Barwa Real Estate Co. · QSE:BRES
Barwa Real Estate — FY2025 Earnings Presentation
34 slides from Barwa Real Estate's earnings presentation, December 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION December 2025
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 3.2 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 49% 08 02 affordable housing MAJOR CONTRIBUTOR TO QATAR’S Land Bank of 1.80 mn sq. m. DEVELOPMENT Operating 69,395 residentia
Slide 6: Investment Rationale
BARWA. INVESTMENT RATIONALE
Slide 7: Investing in Barwa
INVESTING IN BARWA MOVING UP THE VALUE CHAIN PRESENCE ACROSS REAL ESTATE • Moving towards mid to high-mid residential segment in ECOSYSTEM newly developed Lusail city • Barwa selects its product offering in alignment with • Affordable housing solution for families & blue- tangible market demand coll
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 • 1.80 million sq. m. COMMERCIAL domestic land • Around 437,779 sq. m. retail • Around 57,800 sq. m. and commercial space international la
Slide 9: Balanced Portfolio of Assets
BALANCED PORTFOLIO OF ASSETS Schools Commercial Warehouse 2% 1% 5.4% 8% 4.6% Mixed-use 10% Labor accommod 4.0% 4.2% ation 39% Residential 40% Rental yield on total investment properties*** Rental yield on the operating properties** Current Mix Forward Mix • Residential assets with labour rooms offer
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 • Quality control is paramount despite tight cost assets with timely delivery measures • Routine quality checks at various stages of • Barwa was able to conclude the
Slide 11: Significant Recurring Revenues & Operating Profit
SIGNIFICANT RECURRING REVENUES & OPERATING PROFIT Recurring Income Provides Better Cash Flow Visibility QAR mn 2,000 95% 94% 94% 9… 160% 92% 1,800 1,885 140% 1,600 1,746 120% 1,400 1,443 1,441 1,482 1,200 1,345 100% 1,302 1,000 1,177 1,147 1,176 80% 800 57% 60% 600 58% 52% 53% 50% 40% 400 200 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 Timely sale of properties have adequately supported liquidity 40 1.00 35 0.90 21 22 0.80 30 0.73 23 21 22 0.70 25 0.60 0.60 0.57 20 0.49 0.50 0.46 15 0.40 0.30 10 16 0.20 13 13 5
Slide 13: Comfortable Liquidity Position, for Prudent Capital Allocation
COMFORTABLE LIQUIDITY POSITION, FOR PRUDENT CAPITAL ALLOCATION Debt Maturity Profile* (QAR Mn) QAR Million Dec-2025 Debts 12,989 7,257 Bank Balances 1,684 Net Debts 11,305 Total Equity 23,029 1,914 1,330 1,321 1,167 Total Assets 37,464 2026 2027 2028 2029 2030 & Key Ratio Dec-2025 beyond Net Debt /
Slide 14: Optimising Shareholder Value
OPTIMISING SHAREHOLDER VALUE 61% 61% 57% QAR Mn 7% 57% 60% 57% 7% 6.30% 973 973 973 6% 6.36% 6.30% 51% 6% 51% 778 681 681 700 700 5% 40% 486 4% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2016 2017 2018 2019 2020 2021 2022 2023 2024 2016 2017 2018 2019 2020 2021 2022 2023 2024 Attractive Dividend H
Slide 15: Enhancing Asset Portfolio
ENHANCING ASSET PORTFOLIO Well established Adding diversity Labour Housing & Public Private Residential & Commercial Education Sector Logistics Partnership (PPP) model In-depth understanding Strict implementation of Partnership with Focus on PPP structure of the sector to gauge law banning u
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 – 3.1 million (Source: • Qatar’s natural gas resources are the • Residency for expats by IMF Data April 2025). country’s main economic engine and pu
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 Governmen Property Tourism t Initiative Ownership 4 PILLARS OF DEVELOPMENT Human Development: Development of all its Expansion of the The National Tourism Qatar Central Bank has freehold and leasehold Council has continued to amended mortgag
Slide 20: Financial Track Record
BARWA. FINANCIAL TRACK RECORD
Slide 21: Financial Overview
FINANCIAL OVERVIEW (for the year ended 31 December 2025) TOTAL INCOME1 & OP. REVENUE2 OPERATING PROFIT3 3,764 1). Total Income= 3,360 1,423 Operating revenues + 1,381 Finance lease income + 2,987 1,248 1,283 1,246 2,791 2,642 Sale of property & construction income + 2,223 2,083 Net FV gain on 1,795
Slide 22: 2025 Key Highlights
2025 KEY HIGHLIGHTS 80% Operating Revenue Operating Profit Op. revenue is from QAR 1,850mn QAR 1,283mn rentals 69% 92% QAR 11.2bn Operating Margin of Operating Profits Net Debt from net rental QAR 3.37bn Total Assets 18% cash dividend for 2024, Liquidity QAR 37.5bn achieved a 6.3% dividend yield
Slide 23: 2025 vs 2024 Key Highlights
2025 vs 2024 KEY HIGHLIGHTS Operating Revenues Operating Profits Consultancy Consultancy Consultancy 8% 8% Consultancy 21% 20% Rental Rental 92% 92% Rental Rental 79% 80% 2024 2025 2024 2025
Slide 24: Balance Sheet & Cash Flow Overview
BALANCE SHEET & CASH FLOW OVERVIEW As at 31 December 2025 BALANCE SHEET OVERVIEW CASH FLOW OVERVIEW TOTAL QAR 37,464 Mn Others Receivables 1.0% 0.6% & Prepayments Trading 1.8% Lease Properties liabilities 34.7% Cash & bank 4.7% balances 1.2% Obligations 2.2% Others under 2.2% Islamic 1.2% finance Av
Slide 25: Ongoing Projects Under Construction - Barwa Hills
ONGOING PROJECTS UNDER CONSTRUCTION PROJECT STATUS – Barwa Hills Building - A Barwa Hills Land Area (sq. m.) 5,346 BUA (sq. m.) 24,481 Construction End Date Dec-26
Slide 26: 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: • Barwa intends to develop a school in Madinatna for the people residing in the communit
Slide 27: Annexure
BARWA ANNEXURE
Slide 28: Projects: In-Progress, Operational and Undeveloped Lands
In-Progress OPERATIONAL Madinat Al Mawater Phase 3 Barwa Royal Barwa Hills Land(1) Madinatana Barwa Hills Land(2) Argentine Neighborhood Dar Al Uloom Schools Asas Tower Barwa Al Sadd (Administrative Towers) Undeveloped lands Burwa Al Sadd (Millennium Hotel Tower) Burwa Al Sadd (R
Slide 29: 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 30: 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 31: 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 32: Domestic Land Bank
DOMESTIC LAND BANK Owned Area (‘000 sq. m.) Baraha 3 523 Barwa Hills 116 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 33: 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 34: Investor Relation Team
Investor Relation Team +974 44088785 Barwa.Investor@barwa.com.qa www.barwa.com.qa
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