FOURTH MILLING

Fourth Milling Company

2286StocksTadawulMaterials

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (SAR)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	660.41M	617.48M	558.09M	578.32M	336.30M
Cost of Revenue	355.46M	336.19M	313.26M	316.57M	230.54M
Gross Profit	304.94M	281.29M	244.83M	261.75M	105.76M
SG&A	93.43M	83.14M	81.00M	70.31M	41.90M
Operating Expenses	93.15M	82.92M	84.79M	70.31M	41.90M
Operating Income	211.79M	198.37M	160.04M	191.44M	63.86M
Interest Income	9.89M	7.28M	5.53M	—	—
Interest Expense	-11.11M	-11.43M	-7.88M	-14.93M	-15.29M
Other Income/Expense	1.17M	-8.08M	—	2.26M	1.70M
Pretax Income	211.74M	186.13M	157.68M	178.77M	50.27M
Income Tax	10.95M	15.20M	14.87M	13.85M	0.21M
Net Income	200.79M	170.93M	142.82M	164.92M	50.06M
EBITDA	249.28M	234.46M	195.53M	223.53M	94.19M
EBIT	211.79M	198.37M	160.04M	191.44M	63.86M
EPS (Basic)	0.37	0.32	0.26	0.35	0.11
EPS (Diluted)	0.37	0.32	0.26	0.35	0.11
DPS	0.24	0.22	—	—	—
Margins & Efficiency
Gross Margin %	+46.2%	+45.6%	+43.9%	+45.3%	+31.4%
EBITDA Margin %	+37.7%	+38.0%	+35.0%	+38.7%	+28.0%
Net Margin %	+30.4%	+27.7%	+25.6%	+28.5%	+14.9%
Revenue & Income
Revenue	660.41M	617.48M	558.09M	578.32M	336.30M
Revenue Growth (YoY)	+7.0%	+10.6%	-3.5%	+72.0%	-2.6%
Interest & Investment Income	9.89M	7.28M	5.53M	—	—
Expenses & Provisions
Cost of Revenue	355.46M	336.19M	313.26M	316.57M	230.54M
Selling, General & Admin	93.43M	83.14M	81.00M	70.31M	41.90M
Operating Expenses	93.15M	82.92M	84.79M	70.31M	41.90M
Other Operating Expenses	—	—	3.80M	—	—
Interest Expense	-11.11M	-11.43M	-7.88M	-14.93M	-15.29M
Other Non Operating Income (Expenses)	1.17M	-8.08M	—	2.26M	1.70M
D&A For EBITDA	37.49M	36.09M	35.49M	32.09M	30.33M
Profitability & Returns
Gross Profit	304.94M	281.29M	244.83M	261.75M	105.76M
Gross Margin	+46.2%	+45.6%	+43.9%	+45.3%	+31.4%
EBIT	211.79M	198.37M	160.04M	191.44M	63.86M
EBIT Margin	+32.1%	+32.1%	+28.7%	+33.1%	+19.0%
EBITDA	249.28M	234.46M	195.53M	223.53M	94.19M
EBITDA Margin	+37.7%	+38.0%	+35.0%	+38.7%	+28.0%
EBT Excluding Unusual Items	—	—	—	—	—
Pretax Income	211.74M	186.13M	157.68M	178.77M	50.27M
Operating Income	211.79M	198.37M	160.04M	191.44M	63.86M
Operating Margin	+32.1%	+32.1%	+28.7%	+33.1%	+19.0%
Profit Margin	+30.4%	+27.7%	+25.6%	+28.5%	+14.9%
Net Income	200.79M	170.93M	142.82M	164.92M	50.06M
Net Income to Common	200.79M	170.93M	142.82M	164.92M	50.06M
Net Income Growth	+17.5%	+19.7%	-13.4%	+229.4%	+12.4%
Income Tax Expense	10.95M	15.20M	14.87M	13.85M	0.21M
Effective Tax Rate	+5.2%	+8.2%	+9.4%	+7.7%	+0.4%
Per Share & Capital
EPS (Basic)	0.37	0.32	0.26	0.35	0.11
EPS (Diluted)	0.37	0.32	0.26	0.35	0.11
EPS Growth	+17.5%	+19.7%	-24.0%	+229.4%	+12.4%
Dividend Per Share	0.24	0.22	—	—	—
Shares Change (YoY)	—	—	0.14	—	—
Shares Outstanding (Basic)	540.00M	540.00M	540.00M	473.90M	473.90M
Shares Outstanding (Diluted)	540.00M	540.00M	540.00M	473.90M	473.90M
Dividend Growth	+9.1%	—	—	—	—
Free Cash Flow	156.40M	248.31M	157.95M	230.89M	38.94M
Free Cash Flow Margin	+23.7%	+40.2%	+28.3%	+39.9%	+11.6%
Free Cash Flow Per Share	0.29	0.46	0.29	0.49	0.08
Payout Ratio	+59.3%	+82.0%	+138.9%	+37.2%	—

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (SAR)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	660.41M	617.48M	558.09M	578.32M	336.30M
Cost of Revenue	355.46M	336.19M	313.26M	316.57M	230.54M
Gross Profit	304.94M	281.29M	244.83M	261.75M	105.76M
SG&A	93.43M	83.14M	81.00M	70.31M	41.90M
Operating Expenses	93.15M	82.92M	84.79M	70.31M	41.90M
Operating Income	211.79M	198.37M	160.04M	191.44M	63.86M
Interest Income	9.89M	7.28M	5.53M	—	—
Interest Expense	-11.11M	-11.43M	-7.88M	-14.93M	-15.29M
Other Income/Expense	1.17M	-8.08M	—	2.26M	1.70M
Pretax Income	211.74M	186.13M	157.68M	178.77M	50.27M
Income Tax	10.95M	15.20M	14.87M	13.85M	0.21M
Net Income	200.79M	170.93M	142.82M	164.92M	50.06M
EBITDA	249.28M	234.46M	195.53M	223.53M	94.19M
EBIT	211.79M	198.37M	160.04M	191.44M	63.86M
EPS (Basic)	0.37	0.32	0.26	0.35	0.11
EPS (Diluted)	0.37	0.32	0.26	0.35	0.11
DPS	0.24	0.22	—	—	—
Margins & Efficiency
Gross Margin %	+46.2%	+45.6%	+43.9%	+45.3%	+31.4%
EBITDA Margin %	+37.7%	+38.0%	+35.0%	+38.7%	+28.0%
Net Margin %	+30.4%	+27.7%	+25.6%	+28.5%	+14.9%
Revenue & Income
Revenue	660.41M	617.48M	558.09M	578.32M	336.30M
Revenue Growth (YoY)	+7.0%	+10.6%	-3.5%	+72.0%	-2.6%
Interest & Investment Income	9.89M	7.28M	5.53M	—	—
Expenses & Provisions
Cost of Revenue	355.46M	336.19M	313.26M	316.57M	230.54M
Selling, General & Admin	93.43M	83.14M	81.00M	70.31M	41.90M
Operating Expenses	93.15M	82.92M	84.79M	70.31M	41.90M
Other Operating Expenses	—	—	3.80M	—	—
Interest Expense	-11.11M	-11.43M	-7.88M	-14.93M	-15.29M
Other Non Operating Income (Expenses)	1.17M	-8.08M	—	2.26M	1.70M
D&A For EBITDA	37.49M	36.09M	35.49M	32.09M	30.33M
Profitability & Returns
Gross Profit	304.94M	281.29M	244.83M	261.75M	105.76M
Gross Margin	+46.2%	+45.6%	+43.9%	+45.3%	+31.4%
EBIT	211.79M	198.37M	160.04M	191.44M	63.86M
EBIT Margin	+32.1%	+32.1%	+28.7%	+33.1%	+19.0%
EBITDA	249.28M	234.46M	195.53M	223.53M	94.19M
EBITDA Margin	+37.7%	+38.0%	+35.0%	+38.7%	+28.0%
EBT Excluding Unusual Items	—	—	—	—	—
Pretax Income	211.74M	186.13M	157.68M	178.77M	50.27M
Operating Income	211.79M	198.37M	160.04M	191.44M	63.86M
Operating Margin	+32.1%	+32.1%	+28.7%	+33.1%	+19.0%
Profit Margin	+30.4%	+27.7%	+25.6%	+28.5%	+14.9%
Net Income	200.79M	170.93M	142.82M	164.92M	50.06M
Net Income to Common	200.79M	170.93M	142.82M	164.92M	50.06M
Net Income Growth	+17.5%	+19.7%	-13.4%	+229.4%	+12.4%
Income Tax Expense	10.95M	15.20M	14.87M	13.85M	0.21M
Effective Tax Rate	+5.2%	+8.2%	+9.4%	+7.7%	+0.4%
Per Share & Capital
EPS (Basic)	0.37	0.32	0.26	0.35	0.11
EPS (Diluted)	0.37	0.32	0.26	0.35	0.11
EPS Growth	+17.5%	+19.7%	-24.0%	+229.4%	+12.4%
Dividend Per Share	0.24	0.22	—	—	—
Shares Change (YoY)	—	—	0.14	—	—
Shares Outstanding (Basic)	540.00M	540.00M	540.00M	473.90M	473.90M
Shares Outstanding (Diluted)	540.00M	540.00M	540.00M	473.90M	473.90M
Dividend Growth	+9.1%	—	—	—	—
Free Cash Flow	156.40M	248.31M	157.95M	230.89M	38.94M
Free Cash Flow Margin	+23.7%	+40.2%	+28.3%	+39.9%	+11.6%
Free Cash Flow Per Share	0.29	0.46	0.29	0.49	0.08
Payout Ratio	+59.3%	+82.0%	+138.9%	+37.2%	—