Jabal Omar Development Company (4250) investor relations material

Executive summary

• Achieved stable adjusted EBITDA and FFO despite a 1% YoY revenue decline, supported by cost discipline and portfolio growth.

• Revenue for Q1 2026 was SR 739.2 million, a slight decrease from SR 747.7 million in Q1 2025, with net profit dropping to SR 117.0 million from SR 945.9 million year-over-year.

• Hotel segment faced demand pressure from regional conflict, but commercial segment delivered strong revenue growth.

• Maintained high occupancy rates and expanded gross leasable area, with continued asset pipeline development.

• Gross profit declined to SR 317.7 million from SR 331.9 million, reflecting higher impairment charges and lower other operating income compared to the prior year.

Financial highlights

• Revenue for 1Q 2026 was SAR 739mn, down 1% YoY; adjusted EBITDA rose 3% YoY to SAR 403mn.

• Adjusted EBITDA margin improved to 54.5% from 52.5% YoY.

• Net income dropped sharply to SAR 117mn from SAR 946mn YoY, mainly due to lower operating profit and reduced other income.

• Gross debt stood at SAR 9.2bn, down 2% QoQ; cash balance increased 2% QoQ to SAR 1.4bn.

• Capex declined 36% YoY to SAR 100mn as major hotel projects neared completion.

Outlook and guidance

• 2026 capex guidance maintained at ±SAR 1.1bn, expected to decline after Phase 4 hotel completion.

• Sofitel hotel to become operational in 4Q 2026; Phase 4 commercial center to open in 2027.

• Management expects continued resilience in religious tourism demand, with ongoing monitoring of geopolitical risks and operational agility to manage uncertainties.

• Liquidity and cash flow forecasts for the next 12 months remain positive, supporting the going concern assumption.

• Focus remains on operational excellence, capital optimization, and Phase 7 development.