Barwa Real Estate Co. · QSE:BRES
Barwa Real Estate — H1 2026 Earnings Presentation
35 slides from Barwa Real Estate's earnings presentation, July 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION July 2026
Slide 2: Disclaimer
The information contained herein has been prepared by Barwa Real Estate Company Q.P.S.C.(“Barwa”) relying on information obtained from sources believed to be reliable but Barwa does not guarantee the accuracy or completeness of such information. Except for statements of historical facts, information
Slide 3: Discussion Summary
DISCUSSION SUMMARY • Barwa At A Glance • Investment Rationale • Qatar Economy • Financial Track Record • Annexure
Slide 4: Barwa at a Glance
BARWA AT A GLANCE We are one of the leading real estate developers headquartered in Doha, Qatar. We develop and manage properties that reflect the changing needs of the people living, working and visiting the country. Vision To be a reliable Real Estate company, recognized for its strong values, exc
Slide 5: Major Contributor to Qatar's Development
MAJOR CONTRIBUTOR TO QATAR’S DEVELOPMENT QAR 3.5 bn dividend 5.6 mn sq. m. built-up distributed in last 5 09 01 area under operations years Leadership in Net Debt : Equity of 52% 08 02 affordable housing MAJOR CONTRIBUTOR TO QATAR’S Land Bank of 1.79 mn sq. m. in DEVELOPMENT Operating 69,395 residen
Slide 6: Investment Rationale
BARWA. INVESTMENT RATIONALE
Slide 7: Investing in Barwa
INVESTING IN BARWA MOVING UP THE VALUE CHAIN PRESENCE ACROSS REAL ESTATE ECOSYSTEM • Moving towards mid to high-mid residential segment in newly developed Lusail city • Barwa selects its product offering in alignment with tangible market • Affordable housing solution for families & blue-collared wor
Slide 8: Barwa Real Estate – Portfolio Overview
BARWA REAL ESTATE– PORTFOLIO OVERVIEW RESIDENTIAL & INDUSTRIAL LABOUR Rooms • 502,429 sq. m. warehouses & 69,395 residential and workshops labour rooms LAND BANK • 1.79 million sq. m. domestic land COMMERCIAL • Around 57,800 sq. m. • Around 437,779 sq. m. retail and international land commercial spa
Slide 9: Balanced Portfolio of Assets
BALANCED PORTFOLIO OF ASSETS Warehouse, School, 2.5% 9.0% Hospitality, 5.43% 1.4% 4.69% Commercial, 7.6% 3.99% 4.29% Residential & Labour Accommodatio n, 79.5% Rental yield on total investment properties*** Rental yield on the operating properties** Current Mix Forward Mix • Residential assets with
Slide 10: Inherent Strength Built Over Time Resulted in Strong Brand Preference
INHERENT STREGNTH BUILT OVER TIME RESULTED IN STRONG BRAND PREFERENCE Timeliness Quality • Proven developer and operator of a range of assets with • Quality control is paramount despite tight cost measures timely delivery • Routine quality checks at various stages of project life cycle • Barwa ensur
Slide 11: Significant Recurring Revenues & Operating Profit
SIGNIFICANT RECURRING REVENUES & OPERATING PROFIT Recurring Income Provides Better Cash Flow Visibility QAR mn 1,000 96% 180% 900 95% 91% 160% 96% 90% 800 140% 800 807 700 761 729 714 120% 600 656 630 100% 500 578 577 566 68% 80% 400 60% 300 61% 58% 57% 200 40% 45% 100 20% - 0% H1 2022 H1 2023 H1 20
Slide 12: Prudent Gearing, Sufficient Room for Leveraged Growth
PRUDENT GEARING, SUFFICIENT ROOM FOR LEVERAGED GROWTH Balance Sheet Strength provides an Opportunity for Leveraged Growth 40 1.00 35 21 0.90 0.80 30 0.73 22 23 23 22 0.70 25 0.60 0.58 20 0.52 0.50 0.49 0.46 15 0.40 0.30 10 16 0.20 13 12 5 10 11 0.10 0 0.00 2022 2023 2024 2025 H1 2026 Net debt Equity
Slide 13: Comfortable Liquidity Position, for Prudent Capital Allocation
COMFORTABLE LIQUIDITY POSITION, FOR PRUDENT CAPITAL ALLOCATION Debt Maturity Profile* (QAR Mn) QAR Million Jun-2026 7,646 Debts 12,993 Bank Balances 1,210 Net Debts 11,782 Total Equity 22,726 2,265 1,299 1,172 Total Assets 37,323 611 2026 2027 2028 2029 2030 & beyond Key Ratio Jun-2026 Net Debt / Eq
Slide 14: Optimising Shareholder Value
OPTIMISING SHAREHOLDER VALUE 61% 61% 57% QAR Mn 7.0% 57% 60% 57% 6.9% 6.5% 6.3% 56% 973 973 973 6.4% 6.3% 6.6% 51% 6.4% 51% 778 681 681 700 700 700 5.0% 40% 486 3.7% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022
Slide 15: Enhancing Asset Portfolio
ENHANCING ASSET PORTFOLIO Well established Adding diversity Public Private Partnership (PPP) Residential & Commercial Labour Housing & Logistics Education Sector model In-depth understanding of the Strict implementation of law Partnership with Ashghal and Focus on PPP structure sector to gau
Slide 16: Qatar Economy
BARWA. QATAR ECONOMY
Slide 17: Qatar Economy – An Overview
QATAR ECONOMY – AN OVERVIEW QATAR ECONOMY IS EXPECTED TO CONTINUE THE GROWTH MOMENTUM POISED FOR OVERALL AT A GLANCE DEMAND DRIVERS GROWTH • Population – 3.19 million (Source: • Qatar’s natural gas resources are the • Residency for expats by IMF Data April 2026). country’s main economic engine and p
Slide 18: Qatar Real Estate – An Overview
QATAR REAL ESTATE – AN OVERVIEW Residential Sector • Recent law amendment of expanding freehold ownership in residential sector and subsequent introduction of the 2-tier residency system to provide further incentive to QATAR REAL ESTATE foreign owners to have outright owner INDEX • In order to boost
Slide 19: Demand Drivers
DEMAND DRIVERS Qatar National Vision 2030 Freehold Inbound Government Property Tourism Initiative Ownership 4 PILLARS OF DEVELOPMENT Human Development: Development of all its people to Expansion of the The National Tourism Qatar Central Bank has freehold and leasehold Council has continued to amende
Slide 20: Financial Track Record
BARWA. FINANCIAL TRACK RECORD
Slide 21: Financial Overview
FINANCIAL OVERVIEW (for the period ended 30 June 2026) TOTAL INCOME1 & OP. REVENUE2 OPERATING PROFIT3 1). Total Income= Operating 1,760 revenues + Finance lease 660 682 income + Sale of property & 632 625 1,332 601 construction income + Net FV 1,195 1,240 1,214 gain on investment properties + Gain o
Slide 22: H1 2026 Key Highlights
H1 2026 KEY HIGHLIGHTS 84% Operating Revenue Operating Profit Op. revenue is from rentals QAR 955mn QAR 682mn 71% 96% QAR 11.8bn Operating Margin of Operating Profits from Net Debt net rental QAR 3.05bn Total Assets 18% cash dividend for 2025, achieved a Liquidity QAR 37.3bn 6.6% dividend yield
Slide 23: H1 2026 vs H1 2025 Key Highlights
H1 2026 vs H1 2025 KEY HIGHLIGHTS Operating Revenues Operating Profits Consultancy Consultancy Consultancy 10% 4% Consultancy 16% 21% Rental Rental 96% Rental 90% Rental 84% 79% H1 2025 H1 2026 H1 2025 H1 2026
Slide 24: Balance Sheet & Cash Flow Overview
BALANCE SHEET & CASH FLOW OVERVIEW As at 30 June 2026 BALANCE SHEET OVERVIEW CASH FLOW OVERVIEW TOTAL QAR 37,323 Mn Receivables & Others 1.6% 0.6% Prepayments 2.9% Trading 1.8% Properties Lease 34.8% 3.6% liabilities 471 Cash & bank 417 349 348 balances 1.4% Others Obligations 2.1% 2.6% under Islami
Slide 25: Ongoing Projects Under Construction – Barwa Hills
ONGOING PROJECTS UNDER CONSTRUCTION PROJECT STATUS – Barwa Hills Building - A Building - A Building - B Barwa Hills Building - B Land Area (sq. m.) 5,346 BUA (sq. m.) 24,481 Construction End Date Feb-27
Slide 26: Ongoing Projects Under Construction – Madinatna School
ONGOING PROJECTS UNDER CONSTRUCTION PROJECT STATUS – Madinatna School Madinatna School Land Area (sq. m.) 7,685 BUA (sq. m.) 22,457 Construction End Date July-2027 South View North View
Slide 27: Upcoming Project Opportunities
UPCOMING PROJECT OPPORTUNITIES Barwa Real Estate Group is conducting feasibility studies and design enhancements for several land banks in order to ensure their best use and derive attractive returns, including: • Al Khor land extension • Al Kharaej land • Lusail Marina land
Slide 28: Annexure
BARWA ANNEXURE
Slide 29: Geographical Distribution of Land and Projects
GEOGRAPHICAL DISTRIBUTION OF Land and PROJECTS In-Progress Madinat Al Mawater - Phase 3 Ras Laffan Accommodation - West Side Al Khor 8 Villas Al Khor Recreation Extension Al Khor Recreation (Worker Sports Complex) LAND BANK Al Khor Community Al Khor land Barwa Alkhor Accommodation School Site 4
Slide 30: Product Mix (1/2)
PRODUCT MIX (1/2) Nature of Residential/Labour Retail Office Hotel Warehouse Name of Project Project (Units) (‘000 sq. m.) (‘000 sq. m.) (Keys) (‘000 sq. m.) Baraha Warehouses Industrial - - - - 185.2 and Workshop Al Khor Community Mix Use 3,172 4.1 Barwa Al Sadd Mix Use 261 4.3 37.5 232 - Barwa Vil
Slide 31: Product Mix (2/2)
PRODUCT MIX (2/2) Residential/Labour Retail Office Hotel Warehouse Name of Project Nature of Project (Units) (‘000 sq. m.) (‘000 sq. m.) (Keys) (‘000 sq. m.) Souq Mesaieed Mix Use 138 12.3 7.1 - - Ras Laffan Phase 1* Mix Use 688 4.2 - - - Village 1* Mix Use 327 2.3 - - - Village 2* Mix Use 660 2.0 -
Slide 32: International Portfolio
INTERNATIONAL PORTFOLIO Property location 4 Cavendish Square, London Property type Operational office building Net internal area 1,036.4 sq. m. (approx.) Existing service office head-lease agreement Nature of ownership Leasehold (virtual freehold) Property location Bahrain Property type Operational
Slide 33: Domestic Land Bank
DOMESTIC LAND BANK Owned Area (‘000 sq. m.) Baraha 3 523 Barwa Hills 107 Barwa Al Doha 48 Alaqaria Delta Center 38 Asas Marina Tower 28 Shell Extension 14 Al-Kharaej Residential Tower 4 Leased Area (‘000 sq. m.) Barwa City Phase 3 330 Mawater Phase 4 233 Al-Khor Zone 405 Umm Shahrain Extension 59
Slide 34: International Land Bank
INTERNATIONAL LAND BANK Land* Area (‘000 sq. m.) Country Cyprus Land 54.7 Cyprus Fez * 3.1 Morocco Total 57.8 *Includes pre-existing structures
Slide 35: Investor Relation Team
Investor Relation Team +974 44088785 Barwa.Investor@barwa.com.qa www.barwa.com.qa
Barwa Real Estate Company — H1 2026 Earnings Presentation on 6ix