Q2 2026 Jahez International Co for Information System Technology SCJSC Earnings Call

August 17, 2026

Speaker #2: As always, there will be a brief presentation by the management, which is represented by the CEO, Mr. Gasab Mandeel; the CFO, Mr. Henny Jaluli; and the IR head, Ulud Faki.

[Analyst] (HSBC): As always, there will be a brief presentation by the management, which is represented by the CEO, Mr. Ghassab Al-Mandeel, the CFO, Mr. Hani Jallouli, and the IR head, Kholoud Faqih, which will be followed by a Q&A session. I will now hand over the call to Kholoud, who heads IR for Jahez. Over to you, Kholoud.

Ankur Agarwal: As always, there will be a brief presentation by the management, which is represented by the CEO, Mr. Ghassab Al-Mandeel, the CFO, Mr. Hani Jallouli, and the IR head, Kholoud Faqih, which will be followed by a Q&A session. I will now hand over the call to Kholoud, who heads IR for Jahez. Over to you, Kholoud.

Speaker #2: Which will be followed by a Q&A session. I'll now hand over the call to Khulud, who heads IR for Jahez. Over to you, Khulud.

Kholoud Faqih: Thanks, Ankur. Good afternoon, ladies and gentlemen. Welcome to Jahez Group earnings call for the second quarter of 2026. Thank you for joining us today and special thanks to HSBC for hosting this session. My name is Kholoud Faqih, and I am leading the investor relations function as well as the FP&A at Jahez Group. Please note that all participants on today's call are in listen-only mode. Following the call, the presentation and all related materials will be available on our website and through the Jahez mobile app. Please refer to our disclaimer, which applies to all disclosures made in today's presentation. Kindly note that all figures discussed during today's call are in Saudi Riyals, unless otherwise stated. I am joined today by Jahez Group CEO, Mr. Ghassab Al-Mandeel, our CFO, Mr. Hani Jallouli. They will take us through the company performance for the period.

Kholoud Faqi: Thanks, Ankur. Good afternoon, ladies and gentlemen. Welcome to Jahez Group earnings call for the second quarter of 2026. Thank you for joining us today and special thanks to HSBC for hosting this session. My name is Kholoud Faqih, and I am leading the investor relations function as well as the FP&A at Jahez Group. Please note that all participants on today's call are in listen-only mode. Following the call, the presentation and all related materials will be available on our website and through the Jahez mobile app. Please refer to our disclaimer, which applies to all disclosures made in today's presentation. Kindly note that all figures discussed during today's call are in Saudi Riyals, unless otherwise stated. I am joined today by Jahez Group CEO, Mr. Ghassab Al-Mandeel, our CFO, Mr. Hani Jallouli. They will take us through the company performance for the period.

Speaker #3: Thanks, Anchor. Good afternoon, ladies and gentlemen. Welcome to the Jahez Group Earnings Call for the second quarter of 2026. Thank you for joining us today, and special thanks to HSBC for hosting this session.

Speaker #3: My name is Khulud Faqih, and I'm leading the investor relations function as well as FP&A at Jahez Group. Please note that all participants on today's call are in listen-only mode.

Speaker #3: Following the call, the presentation and all related materials will be available on our website and through the Jahez app. Please refer to our disclaimer, which applies to all disclosures made in today's presentation.

Speaker #3: Kindly note that all figures discussed during today's call are in Saudi Riyals unless otherwise stated. I'm joined today by Jahez Group CEO Mr. Gasab Mandeel and our CFO Mr. Hani Jaluli. They will take us through the company performance for the period.

Speaker #3: We announced our second quarter results on August 10 on the Tadao website, together with the earnings release providing additional insights into our performance. As usual, we will open the floor for questions at the end of the presentation.

Kholoud Faqih: We announced our second quarter results on 10 August on Tadawul website, together with the earnings release, providing additional insights into our performance. As usual, we will open the floor for questions at the end of the presentation. With that, I will hand it over to Ghassab.

Kholoud Faqi: We announced our second quarter results on 10 August on Tadawul website, together with the earnings release, providing additional insights into our performance. As usual, we will open the floor for questions at the end of the presentation. With that, I will hand it over to Ghassab.

Speaker #3: With that, I'll hand it over to Gasab.

Speaker #4: Thank you, Khulud, Anchor, and Madawi, and good afternoon, everyone. I'm pleased to be with you today to discuss our second quarter 2026 performance, inshallah.

Ghassab Al-Mandeel: Thank you, Kholoud, Ankur, and Mudawwwwih, and good afternoon, everyone. I am pleased to be with you today to discuss our Q2 2026 performance, Inshallah. Q2 was an important quarter for Jahez. We continue to operate in a competitive market, but we also saw clear evidence that our timely targeted investment are translating into a strong momentum across the platform. Starting with our KSA platform, market share recovery accelerated during the quarter. Alhamdulillah, GMV increased 11.9% quarter-on-quarter, while order volume grew 19.7%. This was supported by timely targeted promotion activity and customer reactivation and retention initiatives. Importantly, this growing was not only driven by higher volume. We also saw our effort in monetization continue their momentum. As a result, KSA commission revenue increased 19.2% sequentially, and take rate improved approximately to 16.3%. We also made progress on retention.

Ghassab Al Mandeel: Thank you, Kholoud, Ankur, and Mudawwwwih, and good afternoon, everyone. I am pleased to be with you today to discuss our Q2 2026 performance, Inshallah. Q2 was an important quarter for Jahez. We continue to operate in a competitive market, but we also saw clear evidence that our timely targeted investment are translating into a strong momentum across the platform. Starting with our KSA platform, market share recovery accelerated during the quarter. Alhamdulillah, GMV increased 11.9% quarter-on-quarter, while order volume grew 19.7%. This was supported by timely targeted promotion activity and customer reactivation and retention initiatives. Importantly, this growing was not only driven by higher volume. We also saw our effort in monetization continue their momentum. As a result, KSA commission revenue increased 19.2% sequentially, and take rate improved approximately to 16.3%. We also made progress on retention.

Speaker #4: Q2 was an important quarter for Jahez. We continue to operate in a competitive market, but we also saw clear evidence that our timely, targeted investments are translating into strong momentum across the platform.

Speaker #4: Starting with our KSA platform, market share recovery accelerated during the quarter. Alhamdulillah, GMV increased 11.9% quarter-on-quarter, while order volume grew 19.7%. This was supported by timely, targeted promotion activity and customer reactivation and retention initiatives.

Speaker #4: Importantly, this growth—or this growing—was not only driven by higher volume; we also saw our efforts in monetization continue their momentum as a result.

Speaker #4: KSA commission revenue increased 19.2% sequentially, and tech rates improved to approximately 16.3%. We also made progress on retention. Churn rate improved through better churn modeling and proactive customer action.

Ghassab Al-Mandeel: Churn rate improved through better channel modeling and proactive customer action. At the same time, logistic efficiency through automation and disciplined spending helped us maintain a stable unit economics while investing in growth. Outside Saudi Arabia, Snoonu and Qatar continue to be our international growth engine. Qatar delivered strong GP growth of 49% year-on-year and EBITDA growth of 28%. Kuwait rollout is progressing, and we are actively adapting to the upcoming regulatory updates. In Oman, we launched Nizwa and Sohar with early order exceeding, Alhamdulillah, expectation. Muscat and other cities are expected to follow in the H2 2026. Logi also continued to improve with adjusted EBITDA increased 68% quarter-on-quarter to SAR 14.2 million, supported by better driver utilization and improved on fleet cost per order.

Ghassab Al Mandeel: Churn rate improved through better channel modeling and proactive customer action. At the same time, logistic efficiency through automation and disciplined spending helped us maintain a stable unit economics while investing in growth. Outside Saudi Arabia, Snoonu and Qatar continue to be our international growth engine. Qatar delivered strong GP growth of 49% year-on-year and EBITDA growth of 28%. Kuwait rollout is progressing, and we are actively adapting to the upcoming regulatory updates. In Oman, we launched Nizwa and Sohar with early order exceeding, Alhamdulillah, expectation. Muscat and other cities are expected to follow in the H2 2026. Logi also continued to improve with adjusted EBITDA increased 68% quarter-on-quarter to SAR 14.2 million, supported by better driver utilization and improved on fleet cost per order.

Speaker #4: At the same time, logistic efficiency through automation and disciplined spending helped us maintain stable unit economics while investing in growth. Outside Saudi Arabia, Sununu in Qatar continued to be our international growth engine.

Speaker #4: Qatar delivered strong GOV growth of 49% year-on-year and EBITDA growth of 28%. The Kuwait rollout is progressing, and we are actively adapting to the upcoming regulatory updates.

Speaker #4: In Oman, we launched Naswa and Sahar, with early orders exceeding Alhamdulillah expectations. Muscat and other cities are expected to follow in the second half of 2026.

Speaker #4: Luji also continued to improve, with adjusted EBITDA increasing 68% quarter-on-quarter to SAR 14.2 million, supported by better driver utilization and improved on-fleet cost per order.

Speaker #4: Finally, in other verticals, the year-on-year revenue decline mainly reflects marine restructuring. We also appointed a new CEO to lead the business-to-business initiatives. Co-delivered 11% revenue growth, supporting a new SDV contract. Overall, Q2 showed that our strategy is gaining traction.

Ghassab Al-Mandeel: Finally, in other verticals, the year-on-year revenue decline mainly reflect Marn restructure. We also appointed a new COO to lead the business-to-business initiatives. Core delivered 11% revenue growth, supporting new SDV contracts. Overall, Q2, show that our strategy is gaining traction. Our deliberate investment in improving the customer experience and in gaining the market share are resulting in recovering momentum in Saudi Arabia and scaling our international platform. Next. Start with Jahez KSA. Over the past year, we made a clear choice as the competitive intensity in the kingdom ramps up. At the peak of the price war, as you can see, we decide not to chase unprofitable volume. We focus on protecting the quality of our business and maintaining discipline. At the beginning of 2026, as you can see, we ramped up marketing and promotional activity at the right moment where we believe the return would be stronger.

Ghassab Al Mandeel: Finally, in other verticals, the year-on-year revenue decline mainly reflect Marn restructure. We also appointed a new COO to lead the business-to-business initiatives. Core delivered 11% revenue growth, supporting new SDV contracts. Overall, Q2, show that our strategy is gaining traction. Our deliberate investment in improving the customer experience and in gaining the market share are resulting in recovering momentum in Saudi Arabia and scaling our international platform. Next. Start with Jahez KSA. Over the past year, we made a clear choice as the competitive intensity in the kingdom ramps up. At the peak of the price war, as you can see, we decide not to chase unprofitable volume. We focus on protecting the quality of our business and maintaining discipline. At the beginning of 2026, as you can see, we ramped up marketing and promotional activity at the right moment where we believe the return would be stronger.

Speaker #4: Our deliberate investment in improving the customer experience and in gaining market share is resulting in recovering momentum in Saudi Arabia and scaling our international platform.

Speaker #4: Next, start with Jahez KSA over the past year. We made a clear choice as competitive intensity in the Kingdom ramps up. At the peak of the price war, as you can see, we decided not to chase unprofitable volume.

Speaker #4: We focused on protecting the quality of our business and maintaining discipline. At the beginning of 2026, as you can see, we ramped up marketing and promotional activity at the right moment, where we believe the return would be stronger; the strategy supported a clear acceleration in GMV growth. Q2 volume growth in Jahez Saudi accelerated to 20% quarter on quarter, clearly outperforming market growth, which was about 10%.

Ghassab Al-Mandeel: The strategy supported a clear acceleration in GMV growth. Q2 volume growth in Jahez Saudi accelerated to 2014 percentage quarter-on-quarter, clearly outperforming market growth, which was about 10%. This is important because it shows that our market action and investment are deliberated and well-timed as we achieve higher market share while maintaining profitability. We are not spending for the sake of spending. We are deploying capital where we see clear opportunity to reactivate customer, recover market share, and strengthen engagement, while continuing to manage profitability with discipline. Next. You have seen us invest and improve Jahez platform over the past quarter. We are proud to announce that we are seeing real tangible return in our investment across improvements and overall customer experience. On the back end, our dispatch application, Saned, is helping improve delivery efficiency.

Ghassab Al Mandeel: The strategy supported a clear acceleration in GMV growth. Q2 volume growth in Jahez Saudi accelerated to 2014 percentage quarter-on-quarter, clearly outperforming market growth, which was about 10%. This is important because it shows that our market action and investment are deliberated and well-timed as we achieve higher market share while maintaining profitability. We are not spending for the sake of spending. We are deploying capital where we see clear opportunity to reactivate customer, recover market share, and strengthen engagement, while continuing to manage profitability with discipline. Next. You have seen us invest and improve Jahez platform over the past quarter. We are proud to announce that we are seeing real tangible return in our investment across improvements and overall customer experience. On the back end, our dispatch application, Saned, is helping improve delivery efficiency.

Speaker #4: This is important because it shows that our market action and investment are deliberated and well-timed as we achieve higher market share while maintaining profitability. We are not spending for the sake of deploying capital; we are doing so where we see a clear opportunity to reactivate customers, recover market share, and strengthen engagement.

Speaker #4: While continuing to manage profitability with discipline—next. You have seen us invest to improve the Jahez platform over the past quarter. We are proud to announce that we are seeing real, tangible return on our investment across improvements and overall customer experience.

Speaker #4: On the back end, our dispatch application SIGNED is helping improve delivery efficiency. We have achieved around 0.9 riyal of saving per order over the last 12 months, and reduced driver waiting time by a significant 31%.

Ghassab Al-Mandeel: We have achieved around SAR 0.9 of saving per order over the last 12 months and reduced driver waiting time by a significant 31%. Also, the owner app is also improving merchant engagement. Around 8,000 or more than 8,000 restaurants have registered and approximately more than or almost 3,000 have self-enrolled in campaign. This gives merchants more control, reduces manual coordination, and gives Jahez a more scalable way to activate partner Jahez ads and offers. Our customer discovery, top seller, and cross-selling features are reducing decision friction and helping customers find relevant items faster. Orders which selected through these options, so basket value increased by around 25%. Those initiatives contributed in increasing LTV by SAR 2.2 month on month. Swirrlane integration is also improving placement and discovery with around 29 million placement clicks, leading to approximately 2 million orders attributed by Swirrlane selection.

Ghassab Al Mandeel: We have achieved around SAR 0.9 of saving per order over the last 12 months and reduced driver waiting time by a significant 31%. Also, the owner app is also improving merchant engagement. Around 8,000 or more than 8,000 restaurants have registered and approximately more than or almost 3,000 have self-enrolled in campaign. This gives merchants more control, reduces manual coordination, and gives Jahez a more scalable way to activate partner Jahez ads and offers. Our customer discovery, top seller, and cross-selling features are reducing decision friction and helping customers find relevant items faster. Orders which selected through these options, so basket value increased by around 25%. Those initiatives contributed in increasing LTV by SAR 2.2 month on month. Swirrlane integration is also improving placement and discovery with around 29 million placement clicks, leading to approximately 2 million orders attributed by Swirrlane selection.

Speaker #4: Also, the owner app is improving merchant engagement. Around 8,000 or more than 8,000 restaurants have registered, and approximately more than, or almost, 3,000 have self-enrolled in the campaign.

Speaker #4: This gives us merchants more control, reduces manual coordination, and gives Jahez a more scalable way to activate partner Jahez ads and offers. Our customer discovery, top seller, and cross-selling features are reducing decision friction and helping customers find relevant items faster—orders which are selected through these options.

Speaker #4: So basket value increased by around 25%. Those initiatives contribute to increasing OV by SAR 2.2 month-on-month. Swimlane integration is also improving placement and discovery, with around 29 million placement clicks leading to approximately 2 million orders attributed to Swimlane selection.

Speaker #4: Finally, customer flexibility features such as brand selection and order grace period are improved, which best enhances the post-order experience while driving cost center efficiency branch.

Ghassab Al-Mandeel: Finally, customer flexibility features such as branch selection and order grace period have improved the path or the post-order experience while driving cost center efficiency. Branch selection around 268,000 orders in Q2, while the grace period around 740,000 orders to be self-corrected and help save around 1 million refunds on top of additional costs related with customer experience. As you can see, these improvements are a better customer experience, stronger merchant engagement, and better cost efficiency as the platform scales. Next, we are not resting on our success. The team in Jahez is constantly working to improve our customer experience. Therefore, by the end of Q2, we launched the Jahez Loyalty Program, modeling, leveraging learning from Snoonu's already successful program. The program is designed as a multi-tiered gamified reward program which rewards customers the more engaged with Jahez. Customers will earn points from every eligible order.

Ghassab Al Mandeel: Finally, customer flexibility features such as branch selection and order grace period have improved the path or the post-order experience while driving cost center efficiency. Branch selection around 268,000 orders in Q2, while the grace period around 740,000 orders to be self-corrected and help save around 1 million refunds on top of additional costs related with customer experience. As you can see, these improvements are a better customer experience, stronger merchant engagement, and better cost efficiency as the platform scales. Next, we are not resting on our success. The team in Jahez is constantly working to improve our customer experience. Therefore, by the end of Q2, we launched the Jahez Loyalty Program, modeling, leveraging learning from Snoonu's already successful program. The program is designed as a multi-tiered gamified reward program which rewards customers the more engaged with Jahez. Customers will earn points from every eligible order.

Speaker #4: Selection around 268,000 orders in quarter two, while the grace period saw around 740,000 orders to be self-corrected, helping save around 1 million refunds on top of additional costs related to customer experience.

Speaker #4: As you can see, these improvements are a better customer experience, stronger merchant engagement, and better cost efficiency as the platform scales as well. Next, we are not resting on our success.

Ghassab Al-Mandeel: advance through the tiers as they engage more frequently and redeem points for Jahez wallet credit, which can be used toward future orders. Also for customers, this creates a central and engagement reason to keep coming back. For Jahez, it gives us an owned loyalty layer that supports improved retention, higher order frequency, and allows us to have a stronger direct customer relationship and understand our customer base better, Inshallah. This is important because customer engagement in our sector is no longer only about promotion. It is about building habitual usage, personalization, and experience, and giving the customer more reason to choose Jahez as a part of their daily life, Inshallah. The loyalty program complements the platform upgrade we are making and further supports our broader strategy to improve customer stickiness while encouraging repeat orders over time. All lead to higher lifetime value per customer.

Ghassab Al Mandeel: advance through the tiers as they engage more frequently and redeem points for Jahez wallet credit, which can be used toward future orders. Also for customers, this creates a central and engagement reason to keep coming back. For Jahez, it gives us an owned loyalty layer that supports improved retention, higher order frequency, and allows us to have a stronger direct customer relationship and understand our customer base better, Inshallah. This is important because customer engagement in our sector is no longer only about promotion. It is about building habitual usage, personalization, and experience, and giving the customer more reason to choose Jahez as a part of their daily life, Inshallah. The loyalty program complements the platform upgrade we are making and further supports our broader strategy to improve customer stickiness while encouraging repeat orders over time. All lead to higher lifetime value per customer.

Ghassab Al-Mandeel: Moving to Snoonu, innovation continues to be an important part of the platform strength. Snoonu is not only scaling geographically, it also continues to improve the customer experience through the features that make an app more useful, more engaging, and more relevant to daily life, true to its lifestyle app nature. During the quarter, Snoonu launched several new features. Map discovery gives customers a map first way to discover nearby offers and events, further supporting Snoonu to become a tool of local discovery. Seat selection for events during the interactive seat map directly into the app, allowing customers to have a full experience through Snoonu. Also, the shopping list allows customers to build, save, and order using photo, voice, or order history, further reducing friction and enhancing the customer experience.

Ghassab Al Mandeel: Moving to Snoonu, innovation continues to be an important part of the platform strength. Snoonu is not only scaling geographically, it also continues to improve the customer experience through the features that make an app more useful, more engaging, and more relevant to daily life, true to its lifestyle app nature. During the quarter, Snoonu launched several new features. Map discovery gives customers a map first way to discover nearby offers and events, further supporting Snoonu to become a tool of local discovery. Seat selection for events during the interactive seat map directly into the app, allowing customers to have a full experience through Snoonu. Also, the shopping list allows customers to build, save, and order using photo, voice, or order history, further reducing friction and enhancing the customer experience.

Ghassab Al-Mandeel: Search by image allows customers to use a photo to find the exact product they are looking for, making Snoonu a truly unique application for customer buying needs. These features strongly reinforce Snoonu's position as a lifestyle app, not just a delivery app. They also demonstrate the product capability and speed of execution, the team at Snoonu, and further highlight the tech stack Snoonu brings to Jahez Group. This is one of the key strategic benefits of the acquisition. We are combining Jahez scale, discipline, and market infrastructure with Snoonu product technology and multi-vertical experience. Turning to Kuwait, Snoonu has launched with a broad multi-vertical proposition. The platform is live and rapidly implemented seven verticals, with additional verticals being rolled out soon, Inshallah.

Ghassab Al Mandeel: Search by image allows customers to use a photo to find the exact product they are looking for, making Snoonu a truly unique application for customer buying needs. These features strongly reinforce Snoonu's position as a lifestyle app, not just a delivery app. They also demonstrate the product capability and speed of execution, the team at Snoonu, and further highlight the tech stack Snoonu brings to Jahez Group. This is one of the key strategic benefits of the acquisition. We are combining Jahez scale, discipline, and market infrastructure with Snoonu product technology and multi-vertical experience. Turning to Kuwait, Snoonu has launched with a broad multi-vertical proposition. The platform is live and rapidly implemented seven verticals, with additional verticals being rolled out soon, Inshallah.

Ghassab Al-Mandeel: Snoonu's strategy of entering Kuwait as a multi-vertical platform gives us a broader addressable market and allows us to serve more of the customer's daily needs, further cementing Snoonu as their daily lifestyle app. The rollout is continuing to progress adaptive to the regulatory environment in Kuwait. Kuwait's new regulatory framework, expected in September, is designed to open the Kuwait market by limiting exclusivity arrangements and creating a more level playing field for all players. We view this as structurally positive for long-term market access. Snoonu is well positioned to scale in a more open market through its technology, service quality, and multi-vertical model. This is what differentiates Snoonu from other delivery apps. At the same time, sector-wide fee caps create a new operating framework. We are depending through efficiency and disciplined execution to ensure that Snoonu not only captures market share but does it profitably, Inshallah.

Ghassab Al Mandeel: Snoonu's strategy of entering Kuwait as a multi-vertical platform gives us a broader addressable market and allows us to serve more of the customer's daily needs, further cementing Snoonu as their daily lifestyle app. The rollout is continuing to progress adaptive to the regulatory environment in Kuwait. Kuwait's new regulatory framework, expected in September, is designed to open the Kuwait market by limiting exclusivity arrangements and creating a more level playing field for all players. We view this as structurally positive for long-term market access. Snoonu is well positioned to scale in a more open market through its technology, service quality, and multi-vertical model. This is what differentiates Snoonu from other delivery apps. At the same time, sector-wide fee caps create a new operating framework. We are depending through efficiency and disciplined execution to ensure that Snoonu not only captures market share but does it profitably, Inshallah.

Ghassab Al-Mandeel: In Oman, the rollout is progressing strongly. Our initial launch in Nizwa exceeded the expectation, Alhamdulillah, with strong momentum across customer adaptation, merchant engagement, and also operational execution. Snoonu has become the number one platform in Nizwa and become the most downloadable application in the App Store in Oman. We also signed on large key merchants across food and grocery, which helped widen the platform appeal. We carried the momentum and rollout in Sohar, which is now live and is also exceeding expectation. Muscat and Salalah and the other cities are expected to follow in the H2 of the year. This is a good example of our intent to expand internationally, city by city, with a clear focus on the customer experience, merchant quality, and operation execution. We are not simply entering markets, we are building them with discipline and thoughtful manner.

Ghassab Al Mandeel: In Oman, the rollout is progressing strongly. Our initial launch in Nizwa exceeded the expectation, Alhamdulillah, with strong momentum across customer adaptation, merchant engagement, and also operational execution. Snoonu has become the number one platform in Nizwa and become the most downloadable application in the App Store in Oman. We also signed on large key merchants across food and grocery, which helped widen the platform appeal. We carried the momentum and rollout in Sohar, which is now live and is also exceeding expectation. Muscat and Salalah and the other cities are expected to follow in the H2 of the year. This is a good example of our intent to expand internationally, city by city, with a clear focus on the customer experience, merchant quality, and operation execution. We are not simply entering markets, we are building them with discipline and thoughtful manner.

Ghassab Al-Mandeel: During Q2, Qatar delivered another quarter of exceptional growth with GOV increasing 49% year on year and EBITDA increased 28%. This growth continued to be supported by Snoonu's multi-vertical model. Food GOV increased 31% year on year, while non-food GOV increased 48% year on year. Order volumes also remain strong, increasing 43% year on year, with growth across all verticals. The performance in Qatar gives us confidence in the Snoonu multi-vertical lifestyle app model, and we expand Snoonu in Kuwait, Oman, and other markets. Qatar remains the blueprint for what we are building across the region. With that, I will hand over to Hani to take you through the financial performance.

Ghassab Al Mandeel: During Q2, Qatar delivered another quarter of exceptional growth with GOV increasing 49% year on year and EBITDA increased 28%. This growth continued to be supported by Snoonu's multi-vertical model. Food GOV increased 31% year on year, while non-food GOV increased 48% year on year. Order volumes also remain strong, increasing 43% year on year, with growth across all verticals. The performance in Qatar gives us confidence in the Snoonu multi-vertical lifestyle app model, and we expand Snoonu in Kuwait, Oman, and other markets. Qatar remains the blueprint for what we are building across the region. With that, I will hand over to Hani to take you through the financial performance.

Heni Jallouli: Thank you, Otup. Hi, everyone. Turning to financial update, Q2 was a quarter where we saw strong top-line momentum while continuing to invest deliberately behind customer engagement, market share recovery, and international expansion. Group GMV reached SAR 2.5 billion in Q2, up 40% year on year, and 10% quarter on quarter. For the H1, group GMV reached SAR 4.8 billion, also up 40% year on year. This growth reflects two key drivers across both periods. First, the consolidation of Snoonu and continued growth in Qatar, which drove international expansion on year on year basis. Second, the stronger sequential quarter on quarter recovery in KSA following our strategic marketing and promotional activities. The international business now represents 39.3% of the group GMV in Q2, compared to 11% last year. This shows the significant diversification Snoonu is bringing to the group.

This growth reflects two key drivers across both periods. First, the consolidation of SNOW, which continues to grow, and

This drove international expansion on a year-on-year basis. Second, there was stronger sequential quarter-on-quarter recovery in KSA following our strategic marketing and promotional activity.

Heni Jallouli: Group adjusted EBITDA was SAR 22.5 million in Q2, and SAR 66.1 million in the H1. This was lower year on year, reflecting our deliberate investment in KSA market share recovery, which included platform upgrade costs as well as additional upfront spending behind Snoonu regional rollouts. Group net loss attributable to shareholders. Million for the H1. The movement reflects lower EBITDA level, higher depreciation and amortization following Snoonu consolidation, and lower contribution from the time deposit income. Overall, the group is scaling strongly, becoming more diversified, and remaining adjusted EBITDA positive while investing behind long-term growth. Moving to the group KPIs, where quarter on quarter momentum becomes more clear. Starting with the GMV, group GMV reached SAR 2.5 billion, up from SAR 2.3 billion in Q1 and SAR 2.1 billion in Q4 2025.

The international business now represents 39.3% of the Group GMV in Q2, compared to 11% last year. This shows the significant diversification Jahez is bringing to the Group.

It was 22.5 million a year into Q2, and 66.1 million in the first half.

This was lower year on year, reflecting our deliberate investment in KSA market share recovery, which included:

Platform upgrade cost, as well as additional upfront spending behind SNOW regional rollout.

Group net loss attributable to shareholders.

Million for the first half.

The movement reflects lower event at that level, higher depreciation and amortization following consolidation, and lower contribution from the time deposit income.

So overall, the group is becoming strongly more diversified and remaining adjusted with the positive void, and this thing is behind long-term growth.

Heni Jallouli: The step up we saw in Q4 reflected the consolidation of Snoonu into the group, and importantly, that higher base has continued to grow through the H1 of 2026, given our investments in regaining market share in Saudi. This momentum is also visible in orders. Group orders increased to 36 million in Q2, up 16% quarter on quarter, compared to 31.4 million in Q1. This was primarily driven by Saudi and shows that our investment in customer engagement are translating into higher platform activity. AOV declined sequentially to SAR 69.2, mainly reflecting increased engagement from higher frequency customers with a smaller basket size compared to a lower frequency high basket size we saw in Ramadan in Q1. Gross revenue also continued to grow, reaching SAR 826 million in Q2, up 6% quarter on quarter. This was supported by continued scale, improved monetization, and also the contribution of Snoonu.

Moving to the group KPIs, where QQQ momentum becomes more clear. Starting with the CMV blue GMV, which reached 2.5 billion riyals, up from 2.3 billion in Q1 and 2.1 billion in Q4 2025.

The step-up we saw in Q4 reflected the consolidation of Snow into Blue, and unfortunately that higher base has continued to grow through the first half of '26, given our investments in regaining market share in South.

This momentum is also visible in orders growth. Orders increased to 36 million in Q2, up 16% quarter-on-quarter compared to 31.4 million in Q1.

This was primarily driven by Saudi, and shows that our investment in customer engagement is translating into higher platform activity.

AOV declined sequentially to 69.4 years, mainly reflecting increased engagement from higher-frequency customers with a smaller market size compared to the lower-frequency, high-basket-size group. We saw in Ramadan,

In q1.

Heni Jallouli: Overall, the group exited the Q2 with a stronger GMV, higher order volumes, and continued revenue growth. The platform is gaining momentum, and we are seeing the benefits of Snoonu consolidation and our targeted growth investment and the continued expansion of Jahez customer ecosystem. Moving to Saudi platforms, Q2 showed a clear acceleration in customer momentum. Saudi GMV reached SAR 1.5 billion, increasing around 12% quarter on quarter, supported by strategically timed marketing and promotional activities. More importantly, order increased to 24.3 million, approximately flat year on year and up around 20% quarter on quarter, which shows that our reactivation, retention, and market share recovery initiatives are translating into higher platform activity. AOV, though, declined to SAR 61.6, down around 7% sequentially.

Growth reached 826 million in Q2, up 6% quarter-on-quarter. This was supported by continued scale, improved monetization, and also the contribution of Snow.

So overall, the group existed due to a stronger GMV, higher order volumes, and continuing revenue growth.

The platform is gaining momentum.

And we are seeing the benefits of snow consolidation and our targeted growth investment, and the continued expansion of their customer ecosystem.

Moving to sell the platforms, Q2 showed a clear activation in customer momentum.

Sell-side GMV reached $1.5 billion.

Increasing around 12% quarter-on-quarter, supported by strategically timed marketing and promotional activities.

More importantly, orders increased to 24.3 million, approximately flat year-on-year and up around 20% quarter-on-quarter. This shows that our reactivation, retention, and market share recovery initiatives are translating into higher platform activity.

Every road declined to 61.6.

Heni Jallouli: This was mainly due to promotional activity and increased engagement from daily use customers with a smaller basket size compared to a lower frequency, higher AOV we saw in Q1 with seasonality of Ramadan. Gross revenue also improved sequentially, reaching SAR 449 million, up around 6% quarter on quarter. This was supported by higher commission and advertising revenue, which helped offset the continued pressure on delivery fee economics. While the year-on-year comparison still reflects the competitive reset in Saudi Arabia, the sequential trend is encouraging. Saudi delivered stronger GMV, significantly higher order volume, and improved gross revenue in Q2, showing that the business is rebuilding momentum while we continue to manage growth investment with discipline. The international platforms where Snoonu has materially changed the scale and growth profile of Jahez International Co.

Down around 7% sequentially. This was mainly due to promotional activity and increased engagement from daily use customers with a smaller market size, compared to lower-frequency, higher AOV. What we saw in Q1 was seasonality of Ramadan.

Most revenue also improved sequentially, reaching.

4. 49 million.

Up around 6% quarter-on-quarter. This was supported by higher commission and advertising revenue, which helped offset the continued pressure on delivery fee economics.

So, while the year-on-year comparison still reflects the competitive reset in Saudi Arabia.

The sequential trend is encouraging.

Saudi delivered stronger GMV, significantly higher order volume, and improved gross revenue in Q2, showing that the business is regaining momentum. While we continue to manage growth investments with discipline,

Heni Jallouli: International GMV reached SAR 1 billion in Q2 and SAR 1.9 billion in the H1, representing around 40% of the group total GMV. Order volumes also continued to grow. International orders reached 11.7 million in Q2 and 22.4 million in H1, showing that the platform is scaling with its growth primarily coming from Qatar as it rolls out also in Kuwait and Oman. AOV remains strong at 84.6 in Q2 and 85.4 in H1, supported by Snoonu growth and multi-vertical offering and stronger order mix. The quarter on quarter decline was due to similar impacts of Ramadan that we saw in KSA. Gross revenue also continued to grow, reaching SAR 357.9 million in Q2, an increase of 7% sequentially. From a country perspective, Qatar continued to perform strongly and remains the core engine of the international platform, as Ghassab mentioned earlier.

Now, the international platforms themselves have not materially changed the scale and growth profile of JS International sales.

1.9 billion in the first half, representing around 40% of the group total GMV.

All the volumes. Also, continue to grow international orders, which were 11.7 million in Q2 and 22.4 million in H1.

showing that the platform is scaling, with its growth primarily coming from other

as it rolls out, also in Kuwait.

A remains strong at 84.6 in Q2, and 85.4 in H1, supported by snow. No, no vertical offering and stronger order mix.

The quarter-on-quarter decline was due to similar amounts of Ramadan that we saw in Q2.

Gross revenue also continued to grow, reaching 357.9 million in Q2, an increase of 7% sequentially.

From a country perspective.

Heni Jallouli: Kuwait is progressing through its rollout while adapting to the new regulatory framework. Oman has started well with outperformance in Nizwa and Sohar and Muscat and other cities expected to follow later in 2026. Overall, the international platforms are scaling as one regional engine supported by Snoonu technology, multi-vertical model, and execution capabilities. Moving to the adjusted EBITDA by segment. The group adjusted EBITDA reached SAR 22.5 million in Q2 with a margin of 2.9%. Starting with KSA platforms, adjusted EBITDA was SAR 11.2 million with a margin of 2.7%. Decline versus last year reflects the deliberate investment we made in marketing and promotions to recover market share. The non-KSA platforms contributed SAR 7 million to adjusted EBITDA in Q2. This reflects the continued contribution from Snoonu, particularly Qatar, while also absorbing launch costs in Oman and transition costs in Kuwait.

Qatar continued to perform strongly and remains the core engine of the international platform, as mentioned earlier.

Kuwait is progressing through its rollout while adapting to the new regulatory framework. Aman has started well with outperformance in this one. So, how and must Cut and other cities are expected to follow later in '26.

Overall, the international platforms are scaling as one nation, as an engine supported by SNoh, new technology, a multi-vertical model, and execution capabilities.

Moving to the adjusted event—by segments, the group adjusted with the reach of 22.5 million.

Thank you. That was with a margin of 2.9%.

Starting with Casey platforms adjusted, even the world 11.2 million, with a margin of 2.7% decline last year. This reflects the delivered investment we made in marketing and promotions to recover market share.

Heni Jallouli: Logistics delivered a strong performance contributing SAR 14.2 million of adjusted EBITDA with an 11.9% margin, making logistics a key contributor to our profitability in Saudi. This reflects our ongoing effort resulting in improved driver utilization, better fleet management, and cost efficiency across the logistic operations. Other segments recorded unadjusted losses of SAR 10 million, and mainly reflecting the structuring of Marn and continued investment in B2B growth initiatives. While group adjusted EBITDA was lower year on year, the underlying message is consistent with our strategy. We are investing deliberately in KSA and international expansion while balancing profitability. Additionally, we are also seeing strong results from our investments in the logistics side of the business. From unit economics perspective, the quarter reflects the strategic choices we made across delivery platforms. In Saudi, net revenue per order was 17.1 comparing with 19.4 in Q2 2025.

The Nokia platforms contributed $7 million to address the debt in Q2. This reflects the continued contribution from Sono, particularly Pattern, while also absorbing launch costs in Oman and transition costs in Co.

Logistics delivered a strong performance, contributing 14.2 million of a decent EBITDA with an 11.9% margin.

Marking logistics, making logistics a key contributor to our portability in Saudi.

Our ongoing efforts are resulting in improved driver utilization, better sleep management, and cost efficiency across the logistics operations.

Other segments recorded and adjusted losses.

Of 10 million.

And mainly reflecting the structuring of marine and continued investment in B2B growth initiatives.

So, why group adjusted individual was lower year on year, then the line in message is consistent with our strategy.

We are investing in delivery in the KSA and international expansion while balancing profitability. Additionally, we are also seeing strong results from our investments in the logistics side of the business.

Heni Jallouli: This reflects our delivery pricing strategy, which was partially absorbed by take rate improvement as well as cost reduction, where efficiency paid for nearly half of the difference. As cost of revenue per order improved to 13.9 SAR comparing to 14.10 SAR last year, this improvement was supported by price negotiation, efficiency initiatives, and better fleet dispatching algorithms. As a result, the Saudi margin contribution per order was 3.1 SAR, while adjusted EBITDA per order was 0.5 SAR. In the international segment, unit economics improved materially. International net revenue per order was 28.1 SAR, supported by Snoonu revenue mix and higher average basket size given their advanced multi-vertical model. The margin contribution reached 5.1 SAR per order, while adjusted EBITDA per order improved 2.6 SAR compared with a loss of 1.3 SAR last year, which didn't include Snoonu. On the cash flow side, we continue to remain healthy.

From a unit economics perspective, the quarter reflects the strategic choices we make across delivery platforms. So, in Saudi Arabia, the order was 17.1 compared with 19.4 in Q2 '25. This reflects our delivery pricing strategy, which was partially absorbed by décorates improvement, as well as cost reduction where efficiency paid for nearly half of the difference.

As cost of revenue per order improved to 13.9%, compared to 14.9% last year. This improvement was supported by price negotiations, efficiency initiatives, and better fleet dispatching algorithms.

As a result.

The Saudi margin contribution per order was 3.1 Riyal, while adjusted, the order was 0.5. Yeah.

In the international statement, unit economics include materially. And the national network, newer order was 28.1, supported by snow review mix and higher average button size, giving their advanced multi-vertical model.

Contribution reached 5.1 order, while adjusted order improved to 2.6, compared with the loss of 1.3 Riyal last year, which didn't include SNOW.

Heni Jallouli: During the H1, we saw strong operating cash flow of 140 million SAR, which were driven by working capital efficiencies. Our CapEx and lease payments amounted to 126 million SAR, which included investments in our platform, along with leases related to our delivery fleet and the new head office. As a result, we saw our cash position increase to 436 million SAR. Next, let me now walk you through our updated outlook for 2026. Following our H1 performance, we are maintaining our full year guidance across GOV, GMV, and net revenue. However, we are revising our adjusted guidance, adjusted EBITDA guidance to 180 million SAR to 200 million SAR from the previous range of 200 million SAR to 220 million SAR. This revision reflects the deliberate decision to invest more aggressively behind the opportunities we see across the group, while also responding to market dynamics we see in each of our key segments and verticals.

On the cash flow side, we continued to remain healthy during the first half. We saw strong operating cash flow of 140 million, which was driven by working capital efficiencies, our capacity, and this payment amounted to 126 million, which included investments in our platform along with leases related to our delivery fleet and the new work office. As a result, we saw our cash position increase to 436 million.

Next.

Heni Jallouli: This revision reflects the deliberate decision to invest more aggressively behind the opportunities we see across the group, while also responding to market dynamics we see in each of our key segments and verticals.

Let me now walk you through our updated outlook for 2026 following our first task performance. We are maintaining our full-year guidance across GV, GMV, and then driven. However, we are revising our adjusted guidance. I have updated the guidance to 180 million to 200 million, from the previous range of 200 million to 220 million.

Heni Jallouli: Starting with KSA, we are doubling down on our core market. The competitive environment remains intense, but we continue to see clear opportunities to strengthen our market share, improve customer engagement, and reinforce Jahez's position as one of the leading platforms in the Kingdom. At the start of 2026, we saw the opportunity to initiate a larger and more impactful promotional and marketing campaign. In H2, we are focusing on spend efficiency and balance between growth and profitability in Saudi. In Kuwait, we are aligning with Kuwait's regulatory update, and this has caused us to revisit unit economics assumptions due to the commission and delivery fees cap. For other verticals, we are continuing to our investment in B2B growth initiatives, along with the ongoing restructuring. In sum, our top line growth remains healthy. Good choice to invest harder behind growth, market share, and long-term development of the group ecosystem.

Distribution reflects the deliberate decision to end the small, aggressively, behind the opportunities. We see according to the group, while also responding to market dynamics, we see in each of our key segments and verticals.

Starting with KA, we are doubling down on our core market. The competitive environment remains intense, but we continue to see clear opportunities to strengthen our market share, improve customer engagement, and reinforce Jahez's position as one of the leading platforms in the Kingdom.

At the start of '26, we saw the opportunity to initiate larger and more impactful promotional and marketing campaigns. In the next H2, we are focusing on spend efficiency and finding the right balance between growth and profitability in Saudi.

In Kuwait.

We are aligning with the regulatory update, and this has caused us to revisit our economic assumptions due to the commission, cap commission, and delivery fees cap.

For other verticals, we are continuing our investment in B2B growth initiatives, along with the ongoing restructuring.

In some areas, our top line growth remains healthy.

Heni Jallouli: However, we remain mindful of the dynamic environment of the markets where we operate, and ultimately, we are flexible in responding to those changes. The one value that will remain constant is our ability and mindset to grow profitably and our clear focus on long-term value creation. With that, I hand back to Kholoud Faqih for Q&A.

We have chosen to invest more heavily in growth, market share, and the long-term development of the group ecosystem. However, we remain mindful of the dynamic environment of the markets in which we operate. Ultimately, we are flexible in responding to those changes.

The one value that will remain constant is our ability and mindset to grow profitably and our clear focus on long-term value creation. With that, we'll move to Q&A.

[Analyst] (HSBC): Yeah. Thank you, Hani. We can now start the Q&A. I think we already have a few questions in the chat box, and I think somebody has a raised hand as well. I think we have a question from Faisal Al-Subaie regarding. He has asked the question in Arabic, I think. His question is around the cash balance, right? He has basically said that you have a cash balance of over SAR 400 million. You ended 2025 with a substantial cash balance. What is the cash balance on 30 June? I think you just highlighted it. What is the quarterly cash consumption rate for the H2 of this year, given the expansion in Kuwait and Bahrain? How should we think about the capital structure in the context of the cash burn and your cash balance, right?

Ankur Agarwal: Yeah. Thank you, Hani. We can now start the Q&A. I think we already have a few questions in the chat box, and I think somebody has a raised hand as well. I think we have a question from Faisal Al-Subaie regarding. He has asked the question in Arabic, I think. His question is around the cash balance, right? He has basically said that you have a cash balance of over SAR 400 million. You ended 2025 with a substantial cash balance. What is the cash balance on 30 June? I think you just highlighted it. What is the quarterly cash consumption rate for the H2 of this year, given the expansion in Kuwait and Bahrain? How should we think about the capital structure in the context of the cash burn and your cash balance, right?

Yeah, thank you, honey. Uh, we can now start the Q&A. I think we already have a few questions in the chat box, and I think somebody has a raised hand as well.

So, I think we have a question from, um,

Fazel also, by regarding—he's asked the question in.

Arabic. I think his question is around the cash balance, right? So, he's basically said that you have a cash balance of over $400 million.

Uh, you ended 2025 with a substantial cash balance. What is the cash balance on June 30th? I think you just highlighted it. And what is the quarterly cash consumption rate for the second half of this year, given the expansion in Kuwait and Baill?

Uh, how should we think about the capital structure in the context of the cash burn and your...

[Analyst] (HSBC): I think the second question is around the losses during the investment. What is the expected operating loss from Kuwait and Bahrain, especially in the H2, given that you are in the launch mode, right? These are the questions to begin with.

Ankur Agarwal: I think the second question is around the losses during the investment. What is the expected operating loss from Kuwait and Bahrain, especially in the H2, given that you are in the launch mode, right? These are the questions to begin with.

Cash balance, right? Um

And then, I think the second question is around the losses during the investment.

Right. So, what is the expected operating loss from the— from...

Kuwait, and there especially in the second half.

Given that you are in the launch mode, right? So, these are the questions.

Heni Jallouli: Yeah, sure. For the cash balance, we responded to that in the presentation. From CapEx profile, we have a lower CapEx profile in the H2 because we are done with the biggest part of the investment in the head office. We are seeing positive momentum in terms of working capital changes. I think the question is about whether we will have other funding opportunities. We are having multiple loans and facilities already signed, and we have also new ones where if we see a need for that. For the second question related to Bahrain and Kuwait expansion. It is mostly rollout of Snoonu in Kuwait right now, and coupled with the new reality of the regulation and the cap of the commissions and the delivery. We expect that the investment will continue there in a quite material manner in order to optimize our presence there.

To begin with.

Yeah, sure. So for the cast balance, we uh, we responded to that in the presentation. So from capex profile. Uh, we have a lower capex profile and second half because, uh, we are, we are done with the with the, the biggest part of the investment in, uh, in the head office. Uh, and we are seeing

Uh, was it the momentum and then the working capital changes?

So, um, thank you for the question. It is, uh, about whether we'll, uh, we'll have, uh,

Other funding opportunities—we are having multiple, um,

loans and facilities are already, and, uh,

Signed. And we also have the new ones where we, uh, if we see needs for that,

For the second question related to, uh,

Wait, expansion. So it's, uh, mostly the, um,

Right now.

And coupled with the, the new reality of the Revelation and the cap of, of the commissions and the delivery. So we expect that will the investments will continue there in, in a quite, uh, material manner. In order to, uh,

Heni Jallouli: We will have, on a longer term, the optimization of the profitability.

Optimize our presence there, and, uh, we'll have—on a longer term—the, uh,

The optimization of the profitability.

[Analyst] (HSBC): Okay. All right. I think we have a couple of questions. One from Abdulaziz Al Jurayan. What is Jahez's strategy for scaling non-food categories, and when do you expect them to become a meaningful and profitable growth driver for the group?

Ankur Agarwal: Okay. All right. I think we have a couple of questions. One from Abdulaziz Al Jurayan. What is Jahez's strategy for scaling non-food categories, and when do you expect them to become a meaningful and profitable growth driver for the group?

Okay.

All right, I think we have a couple of questions. One from, I mean, Abdul Aziz Al-Julian. Uh, so what is Jahez's strategy for scaling non-book categories, and when do you expect them to become a meaningful and profitable growth driver for the group?

Ghassab Al-Mandeel: Thank you, Abdulaziz. The strategy itself across three models rather than one model. First, the marketplace model, which is our own platform and our own legacy grocery business, and that business continues to grow. The second, the partnership with noon Minutes on Jahez app, and we have seen it month-on-month, a great growth. It is more than 50% quarter-on-quarter, and this gives us more confidence that it is the right partnership with noon Minutes. The third is a dark store, which is with noon, and this is where we fulfill segments on Jahez that they need that kind of products. Yes, it is very important, and it is an equity story for Jahez, core part of our equity story.

Ghassab Al Mandeel: Thank you, Abdulaziz. The strategy itself across three models rather than one model. First, the marketplace model, which is our own platform and our own legacy grocery business, and that business continues to grow. The second, the partnership with noon Minutes on Jahez app, and we have seen it month-on-month, a great growth. It is more than 50% quarter-on-quarter, and this gives us more confidence that it is the right partnership with noon Minutes. The third is a dark store, which is with noon, and this is where we fulfill segments on Jahez that they need that kind of products. Yes, it is very important, and it is an equity story for Jahez, core part of our equity story.

Thank you. The strategy itself, across three modules...

Rather than one module first, the marketplace model—which is our own platform—and our own, uh, legacy grocery business.

And that's as the business continues to grow the second partnership with the new minutes on Jahez.

Um,

And this is something we have seen month on month.

Uh, great. I mean, uh, growth, uh,

It's, uh, more than 50% quarter on quarter, and this gives us, uh, more confidence that it is the right partnership with New Minutes. The third is a dark store, which is, uh, with Dues. And, uh, this is where we fulfill, uh, segments on Jahez that need that kind of, uh, products.

Uh, yes, it is very important, and it is a core part of our equity story for Jahez.

[Analyst] (HSBC): All right. I think there is a question on the company strategy on gaining share in Saudi Arabia, given that your rating on Google Play is low. Why do you think the rating is low, and what actions are you taking to improve the rating and the customer experience in Saudi Arabia?

Ankur Agarwal: All right. I think there is a question on the company strategy on gaining share in Saudi Arabia, given that your rating on Google Play is low. Why do you think the rating is low, and what actions are you taking to improve the rating and the customer experience in Saudi Arabia?

All right. Uh, I think there's a question on the company strategy for gaining share in Saudi Arabia.

Uh, given your rating on Google Play.

Ghassab Al-Mandeel: It is a very good notice, and if you remember the one before the last earning call, we mentioned that we are expanding to many verticals and many also operating system. Before Android, the comments is 2.6, is right, because it is in three years ago comments. We did not update that. We did not send evaluation to the customer. But now, from a few months ago, we are trying right now to enhance that Android. For us is iOS. So you will find iOS is more evaluating than Android. But you will get a notice in a few months, the rating will be raised because we are building all the operating systems.

Ghassab Al Mandeel: It is a very good notice, and if you remember the one before the last earning call, we mentioned that we are expanding to many verticals and many also operating system. Before Android, the comments is 2.6, is right, because it is in three years ago comments. We did not update that. We did not send evaluation to the customer. But now, from a few months ago, we are trying right now to enhance that Android. For us is iOS. So you will find iOS is more evaluating than Android. But you will get a notice in a few months, the rating will be raised because we are building all the operating systems.

The customer experience in Saudi Arabia.

Uh, it is very good, uh, notice, and um, uh, if you remember the first—uh, I mean the last, um,

Uh, or the one before the last earnings call, we mentioned that we are expanding to, uh, many verticals and many, uh, also operating systems.

Uh, before, uh, Android—I mean, the comments is 2.6, right? Because it's, um, three years ago, uh, comments, and we didn't update that. We didn't, uh, send, uh, uh,

Uh, evaluation to the customer, but now from three months ago, we are trying right now to enhance that.

Android, um, is um, I

[Analyst] (HSBC): Ghassab Al-Mandeel, we cannot hear you.

Ankur Agarwal: Ghassab Al-Mandeel, we cannot hear you.

So, uh, you will find iOS is more evolving than Android. Uh, but you are going to notice in a few months there will be a rise because we are building all the operating systems. Oh, Mr. Gabby, can't hear you.

Ghassab Al-Mandeel: Sorry. Hello. You hear me?

Ghassab Al Mandeel: Sorry. Hello. You hear me?

Sorry.

Hello.

Heni Jallouli: Yes, I can hear.

Hear me.

Yes, I can.

Maxim Nekrasov: Yes.

Kholoud Faqi: Yes.

Yes.

Ghassab Al-Mandeel: Should I repeat the answer?

Ghassab Al Mandeel: Should I repeat the answer?

Should I repeat the answer, or...

Maxim Nekrasov: No.

Kholoud Faqi: No.

[Analyst] (HSBC): Well, Mr. Ghassab, Hani.

Ankur Agarwal: Well, Mr. Ghassab, Hani.

Maxim Nekrasov: No, it was clear.

Kholoud Faqi: No, it was clear.

[Analyst] (HSBC): Can you take?

Ankur Agarwal: Can you take?

Ghassab Al-Mandeel: Thank you. To answer buyback. There is a question?

Ghassab Al Mandeel: Thank you. To answer buyback. There is a question?

No, I mean no, it was clear. Can you take?

Thank you.

You answered by by back.

There's a question.

[Analyst] (HSBC): Yeah. Hi, Mr. Ghassab Al-Mandeel. Sorry. I think something

Ankur Agarwal: Yeah. Hi, Mr. Ghassab Al-Mandeel. Sorry. I think something

Ghassab Al-Mandeel: Yeah. There is a question that management consider stock buyback. I am going to transfer it to Hani if

Ghassab Al Mandeel: Yeah. There is a question that management consider stock buyback. I am going to transfer it to Hani if

Hi, Mr. Sorry, I think something...

Yeah, there is a question that management considers stuck at the back. Uh,

Heni Jallouli: We have already approved a plan, and the previous period we were in a blackout period. Now we will reactivate this, wherever the treasury and the cash position will allow that. Am I good?

I'm transferred to Hani if,

so, we have already, um,

Approved.

Plan. And

We, uh, the big spirit, we were in blackout period.

So uh now we will uh re reactivate this uh wherever the treasury uh and the gas Position will allow that.

[Analyst] (HSBC): Yeah. Hi, Hani. We have a question from Mr. Salman Alrajhi. Please go ahead. Salman, the line is open. Salman, your line is open.

Ankur Agarwal: Yeah. Hi, Hani. We have a question from Mr. Salman Alrajhi. Please go ahead. Salman, the line is open. Salman, your line is open.

Yeah, I—I mean, so we have a question from Mr. Salman Raji. Please go ahead.

The line is open.

Salman Alrajhi: Hello, everyone. Thank you, management, for the presentation. One question from my side is regarding the competition. Specifically in Saudi Arabia, do we expect the competition will continue or is there any strategy to enhance margin somehow?

Your line is open.

Hello everyone. Thank you, management, for the presentation.

Uh, one question from my side is, uh,

Regarding the competition. So basically,

Um, Ona has specifically in Saudi Arabia, do we expect, uh, the competition will continue or is there any strategy to—?

To, to enhance margin somehow.

Ghassab Al-Mandeel: Yes. Thank you for the question. Yes, the competition is still high. We noticed Q1 that it is not more intensive as of last quarter of 2025. That is why we came up with a plan to gain market share for the H1. Now, I believe we are in good position, and we are positioning ourselves. Still, the competition in the market is, we have seen it high, but we are controlling all the aspects to also get profitability from the market at the same as the growth.

Ghassab Al Mandeel: Yes. Thank you for the question. Yes, the competition is still high. We noticed Q1 that it is not more intensive as of last quarter of 2025. That is why we came up with a plan to gain market share for the H1. Now, I believe we are in good position, and we are positioning ourselves. Still, the competition in the market is, we have seen it high, but we are controlling all the aspects to also get profitability from the market at the same as the growth.

Yes, uh, thank you for the questions. Uh, yes, the competition is still high. We—we noticed, um,

Uh, first quarter, it is not more intensive as, uh, as the last quarter of 2025.

That's why we came up with a plan to gain market share for the first half.

Uh, now, I believe we are in a good position, and we are positioning ourselves.

Heni Jallouli: Yeah. I can add here two points about our strategy to adjust the profitability in Saudi. We have multiple levers there. First, we have the revenue mix that is changing. From delivery pricing perspective, it is set by the market and especially for the segment of customers who are looking for discounts through the personalization that is rolled out in end of the Q2 and we will see the impact in the H2. We can allocate in a better way our promotional budget and marketing budget to each kind of segments based on the user profile. There we have a better optimization of the cost allocation, and also we have the continuous improvement in the delivery costs.

Uh, still, uh, the competition in the market is, uh, we have seen it high. But, uh, we uh, the, we we controlling all the aspects to also, uh, get the profitability from, uh, the market at the same as a growth.

Heni Jallouli: We have been consistently over the years improving our delivery costs, and this was happening in the H1, and will continue the H2 to improve our contribution margin.

Ghassab Al-Mandeel: We will not expect to reach the previous level in terms of profitability, I mean, before the high competition.

Ghassab Al Mandeel: We will not expect to reach the previous level in terms of profitability, I mean, before the high competition.

Who are looking for discounts by through the personalization that it's, uh, rolled out in end of the Q2 and will will see the impact in, um, in the, in the second half. So we can allocate in a better way, our, uh, promotional budget and marketing budget to each kind of, uh, segments based on the, uh, user profile. So, there we have, uh, a better optimization of the cost allocation. And also, we have the continuous improvements in the delivery costs. So we've been consistently over the years, improving our delivery cost and uh this what what happening in the in the first house and we will continue the second half to improve our contribution model,

but we will not expect, uh, uh, to, to, to...

the uh uh uh to reach the, the the previous level in terms of profitability, I mean, before the high competition

Heni Jallouli: We are rebuilding that profitability profile over the time.

We are rebuilding. We are rebuilding that, uh, profitability, uh, profile.

Over over the time.

Ghassab Al-Mandeel: Okay. Please. Thank you.

Salman Alrajhi: Okay. Please. Thank you.

Okay, please. Thank you.

Heni Jallouli: Yeah.

[Analyst] (HSBC): Our next question is from the line of Omar Hala. Omar, please go ahead. Your line is open.

Ankur Agarwal: Our next question is from the line of Omar Hala. Omar, please go ahead. Your line is open.

So, our next question is from the line of Omar.

Allah Omar, please go ahead. Your line is open.

Omar Hala: Yes. Hello. I am audible?

Omar Maher: Yes. Hello. I am audible?

[Analyst] (HSBC): You are, Omar. Yeah.

Ankur Agarwal: You are, Omar. Yeah.

Omar Hala: Oh, okay. Thanks, management. My question is regarding the expanding of your operations in other countries. Are you intend to expand your operations in new countries such as Egypt or in Africa or somewhere else?

Omar Maher: Oh, okay. Thanks, management. My question is regarding the expanding of your operations in other countries. Are you intend to expand your operations in new countries such as Egypt or in Africa or somewhere else?

You are.

Okay, uh, thanks, management. My question is regarding the expanding of your operations in other countries. Are you intending to expand your operations into new countries, such as the region, or in Africa, or somewhere else?

Ghassab Al-Mandeel: Thank you, Omar. We are focusing right now on KSA and Kuwait and Oman to make sure that it is in the right track. Yes, we are exploring all the countries, but we want to make sure that when we enter a country, it will be as we expected and studied.

Ghassab Al Mandeel: Thank you, Omar. We are focusing right now on KSA and Kuwait and Oman to make sure that it is in the right track. Yes, we are exploring all the countries, but we want to make sure that when we enter a country, it will be as we expected and studied.

Uh, thank you, Omar. We are focusing right now on, uh, KSA and Kuwait, and Oman.

Uh, to make sure that it is on the right track.

Uh, yes, we—we are exploring all the countries, but, uh, we want to make sure that when we enter a country,

Uh, it will be, uh, as we expected and studied.

Omar Hala: Okay. Thank you.

Omar Maher: Okay. Thank you.

Ghassab Al-Mandeel: Thank you.

Ghassab Al Mandeel: Thank you.

Okay, thank you. Thank you.

[Analyst] (HSBC): I think we do not. One question that I have is around competition, right? How should we think about this quarter and the coming quarters in terms of intensity of competition and deliberate from your side affecting the profitability for the company, right? Would you say competition itself has eased, but I think you have been more aggressive in investing in the business? Hello?

Ankur Agarwal: I think we do not. One question that I have is around competition, right? How should we think about this quarter and the coming quarters in terms of intensity of competition and deliberate from your side affecting the profitability for the company, right? Would you say competition itself has eased, but I think you have been more aggressive in investing in the business? Hello?

Well, I think we don't—I mean, one question that I have is around competition, right? So, I mean, how should we think about...

This quarter and in the coming quarters, in terms of intensity of competition and deliberate actions from your side, are these affecting the profitability?

For the company.

Right. So, I mean, would you say competition itself—as is? But I think you've been more aggressive in investing in the business.

Heni Jallouli: Hello. Yeah. Shall I talk to that, Mussaed?

Hello.

Hello. Hello. Yeah.

Ghassab Al-Mandeel: Hello. Can you come back? I didn't hear the question again.

Ghassab Al Mandeel: Hello. Can you come back? I didn't hear the question again.

So, I got that.

[Analyst] (HSBC): Yeah. My question is that, in this quarter, obviously, you attributed it to deliberate investments by the company instead of competition. So in the coming quarters, do you expect that your competition is probably easing or going to ease further? And how should we think about your investment plans in the coming quarter? Is it decided that this is the year of the investment, or you've basically timed the investments in this quarter?

Ankur Agarwal: Yeah. My question is that, in this quarter, obviously, you attributed it to deliberate investments by the company instead of competition. So in the coming quarters, do you expect that your competition is probably easing or going to ease further? And how should we think about your investment plans in the coming quarter? Is it decided that this is the year of the investment, or you've basically timed the investments in this quarter?

Hello. Uh, can you come up? I didn't hear the question again. Yeah.

Yeah, so my question is that, uh, I mean in this quarter obviously—

You attributed it to deliberate investments by the company or competition. So, in the coming quarters, do you expect that your... I mean, is the competition probably easing or going to ease further?

And how should we think about your investment plans in the coming quarter, right? So, is it...

Ghassab Al-Mandeel: Well, the competition, it will be all as we expected the H1. But an opportunity that we have in the H2, it's more because right now, from the technology perspective, from the delivery perspective, from the unit economics, we are deliberated all of these investment, and we were going to see the effect, inshallah, in the H2. We don't expect the competition will be low. We are expecting that we are going to have more potential because it's a lot of things that we did in the H1, and regardless of the growth, we are maintaining all the aspects of our company and Jahez, and this is where it will give us an opportunity for the H2 to get the benefit from the many, as Hani Jallouli mentioned, personalization, Jahez Loyalty Program, delivery improving.

Ghassab Al Mandeel: Well, the competition, it will be all as we expected the H1. But an opportunity that we have in the H2, it's more because right now, from the technology perspective, from the delivery perspective, from the unit economics, we are deliberated all of these investment, and we were going to see the effect, inshallah, in the H2. We don't expect the competition will be low. We are expecting that we are going to have more potential because it's a lot of things that we did in the H1, and regardless of the growth, we are maintaining all the aspects of our company and Jahez, and this is where it will give us an opportunity for the H2 to get the benefit from the many, as Hani Jallouli mentioned, personalization, Jahez Loyalty Program, delivery improving.

You decided that this is the year of the investment, or you basically timed the investments in this quarter.

Well, the competition, it will be all... Uh, I mean, as we mentioned, as we expected, the first half,

um, but um

Has. And this is where we—it will give us an opportunity for the second.

Ghassab Al-Mandeel: All of that aspect will give us an opportunity, inshallah, in the H2.

Ghassab Al Mandeel: All of that aspect will give us an opportunity, inshallah, in the H2.

Heni Jallouli: Yeah. So I can elaborate here on the

To get the benefit from the many mentioned personalization and loyalty program delivery, I mean improving all of that aspect will give us opportunity, inshallah, in the second half.

[Analyst] (HSBC): All right. Very clear.

Ankur Agarwal: All right. Very clear.

Heni Jallouli: Yeah. I can elaborate here about the investment we have done of reactivation and acquiring the new customers as well. So we have a very solid cohort and very solid retention right now figures. With that, we will capitalize on it and we will continue serving the mass users along with the high-end users as well, that we are protecting very well. We will give every segment of customers different kind of offerings through the personalization. Even the front-end is different. Your homepage is different, either you are VIP customers or a discount seeker, or even based on your kitchen preference. So we are having better conversion through that. With similar amounts of budgeting, we are achieving more value in terms of returns.

Yeah, I can elaborate here about the the investment of reactivation and, uh, acquiring the new customers as well. So we have a very solid, uh, cohort and virtual retention right now, uh, figures. And with that, we'll, uh, we'll tap guys on it and we'll continue, uh, serving, the mass users along with the high-end users as well, that we are, we are protecting, uh, very well. So, uh, and we will give every, every, every segment of customers different kind of, um, offerings to the personalization. Even the front end is different

And all right, uh, with homepage, it's different. Either you are VIP customers or discount seeker, or even based on your, um, your preference—kitchen preference. So, uh, we are having better conversion through that and, uh, with...

With similar amounts of budgeting, we are achieving more value in terms of returns.

[Analyst] (HSBC): All right. Thank you, Hani. I think we have a few more questions. Evgeny Amico, your line is open. Please go ahead. Evgeny?

Ankur Agarwal: All right. Thank you, Hani. I think we have a few more questions. Evgeny Amico, your line is open. Please go ahead. Evgeny?

All right, thank you. I think we have a few more questions. Uh, your line is open. Please go ahead.

Evgeny Amico: Hi, can you hear me now?

Evgeny Annenkov: Hi, can you hear me now?

[Analyst] (HSBC): Yes, I can.

Ankur Agarwal: Yes, I can.

Uh, hi, can you hear me now?

Evgeny Amico: Great.

Evgeny Annenkov: Great.

[Analyst] (HSBC): Go ahead.

Ankur Agarwal: Go ahead.

Evgeny Amico: Thank you so much. It's Evgeny Amico from Jefferies. I have three questions, please. First one is on the KSA regulation. Can you please offer some update on the implementation of this regulation? Do you see predatory pricing practices moderating, or is there more effect to come? If you could please share some key discussion points from your meetings with the regulator, that would be great. My second question, on your EBITDA guidance revision. You revised it down by SAR 20 million. Is it possible to quantify the impact of the regulation in Kuwait within this SAR 20 million? Lastly, please, is on Logi. Can you please disclose the latest share in Q2 process of Saudi orders by Logi? When do you expect to achieve your 60% target mentioned earlier? Thank you.

Evgeny Annenkov: Thank you so much. It's Evgeny Amico from Jefferies. I have three questions, please. First one is on the KSA regulation. Can you please offer some update on the implementation of this regulation? Do you see predatory pricing practices moderating, or is there more effect to come? If you could please share some key discussion points from your meetings with the regulator, that would be great. My second question, on your EBITDA guidance revision. You revised it down by SAR 20 million. Is it possible to quantify the impact of the regulation in Kuwait within this SAR 20 million? Lastly, please, is on Logi. Can you please disclose the latest share in Q2 process of Saudi orders by Logi? When do you expect to achieve your 60% target mentioned earlier? Thank you.

Yes, I can. Great, thank you so much. It's from Jeff. Uh, I have 3 questions, please. Uh, first 1 is on the KSA regulation. Can you please offer some update on the implementation of this regulation? Do you see predatory pricing, uh, practices moderating, or is there more effect to come? And, and if you could, please share some key discussion points from your meetings. Uh, with Regulators, that would be great. Uh, my second question, uh, on your ebida guidance revision. You revised this down by 20 million Regals? Is it possible to quantify the impact of the regulation in Kuwait within this, uh, 20 million? And lastly, please is on Loi. Uh, can you please, uh, disclose the latest share in Q2 process, uh, of Saudi orders by logging? And when do you expect to achieve your, uh,

To the center target mentioned earlier. Thank you.

Ghassab Al-Mandeel: Thank you, Evgeny. First, the regulation, we haven't heard anything. But we noticed that, as I mentioned from the Q1, it has been more realistic and more controlled. That's why it give us the opportunity to come up and gain a market share. Regarding the regulation from TGA, last week they announced a new regulation for the motorcycle, and still it's a regulation, but it hasn't been implemented. We are sending them a request to have the license, and we are waiting for their feedback. The second question regarding Logi, maybe, Hani, you can elaborate.

Ghassab Al Mandeel: Thank you, Evgeny. First, the regulation, we haven't heard anything. But we noticed that, as I mentioned from the Q1, it has been more realistic and more controlled. That's why it give us the opportunity to come up and gain a market share. Regarding the regulation from TGA, last week they announced a new regulation for the motorcycle, and still it's a regulation, but it hasn't been implemented. We are sending them a request to have the license, and we are waiting for their feedback. The second question regarding Logi, maybe, Hani, you can elaborate.

Thank you. Uh,

Regaining.

First, regarding the regulation, still, I mean, we haven't heard anything, but we noticed that...

Uh, as I mentioned from the first quarter,

Um, it has been more realistic and more you-controlled. Uh, that's why it gives us an opportunity to come up and, uh, gain market share.

Uh, regarding a regulation from uh, TJ uh, last week they, um, announced a new regulation for the motorcycle and uh, still, uh, it's a regulation, but it hasn't been implemented.

uh, we are, uh,

uh,

sending them a request to have the license, and uh, we are waiting for their feedback.

The second question regarding LUD. You may be handy, you can, yeah.

Heni Jallouli: Yeah. For the guidance adjustments, the major part is Kuwait. Major part of that adjustment is the Kuwait impact because in this rollout, we've been signing with restaurants on much higher commission rate comparing to the new regulation. Now we are adjusting all those contracts and letting them down to the cap, especially where the cap is inclusive of everything, including the payment and including the ads. So the 17% cap of the commission is limiting the potential of monetization with the merchants. Even the contribution of the delivery fees is included in that. So that is on short term, is having an impact on the monetization. While on the longer term, it can be optimized on the longer term, especially from a cost perspective basis.

Yeah. For, uh, for the guidance adjustments, the major part is, uh, is great. And as part of that adjustment, there's quite a bit because, uh, we've been, uh, in, um, in this rollout, we've been signing, uh, with restaurants on much higher, uh,

Is, uh, on, uh, short-term, uh, in having, uh, like an an impact on on the monetization. While on a longer term, is the, it can be.

Heni Jallouli: Also, the second part is related to the other verticals that we are restructuring right now, especially Marn, with the new CEO being hired recently. So we have still continued changes and adjustments happening in those verticals. The third question related to Logi. The current still is around 40% of the volume through Logi. And with this new regulation about motorcycles, we'll have more opportunity to, when we will have the licenses, to include more motorcycles to our fleet and increase our fleet as well.

Uh, optimized and, uh, on a longer term, especially from cost perspective. Uh, basis. Also, the, uh, the second part is related to the, um, the other verticals that we are restructuring right now, especially man with the new CEO, uh, being hired recently. So we have uh still continued uh changes and adjustments happening in in that in those verticals.

The third question related to LOI, the current still is around 40% of the volume are, uh, through Lugi and, um,

With this new regulation about motorcycles, we will, uh, have more opportunity to, um, when we will have the licenses, to include more. Uh,

Motorcycles to our fleet and increase our deficit as well.

Evgeny Amico: Thank you so much for your answers. That's very helpful. Thank you, Evgeny Amico.

Evgeny Annenkov: Thank you so much for your answers. That's very helpful. Thank you, Evgeny Amico.

Ghassab Al-Mandeel: Thank you.

Ghassab Al Mandeel: Thank you.

Thank you so much for your answer. That's very helpful. Thank you. And thank you, guys.

[Analyst] (HSBC): Our next question is from the line of Khalid Waleed. Khalid, please go ahead. Your line is open. Khalid? Khalid, you are unmuted. Please go ahead.

Ankur Agarwal: Our next question is from the line of Khalid Waleed. Khalid, please go ahead. Your line is open. Khalid? Khalid, you are unmuted. Please go ahead.

So our next question is from the line of Khaled. Khaled, please go ahead. Your line is open.

Call it.

Khalid Waleed: Can you hear me now?

Khalid Al-Ghamdi: Can you hear me now?

Call it. You are unmuted. Please go ahead.

Heni Jallouli: Yes.

[Analyst] (HSBC): Yes, I can.

Ankur Agarwal: Yes, I can.

Uh, can you hear me now?

Khalid Waleed: Excellent. Thank you for the information. I appreciate it. I have two questions, please. The first one, what is the reason of restructuring Marn? Is there any legal cases? This is for the first question. The second question, what is your position as Jahez toward the fast food, the QSR, to compete against Keeta, HungerStation, or the sweet and cakes to compete with the Jahez? Sorry, with The Chefs? That is the two questions.

Khalid Al-Ghamdi: Excellent. Thank you for the information. I appreciate it. I have two questions, please. The first one, what is the reason of restructuring Marn? Is there any legal cases? This is for the first question. The second question, what is your position as Jahez toward the fast food, the QSR, to compete against Keeta, HungerStation, or the sweet and cakes to compete with the Jahez? Sorry, with The Chefs? That is the two questions.

Yes. Yes, I can. Excellent, thank you for the information. I appreciate it. I have two questions, please. The first one:

Uh, what is the reason for, um, restructuring, uh, Marin?

Um, is there any, uh, legal cases?

Um, this is for the first question. The second question.

um,

what is your uh position?

Uh, as Jahez toward the fast food, the, um,

Uh, QSR, uh, to compete against Keta and gas station.

Or, uh, the sweet and cakes to compete with the, uh, with the Jahez.

Uh, sorry, what? What are the shifts?

That's a 2 questions.

Ghassab Al-Mandeel: Hani, if you can answer the first questions, then.

Ghassab Al Mandeel: Hani, if you can answer the first questions, then.

Heni Jallouli: Yeah, sure. The restructuring in Marn is mostly related to the overall business model, where last year and the year before, we engaged in more credit periods with our customers. So we have credit sales. Now we are changing the business model towards more cash sales, and this is relatively limiting the growth opportunities. Also we changed the management in order to achieve those objectives of restructuring the entire B2B business across the group with merging our services and the cross-selling with the cloud kitchen business, the point of sale and the supply chain as well with S&OP. So this is mostly the restructuring phase that we are going on. Mohammed?

Honey, if you can answer the first questions,

Then yeah.

Cool. So the fraction, uh, in Marin is mostly related to the overall business model. Where last year—we, we, last year or the year before—so we engaged in, um, in a more...

uh,

Credit, uh, credit periods with our customers. So we, we have credit sales. Now, we are changing the business model towards more cash, uh, cash sales. And this is relatively limiting the, uh, the growth, uh, opportunities. And also, we are, uh, changing—and we changed—the management in order to have, uh, to achieve those objectives of, uh, restructuring the entire B2B, uh, business across the group. With, uh, merging our services and the cross-selling with, uh, the cloud kitchen business, the point of sale, and the supply chain as well, we saw. So, this is mostly the, the structuring, uh, phase that we are going on.

Ghassab Al-Mandeel: Yes, thank you. Regarding the competition, Alhamdulillah, in Saudi Arabia was invest behind our customer, merchant and at the same time, delivery, as you can see from the presentation. So we are keep going investing through that competition and Alhamdulillah, we grew 11.9% sequentially and we gain market share quarter on quarter. We timed up our promotional spend to maximize return. We focus on cohort customer. We focused in even owner app which give merchant the opportunity to engage with Jahez promotion and the other customers and that is what give us powerful and that is what give us strong on growth in the H1. We have our own customers since 2017 where they are still with us and this is where we planned 2025 to keep them with us and Alhamdulillah success. Now we are gaining other customer who is looking for promotional spend and offers.

Ghassab Al Mandeel: Yes, thank you. Regarding the competition, Alhamdulillah, in Saudi Arabia was invest behind our customer, merchant and at the same time, delivery, as you can see from the presentation. So we are keep going investing through that competition and Alhamdulillah, we grew 11.9% sequentially and we gain market share quarter on quarter. We timed up our promotional spend to maximize return. We focus on cohort customer. We focused in even owner app which give merchant the opportunity to engage with Jahez promotion and the other customers and that is what give us powerful and that is what give us strong on growth in the H1. We have our own customers since 2017 where they are still with us and this is where we planned 2025 to keep them with us and Alhamdulillah success. Now we are gaining other customer who is looking for promotional spend and offers.

Hello. Yes. Thank you. Uh, regarding the competition alhamdulillah, Saudi Arabia was. Invest behind our customer Merchant and at the same time, delivery, as you can see from the presentation. So we are keep going investing, uh, through that competition and alhamdulillah. We grow 11.9 sequentially, and we gain a market share quarter on quarter. We timed up our promotional spend to maximize return. Uh, we, uh, focus on cohort. Customer we focused in even, um, owner app, which is give Merchants to opportunity to, uh, uh, to. I mean, engage with J has promotion and, uh, uh, the other, uh, customers. And that's what give us powerful and that's what give us. Um,

Ghassab Al-Mandeel: So in all customer segments right now, we are gaining them as a market share, Alhamdulilah. We are still developing in tech, in operation, in commercial to, Alhamdulillah, to cover all of that aspect in Saudi Arabia and at the same time, internationally through Snoonu.

Ghassab Al Mandeel: So in all customer segments right now, we are gaining them as a market share, Alhamdulilah. We are still developing in tech, in operation, in commercial to, Alhamdulillah, to cover all of that aspect in Saudi Arabia and at the same time, internationally through Snoonu.

I mean our own customers since 2017, where they are still with us, and this is where, uh, we planned 2025 to keep them with us, and alhamdulillah, success. And now we are getting other customers who are looking for promotional stands, uh, and offers, uh, so in all customer segments right now, uh, we are gaining them. Uh, as a marketer, we are still developing in tech, in operations, in, uh, commercial to, uh, alhamdulillah, to cover all of that aspect, uh, in Saudi Arabia. And at the same time, uh, internationally through Saloon.

[Analyst] (HSBC): All right. Thank you, Mr. Ghassab Al-Mandeel. I think we have now a question from Maxim Nekrasov. Maxim, please go ahead.

Ankur Agarwal: All right. Thank you, Mr. Ghassab Al-Mandeel. I think we have now a question from Maxim Nekrasov. Maxim, please go ahead.

All right. Uh, thank you, Mr. Kassab. I think we now have a question from Maximus.

Maximum, please go ahead.

Maxim Nekrasov: Hello. Thank you so much for the presentation. I have a couple of questions. The first one is on the guidance. Even though you revised your EBITDA guidance, it still implies a significant increase in EBITDA in the H2, right? Something like double EBITDA compared to the H1. So, how much conviction do we have on this revised guidance and where would you see so much improvement to come from? If you could identify any potential downside or upside risks, where would you see that? Also, should we expect the bottom line and profitability to be positive for the full year, considering requirements in the presentation regarding higher D&A and some net losses that we saw in recent quarters?

Hello. Um, thank you so much for the presentation. I have a couple of questions. Uh, the first 1 is on the guidance. Um, and uh, even though you revise, maybe that guidance, um, it's still implies a significant increase in ibida in the second half, right? Something like double compared to the first.

Maxim Nekrasov: Finally, the question, I was wondering to get your thoughts on the sector consolidation, considering the news flow we've been seeing on some of your competitors in the region, and whether you would expect the sector to be, let's say, more consolidated in the medium term, and how would that affect you? Thank you.

So, um, how much conviction do we have on, uh, on this revised guidance and, uh, uh, where would you see so much improvement to to come from? And, uh, um, if, uh, you could identify any potential downside or upside risks, where, where would you see that? And also, um, as should we expect, uh, the, the bottom line and profitability to be, uh, positive for the full year, considering uh, requirements in the presentation regarding higher, uh, DNA. And and some net losses that we saw in recent quarters. Um, and finally, uh, the question. So 1, I was wondering to, to get your thoughts on, um, on on, on the sector consolidation, considering the news flow we've been seeing on some of your competitors, uh, in the region. Um, and where whether you would expect the sector uh, to be, let's say more Consolidated in the in the medium term and how would that affect you? Thank you.

Ghassab Al-Mandeel: Thank you, Maxim. Maybe I am going to answer part of it, and Hani, you are going to help me with the other part. As we mentioned before, H2, second half benefits from continued KSA recovery, stronger monetization, as Hani mentioned, delivery cost efficiency, tech initiatives like Jahez Loyalty Program launch, personalization, AI initiatives, ads, and further scaling through also Snoonu across the international market. All of that, we are going to see it, inshallah, the effect for the second half. This is how we are going to answer you for the second half, how we are going to improve that.

Ghassab Al Mandeel: Thank you, Maxim. Maybe I am going to answer part of it, and Hani, you are going to help me with the other part. As we mentioned before, H2, second half benefits from continued KSA recovery, stronger monetization, as Hani mentioned, delivery cost efficiency, tech initiatives like Jahez Loyalty Program launch, personalization, AI initiatives, ads, and further scaling through also Snoonu across the international market. All of that, we are going to see it, inshallah, the effect for the second half. This is how we are going to answer you for the second half, how we are going to improve that.

Thank you, Maxim. Maybe I'll answer part of it, and, uh, Honey, we're going to help you with the other part as we mentioned before—H2, second half.

Heni Jallouli: Yeah.

Ghassab Al-Mandeel: I believe we have the capability, and we are sure that we are going to do it, inshallah. For the second questions, I forget.

Ghassab Al Mandeel: I believe we have the capability, and we are sure that we are going to do it, inshallah. For the second questions, I forget.

Heni Jallouli: Yes. I will elaborate on the first question and the second question as well. For H1, we have 66 million. So revised range will imply a range of 114 to 134 million in the second half. Last year, second half, we had 106 million. So low end of the range will be around 7% year-on-year at 180 million. It is coming mostly from four main reasons how we will bridge that gap. First, as Ghassab Al-Mandeel said, the promotional intensity per order will decline. The Jahez Loyalty Program with personalization will take over the work that the promotions were doing in H1. Those programs were launched in Q2. So H2 will be where we see the full impact.

Uh, benefits from a continued case, a recovery stronger. Uh, monetization as honey mentioned delivery cost efficiency, uh Tech initiatives, like loyalty program launched personalization AI initiatives ads and further scaling through also across the International Market and all of that, you will going to see it in effect for the second half. So this is how how, and we will going to answer you for the second. How have how we going to improve that? Uh, I believe we have a capability and we are sure that we're going to do it inshallah, uh, for the second questions. Uh, I forget, yes, I'll, uh,

Elaborate on the first question and the second question as well. Um, so—

For the first time, we have 666 million. So, a revised range will imply a range of 1,124 to 1,134 million in the second half. Last year, in the second half, we had 1,106 million.

So, um, low end of the range will be like running, uh, around 7% year on year at 180 million.

uh,

it's coming mostly from 4, uh, 4 main, uh, reasons this, how we will bridge that Gap? Uh, first as, uh, as I've said. So the promotional intensity per orders will decline so the Loyalty program will personalization will take over. Uh, the work that the promotions were doing in each 1. Uh, those programs do will launch in Q2, so it's 2 will be

Heni Jallouli: On top of this, the marketing also spending optimization, where also, for example, we have Al Hilal contract is not renewed, so we will not have the sponsorship cost the same in the second half. We have the ad revenue are growing as well materially, and we are changing the mix with higher profitability. Third, delivery cost further optimization, so on Logi improvement. Logi delivered 14 million in the Q2, and we are seeing the same trajectory continuing. Fourth, Qatar also solid profitable growth. Those are the main angles we see that supporting our estimates for the second half. For the consolidation, we believe that the industry is continuing to mature, and it is naturally moving towards this kind of consolidation. For our case, our strategy remains the same.

where we see the full impact.

Third the delivery cost further optimization so 1 doj Improvement, doj delivered 14 million in the Q2. And, uh, we are seeing the same trajectory, uh, continuing forth, uh, cutter also, uh, solid profitable growth. So those are the main, uh, angles. We see, uh, that supporting, uh, our our estimates for the second half.

so, for the consolidation,

Heni Jallouli: We are focused on building a device side platform with strong market share in Saudi and regional growth engine through Snoonu and fueling our expansion. Above all, our focus is the growth with profitability flow. This is our strategy right now towards that consolidation.

So uh we believe that the the industry is continuing to mature and it's actually moving towards this kind of consolidation. So for for our case we uh our strategy remain the same. So we are focused on building a device, 5 platform with strong market, share in Saudi and the regional growth engine and through snow, and uh, fueling our expansion.

Overall. So our focus is uh, the growth with uh, like profitability uh flow and uh,

This is our strategy right now towards that consolidation.

Maxim Nekrasov: Thank you so much. Just on the bottom line, net income, whether you expect it to turn positive with a stronger EBITDA.

Heni Jallouli: Yeah. For the full year, it will be near to breakeven. It won't be highly positive.

thank you so much and uh, just on the on the bottom line that that income uh whether you expected to to turn positive with a stronger,

Yeah, so for the full year, it will be, uh...

We have to break even. So, uh, it won't be like, uh,

Highly positive.

Maxim Nekrasov: Got it. Thank you so much.

Got it. Thank you so much.

[Analyst] (HSBC): Thank you, Hani. We have two, three questions. I know we have exceeded the time already, but maybe we will take those questions from the chat box if you are okay. I think there is one question on the fleet mix. How much of your fleet is motorcycles versus cars, and how does it compare to competitors? Given the changes, how should we think about your market share getting affected by more bikes being used by the competition?

Ankur Agarwal: Thank you, Hani. We have two, three questions. I know we have exceeded the time already, but maybe we will take those questions from the chat box if you are okay. I think there is one question on the fleet mix. How much of your fleet is motorcycles versus cars, and how does it compare to competitors? Given the changes, how should we think about your market share getting affected by more bikes being used by the competition?

Thank you. We have two or three questions. I know we've exceeded the time already, but maybe we'll take those questions from the chat box, if you are okay with that.

So, so I think there's one question on the—

Lead. Can you please tell us how much of your fleet is motorcycles versus cars, and how does it compare to competitors?

And given the changes, Etc.

How should we think about your market share being affected by more bikes?

Uh,

being used by the competition.

Ghassab Al-Mandeel: First, let me just tell you, we are the only company right now who has their own fleet company, which is more than 4,000 drivers. There are two models here. One, you own the fleet, the second, with the 3PL. With the 3PL, we do not have motorcycle. We have almost 99%, our fleet is a car. Motorcycle, we do not have because they stopped the motorcycle license 1 January 2025. That is why they came up with a new regulation, and still we are waiting for permission to have a license. With a motorcycle, it will give us more fleet and control. All of the competitors are using a 3PL, and that is why, as Hani mentioned, the price of 3PL is raised high with time because the regulation is tough. This is why we have Logi in our portfolio.

Ghassab Al Mandeel: First, let me just tell you, we are the only company right now who has their own fleet company, which is more than 4,000 drivers. There are two models here. One, you own the fleet, the second, with the 3PL. With the 3PL, we do not have motorcycle. We have almost 99%, our fleet is a car. Motorcycle, we do not have because they stopped the motorcycle license 1 January 2025. That is why they came up with a new regulation, and still we are waiting for permission to have a license. With a motorcycle, it will give us more fleet and control. All of the competitors are using a 3PL, and that is why, as Hani mentioned, the price of 3PL is raised high with time because the regulation is tough. This is why we have Logi in our portfolio.

Okay. Um, first, let me just tell you, we are the only company right now who has their own— I mean, uh, fleet company.

Uh, which is more than 3. Uh, 4,000 drivers. Uh, there is two—there is two models here: when you own the fleet, the second...

Uh, with the 3pl.

Uh, with the 3PL, we don't have—I mean, motorcycle—we have almost 99%. Our fleet is a car.

Uh, motorcycle. Uh, we don't have because they stopped the motorcycle license. Uh,

Uh, first of 2025.

That's why they came up with a new regulation, and still, we are waiting for permission to have a license.

So with the motorcycle, it will give us more, uh, I mean fleet, uh, and control, uh, all of the competitors using a 3M. And that's why, uh, as Hani mentioned, the price of 3PL has raised high, uh, with the time because the regulation is tough. Uh, this is, uh, um, why we have Lugi in our portfolio.

[Analyst] (HSBC): Okay. Basically, it is a competitive mode for you having Logi, and you can scale up motorcycles if the need arises, basically, faster than competition. Is that?

Ankur Agarwal: Okay. Basically, it is a competitive mode for you having Logi, and you can scale up motorcycles if the need arises, basically, faster than competition. Is that?

Okay, so basically, it's a competitive mode for you, having—

Loggy.

And you can scale up motorcycles, if the need arises, basically faster than the competition.

Ghassab Al-Mandeel: Exactly

Ghassab Al Mandeel: Exactly

[Analyst] (HSBC): correct?

Ankur Agarwal: correct?

Ghassab Al-Mandeel: Yes.

Ghassab Al Mandeel: Yes.

Heni Jallouli: Yes. Also the growing the fleet was a little bit slowed down by the availability of the cars in the market as well. We cannot have a big amount of cars available to be deployed. At the same time, motorcycles licenses were stopped. Now it will be an opportunity to have a higher mix of motorcycles in our own fleet. Again, from the question about whether the motorcycle is faster or not, also the cars, they have the big value add of going on a longer or larger radius, and also with the weather conditions, they are much better in terms of when we have rain or in the heat.

Is that correct? Yes.

Yes. So also the, um,

Growing the fleet was a little bit slowed down by the availability of the cars in the market as well. So we cannot have a big amount of cars available to be deployed, and at the same time, for motorcycles, the licenses were stopped. Now it will be, uh,

An opportunity to have a higher mix of motorcycles in even in our fleet, uh, with our own fleet. But again, from the question about whether the motorcycle is faster or not, also the cars, they have the, um,

Ghassab Al-Mandeel: Also, Hani, in the new regulation, the motorcycle, it will be with a limited distance. You will not see it in the highway anymore if they implemented the new regulation. It will serve only a closed area within 3 to 5 kilometers.

Ghassab Al Mandeel: Also, Hani, in the new regulation, the motorcycle, it will be with a limited distance. You will not see it in the highway anymore if they implemented the new regulation. It will serve only a closed area within 3 to 5 kilometers.

With the weather conditions, they are much better in terms of when we have rain or in the heat.

Also, uh, honey, uh, in the new regulation, the motorcycle, it will be with a limited. Uh,

Distance. So it will not you will not see it in the highway anymore in for if they implemented the new regulation. So it will serve only a closed area within uh 3 to 5 kilos.

[Analyst] (HSBC): Okay. Very helpful. I think most of the questions, including the one on consolidation. I think there is one question on, are you seeing any signs of smaller players exiting the market still? I think you answered half of it around consolidation, but any further comment on that question from Abdulaziz?

Ankur Agarwal: Okay. Very helpful. I think most of the questions, including the one on consolidation. I think there is one question on, are you seeing any signs of smaller players exiting the market still? I think you answered half of it around consolidation, but any further comment on that question from Abdulaziz?

Okay, very helpful. I think we answered most of the questions, including the one on consolidation. I think there’s one question on whether you are seeing any signs of smaller players exiting the market still. I think you answered part of it around consolidation, but any further comment on that question from Abdul Aziz?

Ghassab Al-Mandeel: We have not seen any rather than the last quarter. Still, it is an intensive competition and for the smaller, it is very hard. That is why the GAC, they are right now reviewing more and more all companies and make sure they will not be affected.

Ghassab Al Mandeel: We have not seen any rather than the last quarter. Still, it is an intensive competition and for the smaller, it is very hard. That is why the GAC, they are right now reviewing more and more all companies and make sure they will not be affected.

Who haven't we seen any? Uh,

Rather than the last quarter. Um, but still, I mean, since, since intensive—

Competition. And, um,

Uh, I mean for the smaller, it is very hard. That's why the...

GAC will—I mean, they are, right now, reviewing more and more.

Uh, all companies, and make sure, uh, they will not be affected.

[Analyst] (HSBC): All right. I think one final question, how much is the customer acquisition cost in Saudi market? Is it increasing or we can expect that to decrease?

Ankur Agarwal: All right. I think one final question, how much is the customer acquisition cost in Saudi market? Is it increasing or we can expect that to decrease?

All right, I think one final question. How much is the customer acquisition cost in the Saudi market? And I mean, is it increasing, or can we expect that to decrease?

Ghassab Al-Mandeel: I am not sure, Hani, if you have numbers, because we do not disclose customer acquisition.

Ghassab Al Mandeel: I am not sure, Hani, if you have numbers, because we do not disclose customer acquisition.

Not sure how many, if you have numbers, or because we don't disclose.

Heni Jallouli: Yeah, but directionally, our marketing spending will be optimized the H2. This will be involved on the lower side.

customer acquisition.

Um, yeah. But directionally

Our marketing spending will be optimized in the second half, so this will be on the lower side.

[Analyst] (HSBC): All right. Thank you.

Ankur Agarwal: All right. Thank you.

Heni Jallouli: Work was done on the acquisition and retention.

because most of the work done on the acquisition and retention,

[Analyst] (HSBC): Very helpful. Thank you, Mr. Ghassab, Hani, and Kholoud for this call. Thanks to all the participants for your insightful questions. Any closing remarks from your end, management?

Ankur Agarwal: Very helpful. Thank you, Mr. Ghassab, Hani, and Kholoud for this call. Thanks to all the participants for your insightful questions. Any closing remarks from your end, management?

Uh, very helpful. Thank you, Mr. Gab, and for this call, and thanks to all the participants.

Ghassab Al-Mandeel: Thank you, Ankur. Thank you, everyone. Alhamdulillah, this year we have seen progress, and it is as we planned and put in H1. In H2, Inshallah, we promise that you will see the result and progress. Biznillah. Thank you, everyone.

Ghassab Al Mandeel: Thank you, Ankur. Thank you, everyone. Alhamdulillah, this year we have seen progress, and it is as we planned and put in H1. In H2, Inshallah, we promise that you will see the result and progress. Biznillah. Thank you, everyone.

Thank you for your insightful questions. Uh, any closing remarks from your management?

Thank you, anchor. Thank you, everyone. Uh, alhamdulillah, this year we've seen progress and, uh, it is, um, I mean, as we planned and, uh,

But, uh, in first half and second half, uh, inshallah. Uh, we promise that you will see, uh, the result, uh, in progress in the business. Thank you, everyone.

Heni Jallouli: Thank you.

Thank you.

[Analyst] (HSBC): Thank you.

Ankur Agarwal: Thank you.

Operator: The recording has stopped. Goodbye.

The recording has stopped.

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