Equity Snap: Derayah Financial Co (DERAYAH AB): Q2 26: Weaker quarter, bolder roadmap

研报英文原文证据摘录

Equity Snap: Derayah Financial Co (DERAYAH AB): Q2 26: Weaker quarter, bolder roadmap

4 August 2026

Equity Snap: Derayah Financial Equities Diversified Financial Srvcs

Co (DERAYAH AB)

Q2 26: Weaker quarter, bolder roadmap Saudi Arabia

◆ Resilient securities lending and stabilisation in asset Aybek Islamov*, CFA

management offset by softer brokerage and cost slippage Analyst, MENA Financials HSBC Bank Middle East Limited, Dubai branch

aybek.islamov@hsbc.com

+971 4 423 6921

Derayah Financial Co (DERAYAH AB, SAR21.14, Buy, TP SAR35.70)

Bhavin Rathod*, CFA

(Priced as of 03 Aug 2026) Analyst, MENA Financials

HSBC Securities and Capital Markets (India) Private

Q2 26 net income at SAR101m, down 6% y/y and up 4% q/q. H1 26 net income Limited

came in at SAR198m, down 7% y/y. Q2 net income missed our estimate by 10%, bhavinkumarrathod@hsbc.co.in

+91 80 4550 2993

primarily reflecting weaker-than-expected cost performance alongside a modest 3%

revenue miss, driven by a 4% q/q contraction in brokerage revenue. EBIT margin, * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

before associate loss, came at 55%, down 2ppt q/q. not registered/ qualified pursuant to FINRA regulations

Key positives include strong performance in securities lending, supported by

growth in accounts under custody (AUC), alongside signs of stabilisation in asset

management revenues, and a reduction in the associate loss.

Brokerage revenue missed our estimate by 10% and declined 5% y/y and 4% q/q.

This was despite brokerage traded value rising 22% y/y and 4% q/q, implying

potential deterioration in pricing (and/or mix) during Q2 2026. Traded value was also

softer than we expected (see the results comparison table on the next page).