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.

Cairo, 15 July 2026: Qalaa Holdings, a leader in energy and infrastructure (CCAP.CA on the Egyptian Exchange), released today its consolidated financial results for the three- and twelve-month periods ending 31 December 2025. During the year, Qalaa consolidated revenue totaled EGP 135.5 billion, impacted by the 32-day maintenance shutdown that took place at ERC during 2Q25. Meanwhile, Qalaa’s EBITDA remained largely stable year-on-year at EGP 21.7 billion in FY25. However, Qalaa reported a net loss after minority of EGP 1.2 billion during the year, affected mainly by the interest provision of EGP 2.168 billion related to the debt settlement/restructuring agreement with the local banks. It is worth noting that this provision is taken on a quarterly basis until the completion of all conditions of the agreement, which is expected to take place starting 2030, at which time the accumulated provision, currently totaling EGP 7.198 billion, will be reversed into a one-time gain.

Key Highlights:

• The Group’s consolidated revenue was negatively affected by ERC’s maintenance shutdown - an event that occurs around once every four years - which took place in 2Q25.

• Qalaa’s consolidated revenue stood at EGP 135.5 billion in FY25, largely impacted by the 32-day maintenance shutdown that took place at ERC in 2Q25. In parallel, recurring EBITDA remained largely stable year-on-year at EGP 21.7 billion in FY25, with strong operating profitability across most subsidiaries offsetting the drop in EBITDA reported at ERC. Excluding ERC, consolidated revenue expanded by 27% y-o-y to EGP 17.7 billion during the year, and recurring EBITDA rose by 28% y-o-y, reaching EGP 3.7 billion.

• Qalaa reported a consolidated net loss after minority of EGP 1.2 billion in FY25, noting that on a pro forma basis, consolidated net income after minority would have reached EGP 918.8 million during the year if it weren’t for the interest provision related to settlement/restructuring agreement signed with local banks in 2024, which is expected to be fully reversed upon completion of all terms and conditions.

• ERC continued to operate above its rated capacity, with refining margins inching up in-line with the cyclical nature of the business. Margins have improved further in 4Q25 and 1H26, which will reflect positively on both ERC and consolidated Qalaa figures. The company’s USD-denominated revenues totaled EGP 30.7 billion in 4Q25. ERC has no outstanding receivables from EGPC, which is current on all its payments due to ERC.

• In December 2025, ERC made a payment of USD 417 million to senior lenders, resulting in aggregate debt repayments of USD 574.4 million over the course of 2025. Following this repayment, ERC has reduced its senior debt principal balance from an initial USD 2.35 billion to just USD 63 million as of December 2025. In June 2026, ERC fully repaid its senior debt, a payment that opens the door for ERC to pay dividends if it so chooses. The company is also about to pay c.USD 229.7 million of its subordinated debt with the remaining amount to be repaid in installments extending through 2030.

• Qalaa’s remaining portfolio companies delivered a standout performance across the board, with every business segment posting strong top-line growth in FY25. This momentum translated into robust bottom-line expansion, highlighting the portfolio’s accelerating growth trajectory and operational strength.

     o The continued recovery at Al-Takamol Cement, underpinned by significant revenue, EBITDA, and net profit expansion, coupled with strong growth at both ASEC Engineering and ASEC Automation, supported the performance of the Group’s cement segment during the year.

     o Dina Farms Holding continued to deliver solid top-line growth, on the back of strong performances at Dina Farms, coupled with increased sales volumes, higher selling prices, and new product launches at ICDP. o ASCOM’s full-year strong revenue growth was largely driven by its two largest USD-denominated revenue generators, ACCM and GlassRock, as well as improved results at ASCOM Mining. Worth noting that the Group’s position as an import substitute and export player across the mining business continued to strengthen Qalaa’s consolidated results.

     o CCTO’s transportation and logistics business saw its revenue remain largely stable year-on-year, supported by a solid performance at NRPMC. On that front, in 2025 Qalaa Holdings announced its intention to pursue an IPO for National River Ports Management Company ‘NRPMC’. In line with this strategic direction, the company launched a comprehensive corporate rebranding process, repositioning the platform under a new identity - National Ports Management (NPM).

     o TAQA Arabia delivered solid top- and bottom-line results driven by strong performances across the board.

• The Group continues to focus on growing its exports and leveraging the cost advantage available to local manufacturers, with Group export proceeds reaching c.USD 27.3 million in 4Q25. Meanwhile, local foreign currency revenue stood at c.USD 686.1 million during the quarter. As for FY25, Group export proceeds reached c.USD 90.8 million, while local foreign currency revenue reached USD 2.6 billion.

• In November 2025, Qalaa Holdings successfully completed the transfer of the capital-increase shares from QHRI to the shareholders who participated in the company’s debt-purchase transaction. This marks the full conclusion of all procedures related to the transaction, while generating outstanding investment returns for participants. This milestone follows the completion of Qalaa’s capital increase in October 2025, which raised the company’s issued and paid-in capital from EGP 9.1 billion to EGP 21.1 billion, distributed across 4.2 billion shares. The capital increase was executed following QHRI’s purchase of USD 240.7 million in foreign senior debt as part of a settlement agreement with foreign banks and international lenders.

• The interest provision of EGP 2.168 billion recorded in FY25 in connection with the debt settlement/restructuring agreements with local banks is comprised as follows:

     o In FY25, Qalaa recorded an interest provision of EGP 940.7 million relating to the portion of the Senior Debt that was previously owed to Egyptian banks. This liability continues to be reflected on Qalaa’s balance sheet pending the full satisfaction of all conditions stipulated in the settlement agreement starting 2030. However, this does not reflect the actual amounts currently owed to these lenders; rather, it represents the pre-settlement balances.

     o In addition, under the restructuring agreement signed in 2024 between SPVs fully owned by Qalaa and a local bank, a total of USD 44 million, together with all related accrued interest pertaining to loans owed to this bank, which in FY25 amounted to EGP 1.227 billion, is expected to be written off following the full repayment of the amounts due to the bank in 2033.

     o It is worth noting that the current accumulated interest balance expected to be written off amounts to approximately USD 151 million, with this figure anticipated to increase on a quarterly basis as additional interest accrues until final settlement.

• Qalaa’s strategy will continue to focus on the following elements:

     o Qalaa will continue driving growth through small incremental investments in its subsidiaries, expanding cashflows, and thereby reducing its debt to cashflow ratios. Management is confident this strategy will continue to deliver the desired results.

     o Strategic plans are currently underway to initiate five IPOs over the coming two years for select high-growth subsidiaries to unlock shareholder value, enhance financial flexibility, and facilitate the valuation of Qalaa’s shares. National Ports Management will be the first subsidiary to IPO, with an expected listing date during 2026.

     o As of 31 December 2025, Qalaa reduced its total consolidated debt by approximately EGP 39 billion, driven mainly by ERC’s repayment of USD 574.4 million during the year, in addition to the capitalization of USD 240.7 million in debt at QHRI.

     o While cashflow bottlenecks persist in some of the Group’s subsidiaries, it is mainly due to Capex expansions associated with small incremental investments, and the overall liquidity position has improved significantly. Additionally, further improvements are anticipated across all major operations.

     o Following improved performances at the subsidiary level and the completion of the QHRI transaction, Qalaa’s shareholders’ equity has turned positive following two years of negative equity, reaching EGP 5.7 billion at year-end 2025.

Cairo, 15 July 2026: Qalaa Holdings, a leader in energy and infrastructure (CCAP.CA on the Egyptian Exchange), released today its consolidated financial results for the three- and twelve-month periods ending 31 December 2025. During the year, Qalaa consolidated revenue totaled EGP 135.5 billion, impacted by the 32-day maintenance shutdown that took place at ERC during 2Q25. Meanwhile, Qalaa’s EBITDA remained largely stable year-on-year at EGP 21.7 billion in FY25. However, Qalaa reported a net loss after minority of EGP 1.2 billion during the year, affected mainly by the interest provision of EGP 2.168 billion related to the debt settlement/restructuring agreement with the local banks. It is worth noting that this provision is taken on a quarterly basis until the completion of all conditions of the agreement, which is expected to take place starting 2030, at which time the accumulated provision, currently totaling EGP 7.198 billion, will be reversed into a one-time gain.

ERC’s USD denominated revenue contracted slightly by 3% y-o-y, in EGP terms, at EGP 30.7 billion in 4Q25. On a full-year basis, USD-denominated revenue shrank by 13% y-o-y to EGP 117.8 billion, as the production shutdown weighed on the overall results for the full year. Excluding ERC, Qalaa’s revenue expanded by 9% y-o-y to EGP 4.2 billion in 4Q25, driven by solid top-line growth across all other subsidiaries. In terms of FY25, revenue excluding ERC grew by 27% y-o-y to EGP 17.7 billion.

In 4Q25, Qalaa’s EBITDA surged by 168% y-o-y to EGP 8.8 billion, driven mainly by ERC’s strong operating profitability during the quarter. On a full-year basis, EBITDA remained largely stable year-on-year at EGP 21.7 billion. ERC’s 4Q25 EBITDA surged by 206% y-o-y to EGP 7.9 billion in 4Q25, largely driven by the increase in the refining margin. On a full-year basis, EBITDA inched downwards by 3% y-o-y to EGP 18.0 billion, impacted by the production shutdown.

Excluding ERC, Qalaa’s 4Q25 EBITDA grew by 26% y-o-y to EGP 877.5 million, driven primarily by significant growth at the Mining and Cement platforms. In terms of FY25, EBITDA expanded by 28% y-o-y to EGP 3.7 billion. ASEC Holdings’ EBITDA rose by 47% to EGP 566.5 million during the quarter, largely driven by the strong recovery at Al-Takamol Cement. In terms of FY25, EBITDA grew by 69% y-o-y to EGP 1.9 billion.

At Dina Farms Holding Company, EBITDA shrank by 18% y-o-y to EGP 151.2 million in 4Q25, largely following the drop in EBITDA at Dina Farms. In FY25, EBITDA inched upwards by 4% y-o-y to EGP 939.6 million during the year. ASCOM’s EBITDA surged by 91% y-o-y to EGP 125.2 million during the quarter, supported by solid operating profitability at the USD-denominated ACCM and GlassRock. In FY25, EBITDA rose by 32% y-o-y to EGP 648.0 million.

EBITDA at CCTO’s transportation and logistics business contracted by 9% y-o-y to EGP 146.4 million in 4Q25, largely as a result of an accounting treatment. On a full year basis, CCTO’s EBITDA remained largely stable year-on-year at EGP 491.9 million. Finally, TAQA Arabia’s EBITDA contracted by 5% y-o-y to EGP 668.8 million in 4Q25, largely impacted by the drop in operating profitability at TAQA Gas and TAQA Power. On a full year basis, TAQA Arabia’s EBITDA expanded by 23% y-o-y to EGP 2.5 billion, supported by solid growth across the board. TAQA Arabia is accounted for as an investment in associate using the equity method and revenues are not included in Qalaa’s consolidated revenues.

In 4Q25, Qalaa reported a consolidated net loss after minority interest of EGP 46.0 million, affected by the continued accrual of interest expense relating to the Settlement and Restructuring agreements signed in 2024, which amounted to EGP 2.168 billion as at the close of the quarter. Interest continues to accrue on Qalaa’s Income Statement pending the full satisfaction of all conditions stipulated in the settlement agreement starting 2030. However, these amounts will be completely written off once the terms of the settlement agreement are fully met. On a full year basis, the company reported a consolidated net loss after minority of EGP 1.2 billion, with the bottom line largely impacted by the aforementioned interest accrual.

Notwithstanding the above, most of Qalaa subsidiaries reported net profits during the quarter, and all of Qalaa’s platforms apart from ERC delivered net profits during the year.

ERC recorded a net profit of EGP 2.2 billion in 4Q25, compared to a net loss of EGP 1.0 billion reported during 4Q24, largely supported by an increase in refining margins. In FY25, the company recorded a net loss of EGP 1.8 billion, compared to a net profit of EGP 1.8 billion in FY24, as full-year profitability was impacted by the maintenance shutdown. ASEC Holdings reported a net profit of EGP 481.8 million in 4Q25, a 79% y-o-y drop which was due to the recording of a one-off gain in 4Q24 related to a provision reversal. On a full-year basis, net profit remained largely stable year-on-year at EGP 1.5 billion.

Dina Farms Holding Company recorded a net loss of EGP 28.8 million in 4Q25, compared to a net loss of EGP 44.2 million in 4Q24, with the improved performance driven by bottom-line expansion at ICDP, coupled with a contraction in the net loss reported at Dina Farms. On a full year basis, net income contracted by 48% y-o-y to EGP 129.3 million.

ASCOM recorded a net loss of EGP 70.8 million, compared to a net loss of EGP 404.2 million in 4Q24, as the strong turnaround at ACCM was partly offset by the net loss expansion at GlassRock. On a full year basis, the company achieved a net profit of EGP 308.3 million during the year, compared to a net loss of EGP 338.9 million recorded in FY24.

In 4Q25, net profit at CCTO’s transportation and logistics business fell by 87% y-o-y to EGP 10.6 million during the quarter, largely on the back of the increase in finance costs at NPM (formerly known as NRPMC), in addition to an accounting treatment that affected holding level profitability. In FY25, the company’s net profit shrank by 18% y-o-y to EGP 122.3 million. Finally, TAQA Arabia’s net profit expanded by 27% y-o-y to EGP 353.0 million in 4Q25, fueled by strong bottom-line growth across all subsidiaries during the quarter. Similarly, on a full-year basis TAQA Arabia’s net profit grew by 50% y-o-y to EGP 1.1 billion in FY25.

“Qalaa closed out the year with a resilient performance, continuing to showcase the Group’s strength and agility in a dynamic macroeconomic environment," said Qalaa Holdings Chairman and Founder Ahmed Heikal. "Our performance continues to be heavily driven by ERC’s performance. On that front, the Group’s consolidated revenue stood at EGP 135.5 billion at the end of the year, impacted by the maintenance shutdown that took place at ERC during the second quarter of 2025. It is worth noting that excluding ERC, consolidated revenue expanded by 27% y-o-y to EGP 17.7 billion, with all other subsidiaries reporting solid top-line growth."

"We remain focused on executing our growth strategies across our diverse portfolio. On that front, strategic plans are currently underway to initiate five IPOs over the coming two years for select high-growth subsidiaries to unlock shareholder value, enhance financial flexibility, and facilitate the valuation of Qalaa’s shares," Heikal stated.

"On a separate note, Qalaa Holdings has successfully completed the transfer of the capital-increase shares from QHRI to the shareholders who participated in the company’s debt-purchase transaction in November 2025. This marks the full conclusion of all procedures related to the transaction, while generating outstanding investment returns for participants. I am pleased with the significant progress being made on the debt settlement front, as we continue to work towards strengthening and enhancing the Group’s overall financial position," Heikal continued.

“As of June 2026, Qalaa has nearly completed its deleveraging program, with debt dropping from a high of USD 2.9 billion in December 2022 to c.USD 0.6 billion (excluding provisions that will likely not be needed). As a result of those efforts, over the next couple of years, surplus cashflow will pave the way for a calm deleveraging, especially at the Qalaa Holdings level. Furthermore, we will utilize additional surplus to increase our stakes across some of our subsidiaries, initiate share buybacks at the Qalaa Holdings level, slowly and carefully deploying capital across our existing subsidiaries, and exercise our call options on TAQA Arabia’s shares,” Heikal added.

"Finally, I would like to reiterate that the true value of Qalaa's performing assets is masked due to holding them at their historical cost and, in some cases, adjusting for impairments, while not taking into consideration any revaluation adjustments," Heikal concluded.

"Our diverse portfolio once again proved its strength and resilience, with every business segment, except for ERC, delivering solid top-line growth during the year," said Hisham El-Khazindar, Co-Founder and Managing Director of Qalaa Holdings. "While ERC's USD-denominated revenues contracted year-on-year, impacted by the production shutdown, the facility continued to operate well beyond its rated capacity. Meanwhile, our cement division saw a strong boost from Al-Takamol Cement's ongoing recovery, which delivered significant gains in revenue, EBITDA, and net profit, alongside strong growth at ASEC Automation and ASEC Engineering. In the agrifoods space, Dina Farms Holding achieved impressive top-line growth driven by an excellent operational performance, with increased sales volumes, favorable pricing, and new ICDP product launches. Additionally, our mining operations continue to play a crucial role as both an import substitute and an exporter, securing vital USD inflows that strengthen the Group's overall consolidated results. Finally, the Transportation and Logistics division delivered a solid operating performance, with both revenue and EBITDA growing year-over-year."

"On the debt settlement front, ERC has successfully fully settled its senior debt ahead of schedule. In December 2025, ERC made a payment of USD 417 million to senior lenders, resulting in aggregate debt repayments of USD 574.4 million over the course of 2025. Following this repayment, ERC reduced its senior debt principal balance from an initial USD 2.35 billion to just USD 63 million as of December 2025, which was then fully repaid in June 2026. Following this repayment, the door is now open for ERC to start distributing dividends if it chooses to do so," added El-Khazindar.

"Our performance over the past year reflects our ability to navigate and capitalize on shifting market dynamics. I am confident that we are strategically positioned to drive strong and sustainable growth well into the future,” concluded El-Khazindar.