Baladna (BLDN) Q1 2026 earnings summary

Executive summary

• Revenue was QAR 329.98m, nearly unchanged YoY; gross profit rose 22% to QAR 106.3m and net profit increased 6% to QAR 61.3m.

• EBITDA increased 4% YoY to QAR 118.9m, with margin expanding to 36.1%.

• Maintained the leading position in six core dairy and beverage categories in Qatar, with a 268-SKU portfolio.

• Domestic operations and supply remained stable amid regional tensions and supply-chain disruption.

• Advanced international expansion in Algeria and Syria.

Financial highlights

• Revenue was QAR 329.98m versus QAR 330.52m in Q1 2025; underlying growth excluding the prior-year EWAP tender contribution was ~8%.

• Gross profit rose to QAR 106.3m from QAR 87.0m; gross margin increased to 32.2% from 26.3%.

• Net profit was QAR 61.3m versus QAR 58.3m; basic and diluted EPS rose to QAR 0.029 from QAR 0.027.

• Operating profit increased to QAR 80.0m from QAR 77.4m; EBITDA reached QAR 118.9m, up 4% YoY.

• Net cash generated from operating activities was QAR 75.3m, up from QAR 32.9m in Q1 2025.

Outlook and guidance

• The 2026 EWAP government tender commenced in April, with revenue contribution expected from Q2 onward.

• Management expects efficiency gains to persist and potentially improve with higher volumes; Ministry reimbursement is expected to offset current regional cost pressures.

• Priorities include operational stability, cost efficiency, disciplined international project execution and reliable domestic supply.

• Continued product innovation, digital transformation, supply-chain resilience and sustainability initiatives remain priorities; new opportunities, particularly in Africa, are under evaluation.