TADWEEER

National Environmental Recycling Co.

9540StocksTadawulIndustrials

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (SAR)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	1.24B	0.81B	0.63B	0.40B	0.15B
Cost of Revenue	1.17B	0.75B	0.59B	0.37B	0.13B
Gross Profit	65.20M	58.29M	41.45M	30.88M	18.64M
SG&A	—	10.46M	9.89M	6.33M	6.74M
Operating Expenses	—	12.02M	10.26M	7.50M	7.98M
Operating Income	65.20M	46.27M	31.18M	23.38M	10.67M
Interest Expense	—	-7.90M	-3.45M	-0.88M	-0.20M
Other Income/Expense	-1.00K	739.33K	266.46K	-340.87K	135.75K
Pretax Income	65.20M	39.04M	27.94M	22.16M	12.96M
Income Tax	4.31M	2.87M	2.39M	2.77M	1.69M
Net Income	60.89M	36.16M	25.80M	18.12M	11.26M
EBITDA	76.63M	53.67M	35.35M	26.43M	12.53M
EBIT	65.20M	46.27M	31.18M	23.38M	10.67M
EPS (Basic)	0.27	0.16	0.11	0.09	0.06
EPS (Diluted)	0.27	0.15	0.11	0.08	0.06
Margins & Efficiency
Gross Margin %	+5.3%	+7.2%	+6.6%	+7.7%	+12.1%
EBITDA Margin %	+6.2%	+6.7%	+5.6%	+6.6%	+8.2%
Net Margin %	+4.9%	+4.5%	+4.1%	+4.5%	+7.3%
Revenue & Income
Revenue	1.24B	0.81B	0.63B	0.40B	0.15B
Revenue Growth (YoY)	+53.5%	+27.6%	+57.0%	+162.0%	+123.1%
Currency Exchange Gain (Loss)	—	-80.73K	-53.78K	—	—
Expenses & Provisions
Cost of Revenue	1.17B	0.75B	0.59B	0.37B	0.13B
Selling, General & Admin	—	10.46M	9.89M	6.33M	6.74M
Operating Expenses	—	12.02M	10.26M	7.50M	7.98M
Interest Expense	—	-7.90M	-3.45M	-0.88M	-0.20M
Other Non Operating Income (Expenses)	-1.00K	739.33K	266.46K	-340.87K	135.75K
D&A For EBITDA	11.43M	7.39M	4.16M	3.05M	1.86M
Profitability & Returns
Gross Profit	65.20M	58.29M	41.45M	30.88M	18.64M
Gross Margin	+5.3%	+7.2%	+6.6%	+7.7%	+12.1%
EBIT	65.20M	46.27M	31.18M	23.38M	10.67M
EBIT Margin	+5.3%	+5.7%	+4.9%	+5.8%	+6.9%
EBITDA	76.63M	53.67M	35.35M	26.43M	12.53M
EBITDA Margin	+6.2%	+6.7%	+5.6%	+6.6%	+8.2%
EBT Excluding Unusual Items	65.20M	39.04M	27.94M	22.16M	10.61M
Pretax Income	65.20M	39.04M	27.94M	22.16M	12.96M
Operating Income	65.20M	46.27M	31.18M	23.38M	10.67M
Operating Margin	+5.3%	+5.7%	+4.9%	+5.8%	+6.9%
Profit Margin	+4.9%	+4.5%	+4.1%	+4.5%	+7.3%
Net Income	60.89M	36.16M	25.80M	18.12M	11.26M
Net Income to Common	60.89M	36.16M	25.80M	18.12M	11.26M
Net Income Growth	+68.4%	+40.2%	+42.4%	+60.8%	+17.7%
Earnings From Continuing Ops.	60.89M	36.16M	25.55M	19.40M	11.26M
Earnings From Discontinued Ops.	—	—	0.24M	-1.28M	—
Income Tax Expense	4.31M	2.87M	2.39M	2.77M	1.69M
Effective Tax Rate	+6.6%	+7.4%	+8.5%	+12.5%	+13.1%
Per Share & Capital
EPS (Basic)	0.27	0.16	0.11	0.09	0.06
EPS (Diluted)	0.27	0.15	0.11	0.08	0.06
EPS Growth	+80.0%	+41.5%	+37.6%	+19.4%	-12.2%
Shares Change (YoY)	-0.06	-0.03	0.06	0.33	0.34
Shares Outstanding (Basic)	225.53M	231.08M	236.36M	212.32M	174.62M
Shares Outstanding (Diluted)	225.53M	239.32M	245.84M	232.32M	174.62M
Free Cash Flow	-71.62M	-54.55M	-57.79M	-65.94M	-59.63M
Free Cash Flow Margin	-5.8%	-6.8%	-9.1%	-16.4%	-38.8%
Free Cash Flow Per Share	-0.32	-0.23	-0.24	-0.28	-0.34
Supplemental
Other Unusual Items	—	—	—	—	2.35M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (SAR)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	1.24B	0.81B	0.63B	0.40B	0.15B
Cost of Revenue	1.17B	0.75B	0.59B	0.37B	0.13B
Gross Profit	65.20M	58.29M	41.45M	30.88M	18.64M
SG&A	—	10.46M	9.89M	6.33M	6.74M
Operating Expenses	—	12.02M	10.26M	7.50M	7.98M
Operating Income	65.20M	46.27M	31.18M	23.38M	10.67M
Interest Expense	—	-7.90M	-3.45M	-0.88M	-0.20M
Other Income/Expense	-1.00K	739.33K	266.46K	-340.87K	135.75K
Pretax Income	65.20M	39.04M	27.94M	22.16M	12.96M
Income Tax	4.31M	2.87M	2.39M	2.77M	1.69M
Net Income	60.89M	36.16M	25.80M	18.12M	11.26M
EBITDA	76.63M	53.67M	35.35M	26.43M	12.53M
EBIT	65.20M	46.27M	31.18M	23.38M	10.67M
EPS (Basic)	0.27	0.16	0.11	0.09	0.06
EPS (Diluted)	0.27	0.15	0.11	0.08	0.06
Margins & Efficiency
Gross Margin %	+5.3%	+7.2%	+6.6%	+7.7%	+12.1%
EBITDA Margin %	+6.2%	+6.7%	+5.6%	+6.6%	+8.2%
Net Margin %	+4.9%	+4.5%	+4.1%	+4.5%	+7.3%
Revenue & Income
Revenue	1.24B	0.81B	0.63B	0.40B	0.15B
Revenue Growth (YoY)	+53.5%	+27.6%	+57.0%	+162.0%	+123.1%
Currency Exchange Gain (Loss)	—	-80.73K	-53.78K	—	—
Expenses & Provisions
Cost of Revenue	1.17B	0.75B	0.59B	0.37B	0.13B
Selling, General & Admin	—	10.46M	9.89M	6.33M	6.74M
Operating Expenses	—	12.02M	10.26M	7.50M	7.98M
Interest Expense	—	-7.90M	-3.45M	-0.88M	-0.20M
Other Non Operating Income (Expenses)	-1.00K	739.33K	266.46K	-340.87K	135.75K
D&A For EBITDA	11.43M	7.39M	4.16M	3.05M	1.86M
Profitability & Returns
Gross Profit	65.20M	58.29M	41.45M	30.88M	18.64M
Gross Margin	+5.3%	+7.2%	+6.6%	+7.7%	+12.1%
EBIT	65.20M	46.27M	31.18M	23.38M	10.67M
EBIT Margin	+5.3%	+5.7%	+4.9%	+5.8%	+6.9%
EBITDA	76.63M	53.67M	35.35M	26.43M	12.53M
EBITDA Margin	+6.2%	+6.7%	+5.6%	+6.6%	+8.2%
EBT Excluding Unusual Items	65.20M	39.04M	27.94M	22.16M	10.61M
Pretax Income	65.20M	39.04M	27.94M	22.16M	12.96M
Operating Income	65.20M	46.27M	31.18M	23.38M	10.67M
Operating Margin	+5.3%	+5.7%	+4.9%	+5.8%	+6.9%
Profit Margin	+4.9%	+4.5%	+4.1%	+4.5%	+7.3%
Net Income	60.89M	36.16M	25.80M	18.12M	11.26M
Net Income to Common	60.89M	36.16M	25.80M	18.12M	11.26M
Net Income Growth	+68.4%	+40.2%	+42.4%	+60.8%	+17.7%
Earnings From Continuing Ops.	60.89M	36.16M	25.55M	19.40M	11.26M
Earnings From Discontinued Ops.	—	—	0.24M	-1.28M	—
Income Tax Expense	4.31M	2.87M	2.39M	2.77M	1.69M
Effective Tax Rate	+6.6%	+7.4%	+8.5%	+12.5%	+13.1%
Per Share & Capital
EPS (Basic)	0.27	0.16	0.11	0.09	0.06
EPS (Diluted)	0.27	0.15	0.11	0.08	0.06
EPS Growth	+80.0%	+41.5%	+37.6%	+19.4%	-12.2%
Shares Change (YoY)	-0.06	-0.03	0.06	0.33	0.34
Shares Outstanding (Basic)	225.53M	231.08M	236.36M	212.32M	174.62M
Shares Outstanding (Diluted)	225.53M	239.32M	245.84M	232.32M	174.62M
Free Cash Flow	-71.62M	-54.55M	-57.79M	-65.94M	-59.63M
Free Cash Flow Margin	-5.8%	-6.8%	-9.1%	-16.4%	-38.8%
Free Cash Flow Per Share	-0.32	-0.23	-0.24	-0.28	-0.34
Supplemental
Other Unusual Items	—	—	—	—	2.35M