Dear Readers:

Mithaq Holding—together with its related entities, including Mithaq Capital SPC, an independent limited-investor, private mutual fund licensed by the Cayman Islands Monetary Authority (collectively, “Mithaq”)—is a global, decentralized investment conglomerate actively deploying patient capital across publicly traded equities, private equity, and real estate with its origins in Saudi Arabia and principal offices in Riyadh and New York. Mithaq has cemented its reputation as a reliable and strategic capital partner by upholding the highest ethical, moral, and fiduciary standards. We are fundamentally driven by a long-term, value-oriented investment approach grounded in independent thinking and disciplined value investing, with margin-of-safety as a core principle.

At Mithaq, we seek durable wealth through capital preservation and long-term compounding. We allocate capital thoughtfully and selectively into a concentrated collection of high-quality businesses—public or private—led by capable, honest, and owner-minded managers, through full or partial ownership stakes acquired below our conservative estimates of intrinsic value, based on careful analysis. We emphasize focus over breadth—concentrating on our highest-conviction ideas and holding them over a long period or until fruition. As long-term owners, we seek to influence and encourage portfolio companies’ management to think and act like owners, focusing on owner-aligned executive compensation and disciplined capital allocation to build shareholder returns over time.

In many respects, we depart from the conventional definition of a conglomerate. Our flexibility allows us to adapt to changing market landscapes, and Mithaq operates under a model of autonomy-and-trust, rather than a typical bureaucratic command-and-control framework. Our business model relies first and foremost on mutual trust and respect rather than solely on traditional internal controls. While our operations are highly decentralized, our capital allocation decisions are highly centralized. This balance of loose and tight control is based on trust to an extreme degree. We are prepared to remain patient for long periods, and when the right opportunities emerge, our structure allows us to act quickly and decisively. By design, we are opportunistic and both geography- and sector-agnostic, pursuing investments where strong fundamentals, capable leadership, and compelling value converge. We take a long-term perspective that extends well beyond quarterly results, supported by the patience, resilience, and discipline required to build lasting value.

Our decades-long relationships and business partnerships are grounded in a simple yet defining principle embedded in our slogan: Trust. Trust is the foundation of everything we do and a sine qua non in all our endeavors. It governs how we operate, engage, and invest. We champion lifelong partnerships and aspire to serve as a permanent, trusted home for founders, owners, and like-minded operators. If you are an owner or operator seeking alignment, permanence, and a long-term steward for your life’s work, we invite you to contact us.

Since our inception, we’ve sought to create meaningful, enduring value not only for our shareholders but also for the people and communities in which we operate. We strive to make a positive impact on others and leave the world better than we found it. Mithaq’s shareholders have a distinguished heritage dating back to the mid-20th century, rooted in the late Sheikh Saleh A. AlRajhi (1921–2011), a visionary entrepreneur and dedicated philanthropist who played a pivotal role in Saudi Arabia’s economic and social landscape. His legacy includes the founding of AlRajhi Bank—one of the world’s earliest and largest Islamic banking institutions. His principles, entrepreneurial spirit, and unshakable integrity continue to guide us.