Saudi Aramco (2222.SE) 2Q26 In-Line With Expectations; Asset Integrity Remains High

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Saudi Aramco (2222.SE) 2Q26 In-Line With Expectations; Asset Integrity Remains High

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04 Aug 2026 05:02:14 ET │ 11 pages

Saudi Aramco (2222.SE)

2Q26 In-Line With Expectations; Asset Integrity Remains High

CITI'S TAKE

Neutral Aramco 2Q26 earnings are broadly in-line with market expectations,

noting of course this is a quarter where export capacity has been Price (04 Aug 26 10:29) SAR27.18

significantly impact by events in the Gulf. As to the current state of Target price SAR27.00

operations, the company notes that its physical constraints remain Expected share price -0.7% around around full ability to export rather than asset integrity, return

commenting that full oil production output can be restored within 10 days Expected dividend yield 5.1%

and MSC-level (13 mbpd) achieved within 3 weeks. Expected total return 4.5%

Market Cap SAR6,577,560M

2Q26 Summary — Adjusted net income of $32.4 B is essentially in-line with where US$1,751,401M

market consensus was a few weeks ago, before the trading statements of IOC peers.

The quarter was of course severely impacted by oil export constraints, partly offset

by higher price realisations and refining margins. Cash conversion is impacted by the

timing of tax payments. Alastair R SymeAC

+44-20-7986-4030

Financial Framework — Net debt/CFFO (trailing) of 0.2x keeps Aramco with low alastair.syme@citi.com

financial leverage relative to the Global IOC peer group. Capex remains unchanged at

$50-55 B for FY26, with the company noting that the high degree of local sourcing Kate O’Sullivan

(>70% on oil expansion projects) helping to mitigate logistics constraints.

Oliver G Connor

Implications — From a macro perspective, many of the company's own perspectives Tianhong Bi, CFA

are noteworthy.