Interim report
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Dar Global PLC(Incorporate in England and Wales)Company Number: 14388348ISIN: GB00BQXNJY41LEI: 213800XRFXQ1KEWACW80 24 September 2026 DAR GLOBAL PLC(‘Dar Global’, or the ‘Company’, or the ‘Group’) Half-year results for the six-month period ended 30 June 2026 ‘66% revenue growth and 73% EBITDA growth deliver a resilient first-half performance’ Dar Global, the luxury international real estate developer, today announces its unaudited interim results for the sixmonths ended 30 June 2026 (‘HY 2026’ or the ‘period’). Highlights Revenue and EBITDA growth for HY 2026 was primarily driven by the revenue recognition from TheAstera by Aston Martin and Neptune by Mouawad projects. Launch of Rayana at Wadi Safar, Riyadh – In January 2026, Dar Global, together with The TrumpOrganization, launched Rayana, a 2.6 million sq. m gated community within Wadi Safar masterplan in,Diriyah Riyadh. The development comprises Trump-branded Mansions, Rayana Mansions, and is anchoredby a Trump-branded championship golf course, a Trump hotel and a Trump International Golf Club. Trump Plaza, Jeddah launched – In January 2026, the Company launched Trump Plaza Jeddah, a mixed-use development with a Gross Development Value (’GDV’) of US$383.6 million and its third project withThe Trump Organization in the Kingdom. Located within the one million sq. m Amaya masterplan on KingAbdulaziz Road, the scheme comprises residences, serviced apartments, Grade-A offices, townhouses, andretail and F&B space. Padel Living Residences, Jeddah launched – In June 2026, the Company launched Padel LivingResidences, a residential development with a GDV of US$142 million located within the Amaya masterplanin Jeddah, adjacent to Trump Plaza. The scheme comprises rooftop padel courts, alongside retail, dining andGrade-A office space within the wider masterplan. US$250 million financing secured – In April 2026, Dar Global closed a US$250 million syndicated termloan facility (‘Project Radium II’). The facility has strengthened the Group’s liquidity and funding flexibility,supporting the new developments across the Group’s key markets. Rayana infrastructure contract awarded – In June 2026, Dar Global awarded a SAR 338 million (c.US$90 million) design-and-build infrastructure contract for its Rayana community in Wadi Safar toCompass and Bin Omairah Company for Contracting. The contract covers earthworks, roads and utilitynetworks, and marks a key delivery milestone for the low-density community, which comprises RayanaMansions and Trump-branded Mansions. Trump International Hotel & Tower, Dubai enters next phase – Post period end, in August 2026,following completion of enabling works, the Group appointed Gulf Asia Contracting to deliver the podiumconstruction of the c. 350-metre, 80-storey tower on Sheikh Zayed Road. Ziad El Chaar, Chief Executive, commented: “We have delivered a resilient performance through uncertain timesin the region, supported by our diversified, capital-light business model and the quality of our international portfolio.Buyer demand across our markets remained robust, with cumulative contracted sales at 30 June 2026 of c. US$3.9billion (Dec 2025 c. US$ 3.2 billion). During the period we closed our US$250 million Project Radium II facility,further strengthening our balance sheet and liquidity. Looking ahead, we remain focused on growing our GrossDevelopment Value across both existing and new growth markets, while maintaining a disciplined focus on executionand delivery. With a strong balance sheet, disciplined capital management and a healthy project pipeline, Dar Globalis well positioned to continue creating long-term value for its stakeholders.” Financial Highlights Revenue for the period was US$258.0 million (HY 2025: US$155.4 million) with a gross profit of US$87.7million (HY 2025: US$47.4 million).EBITDA for the period was US$46.3 million (HY 2025: US$26.8 million).Profit for the period was US$30.4 million (HY 2025: US$12.2 million).GDV of the project portfolio stood at US$23 billion as of 30 June 2026, reflecting an increase from US$12.5billion as of 30 June 2025, driven by continued expansion across the Group’s existing and new growthmarkets.Robust demand for newly launched and existing projects, with cumulative contracted sales rising to 4,380units as of 30 June 2026, resulting in total sales value of c. US$3.9billion (30 June 2025: 3,509 units, totalsales value of c. US$2.9 billion).Strong balance sheet and liquidity position with cash balances of US$847.9 million, comprising free cash of c.US$231.6 million and restricted escrow cash of US$616.3 million (including escrow retentions of US$45.6million).Net asset value of US$613.3 million on 30 June 2026 (US$495.5 million as at 30 June 2025).Total available liquidity of c. US$579.3 million at 30 June 2026 (including undrawn debt facilities), providinga platform to pursue opportunistic growth and expand the current portfolio of assets. Half year financials summary: Summary Profit & Loss HY 2026(US$M) HY 2025(US$M) Change(%)UnauditedUnauditedRevenue 258.0 155.4 66%Gross profit 87.7 47.4 85%
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Gross profit margin 34% 31% EBITDA* 46.3 26.8 73%EBITDA margin 18% 17% Profit/(Loss) for the period 30.4 12.2 149%Profit/(Loss) (%) 12% 8% *EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) is a non-GAAP financial metric that is classified as an AlternativePerformance Measure (APM) under the ESMA guidelines. EBITDA is used by management to evaluate the Group’s underlying operatingperformance, excluding the impact of non-operational items such as financing costs, tax charges, and depreciation and amortisation relatedadjustments. Summary Financial PositionAs of 30 June2026 (US$M)Unaudited As of 31December 2025(US$M) Change(US$M) Assets Cash balances, including restricted cash847.9 701.6 146.3Trade and unbilled receivables368.0 351.8 16.2Advances, deposits and other receivables229.1 185.4 43.7Development properties 785.2 783.1 2.1Other Assets 49.7 40.8 8.9 Liabilities Trade and other payables 100.7 125.6 -24.9Advance from customers 515.6 459.5 56.1Loans and borrowings 166.2 169.1 -2.9Due to related parties 451.1 287.1 164.0Development property liability396.2 412.1 -15.9Other Liabilities 36.8 24.9 11.9 Equity Net asset value 613.3 584.4 28.9Net asset value per share (in US$)3.4 3.2 0.2 About Dar Global Dar Global PLC is a highly differentiated international real estate business, listed on the Main Market of the LondonStock Exchange. It focuses predominantly on developing luxury real estate projects comprising second and vacationhomes for internationally mobile customers in some of the most desirable locations across the UAE, Saudi Arabia,Oman, Qatar, Spain, Greece and the United Kingdom. Since launching its first project in Dubai in 2021, the Grouphas grown into a platform with a GDV of US$23 billion. The Group’s portfolio comprises residential, hospitality, golf and mixed-use developments, including luxury hotelsunder development in Dubai, Riyadh and Muscat. Dar Global develops branded residences in partnership withglobally recognised brands, including The Trump Organization, Aston Martin, Automobili Lamborghini, Missoni,Pagani, Elie Saab, Mouawad and W Hotels. The Group also operates Dar Global Capital Partners, its assetmanagement platform in the Dubai International Financial Centre (‘DIFC’). Dar Global was listed on the London Stock Exchange on 28 February 2023 and, in September 2025, transferred to theEquity Shares (Commercial Companies) category of the Official List. Please visit www.DarGlobal.co.uk - Ends - For further enquiries, please contact: Dar Global plcNitesh Vijay IR@darglobal.co.uk Panmure Liberum (Corporate Broker) Tel: +44 (0) 20 3100 2000Dru Danford / Jamie Richards Burson Buchanan (FinancialCommunications) Tel: +44 (0) 20 7466 5000 Henry Harrison-Topham / Simon Compton darglobal@buchanancomms.co.ukwww.bursonbuchanan.com HY 2026 Results Presentation The Company’s HY 2026 results presentation will be available on the Investor Relations section of Dar Global’swebsite (https://darglobal.co.uk/investor/) shortly after 7:00am on 24 September 2026. Chief Executive’s Review At Dar Global, we remain committed to driving sustainable growth and long-term value creation, supported by astrong balance sheet and prudent capital management. While the first half of 2026 was shaped by uncertain times inthe region, Dar Global demonstrated real resilience: our diversified, asset-light model and the international spread ofour portfolio across the GCC, Europe and the United Kingdom continued to perform strongly. As of today, ourportfolio represents a GDV of US$23 billion. In line with our capital-efficient strategy, we continue to leverage joint development agreements and pursueinnovative financing structures to unlock new growth levers and accelerate our expansion into key global markets.During the period we successfully closed our US$250 million Project Radium II syndicated facility, reinforcing ourliquidity and funding flexibility. Buyer demand across our international portfolio remained resilient, with contractedsales of approximately US$3.9 billion. In the first half of 2026, we continued to progress and launch high-profile projects and partnerships across our keymarkets, including in Saudi Arabia with the launch of Rayana, Amaya and Trump Plaza, Jeddah.
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Status Under construction Launched Q2 2025 Schedule completionQ4 2031 No of Units 572* Status Under construction Launched Q1 2025 Schedule completionQ2 2028 No of Units 210 Status Completed Launched Q1 2022 Schedule completionCompleted No of Units 86 Status Under construction Launched Q1 2022 Schedule completionQ2 2027 No of Units 383 Status Under construction Our expanding portfolio underscores our resilience and readiness to capitalise on future growth opportunities.Looking ahead, we remain focused on growing our GDV across both existing and new markets, while maintaining arelentless focus on execution and delivery, and on translating our differentiated pipeline into sustained value forshareholders. As we continue to execute our strategy, we are confident in our ability to navigate the current environment anddeliver sustainable value to our shareholders. We look forward to sharing more milestones with our stakeholders inthe months ahead. Business Performance and Project Update Dar Global delivered strong and consistent progress throughout H1 2026, driving portfolio expansion even asuncertain times persisted in the region. We are pleased to provide an update on the progress of our development projects for H1 2026. Dubai, UAEDubai remains a global leader in branded residences, home to one of the world’s highest concentrations of luxuryresidential projects. Even amid uncertain times in the region during the first half of 2026, the emirate’s structuralgrowth drivers remained firmly intact, underpinned by the D33 economic agenda and the Dubai 2040 Urban MasterPlan, which targets population growth from around 3.9 million today to 7.8 million by 2040. Residential valuescontinued to grow over the year, rising by around 1.9% versus Q2 2025 – with villa prices up 5.7% and apartmentprices up 1.3% year-on-year – even as near-term activity moderated in response to the regional backdrop. The officemarket proved resilient, with average rents up 13% year-on-year (prime rents up 16%) and occupancy holding ataround 94% amid tight supply. With the near-term moderation offering a compelling entry point and GDP growthforecast to rebound to around 5.0% in 2027, Dubai continues to stand out as a premier destination for discerningglobal investors.Source: CBRE, UAE Real Estate Market Review, Q2 2026. Our Projects in Dubai Trump Tower – Trump International Hotel & Tower Dubai is the first Trump-branded mixed‐use development inthe Dubai. The project comprises a five‐star hotel, private residential units, and an exclusive members’ club withina single integrated address. Each component has been designed to support high‐quality living, leisure, and businessrequirements. Located in a prime position with direct connectivity to Downtown Dubai, the development offersuninterrupted views from every unit, including vistas of the sea and the Burj Khalifa. *Includes Hotel key as well D-Villas at Jumeirah Golf Estate – D‐Villas is a residential development located within Jumeirah Golf Estates,one of Dubai’s established master communities. The project is situated adjacent to the community’s landscapedgreen areas and in proximity to its two championship golf courses. Residents have access to the wider JumeirahGolf Estates amenities, including leisure, dining, and fitness facilities, subject to community regulations. Thelocation offers convenient connectivity to major city landmarks through key road networks, providing access toDubai’s primary business, retail, and lifestyle destinations. Da Vinci Tower by Pagani – Da Vinci Tower is a residential development featuring interior design by Pagani. Thetower incorporates a distinctive façade defined by geometric architectural elements intended to create a visuallydynamic exterior. The development is designed to present a modern residential environment with a focus on high‐endfinishes and contemporary design aesthetic. W Residences – W Residences Dubai – Downtown is a branded residential development associated with the WHotels portfolio. The project is in Downtown Dubai, near major landmarks including the Burj Khalifa, The DubaiMall, and the Dubai Fountain. The development is positioned to provide residents with immediate access to thesurrounding amenities and transport networks within the Downtown area. DG1 – DG1 is Dar Global’s first ‘own-brand’ development located in Business Bay, Dubai. The project offers directconnectivity to key city landmarks, including the Burj Khalifa, The Dubai Mall, and Dubai Opera. The buildingfeatures a contemporary architectural design with an emphasis on functional planning and aesthetic detailing. Thedevelopment forms part of a well‐established mixed‐use district with access to retail, dining, and leisure facilities.
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Launched Q1 2023 Schedule completionQ2 2027 No of Units 249 Status Completed Launched Q3 2021 Schedule completionCompleted No of Units 467 Status Under construction Launched Q2 2024 Schedule completionQ4 2028 No of Units 280 Status Under construction Launched Q1 2026 Schedule completionQ4 2030 No of Units 139 Status Under construction Launched Q4 2024 Schedule completionQ4 2027 No of Units 200 Urban Oasis Tower – The Urban Oasis Tower is a 34-storey residential development located on the Dubai Canal,featuring bespoke apartments with interiors designed in collaboration with Missoni, the Italian fashion designer. Thisproject was completed in 2024. Urban Oasis represents Dar Global’s first completed project, underlining its ability tosuccessfully execute large projects. RAK, UAEThe branded residence market in RAK has emerged as one of the UAE's fastest growing segments, fuelled by recenteconomic growth and supported by a clear tourism strategy that leverages the Emirate’s unique positioning throughits natural assets, including mountains and beaches, and as a regional adventure tourism destination. The key catalystfor this change was the announcement of Wynn Al Marjan resort, which has effectively anchored the sector with amajor long term demand driver. The Astera – The Astera by Aston Martin is a stunning beachfront residence on Al Marjan Island, Ras Al Khaimah,where Aston Martin’s signature elegance meets modern coastal living. Offering luxurious one to three-bedroomapartments and exclusive three-bedroom beach villas, each home is designed with breathtaking Gulf views andworld-class amenities. With direct beach access, an infinity pool, and a private cinema, The Astera promises alifestyle of sophistication and serenity in one of the UAE’s most exciting waterfront destinations. Saudi Arabia (KSA) Saudi Arabia’s real estate market continued to be anchored by structural, non-oil momentum through the first half of2026, with Vision 2030 giga-projects and municipal programmes driving construction at scale and the June PMIrising to 53.3. Government expenditure rose 20% year-on-year, led by a 56% surge in capital spending, underpinninga deep development pipeline across Riyadh, Jeddah, Diriyah and the holy cities. Residential pricing remained firm,with the National Residential Price Index up 2.6% year-on-year in Q2 2026 (and 3.7% quarter-on-quarter) and landvalues up 6.3% year-on-year, even as transaction volumes rebalanced. Riyadh’s office market operated at nearcapacity, with occupancy of around 97% and prime rents rising to c. SAR 3,320/sqm/annum, supported by theRegional Headquarters (RHQ) programme, under which more than 780 international companies now hold licences. Looking ahead, Riyadh and Jeddah remain the Kingdom’s most dynamic markets, supported by ongoing Vision 2030initiatives and major infrastructure investment. Momentum was reinforced in June 2026 by the Cabinet’s approval ofthe geographic regulations implementing the landmark Law on Non-Saudi Ownership of Real Estate, openingdesignated investment zones across Riyadh and Jeddah – as well as master-planned giga-project zones includingDiriyah Gate, NEOM, King Salman Park, New Murabba and the Red Sea Project – to direct foreign ownership.Together with a modernised Saudi Property Portal for foreign transactions, these reforms are expected to boostliquidity, attract international capital and further enhance development quality across the Kingdom.Source: CBRE, Saudi Arabia Real Estate Market Review, Q2 2026. Our Projects Saudi ArabiaRayana – Rayana is Dar Global’s premium residential enclave within Wadi Safar, designed around hospitality, golf,and a limited collection of private mansions. The development comprises both Trump‐branded and non‐brandedultra‐luxury mansions. Each residence will be delivered with a complete architectural shell, enabling owners tocustomise all internal spaces according to their individual lifestyle and specifications. The masterplan includes theTrump Championship Golf Course, Trump International Hotel, and Trump International Golf Club. Rayana islocated near Diriyah and the royal district, surrounded by established golf, equestrian, and wellness amenities. Neptune interiors by Mouwad – Neptune Villas offers a refined integration of high‐end design and residentialliving in North Riyadh. This exclusive villa collection is developed in collaboration with Mouawad, theinternationally recognised luxury jewellery house known for its longstanding heritage and exceptionalcraftsmanship. The project reflects Mouawad’s distinguished design ethos, bringing a sophisticated and timelessaesthetic to each residence.
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Status Under construction Launched Q1 2026 Schedule completionQ1 2029 No of Plots 523 Status Under construction Launched Q4 2024 Schedule completionQ4 2029 No of Units 561 Status Under construction Launched Q1 2026 Schedule completionQ4 2030 No of Units 516 Status Under construction Launched Q2 2026 Schedule completionQ4 2030 No of Units 452 Status Under construction Launched Q1 2023 Schedule completionPhase I – Q4 2028 Phase II – Q4 2029 Entire Masterplan by 2034 No of Units 1809* Amaya – Amaya is one of the latest major development opportunities in central Jeddah, offering approximately1,000,000 sqm of construction-ready, flat land with strong access to key districts via King Abdulaziz Road. Theproject is anchored by Al-Amal Avenue, connecting the Historic Old City with King Abdulaziz Road. Themasterplan features shaded streets, landscaping, and walkable green environments, with flexible plots suitable forresidential, commercial, or mixed-use development. With its prime location, ready infrastructure, and proximity tomajor citywide upgrades, Amaya presents a strong investment opportunity with long-term value potential. Trump Tower, Jeddah – Trump Tower Jeddah is our first project in Jeddah and second in Saudi Arabia, locatedalong the iconic Jeddah Corniche. With 561 exclusive residences, the tower reflects the excellence andsophistication of the Trump brand, offering contemporary design, high-end finishes, and world-class amenities. Itsprime waterfront location and thoughtfully designed living spaces set a new benchmark for luxury living in the city. Trump Plaza, Jeddah – Trump Plaza Jeddah is strategically located on King Abdulaziz Road within the Amayamaster development. The development features fully furnished, Trump-branded residences, designed and deliveredto international standards of quality, finish, and service. Pedal Living, Jeddah – Padel Living introduces a fresh residential concept centred around wellness, community,and active living. Located within the landmark Amaya development in Jeddah, the project is designed around state-of-the-art rooftop padel courts, creating a vibrant social hub for residents while promoting a healthy and connectedlifestyle. Residents will enjoy thoughtfully designed homes, lifestyle-oriented amenities, and access to one ofJeddah's most promising master-planned communities, making Padel Living an exciting opportunity for both end-users and investors seeking long-term value in one of the Kingdom's most dynamic cities. Oman Oman’s property market remained resilient through the first half of 2026 despite uncertain times in the region. WhileGDP contracted by around 2% year-on-year in Q1 2026, the construction sector continued to perform well, andinflation remained contained at 2.8%. The total value of property transactions reached OMR 1.43 billion by the endof June 2026, a 5.4% increase on the same period in 2025, while foreign direct investment into the real estate sectorrose 1.2% year-on-year. Oman’s strategic location remains a key long-term advantage amid evolving regional tradepatterns, with rising demand for warehousing and logistics expected to support the free zones and the broaderproperty market.Source: Savills, Oman Real Estate Market Review, Q2 2026. Our projects in OmanAIDA – AIDA is a breathtaking luxury development set on the dramatic cliffs of Muscat, offering an unparalleledblend of natural beauty and refined living. Spanning 4.3 million square meters, this visionary project will bedeveloped over 8 to 10 years and launched in 10 phases and this exclusive community will have home to luxuriousresidences, a world-class Trump golf course, and premium hospitality experiences. Designed to harmonise withOman’s stunning landscapes, AIDA seamlessly merges modern elegance with the serenity of its coastalsurroundings. With thoughtfully crafted villas and apartments boasting panoramic views, along with exceptionalamenities, AIDA offers a one-of-a-kind lifestyle where luxury meets nature’s masterpiece. *Launched units only QatarQatar’s residential market demonstrated resilience during the first quarter of 2026, even as uncertain times in theregion weighed on sentiment. Sales volumes reached 1,582 transactions, a 15% increase year-on-year on the 1,376deals recorded in Q1 2025, with total transaction value of approximately QAR 6.2 billion. Doha remained at the
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Status Under construction Launched Q4 2022 Schedule completionQ2 2027 No of Unit 240 Status Under construction Launched Q2 2026 Schedule completionQ4 2030 No of Unit 184 Status Under construction Launched Q2 2023 Schedule completionQ4 2028 No of Units 53 Status Under construction Launched Q3 2023 Schedule completionQ4 2028 No of Units 64 epicentre of activity, recording 512 transactions worth around QAR 2.6 billion. Average villa prices eased 3.5% year-on-year to QAR 6,626 psm and apartment prices 1.7% to QAR 13,049 psm, while waterfront and lifestyle-orientedlocations continued to outperform the wider market. Notably, the total value of mortgages issued rose 85% year-on-year to approximately QAR 17.2 billion, pointing to sustained financing activity for prime and higher-value assets.Qatar’s longer-term outlook remains underpinned by ongoing infrastructure investment and tourism development.Source: Knight Frank, Qatar Real Estate Market Review, Q1 2026. Our projects in Qatar LES VAGUES BY ELIE SAAB– Les Vagues is a residential development comprising three towers located onQetaifan Island North in Lusail. The project features 240 apartments and retail units across the three towers designedto offer uninterrupted coastal views. As the first residential development in Qatar with interiors by Elie Saab, itincorporates the designer’s signature aesthetic into a contemporary coastal setting. The development includes one-,two-, and three-bedroom apartments supported by a range of amenities designed to enhance resident comfort andconvenience. Les Vagues provides a premium residential environment that combines high-end design with directproximity to the shoreline. SEA LA VIE – SEA LA VIE has been thoughtfully designed to bring the rhythm of coastal living into everyday life.The development combines contemporary architecture, refined interiors, and a resort-inspired atmosphere thatcaptures the essence of modern waterfront living. The project is positioned within the Qetaifan Islands district,providing convenient access to Lusail's world-class amenities, entertainment destinations, retail attractions, andleisure facilities. Spain Spain’s residential market remained fundamentally attractive through the first half of 2026, supported by resilientdemand, limited rental supply and a significant uplift in institutional capital allocation to the Living sector. Whilecumulative residential transactions to May 2026 moderated by 3.51% year-on-year to 286,000, investment activityaccelerated sharply, with PRS, BTR and Flex Living investment volumes reaching €2.934 billion in H1 2026,representing a 376% year-on-year increase and already exceeding the total volume recorded in the whole of 2025.Demand for rental housing continued to outpace new supply, supporting 10% year-on-year rental growth across theBTR, PRS and Flex Living segments, while prime residential yields in Madrid and Barcelona remained stable atapproximately 3.85%–4.10% in city-centre locations. These trends reinforce Spain’s position as a highly liquid andincreasingly institutional residential market, underpinned by demographic growth, international migration,urbanisation and a persistent structural supply-demand imbalance, creating a supportive backdrop for high-qualityresidential developments in established lifestyle destinations.Source: Cushman & Wakefield, Spain Residential Q2 2026 Market Report. Our projects in SpainTIERRA VIVA, DESIGN BY AUTOMOBILI LAMBORGHINI – Tierra Viva is Dar Global’s first developmentin continental Europe, launched in June 2023 in collaboration with Automobili Lamborghini. The project comprisesan exclusive gated community luxury villas and construction ready plots located in the hills of Benahavís, withelevated views toward Marbella and the Mediterranean Sea. The design of the residences is inspired byLamborghini’s architectural and stylistic principles, incorporating contemporary aesthetics and clean geometricforms. Tierra Viva offers a high-end residential environment in one of Spain’s most desirable and established luxurydestinations. MAREA, ITERIORS BY MISSONI – Marea is Dar Global’s second development in Spain, unveiled in August2023 and featuring interior design by Missoni. The project is situated in a prime coastal location and is planned tooffer uninterrupted sea views along with convenient access to established golf courses and lifestyle amenities in thesurrounding area. Marea is designed to deliver a high‐end residential environment that integrates contemporaryluxury with the natural characteristics of its setting. MANILVA, TABANO – In September 2022, Dar Global acquired six land plots (4.6 million sqm) in Manilva,Málaga, near the Cádiz border in southern Spain. Located about 45 minutes from Marbella, the site is close to arenowned polo destination and some of the finest beaches on the Costa del Sol. The Tabano project is currently inthe early permitting phase, and we are working with the Consultants to develop the concept master plan andinfrastructure strategy. Development plans will be finalised once the planning permissions are in place.
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Status Under construction Launched Q2 2024 Schedule completionQ3 2027 No of Units 1 Status Completed Launched Q2 2022 Schedule completionCompleted No of Units 1 London, UKPrime central London remains one of the world’s most liquid and internationally traded residential markets andcontinues to offer an attractive entry point following an extended period of price adjustment. According to Savills,prime central London values fell by 1.7% in the second quarter of 2026 and now stand more than a quarter belowtheir 2014 peak in nominal terms. Activity has proved more resilient than sentiment, with net agreed sales in Q2 2026within 95% of prior-year levels, indicating that well-priced, best-in-class stock continues to transact, althoughperformance remains highly location and product specific. Savills forecasts prime central London values to recoverby around 8% over the five years to 2030, supported by greater pricing stability, lower interest rates and continuedglobal wealth creation. London’s enduring advantages – English law, market transparency, global connectivity and itscultural and educational offering – continue to underpin its position as a core destination for international capital andfor Dar Global’s central London developments.Source: Savills, Prime UK Residential Research – Prime housing markets remain price sensitive as caution returns, July 2026;Savills Prime House Price Forecasts 2026–2030. Our projects in London, UK ALBERT HALL MANSIONS– Albert Hall Mansions Penthouse is located in one of London’s most prestigiousresidential areas, directly facing the Royal Albert Hall. The property forms part of a historic, architecturally notableVictorian-era building known for its distinguished façade and prime position along Kensington. The penthousebenefits from unobstructed views of the Royal Albert Hall and offers an exclusive central London address withinclose proximity to major cultural, recreational, and institutional landmarks. The MULLINER– Located at the corner of Old Park Lane and Piccadilly, with direct views over Green Park, No.149 is among the most distinguished Grade II listed properties on Old Park Lane. The building has undergone acomprehensive redevelopment and has been designed and finished to high contemporary standards while retainingits architectural character. Strong Balance Sheet & Net Cash Position Dar Global maintains a resilient balance sheet, supported by a robust cash position of US$847.9 million, whichincludes US$231.6 million in free cash and US$616.3 million in restricted cash (comprising escrow and escrowretentions). This strong financial foundation enables Dar Global to strategically capitalise on prevailing marketconditions. Leveraging its capital-light operating model, the Company is well positioned to pursue a range ofopportunistic initiatives – including targeted asset acquisitions, refurbishment and redevelopment projects, acquisitionof distressed assets, formation of synergistic joint ventures, strategic land bank acquisitions and other high-potentialinvestments across its current geographic footprint. This approach underscores Dar Global’s agility and commitmentto value creation through disciplined and forward-looking capital deployment. Outlook The Group enters the second half of the year from a position of financial strength, underpinned by robust liquidity, ahealthy sales backlog and substantial escrow balances held against projects under construction. These resourcesprovide the Group with confidence in its ability to deliver on its current commitments to customers and stakeholdersalike and leave it well-capitalised to fund ongoing construction activity and to meet all project delivery timelines. The Group is mindful of the heightened geopolitical tensions in the Gulf region and the broader macroeconomicuncertainties these events have introduced across the markets in which we operate. While the Board takes thesedevelopments seriously, the Gulf states have historically demonstrated remarkable resilience and an ability to resetfollowing periods of disruption, and the Group’s capital-light development model reduces carrying risk and affordsmanagement the flexibility to phase project launches and construction mobilisations in line with evolving marketdynamics. Against this backdrop, the Board has adopted a clear focus on liquidity preservation and capital discipline, and theGroup remains well positioned to navigate the current environment while continuing to prioritise project delivery,sourcing attractive opportunities and stakeholder value. Management remains committed to disciplined financialexecution as we deliver on these milestones and will provide further guidance on profitability metrics as the yearprogresses and market conditions allow for greater forward visibility. Cautionary statement regarding forward-looking statements This release may include statements that are, or may be deemed to be, 'forward-looking statements'. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'believes','estimates', 'plans', 'projects', 'anticipates', 'expects', 'intends', 'may', 'will' or 'should' or, in each case, their negativeor other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events orintentions. These forward-looking statements include all matters that are not historical facts. They appear in anumber of places throughout this release and include, but are not limited to, statements regarding the Group'sintentions, beliefs or current expectations concerning, among other things, the Group's results of operations,financial position, liquidity, prospects, growth, strategies and expectations of the industry. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events andcircumstances. Forward-looking statements are not guarantees of future performance and the development of themarkets and the industry in which the Group operates may differ materially from those described in, or suggested by,any forward-looking statements contained in this release. In addition, even if the development of the markets and theindustry in which the Group operates are consistent with the forward-looking statements contained in this release,those developments may not be indicative of developments in subsequent periods. A number of factors could causedevelopments to differ materially from those expressed or implied by the forward-looking statements including,without limitation, general economic and business conditions, industry trends, competition, commodity prices,changes in law or regulation, changes in its business strategy, political and economic uncertainty. Save as requiredby the Listing and Disclosure Guidance and Transparency Rules, the Company is under no obligation to update theinformation contained in this release. Past performance cannot be relied on as a guide to future performance.
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Going concern statement The Board of Directors conducted an evaluation of the Group's business plan and its anticipated funding needs for themedium-term. This assessment considered the Group’s committed loan facilities, existing cash reserves, and projectedoperating cash flows, comparing them to the level of committed loan facilities and existing cash reserves. As of 30 June 2026, the Group holds unrestricted cash balance of US$231.6 million and total liquidity of US$579.3million (including undrawn debt facilities). In addition, the Group expects continued inflows from customers in linewith contracted payment schedules for sold units, as well as proceeds from the sale of remaining inventory. Throughout this assessment, we have considered the inherent uncertainties associated with future financialprojections. Where applicable, we have applied severe yet plausible sensitivities to the key factors impacting theGroup's financial performance. Based on this evaluation, the Directors hold a reasonable expectation that the Group possesses ample resources tosustain its operations for the foreseeable future, extending no less than 12 months from the date of these CondensedConsolidated Interim Financial Statements. Therefore, they have opted to continue using the going concern basis ofaccounting when preparing the Group's Condensed Consolidated Interim Financial Statements. Principal risks and uncertainties The principal risks and uncertainties facing the Group for the remaining six months of the financial year areset out below. Risk description Remediation / Mitigation (Controls)STRATEGIC AND FINANCIAL RISKS 1. Property market cycles and interest rates Changes in macroeconomic environment ortightening of financial conditions may lead tofalling demand through a reduction in thewealth of our target affluent customerdemographic. This could result in reduced salesvolumes and affect our ability to deliverprofitable growth. Availability of suitable land at appropriate costis also strongly impacted by property marketconditions, incorrect timing of purchases couldimpact future profitability. – Critical assessment of target location andunderlying demand.– Conservative deployment of capital.– Joint venture agreements for suitable landand partners.– Frequent review of pricing.– Strong relationships with key brokers.– Geographical diversification. Despite the above being effective and shouldhelp avert a threat to the company's viability,the potential impact does not decreasesufficiently to reduce it at the residual level.Probability is unchanged as its market driven.2. Capital availability and solvency Lack of sufficient financing may restrict ourability to respond to changes in the economicenvironment and take advantage of appropriateland buying and operational opportunities todeliver strategic priorities. – Disciplined capital management.– Secured funding lines for futureopportunities.– Strong and supportive majority shareholder. Negative impact reduced to Major overall ascommitted lines would enable the Company totake advantage of opportunities, and likelihoodreduced to very unlikely on committed linesfrom reputable financial institutions andsupportive shareholder.3. Political risk Significant political events locally and globallymay impact Dar Global’s business as customersmay be reluctant to make purchases due touncertainty. Sanctions may cause supply chaindisruption, and changes in local laws mayincrease costs or cause delays to projects. – Diversification across several jurisdictions,with the majority considered safe havens bywealthy investors.– Conservative capital policy enablesmanagement to tolerate lower sales volumesand avoid steep price cuts. Impact remains extreme, diversification willreduce volatility of the Company's solvencyposition, though actual losses could remainelevated. Likelihood is unaffected bymitigation.4. Reputational risk Compliance across multiple jurisdictions ischallenging for multinationals, and in particularfor medium-sized companies with a broadfootprint. We also face luxury Partner reputational risk byassociation as we have long-term agreementswith key branding partners, which, in the eventof a PR faux-pas could indirectly tarnish DarGlobal’s prestigious image. – Dedicated Compliance team in place.– The group carefully vets all its brandingpartners to ensure they align well with DarGlobal values. Compliance: Rated Needs improvement as thesize of the team in place and latitude affordedis not commensurate with the nature of thecompany’s activities. Partner association: Probability of detrimentalimpact on Dar Global’s image is reduced toVery Unlikely as the control is rated Effective.OPERATIONAL RISKS 5. Contractor ability to deliver on time withhigh quality/low defect Failure to achieve excellence in construction,such as late completion of works, design andconstruction defects could expose theCompany to future remediation liabilities, andimpact future sales through reputationaldamage. – Rigorous contractor due diligence.– Legally binding contractual terms.– Stringent quality assurance through buildprogramme oversight by both Dar Globalengineers and independent consultants onmultiple sites across several countries. Impact is well mitigated throughout projectlifecycles, though not enough to reduce theimpact rating.Likelihood reduced to unlikely with effectivecontrols in place.6. Legal risks: joint venture and branding– Extensive due diligence on all partners.– Contractual agreements detailing roles,responsibilities and performance requirements,
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Risk description Remediation / Mitigation (Controls)Differences in interpretation of goals, roles,and responsibilities of each partner may lead toprotracted delays in executing and legalrecourse, which, in the event ofunderperformance by one or more parties, achange in control/ financial stability of one ofour partners, could result in large losses andreputational damage to Dar Global. defined through pre-agreement discussions toeffectively address and allocate ownership ofrisks and potential liabilities between parties.– Effective, frequent communication andupdates to all relevant parties throughout thelife of each project.– Oversight by both Dar Global engineers andindependent consultants.– HoAs have ultimate responsibility formaintaining buildings’ standards post-handover. Impact is mitigated throughout projectlifecycles, though only enough to reduce theimpact rating by one notch.Likelihood reduced to unlikely with mitigationin place which could be more disciplined.7. Labour standards and health & safety Health and safety, or environmental breachescan impact Dar Global’s employees,subcontractors and site visitors, and result inreputational damage, criminal prosecution,civil litigation, increased cost and delays inconstruction. – Robust health and safety procedures for allconstruction sites.– Regular health and safety monitoring, thereare the 3 layers of audits of all sites, andregular management reviews, frequency willvary depending on the jurisdiction. In Saudi,we have onsite safety managers conductingweekly training sessions, walkthroughs andinternal safety meetings. Contractor safetyinspections are conducted on a daily / weekly /monthly basis. Our consultants conduct weeklyand monthly inspections.– Contractual requirements for allsubcontractors to abide by high standards ofsafety. More stringent site inspections required toincrease control rating to Effective. Impact lowered to Moderate and likelihoodreduced to Unlikely as controls in place wouldreduce the severity and frequency of incidents.8. Cyber and data risk The Group places significant reliance upon theavailability, accuracy, and confidentiality of allof its information systems and data. It couldsuffer significant financial and reputationaldamage from corruption, loss or theft of data. To address this risk, the Group: Maintains a comprehensive InformationSecurity Programme to complement existingcontrols, identify vulnerabilities and implementindustry best practices with the support ofspecialist external advisers.Has deployed multi-factor authentication acrosskey platforms.Utilises cloud-based services to reducecentralised infrastructure risk.Operates role-based access controls, restrictingaccess to sensitive data according to userresponsibilities.Maintains formal incident response and crisismanagement procedures.Undertakes regular penetration testing,vulnerability assessments and remediationactivities.Provides ongoing cybersecurity awareness andphishing training for employees.Conducts appropriate cybersecurity duediligence and monitoring of key third-partyservice providers.Maintains business continuity, backup anddisaster recovery arrangements.Monitors compliance with applicable dataprotection and cybersecurity laws andregulations.9. Employee relations Increasing competition for skills may mean weare unable to recruit and retain the best people.It could result in a failure to deliver ourstrategic objectives, a loss of corporateknowledge and competitive advantage. We have the following measures in place:– Succession planning for key management.– Monitoring attrition rates, attendance andfeedback from exit interviews. In addition, we are enhancing our performancemanagement approach. A replacement for key management may takeseveral months to a year to find, and thereforethe impact is only reduced to Moderate throughsuccession planning. With a lack of mitigatingcontrols, the likelihood remains Possible. Statement of Directors’ Responsibilities in Respect of the Half-Yearly Financial Report This statement should be read in conjunction with the independent review report by the auditors included in this Half-Yearly Financial Report and is made to enable shareholders to distinguish the respective responsibilities of theDirectors and the auditors in relation to the condensed consolidated interim financial statements. The Directors are responsible for preparing the Half-Yearly Financial Report in accordance with applicable law andregulations. The Directors confirm that the condensed consolidated interim financial statements have been preparedon a going concern basis. In preparing the condensed consolidated interim financial statements, the Directors have selected and appliedappropriate accounting policies consistently and have made judgements and estimates that are reasonable andappropriate.
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The Directors are responsible for the maintenance and integrity of the corporate and financial information includedon the Company’s website. Information published on the internet is accessible in many countries with different legalrequirements. Legislation in the United Kingdom governing the preparation and dissemination of financial statementsmay differ from legislation in other jurisdictions. The Directors confirm that, to the best of their knowledge:the condensed set of financial statements has been prepared in accordance with IAS 34 Interim FinancialReporting as contained in UK-adopted international accounting standards and gives a true and fair view ofthe assets, liabilities, financial position and profit or loss of the Company and the undertakings included inthe consolidation taken as a whole; andthe interim management report includes a fair review of the information required by:DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of importantevents that have occurred during the first six months of the financial year and their impact on thecondensed set of financial statements, together with a description of the principal risks anduncertainties for the remaining six months of the financial year; andDTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactionsthat have taken place during the first six months of the financial year and that have materiallyaffected the financial position or performance of the Group during that period, and any changes inthe related party transactions described in the last annual report that could have a material effect onthe financial position or performance of the Group during that period.The Directors’ responsibility statement was approved by the Board and signed on its behalf by: David WeinrebChairman23 September 2026
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Conclusion We have been engaged by Dar Global Plc (the "Company") to review the condensed set of consolidated financialstatements in the half-yearly financial report for the six months ended 30 June 2026 of the Company and itssubsidiaries (together, the "Group"), which comprises the condensed consolidated statement of financial position,the condensed consolidated statement of profit or loss and other comprehensive income, the condensedconsolidated statement of changes in equity, the condensed consolidated statement of cash flows and the relatedexplanatory notes. Based on our review, nothing has come to our attention that causes us to believe that the condensed set ofconsolidated financial statements in the half-yearly financial report for the six months ended 30 June 2026 is notprepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting and the DisclosureGuidance and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA"). Scope of reviewWe conducted our review in accordance with International Standard on Review Engagements (UK) 2410 Review ofInterim Financial Information Performed by the Independent Auditor of the Entity (“ISRE (UK) 2410”) issued bythe Financial Reporting Council for use in the UK. A review of interim financial information consists of makingenquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and otherreview procedures. We read the other information contained in the half-yearly financial report and considerwhether it contains any apparent misstatements or material inconsistencies with the information in the condensedset of consolidated financial statements. A review is substantially less in scope than an audit conducted in accordance with International Standards onAuditing (UK) and consequently does not enable us to obtain assurance that we would become aware of allsignificant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusions relating to going concern Based on our review procedures, which are less extensive than those performed in an audit as described in thescope of review section of this report, nothing has come to our attention to suggest that the directors haveinappropriately adopted the going concern basis of accounting or that the directors have identified materialuncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However futureevents or conditions may cause the Group and the Company to cease to continue as a going concern, and the aboveconclusions are not a guarantee that the Group and the Company will continue in operation. Directors’ responsibilities The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors areresponsible for preparing the interim financial report in accordance with the DTR of the UK FCA. As disclosed in note 2.1, the annual consolidated financial statements of the Group are prepared in accordance withUK-adopted international accounting standards. The directors are responsible for preparing the condensed set ofconsolidated financial statements included in the half-yearly financial report in accordance with IAS 34 InterimFinancial Reporting. In preparing the half-yearly financial report, the directors are responsible for assessing the Group and theCompany’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern andusing the going concern basis of accounting unless they either intend to liquidate the Group or the Company or tocease operations, or have no realistic alternative but to do so. Our responsibilityOur responsibility is to express to the Company a conclusion on the condensed set of consolidated financialstatements in the half-yearly financial report based on our review. Our conclusion, including our conclusionsrelating to going concern, are based on procedures that are less extensive than audit procedures, as described in thescope of review paragraph of this report.
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The purpose of our review work and to whom we owe our responsibilities This report is made solely to the Company in accordance with the terms of our engagement letter to assist theCompany in meeting the requirements of the DTR of the UK FCA. Our review has been undertaken so that wemight state to the Company those matters we are required to state to it in this report and for no other purpose. Tothe fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company forour review work, for this report, or for the conclusions we have reached. KPMG Audit LimitedChartered AccountantsHeritage Court41 Athol StreetDouglasIsle of Man 23 September 2026
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Dar Global PLC and its subsidiariesLondon - United Kingdom Condensed consolidated statement of financial position(In United States dollar) June 30,December 31, 2026 2025 Note (Unaudited) ASSETS Cash and cash equivalents 5 802,315,838668,046,169Trade and unbilled receivables 6 367,990,983351,751,094Advances, deposits and other receivables 7 229,110,636185,395,654Development properties 8 785,160,854783,111,658Escrow retentions 9 45,611,181 33,520,147Due from related parties 17 5,552,4766,476,773Property and equipment 10 26,429,59025,037,543Right-of-use assets 11 9,283,3783,846,885Deferred tax assets 18 8,452,4555,430,464 ----------------------------------TOTAL ASSETS 2,279,907,3912,062,616,387 ====================LIABILITIES AND EQUITY LIABILITIES Trade and other payables 12 100,722,550125,608,822Advances from customers 13 515,596,318459,486,898Retention payable 14 25,936,17019,326,375Development property liabilities 15 396,239,087412,141,755Bank borrowings 16 166,249,802169,069,969Due to related parties 17 451,130,828287,093,049Employees’ end of service benefits 1,557,0551,750,057Lease liabilities 11 9,060,4673,634,491Deferred tax liabilities 18 126,200 126,200 ----------------------------------TOTAL LIABILITIES 1,666,618,4771,478,237,616 ====================EQUITY Share capital 1,800,2161,800,216Share premium 88,781,07888,781,078Retained earnings 519,622,088487,866,754Foreign currency translation reserve 3,144,2604,656,617Statutory reserve 2.21 1,229,110 1,229,110 ------------------------------Equity attributable to owners of the Company 614,576,752584,333,775Non-controlling interest 25 (1,287,838)44,996 ----------------------------------TOTAL EQUITY 613,288,914584,378,771 ----------------------------------TOTAL LIABILITIES AND EQUITY 2,279,907,3912,062,616,387 ==================== These condensed consolidated interim financial statements were approved by the Board of Directors on 23September 2026 and signed on its behalf by: __________________ __________________ Ziad El Chaar David Weinreb The accompanying notes from 1 to 33 form an integral part of these condensed consolidated interim financialstatements. Dar Global PLC and its subsidiariesLondon - United Kingdom Condensed consolidated statement of profit or loss and other comprehensiveincomeFor the six months ended June 30 (In United States dollar)
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2026 2025 Note(Unaudited)(Unaudited) Revenue 19 258,040,316155,395,452Cost of revenue 19 (170,312,852)(107,957,635) ------------------------------Gross profit 87,727,464 47,437,817Other income 20 3,426,355 11,771,206Selling and marketing expenses 21 (26,046,827)(12,098,105)General and administrative expenses 22 (22,137,226)(23,233,399)Finance costs 23 (20,118,472) (12,433,932)Finance income 23 10,128,118 5,921,878 ------------------------------Profit before tax 32,979,412 17,365,465Income tax expense 18 (2,556,912)(5,153,418) -----------------------------Profit for the period 30,422,500 12,212,047 ======== =========Other comprehensive income Items that are or may be classified subsequently to profit or loss (Decrease) / increase in foreign currency translation reserve (1,512,357)4,820,128 ----------------------------Total comprehensive income for the period 28,910,143 17,032,175 ======== ========Profit / (loss) attributable to: Owners of the Company 31,755,334 12,212,047Non-controlling Interests 25 (1,332,834)- ------------------------------ 30,422,500 12,212,047Total comprehensive income / (loss) attributable to: ==================Owners of the Company 30,242,977 17,032,175Non-controlling Interests 25 (1,332,834)- ------------------------------ 28,910,143 17,032,175 ==================Earnings per share attributable to owners of the Company: - basic and diluted earnings per share (USD)24 0.18 0.07 ------------------------------Adjusted earnings before interest, tax, depreciation andamortisation (adjusted EBITDA) Net finance costs 9,990,354 6,512,054Depreciation on property and equipment and right-of-use assets 3,239,125 2,849,158Tax expenses 2,631,275 5,221,864 ------------- -------------Adjusted earnings before interest, tax, depreciation andamortisation (adjusted EBITDA) 46,283,254 26,795,123 ======== ======== The accompanying notes from 1 to 33 form an integral part of these condensed consolidated interim financialstatements.
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Dar Global PLC and its subsidiariesLondon – United Kingdom Condensed consolidated statement of changes in equityFor the six months ended June 30 (In United States dollar) Attributable to owners of the Company SharecapitalStatutoryreserveForeign currencytranslation reserve Retainedearnings Sharepremium Total con Balance as at January 1, 20251,800,216820,669(437,202) 387,488,72888,781,078478,453,489-Profit for the period - - - 12,212,047- 12,212,047-Other comprehensive income- - 4,820,128 - - 4,820,128-Total comprehensive income for the period- - 4,820,128 12,212,047- 17,032,175-Transaction with owners of the Company Other reserves - 136 - - - 136 -Total transactions with owners of the Company- 136 - - - 136 - ------------------------------------ -----------------------------------------------------Balance as at June 30, 2025 (Unaudited)1,800,216820,8054,382,926 399,700,77588,781,078495,485,800- ===================== ==========================-------- Balance as at January 1, 20261,800,2161,229,110 4,656,617 487,866,75488,781,078584,333,77544,996Profit for the period - - - 31,755,334- 31,755,334(1,332Other comprehensive loss - - (1,512,357) - - (1,512,357)-Total comprehensive income for the period- - (1,512,357) 31,755,334- 30,242,977(1,332 ------------------------------------ -----------------------------------------------------Balance as at June 30, 2026 (Unaudited)1,800,2161,229,110 3,144,260 519,622,08888,781,078614,576,752(1,287 ===================== ==========================-------- The accompanying notes from 1 to 33 form an integral part of these condensed consolidated interimfinancial statements.
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Dar Global PLC and its subsidiariesLondon – United Kingdom Condensed consolidated statement of cash flows For the six months ended June 30 (In United States dollar) 2026 2025 (Unaudited) (Unaudited) Note Cash flows from operating activities Profit for the period 30,422,500 12,212,047Adjustments for: Depreciation on property and equipment22 1,631,524 1,478,496Depreciation on right-of-use assets 22 1,607,601 1,370,662Provision for employees’ end of service benefits 288,241 273,943Finance costs 23 20,118,472 12,433,932Finance income 23 (10,128,118) (5,921,878)Unrealised foreign exchange 1,899,522 -Income tax expenses 18 2,556,912 5,153,418Write off related to property, plant and equipment 47,641 - -------------- --------------Operating profit before working capital changes 48,444,295 27,000,620Working capital changes: Trade and unbilled receivables (16,239,889) (32,047,618)Advances, deposits and other receivables (43,833,400) (39,224,994)Development properties (19,768,652) (73,692,880)Trade and other payables (19,883,184) 2,771,072Advances from customers 56,109,420 304,248,803Retention payable 6,609,795 4,806,341Due from related parties 920,000 (5,868,914)Due to related parties - 8,766,931Employees' end of service benefits paid (481,243) (167,804)Income tax paid (7,560,002) - -------------- ---------------Net cash generated from operating activities 4,317,140 196,591,557 -------------- ---------------Cash flows from investing activities Acquisition of property and equipment10 (3,089,502) (3,630,984)Escrow retentions (12,091,034) (10,685,550)Interest received 23 10,128,118 5,921,878 ----------- ----------Net cash used in investing activities (5,052,418) (8,394,656) ----------- ----------Cash flows from financing activities Proceeds from bank borrowings 16 44,213,600 456,627Repayment of bank borrowings 16 (47,558,959) (21,454,504)Interest expense on borrowings (5,502,388) (6,517,773)Payment of structuring fees for bank borrowings - (507,859)Funds received from related parties 17,850,893 -Interest paid to related party (9,270,932) -Proceeds from related party borrowing17 150,805,717 36,258,390Repayment of related party borrowing17 (9,000,000) (208,839)Payment of lease liabilities 11 (1,864,726) (754,258)Interest expense on lease liabilities 11 (196,845) (173,933) --------------- ------------Net cash generated from financing activities 139,476,360 7,097,851 --------------- ------------Net increase in cash and cash equivalents 138,741,082 195,294,752Effect of translation of foreign currency (4,471,413) 4,276,711Cash and cash equivalents at 1 January 668,046,169 413,625,405 --------------- ---------------Cash and cash equivalents at 30 June 802,315,838 613,196,868Cash and cash equivalents: --------------- ---------------Cash in hand 5 236,437 94,946Cash at banks 5 802,079,401 613,101,922 --------------- --------------- 802,315,838 613,196,868d ========= ========= The accompanying notes from 1 to 33 form an integral part of these condensed consolidated interimfinancial statements.
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1. Legal status and business activities 1.1 Dar Global PLC (the “Company”) is a public limited company, limited by shares,incorporated, domiciled, and registered in England and Wales. The Company operatesunder a Company Number 14388348 issued by the registrar of the companies forEngland and Wales. The majority of shares of the Company are held by Dar Al ArkanGlobal Investment LLC (“Major shareholder”) in United Arab Emirates (“UAE”) and theUltimate parent company of the Major shareholder is Dar Al Arkan Real EstateDevelopment Company, Kingdom of Saudi Arabia (“KSA”). 1.2 The registered address of the Company is located at 19th Floor, 51 Lime Street, London,EC3M 7DQ, United Kingdom. 1.3 These condensed consolidated interim financial statements (“interim financialstatements”) represent the results of Dar Global PLC and its subsidiaries (the “Group”),set out in note 1.4. 1.4 The Company has the following subsidiaries over which it has direct or indirect control: Name ofsubsidiary anddomicile Percentageof effectiveholding Percentageof votingrights License /RegistrationNo. Principal activities Dar GlobalProperties L.L.C –UAE 100% 100% Commerciallicense no.791860 Development and saleof real estate. Dar Global UKHoldings LTD –United Kingdom 100% 100% Companyregistration no.13881707 Development and saleof real estate. Dar Global UK No.1 LTD – UnitedKingdom 100% 100% Companyregistration no.14751868 Development and saleof real estate. Dar Global UK No.2 LTD – UnitedKingdom 100% 100% Companyregistration no.14751750 Development and saleof real estate. Dar Global UK No.3 LTD – UnitedKingdom 100% 100% Companyregistration no.14751915 Development and saleof real estate. Dar Global UK No.4 LTD – UnitedKingdom 100% 100% Companyregistration no.14385758 General businessactivities Dar Global SpainS.L. – Spain(Formerly Dar AlArkan Spain S.L.) 100% 100% Companyregistration no.B09896390 Development and saleof real estate. Dar Benahavis I,S.L. – Spain 100% 100% Companyregistration no.B72530843 Development and saleof real estate. Daranavis S.L. –Spain 100% 100% Companyregistration no.B72530850 Development and saleof real estate. Dar Tabano, S.L. –Spain 100% 100% Companyregistration no.B72530835 Development and saleof real estate. 1. Legal status and business activities (continued) 1.4 The Company has the following subsidiaries over which it has direct or indirect control:(continued) Name ofsubsidiary anddomicile Percentageofeffectiveholding Percentageof votingrights License /RegistrationNo. Principal activities M/s. Prime RealEstate D.o.oSarajevo – Bosnia 100% 100% Companyregistration no.65-01-0672-17 Development andsale of real estate. M/s. Luxury RealEstate D.o.o.Sarajevo – Bosnia 100% 100% Companyregistration no.65-01-0698-17 Development andsale of real estate. M/s. Dar Al ArkanPropertyDevelopmentD.o.o Sarajevo -Bosnia 100% 100% Companyregistration no.65-01-0676-17 Development andsale of real estate. M/s. Beijing DarAl ArkanConsulting Co.Ltd. 100% 100% Companyregistration no.91110105MA7EQ79Y9Q Development of realestate, consultingservices, undertakingexhibition and designactivities.Dar GlobalLuxury PropertyDevelopmentL.L.C S.O.C -UAE 100% 100% Commerciallicense no.997901 Purchase and sale ofreal estate Dar DG GlobalProperties L.L.C –UAE 100% 100% Commerciallicense no.997919 Purchase and sale ofreal estate Dar DG GlobalPropertyDevelopmentL.L.C – UAE 100% 100% Commerciallicense no.997915 Purchase and sale ofreal estate
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Dar Global RealEstateDevelopment LLCOPC – UAE 100% 100% Commerciallicense no.59000 Land and real estatepurchase and sale,self-owned propertymanagementservices, real estateenterprisesinvestment,development,institution andmanagement. 1. Legal status and business activities (continued) 1.4 The Company has the following subsidiaries over which it has direct or indirect control:(continued) Name ofsubsidiary anddomicile Percentageof effectiveholding Percentageof votingrights License /RegistrationNo. Principal activities Dar Global PropertyDevelopment SPC –Oman 100% 100% Commerciallicense no.1402786 Development of realestate Dar Global LuxurySPC – Oman 100% 100% Commerciallicense no.1540816 Real estatedevelopment Dar GlobalHoldings Limited(ADGM) – UAE 100% 100% Commerciallicense no.000008662 Proprietaryinvestment andholding/management ofcompanies, treasurymanagement andoperations, corporategovernance,stakeholderrelations.Dar GlobalHoldings 2 Ltd –UAE ** 100% 100% Commerciallicense no.000031670 Holding ownershipof equity and non-equity assetsDar GlobalDevelopmentMaldives PrivateLTD 100% 100% Commerciallicense no.C00212024 Owning, operatingand managing touristhotels and resorts. Dar DG GlobalInvestment L.L.C –UAE 100% 100% Commerciallicense no.1215259 Investment inCommercialEnterprises &Management.Dar Global ServicesLimited – UK 100% 100% Commerciallicense no.15273295 Business supportincluding marketing activities.Dar GlobalHoldings RealEstate Company –KSA 100% 100% Commerciallicense no. 1010924907 Development ofprojects and buyingand selling of realestate.Dar GlobalHoldings forInvestment – KSA 100% 100% Commerciallicense no. 1009115608 Development of realestate, buying andselling of real estate,management andleasing of residentialand non-residentialproperties, realestate brokerage.1. Legal status and business activities (continued) 1.4 The Company has the following subsidiaries over which it has direct or indirect control:(continued) Name ofsubsidiary anddomicile Percentageof effectiveholding Percentageof votingrights License /RegistrationNo. Principal activities Dar Global RealEstateDevelopment –KSA*** 42% 100% Commerciallicense no. 7051932700 Development ofprojects. DG Ventures –KSA* 100% 100% Commerciallicense no. 7054424481 Real estatedevelopment,leasing, brokerage,informationtechnologyconsultancy, dataservices andadvertising.Dar Global USALLC – USA 100% 100% Commerciallicense no.M23000008667 Investment inCommercialEnterprises &Management.
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Dar GlobalInvestment LLC –USA 100% 100% File No.100250498100 Real estatedevelopment andinvestment.Dar GlobalHoldings LLC –USA 100% 100% File No.100250318100 Real estatedevelopment andinvestment.Dar Global GreeceM.A.E – Greece 100% 100% Commerciallicense no.175922001000 Sale of property. Dar Global Greece1 SINGLEMEMBER S.A. –Greece* 100% 100% Commerciallicense no.191926001000 Sale of property,real estatedevelopment,leasing andpropertymanagement.Dar Global Greece2 SINGLEMEMBER S.A. –Greece* 100% 100% Commerciallicense no.191925901000 Sale of property,real estatedevelopment,leasing andpropertymanagement.Dar GlobalMorocco LLC –Morocco (refernote 33) 100% 100% Commerciallicense no.12673 Acquisition,development andsale of real estateproperties,management andadministration ofproperties 1 Legal status and business activities (continued) 1.4 The Company has the following subsidiaries over which it has direct or indirect control:(continued) Name ofsubsidiary anddomicile Percentageof effectiveholding Percentageof votingrights License /RegistrationNo. Principal activities Dar Global for RealEstate DevelopmentW.L.L – Qatar(Formerly Dar AlArkan For RealEstate DevelopmentW.L.L) 100% 100% CommercialLicense No.165584 Real estatedevelopment Dar Global Luxuryfor Real EstateDevelopment –Qatar * 100% 100% CommercialLicense No.246361 Real estatedevelopment Dar GlobalHoldings Cayman –Cayman Islands* 100% 100% CommercialLicense No.430394 Real estate relatedactivities *These entities were incorporated during the current period. ** This entity was incorporated during the previous year. *** This entity became part of the Group on 24 September 2025. The Group owns 42%of the shareholding in Dar Global Real Estate Development – KSA. Although theownership interest is 42%, it has been treated as a subsidiary as the Group has controlover this entity, and is exposed to, or has rights to, variable returns from its involvementwith this entity and has the ability to affect those returns through its power over thisentity under the agreement entered by the shareholders. 2 Material accounting policies 2.1 Statement of compliance The interim financial statements have been prepared in accordance with the principles ofInternational Accounting Standard (IAS) 34 Interim Financial Reporting as adopted foruse in the UK and the Disclosure Guidance and Transparency Rules (“the DTR”) of theUK’s Financial Conduct Authority. They should be read in in conjunction with theGroup's last annual consolidated financial statements as at and for the year ended 31December 2025 ('last annual financial statements'). They do not include all theinformation required for a complete set of financial statements prepared in accordancewith IFRS Accounting Standards. However, selected explanatory notes are included toexplain events and transactions that are significant to an understanding of the changes inthe Group's financial position and performance since the last annual financial statements. All values are rounded to the nearest unit in United States dollar (“USD”) except whereotherwise indicated. Each entity determines its own functional currency and itemsincluded in the financial statements of each entity are measured using that functionalcurrency. The interim financial statements have been prepared on a historical cost basis. Historicalcost is generally based on the fair value of the consideration given in exchange for assets.2 Material accounting policies (continued) 2.2 Basis of preparation Geopolitical events
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The recent military developments involving the United States, Israel and Iran, whichcommenced on 28 February 2026, have increased geopolitical tensions across the Gulfregion. The Group continues to monitor the impact of ongoing geopolitical uncertainty,particularly on its development properties. Management has assessed potential effects oncash flows and real estate asset valuations; however, given the evolving situation andresulting uncertainties, management continues to believe that there is no significantimpact as at the reporting date. The Group’s business continuity and risk managementframeworks remain in place to support its response. Basis of consolidation The interim financial statements comprise the financial statements of the Company andthe subsidiaries collectively referred as “the Group”, plus the Group’s share of the resultsand net assets of its joint ventures. The financial information contained in these interim results does not constitute fullstatutory accounts as defined in section 434 of the Companies Act 2006. Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it isexposed to, or has rights to, variable returns from its involvement with the entity and hasthe ability to affect those returns through its power over the entity. In assessing control,the Group takes into consideration potential voting rights. The acquisition date is the dateon which control is transferred to the acquirer. The financial statements of subsidiariesare included in the consolidated financial statements from the date that controlcommences until the date that control ceases. Non-controlling interest Non-controlling interest (NCI) are measured initially at their proportionate share of theacquiree’s identifiable net assets at the date of acquisition. Changes in the Group’sinterest in a subsidiary that do not result in a loss of control are accounted for as equitytransactions. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses (exceptfor foreign currency transaction gains or losses) arising from intragroup transactions, areeliminated. Unrealised losses are eliminated in the same way as unrealised gains, butonly to the extent that there is no evidence of impairment. Going concern Management has considered the Group's current sales and development trends, togetherwith funds currently held of USD 231.6 million and available facilities, includingundrawn facilities of USD 347.7 million at the period end (refer notes 16 and 17). Onthis basis, management is satisfied that the Company and the Group have adequateresources to continue operating for the foreseeable future. 2 Material accounting policies (continued) 2.2 Basis of preparation (continued) Going concern (continued) The Directors have, at the time of approving the interim financial statements, areasonable expectation that the Group has adequate resources to continue in operationalexistence for the foreseeable future. Thus, they continue to adopt the going concern basisof accounting in preparing these interim financial statements. Adoption of new and revised standards The Group has adopted all relevant amendments to existing standards and interpretationsissued by the International Accounting Standard Board (IASB) that are effective for therespective financial year / period ends presented, with no material impact on itsconsolidated interim results or financial position. The Group did not implement the requirements of any other standards or interpretationsthat were in issue but were not required to be adopted. No other standards orinterpretations have been issued that are expected to have a material impact on theseinterim financial statements except for IFRS 18 where management are assessing theimpact (note 3.2). The preparation of the interim financial statements requires estimates and assumptions tobe made that may affect the amounts reported in the interim financial statements andaccompanying notes. Actual amounts could differ from the estimates included in theinterim financial statements herein. The preparation of the interim financial statements onthe basis set out, requires the use of certain critical accounting estimates. It also requiresjudgement to be exercised in the process of applying the accounting policies. The areasinvolving a higher degree of judgement or complexity, or areas where assumptions andestimates are material to the interim financial statements, are disclosed in note 2.22. 2.3 Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liabilityin an orderly transaction between market participants at the measurement date. The fairvalue measurement is based on the presumption that the transaction to sell the asset ortransfer the liability takes place either: - In the principal market for the asset or liability, or
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- In the absence of a principal market, in the most advantageous market for theasset or liability. The principal or the most advantageous market must be accessible to by the Group. The fair value of an asset or a liability is measured using the assumptions that marketparticipants would use when pricing the asset or liability, assuming that marketparticipants act in their best economic interest. A fair value measurement of a non-financial asset takes into account a marketparticipant’s ability to generate economic benefits by using the asset in its highest andbest use or by selling it to another market participant that would use the asset in itshighest and best use. 2 Material accounting policies (continued) 2.4 Foreign currency The transactions in currencies other than the Group’s presentation currency arerecognized at the rates of exchange prevailing at the dates of the transactions. At the endof each reporting period, monetary items denominated in foreign currencies areretranslated at the rates prevailing at that date. Non-monetary items carried at fair valuethat are denominated in foreign currencies are retranslated at the rates prevailing at thedate when the fair value was determined. Non-monetary items that are measured in termsof historical cost in a foreign currency are not retranslated. Exchange differences on monetary items are recognized in the condensed consolidatedstatement of profit or loss in the period in which they arise. In preparing the separate financial information of the individual subsidiaries, thetransactions in currencies other than the subsidiaries functional currency are recognizedat the rates of exchange prevailing at the dates of the transactions. At the end of eachreporting period, monetary items denominated in foreign currencies are retranslated atthe rates prevailing at that date. Non-monetary items carried at fair value that aredenominated in foreign currencies are retranslated at the rates prevailing at the date whenthe fair value was determined. Non-monetary items that are measured in terms ofhistorical cost in a foreign currency are not retranslated. Any gain or loss on translation from functional currency of subsidiaries to presentationcurrency of the Group is taken to condensed consolidated statement of othercomprehensive income. Foreign exchange differences Exchange differences on monetary items are recognized in condensed consolidatedstatement of profit or loss in the period in which they arise except for exchangedifferences that relate to assets under construction for future productive use. These areincluded in the cost of those assets when they are regarded as an adjustment to interestcosts on foreign currency borrowings. Foreign exchange gains and losses The carrying amount of financial assets that are denominated in a foreign currency isdetermined in that foreign currency and translated at the spot rate at the end of eachreporting period. Financial assets measured at amortized cost, exchange differences arerecognized in the condensed consolidated statement of profit or loss. 2.5 Property and equipment Property and equipment is stated at cost less accumulated depreciation and identifiedimpairment loss, if any. The cost comprise of purchase price, together with any incidentalexpense of acquisition. Subsequent costs are included in the asset’s carrying amount or recognized as a separateasset, as appropriate, only when it is probable that future economic benefits associatedwith the item will flow to the Group and the cost of the item can be measured reliably.All other repairs and maintenance expenses are charged to the condensed consolidatedstatement of profit or loss during the financial period in which they are incurred. 2 Material accounting policies (continued) 2.5 Property and equipment (continued) Depreciation is spread over its useful lives so as to write off the cost of property andequipment, using the straight-line method over its useful lives as follows: Assets Life yearsLeasehold improvements 3-5Furniture and fixtures 3-5Computers and office equipment 3-5 No depreciation is charged on land and capital work-in-progress. When part of an item of property and equipment have different useful lives, they areaccounted for as separate items (major components) of property and equipment. The leasehold improvements are being depreciated over the period from when it becameavailable for use up to the end of the lease term.
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The estimated useful lives, residual values and depreciation method are reviewed at theend of each reporting period, with the effect of any changes in estimate accounted for ona prospective basis. The gain or loss arising on the disposal or retirement of an item of property andequipment is determined as the difference between the sales proceeds and the carryingamount of the asset and is recognized in the condensed consolidated statement of profitor loss. 2.6 Leases Leases are accounted for by recognising a right-of-use asset and a lease liability exceptfor: - Leases of low value assets; and- Leases with a duration of 12 months or less. Lease liabilities are measured at the present value of the contractual payments due to thelessor over the lease term, with the discount rate determined by reference to the rateinherent in the lease unless (as is typically the case) this is not readily determinable, inwhich case the group’s incremental borrowing rate on commencement of the lease isused. Variable lease payments are only included in the measurement of the lease liability ifthey depend on an index or rate. In such cases, the initial measurement of the leaseliability assumes the variable element will remain unchanged throughout the lease term.Other variable lease payments are expensed in the period to which they relate. On initial recognition, the carrying value of the lease liability also includes: amounts expected to be payable under any residual value guarantee;the exercise price of any purchase option granted in favour of the group if it isreasonably certain to assess that option;any penalties payable for terminating the lease, if the term of the lease has beenestimated based on termination option being exercised.2 Material accounting policies (continued) 2.6 Leases (continued) Right of use assets are initially measured at the amount of the lease liability, reduced forany lease incentives received, and increased for: lease payments made at or before commencement of the lease;initial direct costs incurred; andthe amount of any provision recognized where the group is contractually requiredto dismantle, remove or restore the leased asset. Subsequent to initial measurement lease liabilities increase as a result of interest chargedat a constant rate on the balance outstanding and are reduced for lease payments made.Right-of-use assets are amortised on a straight-line basis over the remaining term of thelease or over the remaining economic life of the asset if, rarely, this is judged to beshorter than the lease term. 2.7 Development properties Properties acquired, constructed or in the course of construction for sale in the ordinarycourse of business are classified as development properties and are stated at the lower ofcost or net realizable value. Cost includes cost of acquisition of land, cost of constructionincluding planning and design cost, commission, borrowing costs, employee costs, costof acquiring development rights and other direct costs attributable to the development. Certain portion of land plots, on which the Group's projects are located, is acquired withminimal upfront cash contributions and certain variable consideration based on thepercentage of profit. The entire projects are controlled and managed by the Group, whichincludes development, marketing, collections etc. The Group applies the liabilityapproach in accounting for the variable considerations. Under this approach, the Groupincludes the fair value of the variable payments in the initial cost of the properties at thedate of acquisition and recognises a corresponding liability equal to the fair value of thevariable payments on initial recognition computed based on a deferred payment plan asdefined in the sale and purchase agreement (“SPA”). In accounting for the liability, theGroup follows the principles in IFRS 9. Net realizable value is the estimated selling price in the ordinary course of business,based on market prices at the reporting date and discounted for the time value of money,if material, less costs to completion and the estimated costs of sale. The management reviews the carrying values of the development properties on eachreporting date. 2.8 Advances from customers Advances received from customers include instalments received from customers forproperties sold either before the revenue recognition criteria have been met or in excessof the project’s stage of completion. These funds are later recognized in the condensedconsolidated statement of profit or loss once the revenue recognition criteria are satisfied.Additionally, advances from customers may be derecognized from the books when eitherthe customer or the Group terminates the contract. 2 Material accounting policies (continued)
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2.9 Asset acquisition If the Group acquires an asset or a group of assets (including any liabilities assumed) thatdoes not constitute a business, then the transaction is outside the scope of IFRS 3 becauseit cannot meet the definition of a business combination. Such transactions are accountedfor as asset acquisitions in which the cost of acquisition is generally allocated betweenthe individual identifiable assets and liabilities in the Group based on their relative fairvalues at the date of acquisition. They do not give rise to goodwill or a gain on a bargainpurchase. The measurement and allocation of cost in an asset acquisition are completed at the dateof recognition of the assets acquired and liabilities assumed, if there are any. 2.10 Impairment of non-financial assets Non-financial assets of the Group mainly include development properties, advances tosuppliers and contractors, right-of-use assets and property and equipment. At the end ofeach reporting period, the Group reviews the carrying amounts of its non-financial assetsto determine whether there is any indication that those assets have suffered animpairment loss. If any such indication exists, the recoverable amount of the asset isestimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, theGroup estimates the recoverable amount of the cash-generating unit to which the assetbelongs. Where a reasonable and consistent basis of allocation can be identified,corporate assets are also allocated to individual cash-generating units, or otherwise theyare allocated to the smallest group of cash-generating units for which a reasonable andconsistent allocation basis can be identified. Recoverable amount is the higher of fair value less costs to sell and value in use. Inassessing value in use, the estimated future cash flows are discounted to their presentvalue using a pre-tax discount rate that reflects current market assessments of the timevalue of money and the risks specific to the asset for which the estimates of future cashflows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be lessthan its carrying amount, the carrying amount of the asset (or cash-generating unit) isreduced to its recoverable amount. An impairment loss is recognized immediately in thecondensed consolidated statement of profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (orcash-generating unit) is increased to the revised estimate of its recoverable amount, butso that the increased carrying amount does not exceed the carrying amount that wouldhave been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognizedimmediately in the condensed consolidated statement of profit or loss. 2.11 Financial instruments Financial assets and financial liabilities are recognized when the Group becomes a partyto the contractual provisions of the instrument. 2 Material accounting policies (continued) 2.12 Financial assets Classification The Group classifies its financial assets at amortized cost. Measurement At initial recognition, the Group measures a financial asset at its fair value plustransaction costs that are directly attributable to the acquisition of the financial asset. Financial assets comprise cash and cash equivalents, trade and unbilled receivables,deposits and other receivables, due from related parties and escrow retentions. Cash and cash equivalents Cash and cash equivalents comprise cash on hand, demand deposits and other short-termhighly liquid investments that are readily convertible to a known amount of cash and aresubject to an insignificant risk of changes in value. Trade and other receivables (including due from related parties) Receivable balances that are held to collect are subsequently measured at the lower ofamortized cost or the present value of estimated future cash flows. The present value ofestimated future cash flows is determined through the use of value adjustments foruncollectible amounts. The Group assesses on a forward-looking basis the expectedcredit losses associated with its receivables and adjusts the value to the expectedcollectible amounts. Receivables are written off when they are deemed uncollectible because of bankruptcy orother forms of receivership of the debtors. The assessment of expected credit losses onreceivables takes into account credit-risk concentration, collective debt risk based onaverage historical losses, specific circumstances such as serious adverse economicconditions in a specific country or region and other forward-looking information.
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For trade receivable, the Group applies the simplified approach permitted by IFRS 9,which requires expected lifetime losses to be recognized from initial recognition of thereceivables. Derecognition of financial assets The Group derecognizes a financial asset only when the contractual rights to the cashflows from the asset expire; or it transfers the financial asset and substantially all therisks and rewards of ownership of the asset to another party. If the Group neithertransfers nor retains substantially all the risks and rewards of ownership and continues tocontrol the transferred asset, the Group recognizes its retained interest in the asset and anassociated liability for the amounts, it may have to pay. If the Group retains substantiallyall the risks and rewards of ownership of a transferred financial asset, the Groupcontinues to recognize the financial asset. 2 Material accounting policies (continued) 2.13 Financial liabilities Financial liabilities are classified according to the substance of the contractualarrangements entered into and the definitions of a financial liability. All financialliabilities are recognized initially at fair value and, in the case of loans, borrowings andpayables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, bank borrowings,retention payable, development property liabilities and due to related parties. Trade and other payables Trade payable are obligations to pay for goods or services that have been acquired in theordinary course of business from suppliers. Accounts payable are classified as currentliabilities if payment is due within one year or less (or in the normal operating cycle ofthe business if longer). If not, they are presented as non-current liabilities. Accounts andother payables are recognized initially at fair value and subsequently are measured atamortized cost using effective interest method. Bank borrowings Term loans are initially recognised at the fair value of the consideration received lessdirectly attributable transaction costs. After initial recognition, interest-bearing loans andborrowings are subsequently measured at amortised cost using the effective interest ratemethod. Gains and losses are recognised in the condensed consolidated income statementwhen the liabilities are derecognised as well as through the amortisation process. Development property liabilities Development property liabilities represent the fixed and variable amounts payable for theacquisition of development properties on a deferred payment plan basis. Fixed paymentspayable on deferred payment plan basis, are stated at cash price equivalent at therecognition date. The difference between the cash price equivalent and the total paymentis recognised as interest over the period of credit unless such interest qualifies forcapitalisation as a borrowing cost, refer to paragraph 2.17. The liability approach is used to account for variable payments. Under this method, thefair value of variable payments is included in the initial cost of development properties atthe acquisition date and a corresponding development property liability is alsorecognized. After initial recognition, any changes in the amortized cost of the financialliability are recorded in profit or loss, unless the interest qualifies for capitalisation as aborrowing cost. Subsequently, at each reporting date the development property liabilitiesare measured at amortised cost using the effective interest method. Derecognition of financial liabilities The Group derecognizes financial liabilities when, and only when, the Group’sobligations are discharged, cancelled or they expire. When an existing financial liabilityis replaced by another, from the same lender on substantially different terms, or the termsof an existing liability are substantially modified, such an exchange or modification istreated as the derecognition of the original liability and the recognition of a new liability.The difference in the respective carrying amounts is recognized in the condensedconsolidated statement of profit or loss. 2 Material accounting policies (continued) 2.14 Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the condensedconsolidated statement of financial position, when there is a legally enforceable right tooffset the recognized amounts and there is an intention to settle on a net basis or realizethe asset and settle the liability simultaneously. 2.15 Revenue recognition Revenue from contracts with customers The Group recognizes revenue from contracts with customers based on a five-step modelas set out in IFRS 15 Revenue from contracts with customers.
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Step 1. Identify the contract(s) with a customer: A contract is defined as an agreementbetween two or more parties that creates enforceable rights and obligations andsets out the criteria for every contract that must be met. This is evidenced byissuance of signed Sale and Purchase Agreement (“SPA”) to the customer andmeeting specified threshold of project completion and collection from thecustomers. Step 2. Identify the performance obligations in the contract: A performance obligationis a promise in a contract with a customer to transfer a good or service to thecustomer. The performance obligation for the Group is to deliver theconstructed property to the customers along with the ancillary rights such as theright to use amenities and other related infrastructure facilities available.Accordingly, one performance obligation has been identified for each unit to besold. The group assesses its revenue arrangements against specific criteria todetermine if it is acting as principal or agent. The Group has concluded that it isacting as a principal in all of its revenue arrangements. Step 3. Determine the transaction price: The transaction price is the amount ofconsideration to which the Group expects to be entitled in exchange fordelivering the property to its customers. The agreed transaction price is a part ofsigned SPA issued to each customer. Revenue excludes taxes and duty, andincludes an adjustment for a significant financing component (“SFC”) as thepayment plan for the projects extends beyond twelve months from the reportingperiod. No adjustment has been made for variable consideration as the groupdoes not have any contracts with variable consideration. Step 4. Allocate the transaction price to the performance obligations in the contract:The Group allocates the transaction price to each unit sold, consistent with theperformance obligation identified in Step 2. Step 5. Recognize revenue when (or as) the entity satisfies a performance obligation. The Group satisfies a performance obligation and recognizes revenue over time, if one ofthe following criteria is met: 1. The customer simultaneously receives and consumes the benefits provided bythe Group’s performance as the Group performs; or2. The Group’s performance creates or enhances an asset that the customercontrols as the asset is created or enhanced; or3. The Group’s performance does not create an asset with an alternative use to theGroup and the entity has an enforceable right to payment for performancecompleted to date. 2 Material accounting policies (continued) 2.15 Revenue recognition (continued) The Group determines the satisfaction of performance obligation separately for each ofits contracts and recognize revenue accordingly. For performance obligations where one of the above conditions are not met, revenue isrecognised at the point in time at which the performance obligation is satisfied. Under the terms of the contracts in the UAE, Oman, KSA and Qatar, the Group iscontractually restricted from redirecting the properties to another customer and has anenforceable right to payment for work done. Therefore, revenue from construction ofresidential properties in the UAE, Oman, KSA and Qatar is recognised over time on aninput/cost-to-cost method, i.e. based on the proportion of contract costs incurred for workperformed to date relative to the estimated total contract costs. The Group considers thatthis input method is an appropriate measure of theprogress towards complete satisfaction of the performance obligation under IFRS 15. Inrespect of the Group’s contracts for development of residential properties in the UnitedKingdom, the Group has assessed that the criteria for recording revenue over time is notmet and transfer of control happens only at the time of handover of completed units tothe customers and accordingly the revenue is recognised at the point in time at which theperformance obligation is satisfied. When the Group satisfies a performance obligation by delivering the promised goods orservices it creates a contract asset based on the amount of consideration earned by theperformance. Where the amount of consideration received from a customer exceeds theamount of revenue recognized this gives rise to a contract liability. Project management service The Group provides advisory and assisting services relating to management ofconstruction of properties under long term contracts with customers. The revenue ismeasured based on the consideration from customers to which the Group expects to beentitled in a contract with a customer in an amount that corresponds directly with thevalue to the customer of the Group’s performance completed to date. 2.16 Cost of revenue Cost of revenue represent cost for purchase of land, construction costs, consultant costs,utilities cost, and other related direct costs recognized in condensed consolidatedstatement of profit or loss on percentage of completion or point in time as applicable. 2.17 Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production ofqualifying assets, which are assets that necessarily take a substantial period of time to getready for their intended use or sale, are added to the cost of those assets, until such time
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as the assets are substantially ready for their intended use or sale. Borrowing costsconsist of interest and other costs that the Group incurs in connection with the borrowingof funds. All other borrowing costs are recognised in the condensed consolidatedstatement of profit or loss in the period in which they are incurred. 2 Material accounting policies (continued) 2.18 Escrow accounts Escrow accounts represent bank accounts where money is held with the bank, acting asan escrow agent, and available for use only if all the pre-determined conditions arefulfilled. The funds paid by customers for their apartments in off-plan sales are requiredto be deposited into escrow accounts held by banks accredited by the local governingbodies. For escrow retention, in line with UAE and KSA laws, an escrow agent must retainprescribed per cent of the total value of each escrow account once the developer obtainsthe building completion certificate to ensure coverage of defects in the property post-handover. The retained amount will be released to the developer one year from theregistration of the residential units in the name of purchasers of such units. 2.19 Equity and reserves Share capital represents the nominal value of shares that have been issued. Sharepremium represents the excess consideration received over the nominal value of sharecapital upon the sale of shares, less any incidental costs of issue. The retained earnings represent distributable reserves. The foreign currency translation reserve is used to record exchange difference arisingfrom translation of the financial statements of foreign subsidiaries, associates and jointventures. 2.20 Taxation The tax charge represents the sum of the tax currently payable and deferred tax. Current tax Current tax comprises the expected tax payable or receivable on the taxable income orloss for the period and any adjustment to the tax payable or receivable in respect ofprevious years. The amount of current tax payable or receivable is the best estimate ofthe tax amount expected to be paid or received that reflects uncertainty related to incometaxes, if any. It is measured using tax rates enacted or substantively enacted at thereporting date. Current tax also includes any tax arising from dividends. Deferred tax Deferred tax is recognised in respect of temporary differences between the carryingamounts of assets and liabilities for financial reporting purposes and the amounts usedfor taxation purposes. 2 Material accounting policies (continued) 2.20 Taxation (continued) Deferred tax (continued) Deferred tax is recognised in respect of temporary differences between the carryingamounts of assets and liabilities for financial reporting purposes and the amounts usedfor taxation purposes. Deferred tax is not recognised for: - temporary differences on the initial recognition of assets or liabilities in a transactionthat:a) is not a business combination; andb) at the time of the transaction (i) affects neither accounting nor taxable profit orloss and (ii) does not give rise to equal taxable and deductible temporarydifferences; - temporary differences related to investments in subsidiaries, associates and jointarrangements to the extent that the Group is able to control the timing of the reversalof the temporary differences and it is probable that they will not reverse in theforeseeable future; and - taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognised for unused tax losses, unused tax credits anddeductible temporary differences to the extent that it is probable that future taxableprofits will be available against which they can be used. Future taxable profits aredetermined based on the reversal of relevant taxable temporary differences. If the amountof taxable temporary differences is insufficient to recognise a deferred tax asset in full,
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then future taxable profits, adjusted for reversals of existing temporary differences, areconsidered, based on the business plans for individual subsidiaries in the Group.Deferred tax assets are reviewed at each reporting date and are reduced to the extent thatit is no longer probable that the related tax benefit will be realised; such reductions arereversed when the probability of future taxable profits improves. The measurement of deferred tax reflects the tax consequences that would follow fromthe manner in which the Group expects, at the reporting date, to recover or settle thecarrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset only if certain criteria are met. 2.21 Statutory reserve According to Article 103 of the UAE Federal Law No. (32) of 2021, 5% of annual netprofits after NCI are allocated to the statutory reserve for the entities registered in UAE.The transfers to the statutory reserve may be suspended when the reserve reaches 50% ofthe paid-up capital. 2.22 Significant accounting judgements, estimates and assumptions In the application of the Group’s accounting policies, which are described in policynotes, the management are required to make judgements, estimates and assumptions thataffect the application of the Group’s accounting policies and reported amounts of assets,liabilities, income and expenses. The estimates and associated assumptions are based onhistorical experience and other factors that are considered to be relevant. Actual resultsmay differ from these estimates. 2 Material accounting policies (continued) 2.22 Significant accounting judgements, estimates and assumptions The estimates and underlying assumptions are reviewed on an ongoing basis. Revisionsto accounting estimates are recognized in the period in which the estimate is revised ifthe revision affects only that period, or in the period of the revision and future periods ifthe revision affects both current and future periods. The significant judgments and estimates made by management, that have a significantrisk of causing a material adjustment to the amounts recognised in the interim financialstatements within the next financial year are described below. Critical judgements in applying accounting policies In the process of applying the Group’s accounting policies, which are described above,and due to the nature of operations, management makes the following judgments that hasthe most significant effect on the amounts recognized in the interim financial statements. Identifying a contract The Group assesses for each development and for each customer the point in time atwhich a contract exists. This requires assessing the point in each development wherethere is certainty that it will continue to completion subject to certain thresholds i.e.development stages ranging from 20% to 30%, depending on the geography andassociated project risks. Development stage is determined based on construction progressachieved by the main contractor. Additionally, the Group assesses the point in time atwhich consideration from the customer is probable, typically being receipt of 20% of theconsideration together with the legal requirements of the sale and purchase agreementand the continuing trend of collections indicating the likelihood receipt of futureinstalment payments due. Recognition of revenue over time or at point in time The Group is required to assess each of its contracts with customers to determinewhether performance obligations are satisfied over time or at a point in time in order todetermine the appropriate method of recognizing revenue. The Group has assessed that based on the sale and purchase agreements entered into withcustomers for sale of property under development in the UAE, Oman, KSA and Qatar, aswell as the relevant laws and regulations, that it does not create an asset with analternative use to the Group and has an enforceable right to payment for performancecompleted to date. In these circumstances the Group recognizes revenue over time. However, for contracts relating to sale of property under development in the UnitedKingdom where the above is not applicable, the Group recognizes revenue at a point intime. In recognizing revenue at a point in time, the Group considers the point in time atwhich the customer obtains control of the asset. 2 Material accounting policies (continued) 2.22 Significant accounting judgements, estimates and assumptions (continued) Critical judgements in applying accounting policies (continued)
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Measurement of progress when revenue is recognized over time The Group has elected to apply the input method to measure the progress of performanceobligations where revenue is recognized over time. The Group considers that the use ofthe input method which requires revenue recognition on the basis of the Group’s effortsto the satisfaction of the performance obligation provides the best reference of revenueactually earned. In applying the input method, the Group estimates the cost to completethe projects in order to determine the amount of revenue to be recognized. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimationuncertainty at the reporting date, that have a significant risk of causing a materialadjustment to the amounts recognised in the interim financial statements within the nextfinancial year, are discussed below. Valuation of development properties The Group assesses whether there are any indicators of impairment for developmentproperties at each reporting date. Development properties are tested for impairment whenthere are indicators that the carrying amounts may not be recoverable. The Group usesvaluations carried out by internal valuer based on the market sales data to ascertain therecoverable amount. Significant financing component In jurisdictions where the Group recognizes revenue over time, unbilled revenue forcustomers with expected collections beyond one year is discounted at the prevailingmarket interest rate. The transaction price for these contracts is adjusted using the ratethat would have been applied if a separate financing agreement had been made betweenthe Group and the customer at the contract's inception, usually matching the market rateat that time. The Group has used discount rates ranging from 6% to 8.5%. In jurisdictions where the Group acquires development properties on a deferred paymentplan with expected payments beyond one year are discounted at the Group’s incrementalborrowing rate. The transaction price for these acquisitions is adjusted using theborrowing rate, typically the rate that would have been applied if a separate financingagreement had been made between the Group and the seller at the contract's inception.The Group has used discount rates ranging from 6% to 7.05%. Cost to complete the projects The Group estimates the cost to complete the projects in order to determine the costattributable to revenue being recognized. These estimates include the cost of providinginfrastructure, potential claims by contractors as evaluated by the project consultant andthe cost of meeting other contractual obligations to the customers. 2 Material accounting policies (continued) 2.22 Significant accounting judgements, estimates and assumptions (continued) Key sources of estimation uncertainty (continued) Cost to complete the projects (continued) The Group has conducted sensitivity analysis on the total budgeted cost for its ongoingprojects eligible for revenue recognition. Based on sensitivity analysis, a 5% increase intotal budgeted cost will lead to 20% (2025: 20%) decrease in gross revenue, whilst adecrease in total budgeted cost by 5% will lead to 22% (2025: 19%) increase in grossrevenue. The Group has entered into arrangements to acquire land where there is a developmentprofit share element to the acquisition price as contingent consideration. The Groupestimates the contingent consideration payable to the seller. In order to determine thecontingent consideration, the Group estimates the total sales price, the total cost ofdevelopment properties including potential claims by contractors and the estimated costof meeting other contractual obligations. The overall profitability of the projects can be affected due to change in total budgetedcost. These fluctuations in profit will, in turn, have an impact on the contingentconsideration payable. Since the contingent consideration is tied to the profitability of theprojects, any significant changes in the budgeted costs will directly influence the amountof contingent consideration owed. 2.23 Finance income and cost Finance income or cost is recognised under the effective interest method. The ‘effectiveinterest rate’ is the rate that exactly discounts estimated future cash payments or receiptsthrough the expected life of the financial instrument to:• the gross carrying amount of the financial asset; or• the amortised cost of the financial liability.In calculating finance income and cost, the effective interest rate is applied to the grosscarrying amount of the financial asset (when the asset is not credit-impaired) or to theamortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, finance income is calculated by applying theeffective interest rate to the amortised cost of the financial asset. If the asset is no longercredit-impaired, then the calculation of interest income reverts to the gross basis. 3 New standards and amendments
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3.1 New standards and amendments applicable for 2026 The following standards and amendments apply for the first time to the financialreporting periods commencing on or after January 1, 2026. - Classification and Measurement of Financial Instruments – Amendments to IFRS 9and IFRS 7- Annual Improvement to IFRS Accounting Standards – Volume 11 The management believes that the adoption of the above amendments effective for thecurrent accounting period has not had any material impact on the recognition,measurement, presentation, and disclosure of items in the interim financial statements.3 New standards and amendments (continued) 3.2 New standards and amendments issued but not effective for the current year The following standards and interpretations had been issued but not yet mandatory forannual periods beginning after January 1, 2026. Description Effective for annualperiods beginningon or after IFRS 18 Presentation and Disclosure in Financial Statements* IFRS 19 Subsidiaries without Public Accountability: Disclosures Translation to a Hyperinflationary Presentation Currency –Amendments to IAS 21 January 1, 2027 January 1, 2027 January 1, 2027 Sale or Contribution of Assets between an investor and its Associate orJoint Venture – IFRS 10 and IAS 28 Effective datedeferred indefinitely * The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements in April2024. IFRS 18 aims to improve how companies communicate in their financialstatements, with a focus on information about financial performance in the statement ofprofit or loss. IFRS 18 is accompanied by limited amendments to the requirements inIAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. IFRS 18replaces IAS 1 Presentation of Financial Statements and will affect the presentation anddisclosure of financial performance in the Group’s interim financial statements whenadopted. The adoption of these new standards will have no material impact on the interimfinancial statements in the period of initial application, except for IFRS 18 wheremanagement are assessing the impact. 4 Segment Information Management monitors the operating results of its business segments separately for thepurpose of making decisions about resource allocation and performance assessment.Segment performance is evaluated based on operating profit or loss and is measuredconsistently with operating profit or loss in the interim financial statements. The onlysegment is real estate development, accordingly, the component parts of the revenue,profits or assets as disclosed in the notes to the interim financial statement pertain to thissegment. Business segment The only business segment is real estate development which represents 100% of therevenue and total assets. 4 Segment Information (continued) Geographic segments The following tables include revenue and other segment information for the period endedJune 30, 2026 and June 30, 2025. Certain assets information for geographic segments ispresented as at June 30, 2026 and December 31, 2025. The Group has divided its operations into two categories i.e. Domestic (UK) andInternational (all other countries where Group has its operations) Domestic International USD USD For the six months ended on 30 June 2026 (unaudited): Revenue - 258,040,316(Loss) / Profit for the period (11,078,604) 41,501,104 For the six months ended on 30 June 2025 (unaudited): Revenue 5,099,093 150,296,359(Loss) / Profit for the period (1,419,096) 13,631,143 As at 30 June 2026 (unaudited)
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Total assets 38,586,609 2,241,320,782Total liabilities 460,645,665 1,205,972,812 As at 31 December 2025 Total assets 31,801,257 2,030,815,130Total liabilities 309,054,673 1,169,182,943 a) The major geographical areas of total assets and revenue under "International” sub-segment are given below: As at June As at December 30, 2026 31, 2025 ---------------- ---------------- (Unaudited) Total assets United Arab Emirates 1,275,167,006 1,208,064,049Qatar 163,903,736 164,289,736Oman 208,264,914 183,581,337KSA 461,109,992 347,913,903Other countries 132,875,134 126,966,105 ----------------- ----------------- 2,241,320,782 2,030,815,130 ========== ========== 4 Segment Information (continued) a) The major geographical areas of total assets and revenue under "International” sub-segment are given below (continued): For the six months ended June 30, June 30, 2026 2025 ---------------- ---------------- (Unaudited) (Unaudited)Revenue United Arab Emirates 201,920,842 36,416,568Oman 24,548,348 2,893,361KSA 16,500,757 103,343,928Qatar 15,070,369 7,642,502 --------------- --------------- 258,040,316 150,296,359 ========= ========= 5 Cash and cash equivalents As at June As at December 30, 2026 31, 2025 ---------------- ---------------- (Unaudited) Cash in hand 236,437 230,286Cash at bank - Current accounts 29,057,839 38,701,392- Escrow retention accounts (note (a) below) 45,611,181 33,520,147- Escrow accounts (note (b) below) 570,701,893 584,561,506- Demand deposit (note (c) below) 202,319,669 44,552,985 ---------------- ---------------- 847,927,019 701,566,316Less: Escrow retention accounts (note 9) (45,611,181) (33,520,147) ---------------- ---------------- 802,315,838 668,046,169 ========= ========= a) The above represents escrow retention accounts maintained with commercial banksin accordance with the local laws issued by the governing body in UAE and KSA.The retention balances shall be released after one year from the completion of theproject and therefore do not meet cash and cash equivalents criteria and are thereforepresented separately as escrow retentions. b) The above represents Escrow accounts maintained with commercial banks inaccordance with the local laws issued by the governing body of the respectivecountries. These escrow accounts can be used for making payments directly relatedto the projects subject to the regulations and therefore meets the cash and cashequivalents criteria. 5 Cash and cash equivalents (continued) c) The above represents a deposit held with one of its related parties (refer to note 17),a financial services company in KSA, for a period of one to three years at an interestrate of 7.80% per annum. This deposit is repayable on demand without any penaltyon early maturity and therefore meets the cash and cash equivalents criteria.
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Management has concluded that the Expected Credit Loss (ECL) for all bank balances isimmaterial as these balances are held with banks/financial institutions whose credit riskrating by international rating agencies has been assessed as low. 6 Trade and unbilled receivables As at June As at December 30, 2026 31, 2025 ---------------- ---------------- (Unaudited) Unbilled receivables (note (a) below) 288,204,154 301,859,668Trade receivables 79,786,829 49,891,426 ---------------- ---------------- 367,990,983 351,751,094Less: Provision for impairment on trade receivables - - ---------------- ----------------Net receivables 367,990,983 351,751,094 ========= =========Not more than 12 months 236,922,507 204,000,287More than 12 months 131,068,476 147,750,807 ---------------- ---------------- 367,990,983 351,751,094 ========= ========= a) Unbilled receivables are contract assets which relate to the Group’s right toreceive consideration for work completed but not billed as at the reporting date.These are transferred to trade receivables when invoiced as per milestonesagreed in contracts with the customers. b) At reporting date, the ageing analysis of net trade and unbilled receivables is asfollows: As at June As At December 30, 2026 31, 2025 ---------------- ---------------- (Unaudited) Current (Not past due) 288,204,154 301,859,668Not more than 90 days 34,682,267 19,475,815Between 91 to 180 days 15,538,361 7,073,276Between 181 to 360 days 12,323,195 14,416,637More than 360 days 17,243,006 8,925,698 ---------------- ---------------Total 367,990,983 351,751,094 ========= ========= 7 Advances, deposits and other receivables As at June As at December 30,2026 31,2025 ---------------- ---------------- (Unaudited) Prepayments (note (a) below) 115,049,379 105,947,870Advances to suppliers and contractors 72,527,578 45,484,529Margin deposit (note (b) below) 10,976,497 10,805,572Other deposits (note (c) below) 7,238,991 6,663,978Other receivables 7,619,232 2,720,028VAT receivable 15,698,959 13,773,677 --------------- -------------- 229,110,636 185,395,654 ========= ======== Not more than 12 months 218,134,139 174,590,082More than 12 months 10,976,497 10,805,572 --------------- --------------- 229,110,636 185,395,654 ========= ========= a) The above mainly includes incremental cost of obtaining a contract such as salescommission paid to brokers and employees for the sale of properties, amounting to USD111,215,656 (2025: USD 101,090,040) and will be amortized consistent with the patternof revenue in the future. b) The above represents margin deposits held with banks against project guarantee (refer tonote 29). The credit risk on these deposits is limited because the counterparties are bankswith high credit-ratings assigned by international credit-rating agencies. c) The above mainly includes a deposit of USD 5,043,187 (AED 18,521,104) (2025: USD5,043,187) with Dubai Land Department related to escrow retentions for one of theprojects in UAE. The credit risk on this deposit is limited because the counterparty is agovernment body. 8 Development properties As at June As at December 30, 2026 31,2025 --------------- --------------- (Unaudited)
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Balance at the beginning of the period / year 783,111,658 586,415,420Additions during the period / year 161,574,549 501,941,617Borrowing cost capitalised during the period / year 10,787,499 30,538,053Cost of revenue (170,312,852) (335,783,432) --------------- ---------------Balance at the end of the period / year 785,160,854 783,111,658 ========= ========= 8 Development properties (continued) Properties acquired, constructed or in the course of construction for sale in the ordinarycourse of business are classified as development properties and include the costs of: Freehold and leasehold rights for land;Amounts paid to contractors for construction including the cost of constructionof infrastructure; andPlanning and design costs, costs of site preparation, professional fees for legalservices, property transfer taxes, borrowing costs, employee costs, cost ofacquiring development rights construction overheads and other related costs. Common overhead cost (directly attributable to the projects) is allocated to variousprojects and forms part of the estimated cost to complete a project in order to determinethe cost attributable to revenue being recognised. The Group assesses the net realizable value of development properties for impairment oneach reporting date. Based on the assessment, the management has determined that thenet realizable value of above development properties is higher than their carrying valueas on the reporting date. Development properties in the UAE, Qatar, Oman and KSA include land acquired withminimal upfront cash contributions and variable consideration. On initial recognitionthese properties have been recognized at the fair value of the consideration payablecomputed based on a deferred payment plan as defined in the sale and purchaseagreement (“SPA”) (note 15). Under this arrangement, the variable contribution from thedevelopment profits is as follows: 62.5% for land in KSA, 50% for lands in the UAE,30% for land in Qatar, and 20% for land in Oman. Development properties include an amount of USD 113,785,025 (December 2025: USD113,785,025) which is registered as primary mortgage in the favour of commercial bankagainst borrowings (note 16). The development properties are located in UAE, United Kingdom, Spain, Bosnia, Oman,Qatar and KSA. 9 Escrow retentions As at June As at December 30, 2026 31, 2025 ---------------- ---------------- (Unaudited) More than 12 months 45,611,181 33,520,147 ======== ======== 10 Property and equipment Land LeaseholdimprovementsFurnitureandfixtures Computersand officeequipment Capitalwork-in-progress Total Cost As at January 1,2025 15,990,5793,099,3421,270,0194,128,290- 24,488,230Additions 2,114,528946,684 94,3922,485,318145,157-5,786,079Disposal - - - (1,219)- (1,219)Translationadjustments303,82125,355 78,91636,043- 444,135 --------------------------------------------------------------------------As at December 31,2025 18,408,9284,071,3811,443,3276,648,432145,157-30,717,225 --------------------------------------------------------------------------As at January 1,2026 18,408,9284,071,3811,443,3276,648,432145,157-30,717,225Additions - 38,154 6,439 96,5852,948,3243,089,502Disposal - - - (100,974)- (100,974)Reclassification (2,114,528)- - - 2,114,528-Translation adjustments - (6,707) (20,561)(9,644)- (36,912) --------------------------------------------------------------------------As at June 30, 2026(unaudited)16,294,4004,102,8281,429,2056,634,3995,208,00933,668,841 ------------------------------------------------------------------------- Accumulated depreciation
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As at January 1,2025 - 903,400 435,0251,252,142- 2,590,567Charge for the year- 1,210,845269,5961,540,257- 3,020,698Disposal - - - - - -Translationadjustments- 22,538 26,55719,322- 68,417 ---- ----------------------------------------------------------As at December 31,2025 - 2,136,783731,1782,811,721- 5,679,682 ---- ---------------------------------------------------------- As at January 1,2026 - 2,136,783731,1782,811,721- 5,679,682Charge for theperiod - 608,999 135,341887,184- 1,631,524Disposal - - - (53,337)- (53,337)Translationadjustments- (6,708) (9,336)(2,574)- (18,618) ---- --------------------------------------------------------As at June 30, 2026(unaudited)- 2,739,074857,1833,642,994- 7,239,251 ---- --------------------------------------------------------Carrying value as As at June 30, 2026(unaudited)16,294,4001,363,754572,0222,991,4055,208,00926,429,590 ===========================================As at December 31,2025 16,294,4001,934,598712,1493,836,711 2,259,68525,037,543 =============== ============================ The amount classified as land pertains to the acquisition of land in the Maldives, along withassociated costs. The Group's intention is to develop and operate a hotel on this land. 11 Right-of-use assets and lease liabilities The Group primarily leased office spaces, with lease term spanning from 3 to 7 years.The carrying amounts of the Group’s right-of-use assets and lease liabilities and themovements during the period/ year: Right-of-use assets As at June As at December 30, 2026 31,2025 ---------------- ---------------- (Unaudited) Balance at the beginning of the period / year 3,846,885 4,133,177Additions during the period / year 7,782,105 2,424,500Depreciation charge for the period / year (1,607,601) (2,777,394)Translation adjustments (738,011) 66,602 ------------- --------------Balance at the end of the period / year 9,283,378 3,846,885 ======= ======== Lease liabilities As at June As at December 30, 2026 31,2025 ---------------- ---------------- (Unaudited) Balance at the beginning of the period / year 3,634,491 4,114,862Additions during the period / year 7,782,105 2,424,500Interest expense for the period / year 196,845 324,226Payments for the period / year (2,061,571) (3,291,926)Translation adjustments (491,403) 62,829 ------------ ------------Balance at the end of the period / year 9,060,467 3,634,491 ======= ======= Not more than 12 months 2,923,383 1,343,403More than 12 months 6,137,084 2,291,088 ------------ ------------ 9,060,467 3,634,491 ======= ======= During the period, the Group’s existing leases for premises in the UAE and Oman wererenewed for an additional three-year term. In addition, the Group entered into new leasearrangements in KSA and in the United States of America. Subsequent to the reporting date, one of the leases in the UAE was terminated (refer note33). 12 Trade and other payables As at June As at December
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30, 2026 31, 2025 ---------------- ---------------- (Unaudited) Trade payables 9,770,874 15,084,502Accruals (refer to (i) below) 90,951,676 110,524,320 --------------- -------------- 100,722,550 125,608,822 ========= ======== Not more than 12 months 100,722,550 125,608,822 ========= ======== i. This mainly includes tax payable and accruals for project related expenses and salescommission. 13 Advances from customers As at June As at December 30, 2026 31, 2025 ---------------- ---------------- (Unaudited) Balance at the beginning of the period / year 459,486,898 180,027,547Additions during the period / year 300,972,251 729,282,801Revenue recognized during the period / year (241,878,465) (449,200,142)Income from termination of units (2,984,366) (623,308) --------------- ---------------Balance at the end of the period / year 515,596,318 459,486,898 ========= ========= The above represent contractual liabilities arising from the property sales agreement withthe customers including advance consideration received from them. The aggregate amount of the sale price allocated to the performance obligations of theGroup that are partially unsatisfied as at 30 June 2026 is USD 612,691,820 (31December 2025: USD 554,154,872). The Group expects to recognise these unsatisfiedperformance obligations as revenue over a period of 1 to 5 years. 14 Retention payable As at June As at December 30, 2026 31, 2025 ---------------- ---------------- (Unaudited) Retention payable for construction works – not morethan 12 months 6,562,994 1,226,085 Retention payable for construction works – more than12 months 19,373,176 18,100,290 -------------- -------------- 25,936,170 19,326,375 ======== ========= 15 Development property liabilities As at June As at December 30, 2026 31, 2025 ---------------- ---------------- (Unaudited) Balance at the beginning of the period / year 412,141,755 254,747,426Additions during the period / year 32,754,148 170,255,433Remeasurement of variable profit-linked component(note (i) below) - 25,409,198Interest cost on unwinding of discount 10,573,681 19,760,803Impact of modification of terms (note (ii) below) - (14,388,497)Payments for the period / year (59,230,497) (43,642,608) --------------- --------------- 396,239,087 412,141,755 ========= ========= Not more than 12 months 115,152,058 134,736,665More than 12 months 281,087,029 277,405,090 --------------- --------------- 396,239,087 412,141,755 ========= ========= (i) This relates to an increase in the liability arising from remeasurement of thevariable component based on revised expected cash flows.(ii) During the previous year, the terms of one of the financial liabilities wererenegotiated. As the modification resulted in different terms, the original financialliability was derecognised and a new financial liability was recognised at fair value,with the resulting liability forgiveness of USD 10,987,066 recognised in otherincome for the year ended 31 December 2025. In addition, an extension of adeferred payment plan resulted in a gain of USD 3,401,431, which was recognisedas finance income for the year ended 31 December 2025.
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The above represents amount payable for the land acquired. These liabilities are securedagainst development properties (note 8). The properties have been purchased on adeferred payment plan with the final instalment due on the completion of the projects.The above liabilities have been discounted at a rate of 6% to 7.05%.16 Bank borrowings As at June As at December 30, 2026 31, 2025 ---------------- ---------------- (Unaudited) Balance at the beginning of the period / year 171,125,041 208,809,790Add: Drawdown during the period / year 44,213,600 5,602,989Less: Repayments during the period / year (47,558,959) (44,040,113)Translation adjustment (212,098) 752,375 --------------- ----------------Total borrowings 167,567,584 171,125,041Less: Unamortised cost (1,317,782) (2,055,072) --------------- --------------- 166,249,802 169,069,969 ========= ========= Bank borrowings maturity profile: As at June As at December 30, 2026 31,2025 ---------------- ---------------- (Unaudited) Not more than 12 months 96,653,808 65,954,252More than 12 months 69,595,994 103,115,717 --------------- ---------------- 166,249,802 169,069,969 ========= ========= The Group has following secured interest-bearing borrowings: (i) During the period, the Group obtained financing facility of USD 249,965,963 (AED918,000,000) from commercial banks in UAE. This facility carries interest at 3months EIBOR rate plus 1.75% per annum and is repayable by April 2030. During the period, the Group has not drawn down on its available facility. Theamount of undrawn facility as at 30 June 2026 is USD 249,965,963 (AED918,000,000). (ii) During the period, the Group obtained financing facility of USD 18,821,550(EUR 16,500,000) from a commercial bank in Spain. This facility carries interestat 3 months EURIBOR rate plus 2.65% per annum and is repayable by September2029. During the period, the Group has not drawn down on its available facility. Theamount of undrawn facility as at 30 June 2026 is USD 18,821,550 (EUR16,500,000). (iii) During the previous year, the Group obtained financing facility of USD44,213,600 (OMR 17,000,000) from a commercial bank in Oman. This facilitycarries interest at 6.60% per annum for the period of first anniversary from theutilization date. Thereafter, the interest rate will be revised to the Central Bank ofOman’s base rate plus a margin of 2.3% per annum. This facility is repayable byDecember 2028. During the period, the Group fully drew down the facility. 16 Bank borrowings (continued) (iv) On 28 May 2025, the Group obtained financing facility of USD 18,023,060 (EUR15,800,000) from a commercial bank in Spain. This facility carries interest at 12months EURIBOR rate plus 2.65% per annum and is repayable by May 2030. During the period, the Group has not drawn down on its available facility. Theamount of undrawn facility as at 30 June 2026 is USD 18,021,919 (EUR15,799,000). (v) On 17 May 2024, the Group obtained financing facility of USD 19,245,681 (GBP14,547,000) from a commercial bank in London. This facility carries interest atSONIA rate plus 2.25% per annum and is repayable by May 2026. During the period, the Group has not drawn down on its available facility. Theamount of undrawn facility as at 30 June 2026 is USD 8,496,306 (GBP 6,422,000). (vi) On 26 May 2023, the Group obtained financing facility of USD 204,220,558(AED 750,000,000) from a commercial bank in UAE. The facility is repayable inhalf-yearly instalments, with the final payment due at maturity in May 2027. Thefacility carries an interest rate of 3 months EIBOR plus 2.30% per annum. During the period, the Group has not drawn down anything from this facility. (vii) During the year 2022, the Group entered into a financing facility with acommercial bank in UAE for an amount of USD 87,134,105 (AED 320,000,000).This facility carries interest at 3 months EIBOR plus 2.55% per annum and isrepayable by November 2027. During the period, the Group has not drawn down on its available facility. The Group has provided the following security arrangements in relation to above-mentioned borrowings:
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- Loan (i) is secured by receivables from certain UAE-based projects, along with acorporate guarantee provided by the Ultimate parent company of the Majorshareholder. - Loans (ii), (iii), (iv), and (v) are secured against project receivables anddevelopment properties located in their respective jurisdictions. - Loan (vi) is secured by receivables from certain UAE-based projects, along with acorporate guarantee provided by the Ultimate parent company of the Majorshareholder. - Loan (vii) is secured by development property in the UAE, along with a corporateguarantee provided by the Ultimate parent company of the Major shareholder. As at 30 June 2026, the Group was in compliance with all financial covenants applicableto its borrowings, and there were no breaches or defaults during the year. 17 Related party transactions The Group enters into transactions with other entities that fall within the definition of arelated party as contained in IAS 24, Related party disclosures. Related parties compriseentities under common ownership and/or common management and control; theirpartners and key management personnel. 17 Related party transactions (continued) a) Due from related parties As at June As at December 30, 2026 31, 2025 ---------------- ---------------- (Unaudited) Entity under common control Quara Holding, UAE 5,147,201 5,147,201Al Tilal Housing Company, KSA 405,275 405,275Compass Project For Contracting LLC, UAE - 924,297 ------------- ------------- 5,552,476 6,476,773 ======== ========These balances are unsecured, interest free and are repayable on demand. b) Loan from a related party As at June As at December 30, 2026 31, 2025 ---------------- ---------------- (Unaudited) Major shareholder Dar Al Arkan Global Investment LLC, UAE 428,049,790 284,401,240 ========= =========Movement for the period / year: Opening 295,794,221 226,576,921Add: Drawdown during the period / year 150,805,717 69,369,659Less: Repayments during the period / year (9,000,000) (152,359) -------------- --------------Total Borrowings 437,599,938 295,794,221Less:- Unamortised cost (9,550,148) (11,392,981) --------------- --------------- 428,049,790 284,401,240 ========= ========= On 1 September 2024, the Group secured a financing facility of USD 325,000,000 fromits Major shareholder. During the previous year, certain terms of the loan were modifiedwhich includes increasing the facility amount from USD 325,000,000 to USD490,000,000; decrease in interest rate from EIBOR/SOFR plus 2.95% to 2.5%; andextending repayment period from January 2028 to January 2029. Management assessedthat the terms of loan are not considered to have been substantially modified. During the period, the Group has drawn USD 150,805,717 (2025: USD 69,369,659) andrepaid an amount of USD 9,000,000. The amount of undrawn facility as at 30 June 2026stands at USD 43,247,703. 17 Related party transactions (continued) c) Due to related parties As at June As at December 30, 2026 31, 2025 ---------------- ---------------- (Unaudited) Major shareholder Dar Al Arkan Global Investment LLC, UAE 5,348,805 2,691,809Ultimate parent company of major shareholder Dar Al Arkan Real Estate Development Company,KSA 12,949,600 -Entity under common control Compass Project Contracting LLC, UAE 4,782,633 - -------------- ------------ 23,081,038 2,691,809 ======== =======These balances are unsecured, interest free and are repayable on demand.
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d) Transactions with key management personnel For the six months ended June 30, June 30, 2026 2025 ---------------- ---------------- (Unaudited) (Unaudited)Short term benefits 1,777,857 1,711,507Employees’ end-of-service benefits 475,244 362,254Board of directors’ fees 363,282 395,653 ------------ ------------ 2,616,383 2,469,414 ======= ======= e) Other related party transactions For the six months ended June 30, June 30, 2026 2025 ---------------- ---------------- (Unaudited) (Unaudited)Loan (repayment) / received Major shareholder 150,805,717 36,258,390Major shareholder (9,000,000) (208,839) Borrowing cost on loan Major shareholder 11,803,436 7,762,859 Deposit (withdrawn) / addition Entity under common control 157,754,990 (5,288,497) Funding received Ultimate parent company of Major shareholder 12,949,600 - 17 Related party transactions (continued) e) Other related party transactions (continued) As at June As at June 30,2026 30, 2025 ---------------- ---------------- (Unaudited) (Unaudited)Funding received Entity under common control of Ultimate parentcompany of Major shareholder 4,901,293 - Revenue Entity under common control of Ultimate parentcompany of Major shareholder - 4,800,000 Other income Entity under common control of Ultimate parentcompany of Major shareholder 245,065 6,034,970 Development property costs – Contractor payments Entity under common control of Ultimate parentcompany of Major shareholder 12,786,551 17,074,378 Deferred sales commission Entity under common control of Ultimate parentcompany of Major shareholder - 757,554 Finance income Entity under common control (4,897,002) (3,089,916) General and administrative expenses Entity under common control of Ultimate parentcompany of Major shareholder 82,908 325,585 During 2023, the Group entered into a revolving credit agreement of USD 200 millionwith the Ultimate parent company of the Major shareholder to finance the generalcorporate purposes of the Group. The amount is fully undrawn as at 30 June 2026 and theterms and conditions of any drawdown will be agreed when they occur. 18 Income taxes Tax expense represents the sum of current income tax and deferred tax. Current income tax is measured at the amount expected to be paid to the taxationauthorities. The Group recognizes deferred tax assets only to the extent that it is probable that futuretaxable profit will be available against which the carried forward tax losses and thedeductible temporary differences can be utilised. Some tax losses remain unrecognizeddue to uncertainty in recoverability. 18 Income taxes (continued)
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Deferred tax assets and liabilities are measured on an undiscounted basis at the tax ratesthat are expected to apply when the asset is realised or the liability is settled, based on taxrates and tax laws enacted or substantively enacted at the balance sheet date. The total tax expense for the period are as follows: For the six months ended June 30, 2026 June 30, 2025 ---------------- ---------------- (Unaudited) (Unaudited)Current tax expense 5,690,860 6,826,358Deferred tax credit (3,133,948) (1,672,940) ------------ --------------Total expense for the period 2,556,912 5,153,418 ======= ======== Deferred tax The movements of deferred tax assets and liabilities are as follows: Deferred tax asset As at June As at December 30, 2026 31,2025 ---------------- ---------------- (Unaudited) Balance at the beginning of the period / year 5,430,464 5,860,228Tax losses recognized/ (utilized) 3,133,948 (781,369)Translation adjustments (111,957) 351,605 --------------- --------------Balance at the end of the period / year 8,452,455 5,430,464 ========= ======== Deferred tax liability As at June As at December 30, 2026 31,2025 ---------------- ---------------- (Unaudited) Balance at the beginning of the period / year 126,200 252,935Tax losses recognized/ (utilized) - (126,818)Translation adjustments - 83 ------------ ------------Balance at the end of the period / year 126,200 126,200 ======= ======== 18 Income taxes (continued) Effective tax rate reconciliation: For the six months ended June 30, 2026 June 30, 2025 ---------------- ---------------- (Unaudited) (Unaudited) Profit before tax 32,979,412 17,365,465 Tax at UK statutory rate (25%) 8,244,853 4,341,366Effect of different tax rates in overseas jurisdictions (8,059,174) 924,832Non-deductible expenses 2,105,694 80,898Current period losses for which no deferred tax assethas been recognised 209,163 143,783 Changes in estimates related to prior years 392,647 (387,851)Recognition of previously unrecognised tax losses (232,156) -Other adjustments (104,115) 50,390 ------------- --------------Total tax expense 2,556,912 5,153,418 ======= =======Effective tax rate (ETR) 7.75% 29.68% Global Minimum Top-up Tax The OECD’s Pillar II global minimum tax, based on the Global Anti-Base Erosion(GloBE) Model Rules, is not expected to have an impact on the Group, as the Group’stotal revenue is less than Euro 750 million. 19 Revenue For the six months ended June 30, June 30, 2026 2025 ---------------- ---------------- (Unaudited) (Unaudited)Revenue is recognised over time as provided below: Sale of residential units 258,040,316 145,496,359Project management service - 4,800,000
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Revenue is recognised point in time as provided below: Sale of residential units - 5,099,093 --------------- -------------- 258,040,316 155,395,452 ========= ========= Cost of revenue Cost of residential units (170,312,852) (107,957,635) ========== ======== 19 Revenue (continued) Revenue from sale of residential units is net of discount against transaction prices forcertain units sold with a significant financing component amounting to USD (1,125,150)(2025: USD 3,384,494). Change in estimate During the period, management has refined the cost to complete of certain projectsresulting in an increase in the total budget developments costs as a result of specificationenhancements and prevailing market and geopolitical conditions. The Group uses theinput cost method to measure recognition of revenue over time, the effect of this changein estimate of costs to complete results in lower gross revenue being recognised in thecurrent period amounting to USD 7.8 million (2025: USD 17.1 million). 20 Other income For the six months ended June 30, June 30, 2026 2025 ---------------- ---------------- (Unaudited) (Unaudited) Support services (note (a) below) 245,065 6,034,970Foreign exchange gain - 5,479,759Others (note (b) below) 3,181,290 256,477 ------------- -------------- 3,426,355 11,771,206 ======== ======== (a) This represents income related to sales, general and advisory support servicesprovided to the related parties (refer to note 17).(b) This includes instalments collected from customers that have been forfeited due totermination of contracts on account of cancellation of units booked. 21 Selling and marketing expenses For the six months ended June 30, June 30, 2026 2025 ---------------- ---------------- (Unaudited) (Unaudited) Sales commission 15,212,860 7,671,192Marketing expenses 10,833,967 4,426,913 -------------- -------------- 26,046,827 12,098,105 ======== ======== 22 General and administrative expenses For the six months ended June 30, June 30, 2026 2025 ---------------- ---------------- (Unaudited) (Unaudited) Salaries and related benefits 8,953,802 14,588,415Legal and professional expenses 1,954,235 1,607,287Foreign exchange loss 1,899,522 -Depreciation on property and equipment (note 10) 1,631,524 1,478,496Depreciation on right-of-use assets (note 11) 1,607,601 1,370,662IT related expenses 1,451,253 1,214,681Bank charges 1,180,722 747,442Utilities 538,946 414,702Facility management related charges 426,443 -Government fees and charges 388,151 145,687Board of directors fees 363,282 395,653Travelling expenses 297,236 433,704Insurance expenses 176,061 129,004Rent 116,443 120,869Other expenses 1,152,005 586,797 -------------- -------------- 22,137,226 23,233,399 ======== ========
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23 Net finance costs For the six months ended June 30, June 30, 2026 2025 ---------------- ---------------- (Unaudited) (Unaudited) Finance costs Interest expense on bank borrowings 6,046,438 7,403,876Interest expense on unwinding of discount on long termliability 5,741,469 4,387,170Interest expense on intercompany loan (note 17) 8,133,720 468,953Interest on lease liability (note 11) 196,845 173,933 -------------- -------------- 20,118,472 12,433,932 ======== ========Finance income Interest income (10,128,118) (5,921,878) ========= ======== Net finance costs 9,990,354 6,512,054 ======== ========24 Earnings per share Basic earnings per share amounts are calculated by dividing net profit or loss for theperiod attributable to the owners of the Company by the weighted average number ofordinary shares outstanding during the period. Diluted earnings per share amounts are calculated by dividing the net profit or lossattributable to the owners of the Company by the weighted average number of ordinaryshares outstanding during the period plus the weighted average number of ordinaryshares that would be issued on conversion of all the dilutive potential ordinary shares intoordinary shares. The Company has no dilutive instruments in issue. The information necessary to calculate basic and diluted earnings per share is as follows: For the six months ended June 30, June 30, 2026 2025 ---------------- ---------------- (Unaudited) (Unaudited)Earnings: Profit attributable to the owners of the Company for basic /diluted earnings 31,755,334 12,212,047 ======== ========Number of shares Weighted-average number of ordinary shares for basic /diluted earnings per share 180,021,612 180,021,612 ========= ========= Earnings per share: - basic and diluted earnings per share (USD) 0.18 0.07 ==== ==== 25 Non-controlling interests The following table summarises the financial information relating to the Group’ssubsidiary that has a material NCI, before any intra-group eliminations. Dar Global Real EstateDevelopment June 30,2026 December 31,2025 NCI percentage 58% 58% Revenue - -Loss (2,910,117) (3,066) -------------- ---------Loss attributable to NCI* (1,332,834) (1,404) ------------- ---------Other comprehensive income - -Total comprehensive loss (1,332,834) (3,066) ------------- ----------Total comprehensive loss attributable to NCI* (A) (1,332,834) (1,404) ------------- --------- Assets 87,187,086 80,000Liabilities (90,020,270) (3,066)Net assets (2,833,184) 76,934 Share of NCI on accumulated losses* (B) (1,404) -
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Share of NCI on other equity components* (C) 46,400 46,400 -------------- ---------Net assets attributable to NCI [(A) + (B) + (C)] (1,287,838) 44,996 ======== ===== This entity became part of the Group on 24 September 2025. The Group owns 42% of theshareholding in Dar Global Real Estate Development – KSA. Although the ownershipinterest is 42%, it has been treated as a subsidiary as the Group has control over thisentity, and is exposed to, or has rights to, variable returns from its involvement with thisentity and has the ability to affect those returns through its power over this entity underthe agreement entered by the shareholders. Accordingly, the information relating tosubsidiary is only for the period from 24 September 2025 to 30 June 2026. *The NCI is eligible for 45.8% on profit/(loss) and retained earnings/(accumulatedlosses) and 58% on other equity components. 26 Financial instruments a) Material accounting policies Details of the material accounting policies and methods adopted, including the criteria forrecognition, the basis of measurement and the basis on which income and expenses arerecognized, in respect of each class of financial asset and financial liability are disclosedin note 2 to the interim financial statements. b) The Group considers that the carrying amount of financial assets and liabilities arereasonable approximation of fair values. As at June 30, 2026As at December31, 2025 (Unaudited) Financialassets Cash and cash equivalents 802,315,838668,046,169Trade and unbilled receivables 367,990,983351,751,094Deposits and other receivables*25,834,72020,189,578Escrow retentions 45,611,181 33,520,147Due from related parties 5,552,4766,476,773 ------------------------------------- 1,247,305,1981,079,983,761 ====================== As at June 30, 2026 As atDecember 31,2025 (Unaudited) Financial liabilities Trade and other payables 100,722,550125,608,822Retention payable 25,936,17019,326,375Bank borrowings 166,249,802169,069,969Development property liabilities396,239,087412,141,755Due to related parties 451,130,828287,093,049Lease liabilities 9,060,4673,634,491 ------------------------------------- 1,149,338,9041,016,874,461 ====================== * This is excluding prepayments, advance to suppliers and contractors and VATrefundable. 27 Financial risk management objectives The Group management set out the Group’s overall business strategies and its riskmanagement philosophy. The Group’s overall financial risk management program seeksto minimize potential adverse effects on the financial performance of the Group. TheGroup policies include financial risk management policies covering specific areas, suchas market risk (including foreign exchange risk, interest rate risk), liquidity risk andcredit risk. Periodic reviews are undertaken to ensure that the Group’s policy guidelinesare complied with. The Group is exposed to the following risks related to financial instruments. The Grouphas not framed formal risk management policies, however, the risks are monitored bymanagement on a continuous basis. The Group does not enter into or trade in financialinstruments, investment in securities, including derivative financial instruments, forspeculative or risk management purposes. a) Foreign currency risk management The Group undertakes certain transactions denominated in foreign currencies. Hence,exposures to exchange rate fluctuations arise. The summarized quantitative data about theGroup's exposure to currency risk as reported to the management of the Group is asfollow:
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EUR GBP BAM CNYJune 30, 2026 (Unaudited) Cash and cash equivalents 20,418,937 231,809 65,946 -Other financial assets 725,640 258,587 - 216,338Financial liabilities (757,255) (12,360,634) (269,706) - -------------- --------------- ------------ ---------- 20,387,322 (11,870,238) (203,760) 216,338 ======== ========= ======= ====== December 31, 2025 Cash and cash equivalents 19,472,683 688,450 84,111 -Other financial assets 175,599 268,809 - 210,044Financial liabilities (1,351,423) (11,756,599) (16,982) - -------------- ---------------- --------- ----------- 18,296,859 (10,799,340) 67,129 210,044 ======== ========= ===== ====== 27 Financial risk management objectives (continued) a) Foreign currency risk management (continued) The following table details how the Group’s sensitivity to a 1000 basis points increase ordecrease in USD against the relevant foreign currencies would have affected themeasurement of financial instruments denominated in foreign currency and affectedequity and profit or loss by the amounts shown below. June 30, December 31, 2026 2025 ---------------- ---------------- (Unaudited) EUR 2,038,732 1,829,686GBP (1,187,024) (1,079,934)BAM (20,376) 6,713CNY 21,634 21,004 The Group’s significant monetary assets and liabilities denominated in foreign currenciesare in AED and SAR which is pegged to USD. As the AED and SAR is currently peggedto the USD, balances are not considered to represent significant currency risk. b) Interest rate sensitivity analysis The sensitivity analysis below has been determined based on the exposure to interestrates for non-derivative financial instruments as at June 30, 2026. The analysis isprepared assuming the amount of liabilities outstanding at the reporting date wasoutstanding for the whole period. The interest rate profile of the Group’s interest-bearing financial instruments as reportedto the management of the Group is as follows: June 30, December 31, 2026 2025 ---------------- ---------------- (Unaudited) Fixed rate instruments Financial assets 279,572,463 135,478,071Financial liabilities - (529,344) ----------------------- -------------------------- 279,572,463 134,948,727 ============== =============== Variable rate instruments Financial assets 422,034,190 439,647,133Financial liabilities (594,299,592) (452,941,864) ----------------- ----------------- (172,265,402) (13,294,731) ========== ========== 27 Financial risk management objectives (continued) b) Interest rate sensitivity analysis (continued) A 50-basis point increase or decrease is used when reporting interest rate risk internallyto key management personnel and represents management’s assessment of the reasonablypossible change in interest rates. If interest rates had been 50 basis points lower and all other variables were held constant,the change in Group’s profit for the period ended June 30, 2026 would be USD (861,327)(2025: USD (1,139,707)). This is mainly attributable to the Group’s exposure to variablerate financial instruments. c) Liquidity risk management Ultimate responsibility for liquidity risk management rests with the management whichhas built an appropriate liquidity risk management framework for the management of theGroup’s short, medium and long-term funding and liquidity management requirements.The Group manages liquidity risk by maintaining adequate reserves, continuouslymonitoring forecast and actual cash flows and matching the maturity profiles of financialassets and liabilities. The Group’s objective is to maintain a balance between continuity of funding andflexibility through the use of bank overdrafts, bank loans and equity from shareholders.
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The table below summarizes the maturity profile of the Group’s financial liabilities. Thecontractual maturities of the financial liabilities have been determined on the basis of theremaining period at reporting date to the contractual maturity date. The maturity profileof these liabilities at the reporting date based on contractual repayment arrangements areshown in the table below: 30 June 2026(Unaudited) Carryingamount Total Less than1 year 1-2 years 2-5 years More than 5yearsPayables 100,722,550 (100,722,550) (100,722,550) - - -Retention payable 25,936,170 (25,936,170) (6,562,993) (7,556,308) (11,816,867) -Bank borrowings 166,249,802 (183,029,450) (103,624,994) (45,786,388) (33,618,069) -DevelopmentpropertyLiabilities 396,239,087 (451,074,385) (118,057,496) (68,721,820) (264,295,069) - Lease liabilities 9,060,467 (10,767,032) (3,495,495) (5,375,407) (1,571,416) (324,715)Due to relatedparties 451,130,828 (512,978,656) (124,086,418) (169,277,812) (219,614,426) - ----------------- ------------------ ----------------- ---------------- ----------------- --------------- 1,149,338,904 (1,284,508,243) (456,549,946) (296,717,735) (530,915,847) (324,715) ========== ========== ========== ========== ========== ========= 31 December2025 Carryingamount Total Less than1 year 1-2 years 2-5 years More than 5years Payables 125,608,822 (125,608,822) (125,608,822) - - -Retention payable 19,326,375 (19,326,376) (1,226,085) (11,906,687) (6,193,604) -Bank borrowings 169,069,969 (183,927,367) (74,825,964) (108,711,352) (390,051) -Developmentproperty liabilities 412,141,755 (468,979,703) (136,518,912) (62,679,293) (269,781,498) -Lease liabilities 3,634,491 (4,395,239) (1,624,596) (715,163) (1,489,594) (565,886)Due to relatedparties 287,093,049 (338,256,649) (42,315,955) (73,369,099) (222,571,595) - ------------------- --------------------- ------------------- ------------------- ------------------- ------------- 1,016,874,461 (1,140,494,156) (382,120,334) (257,381,594) (500,426,342) (565,886) =========== ============ =========== =========== =========== ========= 27 Financial risk management objectives (continued) d) Credit risk management Credit risk refers to the risk that the counterparty will default on its contractualobligations resulting in financial loss to the Group. The Group has adopted a policy ofonly dealing with creditworthy counterparties. The Group’s exposures are continuouslymonitored and their credit exposure is reviewed by the management regularly. The credit risk on liquid funds is limited because the counterparties are banks with highcredit-ratings assigned by international credit-rating agencies. The carrying amounts of the financial assets recorded in the interim financial statements,which is net of impairment losses, represents the Group’s maximum exposure to creditrisks. The Group considers that the risk of loss related to unbilled receivables and tradereceivables is remote due to collateral held against such amounts due, being residentialproperty developed by the Group. 28 Capital risk management The capital structure of the Group consists of cash and cash equivalents, debt, whichincludes interest-bearing Bank borrowings as disclosed in note 16 and equity as disclosedin the interim financial statements. The Group manages its capital to ensure that it will be able to continue as a goingconcern while maximizing the return to stakeholders through the optimization of theequity balance. The Group’s overall strategy remains unchanged from prior year. TheGroup is not subject to any externally imposed capital requirements. The Group monitors capital using ‘net debt’ to ‘equity’. Debt is calculated as bankborrowings (as shown in the condensed consolidated statement of financial position).Equity comprises all components of equity (as shown in the condensed consolidatedstatement of financial position). The Group’s policy is to keep the ratio below 1.2. The Group’s net debt to equity ratiowas as follows. June 30, December 31, 2026 2025 ---------------- ---------------- (Unaudited) Debt 166,249,802 169,069,969 --------------- --------------Total equity 613,288,914 584,378,771 --------------- --------------Net debt to equity ratio 0.27 0.29 29 Contingent liabilities As at June As at December 30, 2026 31, 2025 ---------------- ---------------- (Unaudited) Letters of guarantee (note (a) below) 56,870,793 54,905,504
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--------------- --------------- 56,870,793 54,905,504 ========= ========= (a) This primarily involves letters of guarantee provided to the Land Department for theGroup’s projects in UAE. The Group holds margin deposits with the bank issuingthese letters of guarantee, which are refundable upon project completion. (b) One of the Group’s subsidiaries in the UAE, is involved in ongoing arbitrationproceedings before the Dubai International Arbitration Centre ("DIAC") with themain contractor for one of its projects. The contractor has submitted a claim ofapproximately AED 130.6 million (USD 35.6 million) against the subsidiary. Thesubsidiary has taken the necessary steps to defend the claim and has also submitted acounterclaim of approximately AED 177.7 million (USD 48.4 million) against thecontractor. Subsequently, a settlement agreement between the parties is currentlyunder discussion. Based on legal advice and noting that the subsidiary'scounterclaim exceeds the contractor's claim, management does not expect anysignificant outflow of economic benefits. Except for the above and ongoing business obligations which are under normal course ofbusiness, there has been no other known contingent liability on Group's interim financialstatements as of reporting date. 30 Commitments As at June30, As at December31, 2026 2025 ---------------- ---------------- (Unaudited) Contracted commitments for development properties(note 8 and (a) below) 765,729,559 810,430,861Others (note (b) below) 10,000,000 10,000,000 --------------- --------------- 775,729,559 820,430,861 ========= ========= (a) A portion of the Group’s commitment is towards land plots acquired, amounting toUSD 156,448,888. All other commitments mentioned above are related to ongoingconstruction projects and business obligations, which are part of the normal courseof business. There are no other known commitments reflected in the Group’s interimfinancial statements as of the reporting date. These commitments will be fundedthrough the Group’s existing funds or undrawn loan and borrowing facilities. Thesecommitments are spread over a period of one to nine years. 30 Commitments (continued) (b) On 31 October 2025, Dar Global Holdings 2 Ltd (“DG Holdings 2”), a whollyowned subsidiary of the Group, entered into a share purchase agreement (“SPA”)with Alkhair Group Holding Ltd (“AGHL”) for the acquisition of 100% of theissued share capital of Dar Global Capital Partners Ltd (“DGCP”) (formerly knownas Alkhair Capital Dubai Limited), a company incorporated in the DubaiInternational Financial Centre. The purchase price is to be determined at completionbased on the book value of DGCP, currently estimated at USD 10 million. Paymentof the purchase price is due within 10 working days of the closing date, being nolater than 24 months from the effective date of the transaction. Completion of thetransaction is conditional upon AGHL obtaining all necessary regulatory approvalsand/or no-objection clearances required under DIFC law for the transfer of theshares. As at the reporting date, the required regulatory approvals were pending, andthe transaction had not yet been completed. The relevant approvals weresubsequently obtained after the reporting date (refer to note 33). 31 Staff number and costs For the six months ended June 30 June 30, 2026 2025 ---------------- ---------------- (Unaudited) (Unaudited) The average number of employees employed by theGroup 349 376 ==================The payroll cost for these employees is as follows: - Wages and salaries 8,953,802 14,588,415 ================== 32 Auditors Remuneration For the six months ended June 30, June 30, 2026 2025 ---------------- ---------------- (Unaudited) (Unaudited) Review of condensed consolidated interim financialstatements 132,300 137,170 ====== ======
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33 Events after the reporting date a) On 14 July 2026, the Group executed a termination agreement in respect of one ofits office leases in the UAE. b) On 14 August 2026, the Group acquired 100% of the voting equity of Dar GlobalCapital Partners Ltd ("DGCP"), formerly Alkhair Capital Dubai Limited, a DIFC-incorporated entity, through its wholly owned subsidiary Dar Global Holdings 2 Ltd.Consideration is estimated at approximately USD 10 million, based on DGCP'sbook value, and remains provisional pending finalisation of completion mechanics.As the acquisition occurred after the reporting date, DGCP's results are notconsolidated in these financial statements and will be included prospectively fromthe acquisition date. The initial accounting for the business combination, includingthe fair value of identifiable assets and liabilities acquired and resulting goodwill, isincomplete as at the authorisation date and will be finalised and disclosed in theGroup's next financial statements. c) On 11 September 2026, Dar Global Morocco LLC, a subsidiary of the Group,completed its liquidation process and was formally dissolved. Except these, there have been no other events that require disclosure or adjustment tothese interim financial statements.
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Alternative performance measures The Group uses a number of alternative performance measures (APM) which are not defined within IFRSAccounting Standards. The Directors use the APMs, along with IFRS measures to assess the operationalperformance of the Group. Definitions and reconciliations of the financial APMs used compared to IFRSmeasures, are included below: Performance metrics Performance metrics reconciled to statutory reported measures are shown below. The Directors consider theseperformance metrics provide additional information regarding the Group’s core operations and businessperformance (In US$) Particulars January 1, 2026 toJune 30, 2026 January 1, 2025 toJune 30, 2025 (Unaudited) (Unaudited) Revenue 258,040,316 155,395,452 Gross profit 87,727,464 47,437,817 Gross profit % 34% 31%Profit for the period before tax 32,979,412 17,365,465Profit for the period % of revenue 13% 11%
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