Slides
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Earnings Presentation 4th Quarter 2025 20th January 2026
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Disclaimer Information contained in this presentation is subject to change without further notice, its accuracy is not guaranteed, and it may not contain all material information concerning the company. We do not make any representation regarding, and assume no responsibility or liability for, the accuracy or completeness of, or any errors or omissions to any information contained herein. In addition, the information contains projections and forward-looking statements that reflect the company’s current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and may change over time. No assurance can be given that future events will occur, that projections will be achieved, or that the company’s assumptions are correct. Actual results may differ materially from those projected. Due to rounding off, the sum of values presented in the slides may differ from totals as reported. Such differences are not material. This presentation is strictly not to be distributed without the explicit consent of Almarai Company management under any circumstances. 2
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Market Dynamics 4th Quarter Business Performance 4th Quarter Financial Performance Full Year Business Performance Full Year Financial Performance Key Highlights / Other Information Question & Answer Appendix Table of Contents 3
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Market Dynamics 4
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Whilst Almarai maintaining Market Share Leadership in KSA 5 Earnings Presentation - Q4 2025 Dairy 49 34 43 55 Category Dec-23 37 49 32 46 57 35 49 37 45 56 35 1 1 1 1 Almarai Rank Nov-25 1 Almarai Value Share % Dec-24 Nov-25 Food Juice Bakery Poultry (Fresh Chicken)
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Innovation Pipeline 4 th Quarter I n n o v a t i o n P i p e l i n e 2 0 2 5 6 Earnings Presentation - Q4 2025
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4th Quarter Business Performance 7
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Q4 2025 Key highlights 8 Earnings Presentation - Q4 2025P&L–Profit and Loss Statement BS – Balance Sheet CF – Cash Flow Revenue P&L Highlights BS & CF Highlights YoY% / (YoY%) Million Operating Profit Net Income Working Capital CAPEX Free Cash Flow 5,157 5,457 Q4 2024 Q4 2025 299 6% 591 616 Q4 2024 Q4 2025 24 4% 431 465 Q4 2024 Q4 2025 34 8% 3,812 4,122 Q4 2024 Q4 2025 310 1,113 1,275 Q4 2024 Q4 2025 162 (35) 246 Q4 2024 Q4 2025 +281
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+6% (5%) +0% +2% +2% +5% +7% +39% +4% Strong growth in KSA, Egypt and UAE 9 Earnings Presentation - Q4 2025 Q4 2025 Revenue is 5,457M with a total growth of 299M or 6% +YoY% / (YoY%) Million KSA 3,556 65% UAE 532 10% Egypt 444 8% Kuwait 266 5% Jordan 205 4% Oman 197 4% Bahrain 96 2% Qatar 24 0% Current P erformance Growth Growth % Total 299 Bahrain (5) Oman 0 Qatar 0 Egypt 1 24 Kuwait 5 Jordan 9 Country KSA 1 25 UAE 33 * Total growth of 299M includes +7M from other countries. * ** Egypt local currency growth is +34%. **
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Current P erformance Growth Growth % Product Water 87 Poultry 47 Food 40 41 Fresh Dairy Long Life Dairy Bakery 30 38 Fruit Juice 1 4 Total 299 …driven by all product categories, mainly Water the new category, followed by Poultry and Food 10 Earnings Presentation - Q4 2025 * +YoY% / (YoY%) Million Q4 2025 Revenue is 5,457M with a total growth of 299M or 6% * Total growth of 299M includes +4M from other products. Fresh Dairy 1,883 34% Poultry 1,022 19% Bakery 759 14% Food 667 12% Long Life Dairy 483 9% Fruit Juice 411 7% Water 87 2% +6% +3% +4% +9% +2% +6% +5% n.a.
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…driven by all channels 11 Earnings Presentation - Q4 2025 +YoY% / (YoY%) Million Q4 2025 Revenue is 5,457M with a total growth of 299M or 6% Traditional Trade 3,039 56% Modern Trade 1,245 23% Food Service 937 17% Export / Other 236 4% Current P erformance Growth Growth % Total 299 1 5 Export / Other Food Service 79 Modern Trade 98 Channel Traditional Trade 1 08 +6% +7% +9% +8% +4%
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4th Quarter Financial Performance 12
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13 Earnings Presentation - Q4 2025 Q4 2025 Net Income Bridge YoY% / (YoY%) Million Operational cost includes water (1st time inclusion of acquisition) 431 465 18 135 10 (78) (51) Q4 2024 Net Pricing Cost of Goods Sold Volume, Mix & Others Operational Cost Funding & Others Q4 2025 Favourable Growth = 8% / 34M
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14 Earnings Presentation - Q4 2025 Q4 2025 Financial Performance Revenue Operating Profit Net Income Positive Growth mainly driven by the KSA, Egypt and UAE. Growth rate was the highest for Poultry, Food followed by Fresh Dairy. Acquisition of water business contributed SAR 87M to total growth for the quarter. Strict cost control helped deliver operating profit growth of 4%, despite higher transportation costs. Funding cost is slightly higher, mainly due to the higher volume of Debt. Zakat and income tax expenses are lower than last year, mainly due to actualization of Zakat assessment from prior years. YoY% / (YoY%) Million 5,157 5,457 Q4 2024 Q4 2025 299 6% 591 616 Q4 2024 Q4 2025 24 4% 431 465 Q4 2024 Q4 2025 34 8%
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85 99 240 84 128 255 Poultry Bakery Dairy & Juice Q4 2025 Q4 2024 (1%) +29% +6% 7% 7% 17% 14% 8% 9% 15 Earnings Presentation - Q4 2025 Q4 2025 Results By Segment Growth Growth % of Revenue Net Profit Margin By Segment Revenue By Segment +YoY% / (YoY%) Million Dairy & Juice Net profit increased compared to last year due to improved sales in all markets, along with tight cost management. Bakery Net profit increased compared to last year due to improved sales revenue and mix. Poultry Net profit declined during the current quarter compared to last year; however, the decline was offset by the ramp-up of the higher sales volumes related to the first phase of the poultry expansion project and the increased economies of scale. 975 729 3,311 1,022 759 3,444 Poultry Bakery Dairy & Juice +5% +4% +4%
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Full Year Business Performance 16
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Full Year 2025 Key highlights 17 Earnings Presentation - Q4 2025P&L–Profit and Loss Statement BS – Balance Sheet CF – Cash Flow Revenue P&L Highlights BS & CF Highlights YoY% / (YoY%) Million Operating Profit Net Income Working Capital CAPEX Free Cash Flow 20,980 22,065 FY 2024 FY 2025 1,085 5% 2,995 3,060 FY 2024 FY 2025 65 2% 2,313 2,456 FY 2024 FY 2025 143 6% 3,812 4,122 FY 2024 FY 2025 310 3,634 4,385 FY 2024 FY 2025 751 1,531 (503) FY 2024 FY 2025 (2,034)
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+5% +0% +0% +33% +4% +7% +10% +9% +5% Strong growth in KSA, UAE and Egypt 18 Earnings Presentation - Q4 2025 Full Year 2025 Revenue is 22,065M with a total growth of 1,085M or 5% +YoY% / (YoY%) Million KSA 14,578 66% UAE 2,098 10% Egypt 1,638 7% Kuwait 1,138 5% Oman 809 4% Jordan 805 4% Bahrain 414 2% Qatar 90 0% Current P erformance Growth Growth % Country KSA 674 UAE 1 67 Kuwait Egypt 1 49 Jordan 31 74 22 Bahrain 2 Qatar Oman 0 Total 1 ,085 * ** Egypt local currency growth is +31%. ** * Total growth of 1,085M includes -34M from other countries.
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…driven by all product categories, mainly Food & Fresh Dairy 19 Earnings Presentation - Q4 2025 +YoY% / (YoY%) Million Full Year 2025 Revenue is 22,065M with a total growth of 1,085M or 5% Fresh Dairy 7,764 35% Poultry 3,927 18% Food 3,045 14% Bakery 2,789 13% Long Life Dairy 2,039 9% Fruit Juice 1,785 8% Water 169 1% Current P erformance Growth Growth % Bakery Product Food 251 1 28 Poultry 1 33 Fresh Dairy 232 Water 1 69 Long Life Dairy 69 Fruit Juice 73 Total 1 ,085 * * Total growth of 1,085M includes +30M from other products +5% +4% +4% +5% +4% n.a. +3% +9%
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…and growth observed in all channels 20 Earnings Presentation - Q4 2025 +YoY% / (YoY%) Million Full Year 2025 Revenue is 22,065M with a total growth of 1,085M or 5% Traditional Trade 12,479 57% Modern Trade 5,149 23% Food Service 3,508 16% Export / Other 928 4% Current P erformance Growth Growth % Total 1,085 26 Food Service 188 Modern Trade 372 Export / Other Channel Traditional Trade 499 +5% +3% +6% +8% +4%
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Full Year Financial Performance 21
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22 Earnings Presentation - Q4 2025 Full Year 2025 Net Income Bridge YoY% / (YoY%) Million Operational cost includes water (1st time inclusion of acquisition) 2,313 2,456 442 78 (185) (14) (179) FY 2024 Net Pricing Cost of Goods Sold Volume, Mix & Others Operational Cost Funding & Others FY 2025 Favourable Growth = 6% / 143M
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23 Earnings Presentation - Q4 2025 Full Year 2025 Financial Performance Revenue Operating Profit Net Income YoY% / (YoY%) Million The strong performance in core GCC markets continues with KSA and UAE leading the way. Growth rate was the highest for the Food, followed by Fresh Dairy and Poultry. Acquisition of water business contributed SAR 169M to total growth. Operating profit increased by 2% despite higher transportation costs, mainly due to operational efficiency plans and tighter cost control. Funding cost is lower mainly due to lower interest rates and higher capitalization of interest related to assets under construction. Zakat and income tax expenses are lower than last year, mainly due to actualization of Zakat assessment from prior years. 20,980 22,065 FY 2024 FY 2025 1,085 5% 2,995 3,060 FY 2024 FY 2025 65 2% 2,313 2,456 FY 2024 FY 2025 143 6%
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24 Earnings Presentation - Q4 2025 Full Year 2025 Results By Segment Growth Growth % of Revenue Net Profit Margin By Segment Revenue By Segment YoY% / (YoY%) Million Dairy & Juice Net profit is higher than last year due to improved sales across the category, in addition to tight cost controls. Bakery Net profit increased compared to last year due to improved sales revenue and Mix Poultry Net profit increased during the current period compared to last year due to revenue growth driven by the ramp-up of the higher sales volumes related to the first phase of the poultry expansion project and the increased economies of scale. 3,794 2,662 14,007 3,927 2,789 14,633 Poultry Bakery Dairy & Juice 4% 5% 4% 486 403 1,489 490 452 1,537 Poultry Bakery Dairy & Juice FY 2025 FY 2024 1% 12% 3% 11% 11% 16% 15% 12% 13%
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Key Highlights / Other Information 25
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26 Earnings Presentation - Q4 2025 CAPEX spend is in line with long-term capex deployment plan Capital Investment - 2020 to 2025 Million 969 1,364 1,334 2,530 3,634 4,385 6% 9% 7% 13% 17% 20% -4% 1% 6% 1 1 % 1 6% 21 % - 500 1 ,000 1 ,500 2,000 2,5 0 0 3, 0 00 3, 500 4,000 4,500 2020 2021 2022 2023 2024 2025 Net Cash Used in Investing Activities Investment as a % of Revenue
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27 Earnings Presentation - Q4 2025 Strategic Management of Working Capital continues Working Capital - 2020 to 2025 Million 3,238 2,609 3,599 4,322 3,812 4,122 21% 16% 19% 22% 18% 19% -20% -1 5% -1 0% -5% 0% 5% 1 0 % 1 5% 20% - 1 ,000 2,000 3, 0 00 4,000 5, 0 00 2020 2021 2022 2023 2024 2025 Working Capital Working Capital as a % of Revenue
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28 Earnings Presentation - Q4 2025 Strong Operating Cash Flow Operating Cash Flow - 2020 to 2025 (With Changes in Working Capital ) Million 4,203 4,915 3,830 4,483 6,028 5,463 27% 31% 20% 23% 29% 25% -30% -20% -1 0% 0% 1 0 % 20% 30% - 1 ,000 2,000 3, 0 00 4,000 5, 0 00 6,000 7,000 2020 2021 2022 2023 2024 2025 Operating Cash Flow Operating Cash Flow as a % of Revenue
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29 Earnings Presentation - Q4 2025 Free Cash Flow – Full Year 2025 Full Year 2025 Free Cash Flow = (0.5 Billion) ❖ OCF: +5.5 Billion, Strong business performance. ❖ ICF: -(6.0) Billion driven by the acquisition of the water business at SAR 1.0B, and due to the current expansionary capex cycle, driven mainly by Poultry capacity expansion Available facilities at the end of 2025 amounted to 7.5B (Available facilities at the end of the year 2024 were 4.9B). * OCF – Operating Cash Flow; ICF – Investing Cash Flow Billion 0.5 0.5 5.7 (0.2) (6.0) 2.3 (0.7) (1.0) (0.1) Cash & Cash Equivalent 2024 Operating Cash Flow Working Capital Capex (PPE, BA & Other) Net of Loan & Time Deposit Funding Cost Dividend Others Cash & Cash Equivalent 2025 OCF = 5.5B Free Cash Flow = (0.5B) (4.4) Fixed Assets (0.6) Biological Assets & Other (1.0) Acquisition of Water Business
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Stable key profitability and balance sheet trends 30 Earnings Presentation - Q4 2025 Net Debt Trend EBITDA and EBIT Margins Million 9,054 9,437 9,655 11,966 53% 53% 51% 58% 2.29x 2.12x 2.07x 2.48x - 500 % - 400% - 300 % - 200 % - 1 00 % 0% 1 00% 20 0% 0 5 , 0 0 0 10 , 0 0 0 15 , 0 0 0 2022 2023 2024 2025 Net Debt Net Debt / Equity Ratio Net Debt / EBITDA 18,722 19,576 20,980 22,065 21% 23% 22% 22% 12% 14% 14% 14% - 1 0% - 5% 0% 5% 1 0% 1 5% 20 % 25 % 1 0 , 0 00 1 5 , 0 00 20, 00 0 25, 00 0 2022 2023 2024 2025 Revenue EBITDA as % of Revenue EBITas % of Revenue
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31 Earnings Presentation - Q4 2025 Debt Maturity Profile highlights average debt tenure at 5.75 Years Debt Maturity by Age and by Type Billion 1.2 2.4 0.5 0.1 1.1 2.1 0.2 0.2 0.1 1.9 2.8 1.5 2.6 0.5 0.1 3.0 4.9 Up to 1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs > 5 Yrs Banks Govt / Semi Govt Inst. Sukuk 7.3 0.4 4.838% 3% 59%
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32 Earnings Presentation - Q4 2025 Cash Dividend Since Listing Million 200 272 381 460 518 518 500 600 600 690 720 750 850 850 1,000 1,000 1,000 1,000 1,000 1,150 43% 41% 42% 42% 40% 45% 35% 40% 36% 36% 35% 34% 42% 47% 50% 64% 57% 49% 43% 47% -50% -30% -1 0% 10% 30% 50% 70% 0 200 400 600 800 1,000 1,200 1,400 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cash Dividend Payout Ratio * 2025 Cash Dividend is subject for AGM approval *
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Question and Answer 33
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Appendix 34
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35 Earnings Presentation - Q4 2025 2025 Profit and Loss Statement YoY% / (YoY%) Million Change Change 5 ,45 7 1 00.0% 5 ,1 5 7 1 00.0% 5 .8% Revenue 2 2 ,065 1 00.0% 2 0,980 1 00.0% 5 .2 % (3,798) (69.6%) (3,574) (69.3%) (6.3%) Cost of sales (1 5,1 77) (68.8%) (1 4,31 5) (68.2%) (6.0%) 1 ,65 9 30.4% 1 ,5 83 30.7% 4.8% Gross Profit 6,888 31 .2% 6,664 31 .8% 3 .4% (875) (1 6.0%) (793) (1 5.4%) (1 0.3%) Selling and Distribution Expenses (3,231 ) (1 4.6%) (2,994) (1 4.3%) (7.9%) (1 80) (3.3%) (1 59) (3.1 %) (1 3.3%) General and Administration Expenses (561 ) (2.5%) (508) (2.4%) (1 0.5%) 15 0.3% 7 0.1 % 1 20.1 % Other Expense, net (1 5) (0.1 %) (63) (0.3%) 76.5% (3) (0.0%) (47) (0.9%) 94.2% Impairment Loss on Financial Assets (20) (0.1 %) (1 03) (0.5%) 80.5% 61 6 1 1 .3% 5 91 1 1 .5% 4.1 % Operating Income 3 ,060 1 3.9% 2 ,995 1 4.3% 2 .2 % (1 20) (2.2%) (1 1 8) (2.3%) (2.0%) Finance Costs - net (463) (2.1 %) (530) (2.5%) 1 2.6% 0 0.0% (0) (0.0%) n.a. Share of Results of Associates and Joint Ventures (1 ) (0.0%) (2) (0.0%) 31 .1 % 496 9.1 % 47 3 9.2% 4.8% Profit Before Zakat and Income Tax 2 ,5 96 1 1 .8% 2 ,463 1 1 .7% 5 .4% (31 ) (0.6%) (43) (0.8%) 27.2% Zakat and Foreign IncomeTax (1 39) (0.6%) (1 50) (0.7%) 7.1 % 465 8.5% 43 0 8.3% 7 .9% Profit for the Period 2 ,45 7 1 1 .1 % 2 ,3 1 4 1 1 .0% 6.2 % 0 0.0% 0 0.0% (27.1 %) Profit Attributable to Non Controlling Interest (1 ) (0.0%) (1 ) (0.0%) (2.3%) 465 8.5% 43 1 8.4% 7 .9% Profit Attributable to Shareholders 2 ,45 6 1 1 .1 % 2 ,3 1 3 1 1 .0% 6.2 % 0.47 0.43 9.3 % Earnings Per Share (Basic) 2 .48 2 .3 4 6.0% 8.5 % 8.4% Profit Attributable to Shareholders % 1 1 .1 % 1 1 .0% 4th Quarter Profit and Loss Statement Full Year 2025 2024 2025 2024
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36 Earnings Presentation - Q4 2025 Balance Sheet and Cash Flow as of Year End 2025 Million Cashflow from Operating activities 5 ,927 5 ,91 6 Working Capital (1 91 ) 206 End of Service benefit and Zakat/Income Tax Paid (274) (93 ) Net Cash Generated from Operating Activities 5 ,463 6,028 Capex (4,3 85 ) (3 ,63 4) Proceeds/Acquisition of Investments/Subsidiary (1 ,01 0) (1 88) Biological Assets & Others (5 71 ) (676) Investing Cash Flow (5 ,966) (4,498) Free Cash Flow (5 03 ) 1 ,5 3 1 Bank Charges (681 ) (645 ) Lease Payments (1 3 7) (1 28) Dividend Paid (986) (987) Loans and Borrowings (Proceeds and Repayments) 2,297 68 Others (Treasury Shares/NCI/Directors' Remuneration etc.) 2 29 Financing Cash Flow 495 (1 ,663 ) Net Cash Flow (8) (1 3 2) Cash Flow FY 2025 FY 2024 Net Operating Working Capital 4,1 22 3 ,81 2 PPE, ROU & Intangible Assets 27,45 9 23 ,974 Biological Assets 1 ,81 1 1 ,83 8 Net Operating Assets 3 3 ,3 92 29,624 Goodwill and Other Assets 1 ,261 944 Net Capital Employed 3 4,65 2 3 0,5 68 Net Debt 1 1 ,966 9,65 5 Shareholders’ Equity 20,5 27 1 8,791 Others Liabilities & NCI 2,1 5 9 2,1 22 Net Capital Employed 3 4,65 2 3 0,5 68 December 2024 Balance Sheet December 2025
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37 Earnings Presentation - Q4 2025 Key Share Data Sultan Holding Co. 2 4% SALIC 1 6% Almuhaidib 5% Others 55% 241% 74% 83% Share Price Trend (Listing Date of Almarai Company) Almarai TASI Food & Beverages 91% 151% 83% Share Price Trend (Listing Date of Food and Beverages Index) Almarai TASI Food & Beverages Share Price (SAR) 43.26 Current P/E Ratio (ttm) 1 7.65 Earnings Per Share (SAR) (ttm) 2.45 Market Cap (SAR Million) 43,260 Shares Outstanding (Million) 1 ,000 Dividend Yield 2.3% Key Statistics for Almarai (3 1 Dec 2 02 5 ) 11% Dec -07 Dec -08 Dec -09 Dec -10 Dec -11 Dec -12 Dec -13 Dec -14 Dec -15 Dec -16 Dec -17 Dec -18 Dec -19 Dec -20 Dec -21 Dec -22 Dec -23 Dec -24 Dec -25 Year to date total shareholder's return since listing
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2nd Place FMCG Most Chosen Brands 2nd Place Food Brand – L’usine 5th Place Most Valuable Brand in KSA The most consistent Brand on Experience and Expression in KSA UAE 1st Place FMCG Most Chosen Brands 1st Place Dairy Brand - Almarai 1st Place Food Brand – L’usine 2nd Place Beverage Most Chosen Brands – Almarai 3rd Place FMCG Most Chosen Brands – L’usine KSA Awards and Recognition 2025 Gold – Employee Engagement Gold – Internal Communication Campaign Internal Communication Brilliance Award Global 2024 Best Video Story Telling Campaign Silver – “ALYOUM Mama Sarah and Sarah” Best Empowerment Campaign Bronze – “The Milk Motto” Excellence in Training Award Awarded by. HRM Summit Awards 2025 Abdullah Albader – Best CEO Localization Award for F&B Awarded by Ministry of Human Resources & Social Development (HRSD) Best New Products Launch in Consumer Goods Almarai Flavoured Milk – Salted Caramel L’usine Flaky Butter Puff 2025 4th Most Valuable Dairy Brand Globally Middle East Top 100 Listed Companies Forbes Middle East Sustainability Leader 2025 Abdullah Albader – CEO Best CEO 2024 Abdullah Albader – CEO Gold - New Product Category (Ice Cream) Silver - Sustained Success – Products Category “Ramadan Contextual Campaign” Silver - Data Driven Category “Ramadan Contextual Campaign” Bronze – Social Media Category (Ice Cream) Bronze - Brand Integration & Digital Partnership Category (7Days & L’usine FC 25) MODON Industrial Excellence Award 2025 Large Factories Category Awarded by. Modon
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Thank you