Saudi Kayan Petrochemical Co. (2350.SE): 2Q26 beat vs GSe on lower regional disruption impact; 2H26 ethane allocation in focus; Neutral

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Saudi Kayan Petrochemical Co. (2350.SE): 2Q26 beat vs GSe on lower regional disruption impact; 2H26 ethane allocation in focus; Neutral

Equity Research

22 July 2026 | 12:16PM GST

Saudi Kayan Petrochemical Co. (2350.SE): 2Q26 beat vs GSe on lower

regional disruption impact; 2H26 ethane allocation in focus; Neutral

Neutral-rated Saudi Kayan reported 2Q26 numbers on July 22nd pre-market open. Faisal AlAzmeh, CFA

+971(4)376-3476 |

faisal.alazmeh@gs.com

Bottom line: Kayan revenues came in well ahead of expectations relative to GSe Goldman Sachs International

and consensus estimates as the combination of higher product prices and lower Roman Reshetnev

+971(4)376-3423 |

force majeure impact drove a beat to revenues, landing +53% ahead of GSe and roman.reshetnev@gs.com

Goldman Sachs International

+27% ahead of BBg consensus; Reported EBITDA of SAR34mn beats vs. our

Fadi Batainehestimate of -SAR84mn but was -77% behind consensus of SAR149mn, with +971(4)214-9959 |

margins at ~2% (vs. ~9% in 1Q26), as an increase in average feedstock costs and fadi.bataineh@gs.comGoldman Sachs International

lower sales volumes more than offset higher avg prices.

Coming out of results, we would expect investors to focus on: (1) the trajectory of

sales volumes and the pace at which supply-chain challenges normalize, given

quantities sold fell -40% yoy and -32% YTD despite higher prices; (2) the outlook for

feedstock/raw material costs and the read-through to margin recovery, as higher raw

material costs were the key sequential drag; (3) execution on the company’s

operational cost-reduction initiatives and its use of the Kingdom’s integrated

supply-chain infrastructure to maintain operational sustainability; and (4) updates

on the timing and outline for feedstock ethane allocation for 2H26.