Earnings release
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2026 Results Safety Integrity Accountability Excellence Citizenship
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P&CEO Statement Samer Abdulaziz Al-Hokail 50 Years of Excellence Over the past five decades, Luberef has built a strong track record of operational reliability, sustained profitability and resilience. This solid foundation has enabled the Company to achieve a historicmilestonein the first half of 2026, delivering the highest interim net income of 3 992 million, supported by a record base oil crack margin of 3 2,732 per metricton. As a result of this performance the Board of Directors approved the distribution of an interim dividend of 3 4 per share for the first half of 2026, reflecting the Company’s strong performance and continued commitment to delivering attractive returnsto our shareholders. We continued to demonstrate strong safety performance and operational excellence. This resulted in zero Total Recordable Incident Rate (TRIR),surpassing44.4 millionsafe man-hours and mechanical availability of 100%. A reflection of Luberef’s ability to maintain top tier performance while navigating geopolitical uncertainty and evolvingmarketconditions. Turning to strategic progress, due to appealing market conditions,the planned Growth II shutdown was rescheduled to October 2026. This alternative path allows the Company to benefit from the current healthy crack margin environment before completing this year’s integration activities. Accordingly, Growth II is expected to come on streamduringthe first half of 2027. Looking ahead, we remain focused on maintaining operational excellence, advancing our strategic initiatives, and responding proactively to evolving market dynamics. Supported by the resilience of our business model and our strong financial position, we are well positioned to build on this exceptional performance and continue delivering sustainablevaluefor all our stakeholders.
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Key Financial Highlights H1 2026 Vs. H1 2025 Free Cash Flow 2 Million1,064 H1 2025 346% 238 Net Income 2 Million992 H1 2025 113% 467 EBITDA 2 Million1,184 H1 2025 94% 609 Earnings Per Share 2 /Share5.90 H1 2025 113% 2.77 Gearing (20%) H1 2025 (24) PP 4% ROACE 33% H1 2025 12PP 21% Base Oil Sales Volume1 Thousand Metric Ton553 H1 2025 5% 580 Base Oil Crack Margins 2/Metric Ton2,732 H1 2025 49% 1,828 Capex Breakdown 2 Million Capex 2 Million302 H1 2025 37% 221 51 91 133 17 119 113
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Key Financial Highlights Q2 2026 Vs. Q2 2025 Free Cash Flow 2 Million1,023 Q2 2025 2014% (53) Net Income 2 Million734 Q2 2025 199% 245 EBITDA 2 Million847 Q2 2025 165% 320 Earnings Per Share 2 /Share4.36 Q2 2025 199% 1.46 Base Oil Sales Volume(1) 313 Q2 2025 2% 308 Base Oil Crack Margins 3,625 Q2 2025 91% 1,893 Capex Breakdown 2 Million Capex 2 Million149 Q2 2025 33% 112 28 22 80 12 42 79 Thousand Metric Ton2 /Metric Ton
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excess 1.27 Financial Performance FCF/Share1 3 6.32 80% 60% available 3.80 5 excess 2.52available 5.05 Luberef announced its financial results for the first half of 2026, recording total revenue of approximately2 5.6 billion and a net income of 2 992 million. Net income increased by 113% compared to the first half of 2025, primarily driven by the increase in base oil and by-product crack margins. Q2 2026 net income increased by 199% comparedto Q2 2025, mainly due to an increase in base oil crack margins. The company maintained a strong financial position,achievinga gearingratio of (20%) and a return on average capital employed (ROACE) of 33%. During H1 2026, Luberef generated free cash flow of 2 1,064 million, representing a 346% increase compared to the same period last year, mainlydue to healthycash flow from operation.
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Company Highlights Luberef Signed an agreementwith APAR Industries to supply base oils at the LubeHub Value Park in Yanbu Industrial City, enabling local manufacturing of transformerand specialtyoils. Luberef Launched ASASNA local content program, focusing on local value creation and the development of national capabilities in line with Saudi Vision2030. 6 Luberefreceivedthe (InvestorRelationsProgramof the Year 2025 Mid-Cap) award at the Capital Market Awards for the second consecutive year, reflecting the company’s commitment to transparencyand excellenceto all stakeholders.
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DisclaimerStatement The Information provided in this press release and any written or verbal accompanying communication regarding or by Saudi Aramco Base Oil Company – Luberef (“Luberef” or the “Company”) (collectively,the “Information”) is provided for information purposes only. The Information is qualified in its entirety by the information contained in the Company’s financial statements and annual board reports. Certain financial and statistical information in this press release has been subject to rounding off adjustments. Accordingly,the sum of certain data may not conform to the expressedtotal. Neither the Company nor any of its directors, officers, employees, agents, affiliates or subsidiaries accept any responsibility or liability whatsoever (whether in contract, tort or otherwise) for, or guarantee or give any explicit or implicit warrantee, representationor undertaking as to the accuracy, fairness or completeness of any of the Information and disclaims all liability and responsibility for any loss or damage (including in respect of direct , indirect or consequential loss or damage) caused by any action taken or not taken as a result or on the basis of the information or otherwise arising in connection therewith. This press release may contain certain forward-looking statements with respect to Luberef’s financial position, results of operations and business and certain Luberef’s 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. Such forward-looking statements are based on numerous assumptions and cannot be ascertained, as they involve known and unknown risks, uncertainties and other factors within or beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements. Prospective investors should be aware that forward-looking statements are not guarantees of future performance and that Luberef’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 Luberef’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 developmentsin subsequent periods. Factors that could cause actual results to differ materially from Luberef’s expectations include, among other things, the following: supply, demand and price fluctuations with respect to feedstock and base oils, market conditions; natural disasters and public health pandemics or epidemics (such as COVID19), and weather conditions (including those associated with climate change); competition in the industries in which Luberef operates; climate change concerns and related impacts on the global demand for base oils and hydrocarbon- based products; 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; terrorism and armed conflict, political and social instability and unrest, and actual or potential armed conflicts in the MENA region and other areas; managing Luberef’s growth and risks related to its strategic growth objectives; risks in connection with projects under development and; asset dispositions or impairments; government mandated sales, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or; material reductions in corporate liquidity and access to debt markets; the receipt of required Board/Shareholder authorizations to pay future dividends; Luberef’s dependence on the reliability and security of its IT systems, Luberef’s exposure to 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 Luberef operates; risks related to litigation, including international trade litigation, disputes or agreements; and risks related to the Kingdom. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see our latest periodic reports filed with the Saudi Exchange. In light of these risks, uncertaintiesand assumptions,the forward-looking events described in this press release may not occur. The Information, including but not limited to forward-looking statements,applies only as of the date it speaks and is not intended to give any assurances as to future results. We undertake no obligation to update, correct or revise the Information, including any financial data or forward-looking statements, as a result of new information, future events or otherwise, unless required by applicable law or regulation. 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 press release. In addition, this press release includes certain “non‐IFRS financial measures.” 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. These measures are not audited, and might not be comparableto similarly titled measures presented by other companies.
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: : If you require any further information or have any question related to the company, please contact our investor relations team or refer to company website E-mail IR@luberef.com Website www.luberef.com +966 (12) 268 5250 Fax +966920003550 Telephone Investor Relations