Arabian Centres Co. (Cenomi Centers) announces its Interim Financial results for the Period Ending on 30 June 2026 (Six Months)

Cenomi Centers reported a net profit of SAR 592.6 million for H1-2026, a 15.0% year-on-year decrease despite a 2.0% increase in operating profit to SAR 1,051.4 million. The decline was primarily driven by a 40.7% surge in net finance costs to SAR 436.6 million, reflecting the company’s heavy investment cycle and CAPEX deployment for growth projects.
Total revenue for H1-2026 reached SAR 1,151.9 million, representing a 2.7% like-for-like (LfL) increase, while EBITDA rose 4.3% to SAR 748.3 million. Operating margins were supported by record footfall of 70 million visitors (+6.8% LfL) and materially lower impairment losses on accounts receivable, which offset higher promotional and administrative expenses.
The company transitioned its Westfield Jeddah flagship to the operational phase as of July 30, 2026, with a pre-leasing rate of approximately 96%. Structural work at Westfield Riyadh is 100% complete with 94% pre-leasing; to finalize construction and support tenant fit-outs, the company expanded an existing financing facility for the Riyadh project from SAR 1 billion to SAR 2.7 billion.
Net debt climbed to SAR 14.5 billion from SAR 12.4 billion at year-end 2025, funding a de

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	569.4	582.6	-2.265	582.5	-2.248
Gross Profit (Loss)	474	489.4	-3.146	488.9	-3.047
Operational Profit (Loss)	615.4	635.1	-3.101	436.1	41.114
Net Profit (Loss) Attributable to Shareholders of the Issuer	385.7	472.9	-18.439	202.5	90.469
Total Comprehensive Income Attributable to Shareholders of the Issuer	382.4	471.3	-18.862	202.4	88.932
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	1,151.9	1,173.3	-1.823
Gross Profit (Loss)	962.9	1,001.1	-3.815
Operational Profit (Loss)	1,051.4	1,030.6	2.018
Net Profit (Loss) Attributable to Shareholders of the Issuer	588.2	689.8	-14.728
Total Comprehensive Income Attributable to Shareholders of the Issuer	584.7	688.1	-15.026
Total Shareholders Equity (after Deducting Minority Equity)	16,098	15,116.4	6.493
Profit (Loss) per Share	1.24	1.45
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	322.8	6.8
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is	Revenue reached SAR 569.4 million in Q2-26 (three months ended 30 June 2026), compared to SAR 582.6 million in Q2-25 (three months ended 30 June 2025). On a like-for-like basis, revenue increased by 0.5% year-on-year, supported by stronger leasing performance and higher visitor traffic across the portfolio. Footfall increased by 11.6% to 35.3 million visitors compared to Q2-25, underscoring the continued appeal of Cenomi Centers’ retail destinations. The reported 2.3% decrease in revenue primarily reflects portfolio changes in the comparable period and does not reflect the underlying growth of the operating portfolio.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	Net profit (attributable to shareholders of the company) reached SAR 385.7 million in Q2-26 (three months ended 30 June 2026), compared to SAR 472.9 million in Q2-25 (three months ended 30 June 2025). The net profit was positively improved by an 89.5% reduction in impairment losses on accounts receivable, related parties and accrued revenue, which decreased to SAR 7.7 million in Q2-26, compared to SAR 73.9 million in Q2-25. The decrease in net profit was mainly driven by: • Higher net finance costs of SAR 221.2 million in Q2-26, compared to SAR 147.8 million in Q2-25. • Lower net fair value gains on investment properties of SAR 251.2 million in Q2-26, compared to SAR 280.6 million in Q2-25.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is	Revenue reached SAR 569.4 million in Q2-26 (three months ended 30 June 2026), compared to SAR 582.5 million in Q1-26 (three months ended 31 March 2026). The decrease primarily reflects lower media revenue due to seasonality, which was partially offset by higher utilities and other revenue.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is	Net profit (attributable to shareholders of the company) increased to SAR 385.7 million in Q2-26 (three months ended 30 June 2026), compared to SAR 202.5 million in Q1-26 (three months ended 31 March 2026). This strong improvement was primarily driven by the increase in net fair value gain on investment properties, and lower impairment losses.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is	Revenue reached SAR 1,151.9 million in H1-26 (six months ended 30 June 2026) compared to SAR 1,173.3 million in H1-25 (six months ended 30 June 2025). On a like-for-like basis, revenue increased by 2.7% year-on-year, with underlying performance supported by footfall growth of 6.8% to a record 70.0 million visitors. The reported 1.8% decrease primarily reflects portfolio changes in the comparable period and does not reflect the underlying growth of the operating portfolio.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	Net profit (attributable to shareholders of the company) reached to SAR 588.2 million in H1-26 (six months ended 30 June 2026), compared to SAR 689.8 million in H1-25 (six months ended 30 June 2025). The net profit was positively improved by a 73.0% reduction in impairment losses on accounts receivable, related parties and accrued revenue, which decreased to SAR 41.5 million in H1-26, compared to SAR 153.5 million in H1-25. As a result, operating profit increased by 2.0% to SAR 1,051.4 million despite the decline in net profit. The decrease in net profit was mainly driven by: • Higher net finance costs of SAR 436.6 million in H1-26 compared with 310.4 million in H1-25. • Other operating income decreased to SAR 8.1 million, as the comparable period included gains on sale of Al Kharj land and Sahara Plaza. • General and administrative expenses increased to SAR 179.0 million, primarily due to the increase in professional expenses and fund management fees. • Advertisement and promotional expenses increased to SAR 21.9 million, compared to SAR 7.2 million, primarily due to increased marketing and brand activity across the portfolio.
Statement of the type of external auditor's report	Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)	Emphasis of matter – Legal claims We draw attention to note 22 to the interim condensed consolidated financial statements, which describes the legal claims filed by a counterparty. As disclosed in the note, the ultimate outcome of these matters cannot presently be reliably estimated. The auditor’s conclusion is not modified in respect of this matter.
Reclassification of Comparison Items	Certain comparative figures have been reclassified to conform to the current period’s presentation.
Additional Information	Other financial and operational KPIs: • Like-for-like footfall reached to 70.0 million visitors in H1-26, increasing by 6.8% year-on-year. In Q2-26, the Company welcomed 35.3 million visitors compared with 31.7 million visitors in Q2-25, increasing by 11.6% year-on-year. • EBITDA increased by 4.3% to SAR 748.3 million in H1-26 and by 3.8% to SAR 374.0 million in Q2-26. • Like-for-like occupancy stood at 91.2% as at 30 June 2026. • The Company renewed 1308 leases during H1-26 and onboarded 218 brands, including 110 brands new to the portfolio. Notable additions included Bottega Veneta, Bvlgari, Jaeger-LeCoultre and Piaget. • Westfield Jeddah: The Company announced the completion of the project, the issuance of the Occupancy Certificate, and the project's transition to its operational phase as of 30 July 2026. As of the date of that announcement, the pre-leasing level is close to 96%. With the Project’s transition to its operational phase, it is currently working with all tenants to complete the fit-out of their units who will open for trade and to reach critical mass occupancy. • Westfield Riyadh: structural completion stood at 100% as at 30 June 2026, while pre-leasing is close to 94%. The transition to operational phase timelines are in Q4-26. Key Announcements: • On 8 July 2026, the Company announces Fitch Ratings has revised the Company's Outlook to “Stable”, while affirming its Long-Term Issuer Default Rating at 'BB'. • On 16 July 2026, The Company announces that The Project Company Developing the “Westfield Riyadh” Project has signed an upsized Shariah-Compliant financing facility with Riyad Bank. • On 28 June 2026, the Company Announces the Signing of a Design and Build Contract for the “Al Khobar Downtown Mall and Boulevard” Project with Lynx Contracting Company • On 21 June 2026, the Company announces the board’s recommendation to increase the Company’s capital by way of issuing bonus shares and capitalizing and allocating shares for employees. • On 1 April 2026, the Company Signs a Promise to Lease Agreement with Saudi Downtown Company for the Leasing and Operation of a Flagship Destination in Al Khobar. • On 1 April 2026, the Company announces Contract Sign Off with Saudi Downtown Company.
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