Saudi Energy (5110) Q2 2026 earnings summary

Executive summary

• Achieved strong financial and operational results in H1 2026, with operating revenue up 10.5% to SAR 52.2 billion and net profit up 7.5% to SAR 6.7 billion, supporting national energy needs and Vision 2030 initiatives.

• Customer base grew to over 11.6 million, up by 215,000 year-over-year, driven by population and urban expansion.

• Expanded and modernized infrastructure, with record investments and improved reliability, especially during peak Hajj season.

• Advanced sustainability, automation, and customer satisfaction, with ESG score up 30% year-over-year.

• The company underwent a name change to Saudi Energy Company in February 2026, with minor amendments to its objectives.

Financial highlights

• Operating revenue for H1 2026 was SAR 52.2 billion (+10.5% YoY); net profit SAR 6.7 billion (+7.5% YoY); gross profit SAR 11.1 billion (+8.5% YoY); EBITDA SAR 21.5 billion (+8.2% YoY).

• EPS after Mudaraba instrument for H1 2026 was 0.53, up 17.8% YoY; cash dividend of 0.7 per share for FY 2025.

• CapEx reached SAR 38.7 billion, up 6% YoY, with full-year guidance of SAR 70–75 billion.

• Total assets as of June 30, 2026, were SAR 673.3 billion; total equity SAR 257.3 billion.

• Gross margin for H1 2026 was 21.3%; net margin 12.9%.

Outlook and guidance

• CapEx expected to remain high in 2026–2027, then decline toward 2028–2030 as major projects are completed.

• Double-digit annual growth in regulated asset base (RAB) targeted through 2030.

• Regulatory WACC for 2027–2029 expected to be announced by year-end 2026.

• Management continues to monitor macroeconomic and geopolitical risks but does not expect material impact on operations or financial results as of the reporting date.

• The group is preparing for the adoption of IFRS 18 in 2027, which will affect financial statement presentation and disclosures.