Qatar Navigation Qsc · QSE:QNNS
Qatar Navigation Qsc — Qatar Navigation (Milaha) — Q1 2026 Earnings Presentation
16 slides from Qatar Navigation Qsc's earnings presentation, Apr 28, 2026
Slide 1: Q1 2026 Financial Summary Conference Call
Q1 2026 Financial Summary Conference Call Doha, Qatar April 28, 2026
Slide 2: Consolidated Income Statement – Q1
Consolidated Income Statement – Q1 (All amounts in QR Millions) 2024 2025 2026 Operating Revenue 747 759 874 Salaries, Wages and Other Benefits (173) (181) (214) Revenue 15% Operating Supplies and Expenses (236) (241) (327) Rent Expenses (2) (1) (1) Operating Profit before Impairments -29% Depreciat
Slide 3: Activities by Segment
Activities by Segment • Port Services • Vessel Charter & • LNG Transport • Ship Management • Real Estate Operations Development and • Container Shipping • Floating Storage and • Ship Services Management • Subsea Services Offloading (FSO) • Warehousing & Operations • Shipyard • Strategic and Logistic
Slide 4: Net Profit, by Segment – Q1
Net Profit, by Segment – Q1 (All amounts in QR Millions) Unfavorable Favorable -3% %’s shown vs 2025 186 187 182 134 -12% 105 93 71 63 -51% 35 -79% 11 (0) -1000% 7 2 (15) (25) 2024 2025 2026 Maritime & Logistics Offshore Gas & Petrochem Marine & Capital Technical Svcs 4
Slide 5: Statement of Income, by Segment – Q1 2026
Statement of Income, by Segment – Q1 2026 (All amounts in QR Millions) Maritime & Gas & Marine & Eliminations/ Logistics Offshore Petrochem Tech Svcs Capital Corporate Adjustments Consolidated Operating Revenue 154 503 63 95 123 - (64) 874 - - - - - - - Salaries, Wages and Other Benefits (17) (61) (
Slide 6: Statement of Income, by Segment – Q1 2025
Statement of Income, by Segment – Q1 2025 (All amounts in QR Millions) Maritime & Gas & Marine & Eliminations/ Logistics Offshore Petrochem Tech Svcs Capital Corporate Adjustments Consolidated Operating Revenue 181 401 58 89 132 - (101) 759 - - - - - - - Salaries, Wages and Other Benefits (16) (45)
Slide 7: Segment Performance – Maritime & Logistics
Segment Performance – Q1 (All amounts in QR Millions) Maritime & Logistics 2024 2025 2026 15% Decrease in Revenue and +1000% Decrease in Bottom Line Operating Revenue 131 181 154 o Operating Revenue decreased QR (26)m • +11m Freight Logistics driven by increased ocean project cargo in Jan & Feb Sala
Slide 8: Segment Performance – Offshore & Marine
Segment Performance – Q1 (All amounts in QR Millions) Offshore & Marine 2024 2025 2026 25% Increase in Revenue and 51% Decrease in Net Profit Operating Revenue 373 401 503 o Operating Revenue increased QR 102m • +57m Vessel Chartering and +48m Services increases driven by additional revenue from ves
Slide 9: Segment Performance – Gas & Petrochem
Segment Performance – Q1 (All amounts in QR Millions) Gas & Petrochem 2024 2025 2026 10% Increase in Revenue and 3% Decrease in Net Profit Operating Revenue 63 58 63 o Operating Revenue increased by QR 6m Salaries, Wages and Other Benefits (8) (8) (8) • +4m VLGC Misc income (in Q1 2025 was recorded
Slide 10: Segment Performance – Marine & Technical Services
Segment Performance – Q1 (All amounts in QR Millions) Marine & Technical Services 2024 2025 2026 7% Increase in Revenue and 79% Decrease in bottom line Operating Revenue 81 89 95 o Operating Revenue increased by QR 6m Salaries, Wages and Other Benefits (67) (70) (82) • +5m Equipment Trading Agencies
Slide 11: Segment Performance – Capital
Segment Performance – Q1 (All amounts in QR Millions) Capital 2024 2025 2026 7% Decrease in Revenue and 12% Decrease in Net Profit Operating Revenue 169 132 123 o QR (9)m decrease in Revenue Salaries, Wages and Other Benefits (3) (3) (4) • -4m lower overall Investment income Operating Supplies and E
Slide 12: Outlook Maritime & Logistics
Outlook Maritime & Logistics ➢Container Shipping • Shipping network disrupted early on from regional conflict, but most vessels are outside the Strait of Hormuz and able to divert cargo & create new shipping lanes, and vessels inside the Arabian Gulf are operating on intra-Gulf services. • Expect fr
Slide 13: Outlook Offshore Marine
Outlook Offshore Marine ➢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 stable revenue throughout the year ➢Industrial Logistics • Once conflict ends an
Slide 14: Outlook Gas & Petrochem
Outlook Gas & Petrochem ➢Jointly & Fully owned LNG carriers • Stable revenue due to long term fixed nature of contracts ➢1 Fully-owned FSO • Asset is employed on a long-term contract so expect stable earnings ➢Results from Associates • Expect stable growth from our Nakilat stake **Overall limited fu
Slide 15: Outlook Marine & Technical Services
Outlook Marine & Technical Services ➢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 **Overall limited to moderate
Slide 16: Outlook Capital
Outlook Capital ➢Limited Investments volatility • Stable results and continued focus on yield enhancement of the financial portfolio ➢Stable results expected from our Real Estate holdings **Overall limited future financial exposure to regional conflict** 16
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