Equity Snap: Extra (EXTRA AB): Retail segment performance partially offsets the subdued outcome in consumer finance

研报英文原文证据摘录

Equity Snap: Extra (EXTRA AB): Retail segment performance partially offsets the subdued outcome in consumer finance

8 July 2026

Equity Snap: Extra (EXTRA AB) Equities Specialty Retail

Retail segment performance partially offsets the

subdued outcome in consumer finance Saudi Arabia

◆ 2Q26 sales were up 5.5% y-y; net income was down 3.7% y- Ankur Agarwal*, CFA

y due to weak performance in consumer finance (-20.3%) Senior Analyst, MENA Consumer, TMT & Transport HSBC Bank Middle East Limited, Dubai branch

partially offset by retail segment (up 7.3%) ankurpagarwal@hsbc.com

+971 4 423 6558

Ramesh Pantagolusula*

Analyst, MENA Consumer & Education

HSBC Securities and Capital Markets (India) Private

Extra (EXTRA AB, SAR73.80, Buy, TP SAR103.00) Limited

ramesh.pantagolusula@hsbc.co.in(Priced as of 07 Jul 2026)

+91 80 4550 2854

Revenue growth across segments: Extra reported revenue for 2Q26 was

SAR2.2bn, up 5.5% y-y; driven by both retail (5.4% y-y) and consumer finance * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

segments (6.5% y-y). The retail growth was driven by higher average basket size and

strong performance in the B2B segment. While consumer finance growth was driven

by a 13.6% expansion in the consumer finance portfolio over the same period.

Net Income declined: Net Income came in at SAR103m (net margin of 4.6%) which

was down 3.7% y-y due to the 20.3% decline in the consumer finance segment.

However, the retail segment recorded a 7.3% increase in net profit supported by

continued revenue growth and an improved operating performance.

Subdued performance in Consumer Finance: Net income of SAR48m was down

20.3% y-y and down 25% q-q. This is 26% below HSBC estimates of SAR65m. The