Baladna (BLDN) Q1 2026 earnings summary

Executive summary

• Maintained stable operations and uninterrupted supply in Qatar despite regional tensions, prioritizing food security and operational resilience.

• Achieved 6% net profit growth in Q1 2026, demonstrating operational resilience and improved operating leverage.

• Maintained #1 market position in six core dairy and beverage categories in Qatar, with a diversified portfolio of 268 SKUs and strong retail channel performance.

• Advanced international expansion in Algeria and Syria, progressing large-scale dairy projects and strategic partnerships.

• Ministry of Municipality acknowledged the company's role in supporting food security during external pressures.

Financial highlights

• Q1 2026 revenue was QR 330 million, flat year-on-year, with underlying revenue up 8% excluding EWAP tender impact.

• Gross profit rose 22% year-on-year to QR 106.3 million, with margin expanding to 32% from 26%.

• Net profit increased 6% year-on-year to QR 61.5 million, with margin improving to 18.6% from 17.6%.

• EBITDA grew 4% YoY to QR 118.9 million, margin up to 36.1% from 34.6%.

• Strong operating cash flow supported ongoing capex and strategic investments, maintaining healthy liquidity.

Outlook and guidance

• Profitability trends expected to continue, supported by operational efficiency, higher productivity, and international expansion.

• Margins anticipated to remain stable as cost increases from regional tensions are expected to be reimbursed by the government.

• Focus on advancing Algeria and Syria projects as international growth platforms, with selective evaluation of new opportunities.

• Embedding sustainability and ESG initiatives, including water efficiency and low-emission logistics.