Financial Statement (NMDC Group Q1 2026 FS EN)

Deloitte & Touche (M.E.) Level 11, Al Sila Tower

Abu Dhabi Global Market Square Al Maryah Island

P.O. Box 990

Abu Dhabi

United Arab Emirates

Tel: +971 (0) 2 408 2424

Fax:+971 (0) 2 408 2525

https://www.deloitte.com

Introduction

We have reviewed the accompanying interim condensed consolidated statement of financial position of NMDC Group PJSC (the "Company") and its subsidiaries (together referred to as the "Group") as at 31 March 2026 and the related statements of profit or loss, comprehensive income, changes in equity and cash flows for the three-month period then ended. Management is responsible for the preparation and presentation of this condensed consolidated financial information in accordance with International Accounting Standard 34, "Interim Financial Reporting" (IAS 34). Our responsibility is to express a conclusion on this condensed consolidated financial information based on our review.

Scope of 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.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34.

Deloitte & Touche (M.E.)

Faeza Sohawon Registration Number 5508

29 April 2026 Abu Dhabi

United Arab Emirates

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

NMDC Group PJSC 3

Interim condensed consolidated statement of financial position (continued)

as at 31 March 2026

31 March 31 December

2026 2025

AED'000 AED'000

Notes (tJnaudited) (Audited)

Liabilities

Non-current liabilities

To the best of our knowledge, the financial information included in the report fairly presents in all material respects the financial condition, results of operations and cash flows of the Group as of, and for, the periods presented in these interim condensed consolidated financial statements.

Mohamed T ii unhed Alrumalthl

Chairm

Group Chief Executive Officer

Sreemont Prasad flu7ua

Group Chief Financial Officer

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

consolidated statement of profit or loss in subsequent periods:

Fair value (loss)/gain arising on hedging instruments

during the period (14,296) 16,760

Exchange differences arising on translation of

foreign operations (37,987) 2,491

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

1. General information

   NMDC Group PJSC ("NMDC" or the "Company") is a public shareholding Company incorporated in the Emirate of Abu Dhabi. The Company was incorporated by Law No. (10) of 1979, as amended by Decree No. (3) and (9) of 1985 issued by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, who was then the Deputy Ruler of the Emirate of Abu Dhabi. The registered address of the Company is P.O. Box 3649, Abu Dhabi, United Arab Emirates.

   These interim condensed consolidated financial statements include the financial performance and position of the Company and its subsidiaries, joint venture and branches (collectively referred to as the "Group"), details of which are set out below.

   During 2020, the Company's shareholders accepted an offer from Abu Dhabi Development Holding Company ("ADQ") (an existing shareholder and an entity fully owned by the Government of Abu Dhabi) and other minority shareholders of National Petroleum Construction Company PJSC ("NPCC"), to acquire 100% of the shareholding of NPCC, in exchange for the issuance of 575,000,000 equity shares in the Company to ADQ and the other shareholders of NPCC. This transaction received regulatory approvals on 11 February 2022, and consequently, the Company's share capital stands increased to AED 825,000,000 from that date. As a result of this transaction, the Government of Abu Dhabi became the majority holder of the Company's shares. Subsequently, in May 2022, out of its total shareholding of 58.48% in the Company, ADQ transferred 44.2% to entities in the Alpha Dhabi Holding PJSC ("Alpha") group, a subsidiary of International Holding Company. With this transaction and along with its previous equity shareholding in the Company, Alpha became the majority shareholder of the Company.

   On 8 March 2024, during the Annual General Meeting of National Marine Dredging Company PJSC, the shareholders approved the amendment to Article No. (2) of the Articles of Association of the Company relating to the Company's name to be "NMDC Group PJSC", which was subsequently approved by Securities and Commodities Authority.

   The Company is primarily engaged in the execution of engineering, procurement and construction contracts, dredging contracts and associated land reclamation works in the territorial waters of the UAE. The Group also operates in other jurisdictions in the region including Taiwan, Philippines, Bahrain, Egypt, Saudi Arabia and India through its subsidiaries, branches and joint operations.

   Details of the Company holding in investments in subsidiaries, branches, joint venture, associates and joint operations remain unchanged from the year ended 31 December 2025 except for the following:

   Name

   Country of

   incorporation Percentage holding Principal activities

   31 Mar

   2026

   31 Dec

   2025

   Subsidiary of NMDC INFRA - L.L.C - O.P.C (formerly "Emarat Europe General Contracting LLC OPC")

   NMDCCC Contracting LLC UAE 51% - Contracting and construction

   Branches of NMDC Group PJSC

   NMDC Group PJSC Philippine Branch

   Philippines Branch - Dredging and associated land reclamation

   works, civil engineering, port contracting and marine construction.

2. Basis of preparation and critical accounting judgements
   1. Basis of preparation

      The interim condensed consolidated financial statements of the Group are prepared in accordance with International Accounting Standard 34, Interim Financial Reporting.

      These interim condensed consolidated financial statements are presented in UAE Dirham ("AED") which is the currency of the primary economic environment in which the Group operates. Each entity in the Group determines its own functional currency. All financial information presented in AED has been rounded to the nearest thousand except otherwise stated.

      The interim condensed consolidated financial statements do not include all information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group's annual consolidated financial statements for the year ended 31 December 2025. In addition, results for the three months period ended 31 March 2026 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2026.

      1. New and revised IFRSs applied with no material effect on the interim condensed consolidated financial statements

         The following new and revised IFRSs, which became effective for annual periods beginning on or after 1 January 2026, have been adopted in interim condensed consolidated financial statements. The application of these revised IFRSs 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 IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments

         The amendments address matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9 Financial Instruments.

         Amendments IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity

         The amendments aim at enabling entities to include information in their financial statements that in the

         IASB's view more faithfully represents contracts referencing nature-dependent electricity. Annual improvements to IFRS Accounting Standards - Volume 11

         The pronouncement comprises the following amendments:

         • IFRS 1: Hedge accounting by a first-time adopter

         • IFRS 7: Gain or loss on derecognition

         • IFRS 7: Disclosure of deferred difference between fair value and transaction price

         • IFRS 7: Introduction and credit risk disclosures

         • IFRS 9: Lessee derecognition of lease liabilities

         • IFRS 9: Transaction price

         • IFRS 10: Determination of a 'de facto agent'

         • IAS 7: Cost method

         2 Basis of preparation and critical accounting judgements (continued)
   2. Application of new and revised IFRS Accounting Standards (IFRSs)
      1. New and revised IFRSs in issue but not yet effective

      New and revised IFRSs

      Effective for annual periods

      beginning on or after

      IFRS 18 Presentation and Disclosures in Financial Statements 1 January 2027 IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027

      Translation to a Hyperinflationary Presentation Currency (Amendments to IAS 21)

      1 January 2027

      IFRS Sustainability Disclosure Standards

      IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information

      Effective date not yet decided by the regulator in the United Arab Emirates

      IFRS S2 Climate-related Disclosures Effective date not yet decided by the regulator in the United Arab Emirates

      The above stated new standards and amendments are not expected to have any significant impact, other than IFRS 18, will have a material impact on the interim condensed consolidated interim financial statements. The Group is currently working to identify the impacts IFRS 18 will have on the interim condensed consolidated interim financial statements and its notes.

      There are no other applicable new standards and amendments to published standards or IFRIC interpretations that have been issued that would be expected to have a material impact on the interim condensed consolidated interim financial statements of the Group.

   3. Critical accounting judgments and key sources of estimation uncertainty

The preparation of interim condensed consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

In preparing these interim condensed consolidated financial statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied in the consolidated financial statements for the year ended 31 December 2025, except for the below:

In late February and early March 2026, a significant regional and geopolitical conflict erupted in the Middle East. The evolving situation has introduced heightened risks related to logistics, energy supply, insurance coverage, and increased volatility in oil prices. The ultimate extent and duration of these effects remain uncertain and are dependent on future developments.

1. Basis of preparation and critical accounting judgements (continued) 2.3 Critical accounting judgments and key sources of estimation uncertainty (continued)

   Management has conducted a preliminary assessment of the potential impact of these geopolitical developments on the Group's operations, financial performance, supply chain and operational activities. Based on such assessment, appropriate provisions for additional costs have been recorded in the interim financial statements for the period, which have had an adverse impact on the Group's revenues and profit margins for the period. This decline in margin is primarily attributable to cost overruns and impact of idle hours affecting offshore and onshore activities. Furthermore, certain contracts have experienced delays in revenue recognition due to extended project timelines and lower than expected percentages of completion.

   The Group has implemented mitigation measures, including supply chain reconfiguration, optimized resource deployment, and close coordination with clients and authorities to realign schedules. Contractual and insurance positions are also under review to manage risk exposure. The Group is also currently evaluating potential claims on its customers arising from project delays and cost variations but have not included any positive impact of such claims in the results for the period. The Group maintains strong operational resilience and remains committed to safeguarding its workforce and protecting long-term shareholder value.

   Given the evolving nature of the situation, the duration and full extent of the potential impact on the Group's financial performance and position cannot be reliably estimated at this stage. Management continues to closely monitor developments and will update its critical accounting judgements and estimates, as necessary.

2. Property, plant and equipment

Building and

base facilities Dredgers

Barges support vessels, plan and pipelines and vehicles

Office equipment and furniture

Capital work-in-

progress Total

AED'000 AED'000 AED'000 AED'000 AED'000 AED'000

1. Property, plant and equipment

   			Barges
   			support
   			vessels, plan	Office	Capital
   	Building and		and pipelines	equipment	work-in-
   	base facilities	Dredgers	and vehicles	and furniture	progress	Total
   	AED'000	AED'000	AED'000	AED'000	AED'000	AED'000
   2025 (Audited)
   Cost:
   At 1 January 2025	644,512	2,110,143	7,675,475	154,643	1,066,925	11,651,698
   Additions	32,149	1,674	757,209	11,160	614,744	1,416,936
   Acquisition of a
   subsidiary	-	-	195,069	19,208	-	214,277
   Transfers	245,448	(1,786)	540,080	38,701	(822,443)	-
   Disposals	(6)	(16)	(76,085)	(42)	-	(76,149)
   Exchange differences	-	-	-	(816)	-	(816)
   	----------	----------	----------	----------	----------	----------
   At 31 December 2025	922,103	2,110,015	9,091,748	222,854	859,226	13,205,946
   	----------	----------	----------	----------	----------	----------
   Accumulated depreciation:
   Charge for the year	432,586	371,249	3,918,167	130,638	-	4,852,640
   Acquisition of a
   subsidiary	30,321	111,575	733,180	15,865	-	890,941
   Disposals	-	-	137,706	17,619	-	155,325
   Exchange differences	(3)	(8)	(72,979)	(36)	-	(73,026)
   Charge for the year	-	-	-	(604)	-	(604)
   	----------	----------	----------	----------	----------	----------
   At 31 December 2025	462,904	482,816	4,716,074	163,482	-	5,825,276
   	----------	----------	----------	----------	----------	----------
   Carrying amount:
   At 31 December 2025	459,199	1,627,199	4,375,674	59,372	859,226	7,380,670

   1. Certain items of property, plant and equipment with a carrying value of AED 1,750 million (2025: AED 2,035 million) have been pledged to secure the borrowings of the Group. The Group is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

   2. Property, plant and equipment includes fully depreciated assets of AED 3,172 million (2025: AED 2,878 million)

   3. Buildings and base facilities are located in Mussafah, Abu Dhabi, UAE on leased land.

2. Right -of-use assets and lease liabilities

   	Right-of-use assets (land & equipment)	Lease liabilities
   	AED'000	AED'000
   At 1 January 2025 (Audited)	478,609	481,995
   Additions during the period	370,849	370,849
   Modifications during the period	(8,553)	(9,970)
   Acquisition of a subsidiary	3,931	3,542
   Depreciation expense	(180,574)	-
   Interest expense	-	23,266
   Payments At 1 January 2026 (Audited)	- ----------- 664,262	(191,762) ----------- 677,920
   Additions during the period	4,664	4,664
   Modifications during the period	(4,274)	(4,274)
   Depreciation expense	(46,480)	-
   Interest expense	-	6,577
   Payments At 31 March 2026 (Unaudited)	- ----------- 618,172	(42,334) ----------- 642,553

   Lease liabilities are disclosed in the interim condensed consolidated statement of financial position as follows:

   31 March		31 December
   2026		2025
   AED'000		AED'000
   (Unaudited)		(Audited)
   Current liabilities	219,914	202,223
   Non-current liabilities Total	422,639 ----------- 642,553	475,697 ----------- 677,920

3. Investment in equity-accounted investees

   The carrying amounts of the Group's investments in equity accounted investees are as follows:

   	31 March	31 December
   	2026 AED'000 (Unaudited)	2025 AED'000 (Audited)
   Safeen Survey and Subsea Services LLC	559,982	530,609
   Principia SAS	21,080	21,080
   The Challenge Egyptian Emirates Marine Dredging Company	22,710	22,710
   NT Energies LLC	1,182 ----------- 604,954	1,182 ----------- 575,581

   The movements in investment in equity accounted investees are as follows:

   	31 March	31 December
   	2026 AED'000 (Unaudited)	2025 AED'000 (Audited)
   At beginning of the period/year	575,581	507,120
   Dividend received during the period/year	-	(2,871)
   Foreign exchange movement	-	3,358
   Share of profit for the period/year, net At end of the period/year	29,373 ----------- 604,954	67,974 ----------- 575,581

4. Trade and other receivables

   	31 March	31 December
   	2026 AED'000 (Unaudited)	2025 AED'000 (Audited)
   Trade receivables	7,324,583	10,688,167
   Retention receivables	1,237,828	1,179,356
   Less: allowance for expected credit losses	(91,557) ----------- 8,470,854	(125,369) ----------- 11,742,154
   Deposits and prepayments	864,597	711,474
   Advances paid to suppliers	2,452,648	3,125,368
   ICV retention receivables	890,748	804,030
   VAT and GST receivables	145,738	46,678
   Advances paid to employees	50,488	102,601
   Other receivables	1,032,432 ----------- 13,907,505	218,168 ----------- 16,750,473

   Receivables, net are expected, on the basis of past experience, to be fully recoverable. It is not the practice of the Group to obtain collateral over receivables and the vast majority are, therefore, unsecured.

   Movement in the provision for expected credit losses on trade and retention receivables is as follows:

   	31 March	31 December
   	2026 AED'000 (Unaudited)	2025 AED'000 (Audited)
   At beginning of the period/year	125,369	77,877
   Provision assumed on acquisition	-	14,824
   Reversal/(charge) for the period/year	(33,812)	34,504
   Written off At end of the period/year	- ----------- 91,557	(1,836) ----------- 125,369

5. Contract assets

   	31 March	31 December
   	2026 AED'000 (Unaudited)	2025 AED'000 (Audited)
   Construction contracts	7,137,503	6,122,744
   Less; allowance for expected credit losses	(67,379) ----------- 7,070,124	(60,894) ----------- 6,061,850

   1. Construction contracts, net of allowance for expected credit losses

Construction contracts, net of allowance for expected credit losses and discount, are analysed as follows:

Movement in the provision for expected credit losses on contract assets is as follows:

1. Trade and other payables

   31 March		31 December
   2026		2025
   AED'000		AED'000
   (Unaudited)		(Audited)
   Trade payables	3,474,993	3,440,666
   Project and other accruals	7,012,427	7,701,618
   Advances from customers	4,152,042	3,951,997
   Provisions	600,088	829,166
   Retentions payable	265,027	270,716
   VAT payables	302,644	209,217
   Other payables	48,550 ----------- 15,855,771	111,750 ----------- 16,515,130

2. Taxation

On 9 December 2022, the United Arab Emirates (UAE) Ministry of Finance ("MoF") released Federal Decree-Law No 47 of 2022 on the Taxation of Corporations and Businesses, Corporate Tax Law ("CT Law") to enact a new Corporate Tax (CT) regime in the UAE. The new CT regime became effective for accounting periods beginning on or after 1 June 2023. The taxable income of the entities that are in scope for UAE CT purposes are subject to the rate of 9% corporate tax.

* Deferred tax charge for the current period has been recognised in respect of temporary differences arising on unremitted retained earnings of a subsidiary in India.

1. Taxation (continued)

   The decrease is mainly on account of reversal of excess provision during the period, amounting to AED 48 million, carried at 31 December 2025.

   Movement of the income tax payable is as follow:	31 March	31 December
   	2026 AED'000 (Unaudited)	2025 AED'000 (Audited)
   At beginning of the period/year	652,899	358,114
   Charge for the period/year	54,700	616,389
   Acquisition of a subsidiary	-	4,521
   Reversals related to prior period adjustments	(48,089)	(28,606)
   Exchange difference	(30)	291
   Payments	(5,653)	(264,793)
   Other movements Balance at the end of the period/year	(517) ----------- 653,310	(33,017) ----------- 652,899

   The tax payable resulting from foreign operations in India, Kuwait, Egypt, Taiwan and Saudi Arabia is calculated in accordance with the taxation laws in the respective countries.

   Recently, in order to align with OECD's Global Minimum Tax effort (Pillar Two), the UAE Ministry of Finance (MoF) has introduced a Domestic Minimum Top-Up Tax of 15% for Multinational Enterprises (MNEs) with effect from financial years starting on or after 1st January 2025. NMDC Group and its subsidiaries/branches are in scope of Pillar Two legislation as it operates in certain jurisdictions that have enacted or substantively enacted Pillar Two legislation and its consolidated revenue exceeds €750 million threshold.

   The Group estimates the following tax expense and top-up taxes related to Pillar Two for the period ended 31 March 2026:

   Particulars	31 March 2026 AED'000 (Unaudited)	31 March 2025 AED'000 (Unaudited)
   Group corporate taxes, net	32	82,552
   Top-up taxes in the jurisdictions that have enacted Pillar Two legislation effective 1st January 2025	17,179 -----------	33,827 -----------
   Total	17,211	116,379

   Furthermore, for the period ended 31 March 2026, the Group has applied the IASB amendment to IAS 12, Income Taxes, which provides a mandatory temporary exception from recognizing or disclosing deferred taxes related to Pillar Two.

2. Revenue from contracts with customers
   1. Revenue by activity

      	UAE AED'000 (Unaudited)	International AED'000 (Unaudited)	Total AED'000 (Unaudited)
      Period ended 31 March 2026 Dredging, reclamation and marine construction	1,664,014	17,557	1,681,571
      Engineering, procurement and construction	3,688,687	1,275,138	4,963,825
      Total	----------- 5,352,701	----------- 1,292,695	----------- 6,645,396

      	UAE AED'000 (Unaudited)	International AED'000 (Unaudited)	Total AED'000 (Unaudited)
      Period ended 31 March 2025 Dredging, reclamation and marine construction	2,488,413	184	2,488,597
      Engineering, procurement and construction	2,321,404	1,413,236	3,734,640
      Total	----------- 4,809,817	----------- 1,413,420	----------- 6,223,237

   2. Timing of revenue recognition 31 March 2026

      31 March

      2025

      AED'000 AED'000

      (Unaudited) (Unaudited)

      Services transferred over time 6,645,396 6,223,237

   3. Unsatisfied performance obligation

      The transaction price allocated to (partially) unsatisfied performance obligations at 31 March 2026 amounted to AED 55.4 billion (31 December 2025: AED 57.9 billion).

3. Profit for the period

   Profit for the period is stated after:
   	31 March		31 March
   	2026		2025
   	AED'000		AED'000
   Salaries and other benefits	(Unaudited) 740,011		(Unaudited) 849,879
   Depreciation of property, plant and equipment (note 3)	226,506		201,270
   Depreciation of right-of-use assets (note 4)	46,480		30,774
   14 Related party transactions and balances

   Related parties include majority Shareholders, equity accounted investees, Directors and key management personnel, management entities engaged by the Group and those enterprises over which majority Shareholders, Directors, the Group or its affiliates can exercise significant influence, or which can exercise significant influence over the Group. In the ordinary course of business, the Group provides services to, and receives services from, such enterprises on terms agreed by management.

   Balances with related parties included in the interim condensed consolidated statement of financial position are as follows:

   		31 March		31 December
   Due from/to equity accounted investee for project	related work:	2026 AED'000 (Unaudited)		2025 AED'000 (Audited)
   Trade and other receivables		93,872		139,016
   Trade and other payables		83,911		13,597
   Contract assets		10,046		12,517
   Due from/to other related parties: Trade and other receivables		22,557		19,920
   Trade and other payables		86,363		157,464
   Bank balances		1,905,212		3,033,783
   Borrowings		419,847		419,847

4. Related party transactions and balances (continued)

Transactions with related parties included in the interim condensed consolidated statement of profit or loss are as follows:

Basic earnings per share has been computed by dividing the profit for the period attributable to the ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period.

31 March

2025

(Unaudited) (Unaudited)

Profit attributable to the shareholders of the Company

(AED'000) 364,799 733,435

----------- -----------

Weighted average number of ordinary shares ('000) 844,379 844,379

----------- -----------

Earnings per share attributable to the shareholders of the

Company (AED) 0.43 0.87

----------- -----------

Diluted earnings per share as of 31 March 2026 and 31 March 2025 are equivalent to basic earnings per share.

At the annual general meeting held on 5 March 2026, the shareholders approved a dividend of AED 844,380 thousand (AED 1 per share) relating to the year ended 31 December 2025 (2025: AED 700,835 thousand (AED 0.83 per share)). Further, dividend attributable to non-controlling interest amounting to AED 184,059 thousand was declared relating to the year ended 31 December 2025 (2025: AED 161,000 thousand).

The above letters of credit and bank guarantees issued in the normal course of business.

1. Fair value of financial instruments Fair value measurement recognized in the consolidated statement of financial position

   The fair values of the Group's financial assets and liabilities as at 31 March 2026 and 31 December 2025 are not materially different from their carrying values at that reporting date.

   The following table provides the fair value measurement hierarchy of the Group's financial assets and

   liabilities which are measured at fair value as at 31 March 2026 and 31 December 2025:

   Fair value measurement

   	Total	Quoted prices in active markets (Level 1)	Significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)
   	AED'000 (Unaudited)	AED'000 (Unaudited)	AED'000 (Unaudited)	AED'000 (Unaudited)
   At 31 March 2026
   Derivative financial assets	4,219	-	4,219	-
   Financial assets at fair value through profit or loss (FVTPL)	617,576	617,576	-	-
   Investment properties	322,000	-	-	322,000

   Fair value measurement

   	Total	Quoted prices in active markets (Level 1)	Significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)
   	AED'000	AED'000	AED'000	AED'000
   As at 31 December 2025
   Derivative financial assets	19,543	-	19,543	-
   Financial assets at fair value through profit or loss (FVTPL)	700,682	700,682	-	-
   Investment properties	322,000	-	-	322,000

2. Segment information Geographical segment information

The Group has aggregated its segments into Dredging & Marine and Energy.

The following table shows the Group's segment analysis:

1. Segment information (continued) Geographical segment information (continued)

   Dredging &

   31 March 2025

   (Unaudited)

   Marine Energy Group

   AED'000 AED'000 AED'000

   Segment revenue 2,680,580 3,734,640 6,415,220

   Intersegment revenue (191,983) - (191,983)

   Revenue 2,488,597 3,734,640 6,223,237

   Segment gross profit 705,963 242,720 948,683 Share of net results of equity accounted

   investees - - 22,387

   General and administrative expenses - - (68,084)

   Finance income - - 64,698

   Finance cost - - (25,636)

   Fair value loss on financial assets at fair value

   through profit or loss - - (53,436)

   Foreign currency exchange loss - - 6,076

   Other income, net - - 5,643

   Profit before tax for the period 669,074 231,257 900,331

   Income tax charge (102,130) (14,249) (116,379)

   Profit after tax for the period 566,944 217,008 783,952

   Total assets 19,269,230 20,415,209 39,684,439

   Total liabilities 11,931,558 11,871,522 23,803,080

2. Seasonality of results

   No income of seasonal nature was recorded in the condensed statement of comprehensive income for the three-month period ended 31 March 2026.

3. Approval of the interim condensed consolidated financial statements

The interim condensed consolidated financial statements were approved by the Board of Directors and authorised for issue on 29 April 2026.