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Q3 2026 Earnings Presentation 4 November 2026
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Disclaimer SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 2 IMPORTANT: please read the following before continuing. The following applies to this document and the information contained therein, 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 onnection 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) Q3 2026 Results 3 Haydar Ucar Chief Financial Officer Omar Talal Hariri Chief Executive Officer
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CEO Opening Remarks SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 4
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SAL’s Core Business Divisions Powering Saudi Arabia's Logistics Future SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results Cargo Ground Handling National scale: 20 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: Pharma, Perishables, High-Value Cargo Strategic partner: Integrated logistics solutions as a Single-Window for Businesses, E-Commerce & diversified supply chains Zones 1.5m sqm Falcon City hub with ^ 4 billion planned CAPEX Multimodal, built-to-suit: Warehousing, Storage, Air/Sea/Land Connectivity Development Progress: Advancing project milestones and tenant engagement, with revenue generation expected from 2028 Aligned with the Ambitious Government Strategies and Investments 5 * SAL obtained GACA’s economic license for air cargo ground handling at AlUla Int’l Airport on Sep. 17th, 2026.
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SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 6 Airline Network and Regional Disruptions Regional airspace disruptions and changes in airline -schedules continued to influence cargo flows and routing patterns Some international airlines resumed operations to Riyadh in September, while others continued suspensions SAL maintained active commercial engagement with airlines while adapting its service offerings and fleet network to evolving cargo flows Cargo activity recovered during Q 3, supported by stronger import flows & favorable cargo mix, despite ongoing regional disruptions Operating Environment SAL’s Kingdom -wide cargo-handling footprint and regional road feeder services (RFS) network provide operational flexibility to redirect cargo through alternatives where practical SAL Recorded no safety or security incidents across its domestic airport terminals during Q3 Regional operating environment remains dynamic , with changes in airline schedules, airspace disruptions and cargo routing continuing to create near-term headwinds Operational Resilience and OutlookActivity and Cargo Mix Air cargo activity strengthened during Q 3 following earlier regional disruptions, with volumes recovering in August and September after a subdued July Stronger import flows , a more favorable higher -yield cargo mix , and increased terminal handling services supported revenue growth Landside revenue benefited from higher cargo activity and increased demand for storage -related services , particularly during periods of terminal congestion
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SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 7 Record Financial Performance & Strong Earnings Quality Revenue reached ^579mn, up 38% YoY, driven by higher cargo volume, a more favorable higher- yield cargo mix, and increased contribution from terminal handling services Gross profit increased 42% YoY to ^355mn, reflecting strong revenue growth EBIT increased 34% YoY to ^252mn, with operating margin reaching 43.5%, down slightly 1.1pp YoY, but improving 1.9pp QoQ Net profit increased 28% YoY to ^232mn, with EPS reaching ^2.90, supported by stronger operating performance Strategic Execution & Financial Strength Adjusted free cash flow remained positive at ^337mn in 9M 2026, despite higher CAPEX of ^209mn as SAL continued investment across its strategic growth priorities Operating cash flow increased 10% to ^696mn in 9M 2026, while long-term funding through the ^1 bn Sukuk issuance enhanced financial flexibility SAL Zones progressed Phase 1 construction , with earthworks completed and site access granted, supporting the development of SAL ’s integrated logistics platform The acquisition of SAL International Ground Handling Belgium SA (formerly Aviapartner Liège SA) was completed on 31 July 2026, establishing SAL's first international cargo - handling operation Cargo Ground Handling Strength & Logistics Momentum Logistics revenue growth continued alongside profitability pressures Revenue increased 53% YoY to ^ 76mn, driven by expanding freight forwarding, contract logistics activities, and more diversified customer base Operating loss widened to ^11mn, reflecting continued investment in infrastructure , organizational capabilities and commercial expansion Record quarterly revenue and strong earnings growth, led by Cargo Ground Handling performance & continued Logistics expansion Overview of Q3 2026 Performance Record revenue of ^ 504mn, up 35 % YoY, while EBIT increased 43% to ^ 266mn Growth was supported by higher imports, increased contribution from terminal handling services, and a more favorable cargo mix SAL International Ground Handling Belgium SA (formerly Aviapartner Liège) also contributed its first two months to our results Cargo Ground Handling remains the core earnings contributor
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Q3 2026 SAL’s Major News & Events SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 8 SAL signs MOU with SPARK Logistics to enhance logistics and industrial cooperation Jul 13, 2026 SAL Expands International Footprint with the Completion of the Acquisition of Aviapartner Liège Jul 31, 2026 SAL partnered with Spark Logistics to strengthen connectivity between KSA and the Sultanate of Oman Aug 9, 2026 SAL is the First Saudi Company to Obtain the IATA Security Management System (SeMS) Certification Aug 12, 2026 SAL and Elm Launch CargoGate Services to Enhance Operational Efficiency at SAL Stations Sep 2, 2026 Opening of Saudia Cargo ’s warehouse at SAL’s station at King Abdulaziz Int’l Airport in Jeddah Sep 6, 2026 SAL Signs MoU with EWA To Strengthen National Workforce Development in the Logistics Sector Jul 6, 2026 SAL Signs Strategic Agreement with China ’s SF Airlines to Provide Integrated Ground Handling Jul 12, 2026 SAL and Flyadeal Strengthen Collaboration to Develop National Talent Through Specialized Training Jul 8, 2026
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Q3 2026 SAL’s Major News & Events SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 9 SAL wins the title of "Logistics Company of the Year " at the 2026 Transport and Logistics Awards Sep 16, 2026 SAL received the Economic License for Al-Ula Int ’l Airport Sep 17, 2026 SAL Academy Retains its IATA CBTA Certification for the Second Consecutive Time Sep 21, 2026 SAL Zones and CIMC Sign MoU to develop logistics zones in the Kingdom Sep 16, 2026 SAL and CIMC sign an MoU to develop integrated logistics solutions across automation & warehousing Sep 16, 2026 SAL and SGS have signed an MoU to strengthen collaboration across logistics and aviation services Sep 15, 2026 SAL and Huawei Sign MoU to Advance Smart, Digital Logistics in Saudi Arabia Sep 13, 2026 SAL Zones and Advanced Aircraft Technology Sign MoU for Aviation and Aerospace Logistics Sep 9, 2026 SAL and Rehal Air Cargo signed an MoU to Cooperate in Air Cargo and Ground Handling Sep 11, 2026
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Q3 2026 Financial Performance SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 10
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11 SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results Record Quarterly Revenue and Strong Earnings Growth Revenue 38% YoY ^ 579 million EBIT 34% YoY ^ 252 million Net Profit 28% YoY ^ 232 million
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Q3 2026 Financial Summary SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results Record consolidated quarterly revenue and strong earnings growth, with sequential margin Improvement Delivered record quarterly revenue, supported by strong Cargo Ground Handling performance and continued Logistics expansion Revenue growth + 38% outpaced consolidated cargo handling volume growth + 18%, reflecting stronger import flows, a more favorable cargo mix, increased terminal handling contribution, and the consolidation of Liège operations EBIT increased 34% YoY, supported by pricing enhancements, improved service mix and continued cost discipline. EBIT margin reached 43.5 %, improving 1.9 pp QoQ, but declining slightly 1.1 pp YoY, partly reflecting the consolidation of Liège operations and advancement of strategic investments Stronger Cargo Ground Handling profitability supported EBIT growth, partly offset by continued operating losses in Logistics EPS increased 28% YoY to ^ 2.90 compared to ^ 2.26 in Q 3 2025, reflecting stronger operating profitability Net profit increased 28 % YoY to ^232mn, supported by stronger operating profitability Earnings growth was slightly offset by the financing costs and operating expenses associated with the business expansion Operating Profit (EBIT) (^ Million) EPS (^) 12 421 579 Q3 2025 Q3 2026 +38% Consolidated Revenue (^ Million) Net Profit (^ Million) 188 252 Q3 2025 Q3 2026 +34% 2.26 2.90 Q3 2025 Q3 2026 +28% 181 232 Q3 2025 Q3 2026 +28%
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Q3 2026 Financial Summary SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 13 Operating Profit (EBIT) - Divisional Profitability (^ Million) and (%) EBIT Margin (%) EBIT Margin (%) Improved service -mix, pricing enhancements, and continued cost discipline supported strong Cargo Ground Handling profitability Cargo Ground Handling EBIT margin reached 52.9%, improving 3.1pp QoQ and improving 3.5 pp YoY, supported by higher cargo volumes and a more favorable revenue mix Logistics profitability remain under pressure , reflecting continued investment in infrastructure, commercial expansion and organizational capabilities to support future growth targets Strong Cargo Ground Handling Profitability Alongside Continued Investment in Logistics 184 220 188 218 266 49.4% Q3 2025 51.9% Q4 2025 48.8% Q1 2026 49.8% Q2 2026 52.9% Q3 2026 Cargo Ground Handling 4 -14 -13 -2 -11 8.4% Q3 2025 -15.8% Q4 2025 -21.8% Q1 2026 -2.5% Q2 2026 -14.4% Q3 2026 Logistics
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189 103 131 194 111 0 10 20 30 40 0 50 100 150 200 250 Q3 2026 Financial Summary SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 14 NWC and NWC Margin (^ Million) and (%) Q3 2025 6.0% Q4 2025 7.4% Q1 2026 10.3% Q2 2026 NWC Margin (%) NWC 11.8% Net working capital reached ^ 111mn as of 30 September 2026, compared with ^ 103mn at year -end 2025, reflecting business growth, disciplined receivables and payables management NWC as a percentage of revenue reached to 5.4%, from 10.3% in Q2 2026, reflecting continued focus on working capital efficiency and balance-sheet optimization Operating cash flow increased 10 % YoY to ^ 696mn in 9M 2026m while adjusted free cash flow remained positive at ^ 337mn despite higher CAPEX Improved Working Capital Efficiency and Continued Positive Cash Generation 5.4% Q3 2026
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Q3 2026 Financial Summary SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 15 Cash and cash equivalents stood at ^ 1.36 billion as of 30 September 2026, supported by operating cash generation and access to long- term funding Adjusted free cash flow remained positive at ^ 337mn, despite CAPEX increasing 103% YoY to ^ 209mn as SAL continued investing across its strategic growth priorities Net cash generated from operating activities increased 10% YoY to ^ 696mn in 9M 2026, reflecting stronger operating performance Strong Operating Cash Generation and Liquidity Supporting Strategic Investments Cash Flow Movement (^ Million) 992 (88) (208) (127) (945) (563) 1,362 1,542 760 1,000 1,500 2,000 2,500 3,000 3,500
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Division Deep Dive: Cargo Ground Handling SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 16
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17 SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results Cargo Ground Handling Division: Strong Cargo Activity Drives Revenue and EBIT Growth Revenue 35% YoY ^ 504 million EBIT Margin 52.9% EBIT 43% YoY ^ 266 million2.7pp YoY
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Cargo Ground Handling Performance Highlights SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 18 Record revenue and operating profit supported by recovering higher cargo volumes, stronger import activity, favorable cargo mix and improved terminal service offerings Revenue ( ^ Million) Operating Profit ( ^ Million) EBIT Margin (%) Stronger Import Activity and Cargo Quality Stronger import flows supported higher cargo volumes and increased demand for air cargo handling services A more favorable cargo mix , including higher -yielding shipments, supported revenue quality Increased contribution from terminal handling activity and continued enhancements to the service offering contributed to revenue growth Commercial Execution and Operational Resilience Digital Capabilities Enhancing Service Delivery CargoGate and related digital initiatives continued to cargo visibility, operational efficiency and customer communication Online bookings increased 6% QoQ to approximately 75.6K, compared with 71.2K Customer adoption reached approximately 92%, reflecting continued engagement with SAL's digital services and platforms Improvements to the service offering and pricing enhancements supported stronger Cargo Ground Handling performance Maintained service continuity while adapting operations and cargo routing to evolving regional airspace and airline network conditions Commercial momentum continued , with SF Airlines agreement signing and the resumption of some international airline operation in September The completion of the Liège acquisition in July establishing the Company ’s first global cargo -handling operation and expanding geographic footprint 372 504 Q3 2025 Q3 2026 +35% 187 266 Q3 2025 Q3 2026 +43% 50.2% Q3 2025 Q3 2026 52.9% +2.7pp
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236 251 27 Cargo Ground Handling Performance Highlights SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 19 Cargo volumes increased, supported by domestic growth and the addition of international operations Consolidated volume growth: Q3 2026 volumes increased 18% YoY to 278 Million KG, including the contribution from SAL Liège Domestic and international mix: Domestic volumes rose 6% YoY to 251 Million KG, while international volumes contributed 27 Million KG only for August and September, or 10% of the consolidated total Total Volumes (Million KGs) 18% 236 278 YoY Volume Bridge (Million KGs) Q3 2025 Q3 2026 Domestic Only Domestic + Int’l Domestic (KSA) International (Liège) Cargo Mix by Geography & Type (Million KGs) +15 +27 Q3 2025 Domestic Growth International Contribution Q3 2026 Consolidated 236 278 Saudi Arabia (Domestic) 90% +6% YoY (236 → 251 Million KG) Belgium (International) 10% -10% YoY (30* → 27* Million KG) Import 130 166 Export 12 11 Transit 94 74 Q3 2025 Q3 2026 Import 18 14 Export 10 11 Transit 2 2 Only 2 months of Q3 2025 (Comparative Only) Only 2 months of Q3 2026 * Liège volumes for August–September 2025 are presented for illustrative comparative purposes only and were not included in SAL's consolidated volumes for 2025, as the acquisition was completed on 31 July 2026.
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Division Deep Dive: Logistics SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 20
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21 SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results Revenue 53% YoY ^ 76 million EBIT Margin 16.8 pp YoY (14.4) % EBIT ^ (11) million Logistics Division: Strong Revenue Growth and Significant Improvement in Business Momentum Widening QoQ
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Logistics Performance Highlights SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 22 Strong revenue growth driven by commercial execution, and customer diversification, alongside continued investment in the division ’s growth verticals to improve profitability and reinforcing the path toward sustainable earnings Revenue ( ^ Million) Operating Profit (EBIT) ( ^ Million) EBIT Margin (%) Commercial Expansion Driving Revenue Growth Revenue Growth was driven by expanding f reight forwarding, trucking and contract logistics activities, supported by broader service offerings and increased commercial executions Specialized logistics activities expanded , including multiple charter operations, complex cargo movements, and increased domestic and regional transposition activity Improved commercial executions and customer diversification broadened the division’s revenue base and supported continued growth Continued Investment and Profitability Pressures Customer Diversification and Commercial Momentum New customer wins and expanded engagements across industrial, aviation, and specialized logistics sectors continued to diversify the customer base Business development activities progressed across industrial logistics, warehousing, and integrated supply chain solutions, supporting a broader pipeline of potential opportunities Continued expansion of specialized logistics capabilities and integrated service offerings supports the division ’s ability to address evolving customer requirements and pursue additional market opportunities Logistics reported an operating loss of SAR 11mn in Q 3 2026 , reflecting continued investment in infrastructure, organizational capabilities, and commercial expansion Profitability was further impacted by Damam warehouse closure costs and a less favorable freight forwarding project mix , while our focus remains on improving utilization and operating leverage Operational capabilities continued to develop through specialized warehousing solutions, increased customer activity, and enhancements to service delivery 1 (11) Q3 2025 Q3 2026 2.4% (14.4)% Q3 2025 Q3 2026 49 76 Q3 2025 Q3 2026 +53%
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Capital Allocation and Deployment SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 23
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Capital Allocation and Deployment SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 24 Cargo Ground Handling ^ 900 mn Continued investment in strategic infrastructure and capacity expansion, supporting SAL ’s long -term growth objectives SAL Zones ^ 4.1 bn SAL Logistics ^ 203 mn Expansion and modernization of cargo- handling infrastructure across key domestic airport hubs. Ongoing investments aimed at expanding handling capacity, enhancing service quality and improving operational efficiency. Development of warehousing and distribution infrastructure, including the Jeddah Islamic Seaport Distribution Centre. Supporting the expansion of integrated logistics capabilities and broader customer base. Phase 1 development at the SAL Zones Falcon City – Malham Logistics Park progressing, with site preparation completed and construction activities underway. Initial revenuer is expected from 2028. Total Planned CAPEX (2026-2030) ^ 5.2 bn Committed CAPEX (as of September 2026) ^ 910 mn 9M 2026 CAPEX (incurred) ^ 209 mn Key Projects and Targeted Completion Key Projects and Status Update SAL Zones Malham Logistics Park Update JED Terminal – Phase 2 Q1 2028 RUH Terminal – Phase 2 Q2 2028 DMM Terminal – Refurbishment Q4 2027 MED Terminal – New Q3 2027 JED Seaport Distribution Center Construction Completion Exp. Commencement TD Q3 2027 25% Contract Signing Q2 2026 Earth Works Progress (Site Flattened & Fenced) 100% Phase 1 share ~40 – 45% of ~ 890k sqm Phase 1 Development 5 Pre-built warehouses + a labor accommodation
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Outlook and Guidance SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 25
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SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 26 Area Outlook Strategic Levers SAL Zones Phase 1 development progressing towards targeted completion by end-2027, supporting the planned commencement of revenue generation from 2028 Phased development, tenant engagement, disciplined capital deployment and integration with SAL's broader logistics offering Logistics Continued commercial expansion and customer diversification, alongside ongoing investment in infrastructure and capabilities to support the longer- term growth profitability Infrastructure development, technology adoption, service diversification, improved asset utilization and disciplined commercial execution Expected to remain SAL's primary earnings contributor, supported by its established market position and operational flexibility amid evolving regional conditions Cargo Ground Handling Service innovation, cost discipline, network flexibility, international expansion and continued commercial development Dividend Maintain the 75% dividend payout guidelines while preserving financial flexibility to support long-term growth Strong operating cash generation, liquidity management and disciplined capital allocation 2026 Outlook & Priorities SAL remains focused on operational resilience, disciplined capital allocation and long -term growth, while navigating regional ma rket conditions
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Closing Remarks SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 27 Record quarterly revenue and strong earnings growth , supported by higher cargo volumes, a more favorable revenue mix and increased terminal handling activity Cargo Ground Handling remained the primary earnings contributor , while Logistics delivered strong revenue growth through continued expansion, customer diversification and service offering enhancements Continued execution of strategic growth initiatives , including the completion of the SAL Liège acquisition and progress on SAL Zones development Strong operating cash generation and disciplined capital allocation supported continued investment across SAL's growth priorities Operational resilience and financial flexibility position SAL to navigate evolving regional conditions while advancing its long - term growth strategy
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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) Q3 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
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Appendix SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results 30
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IFRS 18 – Preliminary Impact Assessment - 2026 Q3 31 • The reconciliation illustrates how the current IAS 1 statement of profit or loss would be presented under IFRS 18, providing an early view of the expected reporting structure. • The most significant change is the transition from function-based expense presentation to a more transparent nature-based expense presentation. • Investment income is presented within the Investing category. • New mandatory subtotals, including Operating Profit and Profit Before Financing and Income Taxes, provide greater comparability across entities. • The reconciliation also reflects SAL's preliminary identification of EBITDA and Adjusted EBIT as Management Performance Measures (MPMs) that aligns with internal management reports and board reports. Key messages from the preliminary reconciliation SAL Saudi Logistics Services Co. (Ticker: 4263.SR) Q3 2026 Results