The CMA proposes twice-yearly earnings calls for Main Market companies.

Saudi listed companies would need to explain their results, discuss future financial performance and answer investors’ questions within five business days of releasing annual and second-quarter interim results. Preparation would need to begin before the results announcement.(1)
Published on 29 September 2026G, the proposal would make earnings calls a regular requirement for Main Market companies. Issuers should assess whether reporting systems, management preparation and disclosure controls can support the proposed timetable. IPO candidates should incorporate that assessment into their readiness work.(1)

CONSULTATION TIMETABLE
Comments close on 29 October 2026G. The draft envisages commencement from the announcement of annual financial results for 2026G, subject to final approval. The requirements remain proposals and are not yet in force.(1)

CMA proposal describes the draft requirements. Practical implications and preparation steps reflect our analysis and recommendations.

What the draft would require
Scope and frequency. Companies listed on the Main Market would hold two calls each year: one after announcing annual financial results and one after announcing second-quarter interim financial results. The draft does not extend this requirement to Nomu companies.

Timing and access. Each call would take place within five business days of the relevant results announcement and after market close. The Company would announce the call on its website, explain how it would be conducted and specify the registration process.
Discussion and publication. Company representatives would discuss financial results, guidance on future financial performance, challenges and opportunities, and answer participants’ questions. The presentation and recorded call would be published immediately on the Company’s website.

Financial guidance needs particular attention
CMA proposal. The draft expressly includes guidance on future financial performance among the subjects for discussion. It does not specify mandatory numerical indicators, a forecast horizon or a prescribed form of guidance. It should therefore not be described as requiring every listed company to publish a quantified annual profit forecast.
Practical implications. Management should agree what it can support with evidence before speaking publicly. Any outlook should identify the relevant period, material assumptions and uncertainties. Changes from earlier guidance should be explained consistently across the results announcement, presentation and answers. A general disclaimer cannot substitute for a properly supported statement.
The separate IPO consultation proposes forward-looking information and forecasts covering at least one year. If both measures are adopted, newly listed companies would need a process for explaining performance against the expectations disclosed during the Offering. The earnings-call draft does not itself reproduce the IPO forecast requirements or the proposed financial adviser diligence obligation.(2)

Existing disclosure duties would continue
Articles 63 and 64 of the Rules on the Offer of Securities and Continuing Obligations require accurate, non-misleading disclosure and disclosure of material developments without delay. A scheduled call would not justify deferring a required announcement. Nor should publication of a recording on the Company’s website be treated as satisfying every applicable disclosure requirement.(3)
Presenters should know how to handle questions involving unpublished material information. Legal and investor relations teams should agree an escalation process for unexpected statements, possible corrections and any separate market announcement that may be needed.

How companies should prepare
Build the call into the reporting calendar. Prepare the presentation, supporting data and anticipated questions alongside the results announcement. Allocate responsibility for financial verification, legal review, approval, recording and publication. Resolve inconsistencies before releasing results.
Rehearse substantive questions. Management should be able to explain changes in revenue, margins, cash generation and material business risks. For IPO candidates, a rehearsal using an actual reporting period can reveal gaps in management information and weaknesses in the explanation of performance before listing.
Document the basis for guidance. Keep dated assumptions, reconciliations and approvals supporting the outlook. Review whether subsequent developments require an update rather than waiting for the next scheduled call. Distinguish a revised expectation from an error in the original disclosure.
Test access and publication. Confirm that registration, recording and website arrangements work, including a contingency for technical failure. Retain the approved presentation, recording and supporting materials. The draft does not prescribe a retention period or require a transcript.

Points worth addressing in consultation
Clarification would be useful on the expected content and level of detail of financial guidance, who may register and participate, notice periods and language arrangements. Other open points include technical interruptions, participation by named executives and the treatment of newly listed companies.
Issuers should identify preparation gaps now, while the requirements remain under consultation, so that management can discuss performance confidently and consistently with the Company’s public disclosure.
Robert Vydra | Partner | rvydra@statlawksa.com

Sources and notes
(1) CMA consultation announcement, 29 September 2026G. Consultation closes on 29 October 2026G. Announcement
(2) CMA, separate consultation on enhancing IPO practices, 22 September 2026G. IPO consultation
(3) Rules on the Offer of Securities and Continuing Obligations, Articles 63 and 64, amended 19 January 2026G. Rules
This alert reflects the proposal as of 2 October 2026G. The proposal is appended in an unofficial English translation followed by the Arabic original, which should be consulted for its precise terms.

Disclaimer
The opinions expressed in this client alert are solely those of the author and do not represent the views of any other party. This content is provided for informational purposes only and should not be construed as legal advice on any subject matter. No recipient of this client alert, clients or otherwise, should act or refrain from acting based on any content included herein without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient’s jurisdiction. The content of this client alert is intended to provide a general guide to the subject matter and may not necessarily capture the latest legal developments.

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