Almarai (2280.SE)

研报英文原文证据摘录

Almarai (2280.SE)

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05 Jul 2026 19:20:48 ET │ 11 pages

Volume growth supports 11% y/y sales growth but cost pressures leaves

EBIT flat y/y

CITI'S TAKE Buy

Price (05 Jul 26 15:00) SAR45.62 Almarai reported Q2 26A results with revenues at SAR 5.9bn (+11% y/y, -

Target price SAR59.00 5% q/q) supported by volume growth across all categories and markets

according to the release especially in the Poultry segment (capacity Expected share price return 29.3%

addition). Revenues were also supported by price adjustments across Expected dividend yield 2.6%

some dairy products and lower promotional activity. Gross margin Expected total return 32.0%

declined 125bps y/y impacted by increased shipping costs for dairy Market Cap SAR45,620M

feed but partly offset by improving sales mix and pricing. EBIT came in at US$12,147M

SAR 814m (flat y/y) further impacted by diesel fuel cost growth as well as

general inflationary pressures. Net income arrived at SAR 636m (-2% y/y)

further impacted by higher interest expenses in our view. We have a Buy

rating and TP at SAR 59. Michel SalamehAC

+971-4509-9587

Implications — Volume growth positively surprises as the company mentions michel.salameh@citi.com

growth across all product categories and geographies (despite conflict impact). Cost

growth accelerated as shipping and import costs jumped aggressively y/y (3-4x

container costs) which weighed down on gross margins which were partly supported

by price adjustments. As we had noted before that the pricing changes are phased

and will only reflect fully in H2 26 with shipping cost elements likely to normalize as

shipping lanes gradually reopen. Almarai continues to deliver on volume growth and

executes on poultry expansion which we think would yield stronger earnings

momentum in H2.