Earnings release
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EARNINGS RELEASE RASAN DELIVERS STRONG 9M 2025 PERFORMANCE WITH 83% YOY REVENUE GROWTH AND NEARL Y TRIPLED ADJUSTED EBITDA, SUPPORTED BY BROAD-BASED BUSINESS MOMENTUM Riyadh, Saudi Arabia | 27 October 2025 – Rasan Information T echnology Company (“Rasan”), the leading Fintech and Insurtech in the Kingdom of Saudi Arabia, today announced its financial results for the first nine months of 2025, reporting record top-line growth and continued operational momentum across its digital platforms. For the nine-month period ended September 30, 2025, Rasan delivered 83% Y oY revenue growth, 115% Y oY gross profit increase and a 176% Y oY increase in Adj. EBITDA, reflecting robust demand across its platforms, ongoing customer growth, and enhanced monetization. The performance was underpinned by continued growth in motor retail, upgrades in the motor leasing business model, on-boarding of additional customers in the leasing business, strong growth in health supported by continued product innovation and digital adoption, and early traction from recently launched verticals. Key Highlights 9M 2025: Delivered record revenue growth of 83% Y oY , reaching 439.6 million. Gross Written Premiums (GWP) rose 28% Y oY to 6.0 billion, driven by strong policy growth across core verticals and early traction from recently launched verticals . Launched four new products (Motor SME, Health Individual, Home and Protection & Savings insurances), supporting continued platform expansion and product diversification. Continued scale in our leasing business due to the onboarding of additional customers. Generated 311.7 million in gross profit, with a gross profit margin of 70.9%, up from 60.2% in 9M 2024, reflecting improved unit economics due to product mix and platform scalability. Achieved Adj. EBITDA margin of 42.4% with Adj. EBITDA of 186.5 million, compared to 28.1% Adj. EBITDA margin and Adj. EBITDA of 67 .6 million in the prior-year period, driven by operational leverage and disciplined cost control. Reported net profit increased 187% year-on-year to 157 .4 million in 9M 2025 whilst adj. net profit increased 214% year-on-year to 172.3 million, demonstrating strong bottom-line performance and operating momentum. 9M 2025 Revenue 9M 2025 Gross Profit 9M 2025 Adj. EBITDA + 83% Y oY +115% Y oY +176% Y oY 439.6 million 311.7 million 186.5 million The first nine months of 2025 has been another period of strong execution and momentum for Rasan. We continued to launch new products while driving sustained growth across our existing business lines, particularly within Motor Retail, which continues to demonstrate the strength of our value proposition and the trust of our customers. We also saw encouraging traction in our Motor Leasing business with the onboarding of new customers and the expansion of our partner network. Our performance this quarter reflects the scalability of our platforms, the resilience of our model, and our team’s relentless focus on delivering value to customers and partners alike. As we look ahead, we expect to see continued acceleration across our business lines, supported by ongoing innovation, product diversification within the broader financial and insurance ecosystems. MOA Y AD ALFALLAJ Co- f o under and CEO o f Ra s an 1
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Key figures ‒ Group * Adjusted to exclude impact of non-cash ESOP costs Million Revenues Gross Profit Margin Adj. EBITDA * Margin Adj. Net Profit* Margin Reported Net Profit Margin 9M 2025 439.6 311.7 70.9% 186.5 42.4% 172.3 39.2% 157.4 35.8% 9M 2024 240.5 144.8 60.2% 67.6 28.1% 54.9 22.8% 54.9 22.8% % 2 83% 115% +10.7ppts 176% +14.3ppts 214% +16.4ppts 187% +13.0ppts Revenue Performance Cost Evolution and Profitability Rasan delivered strong growth in the first nine months of 2025, with total revenue increasing by 83% to reach 439.6 million, compared to the first nine months of 2024. Motor continued to perform well, supported by robust growth in both the motor retail and motor leasing segments. Motor retail grew driven by an increase in comprehensive volumes and an overall increase in number of policies. The strong growth in motor leasing was underpinned by the shift in the motor leasing business model and the continued onboarding of new customers. The performance across business lines remained balanced, reflecting Rasan’s ongoing strategic focus on diversification. Notably, four innovative products such as Motor SME, Health Individual, Home and Protection & Savings insurances were launched during the period, reinforcing the company’s commitment to customer-centric innovation. Gross Profit Performance Rasan continued to deliver strong profitability in the first nine months of 2025, with gross profit increasing by 115 % year-on-year to 311 . 7 million. Gross profit margin improved substantially, increasing from 60.2% in 9M 2024 to 7 0 .9% in 9M 2025, reflecting improved cost absorption and scalability across the business. Adjusted EBITDA Performance A djusted EBIT DA rose by 176% year-on-year to 186.5 million in 9M 2025, with an ad justed EBIT DA margin of 42.4%, up from 28.1% in the first nine months of 2024. This strong performance reflects strong top-line growth, operational leverage, and continued diversification of Rasan’s product portfolio. W hile mar k eting e x penses increased during the period – aligned with the G roup’s strategy to invest in e x panding and launching new products – these were more than offset by improved unit economics and scale efficiencies across core verticals .
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3 Financial Statements ‒ Group Statement of Income Statement of Financial Position Million Million Revenues T otal current assets Cost of revenues T otal non-current assets Gross Profit T otal assets General and administrative expenses T otal current liabilities Marketing expenses T otal non-current liabilities Operating profit T otal liabilities Financing costs T otal equity Other income / (expenses) T otal equity and liabilities Profit before Zakat Zakat expense Reported N et Profit (loss) 9M 2025 3 0/09/2025 4 3 9.6 1,193.0 ( 127 .9) 106.3 3 11.7 1,299. 3 (88.2) 683.7 (65.3) 14.3 158.1 698.0 (0.8) 601. 3 13.7 1,299. 3 171.0 ( 13.6) 157.4 9M 2024 3 0/06/2025 240.5 884.6 (95.6) 101.9 144.8 986.5 (64.3) 465.5 (23.6) 13.8 57.0 479.2 ( 0.3) 507. 3 7 .6 986.5 64.2 (9.3) 54.9 % 83% 34% 115% 37% 177% 177% 125% 81% 166% 46% 187% N et Profit Performanc e Reported net profit reached 157 .4 million in 9M 2025, representing an increase of 187% year-on-year whilst adjusted net profit reached 172.3 million in 9M 2025, representing an increase of 214% year-on-year . The high conversion of Adj. EBITDA to Adj. net income was supported by controlled depreciation and amortization expenses, consistent with Rasan’s capital-light model. The Group’s conservative balance sheet, with no debt, continues to underpin its financial flexibility and profitability.
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Reconciliation of Reported Net Profit to Adjusted Net Profit and Adjusted EBITDA 9M 2025 Results Documents & Conference Call About Rasan Million Reported net profit (+) Non-cash ESOP costs Adjusted net profit (+) Finance costs (+) Depreciation and amortisation (+) T otal zakat and taxes (-) Other income Adjusted EBITDA 9M 2025 157.4 14.9 172.3 0.2 14.0 13.6 (13.7) 186.5 9M 2024 54.9 - 54.9 0.1 10.9 9.3 (7 .6) 67.6 4 The company would like to invite its respective shareholders and financial analyst to attend a conference call for discussing the financial results for the period ending with 30/09/2025. The call is scheduled to be on T uesday, the 4th of November 2025 at 16:30 Saudi Time. At the end of the call, there will be an interactive Q&A session. For further details of the call including the registration link, kindly check the attachment or contact the investor relations through investors@rasan.co Rasan owns and operates a portfolio of digital products designed to meet evolving customer needs across the Kingdom’s financial ecosystem. Key platforms include T ameeni, Saudi Arabia’s leading insurance aggregator that offers users seamless access to a broad range of insurance products, and Treza, a digital platform focused on motor leasing solutions. The company partners with insurance companies, financial institutions, and service providers to deliver integrated, technology-driven products that enhance convenience, transparency, and efficiency. Rasan’s platforms support multiple stages of the customer journey, including insurance purchasing and claims management. Rasan’s strategy is closely aligned with Saudi Arabia’s Vision 2030, contributing to financial inclusion, economic diversification, and the digital transformation of the financial services industry. By building scalable, data-centric digital infrastructure, Rasan aims to drive innovation and create accessible financial solutions for individuals and businesses across the Kingdom.
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5 Disclaimer This document may contain statements that are, or may be deemed to be, forward-looking statements, including statements about the beliefs and expectations of Rasan Information T echnology Company (“Rasan” or the “Company”). These statements are based on Rasan’s current plans, estimates, and projections, as well as its expectations of external conditions and events. Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. As a result of these risks, uncertainties, and assumptions, a prospective investor should not place undue reliance on these forward-looking statements. A number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements. Rasan is not obliged to, and does not intend to, update or revise any forward-looking statements made in this document, whether as a result of new information, future events, or otherwise. Rasan disclaims liability for any loss arising out of or in connection with your use of, or reliance on, this document. These materials do not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.