Interim report
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Nebras Energy Q.P.S.C. Condensed Consolidated Interim Financial Information 30 September 2026
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Nebras Energy Q.P.S.C. Condensed Consolidated Interim Financial Information As at and for the nine-month period ended 30 September 2026 Index Page(s) Independent auditors’ review report 1 – 2 Condensed consolidated interim financial information: Condensed consolidated interim statement of financial position 3 – 4 Condensed consolidated interim statement of profit or loss and other comprehensive income 5 Condensed consolidated interim statement of changes in equity 6 Condensed consolidated interim statement of cash flows 7 Notes to the condensed consolidated interim financial information 8 – 27
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1 Independent auditors’ report on review of condensed consolidated interim financial information To the Shareholders of Nebras Energy Q.P.S.C. Introduction We have reviewed the accompanying 30 September 2026 condensed consolidated interim financial information of Nebras Energy 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 and other comprehensive income for the three-month and nine-month period 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 inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and othe r review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently 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, 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. 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
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2 Independent auditors’ report on review of condensed consolidated interim financial information (continued) Nebras Energy 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’. 25 October 2026 Gopal Balasubramaniam Doha KPMG State of Qatar Qatar Auditors’ Registry Number: 251 Licensed by QFMA: External Auditors’ License No. 120153
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Nebras Energy Q.P.S.C. Condensed consolidated interim statement of financial position As at 30 September 2026 In thousands of Qatari Riyals The notes on pages 8 to 27 form an integral part of these condensed consolidated interim financial information. 3 30 September 2026 31 December 2025 Notes (Reviewed) (Audited) ASSETS Non-current assets Property, plant and equipment 6 6,250,525 6,008,808 Right-of-use assets 21,942 28,234 Goodwill and other intangible assets 50,217 54,695 Equity-accounted investees 7 9,594,269 8,789,660 Equity investments at fair value through other comprehensive income 8 1,559,081 2,111,832 Finance lease receivables 9 151,511 209,612 Derivative assets 14(b) 24,426 2,732 Loans receivable from related parties 23(b) 1,350,653 1,337,409 Deferred tax assets 69,528 61,120 Other non-current assets 55,640 62,440 19,127,792 18,666,542 Current assets Inventories 107,974 99,858 Trade and other receivables 1,047,972 749,486 Finance lease receivables 9 110,213 201,287 Derivative assets 14(b) 2,235 9,136 Loans receivable from related parties 23(b) 2,516,071 1,366,387 Cash and cash equivalents 10 1,840,574 2,659,619 Assets held-for-distribution 25(a) 74,649 71,065 5,699,688 5,156,838 TOTAL ASSETS 24,827,480 23,823,380 EQUITY AND LIABILITIES Equity Share capital 11 1,100,000 1,100,000 Legal reserve 550,000 550,000 General reserve 12 3,243,870 3,243,870 Hedge reserve 14(a) 698,708 154,937 Fair value reserve 257,210 625,485 Foreign currency translation reserve 60,282 3,907 Retained earnings 10,391,339 9,872,961 Equity attributable to owners of the Company 16,301,409 15,551,160 Non-controlling interests 241,343 234,241 Total equity 16,542,752 15,785,401 Non-current liabilities Loans and borrowings 13 5,036,396 4,899,477 Lease liabilities 20,979 23,108 Derivative liabilities 14(b) - 5,355 Deferred tax liabilities 9,043 14,821 Employees’ end of service benefits 108,374 102,348 Other non-current liabilities 21,217 18,913 5,196,009 5,064,022 The condensed consolidated statement of financial position continues on next page .
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Nebras Energy Q.P.S.C. Condensed consolidated interim statement of profit or loss and other comprehensive income For the three-month and nine-month period ended 30 September 2026 In thousands of Qatari Riyals The notes on pages 8 to 27 form an integral part of these condensed consolidated interim financial information. 5 For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 Notes (Reviewed) (Reviewed) (Reviewed) (Reviewed) Revenue from electricity and water 15 854,681 829,800 2,379,385 2,236,836 Income from finance lease 8,992 14,136 32,506 52,126 863,673 843,936 2,411,891 2,288,962 Cost of sales 16 (599,448) (585,201) (1,678,981) (1,577,784) Gross profit 264,225 258,735 732,910 711,178 General and administrative expenses (67,391) (62,551) (205,101) (196,434) Interest income 42,104 44,149 133,054 143,856 Other income 17 21,381 46,760 111,232 132,053 Operating profit 260,319 287,093 772,095 790,653 Finance costs 18 (103,975) (109,524) (289,160) (272,816) Share of results from equity-accounted investees - net of tax 7 317,606 193,007 583,720 556,237 Profit before tax from continuing operations 473,950 370,576 1,066,655 1,074,074 Income tax expense 19 (9,977) (1,001) (20,543) (36,408) Profit after tax from continuing operations 463,973 369,575 1,046,112 1,037,666 Profit/(Loss) from discontinued operations - net of tax 2 31 (296) (365) Profit for the period 463,975 369,606 1,045,816 1,037,301 Profit attributable to: Owners of the Company 456,267 364,967 1,035,855 1,027,415 Non-controlling interests 7,708 4,639 9,961 9,886 463,975 369,606 1,045,816 1,037,301 Other comprehensive income: Items that are or may be reclassified subsequently to profit or loss: Equity-accounted investees - share of OCI – net of related tax 14(a) 388,667 (291,713) 519,067 (463,435) Cash flow hedges – effective portion of changes in fair value – net of related tax 14(a) 13,942 (4,249) 24,704 (18,045) Foreign operations – foreign currency translation differences 3,187 13,854 63,091 175,725 405,796 (282,108) 606,862 (305,755) Items that will not be reclassified to profit or loss: Equity investments at FVOCI – net change in fair value (201,118) (16,354) (329,152) 48,017 Other comprehensive income for the period – net of tax 204,678 (298,462) 277,710 (257,738) Total comprehensive income for the period 668,653 71,144 1,323,526 779,563 Total comprehensive income attributable to: Owners of the Company 660,746 65,485 1,306,849 756,897 Non-controlling interests 7,907 5,659 16,677 22,666 668,653 71,144 1,323,526 779,563 Earnings per share: Basic and diluted earnings per share (Qatari Riyals) 20 0.41 0.33 0.94 0.93
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Nebras Energy Q.P.S.C. Condensed consolidated interim statement of changes in equity For the nine-month period ended 30 September 2026 In thousands of Qatari Riyals The notes on pages 8 to 27 form an integral part of these condensed consolidated interim financial information. 6 Attributable to owners of the Company Share capital Legal reserve General reserve Cash flow hedge reserve Fair value reserve Foreign currency translation reserve Retained earnings Total Non- controlling interests Total equity Balance as at 1 January 2026 1,100,000 550,000 3,243,870 154,937 625,485 3,907 9,872,961 15,551,160 234,241 15,785,401 Profit for the period - - - - - - 1,035,855 1,035,855 9,961 1,045,816 Other comprehensive income ` - - 543,771 (329,152) 56,375 - 270,994 6,716 277,710 Total comprehensive income - - - 543,771 (329,152) 56,375 1,035,855 1,306,849 16,677 1,323,526 Transfer of gain upon disposal of equity investments at FVOCI - - - - (39,123) - 39,123 - - - Dividends relating to year 2025 (Note 11) - - - - - - (556,600) (556,600) - (556,600) Dividends paid to NCI - - - - - - - - (9,575) (9,575) Other movements - - - - - - - - - - Balance at 30 September 2026 (Reviewed) 1,100,000 550,000 3,243,870 698,708 257,210 60,282 10,391,339 16,301,409 241,343 16,542,752 Balance as at 1 January 2025 1,100,000 550,000 3,243,870 601,127 646,942 (173,436) 9,391,311 15,359,814 249,555 15,609,369 Profit for the period - - - - - - 1,027,415 1,027,415 9,886 1,037,301 Other comprehensive income - - - (481,480) 48,017 162,945 - (270,518) 12,780 (257,738) Total comprehensive income - - - (481,480) 48,017 162,945 1,027,415 756,897 22,666 779,563 Dividends relating to year 2024 (Note 11) - - - - - - (583,000) (583,000) - (583,000) Dividends relating to year 202 5 (Interim) (Note 11) - - - - - - (268,400) (268,400) - (268,400) Dividends paid to NCI - - - - - - - - (22,964) (22,964) Other movements - - - - - - 1,080 1,080 (936) 144 Balance as at 30 September 2025 (Reviewed) 1,100,000 550,000 3,243,870 119,647 694,959 (10,491) 9,568,406 15,266,391 248,321 15,514,712
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Nebras Energy Q.P.S.C. Condensed consolidated interim statement of cash flows For the nine-month period ended 30 September 2026 In thousands of Qatari Riyals The notes on pages 8 to 27 form an integral part of these condensed consolidated interim financial information. 7 For the nine-month period ended 30 September 2026 2025 Notes (Reviewed) (Reviewed) OPERATING ACTIVITIES Profit for the period 1,045,816 1,037,301 Adjustments for: Depreciation of property, plant and equipment 6 243,578 243,591 Depreciation of right-of-use assets 7,625 8,690 Interest expense on lease liabilities 1,727 2,043 Provision for employees’ end of service benefits 9,711 9,682 Impairment and amortization expenses 12,699 10,509 Share of results of equity-accounted investees 7 (583,720) (556,237) Dividend income from equity investments at FVOCI 17 (64,400) (99,027) Interest income (133,054) (143,856) Provision for slow-moving inventories 1,054 413 Finance costs 18 289,160 272,816 Operating profit before working capital changes 830,196 785,925 Working capital adjustments: Inventories (9,170) (6,864) Trade and other receivables (302,657) 255,639 Finance lease receivables 149,175 135,475 Deferred tax assets / liabilities (14,183) 7,396 Trade and other payables 164,736 77,206 Cash flows from operating activities 818,097 1,254,777 Employees’ end of service benefits paid (3,685) (5,763) Net cash generated from operating activities 814,412 1,249,014 INVESTING ACTIVITIES Acquisition of property, plant and equipment 6 (412,871) (519,099) Proceeds from sale of property plant and equipment (882) 379 Investment in equity-accounted investees 7 (4,813) (27,726) Disposal in equity-accounted investees 7 12,560 - Dividends received from equity-accounted investees 7 322,430 476,174 Proceeds from sale of equity investments at FVOCI 8 223,599 5,450 Dividends received from equity investments at FVOCI 17 64,400 99,027 Interest received 137,225 163,004 Net movement in other non-current assets / liabilities 19,396 (870,394) Net cash generated from / (used in) investing activities 361,044 (673,185) FINANCING ACTIVITIES Proceeds from interest-bearing loans and borrowings 13 1,341,360 619,650 Repayment of interest-bearing loans and borrowings 13 (1,313,516) (263,361) Interest on loans and borrowings paid (282,576) (276,988) Loan provided to equity-accounted investees 23(b) (2,370,904) 8,526 Loan repayment from equity-accounted investees 23(b) 1,205,535 - Dividends paid to owners of the Company (556,600) (851,400) Dividends paid to non-controlling interests (9,575) (22,964) Repayment of lease liabilities (including interest) (10,674) (10,720) Net cash used in financing activities (1,996,950) (797,257) NET CHANGE IN CASH AND CASH EQUIVALENTS (821,494) (221,428) Cash and cash equivalents at the beginning of the period 2,659,619 2,844,423 Effects of movements in exchange rates on cash held in foreign currency 2,449 (320) Cash and cash equivalents at the end of the period 10 1,840,574 2,622,675
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 8 1. Reporting entity Nebras Energy Q.P.S.C. (“the Company” or “the Parent” ) is a Qatari Public Shareholding Company incorporated in the State of Qatar under commercial registration number 14275. The Company commenced its commercial operations in March 1992. The head office of the Company is located at Qatar Navigation Tower in Al -Dafna Area , West Bay , Doha, State of Qatar. The Company’s shares are listed on the Qatar Stock Exchange since 3 May 1998. The legal name of the reporting entity has been changed from Qatar Electricity and Water Company Q.P.S.C. to Nebras Energy Q.P.S.C., with effect from 08 January 2026 following the approval of the Company’s extraordinary general assembly. The condensed consolidated interim financial information comprises the Company and its subsidiaries (collectively referred as the “Group” and individually as the “Group entities”) and the Group’s interests in equity- accounted investees. The principal activities of the Group are to invest, develop, own and operate plants to produce electricity and desalinated water, including the renewable assets, inside and outside Qatar, and to supply them to the state- owned entities and private corporate customers i.e. off -takers, as per the power and water purchase agreements. Details of the Company ’s subsidiaries at 30 September 2026 and the immediate reporting period are as follows: Name of subsidiaries Country of incorporation Effective shareholding 2026 2025 Direct subsidiaries Ras Laffan Power Company Q.P.S.C. Qatar 80% 80% Ras Laffan Operating Company W.L.L. Qatar 100% 100% Nebras Power Q.P.S.C. (“Nebras”) Qatar 100% 100% Indirect subsidiaries (held through Nebras) Nebras Power Netherlands B.V. Netherlands 100% 100% Nebras Power Investment Management B.V. Netherlands 100% 100% Zon Exploitatie Nederland Holding B.V. Netherlands 75% 75% Zon Exploitatie Nederland B.V. Netherlands 75% 75% Zon Exploitatie Nederland 2 B.V. Netherlands 75% 75% Zonhandel B.V. Netherlands 75% 75% Zon Brabant B.V. Netherlands 37.50% 37.50% Carthage Power Company SARL Tunisia 60% 60% Nebras Netherlands Brazil Investments 1 B.V. Netherlands 100% 100% Nebras Power Latin America Ltda. Brazil 100% 100% Nebras do Brazil Investments 1 Ltda. Brazil 100% 100% Salgueiro Solar Holding S.A. Brazil 80% 80% Jaíba Solar Holding S.A. Brazil 80% 80% Francisco Sá Solar Holding S.A. Brazil 80% 80% Lavras Solar Holding S.A. Brazil 80% 80% Salgueiro I Energias Renováveis S.A. Brazil 80% 80% Salgueiro II Energias Renováveis S.A. Brazil 80% 80% Salgueiro III Energias Renováveis S.A. Brazil 80% 80% Jaíba 3 Energias Renováveis S.A. Brazil 80% 80% Jaíba 4 Energias Renováveis S.A. Brazil 80% 80% Jaíba 9 Energias Renováveis S.A. Brazil 80% 80% Francisco Sá 1 Energias Renováveis S.A. Brazil 80% 80% Francisco Sá 2 Energias Renováveis S.A. Brazil 80% 80% Francisco Sá 3 Energias Renováveis S.A. Brazil 80% 80% Lavras 1 Solar Energias Renováveis S.A. Brazil 80% 80% Lavras 2 Solar Energias Renováveis S.A. Brazil 80% 80% Lavras 3 Solar Energias Renováveis S.A. Brazil 80% 80% Lavras 4 Solar Energias Renováveis S.A. Brazil 80% 80% Lavras 5 Solar Energias Renováveis S.A. Brazil 80% 80% Terslav L.L.C. Ukraine 75% 75% Sun Power Pervomaisk L.L.C. Ukraine 75% 75%
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Nebras Energy 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. Reporting entity (continued) Name of subsidiaries Country of incorporation Effective shareholding 2026 2025 Indirect subsidiaries (held through Nebras) (continued) Nebras Power Australia Pty Ltd. Australia 100% 100% Carmel Solar 1 South Africa 100% 100% Carmel Solar 2 South Africa 100% 100% Carmel Solar 3 South Africa 100% 100% Turffontein Solar 1 South Africa 100% 100% Varkenslaagte Solar South Africa 100% 100% The Company has the following equity-accounted investees at 3 0 September 2026 and the immediate reporting period: Name of equity-accounted investees Country of incorporation Classification Effective shareholding 2026 2025 Qatar Power Q.J.P.S.C. Qatar Joint venture 55% 55% Mesaieed Power Company Q.P.S.C. Qatar Joint venture 40% 40% Ras Girtas Power Company Q.P.S.C. Qatar Joint venture 45% 45% Umm Al Houl Power Q.P.S.C. Qatar Joint venture 60% 60% Ras Abu Fontas Power Company Q.P.S.C. Qatar Joint venture 55% 55% Equity-accounted investees held through Nebras Unique Meghnaghat Power Limited Bangladesh Joint venture 24% 24% NEKS Energy B.V. Netherlands Joint venture 33.30% 33.30% Shams Ma’an Solar UK Ltd United Kingdom Joint venture 35% 35% Nebras-IPC Power Developments Limited United Kingdom Joint venture 50% 50% Zonnepark Masselbanken Terneuzen B.V. Netherlands Joint venture 40% 40% Zonnepark Duisterweg B.V. Netherlands Joint venture 40% 40% NEC Energia e Participacaoes S.A. Brazil Joint venture 49.9% 49.9% NEC Desinvolvimentod e Projectos em Energia e Participaoes S.A. Brazil Joint venture 49.9% 49.9% Diamante Geração De Energia Brazil Joint venture 49.9% 49.9% Phoenix Power Company SAOG Oman Associate 9.84% 9.84% Phoenix Operation and Maintenance Company L.L.C. Oman Associate 15% 15% Nebras Power Oasis Ltd Cayman Islands Associate 83.33% 83.33% Nebras Power Baltic Holdings B.V. Netherlands Associate 83.33% 83.33% AES Jordan Solar B.V. Netherlands Associate 40% 40% PT Paiton Energy Pte Ltd. Indonesia Associate 26% 26% IPM Asia Pte Ltd Singapore Associate 35% 35% Minejesa Capital B.V. Netherlands Associate 26% 26% Stockyard Hill Wind Farm (Holding) Pty ltd Australia Associate 49% 49% Moorabool North Wind Farm Pty Ltd Australia Associate 49% 49% Moorabool South Wind Farm Pty Ltd Australia Associate 49% 49% Equitix Aragorn Holdco Ltd. United Kingdom Associate 49.90% 49.90% SCE-QUVVAT L.L.C. Uzbekistan Associate 46.67% 46.67% Jabel Power SAOC Oman Associate 49% - Coastal Power SAOC Oman Associate 30% -
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Nebras Energy 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 preparation The condensed consolidated interim financial information for the three month and nine-month periods ended 30 September 2026 have been prepared in accordance with International Financial Reporting Standard IAS 34 “Interim Financial Reporting” (“IAS 34”). The condensed consolidated interim financial information is prepared under the historical cost convention, except for equity investments at fair value through other comprehensive income and derivative financial instruments which are measured at fair value. Functional and presentation currency Items included in the condensed consolidated interim financial information of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency"). The Company has the Qatari Riyal (“QAR”) as its functional currency which is also the presentation currency. The following subsidiaries of the Company, which operate in foreign jurisdictions, have the following functional currencies: Name of the subsidiaries Functional currency Nebras Power Netherlands B.V. United States Dollar Nebras Power Investment Management B.V. United States Dollar Zon Exploitatie Nederland Holding B.V. Euro Zon Exploitatie Nederland B.V. Euro Zon Exploitatie Nederland 2 B.V. Euro Zonhandel B.V. Euro Zon Brabant B.V. Euro Carthage Power Company SARL Tunisian Dinar Nebras Netherlands Brazil Investments 1 B.V. United States Dollar Nebras Power Latin America Ltda. Brazilian Real Nebras do Brazil Investments 1 Ltda. Brazilian Real Salgueiro Solar Holding S.A. Brazilian Real Jaíba Solar Holding S.A. Brazilian Real Francisco Sá Solar Holding S.A. Brazilian Real Lavras Solar Holding S.A. Brazilian Real Salgueiro I Energias Renováveis S.A. Brazilian Real Salgueiro II Energias Renováveis S.A. Brazilian Real Salgueiro III Energias Renováveis S.A. Brazilian Real Jaíba 3 Energias Renováveis S.A. Brazilian Real Jaíba 4 Energias Renováveis S.A. Brazilian Real Jaíba 9 Energias Renováveis S.A. Brazilian Real Francisco Sá 1 Energias Renováveis S.A. Brazilian Real Francisco Sá 2 Energias Renováveis S.A. Brazilian Real Francisco Sá 3 Energias Renováveis S.A. Brazilian Real Lavras 1 Solar Energias Renováveis S.A. Brazilian Real Lavras 2 Solar Energias Renováveis S.A. Brazilian Real Lavras 3 Solar Energias Renováveis S.A. Brazilian Real Lavras 4 Solar Energias Renováveis S.A. Brazilian Real Lavras 5 Solar Energias Renováveis S.A. Brazilian Real Terslav L.L.C. Ukrainian Hryvnia Sun Power Pervomaisk L.L.C. Ukrainian Hryvnia Nebras Power Australia Pty Ltd. Australian Dollars Carmel Solar 1 South African Rand Carmel Solar 2 South African Rand Carmel Solar 3 South African Rand Turffontein Solar 1 South African Rand Varkenslaagte Solar South African Rand
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 11 2. Basis of preparation (continued) These condensed consolidated interim financial information does not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s annual consolidated financial statements for the year ended 31 December 2025. In addition, the results for the three month and nine -month periods ended 30 September 2026 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2026. These condensed consolidated interim financial information was authorised for issue by the Board of Directors on 25 October 2026. 3. Material accounting policies The accounting policies adopted in the preparation of the se condensed consolidated interim financial information is consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2025. New IFRS Accounting Standards and amendments adopted by the Group The following amended IFRS Accounting Standards applied for the annual reporting period beginning on 1 January 2026 had no significant impact on the condensed consolidated interim financial information of the Group. Effective date New accounting standards or amendments 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 New IFRS Accounting Standards and amendments not yet effective, but are available for early adoption A number of new accounting standards and amendments to accounting standards are effective for annual reporting periods beginning after 1 January 2026 and earlier application is permitted. However, the Group has not early adopted any of the forthcoming new or amended accounting standards in preparing the condensed consolidated interim financial information. The management of the Group is in the process of assessing the impact of these new standards, interpretation and amendments which will be adopted in the Group’s financial statement as and when they are applicable. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The Group has not early adopted the new accounting standard in preparing these interim financial statements, however earlier application is permitted. IFRS 18 requires a more structured statement of profit and loss and greater disaggregation of information. The Group is in the process of assessing the estimated impact that the initial application of IFRS 18 will have on its consolidated financial statements. (a) Structure of the statement of profit and loss IFRS 18 requires entities to classify all income and expenses into five categories in the statement of profit and loss - namely operating, investing, financing, income tax and discontinued operations. Classification of income and expenses depends on the main business activities of an entity. The group will be required to present two newly defined subtotals, which are ‘operating profit’ and ‘profit or loss before financing and income taxes’.
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 12 3. Material accounting policies (continued) New IFRS Accounting Standards and amendments not yet effective, but are available for early adoption (continued) IFRS 18 Presentation and Disclosure in Financial Statements (continued) (b) Management-defined performance measures Management-defined performance measures (MPMs) are subtotals of income and expenses used in public communications outside the financial statements that communicate to users’ management’s view of an aspect of the financial performance of the entity as a whole. The Group will be required to disclose specific information about MPMs in a single note in the financial statements. The Group has developed a process to determine public communication relevant when identifying MPMs. MPMs relate to the same reporting per iod as the financial statements. Therefore, MPMs disclosed by the Group following adoption of IFRS 18 will be determined based on public communication issued by the Group relating to the 2027 interim reporting period. (c) Principle of aggregation and disaggregation IFRS 18 provides enhanced principles on how to group information in financial statements (i.e. the primary financial statements and the notes). It also introduces guidance on labelling and describing items presented in the primary financial statements or disclosed in the notes. The Group is assessing the grouping of items on the basis of similar and dissimilar characteristics. Based on this assessment, it will present line items in the primary financial statements that provide useful structed summaries and disclose additional material information in the notes. The Group is assessing line items currently labelled as ‘other’ and will use more informative labels. (d) Consequential amendments IFRS 18 introduces consequential amendments to IAS 7, which require entities to use the newly defined operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Group currently uses ‘profit or loss’ as the starting poi nt on the reconciliation to cash flows from operating activities. Certain adjusting items included in the reconciliation will change as a result of the new starting point. Other IFRS Accounting Standards The adoption of following other new and amended IFRS Accounting Standards are not expected to have a significant impact on the Group’s condensed consolidated interim financial information. Effective date New accounting standards or amendments 1 January 2027 • 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) 4. Use of judgments and estimates In preparing the condensed consolidated interim financial information, management has made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expense. Actual results may differ from these judgments, estimates and assumptions. 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 that applied to the consolidated financial statements as at and for the year ended 31 December 2025.
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 In thousands of Qatari Riyals 13 5. Financial risk management The Group's financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements for the year ended 31 December 2025. 6. Property, plant and equipment Acquisitions During the nine-month period ended 30 September 2026, the Group acquired property, plant and equipment with a total cost of QAR 412,871 thousand (Year ended 31 December 2025: QAR 815,311 thousand). Disposals / write-offs Disposals / write-offs made during the nine-month period ended 30 September 2026 amounted to QAR 882 (Year ended 31 December 2025: QAR 33,715 thousand). Depreciation Depreciation charged during the nine-month period ended 3 0 September 2026 amounted to QAR 243,578 thousand (Period ended 30 September 2025: QAR 243,591 thousand). Effect of movements in exchange rates Effect of movement in exchange rates during the nine-month period ended 30 September 2026 amounted to QAR 71,542 thousand (Year ended 31 December 2025: QAR 128,974 thousand). 7. Equity-accounted investees 30 September 2026 31 December 2025 (Reviewed) (Audited) At the beginning of the period / year 8,789,660 8,900,963 Investment made during the period / year 4,813 35,801 Disposal during the period / year (12,560) - Reclassifications made during the period / year - 57,269 Share of results for the period / year – net of tax 583,720 696,329 Share of other comprehensive income – cash flow hedges 519,067 (426,250) Share of other comprehensive income – foreign currency translation 31,999 124,090 Dividends received (322,430) (598,542) At the end of the period / year 9,594,269 8,789,660 The Group has investment in the following equity-accounted investees: Name of the equity-accounted investees Country of incorporation Effective ownership % 30 September 2026 31 December 2025 (Reviewed) (Audited) Joint ventures: Umm Al Houl Power Q.P.S.C. Qatar 60% 2,529,170 2,252,412 Qatar Power Q.J.P.S.C. (i) Qatar 55% 283,911 353,401 Ras Girtas Power Company Q.P.S.C. Qatar 45% 1,183,778 894,165 Mesaieed Power Company Q.P.S.C. Qatar 40% 796,842 675,791 Ras Abu Fontas Power Company Q.P.S.C. Qatar 55% 77,608 2,009 Unique Meghnaghat Power Limited Bangladesh 24% 413,224 394,644 NEC Energia e Participações S.A. Brazil 49.90% 147,195 129,553 NEKS Energy B.V. Netherlands 33.33% 67,044 51,190 NEC Desinvolvimentod e Projectos em Energia e Participações S.A. Brazil 49.90% 54,013 49,969 Shams Maan Solar UK Ltd. United Kingdom 35% 48,075 45,679 Zonnepark Mosselbanken Tem Netherlands 40% 35,750 32,125 Zonnepark Duisterweg B.V. Netherlands 40% 9,603 9,307 Nebras IPC Power Developments Ltd England 50% 647 647 Diamante Geração De Energia Brazil 49.90% 27,307 25,625
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 In thousands of Qatari Riyals 14 7. Equity-accounted investees (continued) Name of the equity-accounted investees Country of incorporation Effective ownership % 30 September 2026 31 December 2025 (Reviewed) (Audited) Associates: PT Paiton Energy Pte Ltd. Indonesia 26% 1,535,673 1,509,038 Stockyard Hill Wind Farm (Holding) Pty ltd. Australia 49% 400,669 392,967 Nebras Power IPP1/Jordan PSC (Oasis) Cayman Islands 83.33% 258,526 248,485 Nebras Power IPP4/Jordan PSC (Baltic) Netherlands 83.33% 323,248 291,786 Phoenix Power Company SAOG Oman 9.84% 279,774 256,612 Moorabool South Wind Farm Pty Ltd Australia 49% 224,819 224,747 Moorabool North Wind Farm Pty Ltd Australia 49% 226,994 228,330 Equitix Aragorn Holdco Ltd. United Kingdom 49.90% 165,531 242,853 Minejesa Capital B.V. Netherlands 26% 216,757 201,294 IPM Asia Pte Ltd. Singapore 35% 150,628 144,619 Stone City Energy B.V. Netherlands 46.67% 97,990 91,462 AES Jordan Solar B.V. Netherlands 40% 29,655 33,760 Phoenix Operation and Maintenance Company L.L.C. Oman 15% 6,098 7,190 Jabel Power SAOC Oman 49% 2,319 - Coastal Power SAOC Oman 30% 1,421 - 9,594,269 8,789,660 8. Equity investments at fair value through other comprehensive income 30 September 2026 31 December 2025 (Reviewed) (Audited) At the beginning of the period / year 2,111,832 2,138,739 Disposals during the period / year (223,599) (5,450) Net change in fair value (329,152) (21,457) End of the period / year 1,559,081 2,111,832 9. Finance lease receivables Present value of minimum lease receivable is the gross lease receivable in the lease discounted at the interest rate implicit in the lease. The implicit interest rate is 9.32% per annum (2025: 9.32% per annum). Income from finance leases is recognised based on a pattern reflecting a constant periodic rate of return on the Group’s net investment in the finance lease. The finance lease receivables at the end of the reporting period were neither past due nor impaired. 30 September 2026 31 December 2025 (Reviewed) (Audited) Gross investment in the lease 297,738 472,773 Unearned finance income (36,014) (61,874) Present value of minimum lease receivables 261,724 410,899
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 In thousands of Qatari Riyals 15 9. Finance lease receivables (continued) The finance lease receivables are presented in the condensed consolidated statement of financial position as follows: 30 September 2026 31 December 2025 (Reviewed) (Audited) Non-current portion 151,511 209,612 Current portion 110,213 201,287 261,724 410,899 10. Cash and cash equivalents For the nine-month period ended 30 September 31 December 2026 2025 2025 (Reviewed) (Reviewed) (Audited) Cash in hand 75 75 75 Cash at bank – call and current accounts (i) 719,951 740,405 1,110,310 Term deposits (ii) 1,120,548 1,882,195 1,549,234 Cash and cash equivalents 1,840,574 2,622,675 2,659,619 (i) Cash held in current bank accounts earns no interest. (ii) Term deposits are made for varying terms depending on the immediate cash requirements of the Group and earn interest at market rates . The original maturity of certain term deposits is more than 90 days. However, these deposits are highly liquid investments and are readily convertible to known amounts of cash with insignificant risk of changes in value and with no significant penalties, hence classified as cash and cash equivalents. 11. Share capital 30 September 2026 31 December 2025 (Reviewed) (Audited) Authorized, issued and paid-up share capital 1,100,000,000 ordinary shares with nominal value of QAR 1 each 1,100,000 1,100,000 Dividend During the period, the shareholders of the Company approved and paid cash dividends as follows: (i) Annual dividend of QAR 0.506 per share totalling to QAR 556.6 million for the year 202 5 (30 September 2025: QAR 0.53 per share totalling to QAR 583 million for the year 2024). (ii) Interim dividend for the period ended 30 September 2026 was QAR nil (30 September 202 5: QAR 0.244 per share totalling to QAR 268.4 million for the period ended 30 September 2025). 12. General reserve In accordance with the Company's Articles of Association, the General Assembly may allocate a portion of the profit to a general reserve. There is no restriction on the distribution of this reserve and the funds in the reserve are available for future development of the Company as decided by the General Assembly.
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 In thousands of Qatari Riyals 16 13. Loans and borrowings 30 September 2026 31 December 2025 (Reviewed) (Audited) At the beginning of the period / year 6,938,819 5,966,185 Additions during the period / year 1,341,360 1,793,604 Repayments made during the period / year (1,313,516) (1,011,771) Amortization of loan arrangement fee 7,513 7,419 Effect of movements in exchange rates 48,940 183,382 At the end of the period / year 7,023,116 6,938,819 The Group has obtained loans for its production facilities of RAF A1, RAF A2, RAF A3 and RAF B2 which are also pledged against these production facilities. Loans and borrowings are presented in the condensed consolidated statement of financial position as follows: 30 September 2026 31 December 2025 (Reviewed) (Audited) Non-current portion 5,036,396 4,899,477 Current portion 1,986,720 2,039,342 7,023,116 6,938,819 14. Derivatives (a) Hedge reserve The hedge reserve comprises the Group’s share of the effective portion of the cumulative net change in the fair value of interest rate swaps and forward contracts used for cash flow hedging. For the three-month period ended 30 September For the nine-month period ended 30 September 31 December 2026 2025 2026 2025 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) At the beginning of the period / year 296,099 415,609 154,937 601,127 601,127 Equity-accounted investees - share of OCI – net of related tax 388,667 (291,713) 519,067 (463,435) (426,250) Cash flow hedges – effective portion of changes in fair value – net of related tax 13,942 (4,249) 24,704 (18,045) (19,940) At the end of the period / year 698,708 119,647 698,708 119,647 154,937 (b) Derivatives Fair value of interest rate swaps for hedging are presented in the condensed consolidated interim statement of financial position as follows: 30 September 2026 31 December 2025 (Reviewed) (Audited) Assets: Non-current portion 24,426 2,732 Current portion 2,235 9,136 26,661 11,868
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 In thousands of Qatari Riyals 17 14. Derivatives (continued) (b) Derivatives 30 September 2026 31 December 2025 (Reviewed) (Audited) Liabilities: Non-current portion - 5,355 Current portion - 4,556 - 9,911 15. Revenue (a) Revenue streams The Group generates revenue primarily from the production and sale of electricity and water as per the power and water purchase agreements with the off takers in and outside the state of Qatar. For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) Revenue from electricity 489,668 472,077 1,321,141 1,199,918 Revenue from water 365,013 357,723 1,058,244 1,036,918 854,681 829,800 2,379,385 2,236,836 Revenue from contract with customers (IFRS 15) For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) Sale of electricity 310,568 294,720 803,769 691,234 Sale of water 73,629 69,845 196,390 187,054 384,197 364,565 1,000,159 878,288 Operating lease revenue – capacity charges (IFRS 16) For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) Electricity 179,100 177,357 517,372 508,684 Water 291,384 287,878 861,854 849,864 470,484 465,235 1,379,226 1,358,548 (b) Disaggregation of revenue from contracts with customers In the following table, revenue from contracts with customers is disaggregated by primary geographical markets and timing of revenue recognition. For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2025 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) Primary geographical markets Qatar 344,743 317,218 899,441 778,247 Outside Qatar 39,454 47,347 100,718 100,041 384,197 364,565 1,000,159 878,288
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 In thousands of Qatari Riyals 18 15. Revenue (continued) For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) Timing of revenue recognition Point in time (i) 310,194 309,390 808,170 728,346 Over time (ii) 74,003 55,175 191,989 149,942 384,197 364,565 1,000,159 878,288 (i) Revenue from sale of electricity and water are recognised at point in time. (ii) Revenue recognized over the period includes revenue from operations and maintenance which is recognised over the period of time upon satisfaction of the services to the customer using an output method. The Group applied the practical expedient which allows the Group to recognise the revenue in the amount to which the entity has a right to invoice as this corresponds directly with the value to the customer of the entity’s performance completed to date. 16. Cost of sales For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) Cost of gas consumed 395,349 383,923 1,090,568 1,000,013 Depreciation of property, plant and equipment 79,670 81,333 241,305 240,982 Staff costs 38,346 36,152 122,819 118,217 Spare parts, chemicals and consumables 21,019 20,428 58,156 61,543 Others 65,064 63,365 166,133 157,029 599,448 585,201 1,678,981 1,577,784 17. Other income For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) Dividend income from equity investments at FVOCI - 34,298 64,400 99,027 Miscellaneous income 21,381 12,462 46,832 33,026 21,381 46,760 111,232 132,053 18. Finance costs For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) Interest on loans and borrowings 101,403 91,206 278,221 274,987 Interest on lease liabilities 390 415 1,727 2,043 Foreign exchange loss / (gain) - net 465 16,180 2,357 (10,662) Bank charges 1,717 1,723 6,855 6,448 103,975 109,524 289,160 272,816
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 In thousands of Qatari Riyals 19 19. Taxation The components of income tax are as follows: For the three-month period ended 30 September For the nine-month period ended 30 September 2025 2024 2026 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) Current tax (i) 9,977 13,976 30,214 26,910 Deferred tax - (12,975) (9,671) 9,498 9,977 1,001 20,543 36,408 (i) The Group is subject to the global minimum top -up tax under Pillar Two (II) tax legislation. The top-up tax relates to the Group's operations in the State of Qatar. Qatar has enacted the OECD Pillar II framework into domestic law through Law No. 22 of 2024, which amends the Income Tax Law No. 24 of 2018. The law was published in the Official Gazette on 27 March 2025 and applies to fiscal periods beginning on or after 1 January 2025. Under this legislation, Qatar has implemented two Pillar II mechanisms: (i ) the Income Inclusion Rule (IIR), which requires a Qatari Ultimate Parent Entity to pay a top up tax in respect of low taxed foreign constituent entities; and (ii) a Domestic Minimum Top Up Tax (DMTT), which ensures that profits generated in Qatar are subject to a minimum effective tax rate of 15%, thereby preventing the reallocation of taxing rights to other jurisdictions. Under Pillar II legislation, the Group is required to pay a top up tax equal to the difference between the effective tax rate applicable in each jurisdiction and the minimum rate of 15%. After considering the specific adjustments prescribed by the Pillar II rules, the Group recognised a current tax expense of QAR 25,800 thousand related to the top-up tax for the nine-month period ended 30 September 2026 (nine-month period ended 30 September 2025: QAR 13,836 thousand). This amount is included within income tax expense in the condensed consolidated interim statement of profit or loss. The Group has applied a temporary mandatory relief from the deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. 20. Earnings per share Basic earnings per share Basic earnings per share (EPS) is calculated by dividing the profit attributable to the owners of the Company during the period by the weighted average number of ordinary shares that were outstanding during that period. For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) Profit for the period attributable to owners of the Company 456,267 364,967 1,035,855 1,027,415 Weighted average number of shares outstanding during the period (number of shares in thousands) 1,100,000 1,100,000 1,100,000 1,100,000 Basic earnings per share (expressed in QAR per share) 0.41 0.33 0.94 0.93 Diluted earnings per share As at the reporting date, there are no potential dilutive shares, the diluted EPS equals the basic EPS.
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 In thousands of Qatari Riyals 20 21. Operating segments (a) Basis for segmentation Operating Segments align with internal management reporting to the Group’s chief operating decision makers. The Group manages its operations in two segments, operations in Qatar and operations outside Qatar. These segments offer the same products (Power and Water) but they are managed separately. Operations in Qatar Stable business environment and caters to the needs of the off -taker (KAHRAMAA) in the State of Qatar. Operations outside Qatar Focus on the expansion of the Group’s presence in the global energy markets. The Group’s Chief Executive Officer reviews the internal management reports of each division on a monthly basis. (b) Information about reportable segments Information related to each reportable segment is set out below. Segment profit / (loss) for the period is used to measure performance because management believed that this information is the most relevant in evaluating the results of the respective segments relative to other entities that operate in the same business. Operations in Qatar Operations outside Qatar Consolidated interim financial information For the period ended 30 September 2026: External revenue 2,311,173 100,718 2,411,891 Intra-segment revenue 107,120 - 107,120 Segment revenue 2,418,293 100,718 2,519,011 Segment profit before tax from continuing operations 969,174 97,481 1,066,655 Depreciation and amortisation (207,196) (48,485) (255,681) Finance costs (182,744) (106,416) (289,160) Interest income 62,553 70,501 133,054 Share of results of equity-accounted investees 402,786 180,934 583,720 Income taxes (25,800) 5,257 (20,543) Other material items of income and expense: Dividend income 64,017 383 64,400 As at 30 September 2026: Segment assets Property, plant and equipment 4,881,268 1,369,257 6,250,525 Equity-accounted investees 4,871,309 4,722,960 9,594,269 Cash and cash equivalents 1,313,042 527,532 1,840,574 Other assets 5,513,756 1,628,356 7,142,112 16,579,375 8,248,105 24,827,480 Segment liabilities Loans and borrowings 5,077,112 1,946,004 7,023,116 Other liabilities 1,103,854 157,758 1,261,612 6,180,966 2,103,762 8,284,728
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 In thousands of Qatari Riyals 21 21. Operating segments (continued) Information about reportable segments (continued) Information related to each reportable segment as at the comparative period is set out below: Operations in Qatar Operations outside Qatar Consolidated interim financial information For the period ended 30 September 2025: External revenue 2,188,921 100,041 2,288,962 Intra-segment revenue 77,487 - 77,487 Segment revenue 2,266,408 100,041 2,366,449 Segment profit before tax from continuing operations 932,181 141,893 1,074,074 Depreciation and amortisation (214,633) (42,127) (256,760) Finance costs (189,777) (83,039) (272,816) Interest income 73,648 70,208 143,856 Share of results of equity-accounted investees 316,128 240,109 556,237 Income taxes (13,836) (22,572) (36,408) Other material items of income and expense: Dividend income 99,027 - 99,027 Operations in Qatar Operations outside Qatar Consolidated interim financial information As at 31 December 2025: Segment assets Property, plant and equipment 4,669,082 1,339,726 6,008,808 Equity-accounted investees 4,177,773 4,611,887 8,789,660 Cash and cash equivalents 2,238,796 420,823 2,659,619 Other assets 4,741,717 1,623,576 6,365,293 15,827,368 7,996,012 23,823,380 Segment liabilities Loans and borrowings 5,020,880 1,917,939 6,938,819 Other liabilities 951,790 147,370 1,099,160 5,972,670 2,065,309 8,037,979 (b) Geographic information The Group’s operations in Qatar constitutes to 95.8% (30 September 2025: 95.6%) of consolidated revenue, 90.9% (30 September 2025: 86.8%) of the consolidated profits for the period, and 66.8% (31 December 2025: 65.8%) of the consolidated total assets as of the reporting period. Outside Qatar, the Group has operations through its controlled subsidiaries in Brazil, Netherlands and Ukraine , and through its associates and joint ventures in Indonesia, Australia, Oman, Jordan, Bangladesh, United Kingdom and other geographies. (c) Major customers In the state of Qatar, the Group produces power and water as per the Power and Water Purchase Agreement (PWPA) with the state Off-taker (KAHRAMAA). Outside Qatar, the Group has similar agreements with the local government authorities, and it also sell electricity in the open market to private corporate customers.
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 In thousands of Qatari Riyals 22 22. Commitments and contingent liabilities 30 September 2026 31 December 2025 (Reviewed) (Audited) Contingent liabilities: Corporate guarantees issued on behalf of equity-accounted investees 4,265,218 1,385,266 Letter of credits 1,024,493 122,022 5,289,711 1,507,288 Other commitments: RAF Peaking unit project 181,711 500,036 Derivative financial instruments: Interest rate swaps (notional amount) 2,526,570 2,419,384 2,708,281 3,098,640 Salgueiro Solar Holding S.A. (Brazil) In 2022, the EPC contractor, SNEF Brazil, filed an arbitration claim against the Salgueiro I, II, and III (Salgueiro) related to construction of photovoltaic plants for QAR 35.3 million. Salgueiro rejected the claim and filed a counterclaim of QAR 14.7 million. In May 2024, the Tribunal issued a partial award, and the Salgueiro made a net payment of QAR 0.5 million after offsetting part of its counterclaim. On 30 September 2026, the ICC Arbitral Tribunal issued its Final Award, resolving all outstanding claims and counterclaims between SNEF Brazil and the Salgueiro. The Tribunal awarded amounts to both SNEF Brazil and the Salgueiro in respect of the various c laims and counterclaims, with price indexation and interest adjustments applicable to certain awarded amounts. All other claims and counterclaims not expressly granted were rejected, and the proceedings have accordingly been concluded. The Group has recognized QAR 24.2 million (net payable) in respect of the award in its condensed consolidated interim financial statements for the period ended 30 September 2026. The price indexation and interest adjustments are currently being finalized with SNEF Brazil. Salgueiro and SNEF Brazil may file a “Request for Clarification” with the Arbitral Tribunal by 30 October 2026 , if required. The enforcement of the Final Award remains suspended pending the Tribunal’s determination of any such requests, which is estimated to take approximately 60 days . The exact net amount payable by the Group is subject to finalization of the clarification process. 23. Related party disclosures Related parties represent associated companies, major shareholders, directors and 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 Group’s management. a) Transactions with related parties included in the condensed consolidated statement of profit or loss are as follows: Name of the related parties Nature of the transactions For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) Shareholders: KAHRAMAA Sale of electricity 450,214 424,730 1,220,423 1,099,877 Sale of water 365,013 357,723 1,058,244 1,036,918 Lease interest 8,992 14,136 32,506 52,126 QatarEnergy Cost of gas consumed 395,349 383,923 1,090,568 1,000,013
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 In thousands of Qatari Riyals 23 23. Related party disclosures (continued) a) Transactions with related parties included in the condensed consolidated statement of profit or loss are as follows: (continued) Name of the related parties Nature of the transactions For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) Equity-accounted investees: Ras Girtas Power Secondment income 1,915 1,915 5,744 5,744 Umm Al Houl Power Secondment income 2,107 2,107 6,320 6,320 Qatar Power Secondment income 2,005 1,327 4,660 4,028 Mesaieed Power Secondment income 546 546 1,640 1,640 Equitix Aragorn Interest income 10,675 11,213 32,619 32,676 SCE-QUVVAT Interest income 6,240 14,881 20,329 22,378 Nebras Power IPP4 PSC (Baltic) Fee income 1,664 1,618 4,944 4,804 Nebras Power IPP1 PSC (Oasis) Fee income 1,874 2,515 5,569 5,416 Other parties Income 789 94 2,506 492 b) Loans receivable from related parties 30 September 2026 31 December 2025 (Reviewed) (Audited) At the beginning of the period / year 2,703,796 1,348,615 Additions made during the period / year 2,370,904 1,348,153 Repayments made during the year (1,205,535) (40,255) Reclassifications made during the period / year - (57,268) Effect of movements in exchange rates (2,441) 104,551 At the end of the period / year 3,866,724 2,703,796 Loans receivable from related parties are presented in the condensed consolidated statement of financial position as follows: 30 September 2026 31 December 2025 (Reviewed) (Audited) Non-current portion 1,350,653 1,337,409 Current portion 2,516,071 1,366,387 3,866,724 2,703,796 c) Receivables from related parties 30 September 2026 31 December 2025 (Reviewed) (Audited) Other receivables: Shareholder: KAHRAMAA 834,083 526,678 Other receivables: Shareholder: QatarEnergy 14,373 14,373
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 In thousands of Qatari Riyals 24 23. Related party disclosures (continued) c) Receivables from related parties (continued) 30 September 2026 31 December 2025 (Reviewed) (Audited) Equity-accounted investees: Equitix Aragorn Holdco Ltd. 21,524 33,537 Nebras Power IPP1/Jordan PSC 19,241 17,576 Enersok FE LLC (Uzbekistan) 12,138 12,138 SCE-QUVVAT L.L.C. (Surkhandarya) 19,971 25,448 Umm Al Houl Power Q.P.S.C. 1,809 2,639 Ras Girtas Power Company Q.P.S.C. 638 1,040 Nebras Power IPP4/Jordan PSC 1,664 2,283 Qatar Power Q.P.J.S.C. 2,005 1,350 Mesaieed Power Company Limited Q.P.S.C. 833 833 AM Solar B.V./Jordan PSC 631 1,419 Others 1,352 1,280 96,179 113,916 930,262 640,594 d) Payables to related parties 30 September 2026 31 December 2025 (Reviewed) (Audited) Shareholders: KAHRAMAA 141,043 144,726 QatarEnergy 215,630 125,611 356,673 270,337 The above balances have arise in the normal course of business, and are of trading nature, bear no interest or securities and are receivable / payable on demand, hence classified as current. e) Compensation of key management personnel The remuneration of the Board of Directors and 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) (Reviewed) (Reviewed) (Reviewed) Short-term employee benefits 4,993 4,521 14,262 15,486 Long-term employee benefits 232 150 688 446 5,225 4,671 14,950 15,932
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 In thousands of Qatari Riyals 25 24. Fair values of financial instruments The following table shows fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy for financial instruments carried at fair value. It does not include fair value information for financial assets and fin ancial liabilities not measured at fair value as the carrying amount is a reasonable approximation of fair value. As at 30 September 2026, the Group held the following classes of financial instruments measured at fair value: Derivative and non-derivative financial assets / (financial liabilities) Classification Carrying value Fair value Fair value Hierarchy Equity investments at FVOCI FVOCI 1,559,081 1,559,081 Level 1 Derivative assets FVOCI 26,661 26,661 Level 2 Disposal group held-for-distribution Fair value less costs to sell 74,649 74,649 Level 3 Liabilities held-for-distribution Other financial liabilities (67,736) (67,736) Level 3 Loans and borrowings Amortised cost (7,023,116) (7,023,116) Level 2 Derivative liabilities Other financial liabilities - - Level 2 As at 31 December 2025, the Group held the following classes of financial instruments measured at fair value: Derivative and non -derivative financial assets / (financial liabilities) Classification Carrying value Fair value Fair value Hierarchy Financial assets at FVOCI FVOCI 2,111,832 2,111,832 Level 1 Derivative assets FVOCI 11,868 11,868 Level 2 Disposal group held-for-distribution Fair value less costs to sell 71,065 71,065 Level 3 Liabilities held-for-distribution Other financial liabilities (63,450) (63,450) Level 3 Loans and borrowings Other financial liabilities (6,938,819) (6,938,819) Level 2 Derivative liabilities Other financial liabilities (9,911) (9,911) Level 2 During the reporting period/year ended 3 0 September 2026 and 31 December 2025, there were no transfers between Level 1, Level 2, and Level 3 fair value measurements. When measuring the fair value of an asset or liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1: Quoted market price (unadjusted) in active markets for an identical assets or liabilities . • Level 2: inputs other than quoted prices included in Level 1 that are observable for the assets or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) . • Level 3: inputs for the assets or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 In thousands of Qatari Riyals 26 24. Fair values of financial instruments (continued) Valuation techniques Fair values of financial assets and financial liabilities that are traded in active markets are based on quoted market prices or dealer price quotations. The fair value of derivative instruments is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed from similar sources and which reflects the relevant benchmark interbank rate used by market participants for this purpose when pricing interest rate swaps. The fair value estimate is subject to a credit risk adjustment that reflects the credit risk of the Group and of the counterparty, this is calculated based on credit spreads derived from current credit default swap or bond prices. 25. Disposal group held-for-distribution Carthage Power Company (“CPC”), one of the subsidiaries of the Group is classified as Disposal group held - for-distribution in accordance with the requirements of IFRS 5 - 'Non-current assets held -for-sale and discontinued operations' as it cessed its ability to continue as a going concern when the concession agreement came to an end in May 2022. Accordingly, the assets and liabilities of the subsidiary are presented as a disposal group held-for-distribution and the results of the subsidiary are shown as dis continued operations in the condensed consolidated statement of profit or loss and other comprehensive income. The Group holds 60% shares in the said subsidiary. Information regarding the assets, liabilities and results of the disposal group are presented below; (a) Assets and liabilities of disposal group held-for-distribution 30 September 2026 31 December 2025 (Reviewed) (Audited) Trade and other receivables 55,543 65,383 Cash and cash equivalents 18,906 5,480 Other assets 200 202 Assets held-for-distribution 74,649 71,065 Trade and other payables 67,511 63,248 Others 225 202 Liabilities held-for-distribution 67,736 63,450 (b) Cash flows from discontinued operations For the nine-month period ended 30 September 2026 2025 (Reviewed) (Reviewed) Cash generated from operating activities 14,196 247 Cash generated from investing activities - 62 Net change in cash and cash equivalents 14,196 309 Cash and cash equivalents at the beginning of the period / year 5,480 5,190 Effect of movements in exchange rates on cash held (770) (65) Cash and cash equivalents at the end of the period / year 18,906 5,434 The loss from the discontinued operation generated during the period amounted to Q AR 296 thousand (30 September 2025: QAR 365 thousand).
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Nebras Energy Q.P.S.C. Notes to the condensed consolidated interim financial information As at and for the nine-month period ended 30 September 2026 27 26. Comparative figures The corresponding figures presented for 2025 have been reclassified where necessary to preserve consistency with the 2026 figures. However, such reclassifications did not have any effect on the comprehensive income or the total equity for the comparative period. 27. Geopolitical developments in the region During the period ended 30 September 2026, geopolitical tensions in the Middle East have escalated, resulting in heightened instability and uncertainty in the region. Given that these conditions existed and continued to evolve during the reporting period, the Group has reassessed the significant estimates and judgements applied in the preparation of these condensed consolidated interim financial information and no significant adjustments were required to be made for the period ended 30 September 2026. However, given the evolving nature of the situation, the extent of the financial impact remains subject to significant uncertainty and is dependent on future developments, including the duration and severity of the conflict and its broader economic consequences and management continues to monitor the situation closely. 28. Subsequent events There were no material events subsequent to the reporting date, which have a bearing on the understanding of these condensed consolidated interim financial information. Independent Auditors’ Review Report on page 1 to 2.