Slides
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Nov 3rd, 2025
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Saudi Aramco Base Oil Company — Luberef Legal Disclaimer 2 Saudi Aramco Base Oil Company — Luberef
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Saudi Aramco Base Oil Company — Luberef
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Saudi Aramco Base Oil Company — Luberef Creating Sustainable Value Driving Operational Excellence Delivering Value TRIR (1) 0.0 More than 5 Years 41.1 MM Man-hours without LTI Safe Operations01 Reliability 02 98.9% Mechanical Availability (2) 4 Saudi Aramco Base Oil Company — Luberef Contract01 Shipping Agreement02 Contract of Affreightment Shipping Agreement Ultra Low Sulfur Diesel (ULSD) Selling Agreement 0.93 MMSCF (3) GHG Emissions
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Saudi Aramco Base Oil Company — Luberef Yanbu Growth II Project Progress Overview Saudi Aramco Base Oil Company — Luberef Project Current Overall Progress: Plan vs. Actual (%) 5 88.0% 60.0% Plan Actual During Q4, both procurement and construction activities are planned to accelerate, pushing progress to approximately 75% by year-end. Mitigation is in place to complete the project as early as possible in 2026. Capex of SR 138 million were incurred for the project during the first nine months of 2025. The total planned Capex is estimated at ~SR 200-250 million in 2025. Turnaround Schedule: Turnaround Mid of Nov to Dec 2025
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Saudi Aramco Base Oil Company — Luberef Crack Margins Within Historical Average Base Oil Price Feedstock Cost 9M 2025 Crack Margin Crack Margin 1,846 1,849 1,995 1,413 1,083 1,222 2,248 2,484 2,068 1,703 1,728 1,884 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M 20249M 2025 Base Oil Crack Margins ( /Mt) 6 Historical AVG 1,791
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Saudi Aramco Base Oil Company — Luberef
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Saudi Aramco Base Oil Company — Luberef 9M 2025 at a Glance Saudi Aramco Base Oil Company — Luberef 8
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Saudi Aramco Base Oil Company — Luberef Lower Net Income Due to Reduction in Sales Volume 9 Million Lower (18Million) (2%)
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Saudi Aramco Base Oil Company — Luberef Sustained Healthy Cash Generation FCF 604 Million 10 Lower (17 Million) (1%) Million
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Saudi Aramco Base Oil Company — Luberef Saudi Aramco Base Oil Company — Luberef 2025 Guidance Base Oil Volumes, Turnaround & Shutdown • • • • Base Oil Prices & Crack Spreads • • • • Capex • • • ~ $ Dividend • 11
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Q&A Q3 Earnings Call 2025
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Thank You
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Saudi Aramco Base Oil Company — Luberef Unlocking Future Value: Growth Potential for Yanbu facility* Distillate Hydrocracker Unit Diesel Diesel Naphtha Waxy ISO Dewaxer Unit 70 N 110 N 230 N 500 N Additional UCO Additional VGO Asphalt Distillate Raffinate Propane De Asphalting Unit Furfural Unit MLDW D. Oil 33.8 MBD 26.3 MBD 2.7 MBD 1.2 MBD6 MBD Over Flash VTB NaphthaDiesel Asphalt RCO 65 MBD 150 SN 500 SN BSS 35 MBD 29 MBD 1.3 M MT 0.3 M MT Naphtha Vacuum DistillationUnit 14
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Saudi Aramco Base Oil Company — Luberef Sustainable and Attractive Distributions Across Base Oil Crack Margin Environments Saudi Aramco Base Oil Company — Luberef 1,700–1,900 1,900–2,050 2,050–2,250 2,250–2,450 1.4 1.7 1.9 2.1 Free Cash Flow ( Bn) Base Oil Crack Margin ( /Mton) ~4-7 per share ~5-8 per share ~6-9 per share ~7-10 per share Based on 1.3 Million Tons (Dividend / Share) Dividends Range 60%–80% of FCF 15
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Saudi Aramco Base Oil Company — Luberef Q3 2025 at a Glance Saudi Aramco Base Oil Company — Luberef *Some numbers are rounded (1) Luberef products only. (2) Realized Base Oil Sales Price $/MT – Freight $/MT – Feedstock Cost $/MT (3) Free cash flow divided by EBITDA 16