Saudi Tadawul Group Holding (1111) Q4 2025 earnings summary

Executive summary

• Demonstrated stability and resilience amid global market disruptions, with 52 new listings and a total of 473 listed securities, though new listings and market capitalization declined year-over-year.

• Operating revenue for FY 2025 declined 12.8% year-over-year to SAR 1,261.2 million, with net profit after zakat dropping 36.4% to SAR 395.6 million, reflecting lower trading activity and higher costs.

• Strategic expansion included launching new products, market making frameworks, enhanced global connectivity, and expanding data and technology capabilities to reinforce the market's regional and global position.

• The year saw pivotal steps such as the introduction of a fixed income market-making framework, OTC settlement services, and Saudi Depositary Receipts to deepen and internationalize the market.

Financial highlights

• Operating revenues declined 12.8% year-over-year to SAR 1,261.2 million, mainly due to lower trading activity, partially offset by growth in non-trading services.

• EBITDA dropped 32.2% year-over-year to SAR 438.5 million, with a margin of 34.8%.

• Net income after zakat fell 36.4% year-over-year to SAR 395.6 million, with EPS at SAR 3.30.

• Operating expenditures rose 6.6% year-over-year, driven by higher system maintenance, depreciation, and workforce costs.

• Free cash flow increased 17.3% year-over-year to SAR 440.3 million.

Outlook and guidance

• Continued focus on product diversification, digital infrastructure, and global connectivity to drive future growth.

• Strategic priorities include expanding market depth, enhancing institutional access, and scaling data capabilities.

• Focus remains on long-term market growth, enhancing the listings ecosystem, and scaling data, technology, and analytics capabilities.

• Continued collaboration with stakeholders and regulatory enhancements are expected to support infrastructure development and innovation.