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Saudi Aramco Base Oil Company – Luberef (2223) investor relations material
Saudi Aramco Base Oil Company – Luberef Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Achieved over 41.1 million safe man-hours without a lost-time injury and maintained a zero total recordable incident rate year-to-date, with mechanical availability at 98.9%.
Expanded customer base via a new ultra-low sulfur diesel sales agreement with Saudi Aramco and optimized logistics through a new contract of affreightment with Bahri Chemicals, reducing freight costs by double-digit percentages.
Growth II expansion project reached 60% completion, with procurement activities at 71% despite delays; acceleration planned for Q4 and completion targeted for early 2026.
Launched Group 3 base oil slating program and advanced Group 3 Plus technical study, aiming to diversify product portfolio and increase market presence.
Prepared for the largest turnaround in company history, including maintenance and construction to support reliability and expansion, scheduled for mid-November to December 2025.
Financial highlights
Q3 2025 net income was SAR 279 million, up 23% year-over-year and 14% sequentially; EBITDA reached SAR 359 million, up 28% year-over-year.
For the first nine months of 2025, net income was SAR 746 million (down 2% year-over-year), EBITDA SAR 1,051 million, and free cash flow SAR 604 million (down 43%).
Q3 2025 revenue was SAR 2,157 million, with total revenue for the first nine months at approximately SAR 6.5 billion.
Cash balance at the end of Q3 stood at SAR 1.17 billion, a modest SAR 17 million decrease from the start of the year.
Free cash flow for Q3 2025 was SAR 365 million, up 112% year-over-year.
Outlook and guidance
Production targets remain unchanged for the rest of 2025, with base oil sales volume revised to 1.05 million MT due to unplanned and scheduled shutdowns.
CapEx guidance for Growth II project revised to SAR 200-250 million for 2025, down from SAR 250-350 million, due to procurement delays.
Domestic market expected to account for about 30% of total base oil volumes in 2025.
Group II base oil prices in Asia-Pacific expected to remain stable over the next 9-12 months; high sulfur fuel oil prices may face further pressure.
Yanbu turnaround scheduled for mid-November to December 2025.
Growth II commercial deployment timeline?
Address 9M FCF decline despite Q3 FCF growth.
By-product margin outlook post new ULSD agreement?
Growth II commissioning impact on production?
Jeddah facility agreement renewal status?
Quantify ULSD premium and Bahri freight savings.
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Next Saudi Aramco Base Oil Company – Luberef earnings date
Q4 202516 Feb, 2026
Next Saudi Aramco Base Oil Company – Luberef earnings date
Q4 202516 Feb, 2026
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