Half Year 2026 Elm Co SJSC Earnings Call

Speaker #2: All right.

Speaker #3: Yes, clear.

Mohammed Alamer: Yes, clear.

Speaker #2: Yes. نتائج شركة علم عن النصف الأول من عام 2026. نود التنويه بأن اللقاء والعرض سيكون باللغة الإنجليزية، ويوجد ترجمة فورية في الخيارات الموجودة في النظام لديكم.

Ibrahim AlMohannas: Good morning, good afternoon, good evening, everyone. This is Ibrahim AlMohannas speaking from Investor Relations. Thank you for joining us today, holding our H1 2026 Earnings Conference Call. We appreciate your time and interest in being part of this session. Before we begin, please note that today's discussion may include forward-looking statements that are subject to risks and uncertainties. Please, the next slide. Please refer to the disclaimer on this slide. I will pause briefly for five seconds for you to have a look. With that, let's begin. Next slide, please. With me today, our CEO, Mohammed Alamer, our Group Chief Digital Government Products, Majed Alotaibi, our VP of Research and AI, Abdullah Alariqi, and our CFO, Usama Swidi. Together, we will walk you through our operational highlights, key strategic developments and plans, and finally, the financial performance and projections.

Ibrahim Almuhanna: Good morning, good afternoon, good evening, everyone. This is Ibrahim AlMohannas speaking from Investor Relations. Thank you for joining us today, holding our H1 2026 Earnings Conference Call. We appreciate your time and interest in being part of this session. Before we begin, please note that today's discussion may include forward-looking statements that are subject to risks and uncertainties. Please, the next slide. Please refer to the disclaimer on this slide. I will pause briefly for five seconds for you to have a look. With that, let's begin. Next slide, please. With me today, our CEO, Mohammed Alamer, our Group Chief Digital Government Products, Majed Alotaibi, our VP of Research and AI, Abdullah Alariqi, and our CFO, Usama Swidi. Together, we will walk you through our operational highlights, key strategic developments and plans, and finally, the financial performance and projections.

Speaker #2: متشكرين لحضوركم. Good morning, good afternoon, good evening, everyone. This is Ibrahim Al-Muhannad speaking from Investor Relations. Thank you for joining us today for our H1 2026 earnings conference call.

Speaker #2: We appreciate your time and interest in being part of this session. Before we begin, please note that today's discussion may include forward-looking statements. Please go to the next slide.

Speaker #2: These are subject to risks and uncertainties. Please refer to the disclaimer on this slide. I will pause briefly for five seconds for you to have a look.

Speaker #2: With that, let's begin. Next slide, please. With me today are our CEO, Mohamed El Amir; our Group Chief Digital Government Products, Majid Al-Otaibi; our VP of Research and AI, Abdallah Al-Arifi; and our CFO, Ismail Sweitri.

Speaker #2: Together, we will walk you through our operational highlights, key strategic developments and plans, and finally, the financial performance and projections. Please note that the results presentation is available in the public domain on our website; the remaining financial materials will be publicly available in due course.

Ibrahim AlMohannas: Please note that the results presentation is available on the public domain on our website. The remaining financial materials will be publicly available in due course. Following the presentation, we will open the floor for Q&A. Please feel free to submit your question at any time through the Q&A box. During the Q&A session, you will also have the option to speak your question directly. We look forward to a productive and engaging discussion. With that, I'll hand it over to our CEO, Munas. Munas to you.

Ibrahim Almuhanna: Please note that the results presentation is available on the public domain on our website. The remaining financial materials will be publicly available in due course. Following the presentation, we will open the floor for Q&A. Please feel free to submit your question at any time through the Q&A box. During the Q&A session, you will also have the option to speak your question directly. We look forward to a productive and engaging discussion. With that, I'll hand it over to our CEO, Munas. Munas to you.

Speaker #2: Following the presentation, we will open the floor for Q&A. Please feel free to submit your question at any time through the Q&A box. During the Q&A session, you will also have the option to speak your question directly.

Speaker #2: We look forward to a productive and engaging discussion. And with that, I'll hand it over to our CEO, Bunaid. Bunaid, over to you.

Mohammed Alamer: Thank you, Ibrahim. Good afternoon, everyone. I'll be going around 10 minutes, going around the results. Thank you for joining us for earnings H1 2026 results. The H1 delivered revenue of SAR 5 billion, EBIT of SAR 1.3 billion, and net profit of SAR 1.2 billion, each ahead of the same period last year. Profitability grew at a slower pace than revenue, primarily reflecting higher OpEx associated with strategic investments and integration activities. Usama will take you through it in full shortly. The business performed through a demanding period. Our core portfolio delivered, Seha moved from integration into commercial delivery, and we continued to execute against shifting customer preferences. Now we'll step back from the numbers and move to what sits behind them. Our approach to growth has not changed during H1.

Abdulrahman Bin Saad Al-Jadhai: Thank you, Ibrahim. Good afternoon, everyone. I'll be going around 10 minutes, going around the results. Thank you for joining us for earnings H1 2026 results. The H1 delivered revenue of SAR 5 billion, EBIT of SAR 1.3 billion, and net profit of SAR 1.2 billion, each ahead of the same period last year. Profitability grew at a slower pace than revenue, primarily reflecting higher OpEx associated with strategic investments and integration activities. Usama will take you through it in full shortly. The business performed through a demanding period. Our core portfolio delivered, Seha moved from integration into commercial delivery, and we continued to execute against shifting customer preferences. Now we'll step back from the numbers and move to what sits behind them. Our approach to growth has not changed during H1.

Speaker #4: Chef Ibrahim, salam alaykum. Good afternoon, everyone. I'll be going in about 10 minutes, going over the results. Thank you for joining us for Elm's first half 2026 earnings call.

Speaker #4: The first half delivered revenue of $5 billion, EBIT of $1.3 billion, and net profit of $1.2 billion, each ahead of the same period last year.

Speaker #4: Profitability grew at a lower pace than revenue, primarily reflecting higher operating expenses associated with strategic investments and integration activities. Esmail will take you through it in full shortly.

Speaker #4: The business performed through a demanding period. Our core portfolio delivered. SEPA moved from integration into commercial delivery, and we continued to execute against shifting customer priorities.

Speaker #4: Now, step back from the numbers and move to what sits behind them. Our approach to growth has not changed during H1. We built, from existing strengths, a resilient core portfolio, selective project convergence, SEPA's transition into commercial delivery, and AI as a practical capability layer that strengthened our existing platform rather than creating a separate business narrative.

Mohammed Alamer: We built from existing strengths, a resilient core portfolio, selective project convergence, Seha's transition into commercial delivery, and AI as a practical capability layer that strengthen our existing platform rather than creating a separate business layer. Let's start with the core, which remains the largest contributor to our business. The H1 is a useful reminder that the core should be managed as a diverse portfolio. Elm operates platforms and trusted services across different sectors, customer groups, and demand cycles. Individual products will naturally move at different speeds. Some products continue to scale through transaction volume, others create value through adjacent services and deeper customer engagement, and some others may face temporary pressure from sector timing or market conditions. Taken together, these dynamics continue to provide a stable foundation for the business. Fasah and Yaqeen are good examples.

Abdulrahman Bin Saad Al-Jadhai: We built from existing strengths, a resilient core portfolio, selective project convergence, Seha's transition into commercial delivery, and AI as a practical capability layer that strengthen our existing platform rather than creating a separate business layer. Let's start with the core, which remains the largest contributor to our business. The H1 is a useful reminder that the core should be managed as a diverse portfolio. Elm operates platforms and trusted services across different sectors, customer groups, and demand cycles. Individual products will naturally move at different speeds. Some products continue to scale through transaction volume, others create value through adjacent services and deeper customer engagement, and some others may face temporary pressure from sector timing or market conditions. Taken together, these dynamics continue to provide a stable foundation for the business. Fasah and Yaqeen are good examples.

Speaker #4: That starts with the core, which remains the largest contributor to our business. The first half is a useful reminder that the core should be managed as a diverse portfolio.

Speaker #4: Elm operates platforms and trusted services across different sectors, customer groups, and demand cycles. So, individual products will naturally move at different speeds. Some products continue to scale through transaction volumes; others create value through adjacent services and deeper customer engagement.

Speaker #4: And some others may face temporary pressure from sector timing or market conditions. Taken together, these dynamics continue to provide a stable foundation for the business.

Speaker #4: Fath Al Yaqin, our good example, Fath is currently affected by regional trade activity and geopolitical developments, while Yaqin has potential in expanding into new sectors and use cases.

Mohammed Alamer: Fasah is currently affected by regional trade activity and geopolitical developments, while Yaqeen has potential in expanding into new sectors and use cases. These are different dynamics, they reinforce the same points. The strength of the core comes from the portfolio as a whole, supported by platforms and capabilities that already operate at scale. That is why we remain focused on managing project cycles carefully while building long-term value across the business. If the core is where we see stability, projects, yes, is where we are seeing pressure. The market continues to be affected by shifting priorities in government spending and award timing, we are seeing that reflected across parts of the project portfolio. At the same time, the pipeline remains active. Demand continues to exist, we remain focused on converting opportunities while positioning ourselves for larger awards as market conditions improve.

Abdulrahman Bin Saad Al-Jadhai: Fasah is currently affected by regional trade activity and geopolitical developments, while Yaqeen has potential in expanding into new sectors and use cases. These are different dynamics, they reinforce the same points. The strength of the core comes from the portfolio as a whole, supported by platforms and capabilities that already operate at scale. That is why we remain focused on managing project cycles carefully while building long-term value across the business. If the core is where we see stability, projects, yes, is where we are seeing pressure. The market continues to be affected by shifting priorities in government spending and award timing, we are seeing that reflected across parts of the project portfolio. At the same time, the pipeline remains active. Demand continues to exist, we remain focused on converting opportunities while positioning ourselves for larger awards as market conditions improve.

Speaker #4: These are different dynamics, but they reinforce the same point: the strength of the core comes from the portfolio as a whole, supported by platforms and capabilities that already operate at scale.

Speaker #4: That is why we remain focused on managing product cycles carefully while building long-term value across the business. If the core is where we see stability, projects, yes, is where we are seeing pressure.

Speaker #4: The market continues to be affected by shifting priorities in government spending and world timing, and we are seeing that reflected across parts of the project portfolio.

Speaker #4: At the same time, the pipeline remains active. Demand continues to exist, and we remain focused on converting opportunities while positioning ourselves for larger awards as market conditions improve.

Speaker #4: Ibrahim will discuss the project business in greater detail shortly. Turning to SEPA, and to how we think about acquisitions more broadly, for Elm, M&A is not only about adding revenue; it's about acquiring capabilities that become more valuable when combined with our platforms, customer relationships, and operating scale. To battle—as an example—we acquired a strong logistics position, connected it to Elm's infrastructure and operating models, and scaled it over time.

Mohammed Alamer: Ibrahim will discuss the project business in greater detail shortly. Turning to SIVA and to how we think about acquisitions more broadly. For Elm, M&A is not only about adding revenue, it's about acquiring capabilities that become more valuable when combined with our platforms, customer relationships, and operating scale. Sababel as an example, we acquired a strong logistics position, connected it to Elm's infrastructure and operating model, scaled it over time. Revenue has more than doubled, margin has improved, moved from negative in 2020 to above 38% in 2025. That progress reflects strategic fit, disciplined execution, and the benefit of putting the capability on a stronger platform. The same discipline applies to SIVA. H1 performance was encouraging, with continued commercial momentum and noticeable improvement in Q2 compared with Q1. The revenue increased by SAR 80 million in Q2, specifically during May and June.

Abdulrahman Bin Saad Al-Jadhai: Ibrahim will discuss the project business in greater detail shortly. Turning to SIVA and to how we think about acquisitions more broadly. For Elm, M&A is not only about adding revenue, it's about acquiring capabilities that become more valuable when combined with our platforms, customer relationships, and operating scale. Sababel as an example, we acquired a strong logistics position, connected it to Elm's infrastructure and operating model, scaled it over time. Revenue has more than doubled, margin has improved, moved from negative in 2020 to above 38% in 2025. That progress reflects strategic fit, disciplined execution, and the benefit of putting the capability on a stronger platform. The same discipline applies to SIVA. H1 performance was encouraging, with continued commercial momentum and noticeable improvement in Q2 compared with Q1. The revenue increased by SAR 80 million in Q2, specifically during May and June.

Speaker #4: Revenue has more than doubled, and margin has improved—moving from negative in 2020 to above 38% in 2025. That progress reflects strategic fit, disciplined execution, and the benefit of putting the capability on a stronger platform.

Speaker #4: The same discipline applies to SEPA. First-half performance was encouraging, with continued commercial momentum and noticeable improvements in the second quarter compared with the first.

Speaker #4: The revenue increased by 80 million in Q2, specifically during May and June. A clear example of this momentum is the recent competitive award for the status of product safety platform.

Mohammed Alamer: A clear example of this momentum is the recent competitive award for the Satuc project safety platform, Sababel. This was not a contract renewal, but a competitively awarded contract that was secured with better terms, reflecting the strength of our combined capabilities following the integration. Securing this strategically important opportunity reinforced customer confidence, demonstrates our ability to compete successfully for large-scale national platforms, and represents another step translating integration into tangible commercial value. To our outplacement and workforce transition program, which is called PROWTS, was part of the broader post-integration alliance. The program is now complete through integration into Elm, redeployment into other business areas, and voluntary arrangements. It is expected to deliver approximately SAR 100 million in savings in the near future. Our focus today is on execution, commercial expansion, and capturing opportunities across the combined portfolio.

Abdulrahman Bin Saad Al-Jadhai: A clear example of this momentum is the recent competitive award for the Satuc project safety platform, Sababel. This was not a contract renewal, but a competitively awarded contract that was secured with better terms, reflecting the strength of our combined capabilities following the integration. Securing this strategically important opportunity reinforced customer confidence, demonstrates our ability to compete successfully for large-scale national platforms, and represents another step translating integration into tangible commercial value. To our outplacement and workforce transition program, which is called PROWTS, was part of the broader post-integration alliance. The program is now complete through integration into Elm, redeployment into other business areas, and voluntary arrangements. It is expected to deliver approximately SAR 100 million in savings in the near future. Our focus today is on execution, commercial expansion, and capturing opportunities across the combined portfolio.

Speaker #4: This was not a contract renewal, but a competitively awarded contract that was secured with better terms, reflecting the strength of our combined capabilities following the integration.

Speaker #4: Securing this strategically important opportunity reinforced customer confidence, demonstrates our ability to compete successfully for large-scale national platforms, and represents another step in translating integration into tangible commercial value.

Speaker #4: Now to our outplacement and workforce transition program, which is called FORUS, and is part of the broader post-integration alliance. The program is now complete through integration into Elm, redeployments into other business areas, and voluntary arrangements.

Speaker #4: And it is expected to deliver approximately $100 million in savings in the near future. Our focus today is on execution, commercial expansion, and capturing opportunities across the combined portfolio.

Speaker #4: In the meantime, we will continue to evaluate M&A with the same discipline, aiming to create more value under Elm ownership. Let me close on AI and be specific about where we actually are today.

Mohammed Alamer: In the meantime, we will continue to evaluate M&A with the same discipline, aiming to create more value under Elm ownership. Let me close on AI and be specific about where we actually are today. Our approach in AI is practical as we apply AI where it strengths in platforms we already operate at scale. Abshar AI assistant has answered more than 2 million questions and completed over 150,000 government services as agentic AI. Ministeria assistant recorded more than 4,000 interactions across 18 languages. Alongside the platforms, we are commercializing AI directly. Marjay, our AI vehicle price index, is generating revenue and expanding into insurance and logistics. Nuha, our Arabic language model, is now deployed across Elm platforms. Based on our current portfolio and pipeline, we expect AI to generate above SAR 20 million in revenue this year.

Abdulrahman Bin Saad Al-Jadhai: In the meantime, we will continue to evaluate M&A with the same discipline, aiming to create more value under Elm ownership. Let me close on AI and be specific about where we actually are today. Our approach in AI is practical as we apply AI where it strengths in platforms we already operate at scale. Abshar AI assistant has answered more than 2 million questions and completed over 150,000 government services as agentic AI. Ministeria assistant recorded more than 4,000 interactions across 18 languages. Alongside the platforms, we are commercializing AI directly. Marjay, our AI vehicle price index, is generating revenue and expanding into insurance and logistics. Nuha, our Arabic language model, is now deployed across Elm platforms. Based on our current portfolio and pipeline, we expect AI to generate above SAR 20 million in revenue this year.

Speaker #4: Our approach in AI is practical, as we apply platforms we already operate at scale. The Apture AI assistant has answered more than 2 million questions and completed over 150,000 government services as agentic AI.

Speaker #4: Minnesota Assistant recorded more than 4,000 interactions across 18 languages. Alongside the platforms, we are commercializing AI directly. Merger, our AI Vehicle Price Index is generating revenue and expanding into insurance and logistics.

Speaker #4: Noha, our Arabic language model, is now deployed across Elm's platforms. Based on our current portfolio and pipeline, we expect AI to generate more than $20 million in revenue this year.

Speaker #4: So, to wrap up, this is the message that I would like to leave with you in this, the first half: show the business that continues to perform while managing the more selective projects environment.

Mohammed Alamer: To wrap up, the message that I would like to leave with you is this. The H1 showed a business that continues to perform while managing a more selective project environment, ongoing integration costs, and higher cost base. For the H2, our focus is clear: converting the project pipeline, continuing the commercial progress at SIVA, and managing the costs with discipline. With that, my colleagues will walk you through more details throughout the call, starting with the government projects. Barakat, over to you.

Abdulrahman Bin Saad Al-Jadhai: To wrap up, the message that I would like to leave with you is this. The H1 showed a business that continues to perform while managing a more selective project environment, ongoing integration costs, and higher cost base. For the H2, our focus is clear: converting the project pipeline, continuing the commercial progress at SIVA, and managing the costs with discipline. With that, my colleagues will walk you through more details throughout the call, starting with the government projects. Barakat, over to you.

Speaker #4: I'm going to be integrating more and higher cost base. For the second half, our focus is clear: converting the project pipeline, continuing the commercial progress at SEPA, and managing the cost with discipline.

Speaker #4: With that, my colleagues will walk you through more details throughout the course, starting with the government projects. So, Baraka, over to you.

Speaker #2: Thank you so much, Abu Nair. Salam, everyone. So, building on the portfolio view outlined earlier by Abu Nair, I will take you through the government products portfolio. Government products is a broad portfolio with different growth drivers, different opportunity levels, and different exposure to market conditions.

Majed Faleh AlOtaibi: Thank you so much, Abu Nayef. Salaam, everyone. Building on the portfolio view outlined earlier by Abu Nayef, I will take you through the government products portfolio in more detail. The highlight here is that government products is a broad portfolio with different growth drivers, different opportunity levels, and different exposure to market conditions. My presentation will be covering two main areas. First, what we have already launched and scaled in the H1 2026. Second, the revenue synergy opportunities we are working to capture after the Thiqah integration. In this slide, and during the H1 2026, we delivered clear progress across the government products portfolio, which generated SAR 105 million from new products and services launched during 2026 and SAR 210 million from products and services launched in 2025 that continued to scale during the 2026. This is a very important distinction.

Majed Bin Saad Al-Otaibi: Thank you so much, Abu Nayef. Salaam, everyone. Building on the portfolio view outlined earlier by Abu Nayef, I will take you through the government products portfolio in more detail. The highlight here is that government products is a broad portfolio with different growth drivers, different opportunity levels, and different exposure to market conditions. My presentation will be covering two main areas. First, what we have already launched and scaled in the H1 2026. Second, the revenue synergy opportunities we are working to capture after the Thiqah integration. In this slide, and during the H1 2026, we delivered clear progress across the government products portfolio, which generated SAR 105 million from new products and services launched during 2026 and SAR 210 million from products and services launched in 2025 that continued to scale during the 2026. This is a very important distinction.

Speaker #2: My presentation will be covering two main areas. First, what we have already launched and scaled in the first half of 2026. Second, the revenue synergy opportunities we are working to capture after SEPA integration.

Speaker #2: So, in this slide and during the first half of 2026, we delivered clear progress across the government product portfolio. We've generated $105 million from new products and services launched during '26, and $210 million from products and services launched in '25 that continue to scale during '26.

Speaker #2: This is a very important distinction. Part of the growth is coming from new ’26 launches, and part of it is coming from earlier launches that are now moving into a stronger scaling phase.

Majed Faleh AlOtaibi: Part of the growth is coming from the new 2026 launches, and part of it is coming from earlier launches that are now moving into a stronger scaling phase. During the same period, we launched and scaled 32 new services and seven new products across the portfolio. This activity covers several sectors, including interior business services, logistics, Hajj and Umrah development and economic verticals, judicial and real estate, as well as government vertical expansion. Looking ahead, this H1 performance sits within the broader 2026 launch and scale set. As we move through the H2, the focus is to continue executing against that set with around SAR 300 million expected from 2026 products and services, and around SAR 310 from 2025 launches that are being scaled further in 2026.

Majed Bin Saad Al-Otaibi: Part of the growth is coming from the new 2026 launches, and part of it is coming from earlier launches that are now moving into a stronger scaling phase. During the same period, we launched and scaled 32 new services and seven new products across the portfolio. This activity covers several sectors, including interior business services, logistics, Hajj and Umrah development and economic verticals, judicial and real estate, as well as government vertical expansion. Looking ahead, this H1 performance sits within the broader 2026 launch and scale set. As we move through the H2, the focus is to continue executing against that set with around SAR 300 million expected from 2026 products and services, and around SAR 310 from 2025 launches that are being scaled further in 2026.

Speaker #2: During the same period, we launched and scaled 32 new services and 7 new products across the portfolio. This activity covered several sectors, including interior business services, logistics, Hajj and Umrah development and economic verticals, judicial and real estate, as well as government vertical expansion.

Speaker #2: Looking ahead, this H1 performance sits within the broader 2026 launch and scale plan. As we move through the second half, the focus is to continue executing against that plan with around $300 million expected from 2026 products and services, and around $310 million from 2025 launches that are being scaled further in 2026.

Speaker #2: So, the key message is that government products are creating value through both routes: launching new offerings and scaling previous launches across the portfolio. Let's forget the typical growth for all other products and services within different sectors.

Majed Faleh AlOtaibi: The key message is that government products is creating value through both routes, launching new offerings and scaling previous launch across the portfolio. Let's not forget that the typical growth for all other products and services within different sectors. This is exactly how we think about the portfolio. Some offerings are newly introduced, some are scaling, others are expanding into broader use cases and sectors. The strength of the portfolio is that value does not depend on a single product or even a single client. We can move to the second slide, please. Moving to revenue synergies out of the Thiqah acquisition and integration. For 2026, we expect to have SAR 315 million in expected Thiqah revenue synergies across 15 products. These synergies are classified into 3 main categories. The first category is retain and expand, with SAR 193 million expected revenue.

Majed Bin Saad Al-Otaibi: The key message is that government products is creating value through both routes, launching new offerings and scaling previous launch across the portfolio. Let's not forget that the typical growth for all other products and services within different sectors. This is exactly how we think about the portfolio. Some offerings are newly introduced, some are scaling, others are expanding into broader use cases and sectors. The strength of the portfolio is that value does not depend on a single product or even a single client. We can move to the second slide, please. Moving to revenue synergies out of the Thiqah acquisition and integration. For 2026, we expect to have SAR 315 million in expected Thiqah revenue synergies across 15 products. These synergies are classified into 3 main categories. The first category is retain and expand, with SAR 193 million expected revenue.

Speaker #2: This is exactly how we think about the portfolio: some offerings are newly introduced, some are scaling, and others are expanding into broader use cases and segments.

Speaker #2: The strength of the portfolio is that value does not depend on a single product, or even a single cycle. We can move to the second slide, please.

Speaker #2: So, moving to revenue synergies out of the SEPA acquisition and integration. For 2026, we expect to have $350 million in expected SEPA revenue synergies across 15 products.

Speaker #2: These synergies are classified into three main categories: The first category is Retain and Expand, with $119.3 million in expected revenue. The second category is New Product Line, with $26 million in expected revenue.

Majed Faleh AlOtaibi: The second category is the new product line with SAR 26 million in expected revenue, and the third one is cross-sell and up-sell with around SAR 96 million expected revenue. This classification is quite important because it shows that synergy is not coming from one single lever. Part of the opportunity comes from retaining and expanding existing relationships, part of it comes from introducing new product lines, and part of it comes from cross-sell and up-sell opportunities across the portfolio. If I pick cross-sell and up-sell category, for example here, we talk about the unlimited bundling and journey completion opportunities that we have by bringing together both products for Elm and Thiqah together. For example, Wasaata and Yateem, Absher and driving school driving platform, Deroby vehicle inspection and interior business services as well as Absher, and so on.

Majed Bin Saad Al-Otaibi: The second category is the new product line with SAR 26 million in expected revenue, and the third one is cross-sell and up-sell with around SAR 96 million expected revenue. This classification is quite important because it shows that synergy is not coming from one single lever. Part of the opportunity comes from retaining and expanding existing relationships, part of it comes from introducing new product lines, and part of it comes from cross-sell and up-sell opportunities across the portfolio. If I pick cross-sell and up-sell category, for example here, we talk about the unlimited bundling and journey completion opportunities that we have by bringing together both products for Elm and Thiqah together. For example, Wasaata and Yateem, Absher and driving school driving platform, Deroby vehicle inspection and interior business services as well as Absher, and so on.

Speaker #2: And the third one is cross and upsell, with around 90.6 million in expected revenue. This classification is quite important because it shows that synergy is not coming from one single lever.

Speaker #2: Part of the opportunity comes from retaining and expanding existing relationships; part of it comes from introducing new product lines; and part of it comes from cross-sell and upsell opportunities across the portfolio.

Speaker #2: If I pick cross-sell and upsell category, for example, here, we talk about the unlimited bundling and journey completion opportunities that we have by bringing together both products for ELM and SEPA together.

Speaker #2: For example, Absher and Driving School driving platform, periodic vehicle inspection, and interior business services, as well as Absher, and so on. The sector breakdown for these revenue synergies includes logistics, development and economic verticals, as well as judicial and real estate systems.

Majed Faleh AlOtaibi: The sector breakdown for these revenue synergies includes logistics, development and economic verticals, as well as judicial and real estate systems. This connects directly to how we think about product growth. Once Elm has a platform, a customer relationship, and an operational presence, the opportunity is no longer limited to the original service. We can always deepen the relationship, expand into adjacent needs, and create incremental value from the same foundation. I would like to have a quick glimpse on the side point related to the impact of geopolitical conditions starting March 2026. The total lost revenue impact from geopolitical conditions for the H1 is SAR 91 million. The impact is not evenly distributed across the portfolio. From a portfolio perspective, this is important to explain here. The pressure is there, but it is concentrated in specific areas.

Majed Bin Saad Al-Otaibi: The sector breakdown for these revenue synergies includes logistics, development and economic verticals, as well as judicial and real estate systems. This connects directly to how we think about product growth. Once Elm has a platform, a customer relationship, and an operational presence, the opportunity is no longer limited to the original service. We can always deepen the relationship, expand into adjacent needs, and create incremental value from the same foundation. I would like to have a quick glimpse on the side point related to the impact of geopolitical conditions starting March 2026. The total lost revenue impact from geopolitical conditions for the H1 is SAR 91 million. The impact is not evenly distributed across the portfolio. From a portfolio perspective, this is important to explain here. The pressure is there, but it is concentrated in specific areas.

Speaker #2: This connects directly to how we think about product growth. Once Elm has a platform, a customer relationship, and an operational presence, the opportunity is no longer limited to the original service.

Speaker #2: We can always deepen the relationship, expand into adjacent needs, and create incremental value from the same foundation. I would like to have a quick glimpse at a side point related to the impact of geopolitical conditions starting March 2026.

Speaker #2: The total lost revenue impact from geopolitical conditions for the first half is $91 million. The impact is not evenly distributed across the portfolio.

Speaker #2: From a portfolio perspective, this is important to explain clearly. The pressure is there, but it is concentrated in specific areas. It does not change the overall direction of the government product portfolio.

Majed Faleh AlOtaibi: It does not change the overall direction of the government products portfolio. This is particularly relevant to products exposed to trade and logistics activities such as. That is naturally more sensitive to regional trade flows and geopolitical developments. The right way to look at this is not to isolate one product movement, but to understand it with the broader portfolio, where pressure in one area can be managed alongside growth, scaling, and expansion in other areas. At the same time, logistics is not only a source of short-term pressure, but is also an area where Elm continues to secure facilities that would create longer term value. A good example is the truck tagging area platform. The platform has launched and it's operating well, and the official inauguration has already taken place a few weeks ago. Our focus now is on the future of this platform.

Majed Bin Saad Al-Otaibi: It does not change the overall direction of the government products portfolio. This is particularly relevant to products exposed to trade and logistics activities such as. That is naturally more sensitive to regional trade flows and geopolitical developments. The right way to look at this is not to isolate one product movement, but to understand it with the broader portfolio, where pressure in one area can be managed alongside growth, scaling, and expansion in other areas. At the same time, logistics is not only a source of short-term pressure, but is also an area where Elm continues to secure facilities that would create longer term value. A good example is the truck tagging area platform. The platform has launched and it's operating well, and the official inauguration has already taken place a few weeks ago. Our focus now is on the future of this platform.

Speaker #2: This is particularly relevant to products exposed to trade and logistics activities, as these are naturally more sensitive to regional trade flows and geopolitical developments.

Speaker #2: The right way to look at it is not to isolate one product movement, but to understand it within the product portfolio, where pressure in one area can be managed alongside growth, scaling, and expansion in other areas.

Speaker #2: At the same time, logistics is not only a source of short-term pressure; it is also an area where Elm continues to secure opportunities that would create longer-term value.

Speaker #2: A good example is the truck staging area platform. The platform has launched and is operating well, and the official inauguration has already taken place a few weeks ago.

Speaker #2: Our focus now is on the future outside of this platform. The opportunity is not limited to truck allocation; over time, the platform can move into broader logistics value services, including areas such as container storage and adjacent services.

Majed Faleh AlOtaibi: The opportunity is not limited to truck allocation. Over time, the platform can move into broader logistics value services, including areas such as container storage and adjacent services. We do forecast that this new platform will create a new revenue of around SAR 39 million till the end of 2026. The real beauty about this is that this is a digital product service powered by a BPO operation. This is a good example of actually how Elm is moving from mandate delivery to value-added services as such. We start delivering existing operation requirements and then build on that position to create additional services and deeper customer relevance. To wrap up quickly, there are three main messages I'd like to leave you with. The first one is that the portfolio delivered tangible progress in H1 2026.

Majed Bin Saad Al-Otaibi: The opportunity is not limited to truck allocation. Over time, the platform can move into broader logistics value services, including areas such as container storage and adjacent services. We do forecast that this new platform will create a new revenue of around SAR 39 million till the end of 2026. The real beauty about this is that this is a digital product service powered by a BPO operation. This is a good example of actually how Elm is moving from mandate delivery to value-added services as such. We start delivering existing operation requirements and then build on that position to create additional services and deeper customer relevance. To wrap up quickly, there are three main messages I'd like to leave you with. The first one is that the portfolio delivered tangible progress in H1 2026.

Speaker #2: We do forecast that this new platform will create new revenue of around 39 million Saudi riyals by the end of 2026. The real beauty about this is that it's a digital product service powered by a BPO operation.

Speaker #2: This is a good example of how Elm is actually moving from mandate delivery to value-added services expansion. We started by delivering executive operation requirements and then built on that position to create additional services and deeper customer revenues.

Speaker #2: To wrap up quickly, there are three main messages I'd like to leave you with. The first one is that the portfolio delivers tangible progress in the first half of 2026.

Speaker #2: Alhamdulillah, we generated revenue from both new 2026 products and services, and from 2025 launches that continue to scale this year. The second message is that revenue synergies remain an important part of the portfolio output.

Majed Faleh AlOtaibi: Alhamdulillah, we generated revenue from both new 2026 project conservatives and from 2025 launches that continued to scale this year. The second message is revenue synergies remain an important part of the portfolio arc, with opportunities across retain and expand, new product lines, and cross and upsell. There is an unlimited opportunity to have when it comes to synergy. The third and last part, the geopolitical tension created pressure on specific areas of the portfolio, especially in logistics. This pressure should be viewed in context. It is concentrated and it sits alongside other logistics opportunities that are moving from mandate delivery into value-added services as such. Thank you so much. Back to you, Ibrahim.

Majed Bin Saad Al-Otaibi: Alhamdulillah, we generated revenue from both new 2026 project conservatives and from 2025 launches that continued to scale this year. The second message is revenue synergies remain an important part of the portfolio arc, with opportunities across retain and expand, new product lines, and cross and upsell. There is an unlimited opportunity to have when it comes to synergy. The third and last part, the geopolitical tension created pressure on specific areas of the portfolio, especially in logistics. This pressure should be viewed in context. It is concentrated and it sits alongside other logistics opportunities that are moving from mandate delivery into value-added services as such. Thank you so much. Back to you, Ibrahim.

Speaker #2: With opportunities across the retain and expand, new product lines, and cross and upsell, there is unlimited opportunity to have when it comes to synergies.

Speaker #2: The third and last part—the geopolitical conditions—created pressure on specific areas of the portfolio, especially in logistics, but this pressure should be viewed in context.

Speaker #2: It is concentrated, and it sits alongside other logistics opportunities that are moving from mandate delivery into value-added services expansion. Thank you so much, and thanks to you, Ibrahim.

Speaker #1: Thank you, Aura Khan. Moving to the next slide, please. And turning to our project award performance. Before I get into the numbers, I wanted to remind everyone what we've been saying since early 2025.

Ibrahim AlMohannas: Thank you, Rakan. Moving to the next slide, please. Turning to our project award performance. Before I get into the numbers, I wanted to remind everyone what we've been saying since early 2025, and as echoed by the sales team. We are in a period where the government is being cautious with spending as they're prioritizing the project releases, which has led to an impact on the flow of the government tendering opportunities. That trend held through Q2, and we expect this uneven environment to continue for a bit longer. For H1 of the year, we picked up 24 new project awards altogether across BPO, digital, and professional services combined. That is about SAR 4.8 billion in backlog, which we'll recognize over the next 3 to 5 years.

Ibrahim Almuhanna: Thank you, Rakan. Moving to the next slide, please. Turning to our project award performance. Before I get into the numbers, I wanted to remind everyone what we've been saying since early 2025, and as echoed by the sales team. We are in a period where the government is being cautious with spending as they're prioritizing the project releases, which has led to an impact on the flow of the government tendering opportunities. That trend held through Q2, and we expect this uneven environment to continue for a bit longer. For H1 of the year, we picked up 24 new project awards altogether across BPO, digital, and professional services combined. That is about SAR 4.8 billion in backlog, which we'll recognize over the next 3 to 5 years.

Speaker #1: And as echoed by the sales team, we are in a period where the government is being cautious with spending, as they are prioritizing the project releases.

Speaker #1: This has led to an impact on the flow of government tendering opportunities. That trend held through Q2, and we expect this uneven environment to continue for a bit longer.

Speaker #1: For the first half of the year, we picked up 24 new projects—awards altogether—across BPO, digital, and professional services combined. That is about $4.8 billion in backlog, which will be recognized over the next three to five years.

Speaker #1: Now, zooming into Q2 specifically, 9 new awards all turned key across municipal services, real estate, tax and customs, environmental, and transport and logistics. Most of these were professional services and consulting work.

Ibrahim AlMohannas: Zooming into Q2 specifically, nine new awards, all turnkey, across municipal services, real estate, tax and customs, environmental, and transport, and logistics. Most of these were professional services and consulting work. A bit different from Q1, where we saw more integrated infrastructure and digital transformation projects. That shift simply reflects the spending dynamic I mentioned. Government entities are recalibrating both scale and timing of what they are releasing. Even with that shift in mix, our backlog held steady at SAR 4.8 billion, same as Q1. That matters because it tells us that even though this quarter new awards were smaller and faster cycle, the underlying value of what we've already secured hasn't eroded. Our focus has been shifted. Disciplined execution, long-term value creation, and continuing to chase our strategic pipeline, which is typically included, all in line with the government priorities.

Ibrahim Almuhanna: Zooming into Q2 specifically, nine new awards, all turnkey, across municipal services, real estate, tax and customs, environmental, and transport, and logistics. Most of these were professional services and consulting work. A bit different from Q1, where we saw more integrated infrastructure and digital transformation projects. That shift simply reflects the spending dynamic I mentioned. Government entities are recalibrating both scale and timing of what they are releasing. Even with that shift in mix, our backlog held steady at SAR 4.8 billion, same as Q1. That matters because it tells us that even though this quarter new awards were smaller and faster cycle, the underlying value of what we've already secured hasn't eroded. Our focus has been shifted. Disciplined execution, long-term value creation, and continuing to chase our strategic pipeline, which is typically included, all in line with the government priorities.

Speaker #1: A bit different from Q1, where we saw more integrated infrastructure and digital transformation projects. That shift simply reflects the spending dynamic I mentioned. Government entities are recalibrating both the scale and timing of what they're releasing.

Speaker #1: Even with that shift in mix, our backlog held steady at $4.8 billion, same as Q1. That matters because it tells us that even though this quarter new awards were smaller and faster cycle, the underlying value of what we've already secured hasn't eroded.

Speaker #1: To wrap up, our focus hasn't shifted: disciplined execution, long-term value creation, and continuing to chase our strategic pipeline—which includes PPP—all in line with government priorities.

Speaker #1: But that will continue to depend on the launch timing. With that, I'll pass it to Esmaan for the financial snapshot.

Ibrahim AlMohannas: That will continue to depend on the launch timing. With that, I'll pass it to Adnan for the financial snapshot. Thank you, Ibrahim. Good afternoon, everyone, and thank you for joining us today. Overall, the business continued to grow while profitability moderated during the period and remained at satisfactory levels. Let me take you through the financial performance in more detail, and I will start with Q2 performance in the next slide. The revenue increased 12.5% Q to date, supported mainly by digital business and business process outsourcing, while the professional services declined. It is important to note that Hajj-related revenues were recognized differently between the periods. This year, Hajj revenue was distributed between Q1 and Q2, whereas last year they were recorded in Q2. On a comparable timing basis, the revenue growth would be closer to 14%.

Ibrahim Almuhanna: That will continue to depend on the launch timing. With that, I'll pass it to Adnan for the financial snapshot.

Speaker #2: Thank you, Ibrahim. Assalamualaikum wa rahmatullahi wa barakatuh. Good afternoon, everyone, and thank you for joining us today. Overall, the business continues to grow, while profitability moderated during the period and remains at 30 levels.

Othman Altwaijri: Thank you, Ibrahim. Good afternoon, everyone, and thank you for joining us today. Overall, the business continued to grow while profitability moderated during the period and remained at satisfactory levels. Let me take you through the financial performance in more detail, and I will start with Q2 performance in the next slide. The revenue increased 12.5% Q to date, supported mainly by digital business and business process outsourcing, while the professional services declined. It is important to note that Hajj-related revenues were recognized differently between the periods. This year, Hajj revenue was distributed between Q1 and Q2, whereas last year they were recorded in Q2. On a comparable timing basis, the revenue growth would be closer to 14%.

Speaker #2: Let me take you through the financial performance in more detail, and I will start with Q2 performance on the next slide. Revenue increased 12.5% Q2 to date, supported mainly by digital business and business process outsourcing, while professional services declined.

Speaker #2: It is important to note that hedge-related revenues were recognized differently between the periods. This year, hedge revenue was distributed between the first and second quarters, whereas last year, they were recorded in the second quarter.

Speaker #2: On a comparable timing basis, the revenue growth would be closer to 14%. EBIT increased by 3%, despite a 100 million increase in operating expenses. This mainly reflects higher employee-related costs from the impact of thicker consolidation, with a one-month difference in Q2 2025.

Usama Swidi: The EBIT increased by 3% despite SAR 100 million increase in operating expenses. This mainly reflects higher employee-related costs from the impact of Thiqah consolidation, with 1 month difference in Q2 2025, annual increments, and other employee costs. The impact of the outplacement program impacted SAR 18 million during Q2. The sales and marketing expenses increased due to some events and activities, and bank charges related to the KMIC, as well as higher depreciation and amortization during the period. If we move to the net profit, it declined by 13% in Q2. This should be viewed in the context of three factors. The first is SAR 100 million increase in operating expenses. Second is the cash reversal in Q2 2025 of SAR 69 million, and the timing differences of Hajj revenue between two periods.

Othman Altwaijri: The EBIT increased by 3% despite SAR 100 million increase in operating expenses. This mainly reflects higher employee-related costs from the impact of Thiqah consolidation, with 1 month difference in Q2 2025, annual increments, and other employee costs. The impact of the outplacement program impacted SAR 18 million during Q2. The sales and marketing expenses increased due to some events and activities, and bank charges related to the KMIC, as well as higher depreciation and amortization during the period. If we move to the net profit, it declined by 13% in Q2. This should be viewed in the context of three factors. The first is SAR 100 million increase in operating expenses. Second is the cash reversal in Q2 2025 of SAR 69 million, and the timing differences of Hajj revenue between two periods.

Speaker #2: Annual increments and other employees acknowledged. The impact of the outplacement program impacted at 18 million during the second quarter. The selling and marketing expenses increased due to some events and activities, and bank charges related to the payment channel, as well as a higher depreciation and amortization during the period.

Speaker #2: If we move to the net profits, they declined by 13% in the second quarter. This should be viewed in the context of three factors.

Speaker #2: The first is a $100 million increase in opex expenses. The second is the cash reversal in Q2 2025 of $69 million, and the timing differences of hedge revenue between the two periods.

Speaker #2: Excluding the cash reversal impact and hedge revenue timing effect, the net profit would have increased by approximately 1%. Now, if we move to the next slide, which is the six-month analysis, the revenue shows broad-based growth across the portfolio, increasing 21%, with the digital business remaining the primary growth driver.

Usama Swidi: Excluding the cash reversal impact and Hajj revenue timing effect, the net profit would have increased approximately by 1%. If we move to the next slide, where is the 6-month analysis, the revenue shows a broad-based growth across the portfolio, increased 21% with digital business remaining the primary growth driver. Thiqah contributed to the revenue by SAR 664 million and Madar by SAR 14 million. The gross profit increased by 23%, growing slightly faster than revenue, reflecting improved profitability across all segments. As a result, the gross profit margin improved. Thiqah contributed to the gross profit by SAR 135 million and Madar gross loss by SAR 400 plus. If we move to the EBIT and net profit in this slide. The EBIT increased by 16%, while margin declined by 1.1 percentage points.

Othman Altwaijri: Excluding the cash reversal impact and Hajj revenue timing effect, the net profit would have increased approximately by 1%. If we move to the next slide, where is the 6-month analysis, the revenue shows a broad-based growth across the portfolio, increased 21% with digital business remaining the primary growth driver. Thiqah contributed to the revenue by SAR 664 million and Madar by SAR 14 million. The gross profit increased by 23%, growing slightly faster than revenue, reflecting improved profitability across all segments. As a result, the gross profit margin improved. Thiqah contributed to the gross profit by SAR 135 million and Madar gross loss by SAR 400 plus. If we move to the EBIT and net profit in this slide. The EBIT increased by 16%, while margin declined by 1.1 percentage points.

Speaker #2: Thicker contributed to the revenue by 664 million and Madar by 14 million. The gross profit increased by 23%, growing slightly faster than revenue, reflecting improved profitability across all segments. As a result, the gross profit margin improved.

Speaker #2: Thicker contributed to the gross profit by $155 million, and Madar had a gross loss of $412 million. Now, if we move to the EBIT and net profit on the next slide, the EBIT increased by 16%, while the margin declined by 1.1 percentage points.

Speaker #2: The main driver was the growth in gross profit, offset by higher operating costs, which increased by $237 million during the first half.

Usama Swidi: The main driver was the growth in the gross profit, offset by higher operating costs, which increased by SAR 237 million during the H1. The major movement in OpEx were from G&A expenses. This is mainly related to the employees' cost as TADA consolidated for the full period in the current H1, while only two months last year. A one-time expense of SAR 18 million, the one I mentioned earlier in the Q-to-date result, which is related to the outplacement program and the annual increment effect in Q2. Also, the sales and marketing expenses increased due to recording sales commissions and bank charges related to the payment channels that goes with an increase in the revenue. The depreciation and amortization related to fixed assets has increased as well, and the EPL charges during the period.

Othman Altwaijri: The main driver was the growth in the gross profit, offset by higher operating costs, which increased by SAR 237 million during the H1. The major movement in OpEx were from G&A expenses. This is mainly related to the employees' cost as TADA consolidated for the full period in the current H1, while only two months last year. A one-time expense of SAR 18 million, the one I mentioned earlier in the Q-to-date result, which is related to the outplacement program and the annual increment effect in Q2. Also, the sales and marketing expenses increased due to recording sales commissions and bank charges related to the payment channels that goes with an increase in the revenue. The depreciation and amortization related to fixed assets has increased as well, and the EPL charges during the period.

Speaker #2: The major movement in OPEX was from G&A expenses, and it is mainly related to the employees’ cost, as Thakher consolidated for the full period in the current first half, while only two months last year.

Speaker #2: And a one-time expense of 18 million, as I mentioned earlier in the Q2 date result, which is related to the outplacement program, and the annual increments affecting in Q2.

Speaker #2: Also, the sales and marketing expenses increased due to recording sales commissions and bank charges related to the payment channels that go with an increase in the revenue.

Speaker #2: The depreciation and amortization related to fixed assets has increased as well, and the EPL charges during the period. Thakher and Madar recorded operating losses of SAR 53 million and SAR 4 million, respectively, with improved performance in Q2 from both subsidiaries.

Usama Swidi: TADA and Madar recorded operating losses of SAR 53 million and SAR 4 million respectively, with improved performance in Q2 from both subsidies. At net profit level, the group delivered 7% growth and maintained healthy margin of 23.3%, despite higher finance costs and the cash expense. The current period included a non-recurring measurement gain of SAR 59 million, which is related to the TADA position of Sahl Almadar that took place in Q1. The cash expense for the current period is SAR 74 million, compared to a positive impact by SAR 21 million, which is due to the reversal of SAR 69 million in Q2 2025. TADA turned profitable in Q2 2026 by SAR 1 million. The H1 contribution was a net loss of SAR 54 million, reflecting the losses incurred in Q1 2026.

Othman Altwaijri: TADA and Madar recorded operating losses of SAR 53 million and SAR 4 million respectively, with improved performance in Q2 from both subsidies. At net profit level, the group delivered 7% growth and maintained healthy margin of 23.3%, despite higher finance costs and the cash expense. The current period included a non-recurring measurement gain of SAR 59 million, which is related to the TADA position of Sahl Almadar that took place in Q1. The cash expense for the current period is SAR 74 million, compared to a positive impact by SAR 21 million, which is due to the reversal of SAR 69 million in Q2 2025. TADA turned profitable in Q2 2026 by SAR 1 million. The H1 contribution was a net loss of SAR 54 million, reflecting the losses incurred in Q1 2026.

Speaker #2: At the net profit level, the group delivered 7% growth and maintained a healthy margin of 23.3%, despite higher finance costs and cash expenses.

Speaker #2: The current period included a non-recurring remeasurement gain of $59 million, which is related to the setback position of Sahel Madar that took place in Q1.

Speaker #2: The cash expense for the current period is $74 million, compared to a positive impact of $21 million, which is due to the reversal of $69 million in Q2 2025.

Speaker #2: Thicker turned profitable in Q2 2026 by $1 million. The H1 contribution was a net loss of $54 million, reflecting the losses incurred in Q1 2026.

Speaker #2: If we move to the next slide, the digital business revenue growth was 22% and remains the largest contributor to the group, and primary driver from the and the primary driver for the group.

Usama Swidi: If we move to the next slide, the digital business revenue growth was 22% and remains the largest contributor to the group, and the primary driver for the growth. Now, the main driver was digital products supported by high transaction volumes, more penetration, and the impact of the newly launched value-added services in 2025 and 2026, as mentioned by Abu Rakan earlier. While project revenue decreased due to the completion of some projects and less new projects during the period. The gross profit increased by 21%, while gross profit margin decreased slightly as a result of the contribution of lower margin from TADA projects. However, it remains healthy at approximately 48%. If we move to the next slide, the BPO revenue increased by 19%.

Othman Altwaijri: If we move to the next slide, the digital business revenue growth was 22% and remains the largest contributor to the group, and the primary driver for the growth. Now, the main driver was digital products supported by high transaction volumes, more penetration, and the impact of the newly launched value-added services in 2025 and 2026, as mentioned by Abu Rakan earlier. While project revenue decreased due to the completion of some projects and less new projects during the period. The gross profit increased by 21%, while gross profit margin decreased slightly as a result of the contribution of lower margin from TADA projects. However, it remains healthy at approximately 48%. If we move to the next slide, the BPO revenue increased by 19%.

Speaker #2: Now, the main driver was digital products, supported by high transaction volumes, more penetration, and the impact of the newly launched value-added services in 2025 and 2026, as mentioned by Abrakan earlier. Meanwhile, project revenue decreased due to the completion of some projects and the lack of new projects during the period.

Speaker #2: The gross profit increased by 21%, while the gross profit margin decreased slightly, as a result of the contribution of a lower margin from thicker projects.

Speaker #2: However, it remains healthy at approximately 48%. If we move to the next slide, the PPO revenue increased by 19%. This was driven by the new projects and progress in the execution of PPPs, as well as the revenue recognition recorded in Q1 for a completed PPP project.

Usama Swidi: This was driven by the new projects and progress in the execution of Triple D, as well as the revenue recognition recorded in Q1 for a completed Triple D project. TADA contribution to the BPO revenue by SAR 261 million for the H1. The gross profit increased by 33% and gross profit margin improved. This was a result of execution of high-margin projects and a positive impact from the completed Triple D project in Q1. On the other hand, the BPO gross profit in Q2 witnessed a decrease due to a higher cost recorded from the outsourcing business through the subsidiary and less revenue recorded from new projects during the period. Moving now to the next slide. The professional services remains the smaller part of the group, but the H1 performance was positive. The revenue increased 14%, mainly driven by the onboarding of new projects.

Othman Altwaijri: This was driven by the new projects and progress in the execution of Triple D, as well as the revenue recognition recorded in Q1 for a completed Triple D project. TADA contribution to the BPO revenue by SAR 261 million for the H1. The gross profit increased by 33% and gross profit margin improved. This was a result of execution of high-margin projects and a positive impact from the completed Triple D project in Q1. On the other hand, the BPO gross profit in Q2 witnessed a decrease due to a higher cost recorded from the outsourcing business through the subsidiary and less revenue recorded from new projects during the period. Moving now to the next slide. The professional services remains the smaller part of the group, but the H1 performance was positive. The revenue increased 14%, mainly driven by the onboarding of new projects.

Speaker #2: There was a higher contribution to the PPO revenue by $261 million for the first half. Gross profit increased by 33%, and the gross profit margin improved. This was a result of the execution of high-margin projects and a positive impact from the completed PPP projects in Q1.

Speaker #2: On the other hand, the PPO gross profit in Q2 witnessed a decrease due to a higher cost recorded from the outsourcing business through the subsidiaries, and this revenue was recorded from new projects during the period.

Speaker #2: Moving now to the next slide, the professional services remains the smaller part of the group, but the first half performance was positive. The revenue increased 14%, mainly driven by the onboarding of new projects. The gross profit increased as well, and gross profit margin improved, supported by cost efficiency.

Usama Swidi: The gross profit increased as well, and the gross profit margin improved from supported by cost efficiency. If we move to the next slide for the balance sheet and cash flow. Elm financial position remains strong. The total cash and short-term investments stood at approximately SAR 3.5 billion, and the overall liquidity remains robust. The cash flow from operating as a percentage of net income was 35%, which was below the guidance. This was mainly due to the working capital movement, particularly reduction in tables and other current credits. DSO and DPO remained within a similar range with no material change. Moving to the last slide. As of H1, the revenue has met the guidance while the fee for the percentage of net income did not, as I mentioned earlier. We kept our guidance the same. There are no any changes.

Othman Altwaijri: The gross profit increased as well, and the gross profit margin improved from supported by cost efficiency. If we move to the next slide for the balance sheet and cash flow. Elm financial position remains strong. The total cash and short-term investments stood at approximately SAR 3.5 billion, and the overall liquidity remains robust. The cash flow from operating as a percentage of net income was 35%, which was below the guidance. This was mainly due to the working capital movement, particularly reduction in tables and other current credits. DSO and DPO remained within a similar range with no material change. Moving to the last slide. As of H1, the revenue has met the guidance while the fee for the percentage of net income did not, as I mentioned earlier. We kept our guidance the same. There are no any changes.

Speaker #2: If we move to the next slide for the balance sheet and cash flow, Elm's financial position remains strong. The total cash and short-term investments stand at approximately $3.5 billion, and the overall liquidity remains robust.

Speaker #2: The cash flow from operating as a percentage of net income was 35%, which was below the guidance. This was mainly due to the working capital movement, particularly the reduction in payables and other current liabilities.

Speaker #2: BSO and DPO remained within a similar range, with no material changes. Moving to the last slide—so, as of the first half, revenue and EBIT met the guidance, while the CF was a percentage of net income business, as I mentioned earlier.

Speaker #2: We kept our guidance the same. There are no changes. This is based on the forecast that we anticipated towards the year end. Thank you all for listening, and back to you, Brian.

Usama Swidi: This is based on the forecast that we anticipated towards the year end. Thank you all for listening, and back to you, Mohammed.

Othman Altwaijri: This is based on the forecast that we anticipated towards the year end. Thank you all for listening, and back to you, Mohammed.

Speaker #1: Thank you, gentlemen. Now we will go to the Q&A session. The first question comes from Evigny. Evigny, please go ahead.

Abdullah Saad Alarifi: Thank you, Jalal. Now we go to the Q&A session. The first question comes from Evgeny. Evgeny, please go ahead.

Ibrahim Almuhanna: Thank you, Jalal. Now we go to the Q&A session. The first question comes from Evgeny. Evgeny, please go ahead.

[Analyst]: Hi. Thank you for the opportunity to ask questions. I have three, please. First, on your core digital business, which proved to be very resilient to the geopolitical tensions. It seems that top six product growth, if I adjust it for Hajj revenue recognition, was around 14%. Quite impressive for Q2. I think in the past you were talking about around six months lag between any macro external shocks and its impact on transaction volume growth. Is it still valid assumption, so we might see some slowdown into H2? Or do you see now a lower sensitivity today given more value-added services? Here it would be great if you could please discuss specifically domestically focused products like Yaqeen and Muqeem. My second question would be, please, on the outlook for Thiqah.

Evgenii Annenkov: Hi. Thank you for the opportunity to ask questions. I have three, please. First, on your core digital business, which proved to be very resilient to the geopolitical tensions. It seems that top six product growth, if I adjust it for Hajj revenue recognition, was around 14%. Quite impressive for Q2. I think in the past you were talking about around six months lag between any macro external shocks and its impact on transaction volume growth. Is it still valid assumption, so we might see some slowdown into H2? Or do you see now a lower sensitivity today given more value-added services? Here it would be great if you could please discuss specifically domestically focused products like Yaqeen and Muqeem. My second question would be, please, on the outlook for Thiqah.

Speaker #3: Hi. Thank you for the opportunity to ask questions. I have three, please. First, on your core digital business, which proved to be very resilient to the geopolitical tensions, it seems that top six product growth, if I adjusted for Hatch revenue recognition, was around 14%, which is quite impressive for Q2.

Speaker #3: I think in the past you were talking about around a six-month lag between any macro external shocks and their impact on transaction volume growth.

Speaker #3: Is that still a valid assumption? So, we might see some slowdown into H, or do you now see a lower sensitivity to day, given more value-added services?

Speaker #3: Here, it would be great if you could please discuss specifically domestically focused products like Yakin and Mukim. My second question would be, please, on the outlook for FICA.

Speaker #3: First, you mentioned $315 million expected revenue contribution from synergies, which is massive—around 20% of FICA’s last year revenue. Is it all expected to be recognized at FICA, or both at the level of FICA and Elm?

[Analyst]: First, you mentioned SAR 315 million expected revenue contribution from synergies, which is massive, around 20% of Thiqah's last year revenue. Is it all expected to be recognized at Thiqah or both at the level of Thiqah and Elm? Also, please, can you share your expectations for Thiqah growth and profitability for this year, especially in the context that Thiqah already turned breakeven in Q2? My last question, please, is on AI. Earlier this year, you mentioned that we might see some sort of collaboration between Elm and Huawei. Is there any update on this front that you can share? Thank you so much.

Evgenii Annenkov: First, you mentioned SAR 315 million expected revenue contribution from synergies, which is massive, around 20% of Thiqah's last year revenue. Is it all expected to be recognized at Thiqah or both at the level of Thiqah and Elm? Also, please, can you share your expectations for Thiqah growth and profitability for this year, especially in the context that Thiqah already turned breakeven in Q2? My last question, please, is on AI. Earlier this year, you mentioned that we might see some sort of collaboration between Elm and Huawei. Is there any update on this front that you can share? Thank you so much.

Speaker #3: And also, please, can you share your expectations for FICA's growth and profitability for this year, especially in the context that FICA already turned break-even in Q2?

Speaker #3: And my last question, please, is on AI. Earlier this year, you mentioned that we might see some sort of collaboration between Elm and Humanee.

Speaker #3: Is there any update on this front that you can share? Thank you so much.

Speaker #1: Thank you, Evigny. So, I think we didn't hear the first question clearly. So if you allow me, I will take the second question, and maybe we'll get back to the first question.

Ibrahim AlMohannas: Thank you, Evgeny. I think we didn't hear the first question clearly. If you allow me, I will take the second question, and maybe we'll get back to the first question. The outlook for Thiqah. Thiqah synergy Jalal mentioned will be recognized on Thiqah and Elm level. It won't be only in Thiqah. You are absolutely right, for Q2, Thiqah recorded a profit. However, it remains making losses for H1. We are pushing hard to control the costs and feed the revenue. Hopefully, trying to reach new breakeven towards the year end at least is what we are pushing for.

Abdulrahman Bin Saad Al-Jadhai: Thank you, Evgeny. I think we didn't hear the first question clearly. If you allow me, I will take the second question, and maybe we'll get back to the first question. The outlook for Thiqah. Thiqah synergy Jalal mentioned will be recognized on Thiqah and Elm level. It won't be only in Thiqah. You are absolutely right, for Q2, Thiqah recorded a profit. However, it remains making losses for H1. We are pushing hard to control the costs and feed the revenue. Hopefully, trying to reach new breakeven towards the year end at least is what we are pushing for.

Speaker #1: So, the outlook for FICA synergy that I mentioned will be recognized at both the FICA and Elm levels. It won't be only in FICA.

Speaker #1: And you're absolutely right. For the second quarter, FICA recorded a profit. However, it remains making analysis for the first half. We are pushing hard to control the costs and increase the revenue.

Speaker #1: Hopefully, trying to reach near break-even towards the year end, and at least this is what we are pushing for.

Abdullah Saad Alarifi: Thank you very much. Regarding the Huawei question, our relationship with Huawei begin by strengthening our AI infrastructure. As our AI initiatives continue to evolve, we are exploring the opportunities to expand partnerships in areas where we see clear customer demand and long-term value. Still we are exploring the potential collaboration areas. However, the phase I, which is providing infrastructure, is already completed, and we are hosting Huawei infrastructure now.

Abdullah Alarifi: Thank you very much. Regarding the Huawei question, our relationship with Huawei begin by strengthening our AI infrastructure. As our AI initiatives continue to evolve, we are exploring the opportunities to expand partnerships in areas where we see clear customer demand and long-term value. Still we are exploring the potential collaboration areas. However, the phase I, which is providing infrastructure, is already completed, and we are hosting Huawei infrastructure now.

Speaker #4: Thank you very much. Regarding the Humanee quarter, Humanee question, our relationship with Humanee began by strengthening our AI infrastructure, and our AI initiatives continue to evolve.

Speaker #4: We are exploring opportunities to expand partnerships in areas where we see clear customer demand and long-term value. So, we are still exploring potential collaboration areas.

Speaker #4: However, phase one, which is providing the infrastructure, is already completed, and we are driving Humanee infrastructure now.

Speaker #3: Clear. Thank you so much. If I may repeat my question, my first question, please. It was around your product growth sensitivity to macro. I think in the past, you were talking about around a six-month lag between any external shock and your product transaction slowdown.

[Analyst]: Clear. Thank you so much. If I can repeat my first question, please. It was around your product growth sensitivity to macro. I think in the past, you were talking about around 6 months lag between any external shock and your product transaction slowdown. Is it still valid, so we might see some slowdown into H2? Do you see now lower sensitivity of transaction growth? For example, on Yaqeen and Muqeem, is it now more resilient than in the past when there were cycles, so let's say lower oil price or some budget deficit?

Evgenii Annenkov: Clear. Thank you so much. If I can repeat my first question, please. It was around your product growth sensitivity to macro. I think in the past, you were talking about around 6 months lag between any external shock and your product transaction slowdown. Is it still valid, so we might see some slowdown into H2? Do you see now lower sensitivity of transaction growth? For example, on Yaqeen and Muqeem, is it now more resilient than in the past when there were cycles, so let's say lower oil price or some budget deficit?

Speaker #3: Is it still valid? So, we might see some slowdown into H, or do you see now lower sensitivity of transaction growth? For example, on Yaqin and Mukim.

Speaker #3: Is it now more resilient? In the past, when there were cycles—for example, lower oil prices or a budget deficit—

Speaker #1: Well, thank you, Evigny. I got the question. I guess when we refer to the lag, we were referring to the logistics part at that time.

Ibrahim AlMohannas: Well, thank you, Evgeny. I got the question. I guess when we referred to the lag, we were referring to the logistics part of the time. We think that whenever there is a geopolitical condition that would affect trade and exchange, the lag would happen related to whatever inventory that is there at the port. We witnessed such a lag in H1, but I am not sure that this lag would be applicable to other products. As I said before, the geopolitical condition is affecting specific product portfolios such as logistics, while it is creating opportunity for other the same portfolio, which is logistics as well, with no impact to the overall Elm portfolio.

Ibrahim Almuhanna: Well, thank you, Evgeny. I got the question. I guess when we referred to the lag, we were referring to the logistics part of the time. We think that whenever there is a geopolitical condition that would affect trade and exchange, the lag would happen related to whatever inventory that is there at the port. We witnessed such a lag in H1, but I am not sure that this lag would be applicable to other products. As I said before, the geopolitical condition is affecting specific product portfolios such as logistics, while it is creating opportunity for other the same portfolio, which is logistics as well, with no impact to the overall Elm portfolio.

Speaker #1: We were saying that whenever there is a geopolitical condition, that will affect trade and exchange. The lag would happen related to whatever inventory is there at that point.

Speaker #1: So, we witnessed such a lag in H1, but I'm not sure that this lag would be applicable to other products. As I said before, the geopolitical condition is affecting specific product portfolios, such as logistics, while it's creating opportunity for others in the same portfolio, which is logistics as well.

Speaker #1: With no impact to the overall other portfolios that we have.

Speaker #3: So that's clear. Thank you so much.

[Analyst]: That's clear. Thank you so much.

Evgenii Annenkov: That's clear. Thank you so much.

Speaker #4: Thank you.

Ibrahim AlMohannas: Thank you. Thank you, Abhigya. The next question comes from Caesar. Caesar, please go ahead.

Ibrahim Almuhanna: Thank you. Thank you, Abhigya. The next question comes from Caesar. Caesar, please go ahead.

Speaker #1: Thank you, Evigny. The next question comes from Caesar. Caesar, please go ahead.

Speaker #5: Yes, hi. Good afternoon. Thanks for the call and the worksheet questions. I have three. The 315 million synergies that you're mentioning for 2026—how much has already been delivered in H1?

[Analyst]: Yes. Hi. Good afternoon. Thanks for the call and the opportunity for the questions. I have three. First one on the SAR 315 million synergies that you're mentioning for 2026. How much has already been delivered in H1?

Cesar Tiron: Yes. Hi. Good afternoon. Thanks for the call and the opportunity for the questions. I have three. First one on the SAR 315 million synergies that you're mentioning for 2026. How much has already been delivered in H1?

Speaker #1: Can you please repeat the question, Caesar? I don't think the voice is clear.

Majed Faleh AlOtaibi: Can you please repeat the question, Caesar, because I don't think the board is clear.

Majed Bin Saad Al-Otaibi: Can you please repeat the question, Caesar, because I don't think the board is clear.

Speaker #5: I want to understand, out of the $315 million of synergies that you mentioned, how much has already been achieved in H1?

[Analyst]: I want to understand out of the SAR 315 million of synergies that you mentioned, how much has been already achieved in H1?

Cesar Tiron: I want to understand out of the SAR 315 million of synergies that you mentioned, how much has been already achieved in H1?

Speaker #1: Yeah, if you're referring to the $315 million synergies, around $20 million has been achieved so far in H1, with the remainder to come in H2.

Majed Faleh AlOtaibi: Yeah. If you're referring to the three of synergies, a lot has been achieved so far in that one, while the remaining to come, inshallah, in H2.

Majed Bin Saad Al-Otaibi: Yeah. If you're referring to the three of synergies, a lot has been achieved so far in that one, while the remaining to come, inshallah, in H2.

Speaker #5: The second question: Do you expect your revenue to further decelerate in the second part of the year?

Majed Faleh AlOtaibi: The second question. Do you expect your revenue to further decelerate in the second part of the year?

Cesar Tiron: The second question. Do you expect your revenue to further decelerate in the second part of the year?

Speaker #1: I didn't get the question.

Ibrahim AlMohannas: I didn't get the question. Excuse me.

Ibrahim Almuhanna: I didn't get the question. Excuse me.

Speaker #5: Do you expect BPO revenue to further decelerate in H2?

[Analyst]: Do you expect BPO revenue to further decelerate in H2?

Cesar Tiron: Do you expect BPO revenue to further decelerate in H2?

Speaker #1: Is this BPO, Caesar, or revenue in November?

Usama Swidi: Is this BPO, Caesar, or revenue in general?

Othman Altwaijri: Is this BPO, Caesar, or revenue in general?

Speaker #5: Yes, BPO revenue. BPO revenue. BPO revenue is expected to further decelerate in H2.

[Analyst]: Yes, BPO revenue. Do you expect your revenue to further decelerate in H2?

Cesar Tiron: Yes, BPO revenue. Do you expect your revenue to further decelerate in H2?

Speaker #1: Yeah, that's clear. BPO revenue—we are seeing a first from the BPO revenue. This may be coming from the outsourcing business, which is from the subsidiaries.

Usama Swidi: That's clear. BPO revenue, we are seeing a pressure from the BPO revenue. This is mainly coming from the outsourcing business, which is from the subsidiaries. However, when it comes to the BPO at the Elm level, we are seeing a growth. Actually, there is a growth in the current period compared to the previous period. Towards the year end, I think we will continue having same growth from the BPO with a little bit of pressure coming from the managed or outsourcing business that could impact the overall growth.

Othman Altwaijri: That's clear. BPO revenue, we are seeing a pressure from the BPO revenue. This is mainly coming from the outsourcing business, which is from the subsidiaries. However, when it comes to the BPO at the Elm level, we are seeing a growth. Actually, there is a growth in the current period compared to the previous period. Towards the year end, I think we will continue having same growth from the BPO with a little bit of pressure coming from the managed or outsourcing business that could impact the overall growth.

Speaker #1: However, when it comes to the BPO at Elm level, we are seeing growth, actually. There is growth in the current period compared to the previous period.

Speaker #1: So, towards the year-end, I think we will continue having the same growth for the BPO, with a little bit of pressure coming from the mining or outsourcing business that could impact the overall.

Speaker #5: Thank you so much. Very last question. Are you contemplating any—thank you.

[Analyst]: Thank you so much. The very last question. Are you contemplating any M&A? Thank you.

Cesar Tiron: Thank you so much. The very last question. Are you contemplating any M&A? Thank you.

Speaker #1: Again, Caesar, sorry, we did not hear you clearly.

Ibrahim AlMohannas: Again, Caesar, sorry, we did not hear you clearly.

Ibrahim Almuhanna: Again, Caesar, sorry, we did not hear you clearly.

Speaker #5: Do you contemplate any M&A?

[Analyst]: Do you contemplate any M&A?

Cesar Tiron: Do you contemplate any M&A?

Ibrahim AlMohannas: When it comes to M&A, we always in search for more opportunities in the market. If the question would be, are you looking for opportunities? The answer is definitely yes. We cannot now declare anything about when are we going to have any opportunity ready for acquisition or even buying a majority.

Speaker #1: So, when it comes to M&A, we should always be in search of more opportunities in the markets. So, if the question would be, "Are you looking for opportunities?" the answer is definitely yes.

Ibrahim Almuhanna: When it comes to M&A, we always in search for more opportunities in the market. If the question would be, are you looking for opportunities? The answer is definitely yes. We cannot now declare anything about when are we going to have any opportunity ready for acquisition or even buying a majority.

Speaker #1: But we cannot, as of now, declare anything about when we are going to have any opportunity ready for acquisition or even buying a majority.

Speaker #5: Thank you so much. Thank you.

[Analyst]: Thank you so much. Thank you.

Cesar Tiron: Thank you so much. Thank you.

Speaker #1: Thanks, Caesar. The next question comes from Yazid El-Harbi. Yazid, please go ahead.

Ibrahim AlMohannas: Thanks, Caesar. The next question comes from Yadid of Herb Yaidid. Please go ahead. We'll come back to Yadid. The next question comes from Abdulaziz of Hibishya. Please go ahead.

Ibrahim Almuhanna: Thanks, Caesar. The next question comes from Yadid of Herb Yaidid. Please go ahead. We'll come back to Yadid. The next question comes from Abdulaziz of Hibishya. Please go ahead.

Speaker #4: Hello Yazid.

Speaker #1: And welcome back to Yazid. The next question comes from Abdulaziz El-Habeshi. Abdulaziz, please go ahead.

Speaker #3: Hi, and thank you for taking my question. I have two questions—one on the OPEX level. You mentioned, Othman, that there was a one-off of $18 million related to the outplacement or outplacement program.

[Analyst] (Hibishya): Hi, thank you for taking my question. I have two questions. One on the OpEx level. You mentioned, Usama, that there was a one-off of SAR 18 million related to the outplacement program. You also mentioned bank charges related to payment channels. If you could elaborate on that. If there were any other element within the G&A in specific and selling and marketing that are non-recurring for this quarter. This is my first question. The second question is on the revenue side and gross profit for the BPO segment. We do have SAR 4.8 billion in backlog. If you could shed some light on what margin is expected to be generated on that backlog, that would be great. Thank you.

Abdulaziz Al-Mofaleh: Hi, thank you for taking my question. I have two questions. One on the OpEx level. You mentioned, Usama, that there was a one-off of SAR 18 million related to the outplacement program. You also mentioned bank charges related to payment channels. If you could elaborate on that. If there were any other element within the G&A in specific and selling and marketing that are non-recurring for this quarter. This is my first question. The second question is on the revenue side and gross profit for the BPO segment. We do have SAR 4.8 billion in backlog. If you could shed some light on what margin is expected to be generated on that backlog, that would be great. Thank you.

Speaker #3: And also, you mentioned bank charges related to payment channels. If you could elaborate on that, and also if there were any other elements within the G&A in specific and selling and marketing that are non-recurring for this quarter.

Speaker #3: This is my first question. The second question is on the revenue side and gross profit for the BPO segment. We do have $4.8 billion in backlog.

Speaker #3: If you could shed some light on what margin is expected to be generated on that backlog, that would be great. Thank you.

Usama Swidi: Thank you. The one-off expense that we see in the current period, which is the SAR 18 million. The bank charges that I referred to, it is the payment channels such as mada, the major access card that goes with the payment channel. As long as there is an increase in imports in the revenue from product business, those charges will increase the cost. This is the only one-off and a one-time expense.

Othman Altwaijri: Thank you. The one-off expense that we see in the current period, which is the SAR 18 million. The bank charges that I referred to, it is the payment channels such as mada, the major access card that goes with the payment channel. As long as there is an increase in imports in the revenue from product business, those charges will increase the cost. This is the only one-off and a one-time expense.

Speaker #1: The comment is that you can see the one-off expense that we have in the current period, which is the 18 million—the bank charges that are referred to. It is the payment channels such as SADAD, MADAC, and credit card that go with the payment channel.

Speaker #1: So as long as there is an increase in invoicing and revenue from product business, those charges will increase the cost. Eighteen million—this is the only one-off and a one-time expense.

Speaker #3: Very clear. And just one follow-up before you go to the other question. Can we infer that the payment charges came higher because of the higher utilization of the authentication and SADAD services within the product that you offer?

[Analyst] (Hibishya): Very clear. Just to follow up before you go to the other question. Can we infer that the payment charges came higher because of the higher utilization of the authentication and SADAD services within the products that you offer?

Abdulaziz Al-Mofaleh: Very clear. Just to follow up before you go to the other question. Can we infer that the payment charges came higher because of the higher utilization of the authentication and SADAD services within the products that you offer?

Speaker #1: Yeah.

Usama Swidi: Yes.

Othman Altwaijri: Yes.

Speaker #3: Okay.

[Analyst] (Hibishya): Okay.

Abdulaziz Al-Mofaleh: Okay.

Speaker #1: And for the next question, Abdulaziz, the BPO for the backlog and the expected margin. BPO margin—we always see it as 19 to 23 percent, at least for the past two years.

Usama Swidi: For the next question, Abdulaziz, the BPO for the backlog and the expected margin. BPO margin, we always see it as 19% to 23%, at least for the past two years. Now, with the decrease that we are seeing from the new projects, maybe it will be pushed up more. Maybe the Q2 BPO, it closed at 17% gross profit. When it comes for the H1, it is higher than that. I think it will remain within 17% to 20%, 28%.

Othman Altwaijri: For the next question, Abdulaziz, the BPO for the backlog and the expected margin. BPO margin, we always see it as 19% to 23%, at least for the past two years. Now, with the decrease that we are seeing from the new projects, maybe it will be pushed up more. Maybe the Q2 BPO, it closed at 17% gross profit. When it comes for the H1, it is higher than that. I think it will remain within 17% to 20%, 28%.

Speaker #1: Now, with the decrease that we are seeing from the new project, maybe it will be pressured more. Maybe in the second quarter, BPO recorded a 17 percent gross profit, whereas for the six months, it is higher than that.

Speaker #1: So I think it will remain within 17 to 28 percent.

Speaker #3: Very clear. And if you allow me a small question: on the announcement you recently made related to SABR renewal, would the impact that was mentioned come on top of what SABR is already making, or would that be a replacement?

[Analyst] (Hibishya): Very clear. If you allow me for a question. On the announcement you announced recently related to Saber renewal, would the impact that was mentioned come on top of what Saber already is making or would that be a replacement? If you could, I know you don't share a specific product revenue, but if you could just give us a color on how does the new agreement differ from how much the product used to generate.

Abdulaziz Al-Mofaleh: Very clear. If you allow me for a question. On the announcement you announced recently related to Saber renewal, would the impact that was mentioned come on top of what Saber already is making or would that be a replacement? If you could, I know you don't share a specific product revenue, but if you could just give us a color on how does the new agreement differ from how much the product used to generate.

Speaker #3: And if you could— I know you don't share specific product revenue, but if you could just give us a sort of color on how the new agreement differs from how much the product used to generate.

Speaker #1: So thank you so much, Abdulaziz. For the Sabr, as mentioned by Abu Nayef earlier, this was mostly competition rather than a renewal. Alhamdulillah, we finalized this with a win, and it will start materializing starting from the 1st of September.

Ibrahim AlMohannas: Thank you so much, Abdulaziz. For the Saber, as mentioned by Abu Nayef earlier, this was mostly a competition rather than a renewal. Alhamdulillah, we finalized this with a win, and it will start materializing starting from 1 September. If I were to say, it is in better terms than the previous one.

Ibrahim Almuhanna: Thank you so much, Abdulaziz. For the Saber, as mentioned by Abu Nayef earlier, this was mostly a competition rather than a renewal. Alhamdulillah, we finalized this with a win, and it will start materializing starting from 1 September. If I were to say, it is in better terms than the previous one.

Speaker #1: And if I were to say, it is in better terms than the previous one.

Speaker #3: Okay. Thank you.

[Analyst] (Hibishya): Okay. Thank you.

Abdulaziz Al-Mofaleh: Okay. Thank you.

Speaker #1: Thanks, Abdulaziz. The next question comes from Jonathan Milan. Jonathan, please go ahead.

Ibrahim AlMohannas: Thanks, Abdulaziz. The next question comes from Jonathan Milan. Jonathan, please go ahead.

Ibrahim Almuhanna: Thanks, Abdulaziz. The next question comes from Jonathan Milan. Jonathan, please go ahead.

Speaker #5: Hi. Congratulations, everyone, on a good set of results. You've maintained your guidance, but you're sort of implying—I believe, and correct me if I'm wrong—that BPO will weaken in H2 because of an absence of tenders in Q2.

Jonathan Milan: Hi. Congratulations, everyone, on a good set of results. You've maintained your guidance, you're sort of implying, I believe, and correct me if I'm wrong, that BPO will weaken in H2 because of an absence of tenders in Q2. Wouldn't that also mean or imply that you think that digital will continue to remain strong, with strong margins as well? That's the first question. Two, with Thiqah breaking even after having significantly higher losses last year, do you think you will improve the net profit growth in H2?

Jonathan Milan: Hi. Congratulations, everyone, on a good set of results. You've maintained your guidance, you're sort of implying, I believe, and correct me if I'm wrong, that BPO will weaken in H2 because of an absence of tenders in Q2. Wouldn't that also mean or imply that you think that digital will continue to remain strong, with strong margins as well? That's the first question. Two, with Thiqah breaking even after having significantly higher losses last year, do you think you will improve the net profit growth in H2?

Speaker #5: Wouldn't that also mean, or imply, that you think that digital will continue to remain strong—with strong margins as well? That's the first question.

Speaker #5: And two, with SICA breaking even after having significantly higher losses last year, would you care to increase your guidance? Do you think you will improve the net profit growth in H2?

Speaker #1: Thank you, Jonathan. Your first question is regarding the BPO and whether it will impact the digital business as well. Did I understand your question correctly?

Ibrahim AlMohannas: Thank you, Jonathan. Your first question is regarding the BPO and will it impact as well the digital business? Did I get your question correctly?

Abdulrahman Bin Saad Al-Jadhai: Thank you, Jonathan. Your first question is regarding the BPO and will it impact as well the digital business? Did I get your question correctly?

Speaker #3: No, no. I mean, if you're maintaining the guidance, but you think BPO is going to be weaker in H2, and yet you maintain the guidance and you're so far hitting the guidance, this means you expect digital to make up for the weakness in BPO.

Jonathan Milan: No, I mean, if you're maintaining the guidance, but you think BPO is going to be weaker in H2, and yet you maintain the guidance and you're so far hitting the guidance, this means you expect digital to make up for the weakness in BPO.

Jonathan Milan: No, I mean, if you're maintaining the guidance, but you think BPO is going to be weaker in H2, and yet you maintain the guidance and you're so far hitting the guidance, this means you expect digital to make up for the weakness in BPO.

Speaker #1: Yeah, you're absolutely right. Yeah. In general, Jonathan, if governance printing is going to—or shifts here and there—usually this creates more opportunities for the PPP model, or in general, for the digital platforms.

Ibrahim AlMohannas: Yeah. You're absolutely right. In general, Jonathan, if government spending shifts here and there, usually this creates more opportunities to the PPP model or in general to the digital platform. What we see is that going forward is giving this area more opportunities to grow and to get into some new markets previously were taken by just a general person.

Abdulrahman Bin Saad Al-Jadhai: Yeah. You're absolutely right. In general, Jonathan, if government spending shifts here and there, usually this creates more opportunities to the PPP model or in general to the digital platform. What we see is that going forward is giving this area more opportunities to grow and to get into some new markets previously were taken by just a general person.

Speaker #1: So, what we see going forward is that making this area a priority is giving it more opportunities to grow and to enter some new markets.

Speaker #1: Previously, were taken by just general process.

Speaker #5: Okay. And just my second and last question is on SICA. I mean, it broke even well before what you initially expected, I believe, and well before other people expected.

Jonathan Milan: Okay. Just my second and last question is on Thiqah. I mean, it broke even well before what you initially expected, I believe, and well before what other people expected. Since you're profitable right now, are you comfortable in guiding for a profitability level for Thiqah, say, a 10% margin, a 5% margin over a certain time horizon? Now you've done already a very good job of breaking even in such a short period of time, in less than one year.

Jonathan Milan: Okay. Just my second and last question is on Thiqah. I mean, it broke even well before what you initially expected, I believe, and well before what other people expected. Since you're profitable right now, are you comfortable in guiding for a profitability level for Thiqah, say, a 10% margin, a 5% margin over a certain time horizon? Now you've done already a very good job of breaking even in such a short period of time, in less than one year.

Speaker #5: Since you're profitable right now, are you comfortable in guiding for a profitability level for SICA—say, a 10 percent margin or a 5 percent margin—over a certain time horizon?

Speaker #5: Now, you've already done a very good job of breaking even in such a short period of time—less than one year.

Speaker #1: Not yet, Jonathan. I think we still have a lot of work ahead of us. It gets profitable for the second quarter only. However, for the first half, there's still a lot missing.

Usama Swidi: Not yet, Jonathan. I think we still have a lot of work ahead of us. It gets profitable for Q2 only. However, for H1, it's still a loss-making. It didn't get profitable for the complete H1, and we don't expect it to be at year-end profitable. However, we are working hard to achieve that. Hopefully.

Othman Altwaijri: Not yet, Jonathan. I think we still have a lot of work ahead of us. It gets profitable for Q2 only. However, for H1, it's still a loss-making. It didn't get profitable for the complete H1, and we don't expect it to be at year-end profitable. However, we are working hard to achieve that. Hopefully.

Speaker #1: So it didn't get profitable for the complete first half, and we don't expect it to be profitable at year-end. However, we are working hard to achieve that.

Speaker #1: So far.

Speaker #5: Okay, just one last follow-up. How much of the 350 million reals in synergies have you already delivered? Just so that we know how much more room there is—if the rest is easy pickings.

Jonathan Milan: Okay, just one last follow-up. How much of the SAR 315 million in synergies have you already delivered, just so that we know how much more room there is as easy pickings?

Jonathan Milan: Okay, just one last follow-up. How much of the SAR 315 million in synergies have you already delivered, just so that we know how much more room there is as easy pickings?

Speaker #1: So, we've delivered around $20 million out of $315 million in synergies.

Ibrahim AlMohannas: We've delivered around SAR 20 million out of SAR 315 million synergies.

Abdulrahman Bin Saad Al-Jadhai: We've delivered around SAR 20 million out of SAR 315 million synergies.

Speaker #5: Okay. So you have $95 million to go.

Jonathan Milan: Okay. You have SAR 295 million to go.

Jonathan Milan: Okay. You have SAR 295 million to go.

Speaker #1: Yes.

Ibrahim AlMohannas: Yes.

Abdulrahman Bin Saad Al-Jadhai: Yes.

Speaker #5: And mashallah, best of luck. Thank you very much, everyone. Thank you.

Ibrahim AlMohannas: Best of luck. Thank you very much, everyone. Thank you, Paul.

Jonathan Milan: Best of luck. Thank you very much, everyone. Thank you, Paul.

Speaker #1: Thanks, Jonathan.

Ibrahim AlMohannas: Thanks, Jonathan. The next question comes from Abdulaziz. Abdulaziz, please go ahead.

Ibrahim Almuhanna: Thanks, Jonathan. The next question comes from Abdulaziz. Abdulaziz, please go ahead.

Speaker #3: The next question comes from Abdulaziz Elkadi. Abdulaziz, please go ahead.

Speaker #5: Alhamdulillah, am I audible?

[Analyst]: Admin, am I audible?

Ziyad Al Ashaikh: Admin, am I audible?

Ibrahim AlMohannas: Yes.

Ibrahim Almuhanna: Yes.

Speaker #1: Hello, Abdulaziz.

Speaker #5: Yes, thank you, management, for the presentation. Two questions from my side. The first one is about SICA and particularly about FASH. So I was just thinking, if we strip out the wall impact, what does the normalized, let's say, revenue for SICA look like, and how do you see the margins, especially after the merger?

[Analyst]: Yes. Thank you, management, for the presentation. Two questions from my side. The first one is about Thiqah and particularly about Faras. I was just thinking, if we strip out the war impact, what does the normalized, let's say, revenue for Thiqah? How do you see the margins, especially after the merger? I want to know if the management have a sense of estimation on the normalized run rate for Faras and Thiqah post the war or post the geopolitical events. Secondly, I would highly appreciate if you could shed some light on the latest signed contract with SASO. What are the terms of the contract, and what is the near-term expectation of it? Thank you.

Ziyad Al Ashaikh: Yes. Thank you, management, for the presentation. Two questions from my side. The first one is about Thiqah and particularly about Faras. I was just thinking, if we strip out the war impact, what does the normalized, let's say, revenue for Thiqah? How do you see the margins, especially after the merger? I want to know if the management have a sense of estimation on the normalized run rate for Faras and Thiqah post the war or post the geopolitical events. Secondly, I would highly appreciate if you could shed some light on the latest signed contract with SASO. What are the terms of the contract, and what is the near-term expectation of it? Thank you.

Speaker #5: I want to know if the managers have a sense of estimation on the normalized run rate for FASH and SICA post the war, or post the geopolitical events.

Speaker #5: And secondly, I would highly appreciate it if you could shed some light on the latest signed contract with SAZO. What are the terms of the contract, and what is the near-term expectation of it?

Speaker #5: Thank you.

Speaker #1: So, regarding SAZO, we are now expecting the business to continue and grow because what we signed with SAZO is going to give us either more areas where we can add value-added services, or allow us to reach different kinds of customers.

Mohammed Alamer: Regarding SASO, we are expecting the business to continue and grow because what we signed with SASO is going to give us more either areas where we add more of added value services or to reach different kind of customers for the same product. This is what we expect in general when it comes to SASO. Majid, if you want to add something to Faras, because Faras is not related to Thiqah. What we talk about Faras is part of Madar. Majid, do you want to add something?

Abdulrahman Bin Saad Al-Jadhai: Regarding SASO, we are expecting the business to continue and grow because what we signed with SASO is going to give us more either areas where we add more of added value services or to reach different kind of customers for the same product. This is what we expect in general when it comes to SASO. Majid, if you want to add something to Faras, because Faras is not related to Thiqah. What we talk about Faras is part of Madar. Majid, do you want to add something?

Speaker #1: For the same product, so this is what we expect in general. When it comes to SAZO, imagine if you want to add something to FASH, because FASH is not related to SICA.

Speaker #1: We talk about FASH. FASH is part of the value. So, imagine if you want to add something.

Speaker #5: Yes. If we were to compare FASH to what has been achieved last year, it would be at almost the same level. So, the issue that we faced with FASH was that it didn't grow as expected.

Majed Faleh AlOtaibi: Yes. If we were to compare Faras to what has been achieved last year, this would be in the almost the same level. The issue that we faced with Faras was that it didn't grow as expected due to the geopolitical impact. If the condition wasn't there, we do believe that Faras would have a better growth pattern that would have been achieved with Abdulaziz. I want to reemphasize again, and I guess I mentioned in the earlier part is that we are shifting from a product-level focus to a portfolio-level focus. This is quite important, and this is more of the high attention that we have in hand to minimize and double down whenever single product effects that would have on the company. In a portfolio level, there wasn't much of an impact.

Majed Bin Saad Al-Otaibi: Yes. If we were to compare Faras to what has been achieved last year, this would be in the almost the same level. The issue that we faced with Faras was that it didn't grow as expected due to the geopolitical impact. If the condition wasn't there, we do believe that Faras would have a better growth pattern that would have been achieved with Abdulaziz. I want to reemphasize again, and I guess I mentioned in the earlier part is that we are shifting from a product-level focus to a portfolio-level focus. This is quite important, and this is more of the high attention that we have in hand to minimize and double down whenever single product effects that would have on the company. In a portfolio level, there wasn't much of an impact.

Speaker #5: Due to the geopolitical aspect, if the condition wasn't there, we do believe that FASH would have had better growth than what was achieved.

Speaker #5: But Abdulaziz, and I want to be emphasized again and I guess I mentioned in the earlier part is that we're shifting from a product-level focus to a focus.

Speaker #5: This is quite important, and this is more of the high attention that we have in Elm, to minimize and lower down whenever single products affect that would happen in the company.

Speaker #5: So, at a portfolio level, there wasn't much of an impact. On a single-level product, we would put this impact in FASH and ELM products here.

Majed Faleh AlOtaibi: In a single level product, we would put this impact in Faras and other products here.

Majed Bin Saad Al-Otaibi: In a single level product, we would put this impact in Faras and other products here.

Speaker #5: Yes, that's clear. Thanks a lot.

[Analyst]: Yes, that's clear. Thanks a lot.

Ziyad Al Ashaikh: Yes, that's clear. Thanks a lot.

Speaker #1: Yes.

Ibrahim AlMohannas: Yeah. Thanks, Abdulaziz. The next question comes from Khalid. Khalid, please go ahead.

Ibrahim Almuhanna: Yeah. Thanks, Abdulaziz. The next question comes from Khalid. Khalid, please go ahead.

Speaker #3: Thanks, Abdulaziz. The next question comes from Khalid Swehey. Khalid, please go ahead.

Speaker #6: Thank you for the presentation and your time. I have a question regarding the headcount program. Did it complete this quarter? And if yes, should we see the cost synergies kicking in starting from the next quarter?

[Analyst]: management presentation and your time. I have a question regarding the program of the headcount. Did it completed this quarter? If yes, should we see the cost synergy kicking in starting from the next quarter?

Khalid Alghamdi: Management presentation and your time. I have a question regarding the program of the headcount. Did it completed this quarter? If yes, should we see the cost synergy kicking in starting from the next quarter?

Speaker #1: After, clearly, yes. We have completed the program, so we should be seeing more visibility on synergy, the cost synergy, going forward. I doubt that this will—the most of the impact has already been done.

Usama Swidi: After clearly, yes, we have completed the program. We should be seeing more visibility on synergy, the cost synergy from Faras. I doubt that The most of impact has already done. There is just a small area which is kind of insurance for some employees, which is something eligible. This is what's going to be remaining for some days.

Othman Altwaijri: After clearly, yes, we have completed the program. We should be seeing more visibility on synergy, the cost synergy from Faras. I doubt that The most of impact has already done. There is just a small area which is kind of insurance for some employees, which is something eligible. This is what's going to be remaining for some days.

Speaker #1: There is just a small area, which is kind of insurance for some employees, which is something eligible. This is what's going to be remaining for some people.

Speaker #6: A very clear. I'm doing it comes for SICA. So the profitability in Q2 was improved big time compared to Q1. Around 50 million, the difference.

[Analyst]: Very clear. When it comes for Thiqah, the profitability in Q2 was improved big time compared to Q1, around SAR 50 million, the difference. However, we did not see an improvement in the EBIT level for the overall growth. Should we see improvement going forward?

Khalid Alghamdi: Very clear. When it comes for Thiqah, the profitability in Q2 was improved big time compared to Q1, around SAR 50 million, the difference. However, we did not see an improvement in the EBIT level for the overall growth. Should we see improvement going forward?

Speaker #6: However, we did not see an improvement at the EBIT level for overall growth. Should we expect to see improvement going forward?

Speaker #1: You can notate on Britannia.

Usama Swidi: You can now take

Othman Altwaijri: You can now take

[Analyst]: In Q2, we have reached almost breakeven, SAR 1 million profits.

Khalid Alghamdi: In Q2, we have reached almost breakeven, SAR 1 million profits.

Speaker #6: In Q2, we have reached almost break-even: $1 million profit.

Speaker #1: Okay.

Usama Swidi: Okay.

Othman Altwaijri: Okay.

Speaker #6: Compared to a loss of around $55 million in Q1. However, for the overall growth, we haven't seen an improvement in the EBIT. Should we expect improvement to kick in going forward?

[Analyst]: Compared to a loss of around SAR 55 million in Q1. However, for the overall group, we haven't seen an improvement in the EBIT. Should we expect improvement to kick in going forward?

Khalid Alghamdi: Compared to a loss of around SAR 55 million in Q1. However, for the overall group, we haven't seen an improvement in the EBIT. Should we expect improvement to kick in going forward?

Speaker #1: I would answer Khalid a different way. I would say that SICA got integrated within Elm, and now we're seeing distribution in different portfolios.

Ibrahim AlMohannas: I would answer Khalid differently. I would say that Taka gets integrated within STC, and now we're seeing synergies in different portfolios. We're reviewing the portfolios and the ones that we have, for example, Geobisha and other portfolios that have emerged from Taka. We're reviewing it carefully. What has been expense in Q1 is to the outsource contract. Another way to say it is that we're reviewing it in portfolio level. We're reviewing all the terms that we have with all the government entities that we engage with. We're taking better terms in most of the projects that we have. We're adding more services

Abdulrahman Bin Saad Al-Jadhai: I would answer Khalid differently. I would say that Taka gets integrated within STC, and now we're seeing synergies in different portfolios. We're reviewing the portfolios and the ones that we have, for example, Geobisha and other portfolios that have emerged from Taka. We're reviewing it carefully. What has been expense in Q1 is to the outsource contract. Another way to say it is that we're reviewing it in portfolio level. We're reviewing all the terms that we have with all the government entities that we engage with. We're taking better terms in most of the projects that we have. We're adding more services

Speaker #1: We're reviewing the portfolios and the ones that we have—for example, Jupiter and other portfolios that have emerged from SICA. We're reviewing them carefully.

Speaker #1: What has been expensed in tech in Q2 was related to the outsource program. Another way to say it is that we're viewing it at the portfolio level.

Speaker #1: We're reviewing all the terms that we have with all the government entities that we engage with. We're seeking better terms in most of the projects that we have.

Speaker #1: We're adding more services. And also, we're pushing hard on the synergy that we do believe will create more revenue as well as more profit.

Ibrahim AlMohannas: Also, we're pushing hard in synergy that we do believe that it will create more revenue as well as more profit. As would it have an impact on Q3 and going forward, I would say that we're going towards that aspect, but how would the geopolitical aspects affect something that's more of a gray area?

Abdulrahman Bin Saad Al-Jadhai: Also, we're pushing hard in synergy that we do believe that it will create more revenue as well as more profit. As would it have an impact on Q3 and going forward, I would say that we're going towards that aspect, but how would the geopolitical aspects affect something that's more of a gray area?

Speaker #1: Will it have an impact on Q3 and going forward? I would say that we're going towards that aspect. But how would the geopolitical aspect affect something that's more of a gray area?

Speaker #6: Well, very clear. يعطيكم العافية. قواكم الله.

[Analyst]: Very clear.

Khalid Alghamdi: Very clear.

Speaker #1: You're welcome.

Speaker #3: I think we'll I think we've reached most of the questions. The texted questions are has been answered. I think we've reached to the end of the call.

Ibrahim AlMohannas: I think we've reached most of the questions. The texted questions has been answered. I think we've reached to the end of the call. We do have one last question. Faisal. Faisal, please go ahead.

Ibrahim Almuhanna: I think we've reached most of the questions. The texted questions has been answered. I think we've reached to the end of the call. We do have one last question. Faisal. Faisal, please go ahead.

Speaker #3: We do have one last question. Faisal? Faisal, please go ahead.

Speaker #5: السلام عليكم.

[Analyst]: Am I audible?

Faisal Al-Othman: Am I audible?

Speaker #6: يعطيكم العافية. Am I audible?

Speaker #3: Yes.

Ibrahim AlMohannas: Yes.

Ibrahim Almuhanna: Yes.

Speaker #6: So I just have one question regarding the digital product revenue. According to my calculation, and correct me if I'm wrong, the first half of digital product revenue of SICA exceeds the full year of the past year.

[Analyst]: I just have one question regarding Thiqah's digital product revenue. According to my calculation, and correct me if I'm wrong, the H1 of digital product revenue of Thiqah exceed the full year of the past year digital product revenue for Thiqah. Is there any seasonality in Thiqah's digital product revenue, or it will complete for the H2?

Faisal Al-Othman: I just have one question regarding Thiqah's digital product revenue. According to my calculation, and correct me if I'm wrong, the H1 of digital product revenue of Thiqah exceed the full year of the past year digital product revenue for Thiqah. Is there any seasonality in Thiqah's digital product revenue, or it will complete for the H2?

Speaker #6: Digital product revenue for SICA: So, is there any seasonality in SICA's digital revenue, digital product revenue, or will it continue for the second half?

Speaker #1: Faisal, we don’t see any seasonality. There might be some project or product that has some delayed revenue, but as far as seasonality, I don’t see any.

Usama Swidi: Faisal, we don't see any seasonality. There might be some projects or products that have any delay in revenue, but seasonality and unseasonality, I don't see any.

Othman Altwaijri: Faisal, we don't see any seasonality. There might be some projects or products that have any delay in revenue, but seasonality and unseasonality, I don't see any.

Speaker #6: So, it should complete at this level of growth.

[Analyst]: It should complete at this level of growth?

Faisal Al-Othman: It should complete at this level of growth?

Speaker #1: Yeah. We hope.

Usama Swidi: Yeah, of course.

Othman Altwaijri: Yeah, of course.

Speaker #6: شكرا. يعطيكم العافية.

Speaker #1: Take care. I think we've reached the end of the call. Have a good night, if you want to. Okay, so thank you all for being here today.

Ibrahim AlMohannas: I think we've reached to the end of the call. If you want to wrap up.

Ibrahim Almuhanna: I think we've reached to the end of the call. If you want to wrap up.

Mohammed Alamer: Okay. Thank you all for being here today, and thank you for your engagement. You can see a lot of interest today was around synergy, profitability, pipeline. I would say honestly that it's where our own attention sits too. It's very encouraging to be sharing the same conversation with the investment community. Of course, as usual, our IR team is available for anything we did not cover today. We would welcome the conversation to be continued. Thank you again, and we look forward to the next update.

Abdulrahman Bin Saad Al-Jadhai: Okay. Thank you all for being here today, and thank you for your engagement. You can see a lot of interest today was around synergy, profitability, pipeline. I would say honestly that it's where our own attention sits too. It's very encouraging to be sharing the same conversation with the investment community. Of course, as usual, our IR team is available for anything we did not cover today. We would welcome the conversation to be continued. Thank you again, and we look forward to the next update.

Speaker #1: And thank you for your engagement. I can see a lot of interest today was around synergy, profitability, and pipeline. So, I would say honestly that it's where our own attention sits too.

Speaker #1: So it's very encouraging to be sharing the same conversation with the investment community. Of course, as usual, our AR and IR teams are available for anything we did not cover today.

Speaker #1: And we would welcome the conversation to be continued. So, thank you again, and we look forward to the next update. السلام عليكم.

Ibrahim AlMohannas: Thank you. Thank you, gentlemen. Thank you.

Ibrahim Almuhanna: Thank you. Thank you, gentlemen. Thank you.

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