Slides
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H1 2026 Financial Summary Conference Call Doha , Qatar August 4 , 2026 ㄧ AALA MILAHA
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Consolidated Income Statement – H1 (All amounts in QR Millions) 2 %’s shown vs 2025 2024 2025 2026 Operating Revenue 1,434 1,593 1,683 Salaries, Wages and Other Benefits (350) (379) (431) 6% Operating Supplies and Expenses (509) (568) (617) Rent Expenses (4) (3) (2) Depreciation and Amortisation (200) (244) (276) Provision of Impairment of Trade Receivables 14 20 (4) Other Operating Expenses (69) (65) (88) Net Profit -19% Operating Expenses (1,117) (1,239) (1,419) Operating Profit before Impairments 316 354 265 Impairment of Property, Vessels and Equipment 0 0 0 Finance Costs (15) (22) (17) Finance Income 7 8 15 Net Gain on Disposal of Property, Vessels & Equipment 9 2 1 Share of Results of Associates 297 308 308 Share of Results of Joint Arrangements 21 54 (21) Net Gain on Foreign Exchange (0) (1) (1) Tax for the Year (7) (32) (7) Non-Operating Profit 311 316 278 Profit for the Period 627 671 543 Non-controlling interest 1 2 (1) Net Profit Attributable To Equity Holders Of The Parent 628 672 542 Revenue Operating Profit before Impairments -25% 2015 1,434 628 1,593 672 1,683 542 Revenue Net Income 20262024 2025 20262024 2025
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Activities by Segment 3 • Vessel Charter & Operations • Subsea Services • Engineering & Construction Services • Well Services • Harbor Marine Operations • Industrial Logistics • LNG Transport • Floating Storage and Offloading (FSO) Operations • Ship Management • Ship Services • Shipyard • Real Estate Development and Management • Strategic and Financial Investments • Port Services • Container Shipping • Warehousing & Logistics
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(35) 116 359 11 178 17 132 367 13 143 1 48 355 (3) 141 Maritime & Logistics Offshore Gas & Petrochem Marine & Technical Svcs Capital 2024 2025 2026 Net Profit, by Segment – H1 (All amounts in QR Millions) 4 Favorable Unfavorable %’s shown vs 2025 -94% -64% -121% -3% -1%
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Statement of Income, by Segment – H1 2026 (All amounts in QR Millions) 5 Maritime & Logistics Offshore & Marine Gas & Petrochem Marine & Tech Svcs Capital Corporate Eliminations/ Adjustments Consolidated Operating Revenue 384 874 117 190 204 - (85) 1,683 Salaries, Wages & Benefits (34) (111) (17) (179) (7) (83) - (431) Operating Supplies & Expenses (232) (272) (9) (163) (4) (7) 70 (617) Rent Expenses (2) (3) (0) (3) (1) (5) 11 (2) Depreciation & Amortization (40) (158) (36) (8) (34) (0) - (276) Provision of Impairment of Trade Receivables (1) 1 - (6) 1 - - (4) Other Operating Expenses (11) (28) (11) (28) (5) (10) 4 (88) Fleet & Technical Expense Allocation (19) (209) (0) 228 - - - - Expense Allocation from Milaha Corporate (24) (33) (5) (34) (9) 106 - (0) Operating Profit before Impairments 22 59 39 (1) 146 (0) 0 265 Impairment of Property, Vessels and Equipment - - - - - - - - Finance Costs (1) (17) (12) (1) (7) - 21 (17) Finance Income - 6 20 - 9 0 (21) 15 Net Gain on Disposal of Property, Vessels & Equipment - 2 - (0) (0) - - 1 Net Gain on Disposal of Investment Property - - - - - - - - Share of Results of Associates - - 309 (0) (1) - - 308 Share of Results of Joint Arrangements (20) - (1) - - - - (21) Impairment of Available-for-Sale Investments - - - - - - - - Net Gain on Foreign Exchange (1) 0 (0) (0) (0) - - (1) Miscellaneous Income - - - - - - - - Tax for the Year 0 (3) (0) (1) (4) - - (7) Profit for the Period 1 48 355 (3) 142 (0) 0 543 Non-controlling interest - - - - (1) - - (1) Net Profit Attributable To Equity Holders Of The Parent 1 48 355 (3) 141 (0) 0 542
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Statement of Income, by Segment – H1 2025 (All amounts in QR Millions) 6 Maritime & Logistics Offshore & Marine Gas & Petrochem Marine & Tech Svcs Capital Corporate Eliminations/ Adjustments Consolidated Operating Revenue 269 875 159 180 204 - (94) 1,593 Salaries, Wages & Benefits (31) (104) (19) (142) (7) (76) - (379) Operating Supplies & Expenses (181) (272) (22) (150) (6) (7) 70 (568) Rent Expenses (14) (2) (0) (3) (1) (5) 22 (3) Depreciation & Amortization (33) (128) (37) (7) (38) (1) - (244) Provision of Impairment of Trade Receivables 8 1 - 4 6 - - 20 Other Operating Expenses (11) (16) (3) (23) (5) (9) 1 (65) Fleet & Technical Expense Allocation (16) (170) (0) 186 - - - (0) Expense Allocation from Milaha Corporate (23) (29) (4) (33) (9) 98 - - Operating Profit before Impairments (31) 155 73 13 144 (0) 0 354 Impairment of Property, Vessels and Equipment - - - - - - - - Finance Costs (2) (20) (19) (1) (11) - 31 (22) Finance Income - 12 15 0 12 0 (31) 8 Net Gain on Disposal of Property, Vessels & Equipment 0 2 - 0 - - - 2 Net Gain on Disposal of Investment Property - - - - - - - - Share of Results of Associates - - 308 (0) 0 - - 308 Share of Results of Joint Arrangements 49 - 5 - - - - 54 Impairment of Available-for-Sale Investments - - - - - - - - Net Gain on Foreign Exchange 0 (0) - (1) (0) - - (1) Miscellaneous Income - - - - - - - - Tax for the Year 1 (16) (15) 2 (3) - - (32) Profit for the Period 17 132 367 13 142 (0) 0 671 Non-controlling interest - - - - 2 - - 2 Net Profit Attributable To Equity Holders Of The Parent 17 132 367 13 143 (0) 0 672
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Segment Performance – H1 (All amounts in QR Millions) 7 Revenue Waterfall – 2025 vs 2026 Maritime & Logistics 60 165 209 105 11 219 2025 Freight Logistics Container Shipping 2026 Container Shipping Freight Logistics 269 384 43% Increase in Revenue and 94% Decrease in Bottom Line o Operating Revenue increased QR 115m • +105m Freight Logistics driven by increased project cargo movements • +11m Container Shipping driven by war risk premium related to regional conflict disruptions o Operating Expenses are up QR (62)m • -51m increase in Operating Supplies & Expenses (variable) tied to revenue movement • +12m Rent savings tied to the transfer of the Logistics City warehousing facility in Qatar. Previously the facility was reported under Real Estate with arm’s length charging in place to Freight Logistics as Rent. • -7m increase in Depr & Amort mainly tied to the transfer of the Logistics City warehousing facility. o Non-Operating Profit is down QR (69)m • -69m decreased profit from QTerminals due reduced volumes from regional conflict 2024 2025 2026 Operating Revenue 239 269 384 Salaries, Wages and Other Benefits (28) (31) (34) Operating Supplies and Expenses (184) (181) (232) Rent Expenses (14) (14) (2) Depreciation and Amortisation (11) (33) (40) Provision of Impairment of Trade Receivables 1 8 (1) Other Operating Expenses (10) (11) (11) Fleet & Technical Expense Allocation (16) (16) (19) Expense Allocation from Milaha Corporate (21) (23) (24) Operating Expenses (283) (300) (362) Operating Profit before Impairments (44) (31) 22 Non-Operating Income/(Expense) 10 48 (21) Profit for the Period (35) 17 1
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Segment Performance – H1 (All amounts in QR Millions) 8 Revenue Waterfall – 2025 vs 2026 Offshore & Marine 479 16 495 280 280 44 72 2025 Vessel Chartering Services Industrial Logistics Harbor Operations 37 61 2026 Services Harbor Operations Vessel Chartering Industrial Logistics 875 -10-7 874 -1 2024 2025 2026 Operating Revenue 716 875 874 Salaries, Wages and Other Benefits (92) (104) (111) Operating Supplies and Expenses (187) (272) (272) Rent Expenses (1) (2) (3) Depreciation and Amortisation (117) (128) (158) Provision of Impairment of Trade Receivables 8 1 1 Other Operating Expenses (19) (16) (28) Fleet & Technical Expense Allocation (153) (170) (209) Expense Allocation from Milaha Corporate (27) (29) (33) Operating Expenses (587) (720) (814) Operating Profit before Impairments 129 155 59 Non-Operating Income/(Expense) (13) (23) (12) Profit for the Period 116 132 48 0.1% Decrease in Revenue and 64% Decrease in Net Profit o Operating Revenue decreased QR (1)m • +16m Vessel Chartering driven by full year effect of newly added vessel in mid 2025 • -7m Harbor Operations from lower vessel utilization • -10m Industrial Logistics from lower activity due to the regional conflict o Operating Expenses are up QR (94)m • -30m increase in Depreciation driven by ROU on chartered vessels, and vessel addition in 2025 • -12m increase in Other Operating Expenses from higher war risk insurance and non-recurrence of favorable adjustments recorded in 2025 • -39m increase in Fleet & Technical Expenses due to increased crewing expenses related to 2025 vessel addition + war risk bonuses paid to crew o Non-Operating Profit is up QR 11m driven by lower Taxes mainly from one- time deferred tax liability recorded in 2025
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Segment Performance – H1 (All amounts in QR Millions) 9 Revenue Waterfall – 2025 vs 2026 Gas & Petrochem 32 21 21 96 106 2025 FSO LNG Vessels 2x VLGC Vessels 0 2026 LNG Vessels FSO 2x VLGC Vessels 159 0 -10 -32 117 2024 2025 2026 Operating Revenue 122 159 117 Salaries, Wages and Other Benefits (15) (19) (17) Operating Supplies and Expenses (7) (22) (9) Rent Expenses (0) (0) (0) Depreciation and Amortisation (26) (37) (36) Other Operating Expenses (6) (3) (11) Fleet & Technical Expense Allocation (0) (0) (0) Expense Allocation from Milaha Corporate (5) (4) (5) Operating Expenses (60) (85) (78) Operating Profit before Impairments 62 73 39 Non-Operating Income/(Expense) 296 293 316 Profit for the Period 359 367 355 26% Decrease in Revenue and 3% Decrease in Net Profit o Operating Revenue decreased by QR (41)m • -32m resulting from the divestment of the 2x VLGC vessels in 2025 • -10m related to the non-recurrence of dividends that were distributed on our partially owned LNG vessels in 2025 o Operating Expenses are down QR 7m • +13m decrease in Operating Supplies and Expenses tied to the divestment of the 2x VLGC vessels • -8m increase Other Operating Expenses from non-recurrence of accounting adjustment done in 2025, and higher war risk insurance o Non-Operating Profit is up QR 22m • -6m lower results from JV’s (mainly Gulf LPG JV due to divestment from business in 2025) • +15m lower Taxes driven by one-time deferred tax liability recorded in 2025 • +12m net of Finance Costs / Income driven by fixed deposit returns
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5% Increase in Revenue and 121% Decrease in bottom line o Operating Revenue increased by QR 10m • +7m Ship Services from higher sales of lubricants and bunker • +5m Shipyard from increased mobilization work • +5m Equipment Trading Agencies due to the sale of Hino dealership o Operating Expenses are up QR (24)m • -37m increase in Salaries & Wages mainly from Ship Management unit tied to higher crewing costs (war risk bonus pay + vessel additions from 2025) • -12m Operating Supplies & Expenses tied to revenue increase • -10m swing from increased provisions for bad debt • +42m increase in the allocation-out of Fleet & Technical expenses from our Ship Management unit (mainly to Offshore segment) Segment Performance – H1 (All amounts in QR Millions) 10 Revenue Waterfall – 2025 vs 2026 Marine & Technical Services 105 112 7 5 5 59 64 88 2025 Equipment Trading Agencies Ship Services Shipyard Ship Management 1 2026 Shipyard Equipment Trading Agencies Ship Management Ship Services 180 -7 190 13 2024 2025 2026 Operating Revenue 196 180 190 Salaries, Wages and Other Benefits (136) (142) (179) Operating Supplies and Expenses (168) (150) (163) Rent Expenses (3) (3) (3) Depreciation and Amortisation (7) (7) (8) Provision of Impairment of Trade Receivables 5 4 (6) Other Operating Expenses (23) (23) (28) Fleet & Technical Expense Allocation 169 186 228 Expense Allocation from Milaha Corporate (32) (33) (34) Operating Expenses (193) (167) (191) Operating Profit before Impairments 4 13 (1) Non-Operating Income/(Expense) 7 0 (2) Profit for the Period 11 13 (3)
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Flat Revenue and 1% Decrease in Net Profit o Flat Revenue • +7m higher overall Investment income • -10m decrease in Real Estate mainly driven by transfer of Logistics City warehousing facility to Freight Logistics unit o Operating Expenses are lower QR 1m • +4m lower Depr & Amort due to the transfer of Logistics City warehousing facility to the Freight Logistics unit • -5m higher Provision for Bad Debt due to the non-recurrence of a favorable adjustment in 2025 o Non-Operating Profit is down QR (1)m Segment Performance – H1 (All amounts in QR Millions) 11 Revenue Waterfall – 2025 vs 2026 Capital 132 140 71 7 3 61 0 2025 Investments Qatar Quarries Real Estate Qatar Quarries Real Estate Investments 204 -10 204 2026 3 2024 2025 2026 Operating Revenue 245 204 204 Salaries, Wages and Other Benefits (7) (7) (7) Operating Supplies and Expenses (20) (6) (4) Rent Expenses (1) (1) (1) Depreciation and Amortisation (37) (38) (34) Provision of Impairment of Trade Receivables (0) 6 1 Other Operating Expenses (3) (5) (5) Expense Allocation from Milaha Corporate (9) (9) (9) Operating Expenses (78) (59) (58) Operating Profit before Impairments 166 144 146 Non-Operating Income/(Expense) 10 (2) (3) Profit for the Period 176 142 142 Non-controlling interest 1 2 (1) Net Profit Attributable To Equity Holders Of The Parent 178 143 141
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➢Container Shipping • Shipping network disrupted early on from regional conflict, but most vessels are outside the Strait of Hormuz and able to divert cargo & create new shipping lanes, and vessels inside the Arabian Gulf are operating on intra-Gulf services. • Expect growth in this segment driven by acquisition of new clients and introduction of new innovative supply chain solutions. ➢Freight Logistics • We will continue to support Qatar’s supply chain during the regional conflict by providing creative solutions to move cargo for existing and new clients. We expect growth in this unit. • Expect growth in this segment driven by acquisition of new clients and introduction of new innovative supply chain solutions. ➢QTerminals • Closure of the Strait of Hormuz impacts Hamad Port activities. Some limited regional work ongoing, but majority of operations are hampered Outlook 12 Maritime & Logistics
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➢Offshore Support Vessels / Services • Once conflict ends and oil & gas production resumes, expect strong recovery ➢Harbor Operations • Once conflict ends and oil & gas production resumes, expect strong recovery ➢Industrial Logistics • Once conflict ends and oil & gas production resumes, expect strong recovery Outlook 13 Offshore Marine
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➢Jointly & Fully owned LNG carriers • Expect stable revenue on the wholly owned LNG vessels but uncertain outlook on the LNG JVs the longer the Strait of Hormuz is closed ➢1 Fully-owned FSO • Asset is employed on a long-term contract so expect stable earnings ➢Results from Associates • Expect stable results from our Nakilat stake Outlook 14 Gas & Petrochem
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➢Continued focus on growth of one-stop-shop platform for vessel owners & operators with: • Ship chandlering services • Bunker, marine lubricants • Shipyard repairs, fabrication and drydocking activities • Shipping agencies activities Outlook 15 Marine & Technical Services
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➢Limited Investments volatility • Continued focus on yield enhancement of the financial portfolio, but expect reduction in dividend income from local equities portfolio ➢Stable results expected from our Real Estate holdings Outlook 16 Capital