Saudi Aramco: Resilience built over the years

Research evidence excerpt

Saudi Aramco: Resilience built over the years

Equity Research

European Integrated Energy

11 May 2026

Saudi Aramco

Resilience built over the years

Saudi Aramco delivered impressive results, supported by a

resilient infrastructure and well-maintained systems

developed over many years, which enabled the company not 2222.SE/ARAMCO AB OVERWEIGHT Unchanged

only to swiftly adapt and recover but continue business amid European Integrated Energy POSITIVE

unprecedented challenges. Unchanged

Price Target SAR 31.00

Unchanged

Strong earnings and underlying cash flow: Saudi Aramco reported Q1 2026 adjusted net

Price (07-May-26) SAR 27.20income of $33.6bn, up 4% vs our estimates and c.8% vs company compiled consensus. The

Potential Upside/Downside +14.0%quarter benefited from higher realized crude prices of $76.9/bbl, while both liquids and natural Source: Bloomberg, Barclays Research

gas production were lower q/q but higher y/y. Operating cash flow of $30.7bn fell 25% q/q and

3% y/y, driven by an unfavourable working capital movement as receivables and inventories

Market Cap (SAR mn) 6582400

increased with higher prices. Excluding WC build, CFFO would have been $46.5bn. Free cash

Shares Outstanding (mn) 242000.00flow excluding WC changes was $34.4bn. Gearing increased to 4.8%, up from 3.8% q/q but

Free Float (%) 2.51declined vs 5.3% y/y. The Board declared a $21.9bn base dividend for Q1, up 3.5% q/q and 3.5%

52 Wk Avg Daily Volume (mn) 12.4y/y.

Dividend Yield (%) 4.82

Resilient delivery from infrastructure build over the years : Saudi Aramco estimates that Return on Equity TTM (%) 23.59

global liquids supply losses have totalled 1,442mbl, with the net loss standing at roughly Current BVPS (SAR) 6.17