• An increase in fuel costs used in production processes by 32.70 % amounting to SAR 170.96 million.

• An increase in power and water purchases by 17.36 % amounting to SAR 42.39 million.

• A reversal of the provision for impairment loss on trade receivables was recorded last quarter from last year amounting to SAR 19.74 million, which wasn’t recorded in the current quarter.

The decrease has been offset by:

• An increase in revenue by 7.82 % amounting to SAR 145.30 million.

• A decrease in finance costs by 10.38 % amounting to SAR 27.19 million.

• A decrease in zakat and income tax provision by 82.28 % amounting to SAR 12.50 million.

Notably, Comparative figures for 2024 have been restated, see additional information below.

• An increase in power and water revenue by 5.69 % amounting to SAR 104.01 million.

• An increase in other operating income, net by 49.28 % amounting to SAR 20.19 million.

• An increase in share of income from associates by 60.30 %, SAR 9.10 million.

The increase has been offset by:

• An increase in fuel costs used in production processes by 8.27 %, SAR 53.01 million.

• An increase in power and water purchases by 10.62 % amounting to SAR 27.51 million.

Notably, Comparative figures for 2024 have been restated, see additional information below.

• Increase in the revenue of Tawreed (wholly owned subsidiary), by 15.10 % amounting to SAR 292.10 million.

• An Increase in water and gas revenue by 4.92 % amounting to SAR 121.33 million.

• A decrease in finance costs by 10.56 % amounting to SAR 83.97 million.

• An increase in other operating income, net by 39.22 % amounting to SAR 50.90 million mainly due to the success fees for Al- Haer Independent Sewage Treatment Plant Project.

• A decrease in zakat and income tax provision by 83.86 % amounting to SAR 30.80 million.

• The net positive impact of revenue adjustments and reversal of the provision for impairment loss on trade receivables related to High Intensity Tariff). (for more on non-recurring adjustment see the additional information)

The increase has been offset by:

• An increase in fuel costs used in production processes by 29.54 % amounting to SAR 424.18 million.

• An increase in power and water purchases by 19.29 % amounting to SAR 126.09 million.

Notably, Comparative figures for 2024 have been restated, see additional information below.

On 27 April 2025, the Company received a notification from Saudi Electricity Regulatory Authority (SERA) for amendment of electricity consumption tariff for establishments that are not eligible for HIECT in the Industrial, Commercial and Agricultural sectors with an increase of 2 halala/Kwh. The amendment come into effect on 28 May 2025, the Company applied the HIECT, resulting in the following adjustments:

• Non-recurring adjustment of revenue in accordance of IFRS 15: Revenue from power segment has decreased by SR 475.5 million related to previous periods, due to the issuance of credit notes for qualified customers as a result from the reduction of tariff for the periods from January 1st 2023 to December 31st 2024.

• Non-recurring reversal of the provision for impairment loss on trade receivables: Company reversed a related impairment provision of SR 496.2 million (inclusive of VAT) pertaining specifically to the receivables of customers eligible for the HIECT.

• The net impact on Consolidated Income Statement: the above adjustments had a positive impact on Consolidated Income Statement with an amount of SR 20.7 million

2. Restatement of Comparative Figures of Year 2024:

• During Year 2024, The Group has reviewed its position in relation to control over JWAP and its accounting treatment as a joint operation. While the arrangement continues to meet the criteria for a joint arrangement (IFRS 10 and 11 Joint Arrangements). The Group has deconsolidated its proportionate share and accounted for the investment in JWAP as a joint venture using the equity method, as required by (IAS 28 Investments in Associates and Joint Ventures).

• The Group has recognized the Power and Water Purchase Agreement (PWPA) with JWAP as a lease under the requirement of IFRS 16 which was earlier consolidated proportionally and recorded as owned asset under joint operation accounting of JWAP.

• During Year 2024, the Group has remeasured its lease liabilities with the Royal Commission for Jubail and Yanbu in line with the requirements of IFRS 16 Leases from the lease commencement date using the incremental borrowing rate and accordingly adjusted the related right-of-use assets, finance charges on lease liabilities and depreciation charges on right-of-use assets.