Arabian Centres Co. (Cenomi Centers) Announces Its Annual Financial Results for the Period Ending on 31 December 2025

Revenue in FY-25, on a like-for-like basis, increased by 5.5% y-o-y, supported by stronger leasing performance and higher visitor traffic across the portfolio. Footfall increased by 4.4% to 126.8 million visitors from 121.4 million in FY-24, underscoring the continued appeal of Cenomi Centers’ retail destinations.

The reported 2.4% decrease in revenue primarily reflects the impact of including Dhahran Mall in the comparable period.

The increase in net profit was mainly driven by:

• Cost of revenue decreased to SAR 353.7 million in FY-25 compared to SAR 358.4 million in FY-24.

• Other operating income increased to SAR 313.0 million, driven by full and final settlement of an insurance claim, and the gain from sale of Al Kharj land and Sahara Plaza.

• Net finance costs decreased to SAR 687.3 million in FY-25 compared to SAR 687.7 million in FY-24

• Impairment loss on accounts receivable decreased by 1.9% to SAR 315.7 million.

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

• Advertisement and promotional expenses increased to SAR 41.3 million compared to SAR 22.9 million in FY-24, due to lower spending in FY-24.

• General & Administrative expenses increased to SAR 349.1 million compared to SAR 256.1 million in FY-24, mainly driven by the increase in professional expenses and fund management fees.

• Other operating expenses reached to SAR 27.5 million in FY-25 compared to SAR 0.1 million in FY-24, driven by lease termination cost related to Sahara Plaza.

• Net fair value gain on investment properties decreased to SAR 501.2 million in FY-25 compared to SAR 565.3 million in FY-24, mainly reflecting the impact of changes in the portfolio during the year.

We draw attention to note 32 to the 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 is not modified in respect of this matter.

• Westfield Jeddah is Jeddah’s leading retail and lifestyle destination - a landmark at the heart of the city’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 95% 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 90% 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 800 million EBITDA is expected to be contributed by Westfield Riyadh and Westfield Jeddah.

• Like-for-like period-end occupancy reached 94.2% at the end of FY-25.

• Excluding Mall of Dhahran, the footfall was up by 4.4%. Approximately 5.4 million additional visitors came to Cenomi Centers reaching to 126.8 million visitors in FY-25 compared to 121.4 million in FY-24.

• EBITDA increased by 10.1% in FY-25 to SAR 1,551.7 million compared to SAR 1,409.1 million in FY-24.

• 1,792 leases were renewed in FY-25 and 515 brands onboarded (of which 209 are new brands) including brands such as Harry Winston, Blancpain, Breguet, Dua Almoallim Jewelry, ElFaleh, Hollister, Abercrombie & Fitch and All Saints.

Key Announcements:

On November 19, 2025, the company announced the completion of issuing Sukuk denominated in Saudi Riyals with value of SAR 2.05 billion, pursuant to the SAR 4.5 billion Sukuk issuance programme established by the Company on October 06, 2025

On November 25, 2025, the company announced the completion of offering of USD denominated Shari’ah compliant Sukuk with value of USD 500 million to refinance the company’s existing Sukuk issued in 2021 which are due to mature in October 2026.

On January 08, 2026, the company announced that it has mutually agreed to terminate the land lease and investment agreement for the land located north of Al Khobar City, in the Al Corniche District. This land was intended for the development of Jawharat Al Khobar Mall. The termination agreement was made on 19/07/1447H, which corresponds to 08/01/2026.

On January 11, 2026, the company announced the redemption of the remainder of its international sukuk due on 07/10/2026G which is listed on The International Stock Exchange and has been issued on 25/08/1442H (corresponding to 07/04/2021G) and with that the Company completes the full redemption of the issuance.

On March 01, 2026, the company announced that it has received notices of lawsuits filed against it by the owner of Mall of Dhahran. At this stage, the financial impact can’t be determined, and any further developments regarding these lawsuits will be announced in due course