Saudi regulator drafts twice-yearly earnings calls
The Capital Market Authority's draft would require Tadawul Main Market issuers to hold an earnings call within five business days of each results announcement. Consultation runs to 29 October 2026, so the requirement is not yet final.
Saudi Arabia's Capital Market Authority has proposed that every Main Market company hold earnings calls twice a year, within five business days of announcing results, with recordings published promptly. The draft is open for consultation until 29 October 2026 and would apply from fiscal 2026 annual results, so it is a proposal, not yet a rule.
The Gulf Tape Desk · 3 min read- The Capital Market Authority's draft would make earnings calls mandatory twice a year for Main Market-listed companies.
- Each call would have to take place within five business days of the company announcing its financial results, after the market closes.
- Companies would have to announce the call in advance with registration details and promptly publish the presentation and a recording.
- The public consultation runs 30 calendar days, to 29 October 2026, and the rules are expected to apply from fiscal 2026 annual results.
- This is a draft. Final wording, scope and timing could change after the consultation.
Saudi Arabia's Capital Market Authority has put out draft provisions that would oblige companies on the Tadawul Main Market to hold earnings calls twice a year within a fixed window after results. AGBI reported the proposal, and Argaam's account of the draft adds the detail on timing, publication and the consultation deadline. It is a draft, and nothing in it binds issuers yet.
What the draft would require
The draft would make a call mandatory twice a year and place it within five business days of the results announcement, after the market closes, according to Argaam's summary. Companies would announce the call on their websites beforehand with registration details. They would cover results, forward guidance, operational challenges and opportunities, and answer participants' questions, then promptly publish the presentation and a recording so all investors see the same material.
Why the timeline matters
The consultation runs 30 calendar days and closes on 29 October 2026 on the Istitlaa platform, per Argaam. The provisions are expected to apply from annual results for fiscal 2026, which would mean the first calls fall in early 2027. Until the authority publishes a final text, the five-business-day window, the twice-yearly cadence and the scope of covered issuers should all be read as proposed, not settled.
What it means for investors and issuers
The stated aim, in AGBI's account of the regulator's statement, is better disclosure between listed companies and their investors and analysts. The publication requirement is the substantive piece: a recording and presentation available to everyone narrows the gap between those who dial in and those who do not. Whether issuers respond with fuller guidance or more cautious scripts is not something the draft itself settles, and it will only show in the first calls.
What to watch next is the authority's response to consultation feedback after 29 October, any change to the five-business-day window, and whether the final text keeps the fiscal 2026 start. Those three points will decide how much of the pipeline of reporting-season information reaches the market at once.
- What has the Capital Market Authority proposed?
- Draft regulatory provisions would require companies listed on the Tadawul Main Market to hold earnings calls twice a year. Each call must fall within five business days of the results announcement, with the presentation and a recording made available promptly to all investors.
- Are the earnings call rules already in force?
- No. The provisions are a draft under public consultation until 29 October 2026 on the Istitlaa platform. They are expected to take effect from the fiscal 2026 annual results announcements, according to Argaam's report of the draft.
- Why does the regulator want earnings calls?
- The Capital Market Authority says the aim is to strengthen disclosure and transparency between listed companies and their investors and analysts. The draft also frames it as giving all market participants equal access to the information management shares on a call.