Valmore Holding Company S.A.E. (VLMR.CA and VLMRA.CA on the Egyptian Exchange; VALMORE.KW on Boursa Kuwait), a leading diversified investment holding company across MENA and Europe, today reported its consolidated financial results for the nine-month period ended 30 September 2026.
Valmore delivered revenue growth of 9.51% y-o-y to USD568mn in 9M’26, with Group gross profit rising 2.30% y-o-y to USD182mn. Group EBITDA reached USD218mn, with an EBITDA margin of 38%. The Group reported net profit of USD109mn, of which USD88.4mn was attributable to shareholders. Hard-currency revenues grew 15.7% y-o-y to USD294mn, representing 51.7% of Group revenues in 9M’26, with AlexFert contributing 74.1% of total hard-currency revenues.
In Q3’26, revenues grew 2.86% y-o-y to USD176mn, with EBITDA of USD52.2mn, Group net profit of USD22.0mn and attributable net profit of USD18.0mn.
The Group maintained strong profitability levels in 9M’26, despite a higher base that included USD49.5mn in non-recurring gains in 9M’25. Excluding these items, as well as USD6.46mn in non-recurring items booked in 9M’26, attributable net profit grew 20.2% y-o-y.
Attributable net profit from Valmore’s five largest subsidiaries, AlexFert, Sprea, NatEnergy, Kahraba and ONS, grew 22.4% y-o-y to USD142mn in 9M’26, while their combined revenues grew 19.8% y-o-y to USD540mn.
Loay Jassim Al-Kharafi, Chairman of Valmore Holding, commented on the Group’s performance and outlook:
The third quarter of 2026 tested the premise on which Valmore’s portfolio is built, and it held. As export urea prices retreated from their exceptional second-quarter highs, the Group’s diversified businesses carried it forward. Valmore is built so that businesses that cater to different markets balance one another through market cycles, and the third quarter showed that design ethos at work.
Two kinds of businesses made that possible. Our export-oriented chemicals businesses anchor the Group’s hard-currency generation. Alongside them, our concession-backed platforms across gas and power distribution as well as upstream production expanded their contribution to c34% of Group revenue in the third quarter, up from c31% a year earlier, giving the Group long-duration revenue visibility as commodity cycles turn.
The period also marks an important step in the evolution of our international platform. EKACOM, our natural gas distribution business in Saudi Arabia, now operates as Masarat Energy. Operating under a long-term concession, Masarat brings long-duration, hard-currency revenue to the Group. Together with Endolys in the United Kingdom, which is progressing towards commissioning, it represents the next stage of Valmore’s growth beyond Egypt.
In a volatile and challenging year for the region, our strategy has proven resilient, while also setting us up for future growth when markets normalise. I remain confident in the strength of our businesses, the capabilities of our management teams and our ability to translate this execution into enduring value for our shareholders.
Last but not least, I am delighted to welcome Heba Nasser Al-Kharafi as Chair of Valmore’s Board of Directors, following her appointment at our Board meeting on 12 November 2026. It has been a privilege to chair this Board, and I will continue to serve alongside Heba as a member. She brings deep familiarity with the Group’s businesses to the role, and I look forward to supporting her and the Board as Valmore builds on the progress we have made together.
Jon Rokk, CEO of Valmore Holding, added regarding the Group’s 9M’26 financial results:
The first nine months of 2026 brought meaningful growth across Valmore’s operating businesses. In chemicals, AlexFert capitalised on an exceptional pricing environment for export urea in the first half. As prices normalised in Q3’26, the removal of the export levy effective 1st of August helped cushion the impact on AlexFert’s export margins. At Sprea, key products continued to show strong sequential volume recovery, bringing nine-month revenues back in line with the prior-year period after a challenging first half on established Gulf export routes.
Our utilities businesses offer some of the portfolio’s most visible organic growth, fuelled by expanding networks and rising industrial demand. Kahraba delivered the fastest net profit growth among our five largest subsidiaries, with electricity distribution generating more than half of its quarterly revenues. NatEnergy continued to add new connections, extending its networks to social housing projects developed by the New Urban Communities Authority (NUCA) and through the Haya Karima initiative, while building new industrial networks in New 6th of October City and Borg El Arab. ONS, meanwhile, continues to lead the portfolio in realised margins, with a 54% net profit margin in 9M’26.
Endolys has installed its reactors and shredder, with commissioning largely on track, and a new source of hard-currency revenue to follow, while Masarat Energy expects to serve around 19 factories by year-end. Heading into the final quarter, our priorities are clear: managing AlexFert through the gas supply constraints, sustaining Sprea’s strong performance, expanding distribution capacity at Kahraba and connections at NatEnergy, and advancing Phase-4 at ONS ahead of first production expected in early 2027.
Finally, I would like to thank Loay for his Contributions as Chairman. His support and counsel have meant a great deal to me and to our team through a period of significant transformation for the Group, and I am grateful that he will continue to serve on the Board. I congratulate Heba on her appointment as Chair, and I look forward to working closely with her and the Board as we deliver on our priorities.
Valmore’s standalone and consolidated financial statements and full earnings release for the nine-month period ended 30 September 2026 are available for download at ir.valmore.com
