Interim report
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 30 SEPTEMBER 2026
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CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the nine-month period ended 30 September 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 income statement 3 Condensed consolidated interim statement of comprehensive income 4 Condensed consolidated interim statement of financial position 5 - 6 Condensed consolidated interim statement of cash flows 7 - 8 Condensed consolidated interim statement of changes in equity 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 September 2026 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 income statement for the three-month and nine-month periods ended 30 September 2026; • the condensed consolidated interim statement of comprehensive income for the three-month and nine-month periods ended 30 September 2026; • the condensed consolidated interim statement of financial position as at 30 September 2026; • the condensed consolidated interim statement of cash flows for the nine-month period ended 30 September 2026; • the condensed consolidated interim statement of changes in equity for the nine-month period ended 30 September 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 September 2026 condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’. Other matter The corresponding figures presented in the accompanying condensed consolidated interim financial statements for the three -month and the nine -month period s ended 30 September 202 5 have not been reviewed, and we do not express any review conclusion on them. 26 October 2026 Salim Khalil Doha KPMG State of Qatar Qatar Auditor’s Registry Number 472 Licensed by QFMA: External Auditors’ License No. 120153
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT For the three-month and nine-month periods ended 30 September 2026 3 For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Unreviewed) (Reviewed) (Unreviewed) Note QR’000 QR’000 QR’000 QR’000 Operating revenues 4 926,589 865,107 2,619,411 2,457,959 Salaries, wages and other benefits (202,233) (206,589) (633,195) (585,173) Operating supplies and expenses (281,134) (308,680) (897,860) (876,539) Rent expenses (1,533) (1,609) (3,950) (4,238) Depreciation and amortisation (128,052) (129,872) (404,272) (374,306) (Provision for) / Reversal of impairment of receivables (3,384) (307) (7,831) 20,070 Other operating expenses (38,468) (56,679) (126,260) (122,098) OPERATING PROFIT 271,785 161,371 546,043 515,675 Impairment of intangible assets and investment property - (10,159) - (10,159) Finance costs (7,378) (9,763) (24,761) (24,177) Finance income 2,527 1,468 7,667 2,145 Net gain on disposal of property, vessels and equipment and termination of lease 1,143 85,706 2,595 87,388 Share of results of associates 144,367 166,390 452,846 474,547 Share of results of joint ventures (7,186) 9,987 (28,616) 63,766 Net loss on foreign exchange (673) (996) (1,452) (2,465) PROFIT BEFORE TAX 404,585 404,004 954,322 1,106,720 INCOME TAX BENEFIT (EXPENSE) 12 11,041 (18,886) 3,939 (50,985) PROFIT FOR THE PERIOD 415,626 385,118 958,261 1,055,735 Attributable to: Equity holders of the Parent 416,169 385,691 958,049 1,057,860 Non-controlling interest (543) (573) 212 (2,125) 415,626 385,118 958,261 1,055,735 BASIC AND DILUTED EARNINGS PER SHARE (attributable to equity holders of the Parent) (expressed in QR per share) 15 0.37 0.34 0.84 0.93 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 three-month and nine-month periods ended 30 September 2026 4 For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Unreviewed) (Reviewed) (Unreviewed) QR’000 QR’000 QR’000 QR’000 Profit for the period 415,626 385,118 958,261 1,055,735 Other comprehensive income (OCI): Items that will not be reclassified subsequently to profit or loss Net (loss) / gain on financial assets at FVOCI (141,591) 67,195 (257,823) 114,449 Equity-accounted investees – share of OCI (5,594) 404 (9,045) (2,554) (147,185) 67,599 (266,868) 111,895 Items that may be reclassified subsequently to profit or loss Net gain / (loss) resulting from cash flow hedges 5,688 (1,175) 10,740 (8,076) Translation reserve movement for equity- accounted investee - - 51,514 (548) Cash flow hedge movement for equity- accounted investees 416,240 (2,239) 462,399 (163,906) 421,928 (3,414) 524,653 (172,530) Total other comprehensive income / (loss) 274,743 64,185 257,785 (60,635) Total comprehensive income for the period 690,369 449,303 1,216,046 995,100 Attributable to: Equity holders of the Parent 690,912 449,876 1,215,834 997,225 Non-controlling interest (543) (573) 212 (2,125) 690,369 449,303 1,216,046 995,100 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 At 30 September 2026 5 . 30 September 31 December 2026 2025 (Reviewed) (Audited) Notes QR’000 QR’000 ASSETS Non-current assets Property, vessels and equipment 5 3,349,970 3,227,467 Investment properties 6 843,047 856,822 Intangible assets 11,399 8,719 Right-of-use assets 53,889 261,923 Investments in joint ventures 1,110,256 1,106,958 Investments in associates 9,176,395 8,415,074 Financial assets at FVOCI 2,374,583 2,652,805 Financial assets at FVTPL 136,768 - Investments in deposits 365,000 365,000 Loans granted to LNG companies 74,028 69,546 Deferred tax assets 2,966 7,936 Total Non-current assets 17,498,301 16,972,250 Current assets Inventories 57,063 62,026 Trade and other receivables 1,056,625 1,015,053 Financial assets at FVTPL 711,229 655,882 Investments in term deposits 7 1,149,588 1,562,202 Cash and cash equivalents 446,486 272,131 Total Current assets 3,420,991 3,567,294 TOTAL ASSETS 20,919,292 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 2,396,447 2,726,447 Hedging reserve 1,612,502 1,139,363 Translation reserve 32,939 (18,575) Retained earnings 8,462,475 7,952,568 Equity attributable to equity holders of the Parent 18,958,056 18,253,496 Non-controlling interest 610 398 Total Equity 18,958,666 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 CASH FLOWS For the nine-month period ended 30 September 2026 7 For the nine-month period ended 30 September 2026 2025 (Reviewed) (Unreviewed) QR’000 QR’000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 954,322 1,106,720 Adjustment for: Depreciation of property, vessels and equipment 266,321 251,918 Depreciation of investment properties 45,895 43,700 Amortisation of intangible assets 411 1,857 Depreciation of right-of-use assets 91,645 76,831 Net gain on disposal of property, vessels and equipment and termination of lease (2,595) (87,388) Share of results of associates (452,846) (474,547) Share of results of joint ventures 28,616 (63,766) Provision for employees’ end of service benefits 17,878 22,397 Dividend income (111,190) (144,249) Net fair value gain on financial assets at FVTPL (21,293) (7,035) Impairment of intangible assets and investment property - 10,159 Provision for / (Reversal of) impairment of receivables 7,831 (20,070) Finance cost 24,761 24,177 Finance income (7,667) (2,145) Operating profit before working capital changes: 842,089 738,559 Changes in: Inventories 4,963 (679) Trade and other receivables (38,175) 99,299 Trade and other payables (87,169) 105,650 Cash generated from operating activities 721,708 942,829 Employees’ end of service benefits paid (7,756) (15,833) Net cash from operating activities 713,952 926,996 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, vessels and equipment (391,771) (420,560) Purchase of investment properties (32,463) (33,720) Additions to intangible assets (264) (212) Proceeds from disposal of property, vessels and equipment 603 5,037 Proceeds from disposal of non-current assets held for sale - 460,265 Net movement in investment in term deposits 412,614 (563,454) Net movement of investments in financial assets at FVOCI 20,478 (35,446) Net movement of investments in financial assets at FVTPL (170,822) - Dividends received from joint ventures 19,600 39,350 Dividends received from associates 144,879 286,009 Dividend income received 111,190 144,249 Finance income received 7,667 2,145 Net cash from / (used in) investing activities 121,711 (116,337) 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 (CONTINUED) For the nine-month period ended 30 September 2026 8 For the nine-month period ended 30 September 2026 2025 (Reviewed) (Unreviewed) Notes QR’000 QR’000 CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid to the Company’s shareholders 10 (511,274) (454,466) Payment of lease liabilities (90,840) (78,061) Loans and borrowings settled (34,433) (98,816) Finance costs paid (24,761) (24,177) Net cash used in financing activities (661,308) (655,520) Net increase in cash and cash equivalents 174,355 155,139 Cash and cash equivalents at the beginning of the period 272,131 187,996 Cash and cash equivalents at the end of period 8 446,486 343,135 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 nine-month period ended 30 September 2026 9 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 - - - - - - 958,049 958,049 212 958,261 Other comprehensive (loss) income - - - (266,868) 473,139 51,514 - 257,785 - 257,785 Total comprehensive income (loss) - - - (266,868) 473,139 51,514 958,049 1,215,834 212 1,216,046 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 September 2026 (Reviewed) 1,136,165 4,693,986 623,542 2,396,447 1,612,502 32,939 8,462,475 18,958,056 610 18,958,666 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 - - - - - - 1,057,860 1,057,860 (2,125) 1,055,735 Other comprehensive income (loss) - - - 111,895 (171,982) (548) - (60,635) - (60,635) Total comprehensive income (loss) - - - 111,895 (171,982) (548) 1,057,860 997,225 (2,125) 995,100 Transactions with owners of the Group: Dividends paid (Note 10) - - - - - - (454,466) (454,466) - (454,466) Other equity movement: Reclassification on disposal of FVOCI - - - 8,151 - - (8,151) - - - Balance at 30 September 2025 (Unreviewed) 1,136,165 4,693,986 623,542 2,470,195 1,068,418 (18,575) 8,043,735 18,017,466 819 18,018,285 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 nine-month period ended 30 September 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 26 October 2026. 2. BASIS OF CONSOLIDATION 2.1 Basis of preparation The condensed consolidated interim financial statements for the nine months ended 30 September 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 results for the nine-month period ended 30 September 2026 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2026. 2.2 New standards, interpretations and amendments New and amended standards adopted by the Group The accounting policies and methods of computation applied are the same as those applied in the last annual financial statements, except for the adoption of the amendments set out below: The Group adopted the below amendments 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 amendments 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 nine-month period ended 30 September 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, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these 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 latest annual financial statements except as disclosed 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 nine-month period ended 30 September 2026 12 3 USE OF JUDGMENTS AND ESTIMATES (CONTINUED) Measurement of fair values When measuring the fair value of an asset or liability, the Group uses any market observable data available. 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 liabilities 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 categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized 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 categorized transfers between levels of the fair value hierarchy at the end of the reporting period 4 OPERATING REVENUES The Group revenues consist of activities under the following operating segments: For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Unreviewed) (Reviewed) (Unreviewed) QR’000 QR’000 QR’000 QR’000 Capital 86,407 99,946 289,311 282,253 Maritime and Logistics 389,051 164,073 773,200 429,170 Offshore 364,537 503,931 1,232,234 1,373,830 Marine & Technical Services 27,151 16,291 147,807 133,107 Gas and Petrochem 59,443 80,866 176,859 239,599 926,589 865,107 2,619,411 2,457,959 Of the total revenues for the nine-month period ended 30 September, the Group has recognized QR 2.01 billion (2025: QR 2.04 billion) over time and QR 0.61 billion (2025: QR 0.41 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 nine-month period ended 30 September 2026 13 5 PROPERTY, VESSELS AND EQUIPMENT 30 September 31 December 2026 2025 (Reviewed) (Audited) QR’000 QR’000 At 1 January 3,227,467 3,095,280 Additions 391,771 481,059 Disposals and write off (117) (1,981) Transfers and reclassifications (2,830) (6,102) Impairment - (1,249) Depreciation charge for the period / year (266,321) (339,540) At 30 September / 31 December 3,349,970 3,227,467 6 INVESTMENT PROPERTIES 30 September 31 December 2026 2025 (Reviewed) (Audited) QR’000 QR’000 At 1 January 856,822 875,680 Additions 32,463 47,890 Impairment - (8,381) Disposals and write off (343) - Depreciation charge for the period / year (45,895) (58,367) At 30 September / 31 December 843,047 856,822 7 INVESTMENTS IN TERM DEPOSITS 30 September 31 December 2026 2025 (Reviewed) (Audited) QR’000 QR’000 Term deposits with banks 1,175,294 1,712,108 Less: Term deposits maturing before 90 days (25,706) (149,906) Term deposits maturing after 90 days (i) 1,149,588 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 nine-month period ended 30 September 2026 14 8 CASH AND CASH EQUIVALENTS For the purpose of the condensed consolidated interim statement of cash flows, cash and cash equivalents comprise the following items: 30 September 30 September 2026 2025 (Reviewed) (Unreviewed) 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 September 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 2024) which was approved by the equity holders at the Annual General Assem bly held on 17 February 2026 (2024: held on 24 February 2025). Dividend paid: 30 September 31 December 2026 2025 (Reviewed) (Audited) QR’000 QR’000 Final dividend 511,274 454,466 Cash in hand 3,383 1,861 Bank balance – term deposits (i) 25,706 126,205 Bank balance 417,397 215,069 Cash and cash equivalents in the condensed consolidated interim statement of cash flows 446,486 343,135
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the nine-month period ended 30 September 2026 15 11 CONTINGENT LIABILITIES 30 September 31 December 2026 2025 (Reviewed) (Audited) QR’000 QR’000 Letters of guarantees 1,362,869 1,243,573 Letters of credits 153,203 3,573 1,516,072 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 estimate 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, Bermuda, and KSA as of 30 September 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 nine-month period ended 30 September 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 September 31 December 30 September 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 847,997 655,882 847,997 655,882 Financial assets at fair value through other comprehensive income and derivative financial instruments Financial assets at FVOCI 2,374,583 2,652,805 2,374,583 2,652,805 Interest rate swaps (cash flow hedge) 5,109 (5,631) 5,109 (5,631) 2,379,692 2,647,174 2,379,692 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 nine-month period ended 30 September 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 September 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 847,997 - 352,279 495,718 Financial assets measured at fair value through other comprehensive income: Quoted shares 1,499,215 1,499,215 - - Unquoted shares 62,701 - - 62,701 Unquoted investments in foreign companies 624,884 - 624,884 - Investments in corporate bonds 187,783 78,283 109,500 - Derivative financial instruments Interest rate swaps 5,109 - 5,109 - 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 nine-month period ended 30 September 2026, 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 nine-month period ended 30 September 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 nine-months ended 30 September 202 6 and 2025, as well as balances with related parties as at 30 September 2026 and 31 December 2025: Related party transactions Nine-month period ended 30 September 2026 2025 Sales Purchases Sales Purchases (Reviewed) (Unreviewed) QR’000 QR’000 QR’000 QR’000 Associates 3,481 6,528 5,880 4,444 Joint ventures (i) 1,135 22,342 402 426,896 4,616 28,870 6,282 431,340 Related party balances Balances with related parties included in the condensed consolidated interim statement of financial position are as follows: 30 September 2026 31 December 2025 Trade receivables Trade payables Trade receivables Trade payables (Reviewed) (Audited) QR’000 QR’000 QR’000 QR’000 Joint ventures(i) 366 377,646 413 382,978 Associates 1,195 1,893 1,152 266 Directors 470 120 573 139 2,031 379,659 2,138 383,383 (i) During the comparative period, 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 associates and joint venture Loans to LNG companies amounting to QR 74.02 million (2025: QR 69.55 million) and loan to an LPG company amounting to QR 63.71 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: For the nine-month period ended 30 September 2026 2025 (Reviewed) (Unreviewed) QR’000 QR’000 Salaries and allowances 22,716 18,990 Provision for employees’ end of service benefits 1,216 1,192 Board of Directors’ remuneration 15,150 15,150 39,082 35,332
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the nine-month period ended 30 September 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. For the three-month period ended 30 September For the nine-month period ended 30 September 2026 2025 2026 2025 (Reviewed) (Unreviewed) (Reviewed) (Unreviewed) Net profit for the period attributable to equity holders of the Parent (QR’000) 416,169 385,691 958,049 1,057,860 Weighted average number of shares (000’s) 1,136,165 1,136,165 1,136,165 1,136,165 Basic and diluted earnings per share (QR) 0.37 0.34 0.84 0.93
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the nine-month period ended 30 September 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 P.Q.S.C. • 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 consistently 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 nine-month period ended 30 September 2026 21 16. SEGMENT INFORMATION (CONTINUED) Nine-month period ended 30 September 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 304,770 772,556 1,235,425 262,080 176,859 - 2,751,690 (132,279) 2,619,411 Salaries, wages and other benefits (10,063) (50,267) (166,452) (255,776) (25,119) (125,518) (633,195) - (633,195) Operating supplies and expenses (5,988) (396,914) (337,761) (242,408) (13,811) (11,722) (1,008,604) 110,744 (897,860) Rent expenses (612) (2,991) (5,467) (3,864) (109) (6,871) (19,914) 15,964 (3,950) Depreciation and amortisation (52,097) (60,419) (225,029) (11,569) (54,410) (748) (404,272) - (404,272) Reversal of / (Provision for) impairment of receivables 1,142 (1,463) (448) (7,061) (1) - (7,831) - (7,831) Other operating expenses (7,269) (15,758) (40,572) (38,803) (14,904) (14,525) (131,831) 5,571 (126,260) Allocations relating to fleet and technical services - (29,405) (305,535) 334,952 (12) - - - - Allocations relating to Milaha Corporate (13,930) (36,263) (49,711) (51,465) (8,008) 159,377 - - - OPERATING PROFIT (LOSS) 215,953 179,076 104,450 (13,914) 60,485 (7) 546,043 - 546,043 Finance costs (125,255) (859) (23,519) (904) (17,615) - (168,152) 143,391 (24,761) Finance income 126,364 - 9,037 - 15,650 7 151,058 (143,391) 7,667 (Loss)/ gain on disposal of property, vessels and equipment and termination of lease (344) - 2,944 (5) - - 2,595 - 2,595 Share of results of associates (592) - - 300 453,138 - 452,846 - 452,846 Share of results of joint ventures - (26,826) - - (1,790) - (28,616) - (28,616) Net (loss)/gain on foreign exchange (262) (1,139) 27 (75) (3) - (1,452) - (1,452) PROFIT (LOSS) BEFORE TAX 215,864 150,252 92,939 (14,598) 509,865 - 954,322 - 954,322 INCOME TAX (EXPENSE) BENEFIT (3,686) (1,039) 11,829 (3,825) 660 - 3,939 - 3,939 PROFIT (LOSS) FOR THE PERIOD 212,178 149,213 104,768 (18,423) 510,525 - 958,261 - 958,261 Attributable to: Equity holders of the Parent 211,966 149,213 104,768 (18,423) 510,525 - 958,049 - 958,049 Non-controlling interest 212 - - - - - 212 - 212 212,178 149,213 104,768 (18,423) 510,525 - 958,261 - 958,261
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the nine-month period ended 30 September 2026 22 16. SEGMENT INFORMATION (CONTINUED) Nine-month period ended 30 September 2025 (Unreviewed) 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 314,263 392,833 1,381,684 277,123 239,599 - 2,605,502 (147,543) 2,457,959 Salaries, wages and other benefits (10,030) (48,293) (165,294) (217,237) (28,372) (115,947) (585,173) - (585,173) Operating supplies and expenses (9,622) (269,226) (425,475) (236,951) (35,755) (12,108) (989,137) 112,598 (876,539) Rent expenses (1,674) (20,348) (3,239) (4,429) (78) (7,396) (37,164) 32,926 (4,238) Depreciation and amortisation (56,912) (50,389) (198,984) (11,265) (55,368) (1,388) (374,306) - (374,306) Reversal of impairment of receivables 6,214 8,834 1,632 3,390 - - 20,070 - 20,070 Other operating expenses (8,916) (34,424) (27,199) (35,743) (4,489) (13,346) (124,117) 2,019 (122,098) Allocations relating to fleet and technical services - (25,137) (263,887) 289,044 (20) - - - - Allocations relating to Milaha Corporate (13,930) (35,018) (43,909) (51,143) (6,184) 150,184 - - - OPERATING PROFIT (LOSS) BEFORE IMPAIRMENTS 219,393 (81,168) 255,329 12,789 109,333 (1) 515,675 - 515,675 Impairment of intangible assets and investment property (8,381) (1,778) - - - - (10,159) - (10,159) Finance costs (15,757) (2,284) (29,447) (1,137) (27,689) - (76,314) 52,137 (24,177) Finance income 18,152 - 14,156 32 21,941 1 54,282 (52,137) 2,145 Gain on disposal of property, vessels and equipment and termination of lease - 24 2,946 77 84,341 - 87,388 - 87,388 Share of results of associates 321 - - (127) 474,353 - 474,547 - 474,547 Share of results of joint ventures - 60,113 - - 3,653 - 63,766 - 63,766 Net (loss)/gain on foreign exchange (133) (478) 4 (1,857) (1) - (2,465) - (2,465) PROFIT (LOSS) BEFORE TAX 213,595 (25,571) 242,988 9,777 665,931 - 1,106,720 - 1,106,720 INCOME TAX (EXPENSE) BENEFIT (4,962) (115) (34,299) 1,862 (13,471) - (50,985) - (50,985) PROFIT (LOSS) FOR THE PERIOD 208,633 (25,686) 208,689 11,639 652,460 - 1,055,735 - 1,055,735 Attributable to: Equity holders of the Parent 210,758 (25,686) 208,689 11,639 652,460 - 1,057,860 - 1,057,860 Non-controlling interest (2,125) - - - - - (2,125) - (2,125) 208,633 (25,686) 208,689 11,639 652,460 - 1,055,735 - 1,055,735 Note : Inter-segment revenues are eliminated on consolidation.
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the nine-month period ended 30 September 2026 23 17 GEOPOLITICAL TENSIONS IN THE MIDDLE EAST During the interim period ended 30 September 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 September 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 condensed consolidated interim financial statements. The areas of the financial statements that are most affected 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 year’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.