ADES

Ades Holding Company

2382StocksTadawulEnergy

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
Assets
Cash & Equivalents	2.46B	0.74B	0.43B	0.19B	0.23B
Cash & Short-Term Investments	2.46B	0.85B	0.43B	0.19B	0.23B
Receivables	1.69B	1.38B	1.24B	0.50B	0.47B
Inventory	947.50M	527.27M	331.89M	184.27M	148.47M
Current Assets	5.67B	3.26B	2.36B	1.57B	1.15B
PP&E	25.49B	18.06B	16.79B	12.58B	5.42B
Intangible Assets	6.16M	3.96M	0.35M	0.55M	1.04M
Total Assets	31.41B	21.63B	19.42B	14.50B	6.69B
Liabilities
Accounts Payable	0.96B	0.74B	1.09B	0.74B	0.26B
Current Liabilities	5.26B	3.05B	3.15B	2.16B	0.98B
Long-Term Debt	17.96B	10.73B	9.17B	9.58B	3.64B
Short-Term Debt	47.09M	44.90M	44.94M	170.07M	196.49M
Total Debt	20.73B	12.57B	10.88B	10.93B	4.10B
Total Liabilities	24.60B	15.09B	13.65B	12.24B	4.77B
Equity & Ownership
Retained Earnings	2.78B	2.45B	1.72B	1.30B	1.05B
Total Equity	6.81B	6.54B	5.78B	2.26B	1.92B
Net Debt	18.28B	11.73B	10.45B	10.74B	3.87B
Shares Outstanding	1,104,150,000	1,100,936,000	1,095,190,638	—	—
Cash & Assets
Total Assets	31.41B	21.63B	19.42B	14.50B	6.69B
Total Current Assets	5.67B	3.26B	2.36B	1.57B	1.15B
Cash & Equivalents	2.46B	0.74B	0.43B	0.19B	0.23B
Cash & Short-Term Investments	2.46B	0.85B	0.43B	0.19B	0.23B
Net Cash (Debt)	-18.28B	-11.73B	-10.45B	-10.74B	-3.87B
Net Cash Per Share	-16.59	-10.69	-13.87	—	—
Cash Growth	+190.2%	+96.0%	+126.5%	-18.1%	-0.6%
Accounts Receivable	1.69B	1.38B	1.23B	0.49B	0.43B
Other Receivables	1.22M	1.22M	5.11M	9.84M	34.28M
Receivables	1.69B	1.38B	1.24B	0.50B	0.47B
Inventory	947.50M	527.27M	331.89M	184.27M	148.47M
Prepaid Expenses	571.85M	502.39M	352.32M	644.26M	300.93M
Construction In Progress	0.44B	0.46B	2.94B	3.93B	0.13B
Land	63.72M	58.48M	58.48M	58.48M	58.48M
Buildings	37.20M	34.45M	20.08M	—	—
Machinery	954.28M	668.07M	533.56M	424.23M	329.42M
Leasehold Improvements	697.85M	694.33M	636.23M	2.60M	2.60M
Property, Plant & Equipment	25.49B	18.06B	16.79B	12.58B	5.42B
Other Intangible Assets	6.16M	3.96M	0.35M	0.55M	1.04M
Other Current Assets	—	—	—	49.66M	—
Other Long-Term Assets	191.52M	215.19M	221.37M	319.99M	1.80M
Long-Term Deferred Tax Assets	—	—	—	—	3.11M
Long-Term Accounts Receivable	11.98M	—	—	—	105.65M
Order Backlog	—	—	—	27.40B	6.70B
Long-Term Leases	262.93M	352.37M	487.36M	270.13M	38.41M
Current Portion of Leases	222.01M	163.12M	44.82M	106.55M	18.45M
Loans & Investments
Short-Term Investments	—	102.94M	—	—	—
Long-Term Investments	40.32M	87.27M	51.52M	32.42M	6.92M
Liabilities & Obligations
Total Liabilities	24.60B	15.09B	13.65B	12.24B	4.77B
Total Liabilities & Equity	31.41B	21.63B	19.42B	14.50B	6.69B
Total Current Liabilities	5.26B	3.05B	3.15B	2.16B	0.98B
Accounts Payable	0.96B	0.74B	1.09B	0.74B	0.26B
Accrued Expenses	446.78M	264.83M	424.50M	228.17M	157.54M
Current Income Taxes Payable	144.99M	82.47M	30.22M	10.49M	30.97M
Current Unearned Revenue	360.21M	358.98M	287.75M	—	—
Long-Term Unearned Revenue	436.25M	679.96M	579.91M	70.17M	26.73M
Other Current Liabilities	834.58M	113.07M	88.09M	97.41M	99.03M
Pension & Post-Retirement Benefits	303.07M	159.14M	199.14M	117.98M	83.15M
Long-Term Deferred Tax Liabilities	144.74M	94.07M	61.33M	44.04M	—
Other Long-Term Liabilities	236.20M	29.43M	0.73M	4.68M	5.75M
Debt & Funding
Long-Term Debt	17.96B	10.73B	9.17B	9.58B	3.64B
Short-Term Debt	47.09M	44.90M	44.94M	170.07M	196.49M
Total Debt	20.73B	12.57B	10.88B	10.93B	4.10B
Current Portion of Long-Term Debt	2.24B	1.29B	1.14B	0.81B	0.21B
Equity & Book Value
Shareholders' Equity	6.81B	6.54B	5.78B	2.26B	1.92B
Total Common Equity	6.78B	6.49B	5.75B	2.22B	1.89B
Common Stock	1.13B	1.13B	1.13B	0.00B	—
Additional Paid-In Capital	2.89B	2.89B	2.89B	0.86B	0.86B
Retained Earnings	2.78B	2.45B	1.72B	1.30B	1.05B
Treasury Stock	-24.91M	-28.13M	-33.87M	—	—
Comprehensive Income & Other	0.69M	54.67M	41.15M	61.77M	-13.13M
Minority Interest	32.83M	45.19M	28.67M	36.35M	29.53M
Book Value Per Share	6.14	5.90	5.25	—	—
Tangible Book Value	6.77B	6.49B	5.75B	2.22B	1.89B
Tangible Book Value Per Share	6.14	5.89	5.25	—	—
Filing Date Shares Outstanding	1.10B	1.10B	1.10B	—	—
Total Common Shares Outstanding	1.10B	1.10B	1.10B	—	—
Working Capital	413.80M	210.14M	-791.66M	-591.27M	173.64M

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
Assets
Cash & Equivalents	2.46B	0.74B	0.43B	0.19B	0.23B
Cash & Short-Term Investments	2.46B	0.85B	0.43B	0.19B	0.23B
Receivables	1.69B	1.38B	1.24B	0.50B	0.47B
Inventory	947.50M	527.27M	331.89M	184.27M	148.47M
Current Assets	5.67B	3.26B	2.36B	1.57B	1.15B
PP&E	25.49B	18.06B	16.79B	12.58B	5.42B
Intangible Assets	6.16M	3.96M	0.35M	0.55M	1.04M
Total Assets	31.41B	21.63B	19.42B	14.50B	6.69B
Liabilities
Accounts Payable	0.96B	0.74B	1.09B	0.74B	0.26B
Current Liabilities	5.26B	3.05B	3.15B	2.16B	0.98B
Long-Term Debt	17.96B	10.73B	9.17B	9.58B	3.64B
Short-Term Debt	47.09M	44.90M	44.94M	170.07M	196.49M
Total Debt	20.73B	12.57B	10.88B	10.93B	4.10B
Total Liabilities	24.60B	15.09B	13.65B	12.24B	4.77B
Equity & Ownership
Retained Earnings	2.78B	2.45B	1.72B	1.30B	1.05B
Total Equity	6.81B	6.54B	5.78B	2.26B	1.92B
Net Debt	18.28B	11.73B	10.45B	10.74B	3.87B
Shares Outstanding	1,104,150,000	1,100,936,000	1,095,190,638	—	—
Cash & Assets
Total Assets	31.41B	21.63B	19.42B	14.50B	6.69B
Total Current Assets	5.67B	3.26B	2.36B	1.57B	1.15B
Cash & Equivalents	2.46B	0.74B	0.43B	0.19B	0.23B
Cash & Short-Term Investments	2.46B	0.85B	0.43B	0.19B	0.23B
Net Cash (Debt)	-18.28B	-11.73B	-10.45B	-10.74B	-3.87B
Net Cash Per Share	-16.59	-10.69	-13.87	—	—
Cash Growth	+190.2%	+96.0%	+126.5%	-18.1%	-0.6%
Accounts Receivable	1.69B	1.38B	1.23B	0.49B	0.43B
Other Receivables	1.22M	1.22M	5.11M	9.84M	34.28M
Receivables	1.69B	1.38B	1.24B	0.50B	0.47B
Inventory	947.50M	527.27M	331.89M	184.27M	148.47M
Prepaid Expenses	571.85M	502.39M	352.32M	644.26M	300.93M
Construction In Progress	0.44B	0.46B	2.94B	3.93B	0.13B
Land	63.72M	58.48M	58.48M	58.48M	58.48M
Buildings	37.20M	34.45M	20.08M	—	—
Machinery	954.28M	668.07M	533.56M	424.23M	329.42M
Leasehold Improvements	697.85M	694.33M	636.23M	2.60M	2.60M
Property, Plant & Equipment	25.49B	18.06B	16.79B	12.58B	5.42B
Other Intangible Assets	6.16M	3.96M	0.35M	0.55M	1.04M
Other Current Assets	—	—	—	49.66M	—
Other Long-Term Assets	191.52M	215.19M	221.37M	319.99M	1.80M
Long-Term Deferred Tax Assets	—	—	—	—	3.11M
Long-Term Accounts Receivable	11.98M	—	—	—	105.65M
Order Backlog	—	—	—	27.40B	6.70B
Long-Term Leases	262.93M	352.37M	487.36M	270.13M	38.41M
Current Portion of Leases	222.01M	163.12M	44.82M	106.55M	18.45M
Loans & Investments
Short-Term Investments	—	102.94M	—	—	—
Long-Term Investments	40.32M	87.27M	51.52M	32.42M	6.92M
Liabilities & Obligations
Total Liabilities	24.60B	15.09B	13.65B	12.24B	4.77B
Total Liabilities & Equity	31.41B	21.63B	19.42B	14.50B	6.69B
Total Current Liabilities	5.26B	3.05B	3.15B	2.16B	0.98B
Accounts Payable	0.96B	0.74B	1.09B	0.74B	0.26B
Accrued Expenses	446.78M	264.83M	424.50M	228.17M	157.54M
Current Income Taxes Payable	144.99M	82.47M	30.22M	10.49M	30.97M
Current Unearned Revenue	360.21M	358.98M	287.75M	—	—
Long-Term Unearned Revenue	436.25M	679.96M	579.91M	70.17M	26.73M
Other Current Liabilities	834.58M	113.07M	88.09M	97.41M	99.03M
Pension & Post-Retirement Benefits	303.07M	159.14M	199.14M	117.98M	83.15M
Long-Term Deferred Tax Liabilities	144.74M	94.07M	61.33M	44.04M	—
Other Long-Term Liabilities	236.20M	29.43M	0.73M	4.68M	5.75M
Debt & Funding
Long-Term Debt	17.96B	10.73B	9.17B	9.58B	3.64B
Short-Term Debt	47.09M	44.90M	44.94M	170.07M	196.49M
Total Debt	20.73B	12.57B	10.88B	10.93B	4.10B
Current Portion of Long-Term Debt	2.24B	1.29B	1.14B	0.81B	0.21B
Equity & Book Value
Shareholders' Equity	6.81B	6.54B	5.78B	2.26B	1.92B
Total Common Equity	6.78B	6.49B	5.75B	2.22B	1.89B
Common Stock	1.13B	1.13B	1.13B	0.00B	—
Additional Paid-In Capital	2.89B	2.89B	2.89B	0.86B	0.86B
Retained Earnings	2.78B	2.45B	1.72B	1.30B	1.05B
Treasury Stock	-24.91M	-28.13M	-33.87M	—	—
Comprehensive Income & Other	0.69M	54.67M	41.15M	61.77M	-13.13M
Minority Interest	32.83M	45.19M	28.67M	36.35M	29.53M
Book Value Per Share	6.14	5.90	5.25	—	—
Tangible Book Value	6.77B	6.49B	5.75B	2.22B	1.89B
Tangible Book Value Per Share	6.14	5.89	5.25	—	—
Filing Date Shares Outstanding	1.10B	1.10B	1.10B	—	—
Total Common Shares Outstanding	1.10B	1.10B	1.10B	—	—
Working Capital	413.80M	210.14M	-791.66M	-591.27M	173.64M