Recent Research

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  FIRST LOOK NOTES

  06 Nov 2026

  Saudi Basic Industries Corp

  BUY

  Last Closing Price

  SAR 47.00

  Target Price

  SAR 65.00

  Upside (%)

  +38.30%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 3Q26 - First Look Note

  Petrochemicals sales volumes increased 24% QOQ, while average selling prices declined 10% QOQ in 3Q26. Agri-Nutrients sales volumes increased 68% QOQ, while average prices declined 20% QOQ in 3Q26. SABIC completed the divestment of Engineering Thermoplastics businesses in the Americas and Europe for an enterprise value of USD 450 Mn in 3Q26.

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  EARNINGS CALL INSIGHT

  28 Oct 2026

  Saudi Basic Industries Corp

  BUY

  Last Closing Price

  SAR 47.68

  Target Price

  SAR 65.00

  Upside (%)

  +36.33%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 3Q26 - Earnings Call Insight

  Petrochemicals revenue fell 3.9% YOY but grew 12.1% QOQ to SAR 23.0 Bn in 3Q26. Sales volumes rose 24% QOQ to 6.71 million metric tons (MMT), while average selling prices declined 10% QOQ in 3Q26. The decline in prices is attributable to lower polyethylene, polypropylene and methanol prices partially offset by increase in monoethylene glycol and MTBE prices.

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• 

  FIRST LOOK NOTES

  14 Aug 2026

  Saudi Basic Industries Corp

  BUY

  Last Closing Price

  SAR 49.20

  Target Price

  SAR 65.00

  Upside (%)

  +32.11%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 2Q26 - First Look Note

  Petrochemicals sales volume declined 34% QOQ, while average prices increased 42% QOQ in 2Q26. Agri-Nutrients sales volume declined 31% QOQ, while average prices increased 27% QOQ in 2Q26.

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  FIRST LOOK NOTES

  17 Mar 2026

  Saudi Basic Industries Corp

  ACCUMULATE

  Last Closing Price

  SAR 57.10

  Target Price

  SAR 65.00

  Upside (%)

  +13.84%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 4Q25 - First Look Note

  Bottom line was negatively impacted by divestments and one-off items during 4Q25. The Company’s Petrochemicals sales volume recorded an increase of 4% YOY to 36.2 MMT during 2025.

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  FIRST LOOK NOTES

  04 Nov 2025

  Saudi Basic Industries Corp

  ACCUMULATE

  Last Closing Price

  SAR 58.40

  Target Price

  SAR 65.00

  Upside (%)

  +11.30%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 3Q25 - First Look Note

  SABIC reported a positive net profit during 3Q25, for the first time in 2025, supported by lower costs and improved gross margins after the absence of 2Q25 impairment charges. Petrochemical prices stayed weak amid global overcapacity and soft demand, while Agri-Nutrients' performance improved, supported by higher urea prices and strong seasonal demand.

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• 

  FIRST LOOK NOTES

  11 Aug 2025

  Saudi Basic Industries Corp

  ACCUMULATE

  Last Closing Price

  SAR 57.35

  Target Price

  SAR 65.00

  Upside (%)

  +13.34%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 2Q25 - First Look Note

  Petrochemicals revenue declined 2.8% YOY and increased 2.9% QOQ to SAR 32.4 Bn in 2Q25, while Agri-Nutrients rose 32.3% YOY and 2% QOQ to SAR 3.2 Bn. Total Revenue increased 2.8% QOQ, primarily due to licensing revenue of SAR 863 Mn along with increased sales volume in 2Q25. Petrochemicals segment EBITDA declined 24.7% YOY to SAR 3.7 Bn in 2Q25, whereas Agri-Nutrients EBITDA expanded 51.2% YOY to SAR 1.2 Bn.

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