Quarterly Result 3 2025

Review report and condensed consolidated interim financial information

For the nine-month period ended 30 September 2025

Table of contents

Report on review of condensed consolidated interim financial information 1 - 2

Condensed consolidated interim statement of financial position 3 - 4

Condensed consolidated interim statement of profit or loss 5

Condensed consolidated interim statement of comprehensive income 6

Condensed consolidated interim statement of changes in equity 7

Condensed consolidated interim statement of cash flows 8 - 9

Notes to the condensed consolidated interim financial information 10 - 31

We have reviewed the accompanying condensed consolidated interim statement of financial position of Eshraq Investments PJSC (the "Company") and its subsidiaries (collectively referred to as "the Group") as at

30 September 2025 and the related condensed consolidated interim statements of profit or loss and comprehensive income for the three-month and nine-month periods then ended, and the condensed consolidated interim statements of changes in equity and cash flows for the nine-month period then ended and other related explanatory notes. Management is responsible for the preparation and presentation of this interim financial information in accordance with International Accounting Standard 34 ("IAS 34") Interim Financial Reporting. Our responsibility is to express a conclusion on this interim financial information based on our review.

We conducted our review in accordance with the International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

The Group's investments in financial assets at fair value through profit or loss, which are carried in the condensed consolidated interim statement of financial position at AED 879 million, include an investment in an open-ended fund (the "Fund") of AED 828 million as at 30 September 2025.

We were unable to obtain sufficient appropriate audit evidence regarding the fair value of certain underlying investments included in the Fund, amounting to AED 584 million as included in the condensed consolidated interim statement of financial position of the Group, as at 30 September 2025. We were unable to determine if the valuation methodology and inputs used in determining the fair value of the Fund by the Group were appropriate. Consequently, we were unable to determine any adjustments that may have been necessary to this amount.

1

Based on our review, with the exception of the matter described in the preceding paragraph, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34 "Interim Financial Reporting" as issued by the IASB.

The condensed consolidated interim financial information of the Group as at and for the nine-month period ended 30 September 2024 was reviewed by another auditor, who expressed an unmodified review conclusion dated 13 November 2024.

The consolidated financial statements of the Group as at year ended 31 December 2024 were audited by another auditor, who expressed a qualified opinion on those consolidated financial statements on 24 March 2025.

To the best of our knowledge, the condensed consolidated interim financial information presents fairly in all material respects the consolidated financial position, financial performance and cash flows of the Group as of, and for, the periods presented therein.

The accompanying notes form an integral part of the condensed consolidated interim financial information.

The accompanying notes form an integral part of the condensed consolidated interim financial information.

The accompanying notes form an integral part of the condensed consolidated interim financial information.

Docusign Envelope ID: EDAD9181-8A3C-47BE-9B5C-AD9764A088EA

For the nine-month period ended 30 September 2025

The accompanying notes form an integral part of the condensed consolidated interim financial information.

7

September

The accompanying notes form an integral part of the condensed consolidated interim financial information.

1 General information

Eshraq Investments PJSC (the "Company") was initially registered as a private joint stock company in the Emirate of Abu Dhabi on 24 December 2006. On 7 July 2011, the Company converted to a public joint stock company. The Company is listed on the Abu Dhabi Securities Exchange.

The Company is registered under commercial license No. 1005631 and Abu Dhabi Chamber of Commerce and Industry membership No. 223393. The registered head office of the Company is at P.O. Box 108737, Abu Dhabi, United Arab Emirates ("UAE").

The Company and its subsidiaries (together referred to as the "Group") are principally engaged in commercial enterprise investment and real estate business which includes development, sale, investment, construction, management and associated services.

The details of principal activities, country of incorporation and operation, and ownership interest of the Company in its subsidiaries are set out below:

Eshraq International Company LLC

Beans and Pages Café* Goldilocks Investment Holding-Sole Proprietorship L.L.C**

Qanat View Real Estate Development Construction - Sole Proprietorship L.L.C. Bayfront Waves View Real Estate Development Construction - Sole Proprietorship L.L.C. Garden Meadows View Real Estate Development Construction - Sole Proprietorship L.L.C. Heights View Real Estate Development Construction - Sole Proprietorship L.L.C.

Paradise Empire View Real

Estate Development Construction - Sole Proprietorship L.L.C. Seascape Oasis View Real Estate Development Construction - Sole Proprietorship L.L.C.

holding

2025 2024

Principal Classification Activities

* Entity ceased its operation and was undergoing liquidation during the period. The liquidation was completed in April 2025.

** Dormant entity acquired from a related party.

For the nine-month period ended 30 September 2025

1. General information (continued)

   Subsidiary under Eshraq International Company LLC	Country of incorporation	Legal % of holding	Beneficial % of holding	Principal activities	Classification
   Nuran Marina Serviced Residence LLC*	UAE	49%	100	Hotel apartments	Subsidiary

   * Eshraq International Company LLC has a 49% ownership in Nuran Marina Serviced Residence LLC and the remaining 51% is held by the heirs of a former board member on behalf of the Company who had irrevocably assigned the beneficial ownership to Eshraq International Company LLC. The subsidiary is undergoing liquidation which is expected to be completed in 2026.

   Social contribution

   During the period ended 30 September 2025, the Group has not made any social contributions (30 September 2024: Nil).

2. Application of new and revised IFRS Accounting Standards

   1. New and amended standards adopted by the Group

      The following new and revised IFRS Accounting Standards as issued by International Accounting Standards Board (IASB), which became effective for annual periods beginning on or after 1 January 2025, have been applied in this condensed consolidated interim financial information. The application of these revised IFRS Accounting Standards has not had any material impact on the amounts reported for the current and prior periods but may affect the accounting for future transactions or arrangements.

      • Amendments to IAS 21 Lack of Exchangeability

2. 2 Standards and interpretations in issue but not yet effective and not early adopted

At the date of approval of this condensed consolidated interim financial information, the Group has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective.

New and revised standards

Amendments to the Classification and Measurement of Financial

beginning on or after

Instruments (Amendments to IFRS 9 and IFRS 7) 1 January 2026 Annual Improvements to IFRS Accounting Standards - Volume 11 1 January 2026 Contracts Referencing Nature-dependent Electricity (Amendments to

IFRS 9 and IFRS 7) 1 January 2026

IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027

IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027

1. Application of new and revised IFRS Accounting Standards (continued)

   2. 2 Standards and interpretations in issue but not yet effective and not early adopted (continued)

   Management anticipates that these new standards, interpretations and amendments will be adopted in the Group's condensed consolidated financial information for the period of initial application. Management is in process of carrying out an impact assessment with respect to the adoption of these new standards, interpretations and amendments in the consolidated financial statements of the Group in the period of initial application.

2. Summary of material accounting policies Statement of compliance

   The condensed consolidated interim financial information is prepared in accordance with International

   Accounting Standard (IAS) 34 Interim Financial Reporting. It does not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2024. In addition, results for nine-month period ended

   30 September 2025 are not necessarily indicative of the results that may be expected for the financial year ending

   31 December 2025.

   Basis of preparation

   This condensed consolidated interim financial information is presented in UAE Dirhams (AED) which is the functional and presentational currency of the Group and all values are rounded to the nearest thousand (AED'000) except when otherwise indicated.

   This condensed consolidated interim financial information has been prepared on the historical cost basis, except for financial assets measured at fair value and investment properties which are carried at fair value.

3. Accounting policies, estimates and judgements

   The accounting policies, significant judgements, estimates and assumptions applied by the Group in this condensed consolidated interim financial information is consistent with those in the audited annual consolidated financial statements of the Group as at and for the year ended 31 December 2024 except for the adoption of new standards and interpretations effective 1 January 2025 as stated in Note 2 above.

   No income of seasonal nature was recorded in the condensed consolidated financial statements for the nine months periods ended 30 September 2025 and 2024.

4. Property and equipment

   	30 September	31 December
   	2025 AED'000 (unaudited)	2024 AED'000 (audited)
   Carrying amount at the beginning of the period/year	3,363	6,924
   Additions during the period/year	69	2,000
   Transfer to investment property (Note 6)	-	(4,284)
   Impairment	-	(411)
   Depreciation charge for the period/year	(472)	(866)
   Carrying amount at the end of the period/year	2,960	3,363

   All of the Group's property and equipment are located in the United Arab Emirates (UAE).

   The depreciation charge has been allocated in the condensed consolidated interim statement of profit or loss as follows:

   Nine-month period

   ended 30 September

   	2025 AED'000 (unaudited)	2024 AED'000 (unaudited)
   Direct operating expenses	71	424
   General and administrative expenses	401	251
   	472	675
   6 Investment properties

   Investment properties represent certain plots of land located in the UAE, rented out properties in the UAE and a building in the United States of America ("USA").

   Movement in investment properties is as follows:
   	30 September	31 December
   	2025 AED'000 (unaudited)	2024 AED'000 (audited)
   Balance at the beginning of the period/year	699,868	687,518
   Transfer from property and equipment (b), (Note 5)	-	4,284
   Disposal (ii)	(107,500)	-
   Net increase in fair value	-	8,066
   Balance at the end of the period/year	592,368	699,868

5. Investment properties (continued)

   Investment properties are carried at fair value. As of 31 December 2024, the fair value of the investment properties was arrived at on the basis of valuations carried out by accredited independent valuers not related to the Group in accordance with RICS Appraisal and Valuation Manual issued by the Royal Institute of Chartered Surveyors ("RICS"). The valuers are members of professional valuers' associations and have appropriate qualifications and experience in the valuation of properties at the relevant locations. In estimating the revalued amounts of the investment properties, the highest and best use of the properties was considered, and comparable and investment valuation approaches were used. Based on the internal assessment performed, management believes that there is no significant change in the fair value of investment properties during the nine-month period ended 30 September 2025.

   The inputs used in the valuation are not based on observable market data, and thus, the valuation techniques were considered to be Level 3 fair value measurement.

   Included in investment properties, a building and a land with a fair value of AED 205,200 thousand (31 December 2024: AED 205,200 thousand) is mortgaged as a security for a loan obtained by the Group from a local bank (Note 16).

   During the nine-month period ended 30 September 2025, the Group recognised rental income from renting out investment properties of AED 11,647 thousand (30 September 2024: AED 11,282 thousand).

   1. In September 2022, the Board of Directors approved the monetization of the Group's land bank in accordance with the Group's business plan. The following transactions demonstrate the Group's progress towards monetizing its land bank:

      1. The Group and a third party (Reportage Prime Properties LLC-Branch of Abu Dhabi 1) have finalised the performance of the terms and conditions, and legal procedures as stated in the sales and purchase agreement (SPA) and property development agreement dated November 2022 for handing over the plot in Abu Dhabi to the third party for a total consideration of AED 126,620 thousand.

         The consideration is payable over the next 5 years in periodic cash payments (66% of consideration) and completed units (34% of consideration) by the third party.

         Further, the Group discounted total consideration using three-month EIBOR+ spread of 2.25% to convert into present value of AED 100,065 thousand. In December 2024, the Group agreed with the third party for early buyout plan, and settling the full amount. The consideration finalised in cash payment only, and completed units removed from the settlement. As at 30 September 2025, no receivable balance was outstanding pertaining to this sale (31 December 2024: AED 29,721 thousand). Interest income during the period amounted to AED 279 thousand (30 September 2024: AED 1,299 thousand).

      2. During 2024, the Group relocated its head office to Capital Plaza Office Tower, Corniche. The new office setup costs were capitalised as part of property, and equipment and will be depreciated over their useful lives. As a result of the relocation, the Group's previous head office space, which was classified under property, and equipment, has been reclassified as investment property. The carrying amount of the property at the date of reclassification was AED 4,284 thousand.

   2. During the period, the Group entered into a sale and purchase agreement (SPA) with a third party for sale of two plots in Al Reem Island Abu Dhabi having a carrying value of AED 107,500 thousand for consideration of AED 114,988 thousand. This transaction generated a gain of AED 7,488 thousand.

6. Financial assets at fair value through other comprehensive income

   The Group's financial assets at fair value through other comprehensive income (FVOCI) comprise of strategic investments in equity securities that were irrevocably designated as measured at FVOCI.

   Financial assets at FVOCI breakdown as at the end of the reporting period comprises the following:

   	30 September	31 December
   	2025 AED'000 (Unaudited)	2024 AED'000 (Audited)
   Unquoted funds (i)	49,823	50,113
   Quoted equity securities	387	463
   	50,210	50,576
   Movement in the balance of financial assets at FVOCI is as follows:
   	30 September	31 December
   	2025 AED'000 (Unaudited)	2024 AED'000 (Audited)
   Balance at the beginning of the period/year	50,576	21,450
   Additions	2,574	-
   Disposals	(610)	(577)
   Net change in fair value recognised in other comprehensive income	(2,330)	29,703
   Balance at the end of the period/year	50,210	50,576

   (i) Comprised of an investment in an equity stake in a special-purpose vehicle established to develop a plot of land as a luxury branded residence in the UAE.

7. Debt investment at amortised cost

   Movement in the debt investment at amortised cost is as follows:
   	30 September	31 December
   	2025 AED'000 (Unaudited)	2024 AED'000 (Audited)
   Balance at the beginning of the period/year	7,859	7,859
   Amounts received	(7,859)	-
   Balance at the end of the period/year	-	7,859

   Finance income on debt investment at amortised cost for the period ended 30 September 2025 amounted to AED 86 thousand (30 September 2024: AED 589 thousand).

8. Financial assets at fair value through profit or loss

The Group's financial assets at fair value through profit or loss (FVTPL) comprise financial assets that are held for trading. The financial assets at FVTPL breakdown at the end of the reporting period comprises the following:

*Please refer Note 26

1. Comprised of Sharia compliant equity shares quoted in the UAE and denominated in UAE Dirhams (AED).

2. Comprised of an investment in an open-ended fund (Goldilocks Investment Company Limited ("Goldilocks", or the "Fund")) incorporated in the UAE with the objective to generate return from Middle East region-based instruments.

   In 2022, the Company completed the acquisition of the Fund. The acquisition was completed through a share swap transaction at an agreed swap ratio of 12.61 Company shares to 1 shares of the Fund by issuing 1,385,073 thousand new shares of the Company at par. The Group has 99.485% (31 December 2024: 99.485%) investment in the Fund and designated at financial assets at FVTPL. The Group does not control the Fund and as such, the Group is not involved in the investment decision-making process of the Fund. The Fund is independently managed by its Fund Manager SHUAA GMC Limited. The Fund Manager is not liable for any losses to the Fund. The Group will remain a Limited Partner in the Fund and has no power over the terms of the management agreement including the valuation of the Fund.

   The Group has been made aware that a significant number of the shares in Goldilocks have been subject to a pledge in favour of a local bank since 2019, provided as security for credit facilities obtained by the previous owners of Goldilocks.

   1. Financial assets at fair value through profit or loss (continued)

3. During the period, the Group invested AED 50,000 thousand in Shuaa Capital PSC through a Mandatory Convertible Bond (MCB). As per the agreed terms, the MCB was to be converted into shares as per SCA Certificate with a lock in period of 14 months from the conversion date, at a conversion price of 32 fils per share. The MCB was converted into 156,250 thousand shares of Shuaa Capital PSC on 11 April 2025.

As at the reporting date, the share price of Shuaa Capital PSC was 24.8 fils per share that resulted in a fair value loss of AED 11,250 thousand (30 September 2024: Nil).

*Please refer Note 26

Net change in fair value recognized by the Group during the period in the statement of profit or loss includes gain of AED 55,139 thousand (31 December 2024: loss of AED 564,138 thousand) from the net change in fair value of investment in Goldilocks Fund which continues to be managed by Fund Manager SHUAA GMC Limited.

1. Trade and other receivables

1. Trade and other receivables (continued)

   1. In September 2022, the Group entered into a sale and purchase agreement ("SPA") with a third party in the UAE for the sale of two plots of land located in JVC-Dubai, UAE for a total consideration of AED 33,134 thousand and an earnout amount upon completion of the project by the third party. The consideration is interest-bearing and was payable after 2 to 4 years after the date of SPA. Interest income during the period ended 30 September 2025 amounted to AED 2,485 thousand (30 September 2024: AED 2,485 thousand).

   2. At 30 September 2025, the net receivables from Reportage Prime Properties LLC-Branch of Abu Dhabi 1 amounted to Nil (31 December 2024: AED 29,721 thousand). This receivable was discounted using three-month EIBOR+ spread of 2.25%. The interest income on the receivable balance amounted to AED 279 thousand during the period. (30 September 2024: AED 1,299 thousand) (Note 6).

   3. During the period, the Group entered into a sale and purchase agreement (SPA) with a third party for sale of two plots in Al Reem Island Abu Dhabi having a carrying value of AED 107,500 thousand for a consideration of AED 114,988 thousand. As at period end, the outstanding consideration against this sale of plots amounts to AED 76,658 thousand that would be received over the period of twelve months as per the SPA (Note 6).

   4. Other receivables include Murabaha facility with principal amount of AED 23,000 thousand (31 December 2024: AED 23,000 thousand) entered into between the Group and the Fund (Goldilocks). The Fund is managed by a related party (Note 18). The Murabaha carries a profit rate of 12% per annum (31 December 2024: 12% per annum). The profit which is also accrued at the reporting date on Murabaha for the period ended 30 September 2025 amounted to AED 2,064 thousand (30 September 2024: AED 1,299 thousand).

2. Cash and bank balances

   	30 September	31 December
   	2025	2024
   	AED'000	AED'000
   	(Unaudited)	(Audited)
   Cash on hand	30	37
   Cash at bank	107,584	61,981
   Term deposits 3,350 3,350
   	110,964	65,368
   Less: short-term deposits with original maturity of more
   than three months	(3,350)	(3,350)
   Less: restricted cash (28) (28)

   Cash and cash equivalents 107,586 61,990

   Term deposits represent deposits held with financial institutions in the UAE and denominated in AED. These deposits carry an interest rate: 3.9% per annum (31 December 2024: 3.9% - 4.54% per annum).

   Finance income on term deposits for the nine-month period ended 30 September 2025 amounted to AED 99 thousand (30 September 2024: AED 111 thousand). Accrued interest on term deposits amounted to AED 112 thousand as at 30 September 2025 (31 December 2024: AED 13 thousand).

   Restricted cash placed in a local bank amounted to AED 28 thousand (31 December 2024: AED 28 thousand).

3. Wakala investments

   	30 September	31 December
   	2025 AED'000 (Unaudited)	2024 AED'000 (Audited)
   Balance at the beginning of the period/year	12,312	11,400
   Additions	-	12,312
   Matured	-	(11,400)
   Balance at the end of the period/year	12,312	12,312

   In 2023, the Group invested AED 11,400 thousand in Wakala deposits held with non-financial institutions in the UAE and denominated in AED. This investment carried a profit rate of 8% per annum with a maturity date of 25 March 2024. Upon maturity, the Group reinvested principal plus profit amounting to AED 12,312 thousand in Wakala deposits and which carry a profit rate of 8% per annum with a maturity date of 29 March 2026.

   Finance income on Wakala investment for the nine-month period ended 30 September 2025 amounted to AED 737 thousand (30 September 2024: AED 717 thousand). Accrued profit on Wakala investments amounted to AED 1,492 thousand as at 30 September 2025 (31 December 2024: AED 756 thousand).

4. Share capital

   	30 September	31 December
   	2025	2024
   	AED'000	AED'000
   	(Unaudited)	(Audited)
   Authorised, issued and paid-up capital
   2,685,286 thousand (31 December 2024: 2,685,286 thousand)
   ordinary shares of AED 1 each (2024: AED 1 each)	2,685,286	2,685,286

5. Statutory reserve

   In accordance with the Articles of Association of the Company and in line with the provisions of the UAE Federal Law No. 32 of 2021, the Company is required to transfer annually to a statutory reserve account an amount equal to 10% of its annual profit, until such reserve reaches 50% of the share capital of the Company. This reserve is not available for distribution.

6. Investments revaluation reserve

Investments revaluation reserve represents the net unrealised gains or losses that are recognised on the financial assets at fair value through other comprehensive income (Note 7).

In 2021, the Group obtained a Sharia-compliant term loan facility from a local bank (First Abu Dhabi Bank PJSC) amounting to AED 140,000 thousand under the terms and conditions defined in the agreement to settle the existing debt exposure of its project loan and to finance general corporate purposes. The loan is repayable in quarterly instalments over a period of 10 years and carries a variable profit rate. The loan is secured by a mortgage over the land and building of the Group located in Al Reem Island, Abu Dhabi (Note 6), and a reserved account maintained in the name of the Group with an amount equal to at least one quarterly instalment of the term loan. The loan was fully drawn as of the reporting date.

As at 30 September 2025, the Group recognised finance costs of AED 5,983 thousand (30 September 2024: AED 7,256 thousand) in relation to this facility.

Reconciliation of term loans movements to the cash flows arising from financing activities is as follows:

1. Trade and other payables

   30 September	31 December
   2025	2024
   AED'000	AED'000
   (Unaudited)	(Audited)
   Trade payables -	184
   Advances from customers 55,518	6,496
   Retention payables 1,385	7,041
   Accruals 2,199	3,578
   Other payables (i) 3,728	6,824
   62,830	24,123
   (i) Includes provision for claims and Board of Directors' remuneration.
   18 Related party balances and transactions

   In the ordinary course of business, the Group enters into transactions at agreed terms and conditions which are carried out on commercially agreed terms, with other business enterprises or individuals that fall within the definition of a related party contained in International Accounting Standard 24. Related parties comprise shareholders, directors, key management staff and business entities in which they have the ability to control or exercise significant influence in financial and operating decisions.

   Terms and conditions of transactions with related parties

   Balances with these related parties generally arise from commercial transactions as per terms agreed between the parties. Balances with related parties reflected in the condensed consolidated interim statement of financial position at the reporting date comprised:

   	30 September	31 December
   	2025 AED'000 (Unaudited)	2024 AED'000 (Audited)
   Financial assets at FVTPL: Shareholder - shares	38,750	-
   Due from related parties: Entity under common control	17	19
   Advance to a director	315	605
   	332	624

2. Related party balances and transactions (continued)

The following balances are related to the entities under common directorship or with common key management personnels:

The following balances are managed by a Fund Manager that is a related party to the Group:

Significant transactions with the entities under common shareholding/directorship are as follows:

September

Transactions with the Fund Manager that is a related party to the Group were as follows:

1. Related party balances and transactions (continued)

   Significant transactions with related parties during the period were as follows:

   Nine-month period ended 30 September

   	2025 AED'000 (Unaudited)	2024 AED'000 (Unaudited)
   Broker fees paid to related parties: Shareholder	1	3

   Key management compensation

   Nine-month period ended 30

   September

   2025 AED'000 (Unaudited)		2024 AED'000 (Unaudited)
   Short term benefits	2,797	3,124
   Board of Director's renumeration	1,000	1,000
   Committee members fees	310	60
   Pension	234	234
   Long term end of service benefits	112	98
   	4,453	4,516

   Aside from advances to director, there were no loans provided to directors as of 30 September 2025 and 31 December 2024.

2. Right-of use assets and lease liabilities Right-of-use assets

In 2024, the Group relocated its head office, resulting in the recognition of right-of-use assets and

corresponding lease liabilities. The new office space has been leased for a term of 5 years. The movements during the year were as follows:

1. Right-of use assets and lease liabilities (continued) Lease liabilities

   Set below are the carrying amount of lease liability and movement during the period:

   	30 September	31 December
   	2025 AED'000 (Unaudited)	2024 AED'000 (Audited)
   At 1 January	3,374	-
   Additions	-	4,273
   Interest expense	192	111
   Payment of lease liabilities	(505)	(1,010)
   At 30 September/31 December	3,061	3,374

   Lease liabilities are presented in the consolidated statement of financial position as follows:

   	30 September	31 December
   	2025 AED'000 (Unaudited)	2024 AED'000 (Audited)
   Current liability	802	762
   Non-current liability	2,259	2,612
   	3,061	3,374
   20 Basic and diluted income/ (loss) per share

   Basic income/(loss) per share is calculated by dividing the income/(loss) for the period by the weighted average number of shares outstanding during the period.

   Diluted income/(loss) per share is calculated by dividing the income/(loss) for the period by the weighted average number of shares outstanding during the period, adjusted for the effects of dilutive instruments.

   The following reflects the incomes/(losses) and share data used in the income/(loss) per share calculation:

   Nine-month period ended 30 September

   Profit/(loss) for the period (AED'000)	2025 (Unaudited) 42,706	2024 (Unaudited) (295,806)
   Weighted average number of ordinary shares outstanding (thousand)	2,685,287	2,685,287
   Basic and diluted income/(loss) per share (AED)	0.0159	(0.1102)

2. Basic and diluted income/ (loss) per share (continued)

   In 2024, weighted average number of ordinary shares outstanding were adjusted for treasury shares, which were issued shares but not outstanding.

   As of 30 September 2025 and 2024, the Group has not issued any instruments which would have a diluting impact on income/(loss) per share when converted or exercised.

3. Segment reporting

   The Group's operating segments are established on the basis of those components that are evaluated regularly by Board of Directors (the chief operating decision-maker or "CODM"). They monitor the operating results of the Group's operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on revenues, gross profit and a broad range of key performance indicators in addition to segment profitability.

   For management purposes, at 30 September 2025 and 2024, the Group is organised into five major segments, as follows:

   • Property development

   • Investment properties

   • Hospitality and leisure

   • Investment and asset management

   • Holding

The accounting policies of the reportable segments are the same as the Group's accounting policies described in Note 3. Segment profit represents the profit or loss earned by each segment without allocation of central administration, directors' salaries, finance income and finance costs. This is the measure reported to the CODM for the purposes of resource allocation and assessment of segment performance. The Group operated mainly in one geographical segment, i.e., United Arab Emirates.

Information regarding these segments is presented below.

21 Segment reporting (continued)

1. Segment reporting (continued)

   	Property development	Investment properties	Hospitality and leisure		Investment and asset mgt	Holding	Eliminations	Total
   30 September 2024	AED'000	AED'000	AED'000		AED'000	AED'000	AED'000	AED'000
   Revenue
   Timing of revenue recognition	-	11,282	-		-	-	-	11,282
   Over time		-	860		-	-	-	860
   At a point in time
   	- 11,282		860		-	-	-	12,142
   Direct operating expenses	- (2,749)		(17)		-	-	-	(2,766)
   Depreciation	- (251)		(424)		-	-	-	(675)
   Gross profit	- 8,282		419		-	-	-	8,701
   Net finance loss	- -		-		-	(817)	-	(817)
   Net changes in fair value of financial
   assets at FVTPL	- -		-		(296,668)	-	-	(296,668)
   Total operating income	- 8,282		419		(296,668)	(817)	-	(288,784)
   General and administrative expenses
   Depreciation	- -		(103)		-	(6,689)	-	(6,792)
   Selling and marketing expense	- -		-		-	(251)	-	(251)
   Change in fair value of assets held for sale	- 21		-		-	-	-	21
   Other income -
   Profit/(loss) for the period	-	8,303		316	(296,668)	(7,757)	-	(295,806)
   At 30 September 2024
   Total assets	-	822,197		9,200	1,123,255	7,911	(450)	1,962,113
   Total liabilities	7,824	131,551		3,316	568	1,912	-	145,171
   			27

   Docusign Envelope ID: EDAD9181-8A3C-47BE-9B5C-AD9764A088EA

   Eshraq Investments PJSC Condensed consolidated interim financial information Notes to the condensed consolidated interim financial information (continued)

   For the nine-month period ended 30 September 2025

2. Contingent liabilities and commitments Contingencies

   There were no contingent liabilities as at 30 September 2025 (31 December 2024: Nil).

   Commitments

   30 September 31 December 2025 2024 AED'000 (Unaudited)

   AED'000

   (Audited)

   Commitments for fixed assets 1,883 1,883

3. Fair value of financial instruments

The fair value hierarchy levels have been defined as follows:

• Level 1 - fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2 - fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
• Level 3 - fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

During the current and prior period, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.