Revenue growth in Q1-25 was supported by strong performance across all revenue streams, despite the absence of contributions from Dhahran Mall revenues, the first phase of which was handed over in early February 2025. Net rental revenue benefited from an improved like-for-like occupancy rate, which rose to 93.1% from 92.5% in Q1-24. In addition, the portfolio recorded a 9.7% year-on-year increase in footfall, reaching 34.7 million visitors in Q1-25 compared to 31.7 million in Q1-24, further reinforcing the top-line performance.

This growth was further driven by an increase in media sales and utilities and other revenue. Utilities and other revenue increased mainly due to the increase in charges related to engineering work services.

The increase in Q1-25 net profit was driven by:

• Revenue grew by 0.8% to SAR 590.6 million.

• Cost of revenues decreased by 20.1% due to operational cost optimization.

• Other operating income rose to SAR 27.8 million, driven by gains from the sale of "Sahara Plaza".

• Advertising and promotional expenses decreased by 64.1% to SAR 4.3 million.

• Impairment loss on accounts receivable decreased by 18.0% to SAR 79.6 million.

The increase in net profit for Q1-25 compared to Q1-24 was partially offset by the following factors:

• Decrease in net fair value gain on investment properties (non-cash item) to SAR 44.5 million, compared to SAR 50.7 million.

• Increase in general and administrative expenses due to the reversal of employee-related provisions in the comparable quarter.

• Increase in other operating expenses driven by lease termination costs related to "Sahara Plaza", which was offset by the gain from sale of the same property.

The decrease in net profit was driven by:

• Net fair value gain of investment properties (non-cash item) declined to SAR 44.5 million in Q1-25, compared to SAR 135.3 million in Q4-24.

• Cost of revenues increased due to the reversal of engineering fee provisions in Q4-24.

• Increase in general & administrative expenses and other operating expenses which mainly include the lease termination costs related to "Sahara Plaza".

• Slight increase in finance costs driven by the increase in the debts of development projects.

This decrease in net profit in Q1-25 compared to Q4-24 was partially offset by the following factors:

• Revenue grew by 1.0%.

• Increase in other operating income mainly driven by gains from the sale of "Sahara Plaza".

• Advertising and promotional expenses decreased compared to Q4-24.

• Jawharat Jeddah: the structure is 99% complete as of March 2025. Together with Jawharat Riyadh, both assets will be the first Gold-LEED certified malls in KSA. Pre-leasing is close to 90% complete (based on agreed Head of Terms, signed Letters of Intent and signed Contracts). The mall will introduce over 300 top global brands across 50+ flagship stores including more than 10 new brands to Jeddah. The asset will include Jeddah’s first international luxury wing, a pioneering events hub, three unique F&B zones and a state-of-the-art immersive digital experience surrounded by dining. Alongside Jawharat Riyadh, it will feature one of the largest skylights in KSA standing at 27-meters high illuminating the space with natural light and providing a seamless indoor and outdoor experience. Jawharat Jeddah will be the number one center for footfall and spend in the city and will attract over 15 million customers annually.

• Jawharat Riyadh: the structure is 98% complete. Pre-leasing is over 80% complete (based on agreed Head of Terms, signed Letters of Intent and signed Contracts). The mall will feature over 400 world-renowned brands in 100+ flagship stores, including over 15 new brands to Riyadh. Spanning an area equivalent to 70 football fields, Jawharat Riyadh stands as Saudi Arabia’s largest footprinted mall. The asset will include a luxury wing, four unique F&B zones, world-class entertainment offerings, a state-of-the-art immersive digital experience surrounded by dining and 65,000 sq m of premium office space. It will be the number one mall in Riyadh for footfall and spend and will attract over 20 million customers annually.

• Jawharat Riyadh and Jawharat Jeddah will become Cenomi Centers’ top two malls in terms of footfall, revenues and EBITDA and each will far exceed the top mall in the portfolio today. On stabilization, over SAR 650 million EBITDA (40% of current EBITDA) is expected to be contributed by Jawharat Riyadh and Jawharat Jeddah.

• Like-for-like period-end occupancy reached 93.1% at the end of Q1-25, compared to 92.5% at the end of Q1-24.

• Visitor footfall increased by 9.7% y-o-y in Q1-25, reaching a record 34.7 million.

• EBITDA increased by 10.6% to SAR 357.4 million in Q1-25, compared to SAR 323.0 million in Q1-24.

• 751 leases were renewed in Q1-25 and 67 brands onboarded including new brands such as Harry Winston, Blancpain, Breguet, Dua Almoallim Jewelry and ElFaleh.

Subsequent Announcements:

On March 24, 2025, the company announced the results of the Extraordinary General Meeting (First Meeting) held on March 23, 2025.

On May 05, 2025, the company announced the signing of a strategic partnership within the Kingdom of Saudi Arabia with Westfield (Unibail-Rodamco-Westfield). Under the terms of a 10-year partnership – with the option to extend for an additional 10 years – Cenomi Centers will obtain the exclusive licensing rights to the Westfield brand in KSA from URW.