Barwa Real Estate Co. · QSE:BRES
Barwa Real Estate — Q3 2025 Earnings Presentation
36 slides from Barwa Real Estate's earnings presentation, September 2025
Slide 1: Investor Presentation September 2025
INVESTOR PRESENTATION September 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 affordable Net Debt : Equity of 49% 08 02 housing MAJOR CONTRIBUTOR TO QATAR’S DEVELOPMENT Land Bank of 1.84 mn sq. m. in Operating 14,221 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 LAND BANK RESIDENTIAL INDUSTRIAL • 1.84 million sq. m. domestic • 444,738 sq. m. land 14,221 residential units & warehouses & • Around 70,000 sq. m. Villas workshops international land LABOUR ACCOM. Around 54,646 labour COMMERCIAL rooms • Around 400,636 sq. m. r
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 4.1% ation 4.0% 39% Residential 40% Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Rental yield on total investment properties*** Rental yield on the ope
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 1,400 180% 1,386 98% 94% 92% 92% 95% 160% 1,200 1,199 140% 1,000 1,098 1,083 1,099 998 120% 800 862 897 860 868 100% 600 80% 60% 61% 60% 400 58% 54% 55% 40% 200 20% - 0% Q3 2021 Q3 2022 Q3
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 0.80 22 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 Sept-2025 Debts 13,034 7,114 Cash 2,058 Net Debts 10,975 Total Equity 22,607 1,989 1,668 1,210 Total Assets 37,226 1,053 2025 2026 2027 2028 2029 & beyond Key Ratio Sept-2025 Net Debt / Equity
Slide 14: Optimising Shareholder Value
OPTIMISING SHAREHOLDER VALUE 61% 61% 57% QAR Mn 7% 57% 60% 57% 7% 6% 6.30% 973 973 973 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 Y
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 – 3.1 million (Source: IMF • Qatar’s natural gas resources are the • Residency for expats by purchasing Data April 2025). country’s main economic en
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 foreign owners to have outright owner QATAR REAL ESTATE 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 freehold The National Tourism Qatar Central Bank has and leasehold property net Council has contin
Slide 20: Financial Track Record
BARWA. FINANCIAL TRACK RECORD
Slide 21: Financial Overview
FINANCIAL OVERVIEW (for the period ended 30 September 2025) TOTAL INCOME1 & OP. REVENUE2 OPERATING PROFIT3 1). Total Income= Op. 2,561 Revenue+Finance Lease 1,020 Inc + Property sales & 940 934 944 2,079 2,004 917 construction income + 1,781 1,825 FV gain/loss on Invst 1,612 Properties + Profit on 1
Slide 22: Q3 2025 Key Highlights
Q3 2025 KEY HIGHLIGHTS 80% Operating Revenue Operating Profit Op. revenue is from rentals QAR 1,369mn QAR 944mn 69% 92% QAR 10.9bn Operating Margin of Operating Profits from Net Debt net rental QAR 3.52bn Total Assets 18% cash dividend for 2024, achieved a Liquidity QAR 37.2bn 6.30% dividend yield
Slide 23: Q3 2025 vs Q3 2024 Key Highlights
Q3 2025 vs Q3 2024 KEY HIGHLIGHTS Operating Revenues Operating Profits Consultancy Consultancy Consultancy 8% 8% Consultancy 21% 20% Rental Rental 92% 92% Rental Rental 79% 80% Q3 2024 Q3 2025 Q3 2024 Q3 2025
Slide 24: Balance Sheet & Cash Flow Overview
BALANCE SHEET & CASH FLOW OVERVIEW As at 30 September 2025 BALANCE SHEET OVERVIEW CASH FLOW OVERVIEW TOTAL QAR 37,226 Mn Receivables & Others 1.6% 0.5% Prepayments 2.7% 689 Trading 1.6% 624 550 Properties 400 Lease 35.0% liabilities Cash & bank 5.5% balances Others 1.4% Obligations 2.1% under Islami
Slide 25: Ongoing Projects Under Construction – Barwa Hills
ONGOING PROJECTS UNDER CONSTRUCTION PROJECT STATUS – Barwa Hills Building - Building - A A Barwa Hills Building - B Building - B 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: 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 29: Residential Portfolio
RESIDENTIAL PORTFOLIO Name of Project Residential (Units) Madinatna 6,780 Al Khor Community 3,172 Masaken Sailiya 992 Masaken Mesaimeer 992 Barwa Village & Extension 634 Madinat Mawater 496 Barwa Al Khor Shell 350 Asas Towers 320 Barwa Al Sadd 261 Souq Mesaieed 138 Alaqaria Garden - Dukhan 48 Zekree
Slide 30: Labor Accommodation
LABOR ACCOMODATION Name of Project Rooms Mukaynis 25,360 Argentina Neigborhood 16,848 Barwa Al Baraha 8,576 Labor Camp 3* 979 BAK – Recreation Extension 816 Ras Laffan Accommodation-West Side* 688 Labor Camp 2* 660 Labor Camp 1* 327 Dukhan DSSA Labor Camp* 248 Mustawdaat Warehouse 144 * Labour Rooms
Slide 31: Product Mix (1/2)
PRODUCT MIX (1/2) Retail Office Hotel Warehouse Name of Project Nature of Project Residential/Labour (Units) (‘000 sq. m.) (‘000 sq. m.) (Keys) (‘000 sq. m.) Baraha Warehouses and Industrial - - - - 184.8 Workshop Barwa Al Sadd Mix Use 261 4.2 41.8 232 - Barwa Village Mix Use 457 106.2 - - - Masaken
Slide 32: Product Mix (2/2)
PRODUCT MIX (2/2) Office Name of Project Nature of Project Residential (Units) Retail (‘000 sq. m.) (‘000 sq. m.) Barwa Village Expansion Mix Use 177 10.7 - (Mukaynis Compound) * Mix Use 25,360 13.3 5.4 Salwa Affordable Housing Development Souq Mesaieed Mix Use 138 12.3 7.1 Old Salata Building Mix U
Slide 33: 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 34: Domestic Land Bank
DOMESTIC LAND BANK Owned Area (‘000 sq. m.) Baraha 3 523 Barwa Hills 121 Barwa Al Doha 48 Alaqaria Delta Center 38 Asas Marina Tower 28 Shell Extension 15 Al-Kharaej Residential Tower 4 Leased Area (‘000 sq. m.) Barwa City Phase 3 330 Mawater Phase 4 266 Al-Khor Zone 405 Umm Shahrain Extension 59
Slide 35: International Land Bank
INTERNATIONAL LAND BANK Land* Area (‘000 sq. m.) Country Cyprus Land 54.7 Cyprus Fez * 3.1 Morocco Total 70.3 *Includes pre-existing structures
Slide 36: Investor Relation Team
Investor Relation Team +974 44088785 Barwa.Investor@barwa.com.qa www.barwa.com.qa
Barwa Real Estate Company — Q3 2025 Earnings Presentation on 6ix