Arabian Centres Co. (Cenomi Centers) Announces Its Interim Financial Results for the Period Ending on 30 September 2025 (Nine Months)

The reported 6.1% decline primarily reflects the absence of Dhahran Mall revenues following the handover of its first phase in early February 2025.

The increase in net profit was driven by:

• Cost of revenue decreased by 1.2% due to operational cost optimization.

• Other operating income increased to SAR 253.0 million, driven by full and final settlement of the insurance claim in relation to the fire outbreak at Dhahran Mall.

• Impairment loss on accounts receivable down by 37.8% to SAR 81.0 million compared to SAR 130.1 million in Q3-24 mainly driven by the significant drop in total dues from related parties following the settlement of a major due amount from a related party (Cenomi Retail).

• Net finance costs decreased to SAR 178.6 million compared to SAR 205.4 million in Q3-24.

The decrease was primarily driven by a drop in utilities and other revenue during the quarter and marginal decrease in net rental revenue.

The increase in net profit was mainly driven by:

• Other operating income increased to SAR 253.0 million, driven by full and final settlement of the insurance claim in relation to the fire outbreak at Dhahran Mall.

The increase in net profit for Q3-25 compared to Q2-25 was partially offset by the following factors:

• Net fair value gain on investment properties decreased to SAR 179.9 million compared to SAR 280.6 million in Q2-25

• Advertisement and promotional expenses increased to SAR 13.7 million compared to SAR 3.0 million in Q2-25

• General & Administrative expenses increased by 39.0% to SAR 96.4 million, driven by the increase in professional expenses and fund management fees.

• Impairment loss on accounts receivable up by 9.6% to SAR 81.0 million.

• Net finance costs increased by 18.6% to SAR 178.6 million.

Excluding Dhahran Mall, which was partially handed over in early 2025, underlying revenue increased by 5.5% year-on-year, supported by higher footfall and stronger performance across the portfolio. Footfall excluding Dhahran Mall rose by 6.4% year-on-year to 97.8 million visitors, compared to 91.9 million in the same period last year, demonstrating healthy consumer demand and continued momentum across Cenomi Centers’ assets.

The reported 2.0% decrease was primarily due to the absence of Dhahran Mall revenues following its handover. This impact was partially offset by a 15.0% increase in utilities and other revenues, reflecting higher charges for engineering services and continued optimization of non-rental revenue streams.

The increase in net profit was mainly driven by:

• Cost of revenue decreased to SAR 271.6 million in 9M-25 compared to SAR 300.4 million in 9M-24.

• Other operating income increased to SAR 289.4 million, driven by full and final settlement of the insurance claim in relation to the fire outbreak at Dhahran Mall, and the gain from sale of Al Kharj land and Sahara Plaza.

• Net fair value gain on investment properties increased to SAR 505.0 million in 9M-25 compared to SAR 429.9 million in 9M-24.

• Impairment loss on accounts receivable decreased by 8.5% to SAR 234.5 million.

• Net finance costs decreased to SAR 489.1 million in 9M-25 compared to SAR 529.9 million in 9M-24.

The increase in net profit for 9M-25 compared to 9M-24 was partially offset by the following factors:

• Advertisement and promotional expenses increased by 28.6% to SAR 20.9 million.

• General & Administrative expenses increased by 29.1% to SAR 245.7 million, driven by the increase in professional expenses and fund management fees.

• Other operating expense reached to SAR 22.0 million in 9M-25 compared to SAR 0.1 million in 9M-24.

• Westfield Jeddah is Jeddah’s leading retail and lifestyle destination - a landmark at the heart of the capital’s new urban expansion. Spanning 104K sqm of GLA, it will attract 18 million annual visitors, driving more than SAR 3 billion in annual retail spend. The project is progressing rapidly, with structural works 99% complete and pre-leasing reaching 93% based on agreed Heads of Terms, signed Letters of Intent, and executed contracts. Westfield Jeddah features 22K sqm of skylight, 27-meter floor-to-ceiling heights, and 30-meter wide corridors. Its 20K sqm luxury precinct will host over 90 brands, alongside 300+ stores, 50+ flagships, and 30+ debuts in Jeddah. The mall will include three signature dining districts, world-class entertainment, and the city’s largest in-mall events and activation space. As Jeddah’s first LEED Gold-certified mall, Westfield Jeddah pioneers sustainability and five-star service excellence, setting a new benchmark for retail and experiential destinations in the Kingdom.

• Westfield Riyadh is KSA’s leading retail and lifestyle destination - a landmark at the heart of the capital’s new urban expansion. Spanning 220K sqm of GLA, it will attract 25 million annual visitors, driving more than SAR 5 billion in annual retail spend. The project is progressing rapidly, with structural works 98% complete and pre-leasing reaching 85% based on agreed Heads of Terms, signed Letters of Intent, and executed contracts. Westfield Riyadh features the Middle East’s largest 38K sqm skylight, 27-meter floor-to-ceiling heights, 30-meter wide corridors. Its 30K sqm luxury precinct will host over 90 brands, alongside 300+ stores, 70+ flagships, and 30+ Saudi debuts. Four signature dining districts, a kids theme park, Saudi’s first sportainment hub, and the first digital museum create a complete lifestyle ecosystem, complemented by the first in-mall media broadcasting studio, premium grocery, high-end gym, beauty clinic, and co-working spaces. As Riyadh’s first LEED Gold-certified mall, Westfield Riyadh pioneers sustainability and five-star service excellence, setting a new benchmark for retail and experiential destinations in the Kingdom.

• Westfield Riyadh and Westfield Jeddah will become Cenomi Centers’ top two malls in terms of footfall, revenues and EBITDA and each will far exceed the top mall in the portfolio today. On stabilization, over SAR 650 million EBITDA (40% of current EBITDA) is expected to be contributed by Westfield Riyadh and Westfield Jeddah.

• Like-for-like period-end occupancy reached 92.1% at the end of 9M-25.

• Excluding Mall of Dhahran, the footfall was up by 6.4%. Approximately 5.9 million additional visitors came to Cenomi Centers reaching to 97.8 million visitors in 9M-25 compared to 91.9 million in 9M-24.

• EBITDA increased by 21.8% in 9M-25 to SAR 1,233.5 million compared to SAR 1,013.0 million in 9M-24.

• 1,606 leases were renewed in 9M-25 and 316 brands onboarded (of which 91 are new brands) including brands such as Harry Winston, Blancpain, Breguet, Dua Almoallim Jewelry, ElFaleh, Hollister, Abercrombie & Fitch and All Saints.

Key Announcements:

On August 13, 2025, the company announced the Board of Directors’ decision to distribute cash dividends of SAR 0.375 dividend per share for the first quarter of fiscal year 2025.

On August 31, 2025, the company announced that on 28 August 2025 it reached into agreement for a full and final settlement of the insurance claim with Arabia Insurance Cooperative Company (AICC) for all damages and losses resulting from the partial fire that occurred on 13 May 2022. The total settlement amounted to SAR 250 million.

On September 22, 2025, the company announced the results of the Ordinary General Assembly Meeting (First Meeting), held on Sunday 21 September 2025.

On September 28, 2025, the company announced the limited expected financial impact of the new regulations governing the relationship between landlords and tenants in Riyadh City.

On October 12, 2025 , the company announced its intention to issue Sukuk denominated in Saudi Riyals by way of a public offering, pursuant to the SAR 4.5 billion Sukuk issuance programme established by the Company on October 06, 2025.