GROUP FIVE

Group Five Pipe Saudi Ltd.

9523StocksTadawulMaterials

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	304.35M	-57.20M	25.61M	103.99M	8.00M
Free Cash Flow	296.23M	-60.14M	22.85M	101.90M	-0.19M
Capital Expenditures	-8.12M	-2.94M	-2.77M	-2.09M	-8.20M
Investing & Financing
Investing Cash Flow	-8.12M	109.05M	38.41M	42.10M	-8.20M
Financing Cash Flow	-384.77M	159.95M	-57.16M	-201.16M	40.20M
Dividends Paid	-14.00M	—	—	—	—
Operating Activities
Operating Cash Flow	304.35M	-57.20M	25.61M	103.99M	8.00M
Net Income	144.84M	38.52M	9.37M	-24.38M	35.11M
Change in Accounts Payable	98.78M	-12.59M	-99.69M	108.77M	-88.72M
Change in Accounts Receivable	1.73M	-299.69M	-4.89M	176.54M	-108.55M
Change in Inventory	-57.88M	28.03M	38.24M	-168.17M	136.24M
Change in Other Net Operating Assets	60.70M	172.18M	69.06M	-2.73M	14.80M
Change in Unearned Revenue	-110.54M	—	—	—	—
Change in Working Capital	-7.21M	-112.08M	2.71M	114.42M	-46.23M
Other Operating Activities	16.83M	-5.86M	-10.29M	-9.45M	7.09M
Provision & Write-off of Bad Debts	127.43M	0.44M	2.26M	2.01M	-9.41M
Depreciation & Amortization	22.47M	21.77M	21.57M	21.39M	21.44M
Cash Interest Paid	—	55.87M	40.65M	20.18M	31.99M
Miscellaneous Cash Flow Adjustments	—	—	98.87K	—	—
Investing Activities
Investing Cash Flow	-8.12M	109.05M	38.41M	42.10M	-8.20M
Capital Expenditures	-8.12M	-2.94M	-2.77M	-2.09M	-8.20M
Other Investing Activities	—	111.99M	41.15M	44.19M	—
Sale of Property, Plant & Equipment	—	—	24.48K	—	—
Loss (Gain) From Sale of Assets	—	—	-24.48K	—	—
Financing Activities
Financing Cash Flow	-384.77M	159.95M	-57.16M	-201.16M	40.20M
Common Dividends Paid	-14.00M	—	—	—	—
Long-Term Debt Issued	40.61M	—	—	—	474.53M
Short-Term Debt Issued	1.67B	0.29B	0.57B	0.10B	1.33B
Total Debt Issued	1.71B	0.29B	0.57B	0.10B	1.81B
Long-Term Debt Repaid	-86.20M	-66.54M	-63.87M	-55.17M	-537.51M
Short-Term Debt Repaid	-1.94B	-0.06B	-0.57B	-0.16B	-1.23B
Total Debt Repaid	-2.02B	-0.13B	-0.63B	-0.21B	-1.77B
Net Debt Issued (Repaid)	-314.87M	159.95M	-57.16M	-113.35M	40.20M
Other Financing Activities	-55.90M	—	—	-87.81M	—
Free Cash Flow & Returns
Free Cash Flow	296.23M	-60.14M	22.85M	101.90M	-0.19M
Free Cash Flow Growth	—	—	-77.6%	—	—
Free Cash Flow Margin	+14.6%	-6.2%	+5.0%	+44.2%	0.0%
Free Cash Flow Per Share	10.57	-2.15	0.82	3.64	-0.01
Levered Free Cash Flow	196.13M	31.18M	48.12M	47.14M	104.08M
Unlevered Free Cash Flow	227.82M	68.69M	78.65M	68.33M	123.49M
Operating Cash Flow Growth	—	—	-75.4%	+1,199.6%	-92.6%
Net Cash Flow	-88.54M	211.80M	6.96M	-55.07M	40.01M

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	304.35M	-57.20M	25.61M	103.99M	8.00M
Free Cash Flow	296.23M	-60.14M	22.85M	101.90M	-0.19M
Capital Expenditures	-8.12M	-2.94M	-2.77M	-2.09M	-8.20M
Investing & Financing
Investing Cash Flow	-8.12M	109.05M	38.41M	42.10M	-8.20M
Financing Cash Flow	-384.77M	159.95M	-57.16M	-201.16M	40.20M
Dividends Paid	-14.00M	—	—	—	—
Operating Activities
Operating Cash Flow	304.35M	-57.20M	25.61M	103.99M	8.00M
Net Income	144.84M	38.52M	9.37M	-24.38M	35.11M
Change in Accounts Payable	98.78M	-12.59M	-99.69M	108.77M	-88.72M
Change in Accounts Receivable	1.73M	-299.69M	-4.89M	176.54M	-108.55M
Change in Inventory	-57.88M	28.03M	38.24M	-168.17M	136.24M
Change in Other Net Operating Assets	60.70M	172.18M	69.06M	-2.73M	14.80M
Change in Unearned Revenue	-110.54M	—	—	—	—
Change in Working Capital	-7.21M	-112.08M	2.71M	114.42M	-46.23M
Other Operating Activities	16.83M	-5.86M	-10.29M	-9.45M	7.09M
Provision & Write-off of Bad Debts	127.43M	0.44M	2.26M	2.01M	-9.41M
Depreciation & Amortization	22.47M	21.77M	21.57M	21.39M	21.44M
Cash Interest Paid	—	55.87M	40.65M	20.18M	31.99M
Miscellaneous Cash Flow Adjustments	—	—	98.87K	—	—
Investing Activities
Investing Cash Flow	-8.12M	109.05M	38.41M	42.10M	-8.20M
Capital Expenditures	-8.12M	-2.94M	-2.77M	-2.09M	-8.20M
Other Investing Activities	—	111.99M	41.15M	44.19M	—
Sale of Property, Plant & Equipment	—	—	24.48K	—	—
Loss (Gain) From Sale of Assets	—	—	-24.48K	—	—
Financing Activities
Financing Cash Flow	-384.77M	159.95M	-57.16M	-201.16M	40.20M
Common Dividends Paid	-14.00M	—	—	—	—
Long-Term Debt Issued	40.61M	—	—	—	474.53M
Short-Term Debt Issued	1.67B	0.29B	0.57B	0.10B	1.33B
Total Debt Issued	1.71B	0.29B	0.57B	0.10B	1.81B
Long-Term Debt Repaid	-86.20M	-66.54M	-63.87M	-55.17M	-537.51M
Short-Term Debt Repaid	-1.94B	-0.06B	-0.57B	-0.16B	-1.23B
Total Debt Repaid	-2.02B	-0.13B	-0.63B	-0.21B	-1.77B
Net Debt Issued (Repaid)	-314.87M	159.95M	-57.16M	-113.35M	40.20M
Other Financing Activities	-55.90M	—	—	-87.81M	—
Free Cash Flow & Returns
Free Cash Flow	296.23M	-60.14M	22.85M	101.90M	-0.19M
Free Cash Flow Growth	—	—	-77.6%	—	—
Free Cash Flow Margin	+14.6%	-6.2%	+5.0%	+44.2%	0.0%
Free Cash Flow Per Share	10.57	-2.15	0.82	3.64	-0.01
Levered Free Cash Flow	196.13M	31.18M	48.12M	47.14M	104.08M
Unlevered Free Cash Flow	227.82M	68.69M	78.65M	68.33M	123.49M
Operating Cash Flow Growth	—	—	-75.4%	+1,199.6%	-92.6%
Net Cash Flow	-88.54M	211.80M	6.96M	-55.07M	40.01M