Rasan (8313) Q1 2026 earnings summary

Executive summary

• Achieved highest-ever quarterly revenue of 261 million SAR, up 117% year-over-year, with strong growth across all business lines.

• Adjusted EBITDA reached 115 million (44% margin), up 219% year-over-year, reflecting operational leverage and product diversification.

• Adjusted net profit rose 220% year-over-year to 103 million, with a high conversion rate from EBITDA due to controlled expenses and no debt.

• Net income for the quarter was 88.3 million SAR, a 194% increase from 30.0 million SAR in Q1 2025.

• Product and technology enhancements included AI augmentation, expanded distribution, and reinforced tech resilience.

Financial highlights

• Gross written premium (GWP) totaled 2.7 billion, up 57% year-over-year, with strong contributions from Motor Retail, Motor Leasing, and Health.

• Gross margin remained stable at 71% year-over-year, supporting sustained profitability.

• Revenue increased 22% sequentially from Q4 2025, despite seasonal effects.

• Cash and cash equivalents at quarter-end were 756.5 million SAR, up from 740.9 million SAR at year-end 2025.

• Total assets grew to 1.86 billion SAR from 1.35 billion SAR at year-end 2025.

Outlook and guidance

• FY2026 revenue guidance reaffirmed at 900–975 million, representing 38–49% year-over-year growth.

• Gross margin guidance for FY2026 set at 70.0–72.0%, with adjusted EBITDA margin expected between 41.0–46.0%.

• Management notes that Q1 results are not necessarily indicative of full-year performance.

• Ongoing monitoring of regional geopolitical risks is in place, with no material impact as of the reporting date.

• Strong operational momentum and product pipeline support confidence in meeting full-year targets.