Aldrees Petroleum & Transport Svcs. Co.: Off the 2Q26 Call

Research evidence excerpt

Aldrees Petroleum & Transport Svcs. Co.: Off the 2Q26 Call

Update

July 23, 2026 01:31 PM GMT

Morgan Stanley & Co. International plc+MAldrees Petroleum & Transport Svcs. Co. | Europe Ricardo Rezende, CFA

Equity Analyst

Off the 2Q26 Call Ricardo.Rezende@morganstanley.comGiulia Faro +44 20 7677-9886

Research Associate

Giulia.Faro@morganstanley.com +44 20 7425-7581

Bottom line: mixed. The call was mainly focused on Transportation and Logistics,

Sylvia C Richards

where management highlighted strong demand, substantial spare warehousing Research Associate

capacity and potential 2H logistics acceleration, but did not quantify a revenue run- Sylvia.Richards@morganstanley.com +44 20 7677-3354

rate or confirm that recent transport strength will persist into 3Q. Q&A also Aldrees Petroleum & Transport Svcs. Co. (4200.SE,

clarified that Ma’aden emergency pricing will normalize, delayed truck deliveries ALDREES AB)

remain a near-term constraint, and new station requirements will be funded through EEMEA - Oil & Gas | Saudi Arabia

a mix of Aldrees capex and owner-funded operated sites. Stock Rating Equal-weight

Industry View No Rating

Transportation volumes. Rental and grain activity rose sharply in the quarter, and Price target SAR 135.00

Shr price, close (Jul 22, 2026) SAR 114.90

management explained that the fleet could not cover all requests, with more than 52-Week Range SAR 154.10- 105.30

600 subcontracted trucks and rented equipment bridging the gap. 90 older units Mkt cap, curr (mn) SAR 11,490

Net debt (12/26e) (mn)* SAR 4,987

are also being retained temporarily. However, management would not extrapolate EV, curr (mn)* SAR 16,071

the current run-rate into 3Q; while Red Sea disruption could delay major contracts. * = GAAP or approximated based on GAAP