ADES 3Q26: Diversification is lifting resilience faster than returns

ADES delivered 35% y/y revenue growth, but EBITDA margin fell 680bp and net profit declined 55%. The enlarged international platform is supporting growth, but integration, margin recovery and deleveraging now matter more than further fleet expansion. Revenue reached SAR2.23bn (+2% vs. cons.), while EBITDA was SAR1.01bn (-5% vs. cons.), with margin declining to 45.2% from 52.0% in 3Q25. Net profit reached SAR99m (-21% vs. cons.), as lower margins, regional suspensions and non-recurring insurance costs outweighed EBITDA growth. Operating cash flow before working capital remained solid at SAR919m, up 15% y/y. Non-GCC markets generated 53% of 9M26 revenue, with India up 140%, Southeast Asia up 73%, Egypt up 52% and West and Central Africa reaching SAR918m, offsetting declines of 13% in Saudi Arabia and 22% in Qatar. Shelf's lower-margin contribution and GCC suspensions reduced 9M26 EBITDA margin by 710bp to 46.8%. Backlog reached SAR37.69bn, up 9% from year-end, with a 4.39-year average te