Slides
Page 1
Doha, Qatar YTD Sep 2026 Financial Summary Conference Call October 28, 2026
Page 2
2024 2025 2026 Operating Revenue 2,131 2,458 2,619 Salaries, Wages and Other Benefits (528) (585) (633) 7% Operating Supplies and Expenses (766) (877) (898) Rent Expenses (5) (4) (4) Depreciation and Amortisation (300) (374) (404) Provision of Impairment of Trade Receivables 18 20 (8) Other Operating Expenses (104) (122) (126) Net Profit -9% Operating Expenses (1,686) (1,942) (2,073) Operating Profit before Impairments 445 516 546 Impairment of Property, Vessels and Equipment 0 (10) 0 Finance Costs (20) (24) (25) Finance Income 5 2 8 Net Gain on Disposal of Property, Vessels & Equipment 7 87 3 Share of Results of Associates 446 475 453 Share of Results of Joint Arrangements 43 64 (29) Net Gain on Foreign Exchange (1) (2) (1) Tax for the Year (10) (51) 4 Non-Operating Profit 470 540 412 Profit for the Period 916 1,056 958 Non-controlling interest 2 2 (0) Net Profit Attributable To Equity Holders Of The Parent 917 1,058 958 Revenue Operating Profit before Impairments 6% 2015 2,131 917 2,458 1,058 2,619 958 Revenue Net Income 20262024 2025 20262024 2025 Consolidated Income Statement – YTD Sep (All amounts in QR Millions) 2 %’s shown vs 2025
Page 3
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
Page 4
(33) 148 537 14 252 (26) 209 652 12 211 149 105 511 (18) 212 Maritime & Logistics Offshore Gas & Petrochem Marine & Technical Svcs Capital 2024 2025 2026 Net Profit, by Segment – YTD Sep (All amounts in QR Millions) 4 Favorable Unfavorable %’s shown vs 2025 681% -50% -258% -22% +1%
Page 5
Statement of Income, by Segment – YTD Sep 2026 (All amounts in QR Millions) 5 Maritime & Logistics Offshore & Marine Gas & Petrochem Marine & Tech Svcs Capital Corporate Eliminations/ Adjustments Consolidated Operating Revenue 773 1,235 177 262 305 - (132) 2,619 Salaries, Wages & Benefits (50) (166) (25) (256) (10) (126) - (633) Operating Supplies & Expenses (397) (338) (14) (242) (6) (12) 111 (898) Rent Expenses (3) (5) (0) (4) (1) (7) 16 (4) Depreciation & Amortization (60) (225) (54) (12) (52) (1) - (404) Provision of Impairment of Trade Receivables (1) (0) (0) (7) 1 - - (8) Other Operating Expenses (16) (41) (15) (39) (7) (15) 6 (126) Fleet & Technical Expense Allocation (29) (306) (0) 335 - - - (0) Expense Allocation from Milaha Corporate (36) (50) (8) (51) (14) 159 - (0) Operating Profit before Impairments 179 104 60 (14) 216 (0) 0 546 Impairment of Property, Vessels and Equipment - - - - - - - - Finance Costs (1) (24) (18) (1) (125) - 143 (25) Finance Income - 9 16 0 126 0 (143) 8 Net Gain on Disposal of Property, Vessels & Equipment - 3 - (0) (0) - - 3 Net Gain on Disposal of Investment Property - - - - - - - - Share of Results of Associates - - 453 0 (1) - - 453 Share of Results of Joint Arrangements (27) - (2) - - - - (29) Impairment of Available-for-Sale Investments - - - - - - - - Net Gain on Foreign Exchange (1) 0 (0) (0) (0) - - (1) Miscellaneous Income - - - - - - - - Tax for the Year (1) 12 1 (4) (4) - - 4 Profit for the Period 149 105 511 (18) 212 0 0 958 Non-controlling interest - - - - (0) - - (0) Net Profit Attributable To Equity Holders Of The Parent 149 105 511 (18) 212 0 0 958
Page 6
Statement of Income, by Segment – YTD Sep 2025 (All amounts in QR Millions) 6 Maritime & Logistics Offshore & Marine Gas & Petrochem Marine & Tech Svcs Capital Corporate Eliminations/ Adjustments Consolidated Operating Revenue 393 1,382 240 277 314 - (148) 2,458 Salaries, Wages & Benefits (48) (165) (28) (217) (10) (116) - (585) Operating Supplies & Expenses (269) (425) (36) (237) (10) (12) 113 (877) Rent Expenses (20) (3) (0) (4) (2) (7) 33 (4) Depreciation & Amortization (50) (199) (55) (11) (57) (1) - (374) Provision of Impairment of Trade Receivables 9 2 - 3 6 - - 20 Other Operating Expenses (34) (27) (4) (36) (9) (13) 2 (122) Fleet & Technical Expense Allocation (25) (264) (0) 289 - - - - Expense Allocation from Milaha Corporate (35) (44) (6) (51) (14) 150 - (0) Operating Profit before Impairments (81) 255 109 13 219 (0) 0 516 Impairment of Property, Vessels and Equipment (2) - - - (8) - - (10) Finance Costs (2) (29) (28) (1) (16) - 52 (24) Finance Income - 14 22 0 18 0 (52) 2 Net Gain on Disposal of Property, Vessels & Equipment 0 3 84 0 - - - 87 Net Gain on Disposal of Investment Property - - - - - - - - Share of Results of Associates - - 474 (0) 0 - - 475 Share of Results of Joint Arrangements 60 - 4 - - - - 64 Impairment of Available-for-Sale Investments - - - - - - - - Net Gain on Foreign Exchange (0) 0 (0) (2) (0) - - (2) Miscellaneous Income - - - - - - - - Tax for the Year (0) (34) (13) 2 (5) - - (51) Profit for the Period (26) 209 652 12 209 (0) 0 1,056 Non-controlling interest - - - - 2 - - 2 Net Profit Attributable To Equity Holders Of The Parent (26) 209 652 12 211 (0) 0 1,058
Page 7
Segment Performance – YTD Sep (All amounts in QR Millions) 7 Revenue Waterfall – 2025 vs 2026 Maritime & Logistics 90 293 303 203 177 480 2025 Freight Logistics Container Shipping 2026 Container Shipping Freight Logistics 393 773 97% Increase in Revenue and 681% Increase in Bottom Line o Operating Revenue increased QR 380m • +203m Freight Logistics driven by increased project cargo movements • +177m Container Shipping driven by vessel redeployments and higher market-led freight rates o Operating Expenses are up QR (119)m • -128m increase in Operating Supplies & Expenses (variable) tied to revenue movement • +17m 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. • -10m increase in Depr & Amort mainly tied to the transfer of the Logistics City warehousing facility. • +18m Other Operating Expenses mainly from one-offs adjustments recorded in 2025 o Non-Operating Profit is down QR (85)m • -87m decreased profit from QTerminals due reduced volumes from regional conflict 2024 2025 2026 Operating Revenue 376 393 773 Salaries, Wages and Other Benefits (42) (48) (50) Operating Supplies and Expenses (279) (269) (397) Rent Expenses (21) (20) (3) Depreciation and Amortisation (18) (50) (60) Provision of Impairment of Trade Receivables 2 9 (1) Other Operating Expenses (20) (34) (16) Fleet & Technical Expense Allocation (24) (25) (29) Expense Allocation from Milaha Corporate (33) (35) (36) Operating Expenses (435) (474) (593) Operating Profit before Impairments (59) (81) 179 Non-Operating Income/(Expense) 26 55 (30) Profit for the Period (33) (26) 149
Page 8
Segment Performance – YTD Sep (All amounts in QR Millions) 8 Revenue Waterfall – 2025 vs 2026 Offshore & Marine 763 729 444 357 65 109 2025 Vessel Chartering ServicesHarbor Operations Industrial Logistics 55 94 2026 Services Harbor Operations Vessel Chartering Industrial Logistics 1,382 -88 -10 -15 1,235 -34 11% Decrease in Revenue and 50% Decrease in Net Profit o Operating Revenue decreased QR (146)m • Revenue down across all units mainly due to the effects of the regional conflict, along with reduced engineering services o Operating Expenses are up QR (5)m • +88m lower Operating Supplies & Expenses tied to the reduced revenue • -26m increase in Depreciation driven by ROU on chartered vessels, vessel addition in 2025, and increased dry docking costs / amortization • -13m increase in Other Operating Expenses from higher war risk insurance and non-recurrence of favorable adjustments recorded in 2025 • -42m increase in Fleet & Technical Expenses with majority due to increased crewing expenses related to war risk bonuses paid to crew o Non-Operating Profit is up QR 47m driven by lower Taxes related to deferred tax liability recording 2024 2025 2026 Operating Revenue 1,062 1,382 1,235 Salaries, Wages and Other Benefits (136) (165) (166) Operating Supplies and Expenses (287) (425) (338) Rent Expenses (2) (3) (5) Depreciation and Amortisation (175) (199) (225) Provision of Impairment of Trade Receivables 8 2 (0) Other Operating Expenses (28) (27) (41) Fleet & Technical Expense Allocation (234) (264) (306) Expense Allocation from Milaha Corporate (40) (44) (50) Operating Expenses (893) (1,126) (1,131) Operating Profit before Impairments 168 255 104 Non-Operating Income/(Expense) (20) (47) 0 Profit for the Period 148 209 105
Page 9
Segment Performance – YTD Sep (All amounts in QR Millions) 9 Revenue Waterfall – 2025 vs 2026 Gas & Petrochem 51 32 32 145 157 2025 FSO LNG Vessels 2x VLGC Vessels 0 2026 LNG Vessels FSO 2x VLGC Vessels 240 0 -12 -51 177 26% Decrease in Revenue and 22% Decrease in Net Profit o Operating Revenue decreased by QR (63)m • -51m resulting from the divestment of the 2x VLGC vessels in 2025 • -12m related to the non-recurrence of dividends that were distributed on our partially owned LNG vessels in 2025 o Operating Expenses are down QR 14m • +22m decrease in Operating Supplies and Expenses tied to the divestment of the 2x VLGC vessels • -10m increase Other Operating Expenses from higher war risk insurance and the non-recurrence of accounting adjustment done in 2025 o Non-Operating Profit is down QR (93)m • -89m related to divestment and gain on sale of the 2 VLGCs in 2025 • -21m Associates, with -10m lower from Nakilat, and -10m from LNG JVs • +14m lower Taxes driven by non-recurrent gain on sale of VLGCs in 2025 2024 2025 2026 Operating Revenue 183 240 177 Salaries, Wages and Other Benefits (23) (28) (25) Operating Supplies and Expenses (12) (36) (14) Rent Expenses (0) (0) (0) Depreciation and Amortisation (40) (55) (54) Other Operating Expenses (8) (4) (15) Fleet & Technical Expense Allocation (0) (0) (0) Expense Allocation from Milaha Corporate (7) (6) (8) Operating Expenses (90) (130) (116) Operating Profit before Impairments 92 109 60 Non-Operating Income/(Expense) 445 543 450 Profit for the Period 537 652 511
Page 10
5% Decrease in Revenue and 258% Decrease in bottom line o Operating Revenue decreased by QR (15)m • -7m Ship Management from the one-time claim reimbursement recorded in 2025 • -7m Shipyard from reduced work impacted by regional conflict o Operating Expenses are up QR (12)m • -39m increase in Salaries & Wages mainly from Ship Management war risk bonus pay to crew • -10m swing from increased provisions for bad debt • +46m increase in the allocation-out of Fleet & Technical expenses from our Ship Management unit (mainly to Offshore segment) Segment Performance – YTD Sep (All amounts in QR Millions) 10 Revenue Waterfall – 2025 vs 2026 Marine & Technical Services 168 165 3 89 82 118 2025 Ship Services ShipyardEquipment Trading Agencies Ship Management 141 2026 Shipyard Equipment Trading Agencies Ship Management Ship Services 277 -7 262 -3 -7 2024 2025 2026 Operating Revenue 295 277 262 Salaries, Wages and Other Benefits (205) (217) (256) Operating Supplies and Expenses (256) (237) (242) Rent Expenses (4) (4) (4) Depreciation and Amortisation (10) (11) (12) Provision of Impairment of Trade Receivables 9 3 (7) Other Operating Expenses (33) (36) (39) Fleet & Technical Expense Allocation 259 289 335 Expense Allocation from Milaha Corporate (49) (51) (51) Operating Expenses (288) (264) (276) Operating Profit before Impairments 7 13 (14) Non-Operating Income/(Expense) 7 (1) (5) Profit for the Period 14 12 (18)
Page 11
3% Decrease in Revenue and 1% Increase in Net Profit o Operating Revenue decreased by QR (9)m • +1m higher overall Investment income • -13m decrease in Real Estate mainly driven by transfer of Logistics City warehousing facility to Freight Logistics unit o Operating Expenses are lower QR 6m • +5m lower Depr & Amort and +4m lower Operating Supplies & Expenses, both primarily 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 up QR 7m due to non-recurrence of real estate impairment recorded in 2025 Segment Performance – YTD Sep (All amounts in QR Millions) 11 Revenue Waterfall – 2025 vs 2026 Capital 207 208 107 3 1 94 0 2025 InvestmentsQatar Quarries Real Estate 3 2026 Qatar Quarries Real Estate Investments 314 -13 305 2024 2025 2026 Operating Revenue 349 314 305 Salaries, Wages and Other Benefits (10) (10) (10) Operating Supplies and Expenses (25) (10) (6) Rent Expenses (2) (2) (1) Depreciation and Amortisation (56) (57) (52) Provision of Impairment of Trade Receivables (1) 6 1 Other Operating Expenses (4) (9) (7) Expense Allocation from Milaha Corporate (14) (14) (14) Operating Expenses (112) (95) (89) Operating Profit before Impairments 237 219 216 Non-Operating Income/(Expense) 13 (11) (4) Profit for the Period 250 209 212 Non-controlling interest 2 2 (0) Net Profit Attributable To Equity Holders Of The Parent 252 211 212
Page 12
➢Container Shipping • Shipping networks were disrupted early on due to regional conflict, but we quickly redeployed vessels to maintain supply chains • Outlook is uncertain given unpredictable regional conflict developments ➢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. • Outlook is uncertain given unpredictable project cargo flows due to the regional conflict ➢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
Page 13
➢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
Page 14
➢Jointly & Fully owned LNG carriers • Expect stable earnings ➢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
Page 15
➢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 »Once conflict ends and Strait of Hormuz opens, expect strong recovery Outlook 15 Marine & Technical Services
Page 16
➢Limited Investments volatility • Continued focus on yield enhancement of the financial portfolio ➢Stable results expected from our Real Estate holdings Outlook 16 Capital