Interim report
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Qatar Gas Transport Company Limited (NAKILAT) (QPSC) DOHA - QATAR Interim Condensed Consolidated Financial Statements 30 September 2026
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Qatar Gas Transport Company Limited (NAKILAT) (QPSC) Interim condensed consolidated financial statements As at and for the nine-month period ended 30 September 2026 Contents Page Independent auditor’s report on review of interim condensed consolidated financial statements 1 – 2 Interim condensed consolidated financial statements Interim condensed consolidated statement of financial position 3 Interim condensed consolidated statement of income 4 Interim condensed consolidated statement of comprehensive income 5 Interim condensed consolidated statement of changes in equity 6 Interim condensed consolidated statement of cash flows 7 Notes to the interim condensed consolidated financial statements 8 – 14
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1 Independent auditor’s report on review of interim condensed consolidated financial statements To the Shareholders of Qatar Gas Transport Company Limited (Nakilat) (QPSC) Introduction We have reviewed the accompanying 30 September 2026 interim condensed consolidated financial statements of Qatar Gas Transport Company Limited (Nakilat) (QPSC) (the “Company”) and its subsidiaries (together the “Group”), which comprises: the interim condensed consolidated statement of financial position as at 30 September 2026; the interim condensed consolidated statement of income for the three-month and nine-month period ended 30 September 2026; the interim condensed consolidated statement of comprehensive income for the three-month and nine-month period ended 30 September 2026; the interim condensed consolidated statement of changes in equity for the nine-month period ended 30 September 2026; the interim condensed consolidated statement of cash flows for the nine-month period ended 30 September 2026; and notes to the interim condensed consolidated financial statements. The Board of Directors of the Company is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with IAS 34, “Interim Financial Reporting”. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements 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 statements consists of making inquiries, 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 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 Indepen dent auditor’s report on review of interim condensed consolidated financial statements (continued) Other matter The corresponding figures presented in the accompanying condensed consolidated interim financial statements for the three months and the nine months period ended 30 September 2025 have not been reviewed, and we do not express any review conclusion on them. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying 30 September 2026 interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34, “Interim Financial Reporting”. 20 October 2026 Doha State of Qatar Aftab Gumani KPMG Qatar Auditors’ Registry Number 501 Licensed by QFMA: External Auditor’s License No. 120153
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Qatar Gas Transport Company Limited (NAKILAT) (Q.P.S.C.) Interim condensed consolidated statement of income For the three-month and nine-month period ended 30 September 2026 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated) 4 Note For the three-month period ended 30 Sept For the nine-month period ended 30 Sept 2026 2025 2026 2025 (Reviewed) (Un-reviewed) (Reviewed) (Un-reviewed) Income Revenue from wholly owned vessels 900,299 940,715 2,785,883 2,798,019 Share of results from joint ventures 4 93,858 150,932 350,079 464,088 Income from marine and agency services 7,098 13,208 27,432 44,885 Revenue from shipyard services 77,196 86,829 239,944 86,829 Interest, dividend and other income 139,791 29,960 206,664 95,113 Total Income 1,218,242 1,221,644 3,610,002 3,488,934 Expenses Operating and maintenance of vessels (280,843) (254,350) (811,291) (668,358) General, employee and administrative (38,247) (31,964) (109,748) (68,874) Depreciation and amortization 3 (232,347) (227,398) (692,321) (661,523) Finance charges (220,353) (246,965) (670,161) (757,592) Total Expenses (771,790) (760,677) (2,283,521) (2,156,347) Profit for the period before tax 446,452 460,967 1,326,481 1,332,587 Tax expense 17 (10,991) (7,038) (34,098) (18,682) Profit for the period 435,461 453,929 1,292,383 1,313,905 Attributable to Owners of the Company 435,528 453,695 1,292,488 1,313,325 Non-controlling interest (67) 234 (105) 580 Total 435,461 453,929 1,292,383 1,313,905 Basic and diluted earnings per share (expressed in QR per share) 12 0.08 0.08 0.23 0.24
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Qatar Gas Transport Company Limited (NAKILAT) (QPSC) Interim condensed consolidated statement of comprehensive income For the three-month and nine-month period ended 30 September 2026 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated) 5 The accompanying notes 1-18 form an integral part of these interim condensed consolidated financial statements. The accompanying notes 1-18 form an integral part of these interim condensed consolidated financial statements. For the three-month period ended 30 Sept For the nine-month period ended 30 Sept 2026 2025 2026 2025 (Reviewed) (Un-reviewed) (Reviewed) (Un-reviewed) Profit for the period 435,461 453,929 1,292,383 1,313,905 Other comprehensive income Items that will not be reclassified to statement of income: Changes in fair value of equity investments at FVOCI (15,436) 1,115 (24,959) (7,048) Items that may be reclassified subsequently to statement of income: Changes in fair value of interest rate swaps 1,134,227 5,761 1,267,702 (391,262) Group’s share of joint ventures’ changes in fair value of interest rate swaps 14,339 (11,427) 8,923 (59,950) Total comprehensive income for the period 1,568,591 449,378 2,544,049 855,645 Total comprehensive income for the period attributable to: Owners of the Company 1,568,658 449,144 2,544,154 855,065 Non-controlling interest (67) 234 (105) 580 Total 1,568,591 449,378 2,544,049 855,645
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Qatar Gas Transport Company Limited (NAKILAT) (QPSC) Interim condensed consolidated statement of changes in equity For the nine-month period ended 30 September 2026 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated) 6 The accompanying notes 1-18 form an integral part of these interim condensed consolidated financial statements. Share capital Legal reserve Fair value reserve Retained earnings Equity before hedging reserve and non- controlling interest Hedging reserve Equity attributable to owners of the Company Non- controlling interest At 31 December 2024 (Audited) 5,540,264 1,676,170 29,684 5,484,623 12,730,741 527,819 13,258,560 5,309 Profit for the period - - - 1,313,325 1,313,325 - 1,313,325 580 Other comprehensive income for the period - - (7,048) - (7,048) (451,212) (458,260) - Total comprehensive income for the period - - (7,048) 1,313,325 1,306,277 (451,212) 855,065 580 Transactions with owners of the Company: Final dividend declared for 2024 - - - (387,818) (387,818) - (387,818) (1,000) Interim dividend declared for 2025 - - - (398,899) (398,899) - (398,899) - At 30 Sept 2025 (Un-reviewed) 5,540,264 1,676,170 22,636 6,011,231 13,250,301 76,607 13,326,908 4,889 At 31 December 2025 (Audited) 5,540,264 1,845,017 16,409 6,174,800 13,576,490 268,216 13,844,706 5,191 Profit for the period - - - 1,292,488 1,292,488 - 1,292,488 (105) Other comprehensive income for the period - - (24,959) - (24,959) 1,276,625 1,251,666 - Total comprehensive income for the period - - (24,959) 1,292,488 1,267,529 1,276,625 2,544,154 (105) Transactions with owners of the Company: Final dividend declared for 2025 - - - (398,899) (398,899) - (398,899) - At 30 Sept 2026 (Reviewed) 5,540,264 1,845,017 (8,550) 7,068,389 14,445,120 1,544,841 15,989,961 5,086
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Qatar Gas Transport Company Limited (NAKILAT) (QPSC) Interim condensed consolidated statement of cash flows For the nine-month period ended 30 September 2026 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated) 7 The accompanying notes 1-18 form an integral part of these interim condensed consolidated financial statements. Note For the nine-month period ended 30 Sept 2026 2025 (Reviewed) (Un-reviewed) Cash flows from operating activities Profit for the period before tax 1,326,481 1,332,587 Adjustments for: Depreciation and amortization 3 692,321 661,523 Finance charges 670,161 757,592 Lease classification adjustment 9,914 4,099 Share of results from joint ventures 4 (350,079) (464,088) Interest, dividend and other income (206,664) (95,113) Provision for expected credit loss 1,154 - Provision for employees’ end of service benefits 8,796 6,058 Operating cash flows before changes in working capital 2,152,084 2,202,658 Changes in working capital Inventories 344 (14,516) Trade and other receivables 304,205 (37,283) Trade and other payables (291,540) 455,978 Other liabilities (43,089) 37,806 Due from joint ventures (1,912) (14,253) Cash generated from operations 2,120,092 2,630,390 Finance charges paid (469,311) (542,253) Tax paid (29,965) - Employees’ end of service benefits paid (4,681) (5,120) Net cash from operating activities 1,616,135 2,083,017 Cash flows from investing activities Loans to joint ventures-net - 13,269 Dividend income received from joint ventures 4 180,342 267,951 Acquisition of a subsidiary through business combination - 122,614 Acquisition of property and equipment 3 (3,327,397) (1,251,263) Investment income received 95,095 97,035 Time deposits maturing after ninety days (794,064) (820,610) Changes in restricted cash (49,361) (5,697) Sale proceeds from disposal of assets 433,883 - Net cash used in investing activities (3,461,502) (1,576,701) Cash flows from financing activities Dividend paid to shareholders (398,899) (795,126) Dividend paid against non-controlling interests - (500) Payment of lease liability (9,778) (4,268) Costs incurred on financing (3,773) - Proceeds from borrowings 3,509,447 1,477,460 Repayments of borrowings (691,831) (1,112,668) Net cash from /(used in) financing activities 2,405,166 (435,102) Net increase in cash and cash equivalents 559,799 71,214 Cash and cash equivalents at beginning of the period 1,819,872 1,676,199 Cash and cash equivalents at end of the period 5 2,379,671 1,747,413
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Qatar Gas Transport Company Limited (NAKILAT) (QPSC) Notes to the interim condensed consolidated financial statements As at and for the nine-month period ended 30 September 2026 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated) 8 1. Reporting entity Qatar Gas Transport Company Limited (Nakilat) (QPSC) (“Nakilat” or “the Company’’) is a Public Shareholding Company, incorporated in the State of Qatar on Jun 9, 2004, under Commercial Registration Number 28566 issued by the Ministry of Economy and Commerce (currently ‘Ministry of Commerce and Industry’). The shares of the Company started trading in the Qatar Exchange on April 7, 2005. The main purpose of the Company is to work in the industry of gas transport either through direct acquisition of ocean-going vessels or by investing in joint ventures with other parties. The Company operates either directly or through its subsidiaries and joint ventures (collectively referred to as the “Group”). The operations of the Group are conducted within the economic environment in the State of Qatar. Although most of the joint venture entities are located abroad, their trading activities are mainly derived from contracts with local companies in Qatar. The Group can be therefore viewed to provide services within the same economic environment and subject to the same economic risk. These interim condensed consolidated financial statements were approved on 20 October 2026. 2. Basis of preparation and material accounting policies 2.1 Basis of preparation The accompanying interim condensed consolidated financial statements are prepared in accordance with International Accounting Standard IAS 34 – “Interim Financial Reporting” under the historical cost convention except for certain financial instruments whic h have been stated at fair value. They do not include all of the information required for full annual financial statements, therefore it should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 Dec 2025. In addition, results for the nine-month period ended 30 Sept 2026, are not necessarily indicative of the results that may be expected for the financial year ending 31 Dec 2026. Wholly owned gas transportation vessels are the Group’s primary operating segment based on the nature of the services provided. Other segments including shipyard, agency and marine services (over the time) are immaterial and not reportable. These interim condensed consolidated financial statements are therefore prepared on a single reportable segment basis. 2.2 Risk management, judgements, and estimates The preparation of the interim condensed consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. 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 (including the geo -political situation) were materially the same as those that applied to the Group’s annual consolidated financial statements for the year ended 31 Dec 2025. The financial risk management objectives and policies of the Group are consistent with those disclosed in the Group’s annual consolidated financial statements as at and for the year ended 31 Dec 2025. 2.3 Material accounting policies The accounting policies applied in these interim condensed consolidated financial statements are the same as those applied in the Group’s consolidated financial statements, as at and for the year ended 31 Dec 2025. Standards, amendments, or interpretations issued but not yet effective: Certain amendments that have been issued and effective have been adopted in preparing these interim condensed consolidated financial statements. However, they did not have any significant impact on these interim condensed consolidated financial statements. Certain standards and amendments are also available for early adoption but have not been early adopted.
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Qatar Gas Transport Company Limited (NAKILAT) (QPSC) Notes to the interim condensed consolidated financial statements As at and for the nine-month period ended 30 September 2026 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated) 9 3. Property and equipment Vessels Furniture and Fixtures Right of Use Assets Others* Total Cost At 31 Dec 2024 (Audited) 31,803,615 41,512 108,008 4,194,551 36,147,686 Additions / adjustments 368,829 8,950 - 1,514,424 1,892,203 Acquisition through business combination - 11,898 - 561,203 573,101 Transfer from capital work in progress 93,565 5,972 - (99,537) - Derecognition /adjustments - - (30,573) (1,858) (32,431) At 31 Dec 2025 (Audited) 32,266,009 68,332 77,435 6,168,783 38,580,559 Additions / adjustments 408 226 - 3,326,763 3,327,397 Transfer from capital work in progress 5,775 560 - (6,335) - Derecognition / adjustments (368,829) (41,240) 7 (936) (410,998) At 30 Sept 2026 (Reviewed) 31,903,363 27,878 77,442 9,488,275 41,496,958 Accumulated Depreciation At 31 Dec 2024 (Audited) 11,501,576 41,512 27,488 39,328 11,609,904 Charge for the year** 885,251 14,192 5,182 5,149 909,774 Acquisition through business combination - 11,559 - 360,527 372,086 Derecognition /adjustments - - (30,798) (1,858) (32,656) At 31 Dec 2025 (Audited) 12,386,827 67,263 1,872 403,146 12,859,108 Charge for the period** 669,476 266 6,336 9,343 685,421 Derecognition /adjustments (38,816) (41,240) - (31) (80,087) At 30 Sept 2026 (Reviewed) 13,017,487 26,289 8,208 412,458 13,464,442 Net Carrying value At 30 Sept 2026 (Reviewed) 18,885,876 1,589 69,234 9,075,817 28,032,516 At 31 Dec 2025 (Audited) 19,879,182 1,069 75,563 5,765,637 25,721,451 * This mainly includes capital work-in-progress amounting to QR 8,879.4 million (31 Dec 2025: QR 5,566.0 million), primarily for construction costs of new vessels (comprising shipbuilding contractual payments, borrowing costs, and other direct expenses) and dry docking of existing vessels. Borrowing costs of QR 299 million (31 Dec 2025: QR 515.0 million) were capitalized during the period at a capitalization rate ranging from 4.56% to 4.98% (31 Dec 2025: 5.04% to 6.16%). ** QR 5.6 million depreciation is classified under general, employee and administrative expenses ( 31 Dec 2025: QR 18.5 million). Included in the amortization of Right -of-Use assets for the period is an amount of QR 696 thousands, which has been capitalized as part of capital work-in-progress, as these costs relate directly to the project management and oversight of the construction of new vessels (31 Dec 2025: QR 899 thousands). Total amortization and depreciation charge for the period amounted to QR 698.7 million (30 Sept 2025: QR 664.9 million).
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Qatar Gas Transport Company Limited (NAKILAT) (QPSC) Notes to the interim condensed consolidated financial statements As at and for the nine-month period ended 30 September 2026 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated) 10 4. Investment in joint ventures At 31 Dec 2024 (Audited) 5,721,174 Share of results for the year – net of GMT 610,064 Gain on remeasurement of previously held equity interest in a joint venture (330,602) Bargain purchase gain (58,408) Adjustment against additional liability for losses from joint ventures 58,910 Adjustment against investment and loan to joint ventures (50,775) Share of hedging reserve for the year (69,791) Dividend income (363,614) At 31 Dec 2025 (Audited) 5,516,958 Share of results for the period – net of GMT 350,079 Adjustment against additional liability for losses from joint ventures (39,146) Adjustment against investment and loan to joint ventures (6,026) Share of hedging reserve for the period 8,923 Dividend income (182,745) At 30 Sept 2026 (reviewed) 5,648,043 5. Cash and cash equivalents 30 Sept 2026 31 Dec 2025 (Reviewed) (Audited) Cash on hand 325 325 Cash at bank -call and current accounts 530,738 676,060 Cash at bank -time deposits* 3,953,454 2,404,908 Other bank balances (a) 20,077 20,087 Other bank balances (b) 73,387 77,915 Total 4,577,981 3,179,295 Less: Deposits and other balances (note 5.1) (2,198,310) (1,359,423) Cash and cash equivalents 2,379,671 1,819,872 5.1 Deposits and other balances 30 Sept 2026 31 Dec 2025 (Reviewed) (Audited) (a) Cash payable to shareholders for unclaimed proceeds related to second IPO call 20,077 20,087 (b) Cash payable to shareholders for unclaimed dividends 73,387 77,915 Time deposits maturing after ninety days 1,796,375 1,002,311 Restricted cash 308,471 259,110 Total 2,198,310 1,359,423 * The effective interest and profit rates on the time deposits varies between 1.67% to 4.68% (31 Dec 2025: 2.85% to 5.33%). 6. Share capital 30 Sept 2026 31 Dec 2025 (Reviewed) (Audited) Authorized, issued and paid-up: 5,540,263,600 shares of QR 1 each 5,540,264 5,540,264 All ordinary shares carry equal rights.
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Qatar Gas Transport Company Limited (NAKILAT) (QPSC) Notes to the interim condensed consolidated financial statements As at and for the nine-month period ended 30 September 2026 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated) 11 6.1 Cash dividend No interim dividend has been declared by the board in respect of the nine-month period ended 30 Sept 2026 (30 Sept 2025: QR 0.072 per share, amounting to a total of QR 398.9 million). The final cash dividend in respect of the second half of the year ended 31 Dec 2025 of QR 0.072 per share, amounting to a total of QR 398.9 million was approved by the shareholders at the Annual General Meeting held on 11 Feb 2026. 7. Legal reserve The Articles of Association of the Company require the Company to provide for a legal reserve at 10% of net profit for each year until it reaches 50% of paid -up share capital. This reserve is not available for distribution except for circumstances specified in the Articles of Association. 8. Hedging reserve This represents the Group’s share of the effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedge that was recognized by its subsidiaries and its share from the joint ventures. The hedging reserve arises from the revaluation to fair value the interest rate swaps. The hedging reserve is expected to decrease over time as loans are repaid, and the notional amount of the swaps decreases. The reserve on designated hedges is not expected to impact on either a consolidated statement of income or retained earnings. The Group also enters into long -term time charter agreements to lock in future cash inflows from vessels. This strategy is expected to result in a more stable stream of cash flows in the future and minimize uncertainties associated with shipping spot rate movements or interest rate movements. 9. Borrowings 30 Sept 2026 31 Dec 2025 (Reviewed) (Audited) Secured loans 14,386,577 11,933,895 Unsecured loans 5,916,066 5,416,065 Bonds 2,597,500 2,732,568 Less: Issuance costs (128,750) (150,255) Total 22,771,393 19,932,273 Borrowings are presented in the interim condensed consolidated statement of financial position as follows: 30 Sept 2026 31 Dec 2025 (Reviewed) (Audited) Non-current liability 21,362,546 18,614,036 Current liability 1,408,847 1,318,237 Total 22,771,393 19,932,273 The weighted average interest rate on short / long term facilities (excluding hedges), loans and bonds above as at 30 Sept 2026 is 5.15% (31 Dec 2025: 5.72%). The Group's borrowings are subject to various covenants, some of which require compliance within 12 months of the reporting date. As of 30 Sept 2026, the Group is in compliance with all relevant covenants and expects to remain in compliance with these covenants over the 12 months following the reporting date. 10. Fair value of interest rate swaps The Group has entered into interest rate swap agreements with several financial institutions. As of 30 Sept 2026 the outstanding notional amount of swap agreements is QR 18,034.2 million (31 Dec 2025: QR 18,313.0 million) and net fair value is positive QR 1,431 million (31 Dec 2025: positive QR 163.3 million).
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Qatar Gas Transport Company Limited (NAKILAT) (QPSC) Notes to the interim condensed consolidated financial statements As at and for the nine-month period ended 30 September 2026 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated) 12 11. Related party disclosures 30 Sept 2026 30 Sept 2025 (Reviewed) (Un-reviewed) Transactions with related parties: Interest capitalized on loans to joint ventures 4,912 11,582 Loans to joint ventures repayment - (13,268) Interest income on loans to joint ventures 7,995 15,759 Key management compensation: Compensation of key management personnel 15,759 15,349 Board of Directors’ remuneration accrued 4,425 4,425 30 Sept 2026 31 Dec 2025 (Reviewed) (Audited) Balances with related parties: Due from joint ventures 41,223 36,228 Due to joint ventures* 379,116 377,290 * This mainly includes payable related to transfer of vessels from a joint venture. 12. Earnings per share Basic earnings per share is calculated by dividing the profit for the year by the weighted average number of ordinary shares outstanding during the year. 30 Sept 2026 30 Sept 2025 (Reviewed) (Un-reviewed) Profit for the period attributable to the owners of the Company 1,292,488 1,313,325 Weighted average number of shares outstanding during the period 5,540,263,600 5,540,263,600 Basic and diluted earnings per share (expressed in QR per share) 0.23 0.24 There were no potentially dilutive shares outstanding at any time during the year and hence the diluted earnings per share are equal to the basic earnings per share. 13. Fair value of 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 for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. Loans to joint venture companies, trade and other receivables, due from joint venture companies, bank balances, interest bearing loans and borrowings and trade payables are not included in the table below since their carrying amount is a reasonable approximation of fair value. The fair value of equity investments is derived from quoted market prices in an active market. The fair value of interest rate swaps is derived from the observable market input. The fair value of other financial instruments approximates their carrying value. Fair Value Hierarchy As at the reporting date, the Group held the following financial instruments measured at fair value. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that is not based on observable market data.
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Qatar Gas Transport Company Limited (NAKILAT) (QPSC) Notes to the interim condensed consolidated financial statements As at and for the nine-month period ended 30 September 2026 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated) 13 13. Fair value of financial instruments (continued) Fair Value Hierarchy (continued) 30 Sept 2026 Level 1 Level 2 Level 3 Total Financial assets measured at fair value: Interest rate swaps used for hedging - 1,449,006 - 1,449,006 Equity investments 102,863 - - 102,863 Financial liabilities measured at fair value: Interest rate swaps used for hedging - 18,004 - 18,004 31 Dec 2025 Financial assets measured at fair value: Interest rate swaps used for hedging - 465,166 - 465,166 Equity investments 127,822 - - 127,822 Financial liabilities measured at fair value: Interest rate swaps used for hedging - 301,866 - 301,866 14. Trade and other receivables This includes advances which pertain to unbilled invoices which have corresponding advances from customers (classified as accounts and other payables) which will be offset against each other upon billing of the invoices. 15. New entities During the period, the Company has established two wholly owned sub -subsidiary companies for the purpose of vessel management and administration. - Nakilat Ship Management (UK) Limited in England & Wales. - Nakilat Chartering LLC in Qatar. 16. Commitments and contingencies: (i) Cross guarantees The Company has issued cross guarantees to the various banks with regard to loans and interest rate swaps. (ii) Bank guarantees Bank guarantees as at 30 Sept 2026 amounted to QR 3.4 million (31 Dec 2025: QR 10.9 million). (iii) Letters of credit and guarantees Letters of credit and guarantees including the share from joint ventures at 30 Sept 2026 amounted to QR 96.7 million (31 Dec 2025: QR 87.6 million). (iv) Capital commitments Capital commitments including shipbuilding commitments and the share from joint ventures at 30 Sept 2026 amounted to QR 27,417.9 million (31 Dec 2025: QR 30,359.4 million). 17. Tax expense 30 Sept 2026 30 Sept 2025 (Reviewed) (Un-reviewed) Current tax expense Domestic income tax 33,259 18,334 Global minimum top-up tax (i) 839 348 Total 34,098 18,682 (i) The Group has recognized taxes in relation to domestic tax of the entities domiciled in Qatar and Pillar Two Taxes based on the OECD’s Base Erosion and Profit Shifting (“BEPS”) rules which seek to impose a framework to implement a global minimum tax of 15% on multinational groups in jurisdiction in which they operate. These rules became effective from 1 Jan 2025. The Group does not have significant exposure to Pillar Two Taxes as it benefits from the shipping income exclusion provided under the published OECD global minimum tax framework, which effectively applies to the majority of its income.
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Qatar Gas Transport Company Limited (NAKILAT) (QPSC) Notes to the interim condensed consolidated financial statements As at and for the nine-month period ended 30 September 2026 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated) 14 18. Subsequent event Subsequent to the reporting date, the Group took delivery of VLAC Energy North, an LPG carrier, on 01 October 2026. Upon delivery, the related capital work-in-progress balance was transferred to property and equipment. The delivery represents a material non -adjusting event that occurred after the reporting date. Accordingly, no adjustment has been made to these interim condensed consolidated financial statements.