Slides
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Feb 9th, 2026
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Saudi Aramco Base Oil Company — Luberef Legal Disclaimer 2 Saudi Aramco Base Oil Company — Luberef
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Saudi Aramco Base Oil Company — Luberef
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Saudi Aramco Base Oil Company — Luberef Powered by People Driving Operational Excellence Delivering Value TRIR (2) 0.0 More than 6 Years 43.3 MM Man-hours without LTI Safe Operations02 Reliability & Safety 03 99.1% Mechanical Availability (3) 4 Saudi Aramco Base Oil Company — Luberef Continuing Synergy02 Refining Our Base for Growth03 1.15 MMSCF (4) GHG Emissions Environmental, Social, Governance 04 ICFR Awards04 Market Leader in Excellence01 Value Through Transformation01 82.2% Capacity Utilization (1) 537 Unit Cost of Production 10+ 100+ Financial Governance Program 900+ Million SAR of Value 7000 New Initiatives Workforce Assets
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Saudi Aramco Base Oil Company — Luberef Yanbu Growth II Saudi Aramco Base Oil Company — Luberef5 Growth II & Turnaround 01 Project successfully executed the planned shutdown scope within the approved turnaround window. Another Shutdown will be required and is to take place in August 2026. Project Capex02 2025 SR 147 million CAPEX. 2026 ~SR 300-350 million. Targeted Completion Date 03 Targeting H2 2026 for project completion through accelerated efforts. 68% Growth II Project Progress
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Saudi Aramco Base Oil Company — Luberef Crack Margins Within Historical Average Base Oil Price Feedstock Cost 12M 2025 Crack Margin Crack Margin 1,846 1,849 1,995 1,413 1,083 1,222 2,248 2,484 2,068 1,703 1,703 1,911 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 12M 2024 12M 2025 Base Oil Crack Margins ( /Mt) 6 Historical AVG 1,791
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Saudi Aramco Base Oil Company — Luberef
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Saudi Aramco Base Oil Company — Luberef Annual 2025 at a Glance Saudi Aramco Base Oil Company — Luberef 8
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Saudi Aramco Base Oil Company — Luberef Lower Net Income Due to Reduction in Sales Volume 9 Million Lower (117Million) (12%)
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Saudi Aramco Base Oil Company — Luberef Sustained Healthy Cash Generation FCF 1,073 Million 10 Higher (186 Million)(16%) Million
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Saudi Aramco Base Oil Company — Luberef Saudi Aramco Base Oil Company — Luberef 2026 Guidance Base Oil Volumes, Turnaround & Shutdown • • • • • Base Oil Prices & Crack Spreads • • • • Capex • • ~ $ Dividend • 11
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Q&A Annual 2025 Earnings Call
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Thank You
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Saudi Aramco Base Oil Company — Luberef Unlocking Future Value: Growth Potential for Yanbu facility* Distillate Hydrocracker Unit Diesel Diesel Naphtha Waxy ISO Dewaxer Unit 70 N 110 N 230 N 500 N Additional UCO Additional VGO Asphalt Distillate Raffinate Propane De Asphalting Unit Furfural Unit MLDW D. Oil 33.8 MBD 26.3 MBD 2.7 MBD 1.2 MBD6 MBD Over Flash VTB NaphthaDiesel Asphalt RCO 65 MBD 150 SN 500 SN BSS 35 MBD 29 MBD 1.3 M MT 0.3 M MT Naphtha Vacuum DistillationUnit 14
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Saudi Aramco Base Oil Company — Luberef Sustainable and Attractive Distributions Across Base Oil Crack Margin Environments Saudi Aramco Base Oil Company — Luberef 1,700–1,900 1,900–2,050 2,050–2,250 2,250–2,450 1.4 1.7 1.9 2.1 Free Cash Flow ( Bn) Base Oil Crack Margin ( /Mton) ~4-7 per share ~5-8 per share ~6-9 per share ~7-10 per share Based on 1.3 Million Tons (Dividend / Share) Dividends Range 60%–80% of FCF 15
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Saudi Aramco Base Oil Company — Luberef Q4 at a Glance Saudi Aramco Base Oil Company — Luberef *Some numbers are rounded (1) Luberef products only. (2) Realized Base Oil Sales Price $/MT – Freight $/MT – Feedstock Cost $/MT (3) Free cash flow divided by EBITDA 16