Qalaa’s revenue reached EGP 135.5 billion in FY25. Worth noting that excluding ERC, revenue expanded by 27% y-o-y to EGP 17.7 billion. Furthermore, EBITDA excluding ERC rose by 28% y-o-y, reaching EGP 3.7 billion, reflecting strong broad-based growth across Qalaa Holdings’ subsidiaries. Qalaa recorded a consolidated net loss after minority of EGP 1.2 billion during the year, largely due to the accumulation of provisions that are expected not to be required and subsequently reversed. As of 30 June 2026, net outstanding bank debt dropped significantly to approximately USD 618 million, of which approximately USD 301 million are owed to foreign banks relating to the Egyptian Refining Company (ERC). ERC continued to benefit from elevated revenues and refining margins, supported by ongoing geopolitical volatility in global energy markets.