Saudi Media: Navigating ad weakness and shifting landscape - prefer MBC (N) over Al Arabia (UW); place Al Arabia on -CW

CEEMEA Equity Research 21 September 2026 J P M O R G A N Saudi Media Navigating ad weakness and shifting landscape - prefer MBC (N) over Al Arabia (UW); place Al Arabia on -CW MENA TMT Karin So AC (971) 4561-2090 karin.so@jpmorgan.com J.P. Morgan Securities plc With this note, coverage of Al Arabia and MBC is transferred to Karin So. Catalyst Watch is our short-term conviction indicator for our coverage universe. It is an optional indicator our research analysts can apply to a stock in their coverage into a specific event in order to articulate short-term positivity or caution based on near-term fundamentals. As such, it can differ from the analysts’ published ratings, which are sector relative and longer term in nature. Figure 1: Summary of J.P. Morgan Saudi Media coverage New Rating Old Rating New PT Old PT Up/Downside (%) MBC Group N NR 19.7-5% Al Arabia UW NR 47.5--10% Source: J.P. Morgan, Bloomberg Finance L.P. Saudi Media faces a challenging advertising environment, with geopolit