ADES (2382) investor relations material

Executive summary

• 9M revenue rose 44.0% YoY to SAR 6,773.1m and EBITDA increased 25.1% to SAR 3,171.9m; net profit fell 22.1% to SAR 473.3m.

• Backlog reached SAR 37.69bn, up from SAR 34.71bn at FY 2025-end; weighted-average remaining tenor was 4.39 years.

• Fleet totaled 128 rigs across 21 countries; 9M utilization was 98.0%, and 53.1% of revenue came from outside GCC markets.

Financial highlights

• 3Q revenue rose 34.8% YoY to SAR 2,229.0m and EBITDA increased 17.1% to SAR 1,008.0m; net profit fell 54.7% to SAR 99.2m.

• 9M operating cash flow before working-capital changes rose 19.1% YoY to SAR 2,918.3m; net operating cash flow was SAR 2,185.1m.

• 9M finance costs, net, increased to SAR 976.3m from SAR 668.2m; G&A expenses were SAR 588.0m versus SAR 327.1m.

• 9M gross profit was SAR 2,311.3m versus SAR 1,788.4m; cost of revenue rose to SAR 4,461.8m from SAR 2,914.5m.

Outlook and guidance

• FY 2026 EBITDA guidance was maintained at SAR 4.50–4.87bn; margins are expected to recover gradually as Shelf integration and synergies advance.

• New awards are scheduled to commence through late 2026 and into 2027, supporting utilization and future earnings visibility.

• Priorities include backlog execution, safe operations, integration, cash generation, deleveraging and disciplined capital allocation.