Slides
Page 1
rasan Rasan's Earnings Call H1 - 2026 10 August 2026
Page 2
2 DisclaimerThis presentation contains certain statements that are forward-looking statements. They appear in a number of places throughout this presentation and include statements regarding the intentions, beliefs and/or current expectations of Rasan Information Technology Co (“Rasan” or the “Company”) and its subsidiaries (together, the “Group”) and those of their respective officers, directors and employees concerning, amongst other things, the results of operations, financial condition, liquidity, prospects, growth, strategies and the businesses operated by the Group. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this presentation and, unless otherwise required by applicable law, the Company undertakes no obligation to update or revise these forward-looking statements. Nothing in this presentation should be construed as a profit forecast. The Company and its directors accept no liability to third parties. This presentation contains brands that are trademarks and are registered and/or otherwise protected in accordance with applicable law.
Page 3
3 AGENDABusiness Update01 |Financial Performance02 |Q&A03 |
Page 4
BUSINESS UPDATE
Page 5
5 Key Indicators: Two Years Of Execution Since IPO: Growing Faster, More Profitable, & Across More Products 1. Current market cap. of SAR 9.85Bn as of 5 August 2026 (Tadawul). Increase vs. market capitalisation at IPO of SAR 2.8Bn vFaster YoY revenue growth: 111% YoYvMore profitable: 46% Adj. EBITDA Margin H1 2026 vLarger products/services portfolio: +20 live products & services today (+6 in the last year) vContinued market cap. increase: ~252% since IPO1 INVESTOR RELATIONS PROGRAM OF THE YEAR 2025 AWARD
Page 6
6 111% CUMULATIVE REVENUE GROWTHConstant Momentum Across the Business Lines MOTOR RETAIL +79%YoY Rev. growth §+48% Comprehensive GWP growth§+54% TPL GWP growth§+12% in volume growth MOTOR LEASING +153%YoY Rev. Growth §+45% GWP growth§+20% volume growth HEALTH +34%YoY Rev. Growth §+38% total GWP growth §+17% YoY GWP growth for higher classes§+44% volume growth1 OTHER PRODUCTS +751%YoY Rev. Growth §Continued scaling new products & services§Finalizing the groundwork to launch financial services 1. Growth in Health SME members Note: GWP= Gross Written Premium
Page 7
7 Continued Growth In Motor Retail Insurance MOTOR RETAIL INSURANCE 1. All motor insurance products sold by Rasan (Retail, Leasing, SME); 2. GWP evolution per Quarter accounting for last 12-month rolling sum of GWP Overall Motor Insurance GWP1 growth by quarter Indexed (Q4 2024 = 100) Continuing to contribute to the innovation of the motor retail insurance in the KingdomQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026EQ2 2026 Market Retail+28% cumulative Tameeni Retail+52% cumulative
Page 8
8 Continue Supporting Market Growth And Evolution MOTOR LEASING INSURANCEOnboarding new player into the ecosystem Supporting leasing shift to used vehicles HIGHER ATTENTION TO USED VEHICLESUsed vehicle share of new leasing business nearly doubled YoY Q2-25Q2-26 1.9x EXPANDING THE ECOSYSTEM 21Financial InstitutionsLive22Insurance CompaniesIntegratedContinuing to expand the ecosystem and extending the VAS proposition to leasing clients
Page 9
9 Health SME Continuing Sustained Growth HEALTH SME INSURANCEHealth SME growth driven by volume and price increase Noticeable growth in members insured Increase in Premiums in the last 6 monthsAverage premium X Member 2025-H1 2026-H1 +44%Member Insured through Tameeni 2026-Q1 2026-Q2 +9%
Page 10
10 Continue Expanding Product And Services Portfolio OTHER PRODUCTSScale our newer insurance lines into meaningful contributorsFinalizing the groundwork to launch financial services 360 INSURANCE VIEW CROSS-SELLING VALUE CHAIN EXPANSION FINANCIAL SERVICES ACCESS Continuing to build the one-stop-shop for insurance üProduct MVP completedüIntegrations with Financial Institutions startedüFinalizing regulatory requirements DH- ContractMedical MalpracticeTravelMotor SMEPremium Residency DH - HealthMarineProtection & SavingsHomeCivil liability Value added services cross-sold to existing customers 7 Partners +30 ProductsServices Accessories Lifestyle Tameeni HeroClaim FNOL & Tracking +9kCustomers served in H1 2026+50IC connections for Claim FNOL across 3 products Accelerated customer support across the value chain
Page 11
FINANCIAL PERFORMANCE
Page 12
12 H1 2026: Growth More Than Doubled While Profitability Sustained GWP5.4 B+53% Y-o-Y REVENUE517 MM+111% Y-o-Y VOLUMES+44% Health1+12% Motor Retail+20% Motor Leasing GROSS MARGIN69%-3% Y-o-Y ADJUSTED EBITDA236 MM+156% Y-o-Y ADJUSTED NET PROFIT216 MM+158% Y-o-Y 1. Growth in Health SME members Note: GWP= Gross Written Premium
Page 13
13 Two Accounting Refinements During 2Q 2026 Review Adjustment 1ESOP AttributionAdjustment 2Receivables & Payables De-recognitionOverview of change •“Straight line” to “Tranche by tranche” or staged vesting under IFRS 2 •De-recognition of leasing receivables and payables Reason for change•Treatment reflects treatment of recent leavers where pro-rata shares allocated upon exit •Rasan acts as agent on Motor Leasing with no legal recourse of IC to Rasan on insurance premiums 2025 Profit & loss•Higher non-cash G&A charge of (6) MM1•No change to Adj. EBITDA or Adj. Net Profit •ECL charge reversed as a G&A credit of +6 MM2•Higher Adj. EBITDA and Adj. Net Income 2025 Balance sheet•Retained earnings lower due to higher non-cash G&A charge •YE25 leasing receivables & payables each reduce by 372 MM•Retained earnings higher due to ECL released to retained earnings2025 Cash flow•No impact•No impact 1.1H 2025: (10)MM; 2Q 2025: (5)MM 2.The Group historically did not carry an expected credit loss on the related balance until 1 July 2025, therefore this restatement has no impact for the three- and six-month period ended 30 June 2025 Note: In addition to the above, there are additional reclassificaiton adjustments made to the historic P&L and Balance sheet These do not have an impact on the Group’s Net income or Equity Net Nil Impact on FY2025 Net Income
Page 14
14 Updated Treatment Recognizes The Same Total ESOP Cost But Front-loads It Relative To Straight-line Grant Vesting date Annual ESOP charge Tranched(staged vesting) Straight-lineFront-loaded charge for Tranched KEY POINTSTotal Cost is UnchangedSame fair value, same vesting period Tranched is Front-loadedEach tranche expensed over its own shorter period Same Total by Vesting DateOnly the phasing between periods differs No Impact on Adj. EBITDA, Adj. Net Income, or Cash Position COMPARISION OF ESOP EXPENSE BETWEEN TRACHED vs. STRAIGHT LINE Straight-line Higher Catch-up
Page 15
15 Agency-related Leasing Receivables And Payables Are Being De-recognized From Balance Sheet million2025 Reported De-recognitionECL Release Pro-forma for Adj.1 ASSETSTrade & other receivables470(372)6104Other assets878--878Total assets1,348(372)6982LIABILITIES & EQUITYTrade & other payables604(372)232Other liabilities38--38Total equity705-6711Total liabilities & equity1,348(372)6982 KEY POINTSRE-RECOGNITION OF RECEIVABLES & PAYABLES RELATING TO LEASING Equal & Offsetting ReductionReceivables and payables each fall by 372 MM Agency Balances RemovedAmounts held on behalf of lessors and insurers no longer grossed up Equal and Off-setting Impact on Balance Sheet with Positive Impact on Equity due to Release of Expected Credit Loss Provision Positive impact on P&L Due to Release of Expected Credit Loss Provision 1.Excludes the impact of the ESOP adjustment on Equity and hence does not represent the restated 31 Dec’25 balance sheet Refer to the appendix for the reconciliation of the 2025 Reported balance sheet to the 2025 Restated balance sheet
Page 16
16 Broad-based Momentum: All Verticals Delivered Attractive GrowthRevenue MM Revenue by ProductRevenue contribution (%) üRasan's growth momentum continued in 1H 2026, with total revenue more than doubling year-on-year and increasing by 111% to reach 517 million, compared to 245 million in 1H 2025 üGrowth was broad-based across the platform — motor retail extended its trajectory, the upgraded leasing model scaled rapidly, health accelerated, and new verticals began contributing meaningfully üSustained growth momentum with strong contributions from every vertical|Motor Retail: 213 million (+79%)|Motor Leasing: 231 million (+153%)|Health: 42 million (+34%)|Others: 32 million (+751%) 245517 H1 2025H1 2026 +111% 95%74%62%63%55%49%41% 20%20%21%30%37%45%16%15%14%11%2%1% 2020 6% 20212022 2% 2023 1% 2024 3% 2025 6%8% H1 2026Motor RetailMotor LeasingHealthOther products Other products consolidates Awal Mazad, Warshati, R Solution, MMP, Travel and Domestic Helper 16245Q1 2026Q2 2026 261256-2%+5% Underlying 1Q26 Revenue (ex. 4Q25 lease renewal effect)
Page 17
17 Gross Profit Doubled – with Margin Remaining at Attractive Levels through Product Diversification Gross Profit and Margin MM, % üGross profit increased by 103% compared to H1 25 due to higher revenue üGross profit margin was 69%, compared with 72% in 1H 2025, a natural outcome of the Group's successful diversification, with newer, fast-scaling products contributing a growing share of revenue üUnit economics remained healthy across verticals, underscoring the scalability of the platform as volumes grow 69%72%71%67% 186 172 Q1 2026Q2 2026 -7% 176 358 H1 2025H1 2026 +103% Gross Profit Margin
Page 18
18 Adj. EBITDA More Than Doubled In H1 2026 Whilst Continuing To Invest In New Product Launches üAdjusted EBITDA rose by 156% YoY to 236 million in H1 2026, with an adjusted EBITDA margin of 46%, up from 38% in the first half of 2025 üMargin expansion was driven by the combination of rapid top-line growth, operating leverage across the platform, and an increasingly diversified product portfolio üImproved unit economics and scale efficiencies across core verticals more than offset higher marketing spend, which was deployed in line with the Group's strategy of expanding and launching new products 1.Adjusted EBITDA excludes non-cash ESOP impact2.Restated for ESOP attribution; Derecognition of receivables & payables 92 236196 Adj. EBITDA H1 25Revenue Effect -14 Gross Margin Effect -45 Marketing Expenses 7 G&AAdj. EBITDA H1 2026 Adj. EBITDA1 Bridge MM Adj. EBITDA1 evolution and Margin MM, % 46%38%46%45% Q1 2026Q2 2026 118117-1% H1 2025H1 2026 92236156% EBITDA Margin 2
Page 19
19 High Conversion Rate From Adj. EBITDA To Adj. Net ProfitAdj. Net Profit and Margin MM, % Adj. Net Profit Bridge MM üAdjusted Net Profit rose by 158% YoY to 216 million in H1 2026, with an adjusted Net Profit margin of 42%, up from 34 % in the first half of 2025üRoughly 90% of Adj. EBITDA flowed through to Adj. Net Profit, reflecting:|Controlled depreciation and amortization expenses, consistent with Rasan’s capital-light model |Conservative balance sheet with no debt|Other operating income generated from term deposits 236 216 Adj. EBITDA H1 261 -2 Finance Cost -14 D&A -13 Total Zakat & Tax +10 Other IncomeAdj. Net Profit H1 26 42%34%43%41% Q1 2026Q2 2026 107109+2% H1 2025H1 2026 84216+158% Net Profit Margin 2 1.Adjusted EBITDA excludes non-cash ESOP impact2.Restated for ESOP attribution; Derecognition of receivables & payables
Page 20
Supporting Materials
Page 21
21 H1 2026 : Summary P&L for Q2 2026 and H1 2026 1.Adjusted EBITDA and adjusted net profit excludes non-cash ESOP impact2.Restated for ESOP attribution; Derecognition of receivables & payables Million Q2 20252 Q2 2026Var%H1 20252 H1 2026YoY Var%Motor 5910983%11921379%Lease 47108130%91231153%Health 162339%314234%Others 2 18888%4 32751%Revenue 124256106%245517111%Direct Cost (34)(84)149%(69)(159)132%Gross Profit9017290%176358103%Gross Profit Margin 73%67%-6%72%69%-3%Selling and Marketing(19)(38)99%(42)(86)108%Other G&A (31)(48)53%(70)(92)32%Opex (51)(86)71%(111)(178)60%Operating Profit4086116%65180177%Operating Profit Margin32%33%1%27%35%8%Finance Charges and Other Income4 4 14%8 8 -5%Profit before Tax/Zakat4490107%73188157%Tax/Zakat (4)(5)24%(8)(13)65%Net Profit 4085115%65174168%Net Profit Margin32%33%1%27%34%7%Adj. Net Profit1 51109112%84216158%Adj. Net Profit Margin1 41%43%1%34%42%8%Depreciation & Amortization(5)(8)70%(9)(14)66%Adj. EBITDA1 56117109%92236156%Adj. EBITDA Margin1 45%46%1%38%46%8%
Page 22
22 Reconciliation of Net Profit to Adj. Net Profit and Adj. EBITDA million2Q 20262Q 2025*1H 20261H 2025*Reported net profit 854017465(+) Non-cash ESOP costs 24124219Adjusted net profit 1095121684(+) Finance costs 1021(+) Depreciation and amortisation 85149(+) Total zakat and taxes 54138(-) Other income (5)(4)(10)(9)Adjusted EBITDA1175623692* Restated for ESOP attribution; Derecognition of receivables & payables
Page 23
23 Reconciliation between Reported and Restated P&L (1H 2025 and 2Q 2025) 1H 2025 2Q 2025 millionReportedESOP AttributionAsset/ Liab. Derecog.Pres. of ECLRestatedReportedESOP AttributionAsset/ Liab. Derecog.Pres. of ECLRestatedRevenues245 ---245 124 ---124 Cost of revenues(69)---(69)(34)---(34)Gross profit176 ---176 90 ---90 General & admin. (59)(10)- 10 (60)(26)(5)- 2 (30)Marketing expenses(42)---(42)(19)---(19)Impairment losses on financial assets---(10)(10)---(2)(2)Operating profit75 (10)- -6545 (5)- -40Finance costs(1)---(1)(0)---(0)Other income9 ---9 4 ---4 Profit before Zakat83 (10)- -73 49 (5)- -44 Zakat & taxes(8)---(8)(4)---(4)Net profit75 (10)- - 65 45 (5)- - 40
Page 24
24 Reconciliation between Reported and Restated Adj. EBITDA and Adj. Net Income (1H 2025 and 2Q 2025) 1H 2025 2Q 2025 millionReportedESOP AttributionAsset/ Liab. Derecog.Pres. of ECLRestatedReportedESOP AttributionAsset/ Liab. Derecog.Pres. of ECLRestatedReported net profit75 (10)--65 45 (5)- -40 (+) Non-cash ESOP costs9 10 --19 6 5--12 Adjusted net profit84 -- -84 51 - -- 51 (+) Finance costs1 ---1 0 ---0 (+) Depreciation & amort.9 ---9 5 ---5 (+) Total zakat & taxes8 ---8 4 ---4 (–) Other income(9)---(9)(4)---(4)Adjusted EBITDA92 -- 92 56 ---56
Page 25
25 Reconciliation between Reported and Restated Balance Sheet (2025) million2025 ReportedESOP AttributionAsset/ Liability Derecognition – ECL Release Asset/ Liability Derecognition RestatedASSETSTrade & other receivables470- 6 (372)104Other assets8787 - - 885Total assets1,3487 6 (372)989LIABILITIES & EQUITYTrade & other payables604- - (372)232Other liabilities38- - - 38Total equity7057 6 - 719Total liabilities & equity1,3487 6 (372)989
Page 26
ﹰاﺮﻜﺷ Thank You