Investor Presentaiton

EBITDA MARGIN 17.3% DEBT AND CAPITAL EFFICIENCY INDICATORS STEADILY IMPROVING 34.6% +17.3 ppt 2013 2014 2015 2016 2017 2018** 2019 2020 2021 2022 2023 NET LEVERAGE RATIO (Net Debt/EBITDA) 3.45x 2.57x 2.28x 1.86x 1.84x 1.55x 1.11x 0.24x WORKING CAPITAL (Based on sales) 76 60 60 58 58 54 50 47 46 39 38 27 ↓ 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 -0.44x -0.93x -0.99x 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 * Proforma after asset swap Year-end days in WC GCC 25 25

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