Bahri Hits Record Q3 2025 Revenue of SAR 2.5B on Fleet Growth

Bahri, the Kingdom’s leading shipping and logistics company, today announced its financial results for the third quarter and the first nine months of 2025, reporting a net profit of SAR 513 million and SAR 1.45 billion, respectively, driven by increased deployment of its larger fleet of owned vessels.

Eng. Ahmed Ali Al Subaey, Chief Executive Officer of Bahri, commented:

“Bahri’s resilience is bearing fruit. Our diversified portfolio and disciplined focus on owned tonnage growth kept us agile in a dynamic market and positioned us to capture tailwinds where they emerged. In the third quarter, our crude oil shipping business delivered strong performance, leveraging a larger owned fleet to meet increased demand. Our other shipping businesses also proved their resilience through proactive measures as they navigated volatile markets, while our logistics business continued its commercial ramp-up. The third quarter performance further solidifies Bahri as the national shipping and logistics champion. Likewise, in early October, we deepened key partnerships and renewed a 10-year contract of affreightment with S-Oil, ensuring continued fleet utilization. We also placed the first order with International Maritime Industries for six dry bulk vessels, marking a new chapter for shipbuilding in Saudi Arabia, strengthening the Kingdom’s supply chain and benefiting from its strategic location. I am incredibly proud of how the Bahri team has responded to the constantly shifting markets of 2025. Because of our team’s efforts, we are more agile, resilient and capable than ever, and I am confident the best is yet to come.”

THIRD QUARTER 2025 OVERVIEW

Bahri reported the highest third-quarter revenue of SAR 2.46 billion in Q3 2025, marking a 10% year-on-year increase driven by the expansion of its owned fleet to 104 vessels. Including leased 13 vessels on long-term leases, Bahri operated 117 vessels by the end of September, compared to 104 in the same period last year. EBITDA rose 8% year-on-year to SAR 1.26 billion, supported by higher revenues driven by increased revenues from higher-margin owned vessels and improved contribution from our affiliate, Petredec Group. Despite ongoing normalization in the chemicals segment and market volatility in dry bulk and breakbulk shipping, EBITDA margins remained resilient at 51%.

Net profit increased 1% year-on-year to SAR 513 million, with growth tempered by higher depreciation and finance costs related to fleet expansion. Quarter-on-quarter, net profit rose 26% due to stronger contributions from Petredec, lower general and administrative expenses and provisions, and higher other income.

FIRST NINE MONTHS 2025 OVERVIEW

For the first nine months of 2025, Bahri reported a net profit of SAR 1.45 billion, narrowing the year-on-year decline to 14% following a strong Q3 performance. Net operating cash flow reached SAR 1.07

billion in Q3, marking a 56% increase compared to the same period last year, supported by stronger cash earnings and improved working capital management. Capital expenditure during the quarter stood at SAR 169 million, primarily directed toward fleet maintenance and initial payments for two new offshore support vessels, down significantly from SAR 1.28 billion in Q3 2024.

Improved cash flows helped turn free cash flow positive in Q3 at SAR 903 million, reducing cumulative outflows for the first nine months to SAR 1.31 billion, nearly halving the figure reported at mid-year. Consequently, net debt declined 2% quarter-on-quarter to SAR 9.85 billion, while net debt-to-EBITDA improved to 2.11x from 2.19x. On a year-on-year basis, both figures remain elevated due to earlier investments in Bahri’s fleet expansion and modernization program.

KEY OPERATIONAL HIGHLIGHTS (Q3/9M 2025)

· Maintained zero fatalities and zero oil spills, underscoring Bahri’s strong safety culture and operational excellence.

· Improved Lost Time Injury Frequency Rate (LTIFR) to 0.23 per million hours as of end-September 2025, down from 0.39 in June and 0.42 at year-end 2024.

· Achieved a Port State Control deficiency rate of 0.58, with no vessel detentions, significantly outperforming global averages (2.70 in Europe/North Atlantic and 2.42 in Asia-Pacific).

· Added one modern VLCC, completing the 9-vessel acquisition from Capital Maritime; Bahri Oil now operates a 50-VLCC fleet.

· Owned fleet increased to 104 vessels, with 13 additional long-term chartered vessels, bringing the total operated fleet to 117, up from 104 a year earlier.

KEY STRATEGIC HIGHLIGHTS (Q3/9M 2025)

· Signed SAR 762 million agreement with IMI to build six Ultramax dry bulk vessels, supporting shipbuilding in Saudi Arabia and enabling access to emerging trade corridors.

· Placed newbuild orders for:

o Two offshore support vessels (OSVs) for SAR 18 million, expected delivery H2 2026, expanding into marine support services.

o Two RoCon vessels (~SAR 757 million), with delivery slated for 2029, reinforcing logistics capabilities across modalities.

· Successfully launched three floating desalination barges, now in full commercial operation under Bahri Marine Services.

· Bahri Chemicals signed its first Contract of Affreightment with Luberef, expanding product cargo transport across GCC and India’s west coast.

· Bahri Oil renewed its 20-year partnership with S-Oil, securing transport of ~70 million barrels of crude annually for another decade.

· Continued strategic alignment with Saudi Vision 2030, advancing localization through major shipbuilding, fleet expansion, and sector diversification.