Saudi Aramco: Solid 2Q sees MSD% earnings beat; CC focus on ongoing operational resilience

Research evidence excerpt

Saudi Aramco: Solid 2Q sees MSD% earnings beat; CC focus on ongoing operational resilience

J P M O R G A N Europe Equity Research

04 August 2026

Saudi Aramco Overweight

2222.SE, ARAMCO AB

Solid 2Q sees MSD% earnings beat; CC focus on Price (03 Aug 26):SRls27.12

ongoing operational resilience Price Target (Jun-27):SRls30.00

Our Take – Solid. 2Q earnings beat consensus/JPMe by 6% (adj NI $33.4bn). European Oil & Gas

ACGearing rose modestly q/q, but this is led by working cap phasing and the absolute Matthew Lofting, CFA

ratio remains a robust 6% (low end of long-term 5-15% range and industry (44-20) 7134-6301

metrics). The print was supported by impressive delivery on Aramco’s advantaged matthew.lofting@jpmorgan.com

operational flexibility, including continued utilisation of the East-West pipeline Tianyu Wu

deployment and the Yanbu hub. The base dividend is unchanged; this is in line with (44-20) 3493-1281

expectations and yields 5.2%. Amidst a still uncertain regional backdrop, we tianyu.wu@jpmorgan.com

J.P. Morgan Securities plc

expect investor focus during the conf call (8am UK/10am KSA) on asset integrity

and ongoing access to market optimisation capabilities in light of reported risks of Specialist Sales contact details:

a second shipping blockade of the Bab al-Mandab Strait.

Ian Mitchell - Specialist Sales -

European Energy

• Noteworthy Areas: 1) Operational flexibility. In the context of ongoing (44-20) 7134-1356

geopolitical uncertainty in the region, we note Aramco continued to utilize the ian.e.mitchell@jpmorgan.com

East-West pipeline to secure flows across the network during 2Q. International

assets/storage and export terminals were also being utilised to sustain

production and exports; 2) Key 2Q financials. Adjusted NI $ 33.4bn is +6%

vs.