Saudi Tadawul Group (1111.SE): 2Q26 financial results review

Research evidence excerpt

Saudi Tadawul Group (1111.SE): 2Q26 financial results review

Equity Research

27 July 2026 | 10:05AM GST

Saudi Tadawul Group reported 2Q26 Net Profit of SAR92mn (+66% qoq but -4% Ashwath P T, CFA

+971(4)376-3439 | ashwath.pt@gs.com

yoy) which came in 5% below consensus Visible Alpha Consensus Data. The miss was Goldman Sachs International

driven by weaker revenues (Trading services came in 10% below expectation). Kazim Andac

+971(4)214-9958 |

kazim.andac@gs.com

We expect recent share price weakness to continue given the miss to consensus Goldman Sachs International

driven by weaker revenues. Key questions for the earnings call are likely to be on Gokul Vinayak L

i) the outlook for capital market activity including IPO pipeline for the +1(332)245-7976Goldman Sachs India| gokul.l@gs.comSPL

remainder of the year, ii) efforts management have put in place to help spur

retail participation, iii) initiatives to drive further Non-ADTV revenue growth,

and iv) the scope for further revenue growth in Data & Technology segment, as

well as the associated costs to build out that segment.

n Operating revenues came in at SAR323mn, up 10% qoq and 1% yoy. Revenue

growth was broad-based across all business segments, with Capital Markets

revenue increasing 10% qoq, Post-Trade Services revenue increasing 10% qoq,

and Data & Technology Services revenue increasing 9% qoq. The improvement

was supported by continued execution of the Group’s revenue diversification

strategy and higher non-trading linked revenues.

n Operating expenses was down 1% qoq but up 5% yoy in 2Q26

n Investment and other income increased 2%/7% qoq/yoy during the quarter

but came in 17% below consensus.

n Net income increased 66% qoq but declined 4% yoy in 2Q26. The strong