ADES (2382) investor relations material

Executive summary

• Global operations span 90 rigs across 13 countries, with a 2.2x fleet increase since 2018 and a strong focus on shallow water offshore and onshore drilling.

• Revenues for the nine months ended 30 September 2025 rose 1.6% year-over-year to SAR 4.7 billion, driven by robust offshore activity and new market entries, especially in Southeast Asia, India, and West Africa.

• EBITDA increased 10.1% year-over-year to SAR 2,535.3 million, with margins expanding by 4.2 percentage points to 53.9%.

• Maintains industry-leading safety and operational excellence, with a 98.3% utilization rate and a TRIR of 0.087, well below industry standards.

• Strategic acquisition of Shelf Drilling Ltd. was approved, set to add 33 offshore rigs and significant operational synergies, expanding presence to 19 countries and making the group the largest global jackup fleet.

Financial highlights

• 9M 2025 revenue reached SAR 4.7bn, up 1.6% year-over-year; EBITDA rose 10.1% to SAR 2.54bn, with a margin of 53.9%.

• Net profit for 9M 2025 was SAR 607.5mn, up 0.2% year-over-year, with a net margin of 12.9%.

• Operating cash flow before working capital changes was SAR 2.45bn, up 3.7% year-over-year.

• Free cash flow increased 3.3% year-over-year, supported by EBITDA growth and maintenance CAPEX normalization.

• Backlog stable at SAR 28.28bn as of 30 September 2025, with 78% offshore, 84% from GCC countries, and a weighted average contract tenor of 5.27 years.

Outlook and guidance

• Management expects FY 2025 EBITDA to reach the upper end of SAR 3.28–3.39bn guidance, driven by new rig deployments and full run-rate by year-end.

• Anticipates margin expansion and earnings growth as market day rates rise and contract renewals occur.

• Offshore drilling market tightening is expected to create favorable pricing and utilization conditions.

• Dividend of SAR 231.2mn distributed for 1H 2025, representing 60% of 1H net profit.