• KSA retail revenues were down 16% year-on-year, primarily due to the calendar shift of Ramadan into Q1-25, which affected the seasonal comparability of sales.

• International retail revenues increased 15 % year-on-year. This positive momentum was driven by strong growth in key markets, including Uzbekistan (+25%), Georgia (+30%), and Azerbaijan (+12%) in Q2-25, underscoring the success of Cenomi Retail’s international expansion strategy.

• F&B segment revenues remained stable in Q2-25 at SAR 83 million, supported by targeted promotional activity, marketing campaigns, including new product launches for Subway and Cinnabon.

• Online revenues rose by 9% year-on-year to SAR 84 million. Growth was supported by strong performance from Zara and Inditex as well as F&B supported by Cinnabon & Subway across both KSA and international markets. Online sales continued to gain momentum, underpinned by promotional activity and shifting consumer preferences.

This performance underscores the Company’s ongoing commitment to delivering a seamless omnichannel experience by further integrating its online and offline retail channels. These efforts are actively enhancing like-for-like performance and driving continued growth in online sales, as Cenomi Retail advances its integrated digital and physical retail strategy.

• In Q2-25, gross profit totalled SAR 189 million, a 9% decline year-on-year from SAR 207 million in Q2-24, mainly due to the timing shift of the holy month of Ramadan, which fell entirely within Q1-25 this year, concentrating the seasonal uplift in that earlier period.

• SG&A expenses decreased by 6% YoY, reaching SAR 98 million in Q2-25, driven by Cenomi Retail’s commitment to cost rationalization and operational efficiencies.

• Other operating income declined by 81% YoY to SAR 26 million, due to a capital gain recorded in the period last year as a result of the brand divestment program , which contributed to a higher comparative base.

• Other operating expenses increased by 280% to SAR 95 million driven by driven by foreign exchange losses due to the appreciation of the euro (EUR) against the Saudi riyal (SAR), alongside tax settlements paid to ZATCA.

• KSA retail revenue declined 28% quarter-on-quarter, from SAR 953 million in Q1-25 to SAR 683 million in Q2-25. The decline was primarily due to having the wholly month of Ramadan fully into Q1, which concentrated seasonal demand in that period .

• International retail revenue increased 20%, from SAR 301 million to SAR 362 million, as result of full-price sales and the absence of end-of-season promotions, which had impacted Q1 25.

• F&B segment revenue increased 4%, from SAR 80 million to SAR 83 million, supported the successful execution of a promotional campaign.

• Online revenue decreased 24%, from SAR 111 million in Q1-25 to SAR 84 million in Q2-25. This reflected a return to normalized trading levels after seasonal highs in Q1. Despite this decline, digital channels remained supported by strong Inditex brand momentum.

• An Increase in gross profit of SAR 11 million, rising from SAR 178 million in Q1-25 to SAR 189 million in Q2-25. Gross margin improved from 13% to 17% quarter-on-quarter, as a result of selling in full price in Q2-25 and the absence of end of season promotions.

• An increase in SG&A expenses, which rose 16% QoQ from SAR 84 million in Q1-25 to SAR 98 million in Q2-25 as a result of an increase in the advertising and promotional expenses.

• An increase in other operating expenses, from SAR 15 million to SAR 95 million, largely driven by Foreign Currency loss and tax settlement to ZATCA incurred during the quarter.

• A decrease in other operating income, which declined from SAR 37 million in Q1-25 to SAR 26 million in Q2-25 , due to the occurrence of capital gain in Q1-25

• KSA retail revenues totalled SAR 1.6 billion in H1-25, representing a 3% year-on-year decline. In H1-24 , sales promotions were adapted in a larger scope than H1-25 which resulted in higher sales.

• International retail revenues increased by 18% year-on-year to SAR 663 million in H1-25, supported by a strong second-quarter performance. This positive momentum was driven by strong growth in key markets, including Uzbekistan (+53%), Georgia (+26%), and Azerbaijan (+21%) in H1-25, underscoring the success of Cenomi Retail’s international expansion strategy.

• F&B segment revenues totalled SAR 163 million in H1-25, reflecting a modest year-on-year decline of 4%. This was mainly due to a 7% decline YoY in Q1-25, whilst revenue remained stable in Q2-25 at SAR 83 million, supported by targeted promotional activity, marketing campaigns, for Subway and Cinnabon.

• Online revenues reached SAR 196 million in H1-25, reflecting a 16% year-on-year increase. Growth was supported by strong performance from Zara and Inditex across both KSA and international markets, in addition to Cinnabon and Subway. Online sales continued to gain momentum, underpinned by promotional activity and shifting consumer preferences.

• Gross profit reached SAR 367 million in H1-25, a 22% YoY increase compared to SAR 302 million in H1-24. Gross profit margin reached 15% in H1-25, marking a robust 2pp improvement from 13% in H1-24 due to efforts in cost reduction and operational optimization.

• SG&A expenses decreased by 21% YoY, reaching SAR 182 million in H1-25. The reduction in SG&A expenses is a direct result of Cenomi Retail’s ongoing brand rationalization and cost optimization programs. SG&A now accounts for approximately 7% of sales, compared to 9% in the prior year.

• Other operating income declined by 66% YoY to SAR 64 million IN H1-25, due to a capital gain recorded in the period last year, which contributed to a higher comparative base.

• Other operating expenses increased by 144% to SAR 110 million in H1-25 driven by driven by foreign exchange losses due to the appreciation of the euro (EUR) against the Saudi riyal (SAR), alongside tax settlements paid to ZATCA.

We draw attention to Note (3-2) of the accompanying interim condensed consolidated financial statements, which indicates that the Group incurred a loss of SAR 83 million for the period ended 30 June 2025. As of that date, the Group’s i) accumulated losses of SAR 1,692 million exceeded the Company’s share capital by SAR 544 million, ii) current liabilities exceeded its current assets by SAR 2,874 million and iii) total liabilities exceeded its total assets by SAR 1,091 million. These events or conditions, along with other matters as set forth in details in Note (3-2) of the accompanying interim condensed consolidated financial statements, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter