Arabian Centres Co. (Cenomi Centers) announces its Interim Financial results for the Period Ending on 31 March 2026 (Three Months)

On a like-for-like basis, revenue increased by 4.9% y-o-y, supported by stronger leasing performance and higher visitor traffic across the portfolio. Footfall increased by 2.5% to 34.7 million visitors compared to Q1-25, underscoring the continued appeal of Cenomi Centers’ retail destinations.

The marginal reported decrease of 1.4% in revenue primarily reflects the portfolio changes in the comparable period and does not reflect the underlying growth of the operating portfolio.

The variation in net profit was mainly driven by:

• Higher net finance costs of SAR 215.5 million in Q1-26, compared to SAR 162.6 million in Q1-25.

• Cost of revenue increased to SAR 93.7 million in Q1-26, compared to SAR 78.9 million in Q1-25 mainly driven by higher utility expenses following the increase in electricity tariffs, franchise fees, and higher staff costs.

• higher share of loss from equity-accounted investees compared to Q1-25.

This was partially offset by strong operating performance, with operating profit increasing by 10.3% year-on-year, supported by:

• The increase of net fair value gain on investment properties (SAR 71.5 million in Q1-26, compared to SAR 44.5 million in Q1-25).

• Significant reduction in impairment loss on accounts receivable, related parties and accrued revenue to SAR 33.7 million in Q1-26, compared to SAR 79.6 million in Q1-25.

• Media sales increased by 28.0% year-on-year to SAR 33.3 million, mainly driven by an increase in media activations during the quarter.

This increase was driven by continued strength in media sales performance and leasing activity across the portfolio.

This strong improvement was primarily driven by higher operating profit, increased net fair value gains on investment properties, and lower impairment losses.

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 opinion was not modified in respect of this matter.

• Like-for-like period-end occupancy remained strong at 92.4% in Q1-26.

• Like-for-like footfall remained resilient at 34.7 million visitors in Q1-26, increasing by 2.5% year-on-year.

• EBITDA increased by 4.7% in Q1-26 to SAR 374.3 million, compared to SAR 357.4 million in Q1-25, reflecting improved operational performance.

• Strong leasing activities with 615 leases were renewed in Q1-26 and 108 brands were onboarded (of which 51 are new brands), further enhancing the portfolio offering

Development Updates:

• 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 upon stabilization. The project is progressing rapidly, with structural works completed in Q1-26 and preleasing reaching 96% 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 will be Saudi Arabia’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 24 million annual visitors, driving more than SAR 5 billion in annual retail spend upon stabilization. The project is progressing rapidly, with structural work at 99% completion in Q1-26 and pre-leasing exceeding 92% 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. Upon stabilization, over SAR 800 million EBITDA is expected to be contributed by Westfield Riyadh and Westfield Jeddah.

Key Announcements:

On 1 April 2026, the company announced an agreement with Saudi Downtown Company, a wholly owned subsidiary of the Public Investment Fund, to develop a new flagship destination in the city of Al Khobar.