Almarai: Q2 2026 earnings call: what we’re watching for

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Almarai: Q2 2026 earnings call: what we’re watching for

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Almarai

Q2 2026 earnings call: what we’re

watching for

Maintain Rating: BUY | PO: 67.30 SAR | Price: 46.12 SAR

Top and bottom line slightly ahead of BofAe 07 July 2026

Almarai released certain key financial line items Sunday morning, July 5. The company Equity

beat BofAe/consensus respectively 0.8%/4.0% on revenue and 3.5%/8.5% on EPS. Gross

Mohsen Ameeri >>

and operating margins of 31.1%/13.9% were down (131)bps/(151)bps vs. prior year, but Research Analyst

in line with BofA expectations. An earnings call is scheduled for 3PM KSA time Tuesday Merrill Lynch KSA Company +966 112 993 741

July 7. We will be listening for three major things. mohsen.ameeri@bofa.com

Michael Jacks, CFA >>

Research AnalystKey question #1: poultry production Merrill Lynch (South Africa)

Our July 2 reinstatement report on Almarai (see report) posits that the largest +27 113 055 158

component of Almarai’s revenue growth to 2028E will be the addition of SAR2.5bn in michael.jacks@bofa.com

poultry sales, as the company expands capacity 1.5x to 450mm birds pa. Almarai’s JameelResearchBakhsh,Analyst CFA >>

release cites “poultry sales volume growth driven by expansion projects” as a driver of Merrill Lynch (DIFC)

the company’s 11% YoY revenue growth. Almarai processed 304mm birds in 2025, +971jameel.bakhsh@bofa.com4 425 8252

81mm (annualized 324mm) in Q1 2026, and stated a target of 330mm birds pa on the

Q1 2026 earnings call. As our modelling assumes that Almarai can continue to sell all its

production, the cadence of capacity addition could impact our forecast.

Stock Data

Key question #2: cost inflation pass-through Price 46.12 SAR