Interim report
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 30 JUNE 2026
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CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six-month period ended 30 June 2026 CONTENTS Page(s) Independent auditor’s report on review of condensed consolidated interim financial statements 1 - 2 Condensed consolidated interim financial statements: Condensed consolidated interim statement of profit or loss 3 Condensed consolidated interim statement of comprehensive income 4 Condensed consolidated interim statement of financial position 5 - 6 Condensed consolidated interim statement of changes in equity 7 Condensed consolidated interim statement of cash flows 8 - 9 Notes to the condensed consolidated interim financial statements 10 - 23 Qatar Navigation Q.P.S.C.
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1 Independent auditor’s report on review of condensed consolidated interim financial statements To the Shareholders of Qatar Navigation Q.P.S.C. Introduction We have reviewed the accompanying 30 June 202 6 condensed consolidated interim financial statements of Qatar Navigation Q.P.S.C. (the “Company”) and its subsidiaries (together the “Group”), which comprises: • the condensed consolidated interim statement of profit or loss for the six-month period ended 30 June 2026; • the condensed consolidated interim statement of comprehensive income for the six-month period ended 30 June 2026; • the condensed consolidated interim statement of financial position as at 30 June 2026; • the condensed consolidated interim statement of changes in equity for the six-month period ended 30 June 2026; • the condensed consolidated interim statement of cash flows for the six-month period ended 30 June 2026; and • notes to the condensed consolidated interim financial statements. The Board of Directors of the Company is responsible for the preparation and presentation of th ese condensed consolidated interim financial statements in accordance with IAS 34, ‘Interim Financial Reporting’. Our responsibility is to express a conclusion on these condensed consolidated interim 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 Stan dards 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 Zone 25 C Ring Road Street 230, Building 246 P.O Box 4473, Doha State of Qatar Telephone: +974 4457 6444 Fax: +974 4436 7411 Website: kpmg.com/qa KPMG, Qatar Branch is registered with the Ministry of Commerce and Industry, State of Qatar, and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. The KPMG name and logo are registered trademarks of KPMG International.
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2 Independent auditor ’s report on review of condensed consolidated interim financial statements (continued) Qatar Navigation Q.P.S.C. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying 30 June 2026 condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’. 03 August 2026 Gopal Balasubramaniam Doha KPMG State of Qatar Qatar Auditor’s Registry Number 251 Licensed by QFMA: External Auditor’s License No. 120153
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS For the six-month period ended 30 June 2026 3 For the six-month period ended 30 June 2026 2025 (Reviewed) Notes QR’000 QR’000 Operating revenues 4 1,683,431 1,592,852 Salaries, wages and other benefits (430,962) (378,584) Operating supplies and expenses (616,726) (567,859) Rent expenses (2,417) (2,629) Depreciation and amortization (276,220) (244,434) (Provision for) / Reversal of impairment of receivables (4,447) 20,377 Other operating expenses (87,792) (65,419) OPERATING PROFIT 264,867 354,304 Finance costs (17,383) (22,065) Finance income 14,531 8,328 Net gain on disposal of property, vessels and equipment, investment property and termination of lease 1,452 1,682 Share of results of associates 308,479 308,157 Share of results of joint ventures (21,430) 53,779 Net loss on foreign exchange (779) (1,469) PROFIT BEFORE TAX 549,737 702,716 Income tax expense 12 (7,102) (32,099) PROFIT FOR THE PERIOD 542,635 670,617 Attributable to: Equity holders of the Parent 541,880 672,169 Non-controlling interest 755 (1,552) 542,635 670,617 BASIC AND DILUTED EARNINGS PER SHARE (attributable to equity holders of the Parent) (expressed in QR per share) 15 0.48 0.59 Report on review of condensed consolidated interim financial statements is set out on pages 1 and 2. The attached notes from 1 to 19 form an integral part of these condensed consolidated interim financial statements.
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME For the six-month period ended 30 June 2026 4 For the six-month period ended 30 June 2026 2025 (Reviewed) QR’000 QR’000 Profit for the period 542,635 670,617 Other comprehensive income (OCI): Items that will not be reclassified subsequently to profit or loss Net (loss)/gain on financial assets at FVOCI (116,232) 47,254 Equity-accounted investees – share of OCI (3,451) (2,958) (119,683) 44,296 Items that may be reclassified subsequently to profit or loss Net gain/(loss) resulting from cash flow hedges 5,052 (6,901) Translation reserve movement for equity-accounted investee 51,514 (548) Cash flow hedge movement for equity-accounted investees 46,159 (161,667) 102,725 (169,116) Total (16,958) (124,820) Total comprehensive income for the period 525,677 545,797 Attributable to: Equity holders of the Parent 524,922 547,349 Non-controlling interests 755 (1,552) 525,677 545,797 Report on review of condensed consolidated interim financial statements is set out on pages 1 and 2. The attached notes from 1 to 19 form an integral part of these condensed consolidated interim financial statements.
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION As at 30 June 2026 5 30 June 31 December 2026 2025 (Reviewed) (Audited) Notes QR’000 QR’000 ASSETS Non-current assets Property, vessels and equipment 5 3,241,030 3,227,467 Investment properties 6 851,218 856,822 Intangible assets 9,755 8,719 Right-of-use assets 120,971 261,923 Investments in joint ventures 1,117,442 1,106,958 Investments in associates 8,621,382 8,415,074 Financial assets at FVOCI 2,476,392 2,652,805 Investments in deposits 365,000 365,000 Loans granted to LNG companies 72,517 69,546 Deferred tax assets 8,658 7,936 Total Non-current assets 16,884,365 16,972,250 Current assets Inventories 56,767 62,026 Trade and other receivables 996,280 1,015,053 Financial assets at FVTPL 698,622 655,882 Investments in term deposits 7 1,198,027 1,562,202 Cash and cash equivalents 538,283 272,131 Total Current assets 3,487,979 3,567,294 Total Assets 20,372,344 20,539,544 EQUITY AND LIABILITIES Attributable to equity holders of the Parent Share capital 9 1,136,165 1,136,165 Legal reserve 4,693,986 4,693,986 General reserve 623,542 623,542 Fair value reserve 2,543,632 2,726,447 Hedging reserve 1,190,574 1,139,363 Translation reserve 32,939 (18,575) Retained earnings 8,046,306 7,952,568 Equity attributable to equity holders of the Parent 18,267,144 18,253,496 Non-controlling interests 1,153 398 Total Equity 18,268,297 18,253,894 The condensed consolidated interim statement of financial position continues on the next page. Report on review of condensed consolidated interim financial statements is set out on pages 1 and 2. The attached notes from 1 to 19 form an integral part of these condensed consolidated interim financial statements.
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY For the six-month period ended 30 June 2026 7 Attributable to the equity holders of the Parent Share capital Legal reserve General reserve Fair value reserve Hedging reserve Translation reserve Retained earnings Total Non- controlling interest Total QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 Balance at 31 December 2025 (Audited) 1,136,165 4,693,986 623,542 2,726,447 1,139,363 (18,575) 7,952,568 18,253,496 398 18,253,894 Profit for the period - - - - - - 541,880 541,880 755 542,635 Other comprehensive (loss) income - - - (119,683) 51,211 51,514 - (16,958) - (16,958) Total comprehensive (loss) income - - - (119,683) 51,211 51,514 541,880 524,922 755 525,677 Transactions with owners of the Group: Dividends paid (Note 10) - - - - - - (511,274) (511,274) - (511,274) Other equity movement: Reclassification on disposal of FVOCI - - - (63,132) - - 63,132 - - - Balance at 30 June 2026 (Reviewed) 1,136,165 4,693,986 623,542 2,543,632 1,190,574 32,939 8,046,306 18,267,144 1,153 18,268,297 Attributable to the equity holders of the Parent Share capital Legal reserve General reserve Fair value reserve Hedging reserve Translation reserve Retained earnings Total Non- controlling interest Total QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 Balance at 31 December 2024 (Audited) 1,136,165 4,693,986 623,542 2,350,149 1,240,400 (18,027) 7,448,492 17,474,707 2,944 17,477,651 Profit (loss) for the period - - - - - - 672,169 672,169 (1,552) 670,617 Other comprehensive income (loss) - - - 44,296 (168,568) (548) - (124,820) - (124,820) Total comprehensive income (loss) - - - 44,296 (168,568) (548) 672,169 547,349 (1,552) 545,797 Transactions with owners of the Group: Dividends paid (Note 10) - - - - - - (454,466) (454,466) - (454,466) Other equity movement: Reclassification on disposal of FVOCI - - - 6,610 - - (6,610) - - - Balance at 30 June 2025 (Reviewed) 1,136,165 4,693,986 623,542 2,401,055 1,071,832 (18,575) 7,659,585 17,567,590 1,392 17,568,982 Report on review of condensed consolidated interim financial statements is set out on pages 1 and 2. The attached notes from 1 to 19 form an integral part of these condensed consolidated interim financial statements.
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS For the six-month period ended 30 June 2026 8 For the six-month period ended 30 June 2026 2025 (Reviewed) QR’000 QR’000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 549,737 702,716 Adjustments for: Depreciation of property, vessels and equipment 175,537 165,036 Depreciation of investment property 30,218 28,869 Amortisation of intangible assets 268 1,554 Depreciation of right-of-use assets 70,197 48,975 Net gain on disposal of property, vessels and equipment and termination of lease (1,452) (1,682) Share of results of associates (308,479) (308,157) Share of results of joint ventures 21,430 (53,779) Provision for employees’ end of service benefits 12,033 16,414 Dividend income (89,717) (97,252) Net fair value gain on financial assets at FVTPL (8,686) (1,318) Provision for / (Reversal of) impairment of receivables 4,447 (20,377) Finance costs 17,383 22,065 Finance income (14,531) (8,328) Operating profit before working capital changes: 458,385 494,736 Changes in: Inventories 5,259 (21) Trade and other receivables 10,633 76,958 Trade and other payables (25,758) 40,837 Cash generated from operating activities 448,519 612,510 Employees’ end of service benefits paid (4,120) (7,844) Net cash from operating activities 444,399 604,666 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, vessels and equipment (190,282) (344,303) Purchases of investment property (24,957) (21,481) Additions to intangible assets (228) (230) Net movement of investments in term deposits 364,175 426,411 Net movement of investments in financial assets at FVOCI (70,574) (66,887) Net movement of investments in financial assets at FVTPL (34,054) - Proceeds from disposal of property, vessels and equipment 381 1,787 Proceeds from disposal of financial assets at FVOCI 130,824 85,645 Dividends received from joint ventures 19,600 39,350 Dividends received from associates 144,879 141,424 Dividends received from investments 89,717 97,252 Finance income received 14,531 8,328 Net cash from investing activities 444,012 367,296 Report on review of condensed consolidated interim financial statements is set out on pages 1 and 2. The attached notes from 1 to 19 form an integral part of these condensed consolidated interim financial statements. The condensed consolidated interim statement of cash flows continues on the next page.
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (CONTINUED) For the six-month period ended 30 June 2026 9 For the six-month period ended 30 June 2026 2025 (Reviewed) Notes QR’000 QR’000 CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid to the Company’s shareholders (511,274) (454,466) Payment of lease liabilities (70,648) (51,179) Loans and borrowings settled (22,954) (214,621) Loans and borrowings utilised - 127,279 Finance costs paid (17,383) (22,065) Net cash used in financing activities (622,259) (615,052) Net increase in cash and cash equivalents 266,152 356,910 Cash and cash equivalents at beginning of period 272,131 187,996 Cash and cash equivalents at end of period 8 538,283 544,906 Report on review of condensed consolidated interim financial statements is set out on pages 1 and 2. The attached notes from 1 to 19 form an integral part of these condensed consolidated interim financial statements.
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six-month period ended 30 June 2026 10 1. REPORTING ENTITY Qatar Navigation Q.P.S.C. (the “Company” or the “Parent”) was incorporated in accordance with the provisions of the Qatar Commercial Companies Law No. 11 of 2015 (and all its amendments) as a Qatari Public Shareholding Company, and it is registered at the Ministry of Commerce and Industry of the State of Qatar with the Commercial Registration number 1 dated 5 July 1957. The registered office of the Company is located at Street No. 523, Zone 56, Umm Al Saneem Area, East Industrial Road, Doha, State of Qatar. The shares of the Company are publicly traded on the Qatar Stock Exchange since 26 May 1997. These condensed consolidated interim financial statements comprise 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, which remain unchanged from the previous year, include the provision of marine transport, acting as agent to foreign shipping lines, offshore services, warehousing, sale of heavy vehicles, ship repair, fabrication and installation of offshore structures, land transport, chartering of vessels, real estate, investments in listed and unlisted securities and trading of aggregates & building materials. The condensed consolidated interim financial statements of the Group were authorised for issue by the Company’s Board of Directors on 3 August 2026. 2. BASIS OF CONSOLIDATION 2.1 Basis of preparation The condensed consolidated interim financial statements for the six months ended 3 0 June 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group’s last annual audited consolidated financial statements as at and for the year ended 31 December 2025 (‘last annual financial statements’). They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since last annual financial statements. All values are rounded to the nearest thousands (QR’000) except otherwise indicated. The significant judgements made by management in applying the Group’s accounting policies, the key sources of estimation uncertainty, and the Group’s financial risk management objectives and policies were the same as those disclosed in the Group’s annual c onsolidated financial statements as at and for the year ended 31 December 2025, except as disclosed in Note 17. 2.2 New standards, interpretations and amendments New and amended standards adopted by the Group The Group adopted the below amendment to standards effective as of 1 January 2026: (ix) Effective date New accounting standards or amendment (x) 1 January 2026 • Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 (xi) 1 January 2026 • Annual Improvements to IFRS accounting Standards – Volume 11 (xii) 1 January 2026 • Contracts Referencing Nature -dependent Electricity – Amendments to IFRS 9 and IFRS 7 The application of the amendment listed above did not have a material impact on these condensed consolidated interim financial statements.
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six-month period ended 30 June 2026 11 2. BASIS OF CONSOLIDATION (CONTINUED) 2.2 New standards, interpretations and amendments (continued) Impact of new standards (issued but not yet adopted by the Group) (xiii) Effective date New accounting standards or amendment (xiv) 1 January 2027 • IFRS 18 Presentation and Disclosure in Financial Statements • IFRS 19 Subsidiaries without Public Accountability: Disclosures (xv) To be determined • Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The Group is currently working to identify all impacts the new standards will have on the consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements. • Entities are required to classify all income and expenses into five categories in the statement of comprehensive income, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. • Entities’ net profit will not change. • Management-defined performance measures (“MPMs”) are disclosed in a single note in the financial statements. • Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Group is still in the process of assessing the impact of the new IFRS Accounting Standard, particularly with respect to the structure of the Group’s statement of profit or loss, the statement of cash flows and the additional disclosures required for MP Ms. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as ‘other’.” 3. USE OF JUDGMENTS AND ESTIMATES In preparing these condensed consolidated interim financial statements, management has made judgments and estimates about the future, that affect the application of Group’s accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements except as described in Note 17.
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six-month period ended 30 June 2026 12 3. USE OF JUDGMENTS AND ESTIMATES (CONTINUED) Measurement of fair values A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financials and non-financial assets and liabilities. When measuring the fair value of an asset or liability, the Group uses observable market 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 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 liabilities 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. 4. OPERATING REVENUES The Group revenues consist of activities under the following operating segments: Six-month period ended 30 June 2026 2025 (Reviewed) QR’000 QR’000 Disaggregation of revenue Capital 193,513 182,307 Maritime and Logistics 384,149 265,097 Offshore 867,697 869,899 Marine & Technical Services 120,656 116,816 Gas and Petrochem 117,416 158,733 1,683,431 1,592,852 Of the total revenues, the Group has recognized QR 1.29 billion (2025: QR 1.36 billion) over time and QR 0.39 billion (2025: QR 0.23 billion) at a point in time.
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six-month period ended 30 June 2026 13 5. PROPERTY, VESSELS AND EQUIPMENT 30 June 31 December 2026 2025 (Reviewed) (Audited) QR’000 QR’000 At 1 January 3,227,467 3,095,280 Additions 190,282 481,059 Disposals and write off (104) (1,981) Transfers and reclassifications (1,078) (6,102) Impairment - (1,249) Depreciation charge for the period / year (175,537) (339,540) At 30 June / 31 December 3,241,030 3,227,467 6. INVESTMENT PROPERTIES 30 June 31 December 2026 2025 (Reviewed) (Audited) QR’000 QR’000 At 1 January 856,822 875,680 Additions 24,957 47,890 Impairment - (8,381) Disposals and write off (343) - Depreciation charge for the period / year (30,218) (58,367) At 30 June / 31 December 851,218 856,822 7. INVESTMENTS IN TERM DEPOSITS 30 June 31 December 2026 2025 (Reviewed) (Audited) QR’000 QR’000 Term deposits with banks 1,359,403 1,712,108 Less: Term deposits maturing before 90 days (161,376) (149,906) Term deposits maturing after 90 days (i) 1,198,027 1,562,202 Notes: (i) Short-term deposits earn interest at market rates and these are with an original maturity of over 90 days.
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six-month period ended 30 June 2026 14 8. CASH AND CASH EQUIVALENTS For the purpose of the condensed consolidated interim statement of cash flows, cash and cash equivalents comprise of the following items: 30 June 30 June 2026 2025 (Reviewed) (Reviewed) QR’000 QR’000 Notes: (i) Represents deposits with an original maturity of less than 90 days with commercial market rates . 9. SHARE CAPITAL Number of shares (‘000’) QR’000 Authorised, issued and fully paid shares At 30 June 2026 and 31 December 2025 shares with nominal value of QR 1 each (i) 1,136,165 1,136,165 (i) All shares have equal rights. 10. DIVIDENDS Dividend proposed The Board of Directors had proposed a 45% (2025: 40%) cash dividend of QR 0.45 (2025: QR 0.40) per share totaling QR 511 million for the year 2025 (2025: QR 454 million for the year 202 4) which was approved by the equity holders at the Annual General Assembly held on 17 February 2026 (2024: held on 24 February 2025). Dividend paid: 30 June 31 December 2026 2025 (Reviewed) (Audited) QR’000 QR’000 Final dividend 511,274 454,466 Cash in hand 3,332 1,957 Bank balance – term deposits (i) 161,376 397,071 Bank balance 373,575 145,878 Cash and cash equivalents in the condensed consolidated interim statement of cash flows 538,283 544,906
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six-month period ended 30 June 2026 15 11. CONTINGENT LIABILITIES 30 June 31 December 2026 2025 (Reviewed) (Audited) QR’000 QR’000 Letters of guarantees 1,305,504 1,243,573 Letters of credits 51,122 3,573 1,356,626 1,247,146 12. INCOME TAX EXPENSE A) Income tax expense for the period Income tax expense is recognised at an amount determined by multiplying the profit before tax for the interim reporting period by management's best estim ate of the annual income tax rate expected for the full financial year, adjusted for the tax effect of certain items recognised in full in the interim period. As such, the effective tax rate in the interim financial statements may differ from management's e stimate of the effective tax rate for the annual financial statements. B) Pillar Two income taxes The Group is subject to the global minimum top-up tax under Pillar Two legislation. The Group operates in various jurisdictions which are subject to the Global Anti-Base Erosion Model Rules (Pillar Two model rules) published by the Organisation for Economic Co-operation and Development (OECD). The Group mainly operates in the State of Qatar (‘Qatar’), Germany, Malta, Luxembourg, Singapore, UAE, India, UK, and KSA as of 30 June 2026. UK and KSA are dormant entities as of 30 June 2026. On 23 December 2024, Qatar’s Shura Council has approved specific amendments to provisions of the Income Tax Law promulgated under Law No. 24 of 2018 introducing a top-up tax with a minimum effective tax rate of 15%. The amendments are effective from 2025 onwards and related regulations on implementation, compliance and administrative provisions were notified vide Cabinet Resolution No. 2 of 2026 (the Rules for the Application of the Global and Domestic Minimum Taxes by the General Tax Authority). The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. 13. FAIR VALUES OF FINANCIAL INSTRUMENTS Financial instruments comprise of non-derivative financial assets, financial liabilities and derivative financial instruments. Non-derivative financial assets consist of cash and cash equivalents, financial assets at FVOCI, investment in term deposits, investment in deposits, financial assets at FVTPL, loans granted to LNG companies, other financial assets and receivables. Non-derivative f inancial liabilities consist of loans and borrowings and payables. Derivative financial instruments consist of interest rate swaps.
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six-month period ended 30 June 2026 16 13 FAIR VALUES OF FINANCIAL INSTRUMENTS (CONTINUED) Carrying amounts and fair values A comparison by class of the carrying value and fair value of the Group’s financial instruments that are measured at fair value in the condensed consolidated interim statement of financial position are set out below: Carrying amount Fair value 30 June 31 December 30 June 31 December 2026 2025 2026 2025 (Reviewed) (Audited) (Reviewed) (Audited) QR’000 QR’000 QR’000 QR’000 Financial assets at fair value through profit or loss 698,622 655,882 698,622 655,882 Financial assets at fair value through other comprehensive income and derivative financial instruments Financial assets at FVOCI 2,476,392 2,652,805 2,476,392 2,652,805 Interest rate swaps (cash flow hedge) (579) (5,631) (579) (5,631) 2,475,813 2,647,174 2,475,813 2,647,174 Measurement of fair values The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: • Cash and cash equivalents, investment in term deposits, trade and other receivables, trade and other payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. • Loans and borrowings and investments in deposits are carried at amortized cost and their carrying amounts approximate their fair values. • Fair value of quoted equity securities at FVOCI is derived from quoted market prices in active markets. • Fair value of unquoted financial assets at FVOCI and financial assets at FVTPL is estimated using appropriate valuation techniques. • Loans granted to LNG companies are non-derivative financial assets with determinable payments that are not quoted in an active market. These are carried at amortized cost and their carrying amounts approximate their fair values. The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives are valued based on market valuation provided by the respective financial institution.
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six-month period ended 30 June 2026 17 13 FAIR VALUES OF FINANCIAL INSTRUMENTS (CONTINUED) Measurement of fair values (continued) The Group held the following financial instruments measured at fair value at the reporting period: 30 June 2026 Level 1 Level 2 Level 3 QR’000 QR’000 QR’000 QR’000 Financial assets measured at fair value through profit or loss 698,622 - 203,122 495,500 Financial assets measured at fair value through other comprehensive income: Quoted shares 1,643,295 1,643,295 - - Unquoted shares 62,497 - - 62,497 Unquoted investments in foreign companies 582,817 - 582,817 - Investments in corporate bonds 187,783 78,283 109,500 - Derivative financial instruments Interest rate swaps (579) - (579) - 31 December 2025 Level 1 Level 2 Level 3 QR’000 QR’000 QR’000 QR’000 Financial assets measured at fair value through profit or loss 655,882 - 160,547 495,335 Financial assets measured at fair value through other comprehensive income: Quoted shares 1,831,440 1,831,440 - - Unquoted shares 62,881 - - 62,881 Unquoted investments in foreign companies 569,119 - 569,119 - Investments in corporate bonds 189,365 79,865 109,500 - Derivative financial instruments Interest rate swaps (5,631) - (5,631) - During the six -month period ended 30 June 202 6, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into and out of Level 3 fair value measurements. The Group does not hold credit enhancement or collateral to mitigate credit risk. The carrying amount of financial assets therefore represents the potential credit risk. The tables above illustrate the classification of the Group’s financial instruments based on the fair value hierarchy as required for complete sets of financial statements. This classification provides a reasonable basis to illustrate the nature and extent of risks associated with those financial instruments.
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six-month period ended 30 June 2026 18 14. RELATED PARTY DISCLOSURES The following table provides the total amount of transactions that have been entered into with related parties during the six-month period ended 30 June 2026 and 2025, as well as balances with related parties as at 30 June 2026 and 31 December 2025: Related party transactions Six-month period ended 30 June 2026 2025 Sales Purchases Sales Purchases (Reviewed) (Reviewed) QR’000 QR’000 QR’000 QR’000 Associates 1,140 2,451 2,512 4,444 Joint ventures (i) 589 17,835 98 432,362 1,729 20,286 2,610 436,806 Related party balances Balances with related parties included in the condensed consolidated interim statement of financial position are as follows: 30 June 2026 31 December 2025 Trade receivables Trade and other payables Trade receivables Trade and other payables (Reviewed) (Audited) QR’000 QR’000 QR’000 QR’000 Joint ventures(i) 89 376,595 413 382,978 Associates 542 192 1,152 266 Directors 526 149 573 139 1,157 376,936 2,138 383,383 (i) During the comparative year, the Company purchased two (2) vessels from one of its joint ventures amounting to QR 376 million which were subsequently sold for QR 460 million. Loans granted to associate and joint venture Loans to LNG companies amounting to QR 72.52 million (2025: QR 69.55 million) and loan to an LPG company amounting to QR 62.94 million (2025: QR 61.40 million). Compensation of directors and other key management personnel The remuneration of directors and other members of key management provided for / paid during the period was as follows: Six-month period ended 30 June 2026 2025 (Reviewed) QR’000 QR’000 Salaries and allowances 18,399 15,663 Provision for employees’ end of service benefits 809 865 Board of directors’ remuneration 10,100 10,100 29,308 26,628
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six-month period ended 30 June 2026 19 15 BASIC AND DILUTED EARNINGS PER SHARE Basic earnings per share is calculated by dividing the net profit for the period attributable to equity holders of the Parent by the weighted average number of shares outstanding during the period. There were no potentially dilutive shares outstanding at any time during the period and, therefore, the diluted earnings per share is equal to the basic earnings per share. Six-month ended 30 June 2026 2025 (Reviewed) Net profit for the period attributable to equity holders of the Parent (QR’000) 541,880 672,169 Weighted average number of shares (000’s) 1,136,165 1,136,165 Basic and diluted earnings per share (QR) 0.48 0.59
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six-month period ended 30 June 2026 20 16 SEGMENT INFORMATION The Group is organised into six pillars as follows, which constitute five reportable segments (strategic divisions): • Capital pillar provides corporate finance advisory services to the Parent and its subsidiaries, in addition to managing a large portfolio of financial and investment properties as well as holding the investment of Qatar Quarries and Building Material Company W.L.L. • Maritime & Logistics pillar provides integrated supply chain solutions and services to major importers, exporters and shipping companies in the region, including oil & gas majors. The activities include logistics services, warehousing, container feeder and liner services, port management and operations. • Offshore and Marine pillar provides comprehensive offshore support services to the oil and gas industry across the region. The Group currently operates a fleet of offshore service vessels, which include safety standby vessels, anchor handling tugs, crew boats, diving vessels, workboats and dynamic positioning (DP) vessels. It provides a complete range of engineering and diving services including saturation diving. • Marine and Technical Services Pillar is focused on providing vessel and industrial equipment owners & operators with comprehensive asset Lifecyle services through its activities which includes shipyard, shipping agencies, ship management and trading of heavy equipment. • Gas and Petrochem pillar owns, manages and operates a fleet of LNG carriers and provides ocean transportation services to international energy and industrial companies. It further owns and manages a Floating Storage and Offloading (FSO) unit. • Corporate provides necessary services to all the pillars to run their respective business. These services are costs of management, corporate development and communications, internal audit, legal affairs, shared services, information technology, procurement, human resources and administration and finance. The costs are subsequently allocated. Adjustments with respect to Milaha Corporate represent costs captured and subsequently allocated to various business pillars by way of a laid down methodology. Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss and is measured consiste ntly with operating profit or loss in the condensed consolidated interim financial statements. Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions with third parties. During the reporting period, the Group undertook a strategic realignment of its business segments. In accordance with IFRS 8 Operating Segments, the identification of reportable segments and the basis of their presentation have been revised to reflect the components of the Group that are regularly reviewed by management for the purpose of allocating resources and assessing performance. Comparative information for prior periods has been restated to conform to the revised segment reporting structure.
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six-month period ended 30 June 2026 21 16. SEGMENT INFORMATION (CONTINUED) Six-month period ended 30 June 2026 (Reviewed) Capital Maritime and Logistics Offshore Marine & Technical Services Gas and Petrochem Adjustments relating to Corporate Total segments Adjustments and eliminations Consolidated QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 Operating revenues 203,709 384,148 873,643 189,910 117,416 - 1,768,826 (85,395) 1,683,431 Salaries, wages and other benefits (6,893) (33,650) (111,494) (178,989) (16,565) (83,371) (430,962) - (430,962) Operating supplies and expenses (3,950) (231,630) (272,439) (162,633) (9,391) (7,109) (687,152) 70,426 (616,726) Rent expenses (1,145) (1,993) (2,690) (2,599) (73) (4,581) (13,081) 10,664 (2,417) Depreciation and amortisation (33,655) (40,124) (158,005) (7,731) (36,232) (473) (276,220) - (276,220) Reversal of / (Provision for) impairment of receivables 1,255 (623) 725 (5,804) - - (4,447) - (4,447) Other operating expenses (4,548) (10,751) (28,130) (27,723) (10,825) (10,120) (92,097) 4,305 (87,792) Allocations relating to fleet and technical services - (19,208) (209,200) 228,416 (8) - - - - Allocations relating to Milaha Corporate (9,242) (23,914) (33,165) (33,978) (5,349) 105,648 - - - OPERATING PROFIT (LOSS) 145,531 22,255 59,245 (1,131) 38,973 (6) 264,867 - 264,867 Finance costs (6,911) (704) (17,280) (606) (12,426) - (37,927) 20,544 (17,383) Finance income 8,542 - 6,360 - 20,167 6 35,075 (20,544) 14,531 Net (loss) / gain on disposal of property, vessels and equipment, investment property and termination of lease (344) - 1,800 (4) - - 1,452 - 1,452 Share of results of associates (852) - - (97) 309,428 - 308,479 - 308,479 Share of results of joint ventures - (20,234) - - (1,196) - (21,430) - (21,430) Net loss on foreign exchange (253) (520) 11 (14) (3) - (779) - (779) PROFIT (LOSS) BEFORE TAX 145,713 797 50,136 (1,852) 354,943 - 549,737 - 549,737 Income tax (expense)/benefit (3,548) 149 (2,607) (908) (188) - (7,102) - (7,102) PROFIT (LOSS) FOR THE PERIOD 142,165 946 47,529 (2,760) 354,755 - 542,635 - 542,635 Attributable to: Equity holders of the Parent 141,410 946 47,529 (2,760) 354,755 - 541,880 - 541,880 Non-controlling interest 755 - - - - - 755 - 755 142,165 946 47,529 (2,760) 354,755 - 542,635 - 542,635
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six-month period ended 30 June 2026 22 16. SEGMENT INFORMATION (CONTINUED) Six-month period ended 30 June 2025 (Reviewed) Capital Maritime and Logistics Offshore Marine & Technical Services Gas and Petrochem Adjustments relating to Corporate Total segments Adjustments and eliminations Consolidated QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 Operating revenues 203,609 268,979 874,836 180,199 158,733 - 1,686,356 (93,504) 1,592,852 Salaries, wages and other benefits (6,716) (31,413) (103,945) (141,570) (18,621) (76,319) (378,584) - (378,584) Operating supplies and expenses (6,463) (180,739) (271,565) (150,167) (22,403) (6,714) (638,051) 70,192 (567,859) Rent expenses (1,116) (13,547) (2,154) (2,737) (52) (4,931) (24,537) 21,908 (2,629) Depreciation and amortisation (37,610) (33,180) (128,379) (7,057) (37,048) (1,160) (244,434) - (244,434) Reversal of impairment of receivables 6,363 8,195 1,328 4,491 - - 20,377 - 20,377 Other operating expenses (4,691) (10,693) (16,150) (23,456) (3,070) (8,763) (66,823) 1,404 (65,419) Allocations relating to fleet and technical services - (16,021) (170,465) 186,500 (14) - - - - Allocations relating to Milaha Corporate (9,151) (22,767) (28,721) (33,197) (4,050) 97,886 - - - OPERATING PROFIT (LOSS) 144,225 (31,186) 154,785 13,006 73,475 (1) 354,304 - 354,304 Finance costs (11,244) (1,642) (20,201) (607) (19,329) - (53,023) 30,958 (22,065) Finance income 12,181 - 11,962 31 15,111 1 39,286 (30,958) 8,328 Gain on disposal of property, vessels and equipment - 24 1,581 77 - - 1,682 - 1,682 Share of results of associates 222 - - (99) 308,034 - 308,157 - 308,157 Share of results of joint ventures - 48,776 - - 5,003 - 53,779 - 53,779 Net (loss)/gain on foreign exchange (123) 11 (1) (1,356) - - (1,469) - (1,469) PROFIT (LOSS) BEFORE TAX 145,261 15,983 148,126 11,052 382,294 - 702,716 - 702,716 - Income tax (expense)/benefit (3,434) 926 (16,085) 1,990 (15,496) - (32,099) - (32,099) PROFIT (LOSS) FOR THE PERIOD 141,827 16,909 132,041 13,042 366,798 - 670,617 - 670,617 Attributable to: Equity holders of the Parent 143,379 16,909 132,041 13,042 366,798 - 672,169 - 672,169 Non-controlling interest (1,552) - - - - - (1,552) - (1,552) 141,827 16,909 132,041 13,042 366,798 - 670,617 - 670,617
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six-month period ended 30 June 2026 23 17. GEOPOLITICAL TENSIONS IN THE MIDDLE EAST During the interim period ended 30 June 2026, geopolitical tensions in the Middle East have escalated, resulting in heightened instability and uncertainty in the region, including in the State of Qatar. This has led to increased market volatility and have implications for the Group’s operations and increased credit risk exposure relating to certain customers and counterparties. Management has assessed the impact of these developments on the Group’s operations, financial position and performance for the period ended 3 0 June 2026. Given that these conditions existed and continued to evolve during the reporting period, the Group has considered their effects in the determination of significant estimates and judgements applied in the preparation of these interim financial statements. The areas of the financial statements that is mostly impacted include, but are not limited to: • Revenue and operating cost (including salaries) , particularly as it relates to fluctuations to chartering vessels. • Expected credit losses, reflecting increased credit risk associated with certain customers and counterparties operating in or exposed to affected regions; • Valuation of quoted equity instruments, due to heightened market volatility; and • Assessment of impairment indicators for vessels, barges, and investment properties, considering potential disruptions to operations. Based on the information available as at the reporting date, management has, where appropriate, recorded adjustments in these condensed consolidated interim financial statements. However, given the evolving nature of the situation, the extent of the financ ial 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. Management continues to monitor the situation closely. Further escalation or prolonged instability may have a material impact on the Group’s operations, financial position and cash flows in future reporting periods. 18. COMPARATIVE FIGURES The comparative figures for the previous period have been reclassified, where necessary, in order to conform to the current period’s presentation. Such reclassifications do not affect the previously reported profits, gross assets or equity. 19. SUBSEQUENT EVENTS There were no significant events after the reporting date which have a bearing on the understanding of these condensed consolidated interim financial statements.