Financials Aramco

Equities

2222

SA14TG012N13

Integrated Oil & Gas

Market Closed - Saudi Arabian S.E. Other stock markets 08:20:00 2025-07-15 am EDT			5-day change	1st Jan Change
24.60 ^SAR	-1.05%		-1.91%	-12.30%

Jul. 07	Saudi Arabia raises August oil prices for Asia, Europe buyers	RE
Jul. 06	MIDEAST STOCKS-Most Gulf markets gain after OPEC+ output boost, eye US tariff deadline	RE

Projected Income Statement: Aramco

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	862,091	1,501,758	2,266,373	1,856,373	1,801,674	1,573,538	1,581,444	1,637,937
Change	-	74.2%	50.91%	-18.09%	-2.95%	-12.66%	0.5%	3.57%
EBITDA ¹	459,568	857,439	1,235,695	965,330	877,834	834,279	861,918	906,162
Change	-	86.58%	44.11%	-21.88%	-9.06%	-4.96%	3.31%	5.13%
EBIT ¹	383,360	771,918	1,144,077	868,290	774,630	733,232	755,064	799,932
Change	-	101.36%	48.21%	-24.11%	-10.79%	-5.34%	2.98%	5.94%
Interest Paid ¹	-10,564	-12,058	-8,882	-8,186	-10,540	-11,536	-9,524	-7,085
Earnings before Tax (EBT) ¹	372,424	769,521	1,152,962	888,067	782,010	755,041	784,341	825,830
Change	-	106.62%	49.83%	-22.98%	-11.94%	-3.45%	3.88%	5.29%
Net income ¹	184,926	395,203	597,215	452,753	393,891	375,321	394,176	414,273
Change	-	113.71%	51.12%	-24.19%	-13%	-4.71%	5.02%	5.1%
Announcement Date	3/22/21	3/21/22	3/13/23	3/10/24	3/4/25	-	-	-

¹SAR in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	139,354	228,594	243,798	300,157	349,950	405,382	446,269	516,897	648,373	613,935	487,168	459,833	448,318	488,935	459,287	437,847	470,610	464,630	428,591	405,650	365,456	362,390	397,023	392,511	393,237	392,654	391,053	369,167
Change	-	64.04%	6.65%	23.12%	16.59%	15.84%	10.09%	15.83%	25.44%	-5.31%	-20.65%	-5.61%	-2.5%	9.06%	-6.06%	-4.67%	7.48%	-1.27%	-7.76%	-5.35%	-9.91%	-0.84%	9.56%	-1.14%	0.18%	-0.15%	-0.41%	-5.6%
EBITDA ¹	69,695	116,583	128,571	172,151	200,015	234,935	250,338	298,653	345,942	322,728	268,372	244,159	235,245	258,801	227,125	225,475	231,599	221,159	199,601	214,259	207,034	205,475	210,720	219,679	216,581	217,196	211,086	206,964
Change	-	67.28%	10.28%	33.9%	16.19%	17.46%	6.56%	19.3%	15.83%	-6.71%	-16.84%	-9.02%	-3.65%	10.01%	-12.24%	-0.73%	2.72%	-4.51%	-9.75%	7.34%	-3.37%	-0.75%	2.55%	4.25%	-1.41%	0.28%	-2.81%	-1.95%
EBIT ¹	53,092	96,046	104,490	151,887	179,115	212,806	228,110	277,705	324,489	300,234	241,649	222,184	212,553	234,446	199,107	202,050	206,450	192,820	173,310	191,360	182,592	182,111	185,680	192,561	189,704	190,093	184,831	179,969
Change	-	80.9%	8.79%	45.36%	17.93%	18.81%	7.19%	21.74%	16.85%	-7.47%	-19.51%	-8.06%	-4.33%	10.3%	-15.07%	1.48%	2.18%	-6.6%	-10.12%	10.41%	-4.58%	-0.26%	1.96%	3.71%	-1.48%	0.2%	-2.77%	-2.63%
Charge d'intérêts	-	-3,407	-3,658	-2,623	-3,462	-2,917	-	-	-	-	-	-	-2,156	-	-905	-3,025	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	49,828	92,751	102,110	151,380	178,676	212,158	227,307	277,817	329,794	-	243,072	229,234	217,431	238,373	203,029	205,014	-	195,115	172,277	190,294	206,407	205,064	199,726	211,907	210,429	209,507	204,500	177,001
Change	-	86.14%	10.09%	48.25%	18.03%	18.74%	7.14%	22.22%	18.71%	-	-	-5.69%	-5.15%	9.63%	-14.83%	0.98%	-	-	-11.7%	10.46%	8.47%	-0.65%	-2.6%	6.1%	-0.7%	-0.44%	-2.39%	-13.45%
Net income ¹	25,370	44,278	51,746	78,590	90,902	109,072	116,639	142,012	173,795	156,068	125,340	117,471	108,881	123,534	102,867	103,356	106,158	97,621	86,756	95,676	91,051	92,298	93,446	97,372	95,790	95,620	92,629	90,813
Change	-	74.53%	16.87%	51.88%	15.67%	19.99%	6.94%	21.75%	22.38%	-10.2%	-19.69%	-6.28%	-7.31%	13.46%	-16.73%	0.48%	2.71%	-8.04%	-11.13%	10.28%	-4.83%	1.37%	1.24%	4.2%	-1.62%	-0.18%	-3.13%	-1.96%
Announcement Date	8/10/20	11/3/20	3/22/21	5/4/21	8/9/21	11/1/21	3/21/22	5/16/22	8/15/22	11/1/22	3/13/23	5/9/23	8/7/23	11/7/23	3/10/24	5/7/24	8/6/24	11/4/24	3/4/25	5/11/25	-	-	-	-	-	-	-	-

¹SAR in Million

Estimates

Forecast Balance Sheet: Aramco

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	322,044	184,269	-114,118	-93,169	89,462	133,715	153,063	146,390
Change	-	-42.78%	-161.93%	18.36%	196.02%	49.47%	14.47%	-4.36%
Announcement Date	3/22/21	3/21/22	3/13/23	3/10/24	3/4/25	-	-	-

¹SAR in Million

Estimates

Cash Flow Forecast: Aramco

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	101,030	119,645	141,161	158,308	188,890	200,316	193,541	175,769
Change	-	18.43%	17.98%	12.15%	19.32%	6.05%	-3.38%	-9.18%
Free Cash Flow (FCF) ¹	184,267	402,956	556,991	379,506	319,998	281,894	313,034	360,820
Change	-	118.68%	38.23%	-31.86%	-15.68%	-11.91%	11.05%	15.27%
Announcement Date	3/22/21	3/21/22	3/13/23	3/10/24	3/4/25	-	-	-

¹SAR in Million

Estimates

Forecast Financial Ratios: Aramco

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	53.31%	57.1%	54.52%	52%	48.72%	53.02%	54.5%	55.32%
EBIT Margin (%)	44.47%	51.4%	50.48%	46.77%	43%	46.6%	47.75%	48.84%
EBT Margin (%)	43.2%	51.24%	50.87%	47.84%	43.4%	47.98%	49.6%	50.42%
Net margin (%)	21.45%	26.32%	26.35%	24.39%	21.86%	23.85%	24.93%	25.29%
FCF margin (%)	21.37%	26.83%	24.58%	20.44%	17.76%	17.91%	19.79%	22.03%
FCF / Net Income (%)	99.64%	101.96%	93.26%	83.82%	81.24%	75.11%	79.41%	87.1%
Profitability
ROA	10.85%	19.39%	25.66%	18.22%	16.07%	16.6%	16.02%	16.16%
ROE	18.26%	37.56%	46.62%	30.35%	26.32%	24.03%	23.98%	24.67%
Financial Health
Leverage (Debt/EBITDA)	0.7x	0.21x	-	-	0.1x	0.16x	0.18x	0.16x
Debt / Free cash flow	1.75x	0.46x	-	-	0.28x	0.47x	0.49x	0.41x
Capital Intensity
CAPEX / Current Assets (%)	11.72%	7.97%	6.23%	8.53%	10.48%	12.73%	12.24%	10.73%
CAPEX / EBITDA (%)	21.98%	13.95%	11.42%	16.4%	21.52%	24.01%	22.45%	19.4%
CAPEX / FCF (%)	54.83%	29.69%	25.34%	41.71%	59.03%	71.06%	61.83%	48.71%
Items per share
Cash flow per share ¹	1.18	2.16	2.886	2.223	2.104	1.93	2.006	2.112
Change	-	83.16%	33.58%	-22.98%	-5.36%	-8.27%	3.95%	5.31%
Dividend per Share ¹	0.9256	1.157	-	1.695	1.776	1.32	1.357	1.416
Change	-	25%	-	-	4.78%	-25.66%	2.84%	4.32%
Book Value Per Share ¹	15.36	4.602	5.99	6.343	6.028	6.205	6.393	6.627
Change	-	-70.05%	30.15%	5.9%	-4.96%	2.92%	3.04%	3.65%
EPS ¹	0.7686	1.636	2.473	1.87	1.63	1.532	1.603	1.681
Change	-	112.9%	51.11%	-24.38%	-12.83%	-6.02%	4.63%	4.86%
Nbr of stocks (in thousands)	241,858,445	241,858,445	241,893,399	241,907,556	241,948,700	241,854,700	241,854,700	241,854,700
Announcement Date	3/22/21	3/21/22	3/13/23	3/10/24	3/4/25	-	-	-