- A 4% increase in revenues of the Retail segment, supported by an expanded store footprint and the positive impact of the Customer Experience Revival (CXR) program executed by Panda Retail Company.

- Higher revenues in the Food Processing segment driven by:

a. Increased volumes in the edible oil category, despite lower commodity prices; and,

b. The consolidation of United Sugar Company of Egypt, which was classified as an associate in the comparative period.

In line with International Financial Reporting Standards (IFRS), revenues of the comparative period exclude the results of divested businesses in the Islamic Republic of Iran (Iran) and discontinued operations in the Republic of Sudan (Sudan).

It is worth mentioning that, after adjusting the Q1 2024 net profit to exclude (i) impact of discontinued operations, (ii) the share of profit from the distributed investment in Almarai, and (iii) financial charges related to debt settled in 2024, the Group’s net profit in Q1 2025 delivered an SAR 18.8 million increase over the adjusted net profit of SAR 170.3 million for Q1 2024.

The increase in net profit on an adjusted basis is mainly driven by:

- Increase in Retail segment’s net profit from SAR 33 million in Q1 2024 to SAR 39 million in Q1 2025, primarily due to favorable impact of the CXR program;

- An improvement in the Group’s share of results from associates (excluding Almarai and United Sugar Company Egypt), shifting from an adjusted share of loss of SAR 1.6 million in Q1 2024 to a share of profit of SAR 10.4 million in Q1 2025;

- Lower net finance cost; and,

- Lower zakat and income tax expense.

The increase in net profit on an adjusted basis is despite the following:

- Decline in the Food Processing segment’s net profit from SAR 174 million in Q1 2024 to SAR 154 million in Q1 2025, largely due to margin normalization in edible oils in Arabia. The decline in the Food Processing segment’s net profit occurred despite the absence of SAR 109 million in foreign exchange losses recorded in Q1 2024 upon the devaluation of the Egyptian Pound;

- Decline in the Food Services segment’s (Herfy) performance, moving from a net profit of SAR 0.4 million in Q1 2024 to a net loss of SAR 18.6 million in Q1 2025; and

- Higher operating expenses.

The increase in revenues is primarily driven by:

- A 30% increase in revenues in the Retail segment, supported by expanded store footprint, favorable impact of the CXR program and seasonal consumption patterns;

- Higher revenues in the Food Processing segment reflecting the consolidation of United Sugar Company, Egypt, which was previously accounted for as an associate;

- A 19% increase in revenues in the Frozen Foods segment, driven by seasonal consumption patterns;

- A 5% increase in revenues in the Food Services segment.

In line with International Financial Reporting Standards (IFRS), reported revenues of the comparative period exclude the results of divested businesses in the Islamic Republic of Iran (Iran) and discontinued operations in the Republic of Sudan (Sudan).

The decrease in net profit is mainly attributable to:

- The absence of a one-off gain of SAR 11.3 billion recorded in Q4 2024 from the distribution of Savola Group’s entire 34.52% stake in Almarai Company to eligible shareholders;

- Lower net profit in the Retail segment by SAR 18.6 million, which had benefited in Q4 2024 from a one-off net impairment reversal of SAR 16.8 million on certain non-current assets;

- Lower share of profit from associates primarily due to the distribution of Savola Group’s entire stake in Almarai Company to eligible shareholders;

The decrease in net profit is despite the following:

- Increase in net profit of the Food Processing segment by SAR 2.1 billion, primarily due to the absence of the following one-off impacts that had affected Q4 2024:

a. One-off loss related to divestment of businesses in Iran amounting to SAR 1.5 billion, comprising of SAR 0.3 billion recorded to retained earnings, and remaining net impact of discontinued operation amounting to SAR 1.1 billion adjusted for SAR 98 million net operating profit during 2024.

b. One-off loss related to discontinued operations in Sudan amounting to SAR 0.3 billion.

c. One-off related to impact on derecognition of associate investment in United Sugar Company, Egypt amounting to SAR 139 million of which SAR 97.2 million was recorded in the Food Processing segment

d. Net impairment charge of SAR 310.8 million for certain non-current assets.

- Absence of net impairment charge of SAR 96.4 million in Q1 2025 that had affected Q4 2024 for certain non-current assets, primarily in the Frozen Food segment.

- Improvement in the Food Services segment’s (Herfy) performance, moving from a net loss of SAR 59.9 million in the previous quarter to a net loss of SAR 18.6 million in Q1 2025;

- Lower operating expenses;

- Lower net finance cost; and,

- Lower zakat and income tax expense.

- Reported net income for Q1 2024: SAR 348.7 million

- Less: Net profit attributable to Shareholders of the Company from discontinued operations in Central Asia: SAR 30 million

- Less: Net profit attributable to Shareholders s of the Company from discontinued operations in Sudan: SAR 1.2 million

- Less: Share of profit from distributed investment in Almarai Company: SAR 236.7 million

- Add back: Financial charges pertaining to debt that had been settled during 2024: SAR 89.6 million

- Adjusted net income for Q1 2024: SAR 170.3 million

For the three-month period ended 31 March 2025, the net earnings per share were SAR 0.63, calculated by dividing the net profit attributable to shareholders amounting to SAR 189 million, by the weighted average number of shares of 298.5 million. For the three-month period ended 31 March 2024, the earnings per share were SAR 0.39, calculated by dividing the net profit attributable to shareholders amounting to SAR 349 million, by the weighted average number of shares of 905.6 million.

In accordance with International Accounting Standard 33, 'Earnings per Share', the weighted average number of shares for Q1 2024 was adjusted to account for the impact of capital increase executed through rights issue. The weighted average number of shares was also adjusted by deducting the effect of shares held under employees’ share based payment plan amounting to 1,532,437 shares for the current period, compared to 5,570,362 shares for the same period in the previous year.

The Condensed Consolidated Interim Financial Statements for the period ended 31 March 2025, will be available through the following link on Savola’s website after sending it to the relevant authorities, through the following link:

https://www.savola.com/en/investors/financial-statements

The quarterly investor presentation will be available on Savola’s website within the Investors section to be accessed via the following link:

https://www.savola.com/en/investors/earnings-presentations