Equity Snap: Saudi ARAMCO (ARAMCO AB): 2Q26 results: Resilience through market disruption

Research evidence excerpt

Equity Snap: Saudi ARAMCO (ARAMCO AB): 2Q26 results: Resilience through market disruption

4 August 2026

Equity Snap: Saudi ARAMCO Equities Oil & Gas

(ARAMCO AB)

2Q26 results: Resilience through market disruption Saudi Arabia

◆ c6% earnings beat; resilient operations and supply continuity Kim Fustier*

in a heavily disrupted quarter Senior Global Oil & Gas Analyst HSBC Bank plc

kim.fustier@hsbc.com

+44 20 3359 2136

Saudi ARAMCO (ARAMCO AB, SAR27.12, Hold, TP SAR30.80)

Ildar Khaziev*, CFA

(Priced as of 03 Aug 2026) Senior EM Oil & Gas and Utilities Analyst

HSBC Bank plc

Adjusted net income (pre-minorities) came in at USD33.4bn, 5.7% above the ildar.khaziev@hsbc.com

company-compiled consensus of USD31.6bn (range USD29.7-32.6bn). This +44 20 7992 3302

represents a 1% decrease vs 1Q26 (USD33.8bn) as a result of lower crude oil Sriharsha Pappu*

Global Head of Energy & Materials

production due to the Hormuz disruptions. HSBC Bank plc

sriharsha.pappu@hsbc.com

Upstream adjusted EBIT was USD50.9bn, down 6% q/q, reflecting lower production +44 20 7991 9243

partly offset by higher benchmark crude oil prices and higher realisations. Oil

realisations outpaced the increase in Brent and flipped from a USD1.5/b discount in * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

1Q to a USD11.4/b premium in 2Q26, above our forecast of a USD10/b premium.

Upstream production in 2Q26 averaged 9.5mboed (-25% q/q from 12.6mbd in 1Q),

as Aramco maintained resilient operations despite the Middle East conflict

disruptions, including Hormuz supply constraints and attacks on certain regional

facilities, leveraging its infrastructure flexibility, and alternative export routes (notably

the East-West pipeline).