect revisions made to adjusting items for comparative purposes. For more information, refer to the reconciliation of adjusting items section in the Q3 2026 Interim Report 3. Excludes project financing 4. Refer to cash flow statement in the Interim Report 5. ROACE calculated on a 12 month rolling basis based on adjusted net income 6. Compared with IOCs: bp, Chevron, ExxonMobil, Shell and TotalEnergies; basis of calculation across companies may differ Key highlights Q3 2026 Q3 2025 Q2 2026 Operational highlights Average realized crude oil prices ($/bbl) 95.2 70.1 108.1 Total hydrocarbon production (mmboed) 11.0 13.3 9.5 Liquids production (mmbpd) 8.7 10.8 7.6 Gas production (bscfd) 12.3 12.6 9.9 Financial results $Bn Adjusted net income1,2 31.2 28.6 33.4 Upstream adjusted EBIT 46.8 51.5 50.9 Downstream adjusted EBIT2 10.3 3.1 6.2 Cash flow statement Operating cash flow 38.7 36.1 25.4 Capital investments3 10.2 12.4 13.3 Free cash flow1 28.2 23.6 12.3 Free cash flow (excl. working capital changes4) 27.1 25.3 25.9 Dividends Base dividend paid 21.9 21.1 21.9 Balance sheet/other Gearing1 5.5% 6.3% 6.2% ROACE5 (12 months rolling) 22.1% 20.1% 22.1%
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| 11Saudi Aramco Q3 2026 Results Delivering value through flexibility, growth and financial strength Positioned for upside: growth plans intact, world-class portfolio to capture unique opportunities > Unmatched operational flexibility supported by multiple export routes, available capacity and integrated delivery network > Strategic upstream and downstream investments help sustain growth, integration benefits and capture margin upside > Expanding into high-growth AI opportunities through HUMAIN Delivering with confidence: reliable supply with robust demand outlook > Energy security remains a priority, reinforcing the need for resilient and reliable supply > Continued market disruptions highlights value of Aramco's scale, flexibility and supply reliability > MSC-12 provides flexibility to respond to changing market requirements, with attractive financial upside of $12-14bn incremental OCF per 1mmbpd1 > Strong underlying cash generation supports continued investment and shareholder value maximization > Industry-leading ROACE2,3 at 22.1% in Q3 > Lowest gearing among peers3 at 5.5% in Q3 > Attractive base dividends of Q3 2026 $21.9 bn, +3.5% y/y > $2-3bn share buyback progressing, for use in employee share purchase plans4 > Performance-linked dividend mechanism to share upside Financial strength: delivering premier financial returns | 11 1. Annualized OCF of $12-14bn/1mmbpd is the expected incremental OCF based on Aramco’s Rule of Thumb and the 2026 average Brent price, which is indicative and may change over time and may not be precise 2. ROACE calculated on a 12 month rolling basis based on adjusted net income 3. Compared with IOCs: bp, Chevron, ExxonMobil, Shell and TotalEnergies 4. Repurchased shares are intended for use by the Company’s employee shares plan, over 18 months starting March 2026 Saudi Aramco Q3 2026 Results
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| 12Saudi Aramco Q3 2026 Results Questions & Answers A leading global energy partner
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Appendix 2026 Saudi Aramco | Company General Use
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| 14Saudi Aramco Q3 2026 Results Aramco’s attractive and visible dividend distributions 2026 Saudi Aramco | Company General Use $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 7.0 Base dividend 75.0 78.0 153.0 Surplus free cash flow 89.8 70% 62.8 Distributed in 2023 19.8 Distributed in 2024 43.1 $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 over 4 quarters in 2025 0.9 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 2022 2023 2024 2025 2026 Base dividend1 75.0 78.0 81.2 84.6 87.62 Y/Y change % 4.0% 4.0% 4.2% 3.5% Sustainable and Progressive Base Dividend 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
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| 15Saudi Aramco Q3 2026 Results Glossary and upcoming reporting dates 2026 Saudi Aramco | Company General Use 1. Expected dates, subject to change Reporting dates1 Tuesday, March 2, 2027 FY 2026 Results & Earnings Call 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 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 EU European Union 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 IOC/Peers Five largest International Oil Companies (bp, Chevron, ExxonMobil, Shell, TotalEnergies) OCF Operating Cash Flow PLD Performance-Linked Dividends Units: bscfd Billion standard cubic feet per day 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 ROACE ROACE is adjusted 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 ME Middle East MSC Maximum sustainable capacity Surplus FCF FCF net of base dividend and other amounts including external investments SoH Strait of Hormuz SPR Strategic Petroleum Reserves Glossary Wednesday, May 12, 2027 Q1 2027 Results & Earnings Call
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| 16Saudi Aramco Q3 2026 Results 2026 Saudi Aramco | Company General Use