ADES (2382) investor relations material

Executive summary

• Revenues for the nine months ended 30 September 2025 rose 1.6% year-over-year to SAR 4.7 billion, driven by robust offshore activity and new market entries, especially in Southeast Asia, India, and West Africa.

• Net profit for 9M 2025 was SAR 607.5 million, nearly flat year-over-year, with a net margin of 12.9%.

• Global operations span up to 90 rigs across 13 countries, with a 2.2x fleet increase since 2018 and a focus on shallow water offshore and onshore drilling.

• Utilization rates were strong at 98.3%, and safety performance (TRIR) was well below industry standards.

• The strategic acquisition of Shelf Drilling, adding 33 offshore rigs, was approved and is expected to close in Q4 2025, making the group the largest global jackup fleet.

Financial highlights

• 9M 2025 revenue reached SAR 4.7bn, up 1.6% year-over-year; EBITDA rose 10.1% to SAR 2,535.3mn, with a margin of 53.9%.

• Net profit for 9M 2025 was SAR 607.5mn, up 0.2% year-over-year, with a net margin of 12.9%.

• Operating cash flow before working capital changes was SAR 2.45bn, up 3.7% year-over-year.

• Free cash flow increased 3.3% year-over-year, supported by EBITDA growth and maintenance CAPEX normalization.

• Backlog stable at SAR 28.28bn, with 78% offshore and 84% from GCC countries.

Outlook and guidance

• Management expects FY 2025 EBITDA to reach the upper end of SAR 3.28–3.39bn guidance, driven by new rig deployments and full run-rate by year-end.

• Dividend of SAR 231.2mn distributed for 1H 2025, representing 60% of 1H net profit.

• Offshore drilling market tightening is expected to create favorable pricing and utilization conditions.