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Q 2 2026 Earnings Presentation 3 August 2026
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Disclaimer SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 2 IMPORTANT: please read the following before continuing. The following applies to this document and the information contained the rein, the oral presentation by SAL Saudi Logistics Services Co. (the "Company") or any person on behalf of the Company, and any question - and - answer session that follows the oral presentation (collectively, the "Information"). The Information should not form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company nor shall it or any part of it form the basis of or be relied on in c onn ection with any contract, investment decision or commitment whatsoever. Any person considering the purchase of the Company ’ s shares must inform themselves independently before taking any investment decision. 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Presenters SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 3 Haydar Ucar Chief Financial Officer Omar Talal Hariri Chief Executive Officer
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SAL ’ s Core Business Divisions Powering Saudi Arabia's Logistics Future SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results Cargo Ground Handling ▪ National scale : 19 Domestic, 1 International (Liège, Belgium) ▪ Market leader: KSA ’ s leading air cargo handler with an expanding international footprint ▪ Core services: Ramp, Terminal handling, Storage, and other Value - added services Logistics ▪ End - to - end solutions: Freight Forwarding, Contract Logistics, Project Cargo Logistics, Fine Arts, Events and Sport Logistics ▪ Specialist focus: P harma, Perishables, High - Value Cargo ▪ Strategic partner: S ingle - Window for Businesses & E - Commerce Zones ▪ 1.5 m sqm Falcon City hub with ^ 4.1 billion planned CAPEX ▪ Multimodal, built - to - suit: Warehousing, Storage, Air/Sea/Land Connectivity ▪ Revenue - generating from 2027 / 2028 Aligned with the Ambitious Government Strategies and Investments 4
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SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 5 Capacity and Cost Pressures ▪ Disruptions affecting the region continue to influence shipping routes. ▪ Cost pressures from the environment persisted , impacting insurance, freight rates and jet fuel. ▪ Air cargo capacity recovered as airlines managed restrictions, fleet positioning and aircraft availability. Air cargo activity recovered strongly during Q 2 as regional disruptions eased, despite continued capacity and cost pressures Operating Environment ▪ Resilient import activity supports cargo handling momentum, driven by inventory rebuilding, constrained capacity. ▪ Saudi Arabia ’ s expanding role as a regional cargo and transit hub continues to create opportunities for additional cargo flows and customer growth. ▪ The regional operating environment remains dynamic entering the second half of 2026 . Strong Demand Amid Cautious Outlook Activity and Supply - Chain Normalization ▪ Air cargo activity recovered at the beginning of Q 2 following the disruptions that the region experienced during Q 1 . ▪ Operations gradually normalized through the quarter as airspace restrictions eased, airline operations resumed and regional supply chains adjusted.
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SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 6 Record Financial Performance & Improving Earnings Quality ▪ Revenue increased 30 % YoY to ^ 512 mn, significantly outpacing cargo volume growth (+ 9 %), driven by stronger imports, pricing discipline and a more favourable cargo mix. ▪ Record gross profit of ^ 299 mn (+ 34 % YoY) , marking SAL ’ s highest quarterly level to date. ▪ EBIT increased 24 % YoY to ^ 213 mn, with a resilient 41.6 % margin, while reflecting the continued investment in growth capabilities. ▪ Net profit reached ^ 191 mn (+ 18 % YoY), with EPS rising to ^ 2.39 , supported by stronger operating performance and lower one - off costs. Strategic Execution Supported by Financial Strength ▪ Adjusted free cash flow remained positive at ^ 167 mn in H 1 , despite CAPEX increasing to ^ 144 mn as SAL accelerated investment across its growth priorities. ▪ Strong net cash position of ^ 817 mn, supported by broader access to long - term funding through the ^ 1 bn Sukuk program. ▪ SAL Zones Phase 1 entered active construction , laying the foundation for the next long - term growth platform. ▪ Continued adding volume to CargoGate platform and the international expansion through Aviapartner Liège acquisition and establishment of SAL International Ground Handling B.V. Cargo Ground Handling Strength & Logistics Momentum L og istics momentum strengthened on improved commercial execution ▪ Revenue increased 34 % YoY to ^ 74 mn, supported by higher warehouse utilization, stronger road and contract logistics growth. ▪ Operating loss narrowed to ^ 2 mn from ^ 13 mn in previous quarter, reflecting continued progress towards sustainable profitability. Record quarterly revenue and profit, driven by improving revenue quality and broad - based growth across Cargo Ground Handling and Logistics Overview of Q 2 2026 Performance ▪ Record revenue of ^ 438 mn, up 29 % YoY, while EBIT increased 32 % to ^ 218 mn. ▪ Supported by higher imports, pricing discipline, and a more favorable cargo mix. ▪ Strengthened by strong commercial momentum with new signed agreements. Cargo Gro und Handling remains the performance anchor amid disruptions
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Q 2 2026 Financial Performance SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 7
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8 SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results Record Quarterly Revenue and Strong Earnings Growth Revenue 30 % YoY ^ 512 million EBIT 24 % YoY ^ 213 million Net Profit 18 % YoY ^ 191 million
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Q 2 2026 Financial Summary SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results Broad - based growth, improving quality and recovering cargo activity delivered SAL ’ s strongest quarterly financial performance to date ▪ Record quarterly revenue to date , supported by broad - based growth across Cargo Ground Handling and Logistics. ▪ Revenue growth significantly outpaced cargo volumes (+ 9 %), reflecting improving revenue quality. ▪ Driven by s tronger import demand, pricing discipline, a more favorable cargo mix, and continued enhancement in the service list offering. ▪ EBIT increased 24 % YoY, supported by improved pricing discipline, service mix and continued cost control. ▪ EBIT margin remained resilient at 41.6 %, reflecting continued investment in growth capabilities and higher variable costs associated with the expansion of Logistics. ▪ Lower expected credit - loss provisions, advisory expenses and transaction - related costs further supported earnings. ▪ EPS increased to ^ 2.39 reflecting stronger underlying operating performance and lower one - off costs. ▪ Net Profit increased 18 % , reflecting stronger underlying operating performance and profitability. ▪ Partially offset by higher financing costs and temporary FX movements related to the Aviapartner Liège acquisition. Operating Profit (EBIT) (^ Million) EPS (^ ) 9 394 512 Q2 2025 Q2 2026 +30% Revenue (^ Million) 162 191 Q2 2025 Q2 2026 +18% Net Profit (^ Million) 172 213 Q2 2025 Q2 2026 +24% 2.03 2.39 Q2 2025 Q2 2026 +18%
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Q 2 2026 Financial Summary SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 10 Operating Profit (EBIT) (^ Million) and (%) 7 4 -14 -13 -2 12.1% 8.4% -15.8% -21.8% -2.5% -30,000 -20,000 -10,000 0 10,000 -30.0% 20.0% 70.0%Logistics Q 2 2025 Q 3 2025 Q 4 2025 Q 1 2026 Q 2 2026 166 183 219 188 218 48.9% 49.4% 51.9% 48.8% 49.8% 0 50,000 100,000 150,000 200,000 250,000 47.0% 49.0% 51.0% 53.0% 55.0% 57.0% Cargo Ground Handling Q 2 2025 Q 3 2025 Q 4 2025 Q 1 2026 Q 2 2026 EBIT Margin (%) EBIT Margin (%) ▪ Disciplined commercial management , service - mix improvements and continued cost discipline supported underlying margin resilience. ▪ Margin development reflected a broader business mix as SAL continued expanding its capabilities and earnings base. ▪ Continued investment in growth capabilities and logistics expansion moderated margins while strengthening long - term earnings potential. ▪ Cargo Ground Handling continued to generate consistently high margins while Logistics delivered meaningful sequential margin improvement. Margins Remained Resilient While Investing in Future Growth
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236 189 103 131 194 0 10 20 30 40 0 50 100 150 200 250 Q 2 2026 Financial Summary SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 11 NWC and NWC Margin (^ Million) and (%) 15 % Q 2 2025 Q 3 2025 6 % Q 4 2025 7 % Q 1 2026 8.5 % Q 2 2026 NWC Margin (%) NWC 12 % ▪ Working capital performance reflected more efficient cash - conversion cycles and disciplined receivables and payables management. ▪ SAL continued to demonstrate gradual and disciplined improvement in working capital , supported by ongoing operational efficiencies and strategic balance - sheet management. ▪ Adjusted free cash flow remained positive despite higher CAPEX , demonstrating SAL ’ s ability to generate cash while investing in its long - term growth priorities. Disciplined Working Capital Management Continued to Support Strong Cash Conversion
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Q 2 2026 Financial Summary SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 12 ▪ Closed the period with a strong net cash position of ^ 1.3 billion, supported by robust operating cash generation and disciplined working - capital management. ▪ Positive free cash flow despite accelerated investment: CAPEX more than quadrupled but adjusted free cash flow remained positive at ^ 167 mn. ▪ Sukuk proceeds broadened SAL ’ s access to long - term funding and increased its capacity to invest across Cargo Ground Handling, logistics infrastructure, digital capabilities and fleet requirements. ▪ Strong operating cash flow and funding flexibility provide the financial capacity to execute SAL ’ s long - term growth strategy while maintaining disciplined capital allocation. Strong Cash Generation and Funding Access Supported Disciplined Capital Deployment Cash Flow Movement (^ Million) 992 (158) (144) (1,050) (367) 1,284 1,542 469
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Division Deep Dive: Cargo Ground Handling SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 13
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14 SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results Cargo Ground Handling Division: Strong Cargo Recovery Supports Record Revenue and EBIT Growth Revenue 29 % YoY ^ 438 million EBIT Margin 49.8 % EBIT 32 % YoY ^ 218 million 0.9 pp YoY
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Cargo Ground Handling Performance Highlights SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 15 Record revenue and operating profit driven by recovering cargo volumes, stronger import activity, improved cargo mix and disciplined commercial execution Revenue ( ^ Million) Operating Profit ( ^ Million) EBIT Margin (%) Stronger Import Activity and Cargo Quality ▪ Import volumes increased substantially year - on - year, supporting demand for higher - value air cargo shipments. ▪ A more favourable cargo mix and higher - value cargo strengthened revenue quality. ▪ Elevated terminal utilization supported by the continued enhancement in the service list offering. Commercial Execution and Operational Resilience Digital capabilities enhancing service delivery ▪ CargoGate continued to improve cargo visibility, customer experience and operational productivity. ▪ Real - time cargo tracking, truck appointments, delivery notifications and digital billing and payment continued to improve customer experience . ▪ Greater digital adoption reduced waiting times while strengthening operational efficiency, security and cargo traceability. 339 438 Q 2 2025 Q 2 2026 + 29 % 166 218 Q 2 2025 Q 2 2026 + 32 % ▪ Sustained pricing discipline and the annualization of pricing adjustments introduced in mid - 2025 continued to support performance. ▪ Operational resilience enabled SAL to respond effectively to changing cargo flows while maintaining customer service levels. ▪ Expanded airline partnerships further strengthened the customer base and intl. connectivity ( Singapore Airlines, SF Airlines, Fly Khiva, and Centrum Air ). ▪ SAL ’ s network now spans 20 airports after the Aviapartner Liège acquisition, marking the first international operating footprint. 48.9% 49.8% Q 2 2025 Q 2 2026 0.9 pp
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Cargo Ground Handling Performance Highlights SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 16 Cargo volumes recovered strongly, with higher import activity and an improved cargo mix supporting revenue quality ▪ SAL handled 239 million KGs in Q 2 2026 , up 9 % YoY, reflecting a strong recovery in cargo activity following the regional disruption experienced in Q 1 . ▪ Import volumes increased substantially year - on - year, supporting demand for higher - value air cargo shipments and contributing positively to Cargo Ground Handling revenues. ▪ Cargo Ground Handling revenue growth significantly outpaced volume growth, supported by disciplined pricing, a more favorable cargo mix, higher - value cargo and continued enhancement in the service list offering. Volumes (Million KGs) 127 153 13 13 79 73 Q 2 2025 Q 2 2026 Exports Transit Imports 9% 219 239
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Division Deep Dive: Logistics SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 17
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18 SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results Revenue 34 % YoY ^ 74 million EBIT Margin 14.6 pp YoY ( 2.5 ) % EBIT Loss narrowed by SAR 11 mn QoQ ^ ( 2 ) million Logistics Division: Strong Revenue Growth and Significant Sequential Improvement in Profitability
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Logistics Performance Highlights SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 19 Stronger commercial execution, higher asset utilization and an expanded customer base are improving profitability and reinfor cin g the path toward sustainable earnings Revenue ( ^ Million) Operating Profit (EBIT) ( ^ Million) EBIT Margin (%) 55 74 Q 2 2025 Q 2 2026 34% Broader Activity Base Driving Growth ▪ Growth was driven by stronger performance across: o Freight Forwarding o Trucking o Contract logistics ▪ Improved commercial execution and customer diversification broadened the division ’ s revenue base and supported sustainable growth. Higher Utilization Improving Operating Leverage Customer Wins Strengthening Future Visibility ▪ New customer wins , including Medlog , Saudia Technic and SGS, expanded the customer base and strengthened the commercial pipeline. ▪ Growing recurring customer relationships and integrated logistics solutions continue to strengthen the division ’ s scalable business model. ▪ Continued progress across Malham, Jeddah and core logistics infrastructure supports the division ’ s next phase of growth. ▪ Better warehouse utilization and stronger activity levels drove a significantly reduced operating loss through improved operating leverage ▪ Revenue growth is increasingly translating into profitability , providing a clearer path towards breakeven and sustainable earnings. 7 (2) Q 2 2025 Q 2 2026 -128% 12.0% (2.5)% Q 2 2025 Q 2 2026 -14.6pp
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Capital Allocation and Deployment SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 20
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Capital Allocation and Deployment SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 21 Cargo Ground Handling (^ 9 00 mn) Logistics Zone (^ 4.1 bn) Logistics (^ 203 mn) Expansion and modernization of cargo terminals and warehouse infrastructure across key airport hubs. Capacity expansion through new warehouses and logistics facilities in Riyadh and Jeddah. Development of SAL Logistics Zone in North Riyadh, creating the Company ’ s next long - term growth platform. 1,630 1,352 446 1,222 599 2026 2027 2028 2029 2030 Cargo Handling SAL Logistics Logistics Zone 2026 CAPEX execution remains on track, with ^ 845.4 million ( 52 % of the annual plan as of Q 2 ’ 2026 ) already committed through signed contracts and awarded projects. Annual CAPEX - ^ millions
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Outlook and Guidance SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 22
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Recap of SAL Growth Initiatives SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 23 Cargo Ground Handling Strengthening the Core Growth Engine ▪ Expanded airline partnerships and continued investment in capabilities. ▪ Growing CargoGate adoption enhanced customer experience, operational efficiency and digital service delivery. ▪ Completed the acquisition of Aviapartner Liège and established SAL International Ground Handling B.V., marking SAL ’ s first international operating platform. Logistics Advancing the Next Growth Enabler ▪ Improved warehouse utilization and operating leverage. ▪ Expanded trucking services and contract logistics, improving operational performance and commercial momentum. ▪ Expanded customer base through new agreements with Medlog , Saudia Technic and SGS, strengthening future revenue visibility. Zones Creating the Next Long - Term Growth Platform ▪ Advanced Phase 1 development with completion of the earthworks and progression into active construction. ▪ Continued execution while progressing tenant engagement and commercial discussions.
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SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 24 Acquired Business & Transaction Overview Purchase Price €28 million ( 100 % Acquisition of Aviapartner Cargo in Liège, Belgium) EV/EBITDA Multiple 16.8x Ownership Structure Held through SAL INTL Ground Handling B.V. Financial Consolidation From Q3 2026 Number of Freighter Flights 1,678 Cargo handled (FY25) ~203 million KGs (~16% of Liège Airport Volume) Terminal Capacity ~360 million KGs Warehouse Utilization 56% Q3 2026 Integration Roadmap & Next Steps H2 2026 Future Updates ▪ Transaction completed ▪ Financial consolidation ▪ Governance integration ▪ Commercial integration ▪ Cross - selling opportunities ▪ Operational alignment ▪ Synergy roadmap ▪ Review business plan ▪ Mid - term contribution Strategic Rationale Provides an established operating platform without the lead time of a greenfield development Adds warehouse and ramp facilities , dedicated equipment and an experienced workforce Brings existing airline contracts and relationships within the European cargo market Offers significant headroom between current throughput and available capacity Strengthens US - KSA cargo connectivity , where direct connectivity remains limited Marking SAL’s First International Expansion Aviapartner Liège SA Acquisition:
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Liège Airport – A Strategic European Cargo Hub SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 25 Strategic Location – Liège Airport (LGG) 1.3 million tonnes (+13.9% YoY) Total cargo handled in 2025 at Liège Airport #1 in Belgium l #5 in Europe Cargo Airport Ranking ( 2025 ) +55 Cargo airlines operating +65 Logistics companies (Forwarder/logisticians on-site) ~89,100 Sqm Airside Warehouse Infrastructure Strategic Advantages ... ✓ LGG is in a prime location in Europe's 'Golden Triangle', through which more than 70 % of European freight flows. (Paris “ CDG ” - Amsterdam “ AMS ” - Frankfurt “ FRA ” ) ✓ 24 / 7 airport operations with no night restrictions ✓ Strong infrastructure and cargo ecosystem ✓ Specialized in high - yield cargo mix (Pharma, Perishables/flowers, Automotive, E - Commerce, Aerospace, Defense) Sources: Liege Airport Authority; SAL CDD Report; Roland Berger; Company Financials Major Airlines Operating in Liège Airport Liège Airport combines scale, round - the - clock operations, available infrastructure and access to an established airline and logistics ecosystem , providing SAL with an attractive entry point into the European cargo - handling market.
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SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 26 Area Outlook Strategic Levers SAL Zone Finalizing earthworks & Phase 1 headed towards completion by the end of 2027, marking the first milestone in establishing a long - term logistics hub Phased/gated development, lease - up milestones, disciplined capital deployment, and ecosystem integration Logistics Continuing progress towards sustainable profitability while scaling a diversified, integrated logistics platform Infrastructure build - out, technology adoption, customer diversification, operating leverage and commercial execution Remains SAL’s resilient earnings base, with healthy demand, resilient import activity and constrained industry capacity supporting operational momentum Cargo Ground Handling Automation, product innovation, cost control, long - term client growth, international expansion and Vision 2030 alignment Dividend Maintain 75% dividend payout guidelines while preserving financial flexibility to fund long - term growth Strong balance sheet, disciplined capital allocation and robust cash generation 2026 Outlook & Priorities
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Closing Remarks & Key Takeaways SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 27 ✓ Record quarterly revenue and profit driven by improving revenue quality. ✓ Cargo Ground Handling remained resilient, while Logistics continued improving toward profitability. ✓ Successfully executed key growth initiatives , including the completion of the Aviapartner Liège acquisition and continued execution of SAL Zones development. ✓ Strong cash generation and capital allocation continue to support growth. ✓ Healthy demand and disciplined execution position SAL well for H2 2026.
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We appreciate your time and engagement today. SAL’s journey continues. See you at our next dispatch! 28 sal.sa
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Q&A SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 29 GET IN TOUCH For more information contact us on: +966 12 696 4618 +966 550 120 163 Investor.Relations@sal.sa @SaudiaLogistics www.sal.sa/investor - relations Click Here to visit our New Upgraded IR Webpage
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Appendix SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results 30
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IFRS 18 – Preliminary Impact Assessment 2026 Q2 31 0 182 (113) (62) (7) 0 348 For further details, please refer to Note 5 of the Q 2 2026 Financial Statements. Translation adjustments ( ^ Million) IAS 1 IFRS 18 367 384 544 957 348 367 437 384 391 453 726 957 Revenue Gross Profit EBITDA Operating profit before special items Operating Profit Profit before financing and income taxes Profit before income taxes Net Profit Revenue Gross Profit Operating Profit Profit before Zakat Net Profit 0 0 IFRS 18 impacts presentation and classification only, with no effect on Revenue, Operating Profit, Profit Before Tax, or Net Profit. The new presentation introduces additional subtotals and Management Performance Measures (EBITDA and operating profit before special items), while certain operating expenses are reclassified by nature, resulting in higher reported gross profit. SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q2 2026 Results