1. Company Overview & Earnings Context

Orascom Construction PLC is an ADX and Egyptian Exchange dual-listed global engineering and construction company. The Group focuses on large-scale infrastructure, industrial and high-end commercial projects across the Middle East, Africa, United States and Central Asia. It also owns a 50% stake in BESIX Group and operates businesses across building materials, facilities management and equipment services.

Orascom delivered a strong H1 2026 performance, with revenue increasing 52.3% YoY to USD 2.98 billion and net profit rising 43.1% to USD 127.8 million. Net profit attributable to shareholders reached USD 115.3 million, up 39.4% YoY.

2. Financial Performance Snapshot

• Revenue: USD 2.98 Billion (+52.3% YoY)

• Gross Profit: USD 289.5 Million (+42.9% YoY)

• EBITDA: USD 200.9 Million

• Operating Profit: USD 179.5 Million (+45.8% YoY)

• Profit Before Tax: USD 166.2 Million (+53.7% YoY)

• Net Profit: USD 127.8 Million (+43.1% YoY)

• Net Profit Attributable to Shareholders: USD 115.3 Million (+39.4% YoY)

• EPS: USD 1.05, vs. USD 0.75 in H1 2025

Profitability therefore grew strongly alongside the significant increase in revenue, with operating profit and profit before tax both recording growth of more than 45%.

3. Backlog, Geographic & Operational Performance

Orascom's backlog increased 13.9% YoY to USD 10.88 billion at the end of June 2026, providing substantial revenue visibility for future periods. Management attributed revenue growth to progress across major projects in Egypt, the UAE, Saudi Arabia and the United States.

Revenue growth was broad-based geographically:

• MENA Revenue: USD 1.50 Billion (+30.0% YoY)

• USA Revenue: USD 1.48 Billion (+84.3% YoY)

• Construction Revenue: USD 2.93 Billion (+54.4% YoY)

The United States was particularly strong, with revenue increasing from USD 800.6 million to USD 1.48 billion and contributing almost half of total Group revenue.

The Group's workforce also increased to 64,077 employees, compared with 60,462 at the end of June 2025.

4. Key Performance Drivers

Orascom's H1 growth was driven primarily by strong project execution and higher construction activity across its major markets. Revenue increased by more than USD 1 billion YoY, while gross profit increased to USD 289.5 million and operating profit reached USD 179.5 million.

Net finance costs also improved significantly to USD 16.2 million from USD 37.6 million. Finance income increased to USD 31.2 million from USD 15.2 million, while finance costs declined to USD 47.4 million from USD 52.8 million.

One offset was income from equity-accounted investees, which declined to USD 2.9 million from USD 22.6 million. BESIX Group is the Group's most significant equity-accounted investment.

Despite this decline, stronger construction earnings and improved finance results drove the substantial increase in overall profitability.

5. Balance Sheet, Cash Position & Cash Flow

Orascom maintained a strong net cash position at the end of June 2026. Cash and cash equivalents stood at USD 1.23 billion, against loans and borrowings of USD 499.1 million, resulting in a net cash position of approximately USD 731 million.

The Group ended June with:

• Total Assets: USD 5.52 Billion

• Total Equity: USD 1.02 Billion

• Equity Attributable to Owners: USD 986.6 Million

• Cash & Cash Equivalents: USD 1.23 Billion

• Loans & Borrowings: USD 499.1 Million

• Net Cash Position: USD 731.0 Million

Cash flow, however, was weaker than earnings. Orascom recorded USD 54.5 million of cash used in operating activities, compared with USD 26.2 million generated in H1 2025. A major factor was the USD 329.2 million increase in trade and other receivables.

The Group also used USD 240.9 million in investing activities, including USD 140 million invested in financial assets and USD 50.9 million in property, plant and equipment.

6. Investor Takeaway

Orascom Construction delivered a strong H1 2026 earnings performance, with revenue up 52.3%, operating profit up 45.8%, net profit up 43.1% and EPS increasing 40% to USD 1.05.

The USD 10.88 billion backlog provides substantial future revenue visibility, while rapid growth in the US alongside continued activity across Egypt, UAE and Saudi Arabia demonstrates the geographic diversification of the business.

The balance sheet also remains a key strength, with USD 1.23 billion in cash and a USD 731 million net cash position, although negative operating cash flow and rising receivables are important areas to monitor.

Another major development is Orascom's proposed strategic combination with OCI Global. Orascom shareholders have approved the relevant resolutions, while completion remains subject to OCI Global shareholder and regulatory approvals. The long-stop date has been extended to 30 December 2026.

The independent auditor issued an unmodified review conclusion, stating that nothing had come to its attention indicating that the H1 2026 financial statements were not prepared, in all material respects, in accordance with IAS 34.

Key areas to monitor in H2 2026 are backlog conversion, US and MENA project execution, margins, receivables, operating cash flow, the net cash position and progress on the proposed OCI Global combination.