Condensed Consolidated Interim Financial Information – 31 March 2026

Condensed consolidated statement of financial position 3 - 4

Condensed consolidated statement of profit or loss and other comprehensive income 5

Condensed consolidated statement of changes in equity 6

Condensed consolidated statement of cash flows 7

Notes to the condensed consolidated interim financial information 8 - 26

KPMG

Zone 25 C Ring Road Street 230, Building 246

P.O Box 4473, Doha State of Qatar

Telephone: +974 4457 6444

Fax: +974 4436 7411

Website: kpmg.com/qa

Independent auditors' report on review of condensed consolidated interim financial information

To the Shareholders of Nebras Energy Q.P.S.C.

Introduction

We have reviewed the accompanying 31 March 2026 condensed consolidated interim financial information of Nebras Energy Q.P.S.C. (the "Company") and its subsidiaries (together the "Group") which comprises:

• the condensed consolidated statement of financial position as at 31 March 2026;

• the condensed consolidated statement of profit or loss and other comprehensive income for the three-month period ended 31 March 2026;

• the condensed consolidated statement of changes in equity for the three-month period ended 31 March 2026;

• the condensed consolidated statement of cash flows for the three-month period ended 31 March 2026; and

• notes to the condensed consolidated interim financial information.

The Board of Directors of the Company is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, 'Interim Financial Reporting'. Our responsibility is to express a conclusion on this condensed consolidated 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.

KPMG, Qatar Branch is registered with the Ministry of Commerce and Industry, State of Qatar, and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. The KPMG name and logo are registered trademarks of KPMG International.

Independent auditors' report on review of condensed consolidated interim financial information (continued)

Nebras Energy Q.P.S.C.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying 31 March 2026 condensed consolidated interim financial information is not prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting'.

19 April 2026 Gopal Balasubramaniam

Doha KPMG

State of Qatar Qatar Auditors' Registry No. 251

Licensed by QFMA: External Auditors' License No. 120153

The condensed consolidated statement of financial position continues on next page.

The notes on pages 8 to 26 form an integral part of these condensed consolidated interim financial information.

Condensed consolidated statement of financial position (continued) As at 31 March 2026

Notes

In thousands of Qatari Riyals 31 March 31 December

2026 2025

(Reviewed) (Audited)

These condensed consolidated interim financial information were approved by the Board of Oirectors and signed on its behalf by the following on 19 April 2026.

Saad Bin he da A aabi

Chairman

Mohammed Nasser Al-Hajri

Managing Director and Chief Executive Officer

The notes on pages 8 to 24 form an integral part of these condensed consolidated interim financial information.

ended 31 March

The notes on pages 8 to 24 form an integral part of these condensed consolidated interim financial information.

31 March

1. Reporting entity

Nebras Energy Q.P.S.C. ("the Company" or "the Parent") is a Qatari Public Shareholding Company incorporated in the State of Qatar under commercial registration number 14275. The Company commenced its commercial operations in March 1992. The head office of the Company is located at Qatar Navigation Tower in Al-Dafna Area, West Bay, Doha, State of Qatar. The Company's shares are listed on the Qatar Stock Exchange since 3 May 1998.

The legal name of the reporting entity has been changed from Qatar Electricity and Water Company Q.P.S.C. to Nebras Energy Q.P.S.C., with effect from 08 January 2026 following the approval of the Company's extraordinary general assembly.

The condensed consolidated interim financial information comprise the Company and its subsidiaries (collectively referred as the "Group" and individually as the "Group entities") and the Group's interests in equity-accounted investees.

The principal activities of the Group are to invest, develop, own and operate plants to produce electricity and desalinated water, including the renewable assets, inside and outside Qatar, and to supply them to the state-owned entities and private corporate customers i.e. off-takers, as per the power and water purchase agreements.

Details of the Company's subsidiaries as at 31 March 2026 and the immediate reporting period are as follows:

1. Reporting entity (continued) Name of subsidiaries Country of incorporation Effective shareholding 2026 2025

   Subsidiaries of Nebras (Indirect

   subsidiaries) (continued)
   Nebras Power Australia Pty Ltd	Australia	100%	100%
   Carmel Solar 1	South Africa	100%	100%
   Carmel Solar 2	South Africa	100%	100%
   Carmel Solar 3	South Africa	100%	100%
   Turffontein Solar 1	South Africa	100%	100%
   Varkenslaagte Solar	South Africa	100%	100%

   The Company also has the following equity-accounted investees as at 31 March 2026 and the immediate reporting period:

   Name of equity-accounted investees Country of incorporation Classification Effective shareholding

   			2026	2025
   Qatar Power Q.J.P.S.C.	Qatar	Joint venture	55%	55%
   Mesaieed Power Company Q.P.J.S.C.	Qatar	Joint venture	40%	40%
   Ras Girtas Power Company Q.P.S.C.	Qatar	Joint venture	45%	45%
   Umm Al Houl Power Q.P.S.C.	Qatar	Joint venture	60%	60%
   Ras Abu Fontas Power Company Q.P.S.C	Qatar	Joint venture	55%	55%
   Equity-accounted investees via Nebras:
   Unique Meghnaghat Power Limited	Bangladesh	Joint venture	24%	24%
   Shams Ma'an Solar UK Ltd	United Kingdom	Joint venture	35%	35%
   Nebras-IPC Power Developments Limited	United Kingdom	Joint venture	50%	50%
   Zonnepark Masselbanken Terneuzen B.V.	Netherlands	Joint venture	40%	40%
   Zonnepark Duisterweg B.V.	Netherlands	Joint venture	40%	40%
   NEC Energia e Participacaoes S.A.	Brazil	Joint venture	49.9%	49.9%
   NEC Desinvolvimentod e Projectos em
   Energia e Participaoes S.A.	Brazil	Joint venture	49.9%	49.9%
   Diamante Geração De Energia	Brazil	Joint venture	49.9%	49.9%
   Phoenix Power Company SAOG	Oman	Associate	9.84%	9.84%
   Phoenix Operation and Maintenance
   Company L.L.C.	Oman	Associate	15%	15%
   Nebras Power Oasis Ltd	Cayman Islands	Associate	83.33%	83.33%
   Nebras Power Baltic Holdings B.V.	Netherlands	Associate	83.33%	83.33%
   AES Jordan Solar B.V.	Netherlands	Associate	40%	40%
   PT Paiton Energy Pte Ltd.	Indonesia	Associate	26%	26%
   IPM Asia Pte Ltd	Singapore	Associate	35%	35%
   Minejesa Capital B.V.	Netherlands	Associate	26%	26%
   Stockyard Hill Wind Farm (Holding) Pty ltd	Australia	Associate	49%	49%
   Moorabool North Wind Farm Pty Ltd	Australia	Associate	49%	49%
   Moorabool South Wind Farm Pty Ltd	Australia	Associate	49%	49%
   Equitix Aragorn Holdco Ltd.	United Kingdom	Associate	49.9%	49.9%
   Stone City Energy B.V	Netherlands	Associate	46.67%	46.67%
   NEKS Energy B.V.	Netherlands	Associate	33.33%	33.33%

2. Basis of preparation

The condensed consolidated interim financial information for the three-month period ended 31 March 2026 have been prepared in accordance with International Financial Reporting Standard IAS 34 "Interim Financial Reporting" ("IAS 34").

The condensed consolidated interim financial information is prepared under the historical cost convention, except for equity investments at fair value through other comprehensive income and derivative financial instruments which are measured at fair value.

Items included in the condensed consolidated interim financial information of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The Company has the Qatari Riyal ("QAR") as its functional currency which is also the presentation currency. The following subsidiaries of the Company, which operate in foreign jurisdictions, have the following functional currencies:

Nebras Power Netherlands B.V. United States Dollar Nebras Power Investment Management B.V. United States Dollar Zon Exploitatie Nederland Holding B.V. Euro

Zon Exploitatie Nederland B.V. Euro

Zon Exploitatie Nederland 2 B.V. Euro

Zonhandel B.V. Euro

Zon Brabant B.V. Euro

Carthage Power Company SARL Tunisian Dinar Nebras Netherlands Brazil Investments 1 B.V. United States Dollar Nebras Power Latin America Ltda. Brazilian Real

Nebras do Brazil Investments 1 Ltda. Brazilian Real

Salgueiro Solar Holding S.A. Brazilian Real

Jaíba Solar Holding S.A. Brazilian Real

Francisco Sá Solar Holding S.A. Brazilian Real

Lavras Solar Holding S.A. Brazilian Real

Salgueiro I Energias Renováveis S.A. Brazilian Real

Salgueiro II Energias Renováveis S.A. Brazilian Real

Salgueiro III Energias Renováveis S.A Brazilian Real

Jaíba 3 Energias Renováveis S.A. Brazilian Real

Jaíba 4 Energias Renováveis S.A. Brazilian Real

Jaíba 9 Energias Renováveis S.A. Brazilian Real Francisco Sá 1 Energias Renováveis S.A. Brazilian Real Francisco Sá 2 Energias Renováveis S.A. Brazilian Real Francisco Sá 3 Energias Renováveis S.A. Brazilian Real Lavras 1 Solar Energias Renováveis S.A. Brazilian Real Lavras 2 Solar Energias Renováveis S.A. Brazilian Real Lavras 3 Solar Energias Renováveis S.A. Brazilian Real Lavras 4 Solar Energias Renováveis S.A. Brazilian Real Lavras 5 Solar Energias Renováveis S.A. Brazilian Real Terslav LLC Ukrainian Hryvnia

Sun Power Pervomaisk LLC Ukrainian Hryvnia

Nebras Power Australia Pty Ltd Australian Dollars

Carmel Solar 1 South African Rand

Carmel Solar 2 South African Rand

Carmel Solar 3 South African Rand

Turffontein Solar 1 South African Rand

Varkenslaagte Solar South African Rand

1. Basis of preparation (continued)

   These condensed consolidated interim financial information do not include all the 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, the results for the three-month period ended 31 March 2026 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2026.

   These condensed consolidated interim financial information was authorised for issue by the Board of Directors on 19 April 2026.

2. Material accounting policies

   The accounting policies adopted in the preparation of these condensed consolidated interim financial information is consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2025.

   New IFRS Accounting Standards and amendments adopted by the Group

   The following amended IFRS Accounting Standards applied for the annual reporting period beginning on 1 January 2026 had no significant impact on the condensed consolidated interim financial information of the Group.

   Effective date	New accounting standards or amendments
   1 January 2026

   • Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7

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

   • Annual improvements to IFRS Accounting Standards - Volume 11

   New IFRS Accounting Standards and amendments not yet effective, but are available for early adoption

   A number of new accounting standards and amendments to accounting standards are effective for annual reporting periods beginning after 1 January 2026 and earlier application is permitted. However, the Group has not early adopted any of the forthcoming new or amended accounting standards in preparing the condensed consolidated interim financial information. The management of the Group is in the process of assessing the impact of these new standards, interpretation and amendments which will be adopted in the Group's financial statement as and when they are applicable.

   IFRS 18 Presentation and Disclosure in Financial Statements

   IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements.

   • Entities are required to classify all income and expenses into five categories in the statement of comprehensive income, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities' net profit will not change.

   • Management-defined performance measures ("MPMs") are disclosed in a single note in the financial statements.

   • Enhanced guidance is provided on how to group information in the financial statements.

In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.

1. Material accounting policies (continued) IFRS 18 Presentation and Disclosure in Financial Statements (continued)

   The Group is still in the process of assessing the impact of the new IFRS Accounting Standard, particularly with respect to the structure of the Group's statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as 'other'.

   Other IFRS Accounting Standards

   The adoption of following other new and amended IFRS Accounting Standards are not expected to have a significant impact on the Group's condensed consolidated interim financial information.

   Effective date	New accounting standards or amendments
   1 January 2027
   Available for optional adoption / effective date deferred indefinitely

   • IFRS 19 Subsidiaries without Public Accountability: Disclosures

   • Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)

2. Use of judgments and estimates

   In preparing the condensed consolidated interim financial information, management has made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these judgments, estimates and assumptions.

   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 that applied to the consolidated financial statements as at and for the year ended 31 December 2025.

3. Financial risk management

   The Group's financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements for the year ended 31 December 2025.

4. Property, plant and equipment Acquisitions

   During the three-month period ended 31 March 2026, the Group acquired property, plant and equipment with a total cost of QAR 174,906 thousand (Year ended 31 December 2025: QAR 815,311 thousand).

   Disposals / write-offs

   Disposals / write-offs made during the three-month period ended 31 March 2026 amounted to NIL (Year ended 31 December 2025: QAR 106 thousand).

   Depreciation

   Depreciation charged during the three-month period ended 31 March 2026 amounted to QAR 82,579 thousand (Period ended 31 March 2025: QAR 80,310 thousand).

5. Equity-accounted investees

The movement in the Group's investment in equity-accounted investees were as follows:

Equity investments classified at fair value through other comprehensive income comprise investment in quoted shares. These investments are measured at fair value using Level 1 inputs in the fair value hierarchy, based on quoted market prices in active markets at the reporting date.

1. Finance lease receivables

   Present value of minimum lease receivable is the gross lease receivable in the lease discounted at the interest rate implicit in the lease. The implicit interest rate is 9.32% per annum (2025: 9.32% per annum). Income from finance leases is recognised based on a pattern reflecting a constant periodic rate of return on the Group's net investment in the finance lease. The finance lease receivables at the end of the reporting period were neither past due nor impaired.

   	31 March	31 December
   	2026 (Reviewed)	2025 (Audited)
   Gross investment in the lease	414,883	472,773
   Unearned finance income	(52,517)	(61,874)
   Present value of minimum lease receivable	362,366	410,899

   The finance lease receivables are presented in the condensed consolidated statement of financial position as follows:

   	31 March		31 December
   	2026 (Reviewed)		2025 (Audited)
   Non-current portion	190,806		209,612
   Current portion	171,560		201,287
   	362,366		410,899
   10. Cash and cash equivalents
   	For the three-month period ended 31 March		31 December
   	2026	2025	2025
   	(Reviewed)	(Reviewed)	(Audited)
   Cash in hand	81	86	75
   Cash at bank - call and current accounts (i)	514,628	943,770	1,110,310
   Term deposits (ii)	2,289,303	1,723,873	1,549,234
   	2,804,012	2,667,729	2,659,619

2. Cash and cash equivalents (continued)

   Notes:

   1. Cash held in bank current accounts earns no interest.

   2. Term deposits are of varying terms depending on the immediate cash requirements of the Group and earn interest at market rates.

During the period, the shareholders of the Company approved and paid a final cash dividend of QAR 556.6 million (QAR 0.506 per share) for the year 2025 (31 March 2025: QAR 0.53 per share totalling to QAR 583 million for the year 2024).

1. General reserve

   In accordance with the Company's Articles of Association, the General Assembly may allocate a portion of the profit to a general reserve. There is no restriction on the distribution of this reserve and the funds in the reserve are available for future development of the Company as decided by the General Assembly.

2. Loans and borrowings

   The movement in the Group's interest bearing loans and borrowings were as follows:

   	31 March	31 December
   	2026 (Reviewed)	2025 (Audited)
   At the beginning of the period / year	6,938,819	5,966,185
   Additional borrowings during the period / year	15,723	1,793,604
   Amortization of loan arrangement fee	2,253	7,419
   Repayments made during the period / year	(43,416)	(1,011,771)
   Effect of movement in exchange rates	51,289	183,382
   At the end of the period / year	6,964,668	6,938,819

   The Group has obtained loans for its production facilities of RAF A1, RAF A2, RAF A3 and RAF B2 which are also pledged against these production facilities.

   Loans and borrowings are presented in the condensed consolidated statement of financial position as follows:

   	31 March	31 December
   	2026	2025
   	(Reviewed)	(Audited)
   Non-current portion	4,903,089	4,899,477
   Current portion	2,061,579	2,039,342
   	6,964,668	6,938,819

3. Hedge reserve
   1. Hedging reserves

      The hedge reserve comprises the Group's share of the effective portion of the cumulative net change in the fair value of interest rate swaps and forward contracts used for cash flow hedging.

      For the three-month period ended 31 March 31 December

      	2026 (Reviewed)	2025 (Reviewed)	2025 (Audited)
      At the beginning of the period / year	154,937	601,127	601,127
      Equity-accounted investees - share of OCI - net of related tax	43,555	(109,718)	(426,250)
      Cash flow hedges - effective portion of changes in fair value -net of related tax	4,593	(6,715)	(19,940)
      At the end of the period / year	203,085	484,694	154,937

   2. Derivatives

      Fair value of interest rate swaps for hedging are presented in the condensed consolidated statement of financial position as follows:

      	31 March	31 December
      Assets:	2026 (Reviewed)	2025 (Audited)
      Non-current portion	973	2,732
      Current portion	8,131	9,136
      	9,104	11,868
      Liabilities: Non-current portion	556	5,355
      Current portion	1,999	4,556
      	2,555	9,911
      15. Revenue

      1. Revenue streams

         The Group generates revenue primarily from the production and sale of water and electricity as per the power and water purchase agreements with the off takers in and outside the state of Qatar.

         For the three-month period

         ended 31 March

         	2026 (Reviewed)	2025 (Reviewed)
         Revenue from electricity	371,225	329,173
         Revenue from water	342,823	333,562
         Total revenue	714,048	662,735

         Revenue from contracts with customers (IFRS 15) For the three-month period

         ended 31 March

         	2026 (Reviewed)	2025 (Reviewed)
         Sale of electricity	205,560	168,467
         Sale of water	57,425	54,455
         	262,985	222,922

4. Revenue (continued)
   1. Revenue streams (continued) Operating lease revenue - capacity charges (IFRS 16) For the three-month period

      ended 31 March

      	2026 (Reviewed)	2025 (Reviewed)
      Electricity	165,665	160,706
      Water	285,398	279,107
      	451,063	439,813

   2. Disaggregation of revenue from contracts with customers (IFRS 15)

      In the following table, revenue from contracts with customers is disaggregated by primary geographical market and timing of revenue recognition.

      For the three-month period

      ended 31 March

      Primary geographical markets	2026 (Reviewed)	2025 (Reviewed)
      Qatar	235,220	199,314
      Outside Qatar	27,765	23,608
      	262,985	222,922

      For the three-month period

      ended 31 March

      Timing of revenue recognition	2026 (Reviewed)	2025 (Reviewed)
      Point in time (i)	206,941	177,946
      Over time (ii)	56,044	44,976
      	262,985	222,922

      1. Revenue from sale of electricity and water are recognised at point in time.

      2. Revenue recognized over the period includes revenue from operations and maintenance which is recognised over the period of time upon satisfaction of the services to the customer using an output method. The Group applied the practical expedient which allows the Group to recognise the revenue in the amount to which the entity has a right to invoice as this corresponds directly with the value to the customer of the entity's performance completed to date.

5. Cost of sales For the three-month period

   ended 31 March

   	2026 (Reviewed)	2025 (Reviewed)
   Cost of gas consumed	308,281	278,493
   Depreciation of property, plant and equipment	81,776	79,443
   Staff costs	46,605	45,536
   Spare parts, chemicals and consumables	19,797	22,247
   Others	49,166	46,978
   	505,625	472,697

6. Other income

ended 31 March

Current tax 9,706 5,944

The Group is subject to the global minimum top-up tax under Pillar Two tax legislation. The top-up tax relates to the Group's operations in the State of Qatar.

Qatar has enacted the OECD Pillar II framework into domestic law through Law No. 22 of 2024, which amends the Income Tax Law No. 24 of 2018. The law was published in the Official Gazette on 27 March 2025 and applies to fiscal periods beginning on or after 1 January 2025. Under this legislation, Qatar has implemented two Pillar II mechanisms: (i) the Income Inclusion Rule (IIR), which requires a Qatari Ultimate Parent Entity to pay a top up tax in respect of low taxed foreign constituent entities; and (ii) a Domestic Minimum Top Up Tax (DMTT), which ensures that profits generated in Qatar are subject to a minimum effective tax rate of 15%, thereby preventing the reallocation of taxing rights to other jurisdictions.

Under Pillar II legislation, the Group is required to pay a top up tax equal to the difference between the effective tax rate applicable in each jurisdiction and the minimum rate of 15%. After considering the specific adjustments prescribed by the Pillar II rules, the Group recognised a current tax expense of QAR 8,600 thousand related to the top-up tax in the three-months period ended 31 March 2026 (three-months period ended 31 March 2025: QAR 4,612). This amount is included within income tax expense in the condensed consolidated interim statement of profit or loss.

On 23 May 2023, the International Accounting Standards Board (IASB) issued amendments to IAS 12 'Income taxes' introducing a mandatory temporary exception to the requirements of IAS 12 under which an entity does not recognise or disclose information about deferred tax assets and liabilities related to the proposed OECD BEPS Pillar II rules. The Group has applied this mandatory exception to recognising and disclosing information about deferred tax assets and liabilities arising from Pillar II income taxes.

The calculation of basic earnings per share is arrived by dividing the profit attributable to the equity & ordinary shareholders of the Company for the year by the weighted average number of ordinary shares & outstanding during the year.

ended 31 March

1. Earnings per share (continued) Diluted earnings per share

   As the parent has no potential dilutive shares, the diluted EPS equals to the basic EPS.

2. Operating segments
   1. Basis for segmentation

      Operating Segments align with internal management reporting to the Group's chief operating decision makers. The Group manages its operations in two segments, Operations in Qatar and Operations outside Qatar. These segments offer the same products (Power and Water) but they are managed separately.

      Operations in Qatar Stable business environment and caters to the needs of the off-takers in the State.

      Operations outside Qatar Focus on the expansion of the Group's presence in the global energy markets.

      The Group's Chief Executive Officer reviews the internal management reports of each division on a monthly basis.

   2. Information about reportable segments

      Information related to each reportable segment of the reporting date is set out below. Segment profit / (loss) for the period is used to measure performance because management believed that this information is the most relevant in evaluating the results of the respective segments relative to other entities that operate in the same business.

      Information related to each reportable segment as of the reporting date is set out below:

      For the period ended 31 March 2026	Operations in Qatar	Operations outside Qatar	Consolidated interim financial information
      External revenue	697,725	27,765	725,490
      Inter-segment revenue	31,423	-	31,423
      Segment revenue	729,148	27,765	756,913
      Segment profit before tax	277,532	29,156	306,688
      Depreciation and amortisation	(70,538)	(16,071)	(86,609)
      Finance costs	(58,238)	(27,580)	(85,818)
      Interest income	23,557	21,876	45,433
      Share of results from equity-accounted investees	94,403	50,968	145,371
      Income taxes	(8,600)	(1,106)	(9,706)
      Other material items of income and expense Dividend income	62,355	-	62,355
      As at 31 March 2026
      Segment assets
      Property, plant and equipment	4,775,811	1,395,074	6,170,885
      Equity-accounted investees	4,250,035	4,651,066	8,901,101
      Cash and cash equivalents	2,448,195	355,817	2,804,012
      Other assets	4,087,579	1,728,649	5,816,228
      	15,561,620	8,130,606	23,692,226
      Segment liabilities Loans and borrowings	5,005,169	1,959,499	6,964,668
      Other liabilities	1,092,301	177,020	1,269,321
      	6,097,470	2,136,519	8,233,989

      20. Operating segments (continued) b. Information about reportable segments (continued)
      		Consolidated
      Operations in	Operations	interim financial
      For the period ended 31 March 2025 Qatar	outside Qatar	information
      External revenue 657,625	23,608	681,233
      Inter-segment revenue 23,834	-	23,834
      Segment revenue 681,459	23,608	705,067
      Segment profit before tax 268,959	27,195	296,154
      Depreciation and amortisation (71,196)	(11,673)	(82,869)
      Finance costs (60,060)	(32,175)	(92,235)
      Interest income 26,225	21,511	47,736
      Share of results from equity-accounted investees 93,659	58,515	152,174
      Income taxes (4,612)	(1,332)	(5,944)
      Other material items of income and expense	`
      Dividend income 40,633	-	40,633
      As at 31 December 2025
      Segment assets Property, plant and equipment 4,669,082	1,339,726	6,008,808
      Equity-accounted investees 4,177,773	4,611,887	8,789,660
      Cash and cash equivalents 2,238,796	420,823	2,659,619
      Other assets 4,741,717	1,623,576	6,365,293
      15,827,368	7,996,012	23,823,380
      Segment liabilities
      Loans and borrowings 5,020,880	1,917,939	6,938,819
      Other liabilities 951,790	147,370	1,099,160
      5,972,670	2,065,309	8,037,979
      c. Geographic information

      The Group's operations in Qatar constitutes to 96.2% (2025: 96.5%) of consolidated revenue and 90.5% (2025: 90.8%) of the consolidated profits for the period, and 65.7% (2025: 66.4%) of the consolidated total assets as of the reporting date. Outside Qatar, the Group has operations through its controlled subsidiaries in Brazil, Netherlands, Australia and Ukraine, United Kingdom, Bangladesh and through its associates and joint ventures in Indonesia, Australia, Oman and other geographies.

      d. Major customers

      In the state of Qatar, the Group produces power and water as per the Power and Water Purchase Agreement (PWPA) with the Off taker (KAHRAMAA). Outside Qatar, the Group has similar agreements with the local government authorities, and also sale electricity in the open market to private corporate customers.

      21. Commitments and contingent liabilities
      	31 March	31 December
      	2026	2025
      	(Reviewed)	(Audited)
      Contingent liabilities:
      Corporate guarantees issued on behalf of equity-accounted investees	1,703,735	1,385,266
      Letter of credits	122,022	122,022
      	1,825,757	1,507,288

3. Commitments and contingent liabilities (continued)

   Other contingencies:

   Salgueiro Solar Holding S.A. (Brazil)

   During 2022, the EPC contractor of the Salgueiro plants ("SNEF Brasil") had filed for an arbitration against the company claiming extra costs on account of force majeure, additional works and owner caused delays (QAR 35.3 million). Subsequently, the Group had filed their rejections along with a counterclaim of QAR 14.7 million with the Arbitral Tribunal on the grounds of breach of contract and indemnification for the losses incurred from SNEF Brasil's failure to properly execute and complete the work as per the agreed terms.

   During the previous year, the Arbitral Tribunal had rendered a partial award, and the Group settled QAR 0.5 million to the EPC contractor (after setting off the counterclaims partially ruled in favour of the Company). The remaining claims and counterclaims have been deferred to the second stage of the proceedings and is yet to be scheduled.

   31 March 2026

   31 December

   2025

   (Reviewed) (Audited)

   1. Commitments:

   RAF Peaker Unit Project (i) 350,791 500,036

   New projects in Oman (LTNP) 45,264 179,220

   Derivative financial instruments:

   Interest rate swaps (notional amount) 2,616,602 2,419,384

   3,012,657 3,098,640
4. Related party disclosures

   Related parties represent associated companies, major shareholders, directors and key management personnel of the Company, and entities controlled, jointly controlled or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the Group's management.

   a) Transactions with related parties included in the condensed consolidated statement of profit and loss are as follows: Nature of the transactions For the three-month period

   ended 31 March

   		2026	2025
   		(Reviewed)	(Reviewed)
   Shareholders:
   KAHRAMAA	Sale of electricity	343,460	305,565
   	Sale of water	342,823	333,563
   	Lease interest	11,442	18,498
   QatarEnergy	Cost of gas consumed	308,281	278,493
   Equity-accounted investees:
   Umm Al Houl Power Q.P.S.C.	Secondment Income	2,107	2,107
   Ras Girtas Power Company Q.P.S.C.	Secondment Income	1,915	1,915
   Qatar Power Q.J.P.S.C.	Secondment Income	1,327	1,313
   Mesaieed Power Company Q.P.S.C.	Secondment Income	547	547
   Nebras Power IPP1 PSC (Oasis)	Fee income	424	1,796
   Nebras Power IPP4 PSC (Baltic)	Fee income	323	1,593
   Minejesa Capital B.V.	Fee Income	54	49
   NEKS Energy B.V	Fee Income	84	-
   Equitix Aragorn Holdco Ltd.	Interest income	10,908	10,341
   SCE-QUVVAT LLC	Interest income	6,795	6,575
   Unique Meghnaghat Power Limited	Interest income	70	175
   Zonnepark Duistereweg B.V.	Interest income	5	-

   22. Related party disclosures (continued) b) Loans receivable from related parties
   The movements of loans receivable from related parties were as follows:
   	31 March	31 December
   	2026 (Reviewed)	2025 (Audited)
   At the beginning of the period / year	2,703,796	1,348,615
   Additional loans granted during the period / year	502,872	1,348,153
   Receipts or proceeds during the period / year	(1,177,794)	(40,255)
   Reclassifications made during the period / year	-	(57,268)
   Effect of movements in exchange rates	(3,994)	104,551
   At the end of the period / year	2,024,880	2,703,796

   Loans receivable from related parties are presented in the condensed consolidated statement of financial position as follows:

   	31 March 2026	31 December 2025
   	(Reviewed)	(Audited)
   Non-current portion	1,358,877	1,337,409
   Current portion	666,003	1,366,387
   	2,024,880	2,703,796
   c) Receivables from related parties
   	31 March	31 December
   	2026	2025
   	(Reviewed)	(Audited)
   Trade receivables:
   Shareholders:
   KAHRAMAA	778,619	524,513
   Other receivables:
   Shareholders:
   QatarEnergy	14,373	14,373
   Equity-accounted investees:
   Equitix Aragorn Holdco Ltd.	24,590	33,537
   Nebras Power IPP1/Jordan PSC	17,793	17,576
   Enersok FE LLC (Uzbekistan)	12,138	12,138
   SCE-QUVVAT L.L.C. (Surkhandarya)	6,724	25,448
   Umm Al Houl Power Q.P.S.C.	3,881	2,639
   Ras Girtas Power Company Q.P.S.C.	1,856	1,040
   Nebras Power IPP4/Jordan PSC	1,642	2,283
   Qatar Power Q.P.J.S.C.	1,481	1,350
   Mesaieed Power Company Limited Q.P.S.C.	1,197	833
   Nebras-IPC Power Development Ltd	466	307
   Unique Meghnaghat Power Limited	444	351
   Zonnepark Mosselbanken Terneuzen B.V.	151	151
   NEKS Energy B.V	102	-
   Zonnepark Duistereweg B.V.	83	78

   22. Related party disclosures (continued)
   c) Receivables from related parties (continued)
   	31 March	31 December
   	2026	2025
   	(Reviewed)	(Audited)
   Equity-accounted investees:
   Minejesa Capital B.V.	66	-
   PT Paiton Energy	43	43
   AES Jordan PSC	5	1,419
   IPM Operation & Maintenance Services PTE. LTD	-	191
   Stone City Energy B.V	-	89
   IPM Asia Pty Ltd	-	38
   AM Solar B.V./Jordan PSC	-	16
   Others	-	16
   d) Payables to related parties
   	31 March	31 December
   	2026	2025
   	(Reviewed)	(Audited)
   Shareholder KAHRAMAA	143,834	144,726
   QatarEnergy	206,904	125,611
   	350,738	270,337

   The above balances have arised in normal course of business, and are of trading and financing nature, bear no interest or securities and are receivable / payable on demand, hence classified as current.

   e) Compensation of key management personnel

   The remuneration of key management personnel were as follows:

   For the three-month period

   ended 31 March

   	2026 (Reviewed)	2025 (Reviewed)
   Short term employee benefits	4,867	6,444
   Long term employee benefits	227	147
   	5,094	6,591
   23. Fair values of financial instruments

   The following table shows fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy for financial instruments carried at fair value. It does not include fair value hierarchy information for financial assets and financial liabilities not measured at fair value as the carrying amount is a reasonable approximation of fair value.

5. Fair values of financial instruments (continued)

As at 31 March 2026, the Group held the following classes of financial instruments measured at fair value:

As at 31 March 2026

As at 31 December 2025, the Group held the following classes of financial instruments measured at fair value:

As at 31 December 2025

During the reporting period/year ended 31 March 2026 and 31 December 2025, there were no transfers between Level 1, Level 2, and Level 3 fair value measurements.

When measuring the fair value of an asset or liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

1. Fair values of financial instruments (continued)

   • Level 1: Quoted market price (unadjusted) in active markets for an identical assets or liabilities

   • Level 2: inputs other than quoted prices included in Level 1 that are observable for the assets or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

   • Level 3: inputs for the assets or liability that are not based on observable market data (unobservable inputs)

     If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

     The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

     Valuation techniques

     Fair values of financial assets and financial liabilities that are traded in active markets are based on quoted market prices or dealer price quotations. The fair value of derivative instruments is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed from similar sources and which reflects the relevant benchmark interbank rate used by market participants for this purpose when pricing interest rate swaps. The fair value estimate is subject to a credit risk adjustment that reflects the credit risk of the Group and of the counterparty, this is calculated based on credit spreads derived from current credit default swap or bond prices.

2. Disposal group held-for-distribution

Carthage Power Company ("CPC"), one of the subsidiaries of the Group is classified as Disposal group held-for-distribution in accordance with the requirements of IFRS 5 - 'Non-current assets held-for-sale and discontinued operations' as it cessed its ability to continue as a going concern when the concession agreement came to an end in May 2022. Accordingly, the assets and liabilities of the subsidiary are presented as a disposal group held-for-distribution and the results of the subsidiary are shown as discontinued operations in the condensed consolidated statement of profit or loss and other comprehensive income. The Group holds 60% interests in the said subsidiary.

Information regarding the assets, liabilities and results of the disposal group are presented below;

1. Disposal group held-for-distribution (continued) b. Cash flows from discontinued operations For the three-month period

   ended 31 March

   	2026 (Reviewed)	2025 (Reviewed)
   Cash generated from / (used in) operating activities	(39)	125
   Net change in cash and cash equivalents	(39)	125
   Cash and cash equivalents at the beginning of the year	5,480	5,190
   Effect of movements in exchange rates on cash held	(36)	111
   Cash and cash equivalents at the end of the period / year	5,405	5,426

   The disposal group did not generate any profits or incur any losses during the period ended 31 March 2026 (31 March 2025: QR Nil thousand).

2. Comparative figures

   The corresponding figures presented for 2025 have been reclassified where necessary to preserve consistency with the 2026 figures. However, such reclassifications did not have any effect on the comprehensive income or the total equity for the comparative period.

3. Geopolitical Developments in the Region

   During the period ended 31 March 2026, geopolitical tensions in the Middle East have escalated, resulting in heightened instability and uncertainty in the region. Given that these conditions existed and continued to evolve during the reporting period, the Group has reassessed the significant estimates and judgements applied in the preparation of these condensed consolidated interim financial information and no significant adjustments were required to be made for the period ended 31 March 2026.

   However, given the evolving nature of the situation, the extent of the financial impact remains subject to significant uncertainty and is dependent on future developments, including the duration and severity of the conflict and its broader economic consequences and management continues to monitor the situation closely.

4. Subsequent events

There were no material events subsequent to the reporting date, which have a bearing on the understanding of these condensed consolidated interim financial information.