Thank you. Good morning to you all.

I'd like to welcome you to the Woqod or Qatar Fuel Company 2Q or 1H earnings conference call for 2026. On the call today from the management team of Woqod, we have got Pradeep Kumar, the Chief Financial Officer; Abdulrahman Al-Hammadi, the Finance Manager; Ahmed Saeed Al-Mansouri, the IR Officer.

As usual, we'll have the management first go, give us an overview of what transpired in Q2 and 1H. Then we have a Q&A session afterwards.

Let me now turn over the call to Ahmed to begin. Over to you, sir.

Please go ahead.

Thank you, Phibion. Thank you, Janice.

Good day to all the participants, and we hope everyone is keeping safe and healthy. We welcome you all to Woqod's first half ended June 2026 results conference call and appreciate your participation as Woqod is committed to continuously enhance its investor relations initiatives.

This is to strengthen our communication and improve transparency with all members of the global investment community. The presentation of this call will be available on the Investor Relations section of our website.

Any statement that refers to expectations, projections, guidance, or any other characterizations of future events, including financial projections or future market condition, is a forward-looking statement based on the assumptions today. Actual results may differ materially from those expressed in these forward-looking statements.

The company cannot disclose any commercially sensitive information due to the confidentiality agreements signed with suppliers. Please refer to slide number 2 for the full version of disclaimer statements.

All figures expressed in this call are in Qatari riyals, and the conversion for the same to US dollar is Qatari riyals 3.64 to $1. Now I would like to hand over the call to our Finance Manager, Mr.

Abdulrahman Mohammed Al-Hammadi, to provide a brief overview of Woqod and update on the key operational activities.

Thanks, Ahmed. Good morning.

The key vision of Woqod is to be the leading petroleum products distribution and related service marketing company in the region. I'm on slide 4 now, which shows the overview of Woqod Group.

Woqod started operation in 2002 with exclusive rights for storage and distribution of petroleum products in the State of Qatar. Operation starts with two petroleum two petrol stations in 2003 and has grown to 131 stations at the end of June 2026.

The chart on the right shows the Woqod station network. Woqod also owns and operates 13 Fahes centers for inspection of vehicles across the State of Qatar.

Slide number 5, which shows the key operations of Woqod Group. Key operations of Woqod Group are diesel and gasoline fuel distributions and sales, jet fuel distributions and sales, shore-to-ship and ship-to-ship bunkering, LPG distributions and sales, natural gas distributions and sales, fuel bunkering, bitumen operations, Sidra and auto care activities, vehicle inspection services, and office leasing.

Turning to slide 7, which shows the diesel and gasoline fuel sales volume trends analysis. As mentioned before, the core activity of Woqod is fuel distributions and sales in State of Qatar.

Total fuel sales lower by 2% during the first half 2026 as compared to first half 2025, driven by current circumstances. Diesel sales volume decreased by 6% during the first half 2026 versus the same period last year, mainly due to lower sales in B2B bunkering and retail segments driven by prevailing circumstances.

Combined gasoline sales volume remains stable during the first half 2026 as compared to first half 2025, driven by market demand. On a quarter-on-quarter basis, second quarter 2026 diesel and gasoline sales volume increased by 3% and 10%, respectively.

Average fuel prices for diesel increased by 1%. However, the average fuel prices for gasoline decreased by 3% during the reporting period.

Turning to slide 8, which shows jet fuel sales volume comparison. Jet fuel sales decreased by 30% for first quarter 2026 as compared to the same period last year, driven by current circumstances.

On quarter-on-quarter basis, jet fuel sales volume for second quarter 2026 decreased by 6%, driven by market demand. Jet fuel price for first quarter 2026 increased by 4% as compared to the same period last year, driven by change in crude oil prices.

Combined sales volume of all petroleum products decreased by 17% during the first half of 2026 as compared to the same period last year. Turning to slide 9, which shows the quarterly trends of retail fuel sales volume trends.

Overall retail fuel volume of Woqod Petroleum decreased by 1% during the first half of 2026 as compared to the same period last year, driven by current circumstances. Retail diesel and gasoline sales decreased by 4% and 1%, respectively, during the first half of 2026 as compared to the same period last year, driven by market demand.

On quarter-on-quarter basis, the second quarter 2026 retail diesel and gasoline sales volume increased by 6% and 9%, respectively. The market share of Woqod in petroleum retail market in State of Qatar reached to about 84% during the first half 2026.

Non-fuel retail sales decreased by 10% during the first half 2026, mainly on account of decrease in Sidra and ABC sales due to market conditions. Now I would like to hand over the call to our CFO, Mr.

Pradeep Kumar, to discuss the key financial results.

Thank you, Abdulrahman, for all the volume updates. Good day, everyone.

I would like to discuss the consolidated financial results of Woqod for the first half of 2026. Slide 11 shows the revenue trend of Woqod.

Revenue from petroleum products account for nearly 96% of the total revenue. Woqod achieved a total revenue of Qatari riyals 10.2 billion for the first half of '26 as compared to Qatari riyals 12.5 billion during the same period last year, resulting in a decrease of 18%, which is mainly driven by the decrease in overall fuel sales volume by 17% during the first half of '26 as compared to same period last year.

On a quarter-on-quarter comparison basis, the total revenue for second quarter '26 increased by 5%, mainly due to increase in sales volume by 1% and increase in average sales price by 4%. Moving to slide 12, which shows the net income trend analysis.

Woqod has made a net income of Qatari riyals 398 million for the first half of '26, lower by 14% as compared to same period last year, mainly due to decrease in overall fuel sales volume by 17% and decrease in income from other segments. On a quarter-on-quarter basis, the net income for second quarter '26 increased by Qatari riyals 72 million.

Woqod has made a net income of Qatari riyals 235 million for second quarter '26 as compared to Qatari riyals 230 million during the same period in '25, representing an increase of 2%. The detailed analysis of net income is given in next slide.

I'm on slide 13 now, which shows the key variance analysis of net income for the first half of '26 as compared to same period last year. The decrease in net income of Qatari riyals 63 million is due to following major factors: fuel operating income decreased, mainly driven by decrease in overall volumes by 17%; non-fuel operating income and other segments decreased, mainly driven by lower business activities due to prevailing market situation; others are mainly due to lower income from other segments, such as lower interest income due to current market circumstance and the provision required under IFRS.

With this, we have completed the financial review of results for the first half of '26. A few other updates regarding the current geopolitical situation: Woqod has taken adequate measures to ensure safety of employees and continuity of business operations in accordance with the directive from authorities concerned.

On the other side, Woqod is in the process of amending articles of association to comply with the regulatory requirements based on the new code issued by Qatar Financial Market Authority on 17th August 2025 with an effective date of 17th August '26 after considering the implementation timeline of one year, and to meet other business requirements. Extraordinary General Assembly meetings are scheduled in August and September to seek approval for the changes to articles.

All the changes required to the articles have been uploaded to Woqod's IR website, and you can get the details from Woqod's IR website on that. Woqod's results reflect the resilience of our business, the financial strength, and our continued focus on safety, reliability, and operational efficiency.

Woqod's fundamentals continue to remain robust, and Woqod is committed to meet all its strategic goals while placing safety as a top priority. Woqod has a strong leadership committed towards delivering the results to its shareholders.

With this, we are ready for the Q&A session. Thank you.

Hi, thanks for the call. A couple of questions from my side.

On the stations, how many stations are you planning to add in H2 2026?

Our plan is to add four more stations where the construction is progressing. We hope to complete before end of this year.

By end of 2026, we will have an additional four stations.

That's right.

What is the expected capex for the full year?

With this and many other reliability projects, we would expect anywhere between 200 to 300 million when we close the year.

For the full year.

Yes.

A question on the diesel and jet fuel segments. What sales volumes are you seeing in July so far?

When do you expect the volumes to normalize to pre-March levels?

The first half volumes are clearly given in the presentation. It's clear, you can refer to that.

In terms of normalizing of the volume, it all depends on the current circumstances. We are all watching the situation.

The good part is that, to a certain degree, the non-jet-fuel segment has normalized towards the end of July, I would say. The jet fuel is still in the recovery phase.

It all depending, again, on the current circumstances.

Okay. Do you have any number on the estimated number on the jet fuel sales in July?

On an average, we are selling around 500 million liters of jet fuel. It's in a normal month.

At this point, we are close to 80%, 85% of that sales. That's what our forecast is.

500 million, sorry? 500 I didn't get that.

We are selling on an average 500 million liters plus on jet fuel in a normal month. Now, currently we are selling around 80 to 85% of that.

It all depend again on the situation and the circumstances. I cannot say that this will sustain at this level or increase or decrease, but this is what we see now.

What is the sales price for the jet fuel that you sell?

The commercially sensitive information, we cannot disclose it for now. You can contact our marketing department if you have any contract with us.

Thank you.

Okay. Finally two questions.

On the G&A, what was the reason for the drop from Q2 versus Q1?

It's the continued optimization efforts that you see that in a trend in the last several years. We always continue to look for opportunity in optimizing, and that's the only reason.

That's all.

We can expect this for the rest of the year, the Q2 G&A as a figure for the rest of the year? The same run rate?

We always try to optimize the cost. I would say that this is somewhat in that level, yes.

Okay. The question on the dividend.

Can you give us some color on the dividend policy and dividend timing? We didn't see any dividend declaration during the results.

Is there any change?

The current circumstance very well. Woqod is taking a cautious stance in the current circumstances, and definitely by the year-end we will clearly state our dividend after the year-end board is over.

We will come back and tell you at that point of time. It's only because of the current circumstances.

There is no policy change, I would say, at this point of time. It's only to make sure that everything is very well taken care of in the current circumstances.

That's all.

Thank you. That was very helpful.

Hi. Thank you for the presentation.

At least some of my questions already were answered from the earlier question that was asked. I do have some queries on the diesel volume that you are showing the trend, and just to understand this diesel volume, is it just for bunkering for ships, or does it include also trucking?

Because as I understand, while jet fuel has seen some recovery, on the bunkering side for ships, this is quite a healthy number given the fact that the Hormuz was closed most of the time. Maybe you can give us a little bit more breakdown on what was using the diesel during this time in second quarter?

The volume that is stated in slide 7 includes all the volume. As you can see that, as compared to first quarter, sales improved by almost 4% in second quarter.

That includes the bunkering, B2B, B2C, and all segments together.

None of it is for trucking? Bunkering is usually referring to for the ships only.

Bunkering and B2B segments, that includes everything. All the business here in Qatar, and the B2C, which is the normal end consumers.

All right. Will you be able to give some breakdown between that?

How much of it is going to bunkering for ships, and how much of it is B2B?

I would say generally, just 1/3 it is bunkering. That side is kind of, as you rightly said, because of the current situation is facing some challenges as the ships cannot move.

Other segments are going with the market trend.

Can we get also some color on the jet fuel pricing currently for the last two two months versus what it was previously?

It's there in the slide 7, jet fuel, as we explained in the previous one, it is a commercially sensitive information, and need to have a specific agreement to disclose such things in line with the agreement with the supplier.

How about just a percentage change, just for a sense of it rather than just a number? Just a ballpark number.

It's in line with the market trend.

All right. Thank you.

Hi, thanks for the call. I have just one question regarding the gross margin.

Gross margin has improved despite we are seeing a decline in the revenue. I just wanted to ask and understand what drove the margin expansion, and is the current level sustainable through the rest of the year?

That's a good question. On one side, we are trying to control the cost in the current circumstance.

On the other side, the price has recently increased with the trend in the Brent price increases, and that resulted in some inventory-related price variances. That has contributed.

Is that trend continue? It all depend on the market prices, which we are not sure it will happen future.

At this point during the first half, this is what has happened.

Thank you.

Thank you. Just have one follow-up on the four stations that will be added in 2026.

Can you give us the number of stations per quarter that will be added?

Four station is what we're planning to add for the second half of this year. Although most of it going to be added towards later part of this year, but I would say we expect to add one during this quarter, remaining three maybe in the last quarter.

That's our plan.

The remaining three will be end of Q4, I assume.

Yes, that's a plan.

Thank you.