Interim report
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Industries Qatar Q.P.S.C. Condensed consolidated interim financial information 30 September 2026
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Industries Qatar Q.P.S.C. Condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 Contents Page(s) Independent auditor’s report on review of condensed consolidated interim financial information 1-2 Condensed consolidated interim financial information: Condensed consolidated statement of financial position 3 Condensed consolidated statement of profit or loss 4 Condensed consolidated statement of comprehensive income 5 Condensed consolidated statement of changes in equity 6 Condensed consolidated statement of cash flows 7-8 Notes to the condensed consolidated interim financial information 9-26
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1 Independent auditor ’s report on review of condensed consolidated interim financial information To the Shareholders of Industries Qatar Q.P.S.C. Introduction We have reviewed the accompanying 30 September 2026 condensed consolidated interim financial information of Industries Qatar Q.P.S.C. (the Company) and its subsidiaries (together the “Group”), which comprises: • the condensed consolidated statement of financial position as at 30 September 2026; • the condensed consolidated statement of profit or loss for the three-month and nine-month periods ended 30 September 2026; • the condensed consolidated statement of comprehensive income for the three-month and nine-month periods ended 30 September 2026; • the condensed consolidated statement of changes in equity for the nine-month period ended 30 September 2026; • the condensed consolidated statement of cash flows for the nine-month period ended 30 September 2026; and • notes to the condensed consolidated interim financial information. The Board of Directors of the Company is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, ‘Interim Financial Reporting’. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review. Scope of Review We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inq uiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and c onsequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. KPMG Zone 25 C Ring Road Street 230, Building 246 P.O Box 4473, Doha State of Qatar Telephone: +974 4457 6444 Fax: +974 4436 7411 Website: kpmg.com/qa KPMG, Qatar Branch is registered with the Ministry of Commerce and Industry, State of Qatar, and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. The KPMG name and logo are registered trademarks of KPMG International.
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2 Independent auditor ’s report on review of condensed consolidated interim financial information (continued) Industries Qatar Q.P.S.C. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying 30 September 2026 condensed consolidated interim financial information is not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’. Other Matter The corresponding figures presented in the accompanying condensed consolidated interim financial information for the three - month and the nine -month periods ended 30 September 2025 have not been reviewed, and we do not express any review conclusion on them. 28 October 2026 Gopal Balasubramaniam Doha KPMG State of Qatar Qatar Auditor’s Registry Number 251 Licensed by QFMA: External Auditor’s License No. 120153
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Industries Qatar Q.P.S.C. Condensed consolidated statement of profit or loss For the three-month and nine-month periods ended 30 September 2026 QR ‘000 The accompanying notes 1 to 27 are an integral part of this condensed consolidated interim financial information. 4 For the three-month period ended 30 September For the nine-month period ended 30 September Note 2026 (Reviewed) 2025 (Un-reviewed) 2026 (Reviewed) 2025 (Un-reviewed) Revenues 16 1,739,064 4,440,069 6,845,525 11,740,415 Cost of sales 17 (2,062,990) (3,120,653) (6,586,415) (8,843,992) Gross (loss) / profit (323,926) 1,319,416 259,110 2,896,423 Other (expense) / income – net 18 (151,124) 119,228 108,217 420,656 General and administrative expenses (199,248) (192,337) (630,981) (601,912) Selling and distribution expenses (19,638) (21,327) (52,651) (49,978) Share of net results of investment in associates (43,378) 24,476 (22,797) 126,513 Share of net results of investment in joint ventures (265,385) 198,676 (452,197) 654,742 Finance costs (17,269) (7,504) (67,152) (22,934) (Loss) / profit before tax (1,019,968) 1,440,628 (858,451) 3,423,510 Income tax expense 15 (5,838) (9,961) (3,803) (27,987) (Loss) / profit for the period (1,025,806) 1,430,667 (862,254) 3,395,523 (Loss) / profit attributable to: Owners of the Company (1,024,876) 1,415,354 (809,227) 3,370,730 Non-controlling interests (930) 15,313 (53,027) 24,793 (1,025,806) 1,430,667 (862,254) 3,395,523 Earnings per share Basic and diluted earnings (QR per share) 19 (0.17) 0.23 (0.13) 0.56
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Industries Qatar Q.P.S.C. Condensed consolidated statement of comprehensive income For the three-month and nine-month periods ended 30 September 2026 QR ‘000 The accompanying notes 1 to 27 are an integral part of this condensed consolidated interim financial information. 5 For the three-month period ended 30 September For the nine-month period ended 30 September 2026 (Reviewed) 2025 (Un-reviewed) 2026 (Reviewed) 2025 (Un-reviewed) (Loss) / profit for the period (1,025,806) 1,430,667 (862,254) 3,395,523 Other comprehensive income Items that are or may be reclassified subsequently to profit or loss: Share of other comprehensive income of associates - 4,740 2,400 2,310 Total comprehensive income for the period (1,025,806) 1,435,407 (859,854) 3,397,833 Total comprehensive (loss) / income attributable to: Owners of the Company (1,024,876) 1,420,094 (806,827) 3,373,040 Non-controlling interests (930) 15,313 (53,027) 24,793 (1,025,806) 1,435,407 (859,854) 3,397,833
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Industries Qatar Q.P.S.C. Condensed consolidated statement of changes in equity For the nine-month period ended 30 September 2026 QR ‘000 The accompanying notes 1 to 27 are an integral part of this condensed consolidated interim financial information. 6 Share capital Capital contribution Legal reserve Other reserves Retained earnings Equity attributable to owners of the Company Non- controlling interests Total equity At 1 January 2025 6,050,000 - 327,059 (65,105) 31,608,979 37,920,933 895,235 38,816,168 Profit for the period - - - - 3,370,730 3,370,730 24,793 3,395,523 Other comprehensive income - - - 2,310 - 2,310 - 2,310 Total comprehensive income for the period - - - 2,310 3,370,730 3,373,040 24,793 3,397,833 Transaction with owners: Dividend declared - - - - (4,174,500) (4,174,500) (194,308) (4,368,808) At 30 September 2025 (Un-reviewed) 6,050,000 - 327,059 (62,795) 30,805,209 37,119,473 725,720 37,845,193 At 1 January 2026 6,050,000 - 360,114 (78,383) 31,598,909 37,930,640 723,225 38,653,865 Loss for the period - - - - (809,227) (809,227) (53,027) (862,254) Other comprehensive income - - - 2,400 - 2,400 - 2,400 Total comprehensive income / (loss) for the period - - - 2,400 (809,227) (806,827) (53,027) (859,854) Acquisition of non -controlling interest by an associate (Note 5) - - - - 12,663 12,663 - 12,663 Non-controlling interest derecognised on loss of control of a subsidiary (Note 5) - - - - - - (620,491) (620,491) Transaction with owners: Capital contribution (i) - 324,870 - - - 324,870 - 324,870 Dividend declared - - - - (2,722,500) (2,722,500) (34,488) (2,756,988) At 30 September 2026 (Reviewed) 6,050,000 324,870 360,114 (75,983) 28,079,845 34,738,846 15,219 34,754,065 (i) During the period, QatarEnergy transferred its 12.9% shareholding in Qatar Vinyl Company Limited (QVC) Q.P.J.S.C. to the Group at nil consideration (Note 6). QatarEnergy affected this transaction in its capacity as shareholder and the Group followed book value accounting for this transaction. Accordingly, QR 324.9 million (book value of QVC at QatarEnergy level) was recognised as investment in QVC against capital contribution from shareholder. This capital contribution relates entirely to QatarEnergy, however, does not change the rights or shareholding of QatarEnergy in the Company.
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Industries Qatar Q.P.S.C. Condensed consolidated statement of cash flows For the nine-month period ended 30 September 2026 QR ‘000 The accompanying notes 1 to 27 are an integral part of this condensed consolidated interim financial information. 7 For the nine-month period ended 30 September Note 2026 (Reviewed) 2025 (Un-reviewed) CASH FLOWS FROM OPERATING ACTIVITIES (Loss) / profit for the period (862,254) 3,395,523 Adjustments for: Depreciation of property, plant and equipment 1,274,333 1,194,534 Amortization of other non-current assets 22,857 28,108 Depreciation of right-of-use assets 44,719 45,846 Gain on investment in a joint venture 18 (165,446) - Impairment loss on investment in a joint venture 18 105,881 - Loss recognised upon loss of control of a subsidiary 5 213,814 - Gain on lease termination - (157) Provision for employees’ end of service benefits 67,236 61,373 Share of net results of investment in associates 22,797 (126,513) Share of net results of investment in joint ventures 452,197 (654,742) Loss on write-off / disposal of property, plant and equipment 9,449 248 Finance costs 67,152 22,934 Interest income (248,363) (311,538) Provision for slow-moving inventories 24,552 22,512 Write-off of inventories 4,796 - Income tax expense 15 3,803 27,987 Reversal of provision for expected credit losses (24) - Fair value loss / (gain) on equity securities 39,075 (22,761) Dividend income from equity securities (16,204) (18,660) Cash from operating activities before changes in working capital 1,060,370 3,664,694 Changes in working capital Inventories (15,164) 172,498 Trade and other receivables 1,425,133 (124,255) Trade and other payables (316,509) (588,547) Cash generated from operations 2,153,830 3,124,390 Payments of end of service benefits (49,709) (48,364) Payments of income tax (41,679) (142,334) Social and sports contribution fund paid (106,958) (102,146) Net cash from operating activities 1,955,484 2,831,546 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (1,076,787) (1,375,690) Proceeds from disposal of property, plant and equipment - 449 Movement in other non-current assets (7,077) (24,034) Movement in fixed deposits and other bank balances 2,524,596 1,499,065 Dividends received from equity securities 16,204 18,660 Dividends received from joint ventures - 368,000 Dividends received from associates 94,036 139,056 Interest received 394,013 485,337 Advance to a related party (35,060) (123,935) Additional investment in a joint venture (2,447) - Additional investment in an associate - (48,686) Loan to a joint venture (122,304) - Cash and cash equivalents derecognised upon loss of control of a subsidiary (530,364) - Net cash from investing activities 1,254,810 938,222 Continued on next page
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Industries Qatar Q.P.S.C. Condensed consolidated statement of cash flows For the nine-month period ended 30 September 2026 QR ‘000 The accompanying notes 1 to 27 are an integral part of this condensed consolidated interim financial information. 8 Continued from previous page For the nine-month period ended 30 September Note 2026 (Reviewed) 2025 (Un-reviewed) CASH FLOWS FROM FINANCING ACTIVITIES Other finance charges paid (2,252) (834) Interest paid related to lease liabilities (14,534) (21,534) Repayment of principal related to lease liabilities (55,876) (48,361) Movement in unclaimed dividends payable (4,260) (6,389) Dividend paid to non-controlling interest - (1,350) Dividend paid (2,722,500) (4,174,500) Cash used in financing activities (2,799,422) (4,252,968) Net change in cash and cash equivalents 410,872 (483,200) Cash and cash equivalents at 1 January 3,731,259 3,433,990 Cash and cash equivalents at 30 September 4,142,131 2,950,790 Non-cash transactions: The following non -cash activities are entered into by the Group and are not reflected in the condensed consolidated statement of cash flows: • The Group recogni sed an additional right -of-use assets and lease liabilities amounting to QR 1.35 million. • The Group acquired interest in Qatar Vinyl Company (QVC), a joint venture, through additional capital contribution from QatarEnergy (the shareholder) and distribution from QAPCO, a joint venture (Note 6). • The Group transferred an amount of QR 39.5 million from “Due from related parties” under Trade and other receivables to Investment in associates (Note 5). • The Group deconsolidated QAFAC upon loss of control and recognised the retained interest as an investment in associate (Note 5).
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 9 1. Legal status and principal activities Industries Qatar Q.P.S.C (the “Company” or “IQ”) is a Qatari Public Shareholding Company, incorporated in the State of Qatar on 19 April 2003, in accordance with Qatar Commercial Companies Law No. 5 of 2002, as replaced by Qatar Commercial Companies Law No. 11 of 2015, for a 50 -year term by resolution No. 33 of 2003 from the Ministry of Commerce and Industry of the State of Qatar. The Company’s shares are listed on the Qatar Stock Exchange. The Company’s registered office is situated in Doha, State of Qatar. QatarEnergy is the controlling shareholder of the Company (referred to as the “Parent”), and QatarEnergy is owned by Supreme Council for Economic Affairs and Investment of the Government of State of Qatar, which is the ultimate controlling party. IQ, its subsidiaries, associates and joint ventures ( together the “Group”) operate in three main distinct segments: petrochemicals, fertilisers and steel. More information about the Group ’s activities is given in Note 22. The following changes have occurred in the Group’s structure since the date of the last annual audited consolidated financial statements (31 December 2025): (i) During the period, the Group acquired interest in Qatar Vinyl Company Limited (QVC) Q.P.J.S.C. through share transfer from QatarEnergy and Qatar Petrochemical Company (QAPCO) Q.P.J.S.C. . The objectives of QVC are to design, construct, commission, own, manage, operate and maintain a facility together with ancillary structures, buildings and equipment for the production, storage, marketing, delivery and sale of caustic soda, ethylene dichloride and vinyl chloride monomer (Note 6). (ii) During the period, Qatar Fuel Additives Company Limited Q.P.S.C. (QAFAC) amended and restated its Articles of Association (AOA), resulting in changes to the governance and decision -making rights of its shareholders. Following an assessment of the revised governance arrangements and decision - making rights, the Group concluded that it had lost control of QAFAC with effect from 1 July 2026. (Note 5). 2. Basis of accounting 2.1 Statement of compliance The condensed consolidated interim financial information for the nine-month period ended 30 September 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting, and should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended 31 December 2025 (‘last annual financial statements’). They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements. In addition, results for the nine-month period ended 30 September 2026 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2026. 2.2 Basis of measurement This condensed consolidated interim financial information has been prepared using the historical cost basis except for certain assets at fair value through profit or loss, which are measured at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: - Level 1: quoted prices (unadjusted) prices in active markets for identical assets or liabilities; - Level 2: inputs other than quoted prices included within level 1 that are observable for the assets o r liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and - Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 10 2. Basis of accounting (continued) 2.3 Functional and presentation currency The condensed consolidated interim financial information is presented in Qatari Riyals (QR), which is the Company’s functional currency. All the financial information presented in th is interim condensed consolidated financial information has been rounded off to nearest thousands (QR ‘000) except where otherwise indicated. 2.4 Financial risk management The Group’s financial risk management objectives and policies are consistent with those disclosed in last annual financial statements. 2.5 Use of judgments and estimates In preparing this condensed consolidated interim financial information, management has made judgments and estimates about the future that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements , refer Note 26. 3. Material accounting policies Except as described below, the accounting policies used in the preparation of this condensed consolidated interim financial information are consistent with those used in the preparation of the Group’s last annual financial statements. New amendments to accounting standards issued and effective During the current period, the Group adopted the below new accounting standards and amendments as applicable, that are effective for an annual reporting period beginning on 1 January 2026. Effective from 1 January 2026 • Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 • Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 • Annual Improvements to IFRS Accounting Standards – Volume 11 The application of these amendments had no material impact on the Group’s condensed consolidated interim financial information. Amendments to accounting standards not yet effective, but available for early adoption The below amendments to accounting standards that are not yet effective but available for early adoption, have not been applied in preparing this condensed consolidated interim financial information: Effective for the year beginning 1 January 2027 • IFRS 18 Presentation and Disclosure in Financial Statements • IFRS 19 Subsidiaries without Public Accountability: Disclosures Available for optional adoption / effective date deferred indefinitely • Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to IFRS 10 and IAS 28 Management anticipates that these new accounting standards and amendments to accounting standards will be adopted in the Group ’s condensed consolidated interim financial information as and when they are applicable and adoption of these amendments to accounting standards is not expected to have a material impact on the condensed consolidated interim financial information of the Group in the period of initial application except for IFRS 18 Presentation and Disclosure in Financial Statements. The Group is still in the process of assessing the impact of the new standard, particularly with respect to the structure of the Group’s statement of profit or loss, the statement of cash flows and additional disclosures required for Management - defined performance measures (MPMs). The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as ‘other’.
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 QR ‘000 11 4. Property, plant and equipment 5. Investments in associates The carrying amount of each associate is as follows: The movement in carrying amount of associates is as follows: 30 September 2026 31 December 2025 (Reviewed) (Audited) At 1 January 2,139,237 2,081,580 Additional investment in an associate (1) 39,497 60,887 Acquisition of non-controlling interest by an associate (2) 12,663 - Recognition of investment in associate upon loss of control (3) 675,899 Share of net results from associates (22,797) 139,838 Net share of other comprehensive income 2,400 (4,012) Dividends received (94,036) (139,056) At 30 September / 31 December 2,752,863 2,139,237 (1) During the nine-month period ended 30 September 2026 , pursuant to a resolution passed among the shareholders of SOLB Steel Company (SOLB) , an amount of QR 39.5 million previously recorded as “ Due from related parties” was reclassified to “Investments in associates”. This reclassification did not result in any change in the Group’s ownership interest in SOLB. (2) During the nine -month period ended 30 September 2026, Foulath Holding B.S.C. (Foulath) acquired non-controlling interests in its subsidiaries , which increased net assets of Foulath by QR 50.64 million. This resulted in an increase of QR 12.66 million in the Group's share of net assets of Foulath, recognised as increase in carrying value of investment against credit to the Group’s retained earnings. (3) Loss of control of QAFAC During the period, with effect from 1 July 2026, Qatar Fuel Additives Company Limited Q.P.S.C. (QAFAC) amended and restated its Articles of Association (AOA), resulting in changes to the governance and decision- making rights of its shareholders. 30 September 2026 31 December 2025 (Reviewed) (Audited) At 1 January 17,306,006 15,756,977 Additions 1,076,787 2,947,788 Depreciation for the period / year (1,274,333) (1,688,543) Transfers from capital advance 31,126 68,736 Disposals and write-offs (32,626) (952) Reversal of impairment - 222,000 Derecognition upon loss of control of a subsidiary (Note 5(3)) (1,576,021) - At 30 September / 31 December 15,530,939 17,306,006 30 September 2026 31 December 2025 (Reviewed) (Audited) Foulath Holding B.S.C. 1,832,825 1,853,210 SOLB Steel Company (SOLB) 265,156 266,996 Qatar Metals Coating Company W.L.L. 18,257 19,031 Qatar Fuel Additives Company Limited (QAFAC) (3) 636,625 - 2,752,863 2,139,237
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 QR ‘000 12 5. Investments in associates (continued) (3) Loss of control of QAFAC (continued) The key terms and governance changes are as follows; - QatarEnergy (other 50% shareholder in QAFAC) and the Group have the right to appoint 2 directors each. - QatarEnergy was granted the right to appoint the Chairman from its nominated directors. - Board decisions and resolutions are to be approved by a simple majority (51%) of the directors entitled to vote, with the Chairman (appointed by QatarEnergy) having a casting vote in the event of a tie. Following an assessment of the revised governance arrangements and decision -making rights, the Group concluded that it had lost control of QAFAC with effect from 1 July 2026. In accordance with IFRS 10, the Group derecognised QAFAC's assets and liabilities and the related non - controlling interests, recognised its retained interest as investment in associate at fair value on the date control was lost, and recognised the resulting loss in profit or loss. The retained interest is subsequently accounted for as an investment in an associate using the equity method in accordance with IAS 28 - Investments in Associates and Joint Ventures. The financial impact arising from the loss of control of QAFAC is as follows: Amount (QR’000) Property, plant and equipment 1,576,021 Right-of-use assets 72,247 Other non-current assets 37,936 Deferred tax asset 46,640 Inventories 461,353 Trade and other receivables 281,056 Cash and cash equivalents 530,364 Lease liabilities (73,986) Long-term provisions (623,548) Deferred tax liability (55,668) Trade and other payables (742,211) Derecognition of QAFAC’s net assets as of 1 July 2026 1,510,204 Less: derecognition of non-controlling interest related to QAFAC on 1 July 2026 (620,491) Less: fair value of QAFAC’s retained interest on 1 July 2026 (i) (675,899) Loss recognised upon loss of control of QAFAC (Note 18) 213,814 (i) The fair value of QAFAC’s net assets as at 1 July 2026 was determined to be QR 1,351.8 million using Net Asset Value approach, of which the Group’s 50% share amounted to QR 675.9 million. The fair value of QAFAC’s property, plant and equipment was determined with the assistance from an independent external valuation specialist. The valuation of property, plant and equipment was performed using the Depreciated Replacement Cost (DRC) method, as the assets are specialised in nature and not directly comparable in the market. This approach reflects the current replacement cost of the assets, adjusted for allowances for obsolescence. The valuation of inventories primarily relates to finished goods and was valued based on observable selling prices as at 1 July 2026, net of costs to sell and including a reasonable margin for selling effort. The carrying values of other inventory components were assessed to approximate fair value. The valuation of catalysts primarily related to p latinum and palladium and was based on observable market prices as at 1 July 2026. The carrying values of other catalysts were assessed to approximate fair values. The carrying values of the remaining identifiable assets and liabilities are a reasonable approximation of their respective fair values. The fair values determined are categorized within Level 3 of the fair value hierarchy.
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 QR ‘000 13 6. Investments in joint ventures The movement in carrying amount of the joint ventures is as follows: 30 September 2026 31 December 2025 (Reviewed) (Audited) At 1 January 5,282,924 5,846,070 Acquisition of a joint venture (1) 1,275,025 - Additional investment in a joint venture 2,447 - Share of (loss) / profit including adjustment related to tax benefit (452,197) 674,891 Share of other comprehensive loss - (7,333) Impairment of investment in a joint venture (2) (105,881) - Dividends and tax benefits (306,093) (1,230,704) At 30 September / 31 December 5,696,225 5,282,924 Investment in Qatar Vinyl Company (QVC) (1) Following the expiry of the existing joint venture a greement of QVC on 1 May 2026 , QAPCO and QatarEnergy transferred their respective 31.9% and 12.9% shareholdings in QVC to the Company at nil consideration. Effective 2 May 2026, t he Group holds 44.8% shareholding in QVC while remaining 55.2% shareholding is held by Mesaieed Petrochemical Holding Company Q.P.S.C. (a company controlled by the Parent) (MPHC). Based on the arrangement between the Group and MPHC, both have joint control over the relevant activities of QVC and all the decisions require unanimous approval of both the Group and MPHC. The Group has recognised investment in QVC as follows: Amount (QR’000) Shareholding received from QatarEnergy (i) 324,870 Shareholding received from QAPCO (iii) 306,093 Shareholding received from co-venturer in QAPCO (iv) 165,446 Advances given to QVC converted to investment (v) 478,616 Cost of investment 1,275,025 Less: fair value of investment (IQ’s share) as of 2 May 2026 (1,161,754) Embedded goodwill 113,271 i. 12.9% shareholding received from QatarEnergy was recognised at carrying amount as recorded in the books of QatarEnergy as at 2 May 2026 , which amounts to QR 324. 9 million. This was recognised as investment in QVC against capital contribution from the shareholder, recorded within equity. ii. 31.9% shareholding received from QAPCO has two portions, i.e., i) 25.52% (80% of 31.9%) which is IQ’s own share as IQ holds 80% investment in QAPCO and ii) 6.38% (20% of 31.9%) which is free share received from co-venturer in QAPCO. iii. 25.52% shareholding received from QAPCO was recognised at carrying amount as recorded in the books of QAPCO as at 2 May 2026, which amounts to QR 306.1 million. This was recognised as investment in QVC against receipt of dividend from QAPCO. iv. 6.38% shareholding received from QAPCO was recognised at fair value as of 2 May 2026, which amounts to QR 165.4 million. This represents free shares received from co-venturer in QAPCO which is a third party. This was recognised as investment in QVC against other income recorded in profit or loss (Note 18). v. The advances given to QVC amounting to QR 478.6 million as of 2 May 2026 have been converted to investment in joint venture. The Group determined the fair value of QVC as of 2 May 2026 using discounted cash flow approach using the following assumptions: • Discount rate: 12% • Utilization of capacity: 90% • Earnings before interest, tax, depreciation and amortisation (EBITDA) margin: 21% • Projected cash flows over: 20 years
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 QR ‘000 14 6. Investments in joint ventures (continued) Investment in Qatar Vinyl Company (QVC) (continued) As of 2 May 2026, t he difference between the cost of investment and the fair value amounting to QR 113.3 million has been accounted for as embedded goodwill, recorded within the carrying value of the joint venture. (2) The Group performed an assessment of its investment in joint ventures also incorporating the impact of geopolitical environment and identified impairment for indicators in its investment in QVC. The Group carried out a valuation exercise and determined the recoverable amount of investment in QVC using discounted cash flow approach with similar assumptions and inputs as of 2 May 2026 disclosed above. Based on the valuation, the Group identified and recorded an impairment loss as follows: 30 September 2026 (Reviewed) Recoverable amount of IQ’s share in QVC 1,152,929 Carrying amount of QVC (1,258,810) Impairment loss on investment in a joint venture (Note 18) (105,881) 7. Advances 30 September 2026 31 December 2025 (Reviewed) (Audited) Capital project advances 4,809 35,935 Advances for investment in Qatar Vinyl Company (QVC) (i) - 443,556 4,809 479,491 (i) On 1 March 2022, the Company entered into a ‘Principles Agreement’ with QVC and the shareholders to develop, build and operate a Polyvinyl Chloride (PVC) manufacturing facility. The project is funded by the Company (44.8%) and MPHC (55.2%) as per the ‘Principles Agreement’. In accordance with the Principles Agreement, QAPCO and QatarEnergy transferred their respective 31.9% and 12.9% shareholdings in QVC to the Company for nil consideration on 1 May 2026, being the expiry date of the QVC’s existing joint venture agreement. The Company paid additional advances of QR 35.1 million during the period from 1 January 2026 to 1 May 2026, bringing the total advances to QR 478.6 million. These advances have been transferred to investment in joint venture (Note 6).
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 QR ‘000 15 8. Right-of-use assets and lease liabilities Group as a lessee The Group leases several assets including land and buildings, heavy duty equipment, motor vehicles and other assets. The lease term ranges between 2 – 30 years for land and buildings and 2 – 10 years for all other assets. Right-of-use assets Lease liabilities At 1 January 2025 (Audited) 336,951 455,128 Additions 20,369 20,369 Depreciation expense (61,986) - Interest expense - 24,004 Payments - (90,375) Modifications (4,224) (4,387) At 31 December 2025 (Audited) 291,110 404,739 Additions during the period 1,352 1,352 Lease modification and other adjustments (1,158) (1,158) Depreciation expense (44,719) - Derecognition upon loss of control of a subsidiary (Note 5(3)) (72,247) (73,986) Interest expense - 14,532 Payments - (70,410) At 30 September 2026 (Reviewed) 174,338 275,069 The lease liabilities are presented as follows: 30 September 2026 31 December 2025 (Reviewed) (Audited) Non-current 210,027 334,043 Current 65,042 70,696 275,069 404,739 9. Trade and other receivables 30 September 2026 31 December 2025 (Reviewed) (Audited) Trade accounts receivable 1,049,966 1,312,782 Due from related parties (Note 10.2) 514,825 1,997,464 Advances to suppliers 236,485 10,784 Prepayments 42,031 51,053 Loans to employees 129,142 118,222 Accrued interest 74,174 219,824 Other receivables 230,816 147,918 2,277,439 3,858,047 Less: expected credit losses (53,835) (58,392) 2,223,604 3,799,655
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 QR ‘000 16 10. Related party disclosures Related parties, as defined in International Accounting Standard 24: Related Party Disclosures , include associate companies, major shareholders, directors and other key management personnel of the Company, and entities controlled, jointly controlled or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the respective management. 10.1 Related party transactions Transactions with related parties included in profit or loss are as follows: For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Un-reviewed) (Reviewed) (Un-reviewed) Sales of goods and services Parent - QatarEnergy - 4,325 8,814 13,020 Associates 78,177 52,863 189,416 241,561 Joint venture 78 - 92 - Affiliates 20 273 1,448 786 Entities under common control 425,966 3,091,677 3,367,942 8,118,651 504,241 3,149,138 3,567,712 8,374,018 For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Un-reviewed) (Reviewed) (Un-reviewed) Purchases of goods and services Parent – QatarEnergy 330,103 1,058,330 2,362,084 3,752,600 Associates 1,131 - 1,146 11 Affiliates 18,523 279,103 207,690 834,155 Entities under common control 13,989 16,097 50,401 49,977 Advances given Affiliates - 50,553 35,060 123,935 363,746 1,404,083 2,656,381 4,760,678 For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Un-reviewed) (Reviewed) (Un-reviewed) Dividends received Associates - 139,056 94,036 139,056 Foreign currency bought from the Parent and affiliates 109,200 127,036 109,200 985,821 Foreign currency sold to the Parent 460,742 625,290 1,119,118 1,680,890 Refer Note 6 for related party transactions for investment in QVC.
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 QR ‘000 17 10. Related party disclosures (continued) 10.2 Related party balances Outstanding balances as at 30 September 2026 and 31 December 2025 are unsecured and interest -free. Other than those mentioned, there have been no guarantees provided or received for any related party receivables or payables. Due from related parties 30 September 2026 31 December 2025 (Reviewed) (Audited) Parent – QatarEnergy - 7,223 Joint venture (1) 122,317 635,615 Associates 346,709 309,809 Entities under common control 45,799 1,044,687 Affiliates - 130 514,825 1,997,464 Less: expected credit loss (53,614) (58,038) 461,211 1,939,426 (1) During the period, the Group provided an interest-free loan of QR 122.3 million (31 December 2025: nil) to its joint venture, Qatar Vinyl Company Q.P.J.S.C. (QVC), repayable on 30 September 2027. The Group assessed the impact of discounting the loan using an applicable market rate of interest and concluded that the impact was not material. Accordingly, the loan has been recognised at its nominal amount. Due from related parties are unsecured and non -interest bearing. These are collectible within the Group’s normal credit term. Due to related parties 30 September 2026 31 December 2025 (Reviewed) (Audited) Parent – QatarEnergy 166,989 761,903 Joint venture 36 - Associates 1,087 - Entity under common control 5,567 8,053 Affiliates 13,116 76,165 186,795 846,121 Due to related parties are non-interest bearing and payable on demand. 10.3 Compensation of key management personnel The remuneration of directors and other members of key management during the period were as follows: For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Un-reviewed) (Reviewed) (Un-reviewed) Board of Directors remuneration 3,241 3,618 10,522 10,854 Remuneration and short- term benefits to key management personnel 9,307 10,616 35,199 34,497 Long term benefits to key management personnel 822 759 2,520 2,311 13,370 14,993 48,241 47,662
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 QR ‘000 18 10. Related party disclosures (continued) 10.4 Guarantees with related parties The Group has provided bank guarantees to one of its associates in respect of their borrowings from external banks. Refer to Note 14. 11. Equity securities at FVTPL 30 September 2026 31 December 2025 (Reviewed) (Audited) At 1 January 405,973 401,389 (Decrease) / increase in fair value during the period / year (39,075) 4,584 At 30 September / 31 December 366,898 405,973 The above investments are held in quoted equity instruments and include investment in related parties amounting to QR 152.40 million (31 December 2025: QR 172.56 million). 12. Cash and cash equivalents 30 September 2026 31 December 2025 (Reviewed) (Audited) Cash on hand 55 175 Cash at banks 1,403,252 594,413 Short term fixed deposits – less than 90 days 2,738,824 3,136,671 4,142,131 3,731,259 12A. Fixed deposits and other bank balances 30 September 2026 31 December 2025 (Reviewed) (Audited) Fixed deposits (i) 3,571,056 6,033,924 Restricted bank balance (ii) 25,602 83,070 Dividend accounts (iii) 74,725 78,985 3,671,383 6,195,979 (i) Fixed deposits are held with banks and denominated mainly in US Dollars with an average effective interest rate of 4% (31 December 2025: 4.6%). (ii) The Group entered into service agreements with QatarEnergy, whereby the Group provides project management and execution services for the development activities of the Carbon Capture and Storage (CCS) and urea production complex. QatarEnergy provides funds to the Group for costs (to be) incurred in providing these services, in accordance with the agreement’s terms. QatarEnergy is the sole owner of these projects. This represents bank balances for the funds received in relation to Urea and CCS project, and as per agreement can be utilised for these projects only. (iii) Dividend accounts are restricted bank balances for the amounts deposited in the bank for the dividends declared which are yet to be collected by the shareholders. 13. Long-term provisions Note 30 September 2026 31 December 2025 (Reviewed) (Audited) Provision for employees’ end of service benefits 13.1 520,738 558,309 Provision for decommissioning and site restoration obligations 13.2 617,991 1,136,073 1,138,729 1,694,382
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 QR ‘000 19 13. Long-term provisions (continued) 13.1 Provision for employees’ end of service benefits The movements in the provision recognised in the condensed consolidated statement of financial position are as follows: 30 September 2026 31 December 2025 (Reviewed) (Audited) At 1 January 558,309 511,842 Provision during the period / year 67,236 105,987 Finance cost 3,820 5,604 Actuarial losses on re-measurement of present value of defined benefit obligation - 1,933 Paid during the period / year (49,709) (67,057) Derecognition upon loss of control of a subsidiary (58,918) - At 30 September / 31 December 520,738 558,309 13.2 Provision for decommissioning and site restoration obligations During the year 2025, the Group recognised provision for decommissioning and site restoration obligation and related decommissioning assets. The movement in the provision for decommissioning and site restoration obligation is as follows: 30 September 2026 31 December 2025 (Reviewed) (Audited) At 1 January 1,136,073 - Provision made during the period / year - 1,106,023 Finance cost 46,548 30,050 Derecognition upon loss of control of a subsidiary (564,630) - At 30 September / 31 December 617,991 1,136,073 14. Trade and other payables 30 September 2026 31 December 2025 (Reviewed) (Audited) Accrued expenses 217,705 570,574 Provision for financial guarantee (1) 257,342 257,342 Due to related parties (Note 10.2) 186,795 846,121 Trade payables 438,177 331,138 Social and sports contribution funds payable - 106,958 Dividend payable (Note 12A iii) 74,725 78,985 Other payables 136,297 85,593 1,311,041 2,276,711 (1) This represents the provision on financial guarantees given to one of the Group ’s associates which was based on maximum liability of the Group’s total exposure.
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 QR ‘000 20 15. Income tax Tax expense For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Un-reviewed) (Reviewed) (Un-reviewed) Current income tax 6,457 11,668 17,263 33,174 Deferred tax (619) (1,707) (13,460) (5,187) Income tax expense 5,838 9,961 3,803 27,987 (i) As per the MOU between the General Tax Authority , QatarEnergy and Ministry of Finance signed on 4 February 2020 , the proportion of income tax of the subsidiaries, joint ventures and their components attributable to the effective shareholding of the public shareholding company shall be settled with the General Tax Authority by the Ministry of Finance through the def ined settlement arrangement between the public shareholding company, QatarEnergy and the Ministry of Finance. Reconciliation of tax expense For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Un-reviewed) (Reviewed) (Un-reviewed) (Loss) / profit before tax (1,019,968) 1,440,628 (858,451) 3,423,510 Adjustments for: Non-taxable income / (loss) 504,727 (269,097) 403,027 (949,663) Non-deductible expenses and losses (120,693) 47,379 88,292 73,831 Taxable (loss) / income (635,934) 1,218,910 (367,132) 2,547,678 Income tax (11,456) 411,835 57,782 833,857 Adjustments for prior year income tax - 5,227 (262) 12,022 Group tax benefit 17,913 (405,394) (40,257) (812,705) Income tax expense 6,457 11,668 17,263 33,174 Global Minimum Tax On 27 March 2025, the State of Qatar enacted Law No. 22 of 2024, amending certain provisions of the Income Tax Law (Law No. 24 of 2018) through the introduction of the Domestic Minimum Top -up Tax ("DMTT") and the Income Inclusion Rule ("IIR"), establishing a minimum effective tax rate of 15%. These amendments became effective on 1 January 2025. Subsequently, on 12 February 2026, Executive Regulations were issued under Law No. 3 of 2026, providing further guidance on the implementation, administration and co mpliance requirements of the Pillar Two framework. The Company , its subsidiaries and equity accounted investees operate in Qatar, UAE, Saudi Arabia, and Bahrain. For DMTT purposes, the Company is a constituent entity of the QatarEnergy MNE Main Group (the "QatarEnergy Group"), which is headquartered in Qatar and is subject to the Pillar Two tax regime. The effective tax rate for QatarEnergy MNE Main Group in Qatar is higher than 15%. In May 2023, the International Accounting Standards Board ("IASB") amended IAS 12 to introduce a temporary mandatory exception from accounting for deferred taxes arising from Pillar Two legislation. The Group has adopted these amendments and recognises Pillar Two taxes as current tax when incurred. Based on the Pillar Two assessment performed for the nine-month period ended 30 September 2026 , management has assessed the impact of Pillar Two legislation in all relevant jurisdictions, including the Company, its subsidiaries and equity -accounted investees. In light of the aforesaid assessment, no material impact has been identified on the Company, its subsidiaries and equity accounted investees in the jurisdictions in which they operate, other than a non-material DMTT amount of QR 13.64 million recognised by the Group’s subsidiary in the UAE for the period ended 30 September 2026.
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 QR ‘000 21 15. Income tax (continued) Global Minimum Tax (continued) The Group continues to monitor developments in Qatar and other relevant jurisdictions. Any material changes will be reflected in future reporting periods. 16. Revenues For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Un-reviewed) (Reviewed) (Un-reviewed) Disaggregation of revenue – at a point in time Bar sales 1,138,856 637,519 2,872,498 1,929,918 Direct reduced iron (DRI) sales - 362,691 100,371 1,152,117 Coil sales 117,224 67,460 351,321 205,362 Billet sales 55,266 298,029 143,831 382,710 Urea sales 409,029 2,228,483 2,444,156 5,682,788 Ammonia sales 1,458 154,786 140,991 435,279 Melamine sales 17,231 63,828 86,843 201,473 Methanol sales - 168,190 96,317 456,536 MTBE sales - 459,083 609,197 1,294,232 1,739,064 4,440,069 6,845,525 11,740,415 17. Cost of sales For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Un-reviewed) (Reviewed) (Un-reviewed) Raw materials consumed 913,316 2,138,346 3,465,216 5,968,008 Depreciation and amortization 425,610 413,434 1,297,149 1,230,913 Salaries and wages 200,218 220,213 677,026 660,611 Utilities 86,875 212,958 413,108 550,190 Others 436,971 135,702 733,916 434,270 2,062,990 3,120,653 6,586,415 8,843,992 18. Other (expense) / income – net For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Un-reviewed) (Reviewed) (Un-reviewed) Gain on investment in a joint venture (Note 6) - - 165,446 - Impairment loss on investment in a joint venture (Note 6) - - (105,881) - Loss recognised upon loss of control of a subsidiary (Note 5) (213,814) - (213,814) - Interest income 75,992 99,420 248,363 311,538 Others (13,302) 19,808 14,103 109,118 (151,124) 119,228 108,217 420,656
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 QR ‘000 22 19. Basic and diluted earnings per share Basic and diluted earnings per share (EPS) are calculated by dividing the profit for the period attributable to owners of the Company by the weighted average number of shares outstanding during the period. For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Un-reviewed) (Reviewed) (Un-reviewed) (Loss) / profit attributable to owners of the Company for basic and diluted earnings (1,024,876) 1,415,354 (809,227) 3,370,730 Weighted average number of shares (in thousands) 6,050,000 6,050,000 6,050,000 6,050,000 Basic and diluted earnings per share (expressed in QR per share) (0.17) 0.23 (0.13) 0.56 20. Dividends During the period, final cash dividend of QR 0.71 per share amounting to QR 4,295.5 million relating to 2025 were approved by the shareholders at the Annual General Assembly Meeting (AGM) held on 10 March 2026 (31 December 2024: QR 0.74 per share amounting to QR 4,477 million were approved by the shareholders at AGM held on 25 February 2025). The final cash dividend of QR 0.71 per share (2024: 0.74 per share) for the year 202 5 comprises an interim dividend of QR 0.26 per share amounting to QR 1,573 million ( 30 September 202 4: QR 0.31 per share amounting to QR 1,875.5 million ), which was paid during 202 5, and the remaining QR 0.45 per share, amounting to QR 2,722.5 million (2024: 0.43 per share amounting to 2,601.5 million) was disbursed during the current period. 21. Financial instruments The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information of financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. Financial assets measured at fair value Fair value as at Carrying value as at Fair value hierarchy 30 September 2026 (Reviewed) 31 December 2025 (Audited) 30 September 2026 (Reviewed) 31 December 2025 (Audited) Equity securities 366,898 405,973 366,898 405,973 Level 1 Carrying values of other financial assets and liabilities of the Group are a reasonable approximation of their fair values. 22. Segment information The Group operates in the Gulf region. For management purposes, the Group is organised into business units based on their products and services. In determining business units, joint ventures of the Group are treated as if they are proportionately consolidated within the condensed consolidated interim financial information.
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 QR ‘000 23 22. Segment information (continued) The Group is organised into business units based on their products and services, and has three reportable operating segments and others as follows: • The petrochemical segment, which produces and sells ethylene, polyethylene, MTBE, methanol, caustic soda, ethylene dichloride and vinyl chloride monomer and other petrochemical products. • The fertiliser segment, which produces and sells urea, ammonia and other by -products. • The steel segment, which produces and sells steel pellets, bars, billets and other related products. Operating segments: The following table present s revenue and profit information regarding the Group’s operating segments for the nine-month period ended 30 September 2026 and 30 September 2025: For the nine-month period ended 30 September 2026 (Reviewed) Petrochemicals Fertilisers Steel Others Combined Adjustments and elimination Consolidated Revenue External customers 2,116,330 2,671,991 3,468,021 - 8,256,342 (1,410,817) 6,845,525 Total revenue 2,116,330 2,671,991 3,468,021 - 8,256,342 (1,410,817) 6,845,525 Petrochemicals Fertilisers Steel Others Combined Adjustments and elimination Consolidated Results from operations Segment (loss) / profit before tax (598,633) (695,107) 510,757 (28,484) (811,467) (46,984) (858,451) Depreciation and amortisation 489,394 995,151 204,451 47,073 1,736,069 (394,160) 1,341,909 Finance costs 60,900 39,407 8,783 - 109,090 (41,938) 67,152 For the nine-month period ended 30 September 2025 (Un-reviewed): Petrochemicals Fertilisers Steel Others Combined Adjustments and elimination Consolidated Revenue External customers 3,853,794 6,319,540 3,670,107 - 13,843,441 (2,103,026) 11,740,415 Total revenue 3,853,794 6,319,540 3,670,107 - 13,843,441 (2,103,026) 11,740,415 Petrochemicals Fertilisers Steel Others Combined Adjustments and elimination Consolidated Results from operations Segment profit before tax 773,620 2,142,903 350,277 275,887 3,542,687 (119,177) 3,423,510 Depreciation and amortisation 497,661 852,176 181,736 119,268 1,650,841 (382,353) 1,268,488 Finance costs 5,679 11,109 8,300 - 25,088 (2,154) 22,934
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 QR ‘000 24 22. Segment information (continued) Operating segments (continued) Out of the total revenue mentioned in Note 16, approximately QR 3,368 million (30 September 2025: QR 8,118 million) is derived from a single external customer, QatarEnergy Marketing. The Group entities are domiciled in Qatar, the Kingdom of Bahrain, the Kingdom of Saudi Arabia and United Arab Emirates. Of the group’s revenues in the nine-month period 2026, 64% is earned in Qatar (30 September 2025: 77%), 31% earned in UAE ( 30 September 2025 :13%) and the remaining is distributed in a number of countries which is not split for the purpose of segment reporting. The following table s present segment assets and liabilities of the Group’s business segments as at 30 September 2026 and 31 December 2025: Segment assets Petrochemicals Fertilisers Steel Others Adjustments and eliminations Consolidated At 30 September 2026 (Reviewed) 8,221,373 15,210,826 9,674,687 6,327,626 (1,930,816) 37,503,696 At 31 December 2025 (Audited) 9,902,265 17,059,695 9,289,264 8,144,170 (1,257,319) 43,138,075 Segment liabilities Petrochemicals Fertilisers Steel Others Adjustments and eliminations Consolidated At 30 September 2026 (Reviewed) 2,191,263 1,653,277 1,149,151 87,466 (2,331,526) 2,749,631 At 31 December 2025 (Audited) 3,333,505 2,920,833 1,129,797 203,303 (3,103,228) 4,484,210 23. Contingencies a. Group’s share in contingent liabilities 30 September 2026 31 December 2025 (Reviewed) (Audited) Letters of credit 548,429 3,554 Bank guarantees 235 172 Letters of credit – the Group’s share of associates and joint ventures 132,004 228,487 Bank guarantees – the Group’s share of associates and joint ventures 7,519 6,308 The Group anticipates that no material liabilities will arise from the above guarantees and letter s of credit, which are issued in the ordinary course of business other than QR 257.34 million (31 December 2025: QR 257.34 million) already recognised (Note 14).
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 QR ‘000 25 23. Contingencies (continued) b. Site restoration obligation One of the Group’s subsidiaries has entered into a land lease agreement with lessor on which the plant and other facilities have been constructed. Under this agreement, the Lessor has the right, upon termination or expiration of the lease term, to notify the subsidiary that it requires to either: • Transfer the facilities to the Lessor or a transferee nominated by the Lessor, against a price acceptable by the subsidiary, or; • Remove the facilities and all other property from the land and restore it to the condition in which it was delivered to the subsidiary, at the subsidiary’s cost, unless otherwise is agreed with the Lessor. The incurrence of decommissioning and site restoration cost by the Group is contingent to which option is opted by the lessor. Since the Lessor has not notified the subsidiary i) the option to be opted and ii) any communications for its intent, the criteri a to recognise the provision for decommissioning and site restoration obligation is not fully met and therefore, the Group has not recognised provision for the decommissioning and site restoration obligation as at and for the nine-month period ended 30 September 2026 in respect of this subsidiary. c. Tax related contingencies The General Tax Authority (“GTA”) issued income tax assessments to certain components of the Group for the years from 2012 to 2023, requiring the components to pay additional taxes and penalties of QR 3,546 million (including share of joint ventures and associates) and disallowing some expenses. The components have submitted formal objections, as per the requirement of the tax law, rejecting the full amount claimed by the GTA within 30 days. Management has concluded that it is probable (i.e., it is more likely than not) based on the earlier precedence that the General Tax Authority will accept the tax treatment in the objection and accordingly has not recorded a liability for the assessments received or for any potential further amounts which may be assessed in relation to this matter in the subsequent years. Further, as per the terms of the Memorandum of Understanding (MOU), the Ministry of Finance undertakes to settle any income tax amounts payable by these components for the previous years’ directly to the GTA. Based on the ongoing advanced discussions and correspondence between QatarEnergy, on behalf of the Group, the Ministry of Finance, and the GTA, it is expected that the assessments will either be withdrawn or resolved amicably between the parties involved. 24. Commitments Significant capital expenditure contracted for at the end of the reporting period but not recognised as a liability is as follows: 30 September 2026 31 December 2025 (Reviewed) (Audited) Capital commitments from subsidiaries 638,202 1,209,408 Capital commitments – the Group’s share of associates and joint ventures 458,988 279,762
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Industries Qatar Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 26 25. Comparative figures Comparative information has been reclassified to conform with the presentation and classification of the current period’s condensed consolidated interim financial information. However, such reclassifications did not have an impact on the previously reported profit, other comprehensive income or the equity for the comparative year. Since QAFAC was deconsolidated with effect from 1 July 2026 (Note 5), the comparative information included in this condensed consolidated interim financial information may not be fully comparable with the previous period. 26. Geopolitical developments in the region Management has assessed the impact of current geopolitical developments on the Group’s operations, financial position and performance for the period ended 30 September 2026. Accordingly, these developments have been considered in determining the significant estimates and judgements applied in the preparation of this condensed consolidated interim financial information, and adjustments have been recorded, as appropriate. Revenues and profitability of the Group (including its share of equity accounted investees) declined substantially compared to corresponding prior period, primarily due to ongoing regional conflict and related shipping constraints, resulting in lower production and sales volume. Management continues to monitor the situation closely. 27. Subsequent events There were no significant events after the reporting date, which have a bearing on this condensed consolidated interim financial information.