Nmdc Group PjscADX: NMDC

Financial Statement (NMDC Group Signed Financial Statement Q3 2025 EN)

Oct 31, 2025 at 9:01 AM UTC · Issued by Nmdc Group Pjsc

NMDC Group PJSC Report and interim condensed consolidated financial statements for the nine-month period ended 30 September 2025 (Unaudited) NMDC Group PJSC Report and interim condensed consolidated financial statements for the nine-month period ended 30 September 2025 (Unaudited) Contents Pages

Report on review of interim condensed consolidated financial statements 1

Interim condensed consolidated statement of financial position 2 - 3

Interim condensed consolidated statement of profit or loss 4

Interim condensed consolidated statement of comprehensive income 5

Interim condensed consolidated statement of changes in equity 6

Interim condensed consolidated statement of cash flows 7

Notes to the interim condensed consolidated financial statements 8 - 37

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

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF NMDC GROUP PJSC

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 30 September 2025 and the related statements of profit or loss, comprehensive income, changes in equity and cash flows for the nine-month period then ended, and material accounting policy information and explanatory notes. Management is responsible for the preparation and presentation of this interim financial information in accordance with International Accounting Standard 34, "Interim Financial Reporting" (IAS 34). Our responsibility is to express a conclusion on this interim 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 financial information is not prepared, in all material respects, in accordance with IAS 34.

Deloitte & Touche (M.E.)

Mohammad Khamees Al Tah Registration Number 717

30 October 2025 Abu Dhabi

United Arab Emirates

NMDC Group PJSC 2

Interim condensed consolidated statement of financial position as at 30 September 2025

Assets

Non-current assets

Notes

30 September 31 December

2025 2024

AED'000 AED'000

(Unaudited) (Audited)

Property, plant and equipment	4	7,175,394	6,799,058
Investment properties		322,000	322,000
Right-of-use assets	5	585,723	478,609
Goodwill		169,524	5,057
Investments in equity accounted investees	6	569,214	507,120
Deferred tax assets		3,616	3,751
Retention receivables	7	944,304	1,139,988
Total non-current assets		9,769,775	9,255,583
Current assets Inventories		901,520	718,482
Trade and other receivables	7	19,022,361	13,060,295
Contract assets	8	5,395,298	4,518,985
Financial assets at fair value through profit or loss		683,236	640,857
Derivative financial assets		24,413	12,056
Cash and bank balances	9	3,993,062	4,993,493
Total current assets		30,019,890	23,944,168
Total assets		39,789,665	33,199,751
EQUITY AND LIABILITIES
Equity Share capital		844,379	844,379
Share premium		605,421	605,421
Merger reserve		765,000	765,000
Other reserves	18	(90,123)	(141,186)
Retained earnings		11,185,644	9,346,417
Equity attributable to the shareholders of the Company		13,310,321	11,420,031
Non-controlling interests		1,336,906	1,205,088
Net equity		14,647,227	12,625,119

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 30 September 2025

	Notes	30 September 2025 AED'000 (Unaudited)	31 December 2024 AED'000 (Audited)
Liabilities Non-current liabilities Provision for employees' end of service benefits		577,488	507,577
Borrowings	10	684,284	735,700
Deferred tax liabilities		775	16,120
Derivative financial liabilities			15,222
Lease liabilities	5	409,554	394,591
Total non-current liabilities		1,672,101	1,669,210
Current liabilities Trade and other payables	11	16,533,651	14,045,318
Contract liabilities		4,604,849	4,060,865
Derivative financial liabilities			11,375
Income tax payable	12	452,523	358,114
Borrowings	10	385,846	342,346
Bank overdraft	9	1,308,934
Lease liabilities	5	184,534	87,404
Total current liabilities		23,470,337	18,905,422
Total liabilities		25,142,438	20,574,632
Total equity and liabilities		39,789,665	33,199,751

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

Moham med Thani Murshed Al Rumaithi

Chairman

Yasser Nasr Zaghloul

Group Chief Executive Officer

Sreemont Prasad 9rua

Group Chief Financial Officer

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

NMDC Group PJSC 4 Interim condensed consolidated statement of profit or loss for the nine-month period ended 30 September 2025

3 months period ended 30 September

9 months period ended 30 September

	Notes	2025 AED '000 (unaudited)	2024 AED '000 (unaudited)	2025 AED '000 (unaudited)	2024 AED '000 (unaudited)
Revenue from contracts with customers	13	7,173,242	6,391,734	20,545,448	18,518,034
Contract costs GROSS PROFIT		(6,105,884) ----------- 1,067,358	(5,590,546) ----------- 801,188	(17,323,629) ----------- 3,221,819	(15,985,644) ----------- 2,532,390
Share of net results of equity accounted investees	6	22,821	(27,137)	64,965	16,789
General and administrative expenses		(112,451)	(56,803)	(263,085)	(198,297)
Finance income		36,704	43,066	138,655	120,279
Finance costs		(25,134)	(77,607)	(74,426)	(200,364)
Foreign currency exchange loss Fair value gain on financial assets at fair value through profit or loss		(15,307) 120,188	(11,205) 131,143	(42,631) 44,830	(37,700) 169,928
Other income, net Profit before tax		30,166 ----------- 1,124,345	5,846 ----------- 808,491	39,270 ----------- 3,129,397	59,994 ----------- 2,463,019
Income tax expense	12	(115,411) -----------	(77,538) -----------	(365,843) -----------	(270,789) -----------
PROFIT FOR THE PERIOD	14	1,008,934	730,953	2,763,554	2,192,230
PROFIT ATTRIBUTABLE TO:
Shareholders of the Company		921,844	699,624	2,540,062	2,159,377
Non-controlling interests PROFIT FOR THE PERIOD		87,090 ----------- 1,008,934	31,329 ----------- 730,953	223,492 ----------- 2,763,554	32,853 ----------- 2,192,230
Basic and diluted earnings per share attributable to equity holders of the Company	16	1.09	0.83	3.01	2.60

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

NMDC Group PJSC 5 Interim condensed consolidated statement of comprehensive income for the nine-month period ended 30 September 2025

3 months period ended 30 September

9 months period ended 30 September

2025 2024 2024 2024

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

(unaudited) (unaudited) (unaudited) (unaudited)

PROFIT FOR THE PERIOD 1,008,934 730,953 2,763,554 2,192,230

Other comprehensive (loss)/income

Items that may be subsequently

reclassified to condensed consolidated statement of profit or loss in subsequent periods

(8,089)	(7,365)	42,500	(1,960)
8,481	(25,105)	17,843	(144,222)
-----------	-----------	-----------	-----------
392	(32,470)	60,343	(146,182)
-----------	-----------	-----------	-----------

Fair value (loss)/gain arising on hedging instruments during the period

Exchange differences arising on translation of foreign operations

OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD

TOTAL COMPREHENSIVE

INCOME FOR THE PERIOD 1,009,326 698,483 2,823,897 2,046,048

TOTAL COMPREHENSIVE INCOME ATTRIBUTBLE TO:

Shareholders of the Company	924,889	668,269	2,591,125	2,014,311
Non-controlling interests	84,437	30,214	232,772	31,737
	-----------	-----------	-----------	-----------
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD	1,009,326	698,483	2,823,897	2,046,048

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

NMDC Group PJSC								6
Interim condensed consolidated statement of changes in equity
for the nine-month period ended 30 September 2025
						Equity attributable to the Shareholders	Non-
	Share	Share	Merger	Other	Retained	of the	controlling
	capital	premium	reserve	reserves	earnings	Company	interests	Total
At 1 January 2024 (Audited)	AED'000 825,000	AED'000 -	AED'000 765,000	AED'000 (note 18) 33,303	AED'000 6,976,897	AED'000 8,600,200	AED'000 3,915	AED'000 8,604,115
Profit for the period	-	-	-	-	2,159,377	2,159,377	32,853	2,192,230
Other comprehensive loss for the period	-	-	-	(145,066)	-	(145,066)	(1,116)	(146,182)
Total comprehensive (loss)/income for the	-----------	-----------	-----------	-----------	-----------	-----------	-----------	-----------
period	-	-	-	(145,066)	2,159,377	2,014,311	31,737	2,046,048
Dividend paid (note 17)	-	-	-	-	(618,750)	(618,750)	-	(618,750)
Addition during the period (note 1) Partial disposal of investment in subsidiary (note 1)	19,379 -	605,421 -	- -	- (753)	- 2,154,609	624,800 2,153,856	- 1,061,970	624,800 3,215,826
	-----------	-----------	-----------	-----------	-----------	-----------	-----------	-----------
At 30 September 2024 (Unaudited)	844,379	605,421	765,000	(112,516)	10,672,133	12,774,417	1,097,622	13,872,039
At 1 January 2025 (Audited)	844,379	605,421	765,000	(141,186)	9,346,417	11,420,031	1,205,088	12,625,119
Profit for the period	-	-	-	-	2,540,062	2,540,062	223,492	2,763,554
Other comprehensive income for the period	-	-	-	51,063	-	51,063	9,280	60,343
	-----------	-----------	-----------	-----------	-----------	-----------	-----------	-----------
Total comprehensive income for the period				51,063	2,540,062	2,591,125	232,772	2,823,897
Dividend paid (note 17)	-	-	-	-	(700,835)	(700,835)	(161,000)	(861,835)
Acquisition of subsidiary (note 3)	-	-	-	-	-	-	60,046	60,046
	-----------	-----------	-----------	-----------	-----------	-----------	-----------	-----------
At 30 September 2025 (Unaudited)	844,379	605,421	765,000	(90,123)	11,185,644	13,310,321	1,336,906	14,647,227

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

NMDC Group PJSC		7
Interim condensed consolidated statement of cash flows for the nine-month period ended 30 September 2025
Notes	2025 AED'000	2024 AED'000
Cash flows from operating activities	(unaudited)	(unaudited)
Profit before tax	3,129,397	2,463,019
Adjustments for:
Depreciation of property, plant and equipment 4	658,259	394,439
Depreciation of right-of-use assets 5	110,216	31,538
Gain on disposal of property, plant and equipment	(2,002)	1,399
Fair value gain on financial assets at fair value through profit or loss	(42,133)	(169,929)
Gain on sale of financial assets at fair value through profit or loss	(185)	-
Allowance for slow moving and obsolete inventories	1,008	885
Share of net results of equity accounted investees 6	(64,965)	(16,789)
Allowance for expected credit losses	48,845	34,370
Provision for onerous contracts	-	58,512
Finance income	(138,655)	(120,278)
Finance costs	82,639	202,620
Provision for employees' end of service benefits	75,098 ----------- 3,854,825	73,821 ----------- 2,953,608
Income tax paid	(259,580)	(46,072)
Employees' end of service benefit paid Operating cash flows before movement in working capital	(27,257) ----------- 3,567,988	(10,375) ----------- 2,897,161
Change in inventories	(155,460)	(151,532)
Change in trade and other receivables	(5,602,810)	(7,752,903)
Change in contract assets	(707,617)	94,290
Change in contract liabilities	543,983	1,376,189
Change in trade and other payables Net cash (used in)/generated from operating activities Cash flows from investing activities	2,174,158 ----------- (179,758) -----------	4,071,646 ----------- 534,851 -----------
Purchase of property, plant and equipment 4	(976,482)	(958,166)
Acquisition of a subsidiary	(214,306)	-
Proceeds from disposal of property, plant and equipment	3,559	1,048
Proceeds from partial disposal of interest in subsidiary	-	2,819,531
Proceeds from disposal of financial assets at fair value through profit or loss	2,635	-
Movement in deposit with original maturity more than three months 9	575,331	494,860
Interest received	138,655	120,278
Dividend received from equity accounted investees 6 Net cash (used in)/generated from investing activities Cash flows from financing activities	2,871 ----------- (467,737) -----------	2,645 ----------- 2,480,196 -----------
Receipt from term loan	234,997	-
Repayment of term loans	(292,156)	(256,760)
Repayment of lease liabilities	(121,342)	(50,940)
Dividend paid 17	(861,835)	(618,750)
Interest paid Net cash used in financing activities Net (decrease)/increase in cash and cash equivalents	(64,958) ----------- (1,105,294) ----------- (1,752,789)	(190,017) ----------- (1,116,467) ----------- 1,898,580
Cash and cash equivalents at 1 January	4,389,148	3,215,394
Effect of foreign exchange rate changes Cash and cash equivalents at 30 September 9 Non-cash transactions	18,755 ----------- 2,655,114 -----------	(136,794) ----------- 4,977,180 -----------
Issuance of new shares	-	19,379
Acquisition of investment property (land) 15	-	282,000
Acquisition of property, plant and equipment 4	-	624,800

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

NMDC Group PJSC 8 Notes to the interim condensed consolidated financial statements for the nine-month period ended 30 September 2025 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, associates 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 2021, 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.

At the Annual General Meeting of the Company held on 28 April 2023, the Shareholders approved the purchase of certain assets through issue of shares, valued at AED 624.8 million, in exchange for mandatory convertible bonds, convertible into 19,379,653 new equity shares of the Company, at AED 32.24 per share. Upon the issuance of these new shares, the total issued share capital of the Company increased to AED 844,379,653. The amendment to the Articles of Association of the Company was approved by Securities and Commodities Authority on 16 July 2024.

On 8 March 2024, during the Annual General Meeting of NMDC Group 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 is 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, principally under the directives of the Government of Abu Dhabi (the "Government"). The Group also operates in other jurisdictions in the region including Bahrain, Egypt, Saudi Arabia and India through its subsidiaries, branches and joint operations.

1 General information (continued)

The Company has investments in the following subsidiaries, branches, joint venture, associates and joint operations:

Percentage holding

Name

Country of incorporation

30 Sep

2025

31 Dec

2024 Principal activities

Subsidiaries of NMDC Group PJSC NMDC Energy PJSC	UAE	77%**	77%**	Engineering Procurement and Construction.
Emarat Europe Fast Building Technology System Factory L.L.C. (Emarat Europe)	UAE	100%	100%	Manufacturing and supply of precast concrete.
National Marine Dredging Company (Industrial)	UAE	100%	100%	Manufacturing of steel pipes and steel pipe fittings and holding 1% investment in the Group's subsidiaries to comply with local regulations.
ADEC Engineering Consultancy L.L.C.	UAE	100%	100%	Consultancy services in the fields of civil, architectural, drilling and marine engineering along with related laboratory services.
Abu Dhabi Marine Dredging Co S.P.C.	Bahrain	100%	100%	Offshore reclamation contracts, services for fixing water installation for marine facilities and excavation contracts.
National Marine Dredging Company	Saudi Arabia	100%	100%	Dredging and associated land reclamation works, civil engineering, port contracting and marine construction.
National Marine and Infrastructure India Private Limited	India	100%	100%	Dredging and associated land reclamation works, civil engineering, port contracting and marine construction.
NMDC Logistics and Technical Services LLC SPC NMDC SPC	UAE Oman	100% 100%	100% -	Construction, transportation, and logistics services. Including renting heavy machinery, vehicles, ships, and equipment, along with warehousing, water distribution, waste transport, and dry dock management. Additionally, marine operations, labor accommodation, and lifting/loading services for industrial and commercial purposes. Marine services
Subsidiary of NMDC Logistics and Technical Services LLC SPC***
EMDAD LLC	UAE	70%	- Oil and gas industrial related services
Subsidiaries of EMDAD LLC EMDAD Services LLC	UAE	70%	- Oil and gas industrial related services
EMDAD Energy Industries LLC	UAE	70%	- Oil and gas industrial related services
Intergulf General Contracting LLC	UAE	70%	- Oil and gas industrial related services
EMJEL Oilfield Services LLC	UAE	70%	- Oil and gas industrial related services

1 General information (continued)

Name

Country of incorporation

Percentage

holding Principal Activities

30 Sep

2025

31 Dec

2024

Subsidiaries of NMDC Energy PJSC

National Energy Saudi LTD.	Saudi Arabia	100%	100%	Engineering Procurement and Construction.
NPCC Engineering Limited	India	100%	100%	Engineering.
ANEWA Engineering Pvt. Ltd.	India	80%	80%	Engineering.
NPCC Service Malaysia SDN*	Malaysia	100%	100%	Engineering Procurement and Construction.
Al Dhabi for Construction	Iraq	100%	100%	Engineering Procurement and Construction.
Projects*
NMDC Marine Services L.L.C.	UAE	100%	100%	Marine Logistics Services
S.P.C*
Subsidiary of Emarat Europe Emarat Europe General	UAE	100%	100%	General contracting and construction

Contracting - L.L.C - O.P.C

Branches of NMDC

National Marine Dredging Company

Egypt Branch Branch Dredging and associated land reclamation

works, civil engineering, port contracting and marine construction.

Maldives Branch Branch Dredging and associated land reclamation

works, civil engineering, port contracting and marine construction.

Abu Dhabi Branch Branch Dredging and associated land reclamation

works, civil engineering, port contracting and marine construction.

Dubai Branch Branch Dredging and associated land reclamation

works, civil engineering, port contracting and marine construction.

1 General information (continued)

Name

Country of

incorporation Percentage holding Principal activities

30 Sep

2025

31 Dec

2024

Joint Venture

The Challenge Egyptian Emirates

Egypt 49% 49% Dredging and associated land

Marine Dredging Company				reclamation works, civil engineering, port contracting and marine construction.
NT Energies L.L.C	UAE	51%	51%	Engineering and Consultancy
Associates Principia SAS	France	33.33%	33.33%	Onshore and offshore oil and gas fields
Safeen Survey and Subsea Services	UAE	49%	49%	and facilities services; and Engineering consultancy. Marine services related to oil industries.

LLC

Joint Operations of NMDC Energy PJSC

Saipem - NPCC - Hail and Ghasha	50%	50%	Engineering,	Procurement	and
			Construction.
Technicas - NPCC - Meram	50%	50%	Engineering,	Procurement	and
			Construction
Technip - NPCC - Satah Full Field	50%	50%	Engineering,	Procurement	and
			Construction.
NPCC - Technip - UZ-750 (EPC-1)	40%	40%	Engineering,	Procurement	and
			Construction.
NPCC - Technip UL -2	50%	50%	Engineering,	Procurement	and
			Construction.
NPCC - Technip AGFA	50%	50%	Engineering,	Procurement	and
			Construction.
NPCC - Technip JV - US GAS CAP	50%	50%	Engineering,	Procurement	and
FEED			Construction.
TJN JV- Ruwais LNG	20%	20%	Engineering,	Procurement	and
Branches of NMDC Energy			Construction.

NMDC Energy PJSC - Taiwan Branch Taiwan Branch - Engineering, Procurement and Construction.

*dormant entities

**During the financial year 2024, the Group has diluted 23% of the shareholding of its subsidiary, NMDC Energy PJSC, through Initial Public Offering (IPO). The shares were allotted and the listing procedures were completed on 11 September 2024.

As per IFRS, the transaction was accounted for as a change in ownership interest in a subsidiary without loss of control and treated as equity transaction. Thus, the Group will continue to consolidate NMDC Energy PJSC, and the changes in ownership interest have been reflected in the equity through the transfer of corresponding net assets value to the non-controlling interest.

General information (continued)

Reduction in shareholding (%)	23%
	AED'000
Consideration	3,103,000
Less: carrying value of the shareholding disposed	(1,061,970)
Less: transaction costs paid Difference recognised in retained earnings and other	(4,176) -----------
reserves	2,036,856

Consideration includes certain plots of land located in Abu Dhabi, United Arab Emirates recognised at AED 282 million in exchange for equity shares. During the financial year 2024, land ownership transferred to the name of the Company.

*** During the period ended 30 June 2025, the NMDC Group through it subsidiary, NMDC Logistics and Technical Services LLC SPC, acquired 70% of interest in EMDAD LLC, a limited liability company registered in Abu Dhabi. Please refer to note 3 for further details.

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 2024. In addition, results for the nine months period ended 30 September 2025 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2025.
  2 Basis of preparation and critical accounting judgements (continued)
2. Application of new and revised IFRS Accounting Standards (IFRSs)
  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 2025, have been adopted in these 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.
    Amendment to IAS 21- Lack of Exchangeability
    The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows.
  2. New and revised IFRSs in issue but not yet effective
    New and revised IFRSs
    IFRS 18 Presentation and Disclosures in Financial Statements
    IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share.
    IFRS 18 introduces new requirements to:
    - present specified categories and defined subtotals in the statement of profit or loss
    - provide disclosures on management-defined performance measures (MPMs) in the Notes to the interim condensed consolidated financial statements
    - improve aggregation and disaggregation.

Effective for annual periods

beginning on or after

1 January 2027

2 Basis of preparation and critical accounting judgements (continued) 2.2 Application of new and revised IFRS Accounting Standards (IFRSs) (continued) 2.2.2 New and revised IFRSs in issue but not yet effective (continued)

New and revised IFRSs

IFRS 19 Subsidiaries without Public Accountability: Disclosures

IFRS 19 permits an eligible subsidiary to provide reduced disclosures when applying IFRS Accounting Standards in its financial statements.

A subsidiary is eligible for the reduced disclosures if it does not have public accountability and its ultimate or any intermediate parent produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.

IFRS 19 is optional for subsidiaries that are eligible and sets out the disclosure requirements for subsidiaries that elect to apply it.

An entity is only permitted to apply IFRS 19 if, at the end of the reporting period:

it is a subsidiary (this includes an intermediate parent)
it does not have public accountability, and
its ultimate or any intermediate parent produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.
A subsidiary has public accountability if:
its debt or equity instruments are traded in a public market or it is in the process of issuing such instruments for trading in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets), or
it holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses (for example, banks, credit unions, insurance entities, securities brokers/dealers, mutual funds and investment banks often meet this second criterion).

Eligible entities can apply IFRS 19 in their consolidated, separate or individual financial statements. An eligible intermediate parent that does not apply IFRS 19 in its consolidated financial statement may do so in its separate financial statements.

Effective for annual periods beginning on or after

1 January 2027

New and revised IFRSs

Effective for annual periods

beginning on or after

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

IFRS S1 sets out overall requirements for sustainability-related financial disclosures with the objective to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

IFRS S2 Climate-related Disclosures

IFRS S2 sets out the requirements for identifying, measuring and disclosing information about climate-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

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.

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

1 January 2026

Basis of preparation and critical accounting judgements (continued)
1. Application of new and revised IFRS Accounting Standards (IFRSs) (continued)
  1. New and revised IFRSs in issue but not yet effective (continued)
    New and revised IFRSs
    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
      Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures
      The amendments cover new or amended IFRS Accounting Standards issued between 28 February 2021 and 1 May 2024 that were not considered when IFRS 19 was first issued.
      Effective for annual periods beginning on or after
      1 January 2026
      1 January 2027
      The above stated new standards and amendments are not expected to have any significant impact on the interim condensed consolidated financial statements of the Group.
      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 financial statements of the Group.
2. 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 2024.
Acquisition of EMDAD LLC

On 4 December 2024, NMDC Group PJSC ("NMDC" or the "Purchaser") signed a definitive agreement to acquire a 70% equity interest in EMDAD LLC ("EMDAD" or the "Company"), a limited liability company registered in Abu Dhabi, UAE, for a total purchase consideration of AED 298,297 thousand. The acquisition was legally completed on 1 June 2025, with the execution and registration of the Memorandum of Association, thereby effecting the formal transfer of ownership and control.

Identifiable assets acquired and liabilities assumed

The following table summarises the recognised values of assets acquired and liabilities assumed:

AED'000 Assets

Property, plant and equipment	59,834
Right-of-use assets	5,118
Intangible assets	6,351
Inventories	28,587
Trade and other receivables	204,204
Contract assets	176,835
Cash and bank balances	39,246
Total assets	----------- 520,174
Liabilities Term Loan	(49,245)
Provision for employees' end of service benefits	(22,072)
Trade and other payables	(245,162)
Lease liabilities	(3,542)
Total liabilities	----------- (320,021)
Net assets	200,153
Less: Non-controlling interest	(60,046)
Share of net assets acquired	----------- 140,107
Provisional purchase consideration	298,297
Goodwill	----------- (158,190)

Acquisition of EMDAD LLC (continued) Acquisition of EMDAD LLC (continued)

The acquisition has been accounted for using the acquisition method in accordance with IFRS 3 - Business Combinations. The purchase price allocation (PPA) exercise will be finalised within 12 months from the acquisition date, as permitted under IFRS 3. In the interim, the identifiable net assets acquired have been provisionally recognised at their carrying amounts as reflected in the acquiree's financial statements.

Acquisition related costs

The Group has incurred acquisition-related costs amounting to AED 1,552 thousand in the current period.

Revenue and profit before tax contributed by the Acquiree

For the period from 1 June 2025 to 30 September 2025, the acquiree contributed revenue of AED 188,961 thousand and net profit after tax of AED 11,836 thousand to the Group's results. If the acquisition had taken place from 1 January 2025, Emdad would have contributed revenue and net profit after tax to the Group amounting to AED 554,885 thousand and AED 20,715 thousand respectively.

	Building			Barges support
	and base			vessels, plant pipelines and		Office equipment		Capital work
	facilities	Dredgers		vehicles		and furniture		in progress		Total
	AED'000	AED '000		AED '000		AED '000		AED '000		AED '000
2025 (Unaudited)
Cost At 1 January 2025 (Audited)	644,512	2,110,143		7,675,475		154,643		1,066,925		11,651,698
Additions	5,449	-		439,553		3,782		527,698		976,482
Acquisition of a subsidiary (note 3)	-	-		214,964		21,044		-		236,008
Transfers	236,729	(1,786)		459,363		29,679		(723,985)		-
Disposals	(6)	(16)		(74,517)		(42)		-		(74,581)
Exchange differences	-	-		-		(606)		-		(606)
	---------	---------		---------		---------		---------		---------
At 30 September 2025 (Unaudited) 886,684		2,108,341		8,714,838		208,500		870,638		12,789,001
Accumulated depreciation
1 January 2025 (Audited)	432,586		371,249		3,918,167		130,638		-		4,852,640
Charge for the period	18,274		84,339		546,798		8,848		-		658,259
Acquisition of a subsidiary (note 3)	-		-		157,795		18,379		-		176,174
Disposals	(3)		(8)		(72,978)		(35)		-		(73,024)
Exchange differences	-		-		-		(442)		-		(442)
	---------		---------		---------		---------		---------		---------
At 30 September 2025 (Unaudited) 450,857		455,580		4,549,782		157,388		-		5,613,607
---------		---------		---------		---------		---------		---------
At 30 September 2025 (Unaudited) 435,827		1,652,761		4,165,056		51,112		870,638		7,175,394

Property, plant and equipment

Net carrying amount

4 Property, plant and equipment (continued)

			Barges support vessels, plan	Office
	Building and base facilities	Dredgers	and pipelines and vehicles	equipment and furniture	Capital workin-progress	Total
	AED'000	AED'000	AED'000	AED'000	AED'000	AED'000
2024 (Audited) Cost: At 1 January 2024	653,174	1,449,310	6,794,555	142,600	407,822	9,447,461
Additions	2,963	638,738	753,682	13,302	838,114	2,246,799
Transfers	494	24,537	153,839	141	(179,011)	-
Disposals	(12,119)	(2,442)	(26,601)	(996)	-	(42,158)
Exchange differences	-	-	-	(404)	-	(404)
	----------	----------	----------	----------	----------	----------
At 31 December 2024	644,512	2,110,143	7,675,475	154,643	1,066,925	11,651,698
Accumulated	----------	----------	----------	----------	----------	----------
depreciation: At 1 January 2024	419,756	261,827	3,507,245	120,717	-	4,309,545
Charge for the year	23,441	111,840	436,956	10,754	-	582,991
Disposals	(10,611)	(2,418)	(26,034)	(542)	-	(39,605)
Exchange differences	-	-	-	(291)	-	(291)
	----------	----------	----------	----------	----------	----------
At 31 December 2024	432,586	371,249	3,918,167	130,638	-	4,852,640
Carrying amount:	----------	----------	----------	----------	----------	----------
At 31 December 2024	211,926	1,738,894	3,757,308	24,005	1,066,925	6,799,058

Certain items of property, plant and equipment with a carrying value of AED 2,049 million (2024: AED 2,082 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.
Property, plant and equipment includes fully depreciated assets of AED 2,878 million (2024: AED 2,347 million)
Buildings and base facilities are located in Mussafah, Abu Dhabi, UAE on leased land.

5 Right -of-use assets and lease liabilities Right-of-use assets (land & equipment) Lease liabilities

	AED'000	AED'000
At 1 January 2024 (Audited)	330,097	340,937
Additions during the year	199,693	199,693
Depreciation expense	(51,181)	-
Interest expense	-	17,480
Payments	- -----------	(76,115) -----------
At 1 January 2025 (Audited)	478,609	481,995
Additions during the period	207,578	207,578
Modifications during the period	4,634	4,634
Acquisition of a subsidiary (note 3)	5,118	3,542
Depreciation expense	(110,216)	-
Interest expense	-	17,681
Payments	- -----------	(121,342) -----------
At 30 September 2025 (Unaudited)	585,723	594,088

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

	30 September 2025	31 December 2024
	AED'000	AED'000
	(Unaudited)	(Audited)
Non-current liabilities	409,554	394,591
Current liabilities	184,534 -----------	87,404 -----------
Total	594,088	481,995

6 Investment in equity-accounted investees

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

	30 September	31 December
	2025 AED'000	2024 AED'000
	(Unaudited)	(Audited)
NT Energies LLC	77	77
Safeen Survey and Subsea Services LLC	530,609	465,644
Principia SAS	19,947	22,818
The Challenge Egyptian Emirates Marine Dredging Company	18,581 -----------	18,581 -----------
	569,214	507,120

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

	30 September	31 December
	2025 AED'000	2024 AED'000
	(Unaudited)	(Audited)
At beginning of the period/year	507,120	282,389
Acquisition during the period/year	-	199,026
Dividend received during the period/year	(2,871)	(2,645)
Foreign exchange movement	-	(8,754)
Share of profit for the period/year, net	64,965 -----------	37,104 -----------
At end of the period/year	569,214	507,120

7 Trade and other receivables

	30 September 2025	31 December 2024
	AED'000	AED'000
	(Unaudited)	(Audited)
Trade receivables	12,559,253	9,172,376
Retention receivables (7.1)	1,447,233	584,047
Less: allowance for expected credit losses	(138,180) -----------	(77,877) -----------
	13,868,306	9,678,546
Deposits and prepayments	656,238	412,077
Advances paid to suppliers	3,047,295	2,225,831
In country valuation retention receivables	724,036	424,724
VAT and GST receivables	65,528	148,206
Advances paid to employees	61,774	45,606
Other receivables	599,184 -----------	125,305 -----------
	19,022,361	13,060,295

Retention receivables with a maturity exceeding twelve months are presented within non-current assets in the statement of financial position. These retentions are reported net of discounting impact to reflect the present value.

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:

	30 September	31 December
	2025 AED'000	2024 AED'000
	(Unaudited)	(Audited)
At beginning of the period/year	77,877	27,747
Provision during the period/year	40,705	50,130
Acquisition of a subsidiary	21,434	-
Written off	(1,836) -----------	- -----------
At end of the period/year	138,180	77,877

8 Contract assets

	30 September 2025	31 December 2024
	AED'000	AED'000
	(Unaudited)	(Audited)
Construction contracts	5,428,894	4,544,441
Less: allowance for expected credit losses	(33,596)	(25,456)
	-----------	-----------
	5,395,298	4,518,985

Construction contracts, net of allowance for expected credit losses

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

	30 September 2025	31 December 2024
	AED'000	AED'000
	(Unaudited)	(Audited)
Verbal contracts Government of Abu Dhabi and its related entities	536,200	436,531
Other entities	79,703 -----------	6,998 -----------
	615,903	443,529
Signed contracts
Government of Abu Dhabi and its related entities	2,520,492	2,097,307
Equity accounted investees	23,618	298,846
Other entities	2,235,285 -----------	1,679,303 -----------
	4,779,395	4,075,456
	5,395,298	4,518,985

Contract assets (continued)

Construction contracts, net of allowance for expected credit losses (continued)

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

	30 September 2025	31 December 2024
	AED'000	AED'000
	(Unaudited)	(Audited)
At beginning of period/year	25,456	23,379
Charge during the period/year, net	8,140 -----------	2,077 -----------
At end of the period/year	33,596	25,456

Cash and cash equivalents

	30 September	31 December
	2025	2024
	AED'000	AED'000
	(Unaudited)	(Audited)
Cash in hand	1,910	3,344
Cash at banks:
Current accounts	2,088,100	2,090,612
Short term deposits	1,903,052	2,899,537
	-----------	-----------
Cash and bank balances	3,993,062	4,993,493
Less: Bank overdrafts	(1,308,934)	-
Less: short-term deposit with original maturity more than six months	(29,014)	(604,345)
	-----------	-----------
Cash and cash equivalents	2,655,114	4,389,148

These short-term deposit deposits, carry interest at prevailing market interest rates.

10 Borrowings	30 September	31 December
	2025	2024
	AED'000	AED'000
	(Unaudited)	(Audited)
Long term borrowings
Non-current portion of term loans	684,284	735,700
Short term borrowings Current portion of term loans	385,846	342,346
	30 September	31 December
	2025 AED'000	2024 AED'000
	(Unaudited)	(Audited)
At the beginning of the period/year	1,078,046	1,420,392
Receipt during the period/year	234,997	-
Assumed on acquisition of a subsidiary (note 3)	49,245	-
Repayment during the period/year	(292,158) -----------	(342,346) -----------
At the end of the period/year	1,070,130	1,078,046
11 Trade and other payables	30 September	31 December
	2025 AED'000	2024 AED'000
	(Unaudited)	(Audited)
Trade payables	3,122,378	2,364,576
Project and other accruals	7,373,654	6,642,123
Advances from customers	4,291,457	3,630,013
Provisions	777,629	606,611
Retentions payable	343,489	284,454
VAT payables	337,721	460,151
Other payables	287,323 -----------	57,390 -----------
	16,533,651	14,045,318

12 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.

	30 September 2025	30 September 2024
	AED'000	AED'000
	(Unaudited)	(Unaudited)
Current income tax Current income tax charge	410,342	255,495
Reversal	(28,606) -----------	- -----------

Total current tax 381,736 255,495 Deferred tax

Deferred income tax (reversal) charge, net (15,893) 15,294

----------- ----------- Total income tax expense recognised in consolidated income statement 365,843 270,789

Movement of the income tax payable is as follow:	30 September	31 December
	2025	2024
	AED'000	AED'000
	(Unaudited)	(Audited)
At beginning of the period/year	358,114	93,718
Charge for the period/year	410,342	347,655
Acquisition of a subsidiary	4,521	-
Reversal during the period/year	(28,606)	(13,382)
Exchange difference	749	(10,661)
Payments during the period/year	(259,580)	(56,501)
Other movements	(33,017) -----------	(2,715) -----------
At the end of the period/year	452,523	358,114

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

12 Taxation (continued)

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 30 September 2025:

Particulars

30 September 2025 AED'000

(Unaudited)

Group corporate taxes 276,456

Top-up taxes in the jurisdictions that have enacted Pillar Two legislation

effective 1stJanuary 2025 133,886

----------- Total 410,342

Furthermore, for the period ended 30 September 2025, 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.

13 Revenue from contracts with customers
13.1 Revenue by activity	UAE	International	Group
Nine-months period ended 30 September	AED'000	AED'000	AED'000
2025 (Unaudited) Dredging, reclamation and marine construction	7,529,537	4,048	7,533,585
Engineering, procurement and construction Total	8,936,243 ----------- 16,465,780	4,075,620 ----------- 4,079,668	13,011,863 ----------- 20,545,448

13 Revenue from contracts with customers
13.1 Revenue by activity (continued)	UAE	International	Group
	AED'000	AED'000	AED'000
Nine-months period ended 30 September
2024 (Unaudited)
Dredging, reclamation and marine construction	8,467,047	267,611	8,734,658
Engineering, procurement and construction Total	6,088,385 ----------- 14,555,432	3,694,991 ----------- 3,962,602	9,783,376 ----------- 18,518,034
	UAE	International	Group
	AED'000	AED'000	AED'000
Three-months period ended 30 September
2025 (Unaudited)
Dredging, reclamation and marine construction	2,327,528	120	2,327,648
Engineering, procurement and construction	3,479,096	1,366,498	4,845,594
Total	----------- 5,806,624	----------- 1,366,618	----------- 7,173,242
	UAE	International	Group
	AED'000	AED'000	AED'000
Three-months period ended 30 September
2024 (Unaudited)
Dredging, reclamation and marine construction	2,508,396	1,466,816	3,975,212
Engineering, procurement and construction	2,290,284	126,238	2,416,522
Total	----------- 4,798,680	----------- 1,593,054	----------- 6,391,734

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