Operational Performance

• Key Developments and Milestones

In 2025, the SAL Cargo Ground Handling division has executed a number of signings including some new airlines and renewals of current partners, as follows:

Date	Airline Partner/Customer	Type
15 June 2025	Azerbaijan Airlines	New Contract
19 June 2025	Philippine Airlines	New Contract
22 June 2025	ITA Airways	New Contract
25 June 2025	Silk Way Airlines	New Contract
13 October 2025	Saudi Post (SPL)	New Contract
23 October 2025	Emirates SkyCargo	Renewal of a contract
28 October 2025	China Cargo Airlines (a subsidiary of China Eastern Airlines)	New Contract
30 October 2025	TAM Group	Strategic Partnership for International Expansions
16 November 2025	FedEx Express Saudi Arabia Transportation	New Contract
15 December 2025	Syrian Airlines	New Contract

• Outpacing Market Growth with Scalable Margins, Proving Resilience through Global Trade Cycles

Market Leadership: Largest KSA air cargo handler with diversified flows and long-term contracts with airlines ensure high retention and visibility

Growth in Cargo Ground Handling was driven by stable performance across core clients, further strengthened by expanded service offerings and product innovation. During this year, SAL has successfully converted a number of charter flights into long-term scheduled contracts, underscoring deepening relationships with global airline partners and its ability to translate commercial momentum into recurring, high-quality revenue.

Proven ability to adapt to external challenges in consistently adapting to operational disruptions while safeguarding market share and service continuity, and expanding landside and value-added services

Resilience is part of SAL’s DNA. Time and again, we have shown our ability to adapt to a fast-changing environment and keep delivering for the Kingdom and our customers. When COVID-19 disrupted global aviation, we acted swiftly, reallocating resources, safeguarding critical supply chains, and ensuring Saudi Arabia stayed connected to the world. We have navigated through shipping disruptions, from port congestion to shifts in trade routes, by staying agile and planning ahead - keeping our service levels reliable under pressure. In the face of competitive pressures, we have held our ground by differentiating on quality, reliability, and customer trust - not just competing on capacity or price. Across the cyclicality of global trade, we have built resilience into our operations, allowing us to manage downturns without losing momentum and capturing opportunities when markets rebound.

Together, these experiences prove that SAL is not just able to withstand disruptions, we turn challenges into drivers of growth and leadership.

• Sustained Financial Outperformance Through Cargo Ground Handling Agility & Excellence

Proven Capacity to Capture Future Demand

Looking now to the future, we forecast that by 2030 we will more than double 2024 revenue, reaching X 2.2 billion. This represents a compound annual growth rate of 9% when looking back to 2020.
In the same period, we believe EBIT will surpass X 900 million, whilst maintaining an industry leading EBIT margin of over 40%. There are a multitude of different factors that we see enabling these forecasts, first of which would be our strong and continued market leadership which will allow us to capture the general market growth. Our relentless focus on operational efficiency ensures that growth translates directly into profitability. By optimizing processes, deploying technology, and improving turnaround times, we unlock solid margins. Our deep customer partnerships mean our forecasts are grounded in strong, long-term relationships. We are trusted by leading global airlines, shippers, and local partners - which gives us confidence in sustainable demand. Expanding infrastructure and network reach, from cargo facilities to regional connectivity, creates the backbone required for scalable growth. Finally, our proven agility and resilience ensure that we can adapt to shifting market conditions.

• Rising Demand Driven by Trade, E-Commerce and Diversification

According to independent market research by ALG, the market is expected to grow to over 2.2 million tonnes by 2030 – representing an 9% compound annual growth rate for the years 2025-2030. This forecast is propped up by growth across all three cargo categories, import, export and transit.

Growth Drivers by Segment

• Investing Heavily in Cargo Ground Handling Infrastructure

The Cargo Ground Handling Division continued delivering its X 922 million capital deployment plan, executing in a disciplined and targeted manner to reinforce its leadership in cargo ground handling. Investments are focused on expanding terminal capacity across the key airports of Riyadh, Jeddah, Dammam and Madinah, and enhancing operational resilience and service quality.