2Q26 Results: Resilient Earnings, Distributions Confirmed

Research evidence excerpt

2Q26 Results: Resilient Earnings, Distributions Confirmed

Update

August 4, 2026 07:57 AM GMT

Morgan Stanley & Co. International plc+MSaudi Aramco | Europe Martijn Rats, CFA

Equity Analyst and Commodities Strategist

2Q26 Results: Resilient Martijn.Rats@morganstanley.comAlice Bergier Winograd +44 20 7425-6618

Equity Analyst

Alice.Winograd@morganstanley.com +44 20 7425-0174

Earnings, Distributions Guilherme Levy

Guilherme.Levy@morganstanley.com +44 20 7425-6616

Confirmed

Saudi Aramco (2222.SE, ARAMCO AB)

Energy | Saudi Arabia

AlphaSignals Earnings Reaction

Stock Rating Equal-weight

Unchanged Modest upside Largely unchanged Industry View In-Line

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target SAR 27.40

consensus EPS Shr price, close (Aug 3, 2026) SAR 27.12

52-Week Range SAR 27.96- 23.04

Source: Company data, Morgan Stanley Research Mkt cap, curr (mn) SAR 6,560,165

Net debt (12/26e) (mn)* SAR 132,003

EV, curr (mn)* SAR 6,910,431

Key Takeaways

* = GAAP or approximated based on GAAP

Adjusted earnings 6% above consensus expectations; company notes a higher

premium captured over average Brent

FCF of $12.3bn negatively impacted by $13.6bn working capital build; capex of

$13bn was slightly higher q/q

2Q26 dividend maintained at $21.9bn, share buyback programme of $2-3bn

progressing

Management highlights demand resiliency in face of >2bn barrels of liquids lost

since March, with significant commercial inventory drawdowns globally

Earnings: Adjusted net income was SAR125.2bn (US$33.4bn), 6% above SAR118bn

consensus, while adjusted EBIT of SAR217.5bn was in line. Higher crude and refined-

product prices, including a US$108.1/bbl realised crude price, and stronger refining