Consolidated Statement of Financial Position

As at December 31, 2025

(Figures in thousands of AED)

	Notes	2025	2024
ASSETS
Current Assets
Cash and cash equivalents	10	92,662	49,356
Restricted bank balances	10	654	25,338
Trade accounts receivable	11	29,025	11,811
Inventories		11,920	1,311
Derivative financial instrument	13	Nil	8,302
Other receivables and prepayments	14	40,755	9,906
Total Current Assets		175,016	106,024
Non‑Current Assets
Restricted bank balances	10	Nil	31,221
Property, plant and equipment	12	2,256,740	1,644,130
Goodwill	27	270,597	Nil
Intangible asset		410	Nil
Deferred tax asset	25	1,970	Nil
Total Non‑Current Assets		2,529,717	1,675,351
Total Assets		2,704,733	1,781,375
LIABILITIES AND EQUITY
Current Liabilities
Borrowings	15	192,645	561,107
Trade and other payables	16	312,511	82,904
Lease liabilities	17	33,924	39,321
Contract liabilities	6	11,866	15,456
Other liability	18	Nil	496,904
Total Current Liabilities		550,946	1,195,692
Non‑Current Liabilities
Borrowings	15	521,780	3,638
Lease liabilities	17	344,204	337,867
Employees’ end of service benefits		1,998	634
Provision for decommissioning	4	8,327	8,061
Total Non‑Current Liabilities		876,309	350,200
Total Liabilities		1,427,255	1,545,892
Equity
Share capital	19	2,586,713	837,696
Treasury shares	19	(148,498)	Nil
Share premium	19	268,571	Nil
Statutory reserve	19	2,128	2,500
Other reserves	19	(181,071)	Nil
Mandatory Convertible Bonds	19	1,166,910	Nil
Accumulated losses		(20,420)	(34,155)
Acquisition reserve	5	(2,396,855)	(837,696)
Additional equity contributions		Nil	267,138
Total Equity		1,277,478	235,483
Total Liabilities and Equity		2,704,733	1,781,375

These consolidated financial statements were approved and authorised for issue by the Board of Directors on March 30, 2026 and were signed on its behalf by:

H.E. Suhail Almazrouei Chairman of the Board

Saif Alhazaimeh Chief Executive Officer

Tamer Akkad Chief Financial Officer

The accompanying notes from 1 to 29 form an integral part of these consolidated financial statements.