Baladna (BLDN) investor relations material

Executive summary

• 9M 2026 revenue rose 3.9% to QAR 977.8m and gross profit increased 17.9% to QAR 281.0m; gross margin expanded to 28.7% from 25%.

• Core operations strengthened, while a Q3 investment-securities loss of QAR 20.1m weighed on reported net profit, which fell 57% to QAR 21.8m.

• The fully subscribed rights issue strengthened funding for Qatar investment and regional expansion, with progress on Algeria and Syria projects.

Financial highlights

• 9M reported EBITDA was QAR 559.9m, up 1%, and net profit was QAR 383.7m, up 0.6%; results included a QAR 234.4m investment-portfolio gain.

• 9M net profit excluding the investment portfolio rose 20% to QAR 149m; operating profit excluding investment income increased 10%.

• Q3 revenue was QAR 318.3m, up 6.5%; gross profit rose 20.9% to QAR 86.7m, while operating profit fell 45% to QAR 39.1m.

• 9M finance costs declined to QAR 51.9m from QAR 59.0m; operating cash flow increased to QAR 387.3m from QAR 273.3m.

Outlook and guidance

• Priorities include strengthening the Qatar business, advancing Algeria and Syria projects, and evaluating further African food-production opportunities.

• 2027 ice cream revenue is forecast at QR 15–20m, with 12 new SKUs planned as supply improves; in-house production may be considered for 2028 after testing more flavors and categories.

• Stated operating priorities include product quality, water efficiency, circularity, traceability, automation and supply-chain optimization.