Qatar Navigation Qsc · QSE:QNNS
Qatar Navigation Qsc — Qatar Navigation (Milaha) — FY2025 Earnings Presentation
16 slides from Qatar Navigation Qsc's earnings presentation, Jan 28, 2026
Slide 1: FY 2025 Financial Summary Conference Call
FY 2025 Financial Summary Conference Call Doha, Qatar January 28, 2026
Slide 2: Consolidated Income Statement – Full Year
Consolidated Income Statement – Full Year (All amounts in QR Millions) 2023 2024 2025 Operating Revenue 2,942 2,840 3,327 Salaries, Wages and Other Benefits (650) (694) (798) Revenue 17% Operating Supplies and Expenses (1,284) (1,016) (1,187) Rent Expenses (11) (8) (5) Operating Profit before Impair
Slide 3: Activities by Segment
Activities by Segment • Port Services • Vessel Charter & • LNG Transport • Heavy Equipment • Real Estate Operations and Truck Agency Development and • Container Shipping • Floating Storage and Management • Subsea Services Offloading (FSO) • Bunker Distribution • Warehousing & Operations • Strategic
Slide 4: Net Profit, by Segment – Full Year
Net Profit, by Segment – Full Year (All amounts in QR Millions) Unfavorable +4% Favorable %’s shown vs 2024 757 726 674 +52% 313 +3% 239 236 243 206 182 -41% +36% (17) (24) (29) (63) Maritime & Offshore Gas & Petrochem (2) Trading (19) Capital Logistics 2023 2024 2025 4
Slide 5: Statement of Income, by Segment – Full Year 2025
Statement of Income, by Segment – Full Year 2025 (All amounts in QR Millions) Maritime & Offshore & Gas & Eliminations/ Logistics Marine Petrochem Trading Capital Corporate Adjustments Consolidated Operating Revenue 864 1,942 304 201 391 - (374) 3,327 Salaries, Wages & Benefits (333) (230) (36) (24)
Slide 6: Statement of Income, by Segment – Full Year 2024
Statement of Income, by Segment – Full Year 2024 (All amounts in QR Millions) Maritime & Offshore & Gas & Eliminations/ Logistics Marine Petrochem Trading Capital Corporate Adjustments Consolidated Operating Revenue 828 1,471 246 196 429 - (331) 2,840 Salaries, Wages & Benefits (302) (178) (30) (26)
Slide 7: Segment Performance Maritime & Logistics
Segment Performance – Full Year (All amounts in QR Millions) Maritime & Logistics 4% Increase in Revenue and 41% Decrease in Bottom Line o Operating Revenue increased QR 36m • +31m Container Shipping driven by higher rates since opening of China routes in H2 2024 o Operating Expenses are up QR (70)m
Slide 8: Segment Performance Offshore & Marine
Segment Performance – Full Year (All amounts in QR Millions) Offshore & Marine 32% Increase in Revenue and 52% Increase in Net Profit o Operating Revenue increased QR 471m • +245m Vessel Chartering and +223m Services increases driven by additional revenue from 3 new vessels and increased project inc
Slide 9: Segment Performance Gas & Petrochem
Segment Performance – Full Year (All amounts in QR Millions) Gas & Petrochem 23% Increase in Revenue and 4% Increase in Net Profit o Operating Revenue increased by QR 57m • +57m from 2 VLGCs that we took 100% ownership of out of our Gulf LPG JV (previously we had 50% stake in 4 VLGCs reported under
Slide 10: Segment Performance Trading
Segment Performance – Full Year (All amounts in QR Millions) Trading 2% Increase in Revenue and 36% Increase in bottom line o Higher lower-margin sales from Marine & Bunker were offset by a decline in heavy equipment sales o +7m lower Other Operating Expenses mainly from lower provision for obsolete
Slide 11: Segment Performance Capital
Segment Performance – Full Year (All amounts in QR Millions) Capital 9% Decrease in Revenue and 3% Increase in Net Profit o QR (38)m decrease in Revenue • -24m lower overall Investment income, driven by -33m in lower local equities dividend income due to a one-time additional midyear distribution in
Slide 12: Outlook Maritime & Logistics
Outlook Maritime & Logistics ➢Container Shipping • Shipping rates will remain volatile given political & economic trade and tariff issues ➢Freight Logistics • Environment remains very competitive and challenging, but we’re optimistic that new product & service offerings and turnaround efforts will i
Slide 13: Outlook Offshore Marine
Outlook Offshore Marine ➢Offshore Support Vessels / Services • Expect steady strong performance on the back of strong Oil & Gas activities in Qatar and from our continued focus on scaling up specialized services ➢Harbor Operations • Expect stable revenue throughout the year given that most of the ve
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 14
Slide 15: Outlook Trading
Outlook Trading ➢Immediate focus on optimization ➢Continued focus on the growth of ship chandlering and other marine services, and margin improvement 15
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 16
Qatar Navigation (Milaha) — FY2025 Earnings Presentation on 6ix