Nomu H1 2026 Report

2025 marked a reset in Nomu’s market dynamics, while H1 2026 reinforced the importance of strong fundamentals, disciplined pricing, and execution quality in an increasingly selective investment environment.

*Nomu market performance during Q2 2026 was mixed, with gains concentrated in a limited number of sectors and companies. The NomuC Index rose 1.5% QoQ to 23,051.10 points.

*The total market capitalization increased marginally by 0.7% QoQ to SAR 39.13bn.

*Investor sentiment stayed cautious, and Nomu now trades at a P/E of 15.7x, well below its historical average of 23.9x, signaling room for recovery if fundamentals stabilize.

*MSGA’s July listing at SAR 666.7mn — priced at a ~37% discount to Nomu’s median P/E (9.7x vs. 15.7x). 

*IPO activity remained subdued in H1 2026, with four cancellations. However, four Nomu approvals in the pipeline—including three in late June—signal strengthening momentum heading into H2.

H2 2026 Outlook

*The late-June approvals support a potentially stronger IPO pipeline, with ~40 companies flagged in the listing queue; actual market improvement will depend on whether approved companies proceed with their offerings and listings.

*Investors are likely to remain focused on profitability, liquidity, governance, and realistic valuations, while regulatory developments may continue to support Nomu’s role as a funding platform for growing Saudi companies.