Slides
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Earnings Presentation 1 3rd Quarter 2026 6th October 2026
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Disclaimer Information contained in this presentation is subject to change without further notice, its accuracy is not guaranteed, and it may not contain all material information concerning the company. We do not make any representation regarding, and assume no responsibility or liability for, the accuracy or completeness of, or any errors or omissions to any information contained herein. In addition, the information contains projections and forward-looking statements that reflect the company’s current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and may change over time. No assurance can be given that future events will occur, that projections will be achieved, or that the company’s assumptions are correct. Actual results may differ materially from those projected. Due to rounding off, the sum of values presented in the slides may differ from totals as reported. Such differences are not material. This presentation is strictly not to be distributed without the explicit consent of Almarai Company management under any circumstances. 2 Earnings Presentation - Q3 2026
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Market Dynamics Q3 2026 Business Performance Q3 2026 Financial Performance Key Highlights / Other Information Question & Answer Table of Contents 3 Earnings Presentation - Q3 2026 YTD Q3 2026 Business Performance YTD Q3 2026 Financial Performance Appendix
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Market Dynamics 4 Earnings Presentation - Q3 2026
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Almarai Retains Market Share Leadership in KSA 5 Dairy 49 32 46 57 Category Dec-24 35 48 35 45 56 33 49 33 50 56 32 1 1 1 1 Almarai Rank Aug-26 1 Almarai Value Share % Dec-25 Aug-26 Food Juice Bakery Poultry (Fresh Chicken) Earnings Presentation - Q3 2026
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Innovation Pipeline 3 rd Quarter I n n o v a t i o n P i p e l i n e 2 0 2 6 6 Earnings Presentation - Q3 2026
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Q3 2026 Business Performance 7 Earnings Presentation - Q3 2026
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Q3 2026 Key highlights 8 Earnings Presentation - Q3 2026P&L–Profit and Loss Statement BS – Balance Sheet CF – Cash Flow Revenue P&L Highlights BS & CF Highlights Operating Profit Net Income Working Capital CAPEX Free Cash Flow Million +YoY% / (YoY%) 1,002 859 Q3 2025 Q3 2026 (143) (967) 89 Q3 2025 Q3 2026 1,056 4,412 5,126 Q3 2025 Q3 2026 713 5,553 6,187 Q3 2025 Q3 2026 635 11% 613 618 Q3 2025 Q3 2026 5 1% 757 779 Q3 2025 Q3 2026 21 3%
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+11% +14% +11% +8% +11% +5% +12% +25% +11% Current P erformance Growth Growth % Total 635 Qatar 3 Bahrain 11 Oman 1 5 Egypt 1 1 4 Jordan 24 UAE 26 Country KSA 391 Kuwait 33 Strong growth led by KSA, Egypt, and Kuwait 9 Earnings Presentation - Q3 2026 ** Total growth of 635M includes +18M from other countries. ** * Egypt local currency growth is +31%. * Million Q3 2026 Revenue is 6,187M with a total growth of 635M or 11% KSA 4,022 65% Egypt 574 9% UAE 534 9% Kuwait 314 5% Jordan 243 4% Oman 213 4% Bahrain 112 2% Qatar 26 0% +YoY% / (YoY%)
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+11% +9% +63% +8% +13% +19% +12% +8% Current P erformance Growth Growth % Total 635 46 Long Life Dairy Food Water 52 59 90 98 Bakery Protein 1 1 5 Fruit Juice Product Fresh Dairy 1 53 Fresh Dairy and Protein lead double-digit Growth… 10 Earnings Presentation - Q3 2026 * +YoY% / (YoY%) Million Fresh Dairy 2,058 33% Protein 1,115 18% Bakery 792 13% Food 770 13% Fruit Juice 606 10% Long Life Dairy 576 9% Water 135 2% Q3 2026 Revenue is 6,187M with a total growth of 635M or 11% ** Total growth of 635M includes +23M from other products. ** * Inorganic growth from the Water business acquisition, which was consolidated from August of the prior year, affecting year-on-year comparability
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Consistent growth across all channels 11 Earnings Presentation - Q3 2026 Million Current P erformance Growth Growth % Channel Traditional Trade 31 0 Modern Trade 1 73 Food Service 1 36 Export / Other 635 1 6 Total Traditional Trade 3,491 57% Modern Trade 1,438 23% Food Service 998 16% Export / Other 260 4% +11% +6% +16% +14% +10% +YoY% / (YoY%) Q3 2026 Revenue is 6,187M with a total growth of 635M or 11%
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Q3 2026 Financial Performance 12 Earnings Presentation - Q3 2026
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13 Earnings Presentation - Q3 2026 Q3 2026 Net Income Bridge YoY% / (YoY%) Million 613 618 191 31 (132) (68) (17) Q3 2025 Net Pricing Cost of Goods Sold Volume, Mix & Others Operational Cost Funding & Others Q3 2026 Favourable Growth = 1% / 5M
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14 Earnings Presentation - Q3 2026 Q3 2026 Financial Performance Revenue Operating Profit Net Income Revenue increased 11% YoY, driven by strong performance in KSA, Egypt, and Kuwait, supported by volume growth in Fresh Dairy and Protein. Operating profit grew 3% YoY despite elevated energy, logistics, and Protein ramp-up costs, supported by disciplined cost management. Net income remained broadly in line with last year, improved marginally by SAR 5 million. The increase in funding costs reflects higher debt levels, partially offset by favourable funding rates. YoY% / (YoY%) Million 5,553 6,187 Q3 2025 Q3 2026 635 11% 757 779 Q3 2025 Q3 2026 21 3% 613 618 Q3 2025 Q3 2026 5 1%
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15 Earnings Presentation - Q3 2026 Q3 2026 Results By Segment Growth Growth % of Revenue Net Profit Margin By Segment Revenue By Segment Million Dairy & Juice Revenue growth remained resilient, driven by healthy consumer demand and sustained market leadership. Profitability remained stable due to a favourable dairy revenue mix, despite higher feed and shipping costs. Bakery Net profit delivered strong YoY growth, driven by strong sales execution, an optimized product mix, and continued operational discipline. Protein Revenue growth driven by capacity expansion. Profitability remained under pressure due to un-favourable market dynamics and higher distribution costs. YoY% / (YoY%) 1,000 702 3,655 1,115 792 4,010 Protein Bakery Dairy & Juice +12% +13% +10% 120 133 378 117 150 406 Protein Bakery Dairy & Juice Q3 2026 Q3 2025 (2%) +13% +7% 10% 10% 19% 19% 11% 12%
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YTD Q3 2026 Business Performance 16 Earnings Presentation - Q3 2026
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YTD Q3 2026 Key highlights 17 Earnings Presentation - Q3 2026P&L–Profit and Loss Statement BS – Balance Sheet CF – Cash Flow Revenue P&L Highlights BS & CF Highlights Operating Profit Net Income Working Capital CAPEX Free Cash Flow Million +YoY% / (YoY%) 3,109 2,693 YTD Q3 2025 YTD Q3 2026 (416) (749) 304 YTD Q3 2025 YTD Q3 2026 1,054 4,412 5,126 YTD Q3 2025 YTD Q3 2026 713 16,608 18,216 YTD Q3 2025 YTD Q3 2026 1,608 10% 2,445 2,467 YTD Q3 2025 YTD Q3 2026 23 1% 1,991 1,986 YTD Q3 2025 YTD Q3 2026 (6) (0%)
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+10% +1% +4% +57% +11% +4% +9% +27% +9% Current P erformance Growth Growth % Total 1 ,608 Oman 9 Bahrain 1 2 Qatar 38 Jordan 64 65 Kuwait 76 Egypt 323 UAE Country KSA 958 Strong growth led by KSA and Egypt 18 Earnings Presentation - Q3 2026 ** Total growth of 1,608M includes +63M from other countries. ** * Egypt local currency growth is +30%. * Million YTD Q3 2026 Revenue is 18,216M with a total growth of 1,608M or 10% KSA 11,980 66% UAE 1,630 9% Egypt 1,517 8% Kuwait 948 5% Jordan 663 4% Oman 621 3% Bahrain 329 2% Qatar 104 1% +YoY% / (YoY%)
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+10% +1% +8% +13% +12% +314% +5% +12% Current P erformance Growth Growth % Fruit Juice Product Protein 363 1 78 Long Life Dairy 1 94 Fresh Dairy 31 3 Water 260 Food 31 Bakery 1 71 Total 1 ,608 Protein led growth in absolute terms... 19 Earnings Presentation - Q3 2026 ** Million ** Total growth of 1,608M includes +97M from other products. Fresh Dairy 6,194 34% Protein 3,380 19% Food 2,410 13% Bakery 2,201 12% Long Life Dairy 1,750 10% Fruit Juice 1,552 8% Water 343 2% +YoY% / (YoY%) YTD Q3 2026 Revenue is 18,216M with a total growth of 1,608M or 10% * Inorganic growth from the Water business acquisition, which was consolidated from August of the prior year, affecting year-on-year comparability *
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Consistent growth across all channels 20 Earnings Presentation - Q3 2026 Million Traditional Trade 10,239 56% Modern Trade 4,351 24% Food Service 2,889 16% Export / Other 735 4% Current P erformance Growth Growth % Channel Traditional Trade 752 Modern Trade 447 Export / Other 91 Food Service 31 8 Total 1 ,608 +10% +14% +12% +11% +8% +YoY% / (YoY%) YTD Q3 2026 Revenue is 18,216M with a total growth of 1,608M or 10%
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YTD Q3 2026 Financial Performance 21 Earnings Presentation - Q3 2026
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22 Earnings Presentation - Q3 2026 YTD Q3 2026 Net Income Bridge YoY% / (YoY%) Million *Reflects non-recurrence of the prior-year Romania impairment charge reversal. 1,991 1,986 287 182 (172) (231) (28) (44) YTD Q3 2025 Net Pricing Cost of Goods Sold Volume, Mix & Others Operational Cost Funding & Others One-off Items* YTD Q3 2026 Unfavourable Growth = (0% ) / (6M)
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23 Earnings Presentation - Q3 2026 YTD Q3 2026 Financial Performance Revenue Operating Profit Net Income Revenue increased 10% YoY, driven by strong performance in KSA and Egypt, with continued growth across all major markets. Capacity expansion and strong commercial execution were key enablers Successful integration of the water business Operating profit increased 1% YoY, supported by disciplined cost management and operational efficiencies despite elevated energy and logistics costs and continued investment in growth initiatives Net income remained broadly in line with last year, declining marginally by SAR 6 million. Higher funding costs due to higher debt levels, partially offset by favourable financing rates. YoY% / (YoY%) Million 16,608 18,216 YTD Q3 2025 YTD Q3 2026 1,608 10% 2,445 2,467 YTD Q3 2025 YTD Q3 2026 23 1% 1,991 1,986 YTD Q3 2025 YTD Q3 2026 (6) (0%)
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24 Earnings Presentation - Q3 2026 YTD Q3 2026 Results By Segment Growth Growth % of Revenue Net Profit Margin By Segment Revenue By Segment Million YoY% / (YoY%) Dairy & Juice Revenue growth remained resilient, driven by improved sales across all markets, with Egypt leading performance. Profitability remained stable due to a favourable dairy revenue mix, despite higher feed and shipping costs. Bakery Net profit delivered strong YoY growth, driven by strong sales execution, an optimized product mix, and continued operational discipline. Protein Double-digit revenue growth reflects the continued success of the expansion strategy. YTD profit compression is driven by competitive pricing pressures and elevated energy expenses. 3,017 2,030 11,189 3,380 2,201 11,906 Protein Bakery Dairy & Juice +12% +8% +6% 373 324 1,283 359 381 1,322 Protein Bakery Dairy & Juice YTD Q3 2026 YTD Q3 2025 (4%) +18% +3% 11% 11% 17% 16% 11% 12%
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Key Highlights / Other Information 25 Earnings Presentation - Q3 2026
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26 Earnings Presentation - Q3 2026 CAPEX spend is in line with long-term capex deployment plan Capital Investment - 2021 to TTM Q3 2026 Million 1,364 1,334 2,530 3,634 4,385 3,969 9% 7% 13% 17% 19% 17% -4% 1% 6% 1 1 % 1 6% 21 % - 500 1 ,000 1 ,500 2,000 2,5 0 0 3, 0 00 3, 500 4,000 4,500 2021 2022 2023 2024 2025 TTM Q3 2026 Net Cash Used in Investing Activities Investment as a % of Revenue
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27 Earnings Presentation - Q3 2026 Strategic Management of Working Capital continues Million Working Capital - 2021 to TTM Q3 2026 2,609 3,599 4,322 3,812 4,122 5,126 16% 19% 22% 18% 19% 22% -20% -1 5% -1 0% -5% 0% 5% 1 0 % 1 5% 20% - 1 ,000 2,000 3, 0 00 4,000 5, 0 00 2021 2022 2023 2024 2025 Q3 2026 Working Capital Working Capital as a % of Revenue
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28 Earnings Presentation - Q3 2026 Strong Operating Cash Flow Million Operating Cash Flow - 2021 to TTM Q3 2026 (With Changes in Working Capital ) 4,915 3,830 4,483 6,028 5,463 5,087 31% 20% 23% 29% 25% 21% -30% -20% -1 0% 0% 1 0 % 20% 30% - 1 ,000 2,000 3, 0 00 4,000 5, 0 00 6,000 7,000 2021 2022 2023 2024 2025 TTM Q3 2026 Operating Cash Flow Operating Cash Flow as a % of Revenue
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29 Earnings Presentation - Q3 2026 Free Cash Flow – TTM Q3 2026 TTM Free Cash Flow = +0.5B ❖ OCF: +5.1 Billion, Strong business performance partially offset by increased investment in inventory ❖ ICF: (4.5) Billion driven by the current expansionary capex cycle Available facilities at the end of Q3 2026 amounted to 6.8B (Available facilities at the end of the year 2025 were 7.5B). * OCF – Operating Cash Flow; ICF – Investing Cash Flow Billion 0.7 0.5 5.9 (0.8) (4.5) 1.4 (0.7) (1.1) (0.2) Cash & Cash Equivalent 2025 Operating Cash Flow Working Capital Capex (PPE, BA & Other) Net of Loan & Time Deposit Funding Cost Dividend Others Cash & Cash Equivalent 2026 OCF = 5.1B Free Cash Flow = +0.5B (4.0) Fixed Assets (0.5) Biological Assets & Other
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Stable key profitability and balance sheet trends 30 Earnings Presentation - Q3 2026 Net Debt Trend EBITDA and EBIT Margins Million 19,576 20,980 22,065 23,673 23% 22% 22% 21% 14% 14% 14% 13% - 1 0% - 5% 0% 5% 1 0% 1 5% 20 % 25 % 1 0 , 0 00 1 5 , 0 00 20, 00 0 25, 00 0 30, 00 0 2023 2024 2025 TTM Q3 2026 Revenue EBITDA as % of Revenue EBITas % of Revenue 9,437 9,655 11,966 13,470 53% 51% 58% 63% 2.12x 2.07x 2.48x 2.72x - 500 % - 400% - 300 % - 200 % - 1 00 % 0% 1 00% 20 0% 30 0% 0 5 , 0 0 0 10 , 0 0 0 15 , 0 0 0 2 0 , 0 0 0 2023 2024 2025 TTM Q3 2026 Net Debt Net Debt / Equity Ratio Net Debt / EBITDA
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31 Earnings Presentation - Q3 2026 Debt Maturity Profile highlights average debt tenure at 5.87 Years Debt Maturity by Age and by Type Billion 1.0 2.3 0.4 1.1 0.0 4.0 0.2 0.2 1.9 0.0 2.8 1.2 2.6 0.4 3.0 0.0 6.8 Up to 1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs > 5 Yrs Banks Govt / Semi Govt Inst. Sukuk 8.8 0.5 4.734% 3% 63%
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32 Earnings Presentation - Q3 2026 Cash Dividend Since Listing Million 200 272 381 460 518 518 500 600 600 690 720 750 850 850 1,000 1,000 1,000 1,000 1,000 1,150 43% 41% 42% 42% 40% 45% 35% 40% 36% 36% 35% 34% 42% 47% 50% 64% 57% 49% 43% 47% -50% -30% -1 0% 10% 30% 50% 70% 0 200 400 600 800 1,000 1,200 1,400 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cash Dividend Payout Ratio
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33 Earnings Presentation - Q3 2026 Key Takeaway Consumer demand remains strong & resilient despite the prevailing regional situation Almarai delivered double-digit revenue growth, driven by strong and positive performance across every single segment, geography, and channel Supply chain disruptions affecting feed imports remain a persistent challenge. In addition, trading conditions in poultry markets remains challenging Continued investment in inventory to maintain food security & supply Profitability remains subdued in the short term, mainly due to the geopolitical situation
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Question and Answer 34 Earnings Presentation - Q3 2026
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Appendix 35 Earnings Presentation - Q3 2026
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36 Earnings Presentation - Q3 2026 YTD Q3 2026 Profit and Loss Statement YoY% / (YoY%) Million Change Change 6,187 10 0 . 0 % 5,553 10 0 . 0 % 11.4% Revenue 18,216 10 0 . 0 % 16,608 10 0 . 0 % 9.7% (4,350) (70.3%) (3,805) (68.5%) (14.3%) Cost of sales (12,689) (69.7%) (11,379) (68.5%) (11.5%) 1,837 29. 7% 1,747 31. 5% 5.1% Gross Profit 5,527 30 . 3% 5,229 31. 5% 5.7% (896) (14.5%) (836) (15.1%) (7.2%) Selling and Distribution Expenses (2,535) (13.9%) (2,356) (14.2%) (7.6%) (131) (2.1%) (122) (2.2%) (7.5%) General and Administration Expenses (410) (2.2%) (381) (2.3%) (7.5%) (31) (0.5%) (30) (0.5%) n.a. Other Expense, net (87) (0.5%) (30) (0.2%) n.a. (0) (0.0%) (2) (0.0%) 79.6% Impairment Loss on Financial Assets (28) (0.2%) (18) (0.1%) (58.5%) 779 12. 6% 757 13. 6% 2.8% Operating Income 2,467 13. 5% 2,445 14. 7% 0.9% (137) (2.2%) (119) (2.1%) (15.3%) Finance Costs - net (379) (2.1%) (343) (2.1%) (10.5%) 0 0.0% 0 0.0% n.a. Share of Results of Associates and Joint Ventures 0 0.0% (1) (0.0%) n.a. 642 10 . 4% 639 11. 5% 0.5% Profit Before Zakat and Income Tax 2,088 11. 5% 2,100 12. 6% (0.6%) (17) (0.3%) (20) (0.4%) 15.7% Zakat (69) (0.4%) (76) (0.5%) 8.7% (7) (0.1%) (5) (0.1%) (42.9%) IncomeTax (32) (0.2%) (32) (0.2%) (0.2%) 618 10 . 0 % 614 11. 0 % 0.7% Profit for the Period 1,986 10 . 9% 1,992 12. 0 % (0.3%) (0) (0.0%) (0) (0.0%) 87.4% Profit Attributable to Non Controlling Interest (1) (0.0%) (1) (0.0%) 9.4% 618 10 . 0 % 613 11. 0 % 0.7% Profit Attributable to Shareholders 1,986 10 . 9% 1,991 12. 0 % (0.3%) 0.62 0.62 0.0% Earnings Per Share (Basic) 2.01 2.01 0.0% 10.0% 11.0% Profit Attributable to Shareholders % 10.9% 12.0% 3rd Quarter Profit and Loss Statement YTD 3rd Quarer 2026 2025 2026 2025
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37 Earnings Presentation - Q3 2026 Balance Sheet and Cash Flow as of Q3 2026 Million Net Operating Working Capital 5,126 4,122 4,412 PPE, ROU & Intangible Assets 28,965 27,459 26,564 Biological Assets 1,805 1,811 1,821 Net Operating Assets 35,896 33,392 32,798 Goodwill and Other Assets 1,255 1,261 1,258 Net Capital Employed 37,150 34,652 34,055 Net Debt 13,470 11,966 11,971 Shareholders’ Equity 21,328 20,527 20,043 Others Liabilities & NCI 2,353 2,159 2,041 Net Capital Employed 37,150 34,652 34,055 31-Dec-25Balance Sheet 30-Sep-26 30-Sep-25 Cashflow from Operating activities 4,600 4,426 Working Capital (929) (323) End of Service benefit and Zakat/Income Tax Paid (190) (246) Net Cash Generated from Operating Activities 3,482 3,857 Capex (2,693) (3,109) Proceeds/Acquisition of Investments/Subsidiary 0 (1,010) Biological Assets & Others (484) (487) Investing Cash Flow (3,177) (4,607) Free Cash Flow 304 (749) Bank Charges (566) (508) Lease Payments (118) (103) Dividend Paid (1,139) (986) Loans and Borrowings (Proceeds and Repayments) 1,553 2,489 Others (Treasury Shares/NCI/Directors' Remuneration etc.) (8) 3 Financing Cash Flow (277) 895 Net Cash Flow 27 146 Cash Flow Q3 2026 Q3 2025
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38 Earnings Presentation Q3 2026 Key Share Data Sultan Holding Co. 2 4% SALIC 1 6% Almuhaidib 5% Others 55% 242% 73% 80% Share Price Trend (Listing Date of Almarai Company) Almarai TASI Food & Beverages 92% 150% 80% Share Price Trend (Listing Date of Food and Beverages Index) Almarai TASI Food & Beverages 10% Year to date total shareholder's return since listing Share Price (SAR) 43.50 Current P/E Ratio (ttm) 1 7.75 Earnings Per Share (SAR) (ttm) 2.45 Market Cap (SAR Million) 43,500 Shares Outstanding (Million) 1 ,000 Dividend Yield 2.3% Key Statistics for Almarai (3 0 Sept 2 02 6)
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2nd Place FMCG Most Chosen Brands 2nd Place Food Brand – L’usine 5th Place Most Valuable Brand in KSA The most consistent Brand on Experience and Expression in KSA UAE 1st Place FMCG Most Chosen Brands 1st Place Dairy Brand - Almarai 1st Place Food Brand – L’usine 2nd Place Beverage Most Chosen Brands – Almarai 3rd Place FMCG Most Chosen Brands – L’usine KSA Awards and Recognition 2025 Gold – Employee Engagement Gold – Internal Communication Campaign Internal Communication Brilliance Award Global 2024 Best Video Story Telling Campaign Silver – “ALYOUM Mama Sarah and Sarah” Best Empowerment Campaign Bronze – “The Milk Motto” Excellence in Training Award Awarded by. HRM Summit Awards 2025 Localization Award for F&B Awarded by Ministry of Human Resources & Social Development (HRSD) Best New Products Launch in Consumer Goods Almarai Flavoured Milk – Salted Caramel L’usine Flaky Butter Puff 2025 4th Most Valuable Dairy Brand Globally Middle East Top 100 Listed Companies Gold - New Product Category (Ice Cream) Silver - Sustained Success – Products Category “Ramadan Contextual Campaign” Silver - Data Driven Category “Ramadan Contextual Campaign” Bronze – Social Media Category (Ice Cream) Bronze - Brand Integration & Digital Partnership Category (7Days & L’usine FC 25) MODON Industrial Excellence Award 2025 Large Factories Category Awarded by. Modon Earnings Presentation - Q3 202639
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Thank you Earnings Presentation - Q3 202640 Click below to view the 2025 Annual Report: