Full Year Results

Dar Global PLC

11 March 2026

 

Dar Global PLC

(Incorporate in England and Wales)

Company Number: 14388348

ISIN: GB00BQXNJY41

LEI: 213800XRFXQ1KEWACW80

11 March 2026

DAR GLOBAL PLC

('Dar Global', or the 'Company', or the 'Group')

Full-Year Results

'Record growth with GDV doubling to US$19 billion, landmark project launches, strategic expansion into Saudi Arabia, and strong financial delivery, backed by enhanced capital flexibility'

Dar Global, the luxury international real estate developer, today announces its audited full-year-results for the year ended 31 December 2025 ('FY25', the 'year' or the 'period').

Highlights

·     Portfolio Gross Development Value ('GDV') increased to US$19 billion (31 December 2024: GDV of US$7.5 billion)

·    Dar Global received approval from the UK Financial Conduct Authority ('FCA') for admission to the Equity Shares (Commercial Companies) category of the London Stock Exchange ('LSE').  The Company became the first GCC-based company listed under the ESCC category.

·    In August 2025, Dar Global secured development rights for an integrated scheme in Riyadh valued at ~US$2.8 billion through partial land acquisitions and a joint development agreement, anchored by a US$300 million land acquisition.

·      In September 2025, the Company acquired a prime plot in Jeddah to launch Trump Plaza, the second collaboration in Jeddah with The Trump Organization following the success of Trump Tower.

·    The Company announced on 11 August 2025 a landmark joint development agreement for a mixed-use project in Jeddah, on one of the city's most prominent land parcels, with an estimated GDV of approximately ~US$1.95 billion. These are significant parcels of land with the opportunity to develop luxury villas, a world-class golf course and a luxury hotel.

·     The Company has awarded the main construction contracts for Trump Tower Jeddah; The Astera, Interiors by Aston Martin; Marea by Missoni (Blocks C and D); Great Escape Apartments; and Phase 1 of the Aida development in Oman, comprising 91 villas and 60 townhouses.

·     Dar Global extended its Litmus Facility by an additional US$165 million, bringing the total limit under the Litmus Facility to US$440 million further enhancing liquidity and supporting acquisition / expansion across key international markets.

·      As announced on 11 August 2025, Dar Global intends to enter the financial services sector in the Dubai International Finance Centre ('DIFC'), enabling it to offer asset management, investment banking, and advisory services through an independently governed subsidiary. This strategic move will open new revenue streams, attract capital from the GCC and beyond, support larger-scale, capital-efficient projects, and enable entry into new geographies.

·     On 18 November 2025, Dar Global and The Trump Organization announced Trump International Hotel Maldives, a tokenised hotel development project.

Commenting on the full-year results, Ziad El Chaar, Chief Executive Officer of Dar Global, said: "2025 marked a defining year for Dar Global as we more than doubled our portfolio GDV to US$19 billion, delivered on our cumulative revenue guidance, and secured our historic LSE reclassification. With strong sales momentum, accelerating project execution, and a strategic foothold in Saudi Arabia ahead of its landmark opening to foreign investors, we remain resilient. Despite the prevailing global uncertainties, we enter 2026 with conviction in our strategy and full confidence in our ability to drive sustainable growth and long-term value creation for our stakeholders."

FY25 Financial Highlights

·      Revenue for the period was US$538.6 million (FY24: US$240.3 million) with a gross profit of US$189.7 million (FY24: US$87.4 million).

·         EBITDA for the period was US$126.6 million (FY24: US$30.1 million).

·         Profit for the period was US$100.8 million (FY24: US$14.9 million).

·        Gross Development Value ('GDV') of the project portfolio stood at US$19 billion as of 31 December 2025, reflecting an increase from US$7.5 billion as of 31 December 2024. Primarily, driven by the large-scale development projects in Saudi Arabia.

·       Robust demand for newly launched and existing projects with cumulative contracted sales rising to 3,824 units as of 31 December 2025, resulting in total sales value of c. US$3.2 billion (31 December 2024: 2,407 units, total sales value of c. US$1.7 billion).

·         Strong balance sheet and liquidity position with cash balances of US$701.5 million, comprising free cash of c. US$83.4 million and restricted escrow cash of US$618.0 million (including escrow retentions of US$33.5 million).

·          Net asset value of US$584.4 million on 31 December 2025 (US$478.5 million as at 31 December 2024).

·         Total available liquidity of c. US$311.7 million at 31 December 2025 (including undrawn debt facilities), providing a platform to pursue opportunistic growth and expand the current portfolio of assets.

Financials Summary:

Summary Profit & Loss	FY25	FY24	Change (%)
	Audited	Audited
Revenue	538.6	240.3	+124
Gross profit	189.7	87.4	+117
Gross profit margin	35%	36%
EBITDA*	126.6	30.1	+321
EBITDA margin*	24%	13%
Profit/(Loss) for the period	100.8	14.9	+577
Profit/(Loss) (%)	19%	6%

*EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) is a non-GAAP financial metric that is classified as an Alternative Performance Measure (APM) under the ESMA guidelines. EBITDA is used by management to evaluate the Group's underlying operating performance, excluding the impact of non-operational items such as financing costs, tax charges, and depreciation and amortisation related adjustments.

Summary of Balance Sheet

Amounts in US$ million	FY25	FY24	Change
Cash and cash equivalents	668.0	413.6	254.4
Escrow retentions	33.5	10.8	22.7
Trade and unbilled receivables	351.8	277.3	74.5
Advances, deposits and other receivables	185.4	119.8	65.6
Development properties	783.1	586.4	196.7
Other assets	40.8	33.5	7.3
Total assets	2,062.6	1,441.4	621.2
Trade and other payables	125.6	85.0	40.6
Advance from customers	459.5	180.0	279.5
Bank borrowings	169.1	205.5	-36.4
Due to related parties	287.1	222.6	64.5
Development property liabilities	412.1	254.7	157.4
Other liabilities	24.8	15.1	9.7
Total liabilities	1,478.2	962.9	515.3
Net asset value / Total equity	584.4	478.5	105.9

About Dar Global

Dar Global PLC is a highly differentiated international real estate business. It focuses predominantly on developing real estate projects comprising second and vacation homes for internationally mobile customers, in some of the most desirable locations across the Middle East and Europe, including downtown Dubai, Muscat in Oman, London and the Costa del Sol region in the South of Spain.

Dar Global was originally established to house and develop the international assets of Dar Al Arkan Real Estate Development PJSC ('DAARE'), a leading real estate developer in the Kingdom of Saudi Arabia. Listed on the Saudi Stock Exchange since 2007, Dar Al Arkan has delivered over 15,000 residential units with total assets of c. US$11 billion.

The Company intends to expand its focus to hospitality assets. The aim is to acquire or build hotels and sell them after a period of three to five years of operation once the hotels or resorts' revenue streams stabilise. Target markets include Spain, Dubai, Maldives, Athens, Saudi Arabia and London.

Dar Global was admitted to the Main Market of the London Stock Exchange on 28 February 2023.

Please visit www.DarGlobal.co.uk

- Ends -

For further enquiries, please contact:

Dar Global plc

[e-mail]

Panmure Liberum (Corporate Broker)	Tel: [phone]
Dru Danford / Jamie Richards Burson Buchanan (Financial Communications)	Tel: [phone]
Henry Harrison-Topham / Simon Compton	[e-mail] www.bursonbuchanan.com

FY25 Results Presentation

The Company's FY25 Results presentation will be available on the Investor Relations section of Dar Global's website (https://darglobal.co.uk/investor/) shortly after 7:00am on 11 March 2026.

Chairman's Statement

A Year of Unprecedented Growth and Global Expansion

2025 was by any measure a transformative year for Dar Global, one that saw us more than double our project pipeline to approximately US$19 billion, expand into new markets, and deliver on the financial commitments we made to shareholders when we set out our guidance in 2023. The growth we achieved this year is not just a reflection of market conditions; it is a testament to the extraordinary team we have built and the trust our shareholders and partners, continue to place in our vision.

Strategic Expansion, Landmark Launches and Focused Execution

Our most notable milestone was our broadened entry into the Kingdom of Saudi Arabia, where we acquired strategic lands for landmark projects in Riyadh and Jeddah. We successfully launched these prestigious projects in January 2026 in partnership with the Trump brand. These developments underscore our confidence in the Kingdom's robust fundamentals and alignment with Vision 2030. Having witnessed firsthand the energy and ambition of the Kingdom's transformation under Vision 2030, I am confident that Saudi Arabia will be a cornerstone of our growth. Our presence in Qatar with Trump International Golf Club Doha and Simaisima Villas, alongside continued momentum in the UAE and Oman, reinforce our leadership in the region's luxury markets.

We successfully launched projects this year that exemplify our commitment to design excellence and innovation These include D-Villas at Jumeirah Golf Estates and the Trump International Hotel & Tower Dubai, a flagship mixed-use development that further strengthen our leadership in Dubai's luxury real estate sector. These projects reflect what we do best: partnering with world-renowned brands to create iconic living spaces in high-growth markets.

Execution continues to be central to our operations. Main works contractors were appointed for Astera, Trump Tower Jeddah, D-Villas, and our projects within AIDA Phase I and Spain illustrating our dedication to operational excellence and on-time delivery that meets the highest expectations of our stakeholders.

Strengthening Financial Capacity and Governance

I am proud to report that we achieved our revenue and EBITDA guidance announced in 2023. We delivered strong results for FY 2025, with revenues of USD 538.6 million, EBITDA of USD 126.6 million, and net profit of USD 100.8 million.

The year also marked a major milestone in our capital markets journey as Dar Global received FCA approval for transfer to the LSE's Equity Shares (Commercial Companies) category, becoming the first GCC based company in this category. We celebrated this achievement by ringing the LSE opening bell, as we unveiled our global brand message 'Live All In', symbolising Dar Global's ambition to create exceptional lifestyle experiences across our portfolio.

Financial flexibility remains a cornerstone of our capital-light strategy. In 2025, we enhanced our Litmus facility by US$165 million and initiated a proposed acquisition of a licensed DIFC platform to enter asset management, subject to regulatory approval, expanding our access to global capital.

Outlook: Confidence in a Dynamic Future

While the conflict that erupted in the Gulf in February 2026 has introduced a new dimension of regional uncertainty, Dar Global enters 2026 from a position of financial strength - with strong liquidity, disciplined capital deployment, and the strategic patience to pursue compelling acquisitions as opportunities arise in the market. Our focus on luxury branded residences, and the globally mobile clientele they attract, provides us with long term resilience and positions us to emerge from this period stronger than we entered it. Looking ahead, we remain committed to selective expansion, strategic partnerships, and iconic projects that create enduring value for our shareholders and unparalleled experiences for our customers.

Appreciation

I want to express my deep appreciation, to our shareholders for your continued trust, to our brand partners for their creativity and collaboration, and to every member of the Dar Global team for their tireless commitment this year. You are the reason this company is what it is. The foundations laid in 2025 in Saudi Arabia, across our capital structure, and on the London Stock Exchange, position this Company for a defining chapter ahead. The best is yet to come for Dar Global.

David R. Weinreb

Chairman

CEO Statement

Live All In: Turning Global Ambition into Measurable Progress

In November 2025, we rang the opening bell in the London Stock Exchange, a defining moment in our journey. As the first Saudi-born company and the first from the wider Middle East to join the Equity Shares (Commercial Companies) category on the LSE's Main Market, we marked this historic milestone by unveiling our global brand message: 'Live All In'. These three words embody everything we stand for viz. luxury without compromise, investment with discipline, and the conviction to transform global aspirations into tangible realities.

This philosophy is not merely aspirational; it is operational. Throughout 2025, we expanded into markets, launched signature developments, accelerated sales momentum, and advanced project execution to deliver exceptional experiences to our customers. Our portfolio of branded luxury developments grew substantially, our public market platform strengthened, and we delivered financial results in line with market guidance.

Building Scale Through Strategic Expansion

2025 marked a year of significant growth. Our gross development value expanded from US$7.5 billion in 2024 to US$19 billion in 2025, driven primarily by strategic land acquisitions in Riyadh and Jeddah. We launched these landmark Saudi projects in January 2026, marking a decisive entry into one of the world's most dynamic real estate markets.

This growth reflects more than numbers, it demonstrates confidence in our business model and the structural transformation underway in Saudi Arabia. As the Kingdom enters a new era of openness and global integration aligned with Vision 2030, we are strategically positioned to connect international investors with unprecedented opportunities in luxury real estate. We strengthened our regional footprint with Trump International Golf Club Doha and Simaisima Villas in Qatar, while in the UAE, we reinforced our market leadership with the launch of Trump International Hotel & Tower Dubai, the Middle East's first and only Trump-branded hotel and tower, and D-Villas at Jumeirah Golf Estates, extending our presence in one of Dubai's most prestigious communities.

From Launch to Delivery: Execution Excellence

Execution remained paramount throughout the year. We successfully completed DaVinci Tower by Pagani, with customer handovers now underway a testament to our ability to deliver world-class developments on schedule. We also awarded main construction contracts for Astera, Trump Tower Jeddah, Jumeirah Golf Estates villas, Great Escape under AIDA Phase I, and our Spain development, accelerating delivery timelines across our entire portfolio.

Delivering Results in Line with Guidance

In FY24, we communicated a clear market objective: achieving cumulative revenue of US$700 million across 2024 and 2025. I am pleased to confirm that we achieved this cumulative target, reflecting the quality of our portfolio, the strength of demand for our branded luxury proposition, and our execution discipline.

In FY25, revenue reached US$538.6 million (FY24: US$240.3 million), driven by the achievement of key construction and revenue recognition milestones across our portfolio. As anticipated, progress across our developments enabled the recognition of a significantly greater proportion of revenue this year. Gross profit stood at US$189.7 million with a margin of 35% (FY24: 36%), while EBITDA totalled US$126.6 million (FY24: US$30.1 million), supporting an average EBITDA margin across FY24 and FY25 broadly comparable to FY23. Net profit for the year reached US$100.8 million (FY24: US$14.9 million).

Our financial position remains robust. Cash and cash equivalents stood at US$701.5 million (including project escrow balances and escrow retention) with undrawn debt facilities of US$228.2 million (FY24: US$424.4 million and US$53.1 million respectively), providing the financial flexibility to capitalise on attractive opportunities whilst maintaining our disciplined approach to capital allocation.

Saudi Arabia: A Structural Opportunity Aligned with Vision 2030

Saudi Arabia represents a cornerstone of our strategy. The Kingdom's real estate transformation, driven by Vision 2030, is reshaping demand and broadening global participation. With the property market opening to foreign non-resident investment in January 2026, we believe Dar Global is strategically positioned to capitalize on this defining moment. Our Saudi portfolio, now a significant component of our US$19 billion GDV, enables us to capture this structural opportunity while benefiting from the Kingdom's demographic strength, economic diversification, and infrastructure investment.

Innovation: Technology, Financial Services and New Investment Structures

Innovation remains a strategic pillar of Dar Global. In 2025, we progressed a proposed acquisition of a DIFC-licensed financial services platform, subject to regulatory approval, to provide asset management capabilities and strengthen our ability to attract international capital into real estate.

Alongside this platform expansion, we continued to explore and invest in technologies that can improve the customer journey, expand investor access, and enhance operational efficiency:

·      Artificial Intelligence: We are harnessing AI to transform how luxury real estate connects with discerning investors, sharpening campaign precision, elevating lead quality, personalizing content creation, and reimagining property discovery. Our approach ensures technology amplifies human insight rather than replaces it, recognising that exceptional real estate decisions are built on both data intelligence and emotional resonance.

·     Tokenisation and Digital Ownership Models: Dar Global continues advancing its tokenisation proposition using blockchain-powered structures to evolve how investors access high-value luxury real estate, including fractional participation through regulated platforms. This innovation has the potential to democratise access to premium real estate investment while maintaining appropriate investor protections.

Operational Excellence and Global Distribution

Our operational capabilities strengthened significantly during the year. Our global distribution network now comprises over 150 sales professionals across nine sales offices, supported by more than 1,300 active brokers in over 60 countries, enabling us to effectively reach sophisticated investors worldwide.

Our capital-light business model based on off-plan sales, joint development agreements, and fixed-price construction contracts provides substantial risk mitigation while maintaining strong returns on invested capital as we scale.

Outlook and Strategic Priorities

Looking ahead, our priorities remain consistent and focused on sustainable value creation:

·      Leverage the Saudi market which opened for foreign investors, in January 2026 to capture first-mover advantage in connecting international capital to Kingdom opportunities; while progressing active discussions on expansion in Greece and select US market.

·      Deliver and de-risk the portfolio through construction and handover milestones, converting pipeline into completed projects and recognised revenue;

·    Expand selectively, adding new projects only where returns, market positioning, and risk profile meet our disciplined investment thresholds;

·    Maintain capital discipline, supported by our capital-light model, strong liquidity position, and conservative approach to leverage;

·      Uphold governance and reporting standards expected of a leading London-listed company, ensuring transparency and accountability to all stakeholders;

·      Progress our financial services and technology initiatives to create additional revenue streams and enhance our competitive positioning.

Acknowledgements

I would like to thank our talented teams, trusted partners, prestigious brand collaborators, and shareholders for their continued support and confidence in Dar Global. Together, we are delivering exceptional homes and destinations while building a global platform that creates sustainable value and connects international capital to the world's most dynamic real estate markets.

The 'Live All In' philosophy is not just our brand promise it is our commitment to execution, to excellence, and to building a company that delivers on its commitments to all stakeholders.

Ziad El Chaar

Chief Executive Officer

Business Performance and Project Update

Dar Global has achieved consistent progress throughout FY25, driving portfolio expansion despite ongoing macroeconomic challenges. The Company has sustained robust growth and strong sales momentum across its projects. Our disciplined approach to investment decisions continues to be a cornerstone of our strategy, positioning Dar Global for sustained long-term success.

We are pleased to provide an update on the progress of our development projects for FY25.

Dubai, UAE

According to CBRE, Dubai stands as a global leader in branded residences with one of the world's highest concentrations of luxury residential projects. With 5.3% GDP growth forecast for 2025, record tourism of 15.7 million visitors, and over 9,800 millionaires relocating to the UAE this year, the emirate continues its upward trajectory. The D33 vision and Dubai 2040 Urban Master Plan target population growth from 3.9 million today to 7.8 million by 2040, while the city positions itself to become one of the world's top four financial hubs, making it the premier destination for discerning global investors.

Our Projects in Dubai

Trump Tower - Trump International Hotel & Tower Dubai is the first Trump-branded mixed‑use development in the Dubai. The project comprises a five‑star hotel, private residential units, and an exclusive members' club within a single integrated address. Each component has been designed to support high‑quality living, leisure, and business requirements. Located in a prime position with direct connectivity to Downtown Dubai, the development offers uninterrupted views from every unit, including vistas of the sea and the Burj Khalifa.

Status	Under construction
Launched	Q2 2025
Schedule completion	Q4 2031
No of Units	574*

*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 landscaped green areas and in proximity to its two championship golf courses. Residents have access to the wider Jumeirah Golf Estates amenities, including leisure, dining, and fitness facilities, subject to community regulations. The location offers convenient connectivity to major city landmarks through key road networks, providing access to Dubai's primary business, retail, and lifestyle destinations.

Status	Under construction
Launched	Q1 2025
Schedule completion	Q2 2028
No of Units	210

Da Vinci Tower by Pagani - Da Vinci Tower is a residential development featuring interior design by Pagani. The tower incorporates a distinctive façade defined by geometric architectural elements intended to create a visually dynamic exterior. The development is designed to present a modern residential environment with a focus on high‑end finishes and contemporary design aesthetic.

Status	Completed
Launched	Q1 2022
Schedule completion	Completed
No of Units	85

W Residences - W Residences Dubai - Downtown is a branded residential development associated with the W Hotels portfolio. The project is in Downtown Dubai, near major landmarks including the Burj Khalifa, The Dubai Mall, and the Dubai Fountain. The development is positioned to provide residents with immediate access to the surrounding amenities and transport networks within the Downtown area.

Status	Under construction
Launched	Q1 2022
Schedule completion	Q2 2027
No of Units	383

DG1 - DG1 is Dar Global's first 'own-brand' development located in Business Bay, Dubai. The project offers direct connectivity to key city landmarks, including the Burj Khalifa, The Dubai Mall, and Dubai Opera. The building features a contemporary architectural design with an emphasis on functional planning and aesthetic detailing. The development forms part of a well‑established mixed‑use district with access to retail, dining, and leisure facilities.

Status	Under construction
Launched	Q1 2023
Schedule completion	Q2 2027
No of Units	249

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. This project was completed in 2024. Urban Oasis represents Dar Global's first completed project, underlining its ability to successfully execute large projects.

Status	Completed
Launched	Q3 2021
Schedule completion	Completed
No of Units	467

RAK, UAE

The branded residence market in RAK has emerged as one of the UAE's fastest growing segments, fuelled by recent economic growth and supported by a clear tourism strategy that leverages the Emirate's unique positioning through its natural assets, including mountains and beaches, and as a regional adventure tourism destination. The key catalyst for this change was the announcement of Wynn Al Marjan resort, which has effectively anchored the sector with a major 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-bedroom apartments and exclusive three-bedroom beach villas, each home is designed with breathtaking Gulf views and world-class amenities. With direct beach access, an infinity pool, and a private cinema, The Astera promises a lifestyle of sophistication and serenity in one of the UAE's most exciting waterfront destinations.

Status	Under construction
Launched	Q2 2024
Schedule completion	Q4 2028
No of Units	280

Saudi Arabia (KSA)

Per CBRE- Saudi Arabia Estate Market Review, In the first half of 2025, the residential sector led market activity, accounting for 63% of total real estate transaction value. Residential transactions rose by 7% year-on-year to nearly 93,700 deals, with total value reaching SAR 77.5 billion (up 4% from H1 2024). This momentum is underpinned by increased mortgage activity, government support, and new housing stock in major cities.  Riyadh's apartment prices rose 10.6% year-on-year in Q2 2025, while villa prices increased by 8.2%. Jeddah's residential market saw transaction volumes rise by 19% and value by 28%, with northern districts leading price growth. In Q2 2025, the average apartment price in Jeddah reflecting a 2.7% year-on-year increase.

Looking ahead, Riyadh and Jeddah remain the Kingdom's most dynamic markets, supported by ongoing Vision 2030 initiatives and major infrastructure investment. The implementation of the foreign ownership law in January 2026 is set to further energise the market by boosting liquidity, attracting foreign capital, and enhancing development quality.

Our Projects Saudi Arabia

Rayana - 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‑branded ultra‑luxury mansions. Each residence will be delivered with a complete architectural shell, enabling owners to customise all internal spaces according to their individual lifestyle and specifications. The masterplan includes the Trump Championship Golf Course, Trump International Hotel, and Trump International Golf Club. Rayana is located near Diriyah and the royal district, surrounded by established golf, equestrian, and wellness amenities.

Status	Under construction
Launched	Q1 2026
Schedule completion	Q4 2030
No of Units	131

(Rayana launched in January 2026)

Neptune interiors by Mouwad - Neptune Villas offers a refined integration of high‑end design and residential living in North Riyadh. This exclusive villa collection is developed in collaboration with Mouawad, the internationally recognised luxury jewellery house known for its longstanding heritage and exceptional craftsmanship. The project reflects Mouawad's distinguished design ethos, bringing a sophisticated and timeless aesthetic to each residence.

Status	Under construction
Launched	Q4 2024
Schedule completion	Q4 2027
No of Units	200

Amaya - Amaya is one of the latest major development opportunities in central Jeddah, offering approximately 1,000,000 sqm of construction-ready, flat land with strong access to key districts via King Abdulaziz Road. The project is anchored by Al-Amal Avenue, connecting the Historic Old City with King Abdulaziz Road. The masterplan features shaded streets, landscaping, and walkable green environments, with flexible plots suitable for residential, commercial, or mixed-use development. With its prime location, ready infrastructure, and proximity to major citywide upgrades, Amaya presents a strong investment opportunity with long-term value potential.

Status	Under construction
Launched	Q1 2026
Schedule completion	Q1 2029
No of Plots	578

(Amaya launched in January 2026)

Trump Tower, Jeddah - Trump Tower Jeddah is our first project in Jeddah and second in Saudi Arabia, located along the iconic Jeddah Corniche. With 561 exclusive residences, the tower reflects the excellence and sophistication of the Trump brand, offering contemporary design, high-end finishes, and world-class amenities. Its prime waterfront location and thoughtfully designed living spaces set a new benchmark for luxury living in the city.

Status	Under construction
Launched	Q4 2024
Schedule completion	Q4 2029
No of Units	561

Trump Plaza, Jeddah - Trump Plaza Jeddah is strategically located on King Abdulaziz Road within the Amaya master development. The development features fully furnished, Trump-branded residences, designed and delivered to international standards of quality, finish, and service.

Status	Under construction
Launched	Q1 2026
Schedule completion	Q4 2030
No of Units	266

(Trump Plaza launched in January 2026)

Oman

Oman's residential real estate market is projected to reach US$7.42 billion by 2030, with expectations of about 9% compound annual growth as new projects and foreign investment expand. Broader real-estate-related activity (including construction and development) is also forecast to increase steadily, with residential remaining the dominant segment. Oman's real estate price index rose around 10.8% year‑on‑year in Q2 2025, with residential prices up about 11.8% and villas up roughly 17-18%. Earlier in the year, residential prices were already up more than 7% year‑on‑year in Q1 2025, led by higher land values.

Our projects in Oman

AIDA - AIDA is a breathtaking luxury development set on the dramatic cliffs of Muscat, offering an unparalleled blend of natural beauty and refined living. Spanning 4.3 million square meters, this visionary project will be developed over 8 to 10 years and launched in 10 phases and this exclusive community will have home to luxurious residences, a world-class Trump golf course, and premium hospitality experiences. Designed to harmonise with Oman's stunning landscapes, AIDA seamlessly merges modern elegance with the serenity of its coastal surroundings. With thoughtfully crafted villas and apartments boasting panoramic views, along with exceptional amenities, AIDA offers a one-of-a-kind lifestyle where luxury meets nature's masterpiece.

Status	Under construction
Launched	Q1 2023
Schedule completion	Phase I - 2027-28 Phase II - 2029-30 Entire Masterplan by 2034
No of Units	1604*

*Launched units only

Qatar

Qatar's residential market recorded a notable annual increase in the value and volume of residential transactions in Q3 2025, reflecting buyers' confidence and strong investment appetite across key districts, demonstrating resilience in the face of regional geopolitical tensions. Residential transactions were up 57% on Q3 2024 (1,682 sales in Q3 2025 v 1,070 in Q3 2024).  Average villa prices are 2% lower than this time last year and currently stand at QAR 6,614 psm, while average apartment prices increased 3.4% to QAR 13,074 psm, between Q3 2024 and Q3 2025. This expansion builds on the strong momentum seen earlier in 2025, where Q2 2025 recorded 1,799 sales, up 109% on Q2 2024. This growth followed a subdued period during 2023- 2024 when post-World Cup adjustments and tightening liquidity temporarily weighed on sentiment.

Our projects in Qatar

LES VAGUES BY ELIE SAAB and Lumaia - Les Vagues is a residential development comprising five towers located on Qetaifan Island North in Lusail. The project features 424 apartments and retail units across the five towers designed to offer uninterrupted coastal views. As the first residential development in Qatar with interiors by Elie Saab and Lumaia, it incorporates 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 and convenience. Les Vagues provides a premium residential environment that combines high-end design with direct proximity to the shoreline.

Status	Under construction
Launched	Q4 2022
Schedule completion	Q4 2027
No of Units	424

Spain

Spain is experiencing a housing boom supported by job growth, wage increases above inflation, population growth and strong foreign buyer activity. At the same time, new construction is increasing but still falls short of demand, so the structural housing deficit persists and continues to push prices up. Transaction volumes are high by historical standards, with around 700,000 home sales per year (~19.7% increase year on year). Demand is broad-based, supported by both domestic buyers and foreign investors. However, supply has not tightened the balance despite rising construction permits and a rebound in new-home approvals, the accumulated housing deficit since 2021 exceeds 500,000 unit. The Spanish residential market continues to show an upward price trend-both in new and existing homes clearly reflecting the persistent tension between demand and supply. According to Tinsa, in the third quarter of 2025, the average value of housing (new and used) increased by 11.7% year on-year and 3.0% quarter-on-quarter in nominal terms.

Our projects in Spain

TIERRA VIVA, DESIGN BY AUTOMOBILI LAMBORGHINI - Tierra Viva is Dar Global's first development in continental Europe, launched in June 2023 in collaboration with Automobili Lamborghini. The project comprises an exclusive gated community luxury villas and construction ready plots located in the hills of Benahavís, with elevated views toward Marbella and the Mediterranean Sea. The design of the residences is inspired by Lamborghini's architectural and stylistic principles, incorporating contemporary aesthetics and clean geometric forms. Tierra Viva offers a high-end residential environment in one of Spain's most desirable and established luxury destinations.

Status	Under construction
Launched	Q2 2023
Schedule completion	Q4 2028
No of Units	53

MAREA, ITERIORS BY MISSONI - Marea is Dar Global's second development in Spain, unveiled in August 2023 and featuring interior design by Missoni. The project is situated in a prime coastal location and is planned to offer uninterrupted sea views along with convenient access to established golf courses and lifestyle amenities in the surrounding area. Marea is designed to deliver a high‑end residential environment that integrates contemporary luxury with the natural characteristics of its setting.

Status	Under construction
Launched	Q3 2023
Schedule completion	Q4 2027
No of Units	64

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 a renowned polo destination and some of the finest beaches on the Costa del Sol. The Tabano project is currently in the early permitting phase, and we are working with the Consultants to develop the concept master plan and infrastructure strategy. Development plans will be finalised once the planning permissions are in place.

London, UK

As per CBRE Report on London's Future Driving Growth Across Real Estate, London dominates European cross-regional real estate investment, leading all cities across market cycles from 2022 through H1 2025. International buyers from over 50 countries have completed 62% of all property sales since 2016, with overseas capital representing 69% of office volumes and 65% of retail transactions. Despite below-trend activity due to elevated interest rates, recovery is underway. Overseas investors are returning, large-lot deals are accelerating, and year-on-year volume growth is expected. London's structural advantages English law, strategic time zone, transparent markets, and global connectivity cement its position as Europe's most liquid real estate investment market

Our projects in London, UK

ALBERT HALL MANSIONS- Albert Hall Mansions Penthouse is located in one of London's most prestigious residential areas, directly facing the Royal Albert Hall. The property forms part of a historic, architecturally notable Victorian-era building known for its distinguished façade and prime position along Kensington. The penthouse benefits from unobstructed views of the Royal Albert Hall and offers an exclusive central London address within close proximity to major cultural, recreational, and institutional landmarks.

Status	Under construction
Launched	Q2 2024
Schedule completion	Q2 2027
No of Units	1

Oh So Close - Located within the leafy community of West Ealing, this project comprises of two three-storey houses divided into luxury flats.

Status	Completed
Launched	Q2 2023
Schedule completion	Completed
No of Units	17

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 a comprehensive redevelopment and has been designed and finished to high contemporary standards while retaining its architectural character.

Status	Completed
Launched	Q2 2022
Schedule completion	Completed
No of Units	1

Financial Review

Expanding Our Global Luxury Portfolio for Sustainable, Long‑Term Growth

The Company has firmly established itself as a leading developer of luxury homes, achieving remarkable milestones that position us for continued expansion and sustained long-term growth. Dar Global's financial performance in 2025 demonstrates our strategic commitment to long-term value creation, market expansion, and accelerated construction delivery. Building on a strong foundation, we achieved substantial growth in Gross Development Value (GDV) through the announcement of several landmark projects in the Kingdom of Saudi Arabia, while maintaining robust sales performance across both newly launched and existing developments. This strategic expansion of our development pipeline reinforces our market leadership in the luxury real estate sector and underscores our dedication to delivering exceptional, sustainable value to our stakeholders.

FY25: Financial Performance

Revenue for the year stood at US$538.6 million (FY24: US$240.3 million) and was primarily attributed to construction progress in our projects across UAE, KSA, Oman and Qatar.

Gross Profit was US$189.7 million, with a margin of 35% (FY24: US$87.4 million and margin of 36%). EBITDA for the year was US$126.60 million (FY24: US$30.1 million), while Net Profit stood at US$100.8 million (FY24: US$14.9 million).

Sales and GDV experienced remarkable growth during the year as the Group continued to launch additional inventory across existing and new projects. The revenues with respect to new sales will be recognised in future periods once the respective projects meet revenue recognition milestones. Gross GDV increased from US$7.5 billion during FY24 to US$19 billion in FY25, driven primarily by the expansion in Kingdom of Saudi Arabia.

Strategic Progress and Financial Stability

The Group continues to leverage its capital light model and maintain a disciplined approach to liquidity management. The Group's liquidity position strengthened significantly, with cash and cash equivalents (including escrow and escrow retentions) reaching US$701.5 million as of 31 December 2025, a 65% increase from US$424.4 million in the previous year. Net asset value grew to US$584.4 million, reinforcing the Group's solid financial foundation and operational strength.

The Group demonstrated robust access to debt capital markets, enhancing its financial flexibility to capitalise on new opportunities. As of year-end, undrawn debt facilities stood at US$228.2 million, demonstrating the Group's financial resilience and ability to fund future growth initiatives.

As of 31 December 2025, the total liquidity pool stands at c. US$311.7 million, including unrestricted undrawn debt facilities of c. US$228.2 million and excluding project escrow balances. The Group's escrow balances (including restricted cash) stood at US$618.0 million which provides adequate liquidity for completion of our ongoing projects. This robust liquidity position provides the Group with the flexibility to capitalise on project opportunities, ensuring a robust and dynamic asset portfolio to drive future growth.

Summarised Consolidated Statement of Profit or Loss and Other Comprehensive Income

Amounts in US$ million	FY25	FY24
Revenue	538.6	240.3
Cost of revenue	(348.9)	(152.9)
Gross profit	189.7	87.4
Gross profit %	35.2%	36.4%
Other income	24.1	4.2
Selling, General & Administrative expenses	(93.3)	(67.0)
Finance income (cost)	(7.8)	(11.3)
Share of profit (loss) from joint venture	-	0.7
Profit before tax	112.7	14.0
Income tax	(12.0)	0.8
Profit for the period	100.8	14.9
Increase (decrease) in foreign currency translation reserve	5.1	(1.9)
Total comprehensive income for the year	105.9	13.0

Revenue : Revenue increased by US$298.3 million to US$538.6 million in FY25 (FY24: US$240.3 million), primarily relates to the initial recognition of revenue for certain projects in the UAE, KSA, Oman, and Qatar following the attainment of the relevant construction milestones.

Gross profit: Gross profit margin remained at 35% (FY24: 36%), with the marginal decrease primarily reflecting project mix.

Other income: The increase in other income is primarily attributable to the gain recognised on the reduction of development property liabilities, foreign exchange gains, and increase in income from support services provided to related parties.

Operating expenses: The increase is primarily attributable to payroll and related costs, the recognition of sales commissions associated with increased revenue, and an increase in other administrative expenses. This is partially offset by a reduction in marketing expenses, highlighting operational efficiency gains.

Net finance cost: Net finance cost represents interest expenses on debt facilities net of finance income and includes the impact of unwinding discounts on long-term liabilities.

Income Tax: The income tax includes corporate tax and Deferred tax expenses (credits).

Summarised Balance Sheet

Amounts in US$ million	FY25	FY24	Change
Cash and cash equivalents	668.0	413.6	254.4
Escrow retentions	33.5	10.8	22.7
Trade and unbilled receivables	351.8	277.3	74.5
Advances, deposits and other receivables	185.4	119.8	65.6
Development properties	783.1	586.4	196.7
Other assets	40.8	33.5	7.3
Total assets	2,062.6	1,441.4	621.2
Trade and other payables	125.6	85.0	40.6
Advance from customers	459.5	180.0	279.5
Bank borrowings	169.1	205.5	-36.4
Due to related parties	287.1	222.6	64.5
Development property liabilities	412.1	254.7	157.4
Other liabilities	24.8	15.1	9.7
Total liabilities	1,478.2	962.9	515.3
Net asset value / Total equity	584.4	478.5	105.9

Development properties - There was a gross addition of US$532.5 million, primarily driven by costs incurred on the Group's active projects across various geographies, as well as the acquisition of lands in KSA, UAE, and Qatar, including borrowing costs capitalised under IAS 23 up to the point of initial revenue recognition. This increase is partially offset by US$335.8 million transferred to the cost of goods sold in line with revenue recognition.

Advances, deposits and other receivables - the increase is attributable to sales commissions paid to brokers and employees in relation to property sales, which will be expensed in line with the revenue recognition pattern of the projects, and an increase in VAT refund receivable, in KSA.

Advances from customers - There was an increase in collections during the year due to the launch of new projects in UAE, Oman, Qatar and KSA, as well as collections from new and previously sold units in existing projects, in line with the agreed payment plans.

Due to related party - The increase is on account of drawdown of loan during the year.

Development property liabilities - Increase in development property liabilities is due to the acquisition of lands in KSA and Qatar under a deferred payment plan.

Trade and other payables - the increase pertains to accruals for project related expenses and sales commissions recognised during the year.

Prospects for 2026

The Group's strong sales momentum and the substantial GDV growth achieved in 2025 highlight the inherent strength and resilience of Dar Global's business model. The Company has significantly expanded its development pipeline, enhancing medium-term earnings visibility.

The Group enters 2026 from a position of financial strength, underpinned by robust liquidity, a healthy sales backlog and substantial escrow balances held against projects under construction. These resources provide the Group with confidence in its ability to deliver on its current commitments to customers and stakeholders alike. The Group remains 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, including the escalation of military activity since late February 2026, and the broader macroeconomic uncertainties that these events have introduced across the markets in which we operate. While the Board takes these developments seriously, the Gulf states have historically demonstrated remarkable resilience and an ability to reset following periods of disruption, as evidenced by the region's strong recovery from the global financial crisis of 2009/10 and Covid-19. The Group's capital-light development model reduces carrying risk and affords management the flexibility to phase project launches and construction mobilisations in line with evolving market dynamics. The Board and executive team bring deep experience of operating through comparable periods of uncertainty, having been instrumental in navigating similar situations in the past. Against this backdrop, the Board has adopted a clear focus on liquidity preservation and capital discipline, and the Group 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 financial execution as we deliver on these milestones and will provide further guidance on profitability metrics as the year progresses 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 negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this release and include, but are not limited to, statements regarding the Group's intentions, 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 and circumstances. Forward-looking statements are not guarantees of future performance and the development of the markets 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 the industry 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 cause developments 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 required by the Listing and Disclosure Guidance and Transparency Rules, the Company is under no obligation to update the information contained in this release. Past performance cannot be relied on as a guide to future performance.

Going concern statement

In 2025, the Group secured additional growth capital of up to US$165 million to support investment in new projects and geographies. The Board, having regard to the Group's internal forecasts and projections for five years, which are based on the current trends in sales and development, and after taking account of the funds currently held, the available facilities including the undrawn facilities of US$228.2 million at year end have concluded that the Company and the Group will be able to operate within the level of its available resources.

The Directors have at the time of approving the consolidated financial statements, a reasonable expectation that the Group has adequate resources to continue to be in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the consolidated financial statements.

Principal risks and uncertainties at Year End 2025

Risk description	Remediation / Mitigation
Strategic and financial risks
1. Property market cycles and interest rates Changes in macroeconomic environment or tightening of financial conditions may lead to falling demand through a reduction in the wealth of our target affluent customer demographic. This could result in reduced sales volumes and affect our ability to deliver profitable growth. Availability of suitable land at appropriate cost is also strongly impacted by property market conditions, incorrect timing of purchases could impact future profitability.	- Critical assessment of target location and underlying demand. - Conservative deployment of capital. - Joint venture agreements for suitable land and partners. - Frequent review of pricing. - Strong relationships with key brokers. - Geographical diversification.
2. Capital availability and solvency Lack of sufficient financing may restrict our ability to respond to changes in the economic environment and take advantage of appropriate land buying and operational opportunities to deliver strategic priorities.	- Disciplined capital management. - Secured funding lines for future opportunities. - Strong and supportive majority shareholder.
3. Political risk Significant political events locally and globally may impact Dar Global's business as customers may be reluctant to make purchases due to uncertainty. Sanctions may cause supply chain disruption, and changes in local laws may increase costs or cause delays to projects.	- Diversification across several jurisdictions, with the majority considered safe havens by wealthy investors. - Conservative capital policy enables management to tolerate lower sales volumes and avoid steep price cuts.
Operational risks
4. Contractor ability to deliver on time with high quality/low defect Failure to achieve excellence in construction, such as late completion of works, design and construction defects could expose the Company to future remediation liabilities, and impact future sales through reputational damage.	- Rigorous contractor due diligence. - Legally binding contractual terms. - Stringent quality assurance through build programme oversight by both Dar Global engineers and independent consultants on multiple sites across several countries.
5. Legal risks: joint venture and branding Differences in interpretation of goals, roles, and responsibilities of each partner may lead to protracted delays in executing and legal recourse, which, in the event of underperformance by one or more parties, a change in control/ financial stability of one of our partners, could result in large losses and reputational damage to Dar Global.	- Extensive due diligence on all partners. - Contractual agreements detailing roles, responsibilities and performance requirements, defined through pre-agreement discussions to effectively address and allocate ownership of risks and potential liabilities between parties. - Effective, frequent communication and updates to all relevant parties throughout the life of each project. - Oversight by both Dar Global engineers and independent consultants
6. Labour standards and health & safety Health and safety, or environmental breaches can impact Dar Global's employees, subcontractors and site visitors, and result in reputational damage, criminal prosecution, civil litigation, increased cost and delays in construction.	- Robust health and safety procedures for all construction sites. - Regular health and safety monitoring, external audits of all sites, and regular management reviews. - Contractual requirements for all subcontractors to abide by high standards of safety
7. Cyber and data risk The Group places significant reliance upon the availability, accuracy, and confidentiality of all of its information systems and data. It could suffer significant financial and reputational damage from corruption, loss or theft of data.	To address the residual risk, the Group: - Has a comprehensive Information Security Programme to complement existing controls, addressing any vulnerabilities and implementing best practices with the support of specialist external third parties. - Deployed multi-factor authentication on key platforms. - Uses cloud-based services reducing centralised risk exposure.
8. Employee relations Increasing competition for skills may mean we are unable to recruit and retain the best people. It could result in a failure to deliver our strategic objectives, a loss of corporate knowledge and competitive advantage.	We have the following measures in place: - Succession planning for key management. - Monitoring attrition rates, attendance and feedback from exit interviews. In addition, we are enhancing our performance management approach.

Responsibility statement of the directors in respect of the annual financial report

We confirm that to the best of our knowledge:

The financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and

The strategic report/directors' report includes a fair review of the development and performance of the business and the position of the issuer, and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

The Directors' Report, which has been prepared in accordance with the requirements of the Companies Act 2006, has been approved by the Board and signed on its behalf by:

David Weinreb

Chairman

10 March 2026

Dar Global PLC and its subsidiaries

London - United Kingdom

Consolidated statement of financial position

(In United States dollar)

	Note	December 31, 2025	December 31, 2024
ASSETS
Cash and cash equivalents	5	668,046,169	413,625,405
Trade and unbilled receivables	6	351,751,094	277,338,806
Advances, deposits and other receivables	7	185,395,654	119,774,587
Development properties	8	783,111,658	586,415,420
Escrow retentions	9	33,520,147	10,774,653
Due from related parties	17	6,476,773	1,600,015
Property and equipment	10	25,037,543	21,897,663
Right-of-use assets	11	3,846,885	4,133,177
Deferred tax assets	18	5,430,464	5,860,228
		-----------------	-----------------
TOTAL ASSETS		2,062,616,387	1,441,419,954
		==========	==========
LIABILITIES AND EQUITY
LIABILITIES
Trade and other payables	12	125,608,822	85,015,114
Advances from customers	13	459,486,898	180,027,547
Retention payable	14	19,326,375	9,630,047
Development property liabilities	15	412,141,755	254,747,426
Bank borrowings	16	169,069,969	205,493,025
Due to related parties	17	287,093,049	222,567,717
Employees' end of service benefits		1,750,057	1,117,792
Lease liabilities	11	3,634,491	4,114,862
Deferred tax liabilities	18	126,200	252,935
		-----------------	---------------
TOTAL LIABILITIES		1,478,237,616	962,966,465
		==========	=========
EQUITY
Share capital	19	1,800,216	1,800,216
Share premium	20	88,781,078	88,781,078
Retained earnings		487,866,754	387,488,728
Foreign currency translation reserve		4,656,617	(437,202)
Statutory reserve	2.21	1,229,110	820,669
		----------------	----------------
Equity attributable to owners of the Company		584,333,775	478,453,489
Non-controlling interest	28	44,996	-
		---------------	---------------
TOTAL EQUITY		584,378,771	478,453,489
		-----------------	---------------
TOTAL LIABILITIES AND EQUITY		2,062,616,387	1,441,419,954
		==========	=========

The accompanying notes from 1 to 35 form an integral part of these consolidated financial statements.

These consolidated financial statements were approved by the Board of Directors on 10 March 2026 and signed on its behalf by:

David Weinreb			Ziad El Chaar
Chairman			Chief Executive Officer

Dar Global PLC and its subsidiaries

London - United Kingdom

Consolidated statement of profit or loss and other comprehensive income

(In United States dollar)

	Note	December 31, 2025	December 31, 2024
Revenue	21	538,617,634	240,330,393
Cost of revenue	21	(348,915,514)	(152,946,653)
		---------------	---------------
Gross profit		189,702,120	87,383,740
Other income	22	24,123,626	2,328,272
Selling and marketing expenses	23	(33,912,002)	(27,345,974)
General and administrative expenses	24	(59,367,502)	(37,691,519)
Finance costs	25	(24,910,352)	(22,979,983)
Finance income	25	17,119,047	11,690,273
Share of profit from joint venture		-	704,640
Gain from disposal of joint venture		-	20,038
		---------------	---------------
Profit before tax		112,754,937	14,109,487
Income tax (expenses)/credit	18	(11,969,874)	803,690
		---------------	---------------
Profit for the year		100,785,063	14,913,177
		=========	=========
Other comprehensive income
Items that are or may be classified subsequently to profit or loss
Increase/(decrease) in foreign currency translation reserve		5,093,819	(1,871,239)
		---------------	---------------
Total comprehensive income for the year		105,878,882	13,041,938
		=========	========
Profits/(loss) attributable to:
Owners of the company		100,786,467	14,913,177
Non-controlling Interests	28	(1,404)	-
		---------------	---------------
		100,785,063	14,913,177
		=========	=========
Total comprehensive income attributable to:
Owners of the company		105,880,286	13,041,938
Non-controlling Interests	28	(1,404)	-
		---------------	-------------
		105,878,882	13,041,938
		=========	========
Earnings per share attributable to owner of the Company:
-  basic and diluted earnings per share (USD)	26	0.56	0.08
		----------------	--------------
Adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA)
Net finance costs		7,791,305	11,289,710
Depreciation on property and equipment and right-of-use assets		5,798,092	4,530,248
Tax expenses/(credit)		12,254,621	(675,239)
		-------------	-------------
Adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA)		126,629,081	30,057,896
		========	========

The accompanying notes from 1 to 35 form an integral part of these consolidated financial statements.

Dar Global PLC and its subsidiaries

London - United Kingdom

Consolidated statement of changes in equity

(In United States dollar)

	Attributable to owners of the Company
	Share capital	Statutory  reserve		Foreign currency translation reserve		Retained earnings	Share premium	Total		Non-controlling interest	Total equity
Balance as at January 1, 2024	1,800,216	408,441		1,436,244		372,985,572	88,781,078	465,411,551		-	465,411,551
Profit for the year	-	-		-		14,913,177	-	14,913,177		-	14,913,177
Other comprehensive income/(loss)	-	-		(1,871,239)		-	-	(1,871,239)		-	(1,871,239)
Total comprehensive income for the year	-	-		(1,871,239)		14,913,177	-	13,041,938		-	13,041,938
Transaction with owners of the Company
Other reserves	-	2,207		(2,207)		-	-	-		-	-
Statutory reserve	-	410,021		-		(410,021)	-	-		-	-
Total transactions with owners of the Company	-	412,228		(2,207)		(410,021)	-	-		-	-
	------------	------------		------------		----------------	--------------	---------------		---------------	---------------
Balance as at December 31, 2024	1,800,216	820,669		(437,202)		387,488,728	88,781,078	478,453,489		-	478,453,489
	=======	=======		=======		=========	========	=========		=========	=========
Balance as at January 1, 2025	1,800,216	820,669		(437,202)		387,488,728	88,781,078	478,453,489		-	478,453,489
Profit/(loss) for the year	-	-		-		100,786,467	-	100,786,467		(1,404)	100,785,063
Other comprehensive income/(loss)	-	-		5,093,819		-	-	5,093,819		-	5,093,819
Total comprehensive income/(loss) for the year	-	-		5,093,819		100,786,467	-	105,880,286		(1,404)	105,878,882
Transaction with owners of the Company
Statutory reserve	-	408,441		-		(408,441)	-	-		-	-
Total transactions with owners of the Company	-	408,441		-		(408,441)	-	-		-	-
Non-controlling interest (refer to note 28)	-	-		-		-	-	-		46,400	46,400
	------------	------------		------------		----------------	--------------	---------------		---------------	---------------
Balance as at December 31, 2025	1,800,216	1,229,110		4,656,617		487,866,754	88,781,078	584,333,775		44,996	584,378,771
	=======	=======		=======		=========	========	=========		=========	=========

The accompanying notes from 1 to 35 form an integral part of these consolidated financial statements.

Dar Global PLC and its subsidiaries

London - United Kingdom

Consolidated statement of cash flows

	Note	December 31,	December 31,
		2025	2024
Cash flows from operating activities
Profit for the year		100,785,063	14,913,177
Adjustments for:
Depreciation on property and equipment	24	3,020,698	2,022,188
Depreciation on right-of-use assets	24	2,777,394	2,508,060
Provision for employees' end of service benefits		1,024,062	653,073
Unrealised foreign exchange		(4,994,703)	-
Finance costs	25	24,910,352	22,979,983
Other income from partial forgiveness of liability	22	(10,987,066)	-
Finance income	25	(17,119,047)	(11,690,273)
Share of profit from joint venture		-	(704,640)
Gain from disposal of joint venture		-	(20,038)
Income tax expense/(credit)		11,969,874	(803,690)
		----------------------	---------------------
Operating profit before working capital changes		111,386,627	29,857,840
Working capital changes:
Trade and unbilled receivables		(74,412,288)	(55,471,342)
Advances, deposits and other receivables		(65,283,477)	(54,577,821)
Development properties and development property liabilities		(24,746,143)	(167,585,674)
Trade and other payables		30,771,509	55,904,872
Advances from customers		279,459,351	84,862,015
Retention payable		9,696,328	2,541,630
Due (from)/to related parties		(4,876,758)	1,556,244
		------------------------	---------------------
Cash generated from/(used in) operating activities		261,995,149	(102,912,236)
Income tax paid		(1,493,043)	-
Employee benefits paid		(391,798)	(224,830)
		-------------------------	-----------------------
Net cash from/(used in) operating activities		260,110,308	(103,137,066)
		------------------------	----------------------
Cash flows from investing activities
Acquisition of property and equipment	10	(5,786,079)	(18,149,090)
Escrow retentions		(22,745,494)	(787,176)
Funds transferred to related parties		(6,109,364)	(125,628)
Proceeds from disposal of property and equipment	10	1,219	60,382
Proceeds from disposal of investment in joint venture		-	6,288,099
Net cash acquired on acquisition		-	9,355,259
Interest income	25	13,717,616	11,259,006
Repayment to joint venture		-	2,150,987
		--------------------	---------------------
Net cash (used in)/generated from investing activities		(20,922,102)	10,051,839
		--------------	--------------
Cash flows from financing activities
Proceeds from bank borrowings	16	5,602,989	147,882,072
Repayment of bank borrowings	16	(44,040,113)	(67,092,067)
Interest expense on borrowings		(12,381,329)	(15,817,177)
Payment of structuring fees for bank borrowings		(507,859)	(660,784)
Proceeds from related party borrowings	17	69,369,659	226,576,921
Repayment of related party borrowings	17	(152,359)	(7,798,634)
Payment of lease liabilities	11	(2,967,700)	(2,931,863)
Interest expense on lease liabilities	11	(324,226)	(314,936)
Proceeds from non-controlling interests		46,400	-
		-----------------------	-----------------------
Net cash generated from financing activities		14,645,462	279,843,532
		----------------------	----------------------
Net increase in cash and cash balances		253,833,668	186,758,305
Effect of translation of foreign currency		587,096	(1,624,934)
Cash and cash equivalents, beginning of the year		413,625,405	228,492,034
		-----------------------	-----------------------
Cash and cash equivalents at the end of the year		668,046,169	413,625,405
Cash and cash equivalents:		---------------	---------------
Cash in hand	5	230,286	81,076
Cash at banks	5	667,815,883	413,544,329
		---------------	---------------
		668,046,169	413,625,405
		=========	=========

The accompanying notes from 1 to 35 form an integral part of these consolidated financial statements.

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 operates under a Company Number 14388348 issued by the registrar of the companies for England and Wales. The majority of shares of the Company are held by Dar Al Arkan Global Investment LLC ("Major shareholder") in United Arab Emirates ("UAE") and the Ultimate parent company of the Major shareholder is Dar Al Arkan Real Estate Development Company, Kingdom of Saudi Arabia ("KSA"). The Group is primarily involved in development and sale of real estate.

1.2          The registered address of the Company is located at 19th Floor, 51 Lime Street, London, EC3M 7DQ, United Kingdom.

1.3          These consolidated financial statements ("financial statements") 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 of subsidiary and domicile	Percentage of effective holding	Percentage of voting rights	License / Registration No.	Principal activities
Dar Global Properties L.L.C - UAE (Formerly Dar Al Arkan Properties L.L.C)	100%	100%	Commercial license no. 791860	Development and sale of real estate.
Dar Global UK Holdings LTD - United Kingdom	100%	100%	Company registration no. 13881707	Development and sale of real estate.
Dar Global UK No. 1 LTD - United Kingdom	100%	100%	Company registration no. 14751868	Development and sale of real estate.
Dar Global UK No. 2 LTD - United Kingdom	100%	100%	Company registration no. 14751750	Development and sale of real estate.
Dar Global UK No. 3 LTD - United Kingdom	100%	100%	Company registration no. 14751915	Development and sale of real estate.
Dar Global UK No. 4 LTD - United Kingdom	100%	100%	Company registration no. 14385758	General business activities
Dar Global Spain S.L. - Spain (Formerly Dar Al Arkan Spain S.L.)	100%	100%	Company registration no. B09896390	Development and sale of real estate.
Dar Benahavis I, S.L. - Spain	100%	100%	Company registration no. B72530843	Development and sale of real estate.
Daranavis S.L. - Spain	100%	100%	Company registration no. B72530850	Development and sale of 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 of subsidiary and domicile	Percentage of effective holding	Percentage of voting rights	License / Registration No.	Principal activities
Dar Tabano, S.L. - Spain	100%	100%	Company registration no. B72530835	Development and sale of real estate.
M/s. Prime Real Estate D.o.o Sarajevo - Bosnia	100%	100%	Company registration no. 65-01-0672-17	Development and sale of real estate.
M/s. Luxury Real Estate D.o.o. Sarajevo - Bosnia	100%	100%	Company registration no. 65-01-0698-17	Development and sale of real estate.
M/s. Dar Al Arkan Property Development D.o.o Sarajevo - Bosnia	100%	100%	Company registration no. 65-01-0676-17	Development and sale of real estate.
M/s. Beijing Dar Al Arkan Consulting Co. Ltd. - China	100%	100%	Company registration no. 91110105MA7 EQ79Y9Q	Development of real estate, consulting services, undertaking exhibition and design activities.
Dar Global Luxury Property Development L.L.C. SOC - UAE (Formerly Aqtab Properties L.L.C)	100%	100%	Commercial license no. 997901	Purchase and sale of real estate
Dar DG Global Properties L.L.C - UAE	100%	100%	Commercial license no. 997919	Purchase and sale of real estate
Dar DG Global Property Development L.L.C - UAE	100%	100%	Commercial license no. 997915	Purchase and sale of real estate
DG Luxury Property Management L.L.C - UAE	100%	100%	Commercial license no.  1274015	Property management services.

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 of subsidiary and domicile	Percentage of effective holding	Percentage of voting rights	License / Registration No.	Principal activities
Dar Global Real Estate Development LLC OPC - UAE	100%	100%	Commercial license no. 59000	Land and real estate purchase and sale, self-owned property management services, real estate enterprises investment, development, institution and management.
Dar Global Holdings Limited (ADGM)	100%	100%	Commercial license no. 000008662	Proprietary investment and holding/management of companies, Treasury management and operations, corporate governance, stakeholder relations.
Dar Global Property Development SPC - Oman (Formerly Dar Al Arkan Property Development SPC)	100%	100%	Commercial license no. 1402786	Real estate development, Construction of buildings (general constructions of residential and non-residential buildings
Dar Global Luxury SPC - Oman	100%	100%	Commercial license no. 1540816	Real estate development
Dar Global Development Maldives Private LTD - Maldives	100%	100%	Commercial license no. C00212024	Owning, operating and managing tourist hotels and resorts.
Dar DG Global Investment L.L.C - UAE	100%	100%	Commercial license no. 1215259	Investment in Commercial Enterprises & Management.
Dar Global Services Limited - United Kingdom	100%	100%	Commercial license no. 15273295	Business support including marketing  activities.

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 of subsidiary and domicile	Percentage of effective holding	Percentage of voting rights	License / Registration No.	Principal activities
Dar Global Holdings Real Estate - KSA	100%	100%	Commercial license no.  1010924907	Development of projects and buying and selling of real estate.
Dar Global Holdings For Investment - KSA	100%	100%	Commercial license no.  1009115608	Development of real estate, Buying and selling of real estate, Management and leasing of residential and non-residential properties, Real estate brokerage.
Dar Global Real Estate Development - KSA*	42%	100%	Commercial license no.  7051932700	Development of projects.
Dar Global USA LLC - USA	100%	100%	Commercial license no. M23000008667	Investment in Commercial Enterprises & Management.
Dar Global Investment LLC - USA	100%	100%	file no. 100250498100	Real estate development and investment.
Dar Global Holdings LLC - USA	100%	100%	file no. 100250318100	Real estate development and investment.
Dar Global Greece M.A.E - Greece	100%	100%	Commercial license no. 175922001000	Sale of property.
Dar Global for Real Estate Development W.L.L - Qatar (Formerly Dar Al Arkan For Real Estate Development W.L.L)	100%	100%	Commercial license no. 165584	Real estate development
Dar Global Morocco LLC - Morocco	100%	100%	Commercial   license no. 12673	Acquisition, development and sale of real estate properties, management and administration of properties

* 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 the ownership interest is 42%, it has been treated as a subsidiary as the Group has control over this entity, and is exposed to, or has rights to, variable returns from its involvement with this entity and has the ability to affect those returns through its power over this entity under the agreement entered by the shareholders.

2          Material accounting policies

2.1          Statement of compliance

The financial information has been extracted from the Company's statutory accounts for the years ended 31 December 2024 and 31 December 2025 ("FY25"). This results announcement does not constitute statutory accounts of the Group within the meaning of Sections 434(3) and 435(3) of the Companies Act 2006. Statutory accounts for 2024 have been delivered to the Registrar of Companies, and those for 2025 will be delivered in due course. The financial statements have been prepared in accordance with UK adopted International Accounting Standards and in conformity with the requirements of the Companies Act 2006. The financial statements have been prepared on a going concern basis and applying consistent accounting policies to those applied by the Group in the comparative period. The Company will publish its full FY25 Annual Report and Accounts, including the full text of the auditor's report, in due course. The auditors' report on the consolidated financial statements was unqualified, did not draw attention to any matters by way of emphasis without qualifying their report, and did not contain statements under Section 498(2) or 498(3) of the Companies Act 2006. This announcement has been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority. It does not include all the information required for a full annual financial report and should be read in conjunction with that report when it is published.

2.2          Basis of preparation

All values are rounded to the nearest unit in USD, which is Company's functional currency, except where otherwise indicated. Each entity determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency.

The financial statements have been prepared on a historical cost basis. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Basis of consolidation

The financial statements comprise the financial statements of the Company and the subsidiaries ('the Group'), plus the Group's share of the results and net assets of its joint ventures.

Subsidiaries

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the 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 date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases

Non-controlling interest                                                      

Non-controlling interest (NCI) are measured initially at their proportionate share of the acquiree's identifiable net assets at the date of acquisition. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

Joint ventures

A joint venture is a contract under which the Group and other parties undertake an activity or invest in an entity, under joint control. The Group uses equity accounting for such entities, carrying its investment at cost plus the movement in the Group's share of net assets after acquisition, less impairment.

2          Material accounting policies (continued)

2.2          Basis of preparation (continued)

Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income and expenses (except for foreign currency transaction gains or losses) arising from intragroup transactions, are eliminated. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

Going concern

The Group's forecasts and projections based on the current trends in sales and development and after taking account of the funds currently held, available facility including the undrawn facility of USD  265,059,849 at year end (refer to note 16 and 17) show that the Company and the Group will be able to operate within the level of resources and will be able to discharge its liabilities including the mandatory repayment of banking facilities.

The Directors have, at the time of approving the consolidated financial statements, a reasonable expectation that the Group have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the consolidated financial statements.

Adoption of new and revised standards

The Group has adopted all relevant amendments to existing standards and interpretations issued by the International Accounting Standard Board (IASB) that are effective for the respective financial year ends presented, with no material impact on its consolidated results or financial position.

The Group did not implement the requirements of any other standards or interpretations that were in issue but were not required to be adopted.

The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts. Further information on key judgements and sources of estimation uncertainty is 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 liability in an orderly transaction between market participants at the measurement date.

2          Material accounting policies (continued)

2.3          Fair value measurement (continued)

The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

-       In the principal market for the asset or liability, or

-       In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible to the Group.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their best economic interest.

A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

2.4          Foreign currency

The transactions in currencies other than the Group's presentation currency are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences on monetary items are recognized in the consolidated statement of profit or loss in the period in which they arise.

In preparing the separate financial information of the individual subsidiaries, the transactions in currencies other than the subsidiaries functional currency are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined.

Any gain or loss on translation from functional currency of subsidiaries to presentation currency of the Group is taken to statement of other comprehensive income.

Foreign exchange differences

Exchange differences on monetary items are recognized in consolidated statement of profit or loss in the period in which they arise except for exchange differences that relate to assets under construction for future productive use. These are included in the cost of those assets when they are regarded as an adjustment to interest costs on foreign currency borrowings.

2          Material accounting policies (continued)

2.4          Foreign currency (continued)

Foreign exchange gains and losses

The carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. Foreign exchange differences arising on financial assets measured at amortised cost are recognised in the consolidated statement of profit or loss.

2.5          Property and equipment

Property and equipment is stated at cost less accumulated depreciation and identified impairment loss, if any. The cost comprises of purchase price, together with any incidental expense of acquisition.

Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with 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 statement of profit or loss during the financial period in which they are incurred.

Depreciation is spread over its useful lives so as to write off the cost of property and equipment, using the straight-line method over its useful lives as follows:

Assets	Life years
Leasehold improvements	3-5
Furniture and fixtures	3-5
Computers 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 are accounted for as separate items (major components) of property and equipment.

The leasehold improvements are being depreciated over the period from when they became available for use up to the end of the lease term.

The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

The gain or loss arising on the disposal or retirement of an item of property and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in the consolidated statement of profit or loss.

2          Material accounting policies (continued)

2.6          Leases

Leases are accounted for by recognising a right-of-use asset and a lease liability except for:

-       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 the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group's incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability 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 is reasonably certain to assess that option;

·      any penalties payable for terminating the lease, if the term of the lease has been estimated based on termination option being exercised.

Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:

·      lease payments made at or before commencement of the lease;

·      initial direct costs incurred; and

·      the amount of any provision recognized where the group is contractually required to dismantle, remove or restore the leased asset.

Subsequent to initial measurement lease liabilities increase as a result of interest charged at 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 the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.

2.7          Development properties

Properties constructed or in the course of construction for sale in the ordinary course of business are classified as development properties and are stated at the lower of cost or net realizable value. Cost includes cost of acquisition of land, cost of construction including planning and design cost, commission, borrowing costs, employee costs, cost of 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 with minimal upfront cash contributions and certain variable consideration based on the percentage of profit. The entire projects are controlled and managed by the Group, which includes development, marketing, collections etc. The Group applies the liability approach in accounting for the variable considerations.  Under this approach, the Group includes the fair value of the variable payments in the initial cost of the properties at the date of acquisition and recognises a corresponding liability equal to the fair value of the variable payments on initial recognition computed based on a deferred payment plan as defined in the sale and purchase agreement ("SPA"). In accounting for the liability, the Group follows the principles in IFRS 9.

2          Material accounting policies (continued)

2.7          Development properties (continued)

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 each reporting date.

2.8          Advances from customers

Advances received from customers include instalments received from customers for properties sold either before the revenue recognition criteria have been met or in excess of the project's stage of completion. These funds are later recognized in the profit or loss statement once the revenue recognition criteria are satisfied. Additionally, advances from customers may be derecognized from the books when either the customer or the Group terminates the contract.

2.9          Asset acquisition

If the Group acquires an asset or a group of assets (including any liabilities assumed) that does not constitute a business, then the transaction is outside the scope of IFRS 3 because it cannot meet the definition of a business combination. Such transactions are accounted for as asset acquisitions in which the cost of acquisition is generally allocated between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. They do not give rise to goodwill or a gain on a bargain purchase.

The measurement and allocation of cost in an asset acquisition are completed at the date of 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 to suppliers and contractors, right-of-use assets and property and equipment. At the end of each reporting period, the Group reviews the carrying amounts of its non-financial assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated 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, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in the consolidated statement of profit or loss.

2          Material accounting policies (continued)

2.10        Impairment of non-financial assets (continued)

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have 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 recognized immediately in the consolidated statement of profit or loss.

2.11        Financial instruments

Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument.

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 plus transaction 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 and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject 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 of amortized cost or the present value of estimated future cash flows. The present value of estimated future cash flows is determined through the use of value adjustments for uncollectible amounts. The Group assesses on a forward-looking basis the expected credit losses associated with its receivables and adjusts the value to the expected collectible amounts.

Receivables are written off when they are deemed uncollectible because of bankruptcy or other forms of receivership of the debtors. The assessment of expected credit losses on receivables takes into account credit-risk concentration, collective debt risk based on average historical losses, specific circumstances such as serious adverse economic conditions in a specific country or region and other forward-looking information.

For accounts receivable, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables.

2          Material accounting policies (continued)

                2.12        Financial assets (continued)

Derecognition of financial assets

The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire; or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another Group. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated liability for the amounts, it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset.

2.13        Financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability. All financial liabilities are recognized initially at fair value and, in the case of loans, borrowings and payables, net of directly attributable transaction costs.

The Group's financial liabilities include trade and other payables, retention payable, bank borrowings, development property liabilities and due to related parties.

Trade and other payables

Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer).  If not, they are presented as non-current liabilities. Accounts and other payables are recognized initially at fair value and subsequently are measured at amortized cost using effective interest method.

Bank borrowings

Term loans are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in the consolidated income statement when 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 the acquisition of development properties on a deferred payment plan basis. Fixed payments payable on deferred payment plan basis, are stated at cash price equivalent at the recognition date. The difference between the cash price equivalent and the total payment is recognised as interest over the period of credit unless such interest qualifies for capitalisation as a borrowing cost, refer to paragraph 2.17.

The liability approach is used to account for variable payments. Under this method, the fair value of variable payments is included in the initial cost of development properties at the acquisition date and a corresponding development property liability is also recognized. After initial recognition, any changes in the amortized cost of the financial liability are recorded in profit or loss, unless the interest qualifies for capitalisation as a borrowing cost. Subsequently, at each reporting date the development property liabilities are measured at amortised cost using the effective interest method.

2          Material accounting policies (continued)

2.13        Financial liabilities (continued)

Derecognition of financial liabilities

The Group derecognizes financial liabilities when, and only when, the Group's obligations are discharged, cancelled or they expire. When an existing financial liability is replaced by another, from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated 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 consolidated statement of profit or loss.

2.14        Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the consolidated statement of financial position, when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

2.15        Revenue recognition

Revenue from contracts with customers for development and sale of residential properties

The Group recognizes revenue from contracts with customers based on a five step model as set out in IFRS 15 Revenue from contracts with customers.

Step 1. Identify the contract(s) with a customer: A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations and sets out the criteria for every contract that must be met. This is evidenced by issuance of signed Sale and Purchase Agreement ("SPA") to the customer and for revenue recognition over time, meeting specified threshold of project completion and collection from the customers.

Step 2. Identify the performance obligations in the contract: A performance obligation is a promise in a contract with a customer to transfer a good or service to the customer. The performance obligation for the Group is to deliver the constructed property to the customers along with the ancillary rights such as the right to use amenities and other related infrastructure facilities available. Accordingly, one performance obligation has been identified for each unit to be sold. The group assesses its revenue arrangements against specific criteria to determine if it is acting as principal or agent. The Group has concluded that it is acting as a principal in all of its revenue arrangements.

Step 3. Determine the transaction price: The transaction price is the amount of consideration to which the Group expects to be entitled in exchange for delivering the property to its customers. The agreed transaction price is part of the signed SPA issued to each customer. Revenue excludes taxes and duty, and includes an adjustment for a significant financing component ("SFC") where the payment plan for the projects extends beyond twelve months from the reporting period. No adjustment has been made for variable consideration as the group does not have any contracts with variable consideration.

2          Material accounting policies (continued)

2.15        Revenue recognition (continued)

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 the performance 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 of the following criteria is met:

1.             The customer simultaneously receives and consumes the benefits provided by the Group's performance as the Group performs; or

2.             The Group's performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or

3.             The Group's performance does not create an asset with an alternative use to the Group and the entity has an enforceable right to payment for performance completed to date.

The Group determines the satisfaction of performance obligation separately for each of its contracts and recognize revenue accordingly.

For performance obligations where one of the above conditions are not met, revenue is recognised at the point in time at which the performance obligation is satisfied.

Under the terms of the contracts in the UAE, Oman, Qatar and KSA the Group is contractually restricted from redirecting the properties to another customer and has an enforceable right to payment for work done. Therefore, revenue from construction of residential properties in the UAE, Oman, Qatar and KSA is recognised over time on an input/cost-to-cost method, i.e. based on the proportion of contract costs incurred for work performed to date relative to the estimated total contract costs. The Group considers that this input method is an appropriate measure of the progress towards complete satisfaction of the performance obligation under IFRS 15. In respect of the Group's contracts for development of residential properties in the United Kingdom, the Group has assessed that the criteria for recording revenue over time is not met and transfer of control happens only at the time of handover of completed units to the customers and accordingly the revenue is recognised at the point in time at which the performance obligation is satisfied.

When the Group satisfies a performance obligation by delivering the promised goods or services it creates a contract asset based on the amount of consideration earned by the performance. Where the amount of consideration received from a customer exceeds the amount of revenue recognized this gives rise to a contract liability.

Project management service

The Group provides advisory and assisting services relating to management of construction of properties under long term contracts with customers. The revenue is measured based on the consideration from customers to which the Group expects to be entitled in a contract with a customer in an amount that corresponds directly with the value to the customer of the Group's performance completed to date.

2          Material accounting policies (continued)

2.15        Cost of revenue

Cost of revenue represent cost for purchase of land, construction costs, consultant costs, utilities cost, and other related direct costs recognized to consolidated statement of profit or loss on percentage of completion or point in time as applicable.

2.16        Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Borrowing costs consist of interest and other costs that the Group incurs in connection with the borrowing of funds. All other borrowing costs are recognised in the consolidated statement of profit or loss in the year in which they are incurred.

2.17        Escrow Accounts

Escrow accounts represent bank accounts where money is held in with the bank, acting as an escrow agent, and available for use only if all the pre-determined conditions are fulfilled. The funds paid by customers for their residential units in off-plan sales are required to be deposited into escrow accounts held by banks accredited by the local governing bodies.

For escrow retention, in line with Dubai and KSA laws an escrow agent must retain prescribed per cent of the total value of each escrow account once the developer obtains the 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 the registration 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. Share premium represents the excess consideration received over the nominal value of share capital 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 arising from translation of the financial statements of foreign subsidiaries, and joint ventures.

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 or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends.

2    Material accounting policies (continued)

2.20        Taxation (continued)

Deferred tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for:

-         temporary differences on the initial recognition of assets or liabilities in a transaction that:

a)    is not a business combination; and

b)   at the time of the transaction (i) affects neither accounting nor taxable profit or loss and (ii) does not give rise to equal taxable and deductible temporary differences;

-         temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and

-         taxable temporary differences arising on the initial recognition of goodwill.

Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, 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 that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves.

The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset only if certain criteria are met.

2.20        Statutory Reserve

According to Article 103 of the UAE Federal Law No. (32) of 2021, 5% of annual net profits 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% of the paid-up capital.

2.21        Significant accounting judgements, estimates and assumptions

In the application of the Group's accounting policies, which are described in policy notes, the management are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

2    Material accounting policies (continued)

2.22        Significant accounting judgements, estimates and assumptions (continued)

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The significant judgments and estimates made by management, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities 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 has the most significant effect on the amounts recognized in the consolidated financial statements.

Identifying a contract

The Group assesses for each development and for each customer the point in time at which a contract exists. This requires assessing the point in each development where there 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 and associated project risks. Development stage is determined based on construction progress achieved by the main contractor. Additionally, the Group assesses the point in time at which consideration from the customer is probable, typically being receipt of 20% of the consideration together with the legal requirements of the sale and purchase agreement and the continuing trend of collections indicating the likelihood receipt of future instalment 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 determine whether performance obligations are satisfied over time or at a point in time in order to determine the appropriate method of recognizing revenue.

The Group has assessed that based on the sale and purchase agreements entered into with customers for sale of property under development in the UAE, Oman, Qatar and KSA as well as the relevant laws and regulations, that it does not create an asset with an alternative use to the Group and has an enforceable right to payment for performance completed to date. In these circumstances the Group recognizes revenue over time.

However, for contracts relating to sale of property under development in the United Kingdom where the above is not applicable, the Group recognizes revenue at a point in time. In recognizing revenue at a point in time, the Group considers the point in time at which the customer obtains control of the asset.

Measurement of progress when revenue is recognized over time

The Group has elected to apply the input method to measure the progress of performance obligations where revenue is recognized over time. The Group considers that the use of the input method which requires revenue recognition on the basis of the Group's efforts to the satisfaction of the performance obligation provides the best reference of revenue actually earned. In applying the input method, the Group estimates the cost to complete the projects in order to determine the amount of revenue to be recognized.

2          Material accounting policies (continued)

2.22 Significant accounting judgements, estimates and assumptions (continued)

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.

Significant financing component

In jurisdictions where the Group recognizes revenue over time, unbilled revenue for customers with expected collections beyond one year is discounted at the prevailing market interest rate. The transaction price for these contracts is adjusted using the rate that would have been applied if a separate financing agreement had been made between the Group and the customer at the contract's inception, usually matching the market rate at 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 payment plan with expected payments beyond one year are discounted at the Group's incremental borrowing rate. The transaction price for these acquisitions is adjusted using the borrowing rate, typically the rate that would have been applied if a separate financing agreement 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 cost attributable to revenue being recognized. These estimates include the cost of providing infrastructure, potential claims by contractors as evaluated by the project consultant and the cost of meeting other contractual obligations to the customers.

The Group has conducted sensitivity analysis on the total budgeted cost for its ongoing projects eligible for revenue recognition. Based on sensitivity analysis, a 5% increase in total budgeted cost will lead to 7.92% (2024: 10%) decrease in gross revenue, whilst a decrease in total budgeted cost by 5% will lead to 8.75% (2024: 12%) increase in gross revenue.

The Group has entered into arrangements to acquire land where there is a development profit share element to the acquisition price as contingent consideration. The Group estimates the contingent consideration payable to the seller. In order to determine the contingent consideration, the Group estimates the total sales price, the total cost of development properties including potential claims by contractors and the estimated cost of meeting other contractual obligations.

The overall profitability of the projects can be affected due to change in total budgeted cost. These fluctuations in profit will, in turn, have an impact on the contingent consideration payable. Since the contingent consideration is tied to the profitability of the projects, any significant changes in the budgeted costs may directly influence the amount of contingent consideration owed.

3          New standards and amendments

3.1          New standards and amendments applicable for 2025

The following standards and amendments apply for the first time to the financial reporting periods commencing on or after January 01, 2025.

-           Lack of Exchangeability - Amendments to IAS 21

The management believes that the adoption of the above amendments effective for the current accounting period has not had any material impact on the recognition, measurement, presentation, and disclosure of items in the consolidated financial statements.

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 for annual periods beginning after 1 January 2025.

Description	Effective for annual periods beginning on or after
Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 Annual Improvement to IFRS Accounting Standards - Volume 11	January 1, 2026 January 1, 2026
IFRS 18 Presentation and Disclosure in Financial Statements* IFRS 19 Subsidiaries without Public Accountability: Disclosures	January 1, 2027 January 1, 2027
Sale or Contribution of Assets between an investor and its Associate or Joint Venture - IFRS 10 and IAS 28	Effective date deferred indefinitely

* The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024. IFRS 18 aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from 1 January 2027. IFRS 18 replaces IAS 1 Presentation of Financial Statements and will affect the presentation and disclosure of financial performance in the Group's consolidated financial statements when adopted.

The adoption of these new standards will have no material impact on the financial statements in the period of initial application, except for IFRS 18 where management are assessing the impact.

4          Segment Information

Management monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss and is measured consistently with operating profit or loss in the consolidated financial statements. The only segment is real estate development, accordingly, the component parts of the revenue, profits or assets as disclosed in the notes to the consolidated financial statement pertain to this segment.

Business segment

The only business segment is Real estate development which represents 100% of the revenue and total assets.

Geographic segments

The following tables include revenue and other segment information for the years ended 31 December 2025 and 31 December 2024. Certain assets information for geographic segments is presented as at 31 December 2025 and 31 December 2024.

The Group has divided its operations into two categories i.e. Domestic (UK) and International (all other countries where Group has its operations).

	Domestic	International
	USD	USD
For the year ended December 31, 2025:
Revenue	6,070,509	532,547,125
Cost of revenue	(5,080,910)	(343,834,604)
Other income	108,477	24,015,149
Selling and marketing expenses	(161,472)	(33,750,530)
General and administrative expenses	(7,451,086)	(51,916,416)
Finance income	69,366	17,049,681
Finance costs	(1,452,543)	(23,457,809)
Income tax (expense)/ credit	421,161	(12,391,035)
Profit/(loss) for the year	(7,476,498)	108,261,561
For the year ended December 31, 2024:
Revenue	5,133,207	235,197,186
Cost of revenue	(4,175,127)	(148,771,526)
Other income	36,518	2,291,754
Selling and marketing expenses	(426,071)	(26,919,903)
General and administrative expenses	(6,803,688)	(30,887,831)
Finance income	563,002	11,127,271
Finance costs	(41,797)	(22,938,186)
Income tax (expense)/ credit	1,256,482	(452,792)
Profit/(loss) for the year	(3,732,794)	18,645,971
As at December 31, 2025
Total assets	31,801,257	2,030,815,130
Total liabilities	309,054,673	1,169,182,943
As at December 31, 2024
Total assets	29,179,639	1,412,240,315
Total liabilities	235,150,383	727,816,082

4          Segment Information (continued)

a)            The major geographical areas of total assets and revenue under "International" sub-segment are given below:

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Total Assets
UAE	1,208,064,049	959,149,463
Qatar	164,289,736	99,514,428
Oman	183,581,337	145,792,264
KSA	347,913,903	117,930,811
Other countries	126,966,105	89,853,349
	-----------------	---------------
	2,030,815,130	1,412,240,315
	==========	=========
Revenue
UAE	212,243,321	156,382,028
Qatar	75,792,270	37,338,548
Oman	86,258,076	39,876,610
KSA	158,253,458	1,600,000
	---------------	---------------
	532,547,125	235,197,186
	=========	=========

5              Cash and cash equivalents

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Cash in hand	230,286	81,076
Cash at bank
-       - Current accounts	38,701,392	32,606,307
-       - Escrow retention accounts (refer to (a) below)	33,520,147	10,774,653
-       - Escrow accounts (refer to (b) below)	584,561,506	260,680,858
-       - Demand deposit (refer to (c) below)	44,552,985	120,257,164
	----------------	----------------
	701,566,316	424,400,058
Less: Escrow retention accounts (refer to note 9)	(33,520,147)	(10,774,653)
	----------------	---------------
	668,046,169	413,625,405
	=========	=========

a)            The above represents Escrow retention accounts maintained with commercial banks in 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 the project and therefore do not meet cash and cash equivalents criteria and are therefore presented separately as escrow retentions.

5              Cash and cash equivalents (continued)

b)            The above represents Escrow accounts maintained with a commercial bank in accordance with the local laws issued by the governing body of the respective countries. This escrow account can be used for making payments directly related to the projects subject to the regulations and therefore meets the cash and cash equivalents criteria. The significant increase in the balances during the period is mainly due to collections from customers as per the payment plan.

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 interest rate of 7.80% per annum. This deposit is repayable on demand without any penalty on early maturity.

Management has concluded that the Expected Credit Loss (ECL) for all bank balances is immaterial as these balances are held with banks/financial institutions that are assessed as having low credit risk by international rating agencies.

6              Trade and unbilled receivables

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Unbilled receivables (refer to (a) below)	301,859,668	244,363,889
Trade receivables (refer to (b) below)	49,891,426	32,974,917
	----------------	----------------
	351,751,094	277,338,806
Less: Provision for impairment on trade receivables	-	-
	----------------	----------------
Net receivables	351,751,094	277,338,806
	=========	=========
Not more than 12 months	204,000,287	174,545,102
More than 12 months	147,750,807	102,793,704
	----------------	---------------
	351,751,094	277,338,806
	=========	=========

a)            Unbilled receivables are contract assets which relate to the Group's right to receive consideration for work completed but not billed as at the reporting date. These are transferred to trade receivables when invoiced as per milestones agreed in contracts with the customers.

b)            At reporting date, the ageing analysis of net trade and unbilled receivables is as follows:

	As at December	As at December
	31, 2025	31, 2024
	----------------	---------------
Current (Not past due)	301,859,668	244,363,889
Not more than 90 days	19,475,815	21,034,872
Between 91 to 180 days	7,073,276	4,450,299
Between 181 to 360 days	14,416,637	2,695,093
More than 360 days	8,925,698	4,794,653
	---------------	---------------
Total	351,751,094	277,338,806
	=========	=========

6              Trade and unbilled receivables (continued)

Refer note 29(d) on credit risks of trade and unbilled receivables, which explains how the Group manages and measures credit quality of trade and unbilled receivables.

7              Advances, deposits and other receivables

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Prepayments (refer to (a) below)	105,947,870	57,360,824
Advances to suppliers and contractors	45,484,529	47,211,940
Margin deposit (refer to (b) below)	10,805,572	3,546,942
Other deposits (refer to (c) below)	6,663,978	6,296,603
Other receivables	2,720,028	2,710,003
VAT refundable	13,773,677	2,648,275
	---------------	--------------
	185,395,654	119,774,587
	=========	========
Not more than 12 months	174,590,082	116,227,645
More than 12 months	10,805,572	3,546,942
	---------------	--------------
	185,395,654	119,774,587
	=========	========

a)            The above mainly includes incremental cost of obtaining a contract such as sales commission paid to brokers and employees for the sale of properties amounting to USD 101,090,040 (2024: USD 50,590,518) and will be amortized consistent with the pattern of revenue in the future.

b)    The above represents margin deposits held with a bank against project guarantee (refer to note 31). The credit risk on these deposits is limited because the counterparties are banks with 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) with Dubai Land Department related to escrow retentions for one of the projects in UAE. The credit risk on this deposit is limited because the counterparty is a government body.

8              Development properties

	As at December	As at December
	31, 2025	31, 2024
	---------------	---------------
Balance at the beginning of the year	586,415,420	216,931,211
Additions during the year	501,941,617	444,612,109
Borrowing cost capitalised during the year	30,538,053	9,737,993
Recognised as part of asset acquisition	-	67,240,828
Reclass from property and equipment (refer to note 10)	-	839,932
Cost of revenue	(335,783,432)	(152,946,653)
	-----------------	---------------
Balance at the end of the year	783,111,658	586,415,420
	=========	=========

Properties acquired, constructed or in the course of construction for sale in the ordinary course 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 construction of infrastructure; and

·      Planning and design costs, costs of site preparation, professional fees for legal services, property transfer taxes, borrowing costs, employee costs, cost of acquiring development rights, construction overheads and other related costs.

Common overhead cost (directly attributable to the projects) is allocated to various projects and forms part of the estimated cost to complete a project in order to determine the cost attributable to revenue being recognised.

The Group assesses the net realizable value of development properties for impairment on each reporting date and the management believes that the net realizable value of the above development properties is higher than its carrying value as on the reporting date.

Development properties in the UAE, Qatar, Oman and KSA include land acquired with minimal upfront cash contributions and variable consideration. On initial recognition these properties have been recognized at the fair value of the consideration payable computed based on a deferred payment plan as defined in the sale and purchase agreement ("SPA") (note 15). Under this arrangement, the variable contribution from the development 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 with mortgage value of USD 113,785,025 (December 2024: USD 113,785,025) is registered as primary mortgage in the favour of commercial banks against the borrowings (note 16).

The development properties are located in UAE, United Kingdom, Spain, Bosnia, Oman, Qatar and KSA.

9              Escrow retentions

	As at December	As at December
	31, 2025	31, 2024
	---------------	---------------
More than 12 months (note 5)	33,520,147	10,774,653
	========	========

10           Property and equipment

	Land	Leasehold improvements	Furniture and fixtures	Computers and office equipment	Capital work-in-progress	Total
Cost
As at January 1, 2024	-	1,645,946	1,432,920	2,547,863	908,615	6,535,344
Additions	16,294,400	95,347	47,701	1,711,642	-	18,149,090
Recognised as part of asset acquisition	-	1,364,725	5,240	87,489	-	1,457,454
Transfer from Capital work-in-progress	-	-	-	68,683	(68,683)	-
Reclass from development properties	-	-	-	-	(839,932)	(839,932)
Disposal	-	-	(192,166)	(279,125)	-	(471,291)
Translation adjustments	(303,821)	(6,676)	(23,676)	(8,262)	-	(342,435)
	--------------	----------	------------	------------	------------	------------
As at December 31, 2024	15,990,579	3,099,342	1,270,019	4,128,290	-	24,488,230
	--------------	----------	------------	------------	-----------	------------
As at January 1, 2025	15,990,579	3,099,342	1,270,019	4,128,290	-	24,488,230
Additions	2,114,528	946,684	94,392	2,485,318	145,157	5,786,079
Disposal	-	-	-	(1,219)	-	(1,219)
Translation adjustments	303,821	25,355	78,916	36,043	-	444,135
	-------------	------------	------------	------------	----------	-------------
As at December 31, 2025	18,408,928	4,071,381	1,443,327	6,648,432	145,157	30,717,225
	-------------	------------	------------	------------	----------	-------------
Accumulated depreciation
As at January 1, 2024	-	192,693	273,881	532,721	-	999,295
Charge for the year	-	715,587	358,293	948,308	-	2,022,188
Disposal	-	-	(190,004)	(220,905)	-	(410,909)
Translation adjustments	-	(4,880)	(7,145)	(7,982)	-	(20,007)
	----	----------	----------	----------	------------	------------
As at December 31, 2024	-	903,400	435,025	1,252,142	-	2,590,567
	----	----------	----------	----------	------------	------------
As at January 1, 2025	-	903,400	435,025	1,252,142	-	2,590,567
Charge for the year	-	1,210,845	269,596	1,540,257	-	3,020,698
Disposal	-	-	-	-	-	-
Translation adjustments	-	22,538	26,557	19,322	-	68,417
	----	------------	----------	------------	------------	------------
As at December 31, 2025	-	2,136,783	731,178	2,811,721	-	5,679,682
	----	------------	----------	------------	------------	------------
Carrying value as
As at December 31, 2025	18,408,928	1,934,598	712,149	3,836,711	145,157	25,037,543
	========	======	======	======	=======	=======
As at December 31, 2024	15,990,579	2,195,942	834,994	2,876,148	-	21,897,663
	========	======	======	======	=======	=======

The addition in land during the previous year pertains to the acquisition of land in the Maldives, along with associated costs. The Group's intention is to develop and operate a hotel on this newly acquired land.

11           Right-of-use assets and Lease liabilities

The Group primarily leased office spaces, with lease term typically spanning 3 to 7 years. The carrying amounts of the Group's right-of-use assets and lease liabilities and the movements during the year:

Right-of-use assets	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Balance at the beginning of the year	4,133,177	5,538,638
Additions during the year	2,424,500	-
Recognised as part of asset acquisition	-	1,175,633
Depreciation charge for the year	(2,777,394)	(2,508,060)
Translation adjustments	66,602	(73,034)
	--------------	--------------
Balance at the end of the year	3,846,885	4,133,177
	========	========

Lease liabilities	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Balance at the beginning of the year	4,114,862	5,944,562
Additions during the year	2,424,500	-
Recognised as part of asset acquisition	-	1,217,570
Interest expense for the year	324,226	314,936
Payments for the year	(3,291,926)	(3,246,799)
Translation adjustments	62,829	(115,407)
	------------	------------
Balance at the end of the year	3,634,491	4,114,862
	=======	=======
Not more than 12 months	1,343,403	2,797,673
More than 12 months	2,291,088	1,317,189
	------------	------------
	3,634,491	4,114,862
	=======	=======

One of the Group's existing leases relating to premises in the UAE was renewed for an additional three-year term subsequent to the reporting date.

12           Trade and other payables

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Trade payables	15,084,502	8,902,807
Accruals (refer to (i) below)	110,524,320	76,112,307
	---------------	--------------
	125,608,822	85,015,114
	=========	========

12           Trade and other payables (continued)

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Not more than 12 months	125,608,822	85,015,114
More than 12 months	-	-
	---------------	-------------
	125,608,822	85,015,114
	=========	========

i.          This mainly includes tax payable and accruals for project related expenses and sales commission.

13           Advances from customers

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Balance at the beginning of the year	180,027,547	57,523,290
Additions during the year	729,282,801	266,877,110
Revenue recognized during the year	(449,200,142)	(180,098,407)
Recognised as part of asset acquisition	-	37,642,242
Income from termination of units (refer to note 22)	(623,308)	(1,916,688)
	---------------	--------------
Balance at the end of the year	459,486,898	180,027,547
	=========	========

The above represent contractual liabilities arising from the SPA with the customers including advance consideration received from them.

The aggregate amount of the sale price allocated to the performance obligations of the Group that are fully or partially unsatisfied as at 31 December 2025 is USD 554,154,872 (31 December 2024: USD 219,557,394). The Group expects to recognise these unsatisfied performance obligations as revenue over a period of 1 to 5 years.

14           Retention payable

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Retention payable for construction works - not more than 12 months	1,226,085	4,811,952
Retention payable for construction works - more than 12 months	18,100,290	4,818,095
	--------------	------------
	19,326,375	9,630,047
	========	=======

15           Development property liabilities

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Balance at the beginning of the year	254,747,426	78,631,324
Additions during the year	170,255,433	172,348,724
Remeasurement of variable profit-linked component (note (i) below)	25,409,198	-
Interest cost on unwinding of discount	19,760,803	10,822,408
Impact of modification of terms (note (ii) below)	(14,388,497)	-
Payments for the year	(43,642,608)	(7,055,030)
	---------------	---------------
	412,141,755	254,747,426
	=========	=========
Not more than 12 months	134,736,665	135,545,451
More than 12 months	277,405,090	119,201,975
	---------------	--------------
	412,141,755	254,747,426
	=========	========

(i)            This relates to an increase in the liability arising from remeasurement of the variable component based on revised expected cash flows.

(ii)           During the year, the terms of one of the financial liabilities were renegotiated. As the modification resulted in different terms, the original financial liability was derecognised and a new financial liability was recognised at fair value, with the resulting liability forgiveness of USD 10,987,066 recognised in other income (refer to note 22). In addition, an extension of a deferred payment plan resulted in a gain of USD 3,401,431, which was recognised as finance income (refer to note 25).

The above represents amount payable for the land acquired, including USD 13,752,541 payable to one of the related parties. These liabilities are secured against development properties (note 8). The properties have been purchased on a deferred 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 December	As at December
	31, 2025	31, 2024
	----------------	----------------
Balance at the beginning of the year	208,809,790	128,019,785
Add: Drawdown during the year	5,602,989	147,882,072
Less: Repayments during the year	(44,040,113)	(67,092,067)
Translation adjustment	752,375	-
	----------------	---------------
Total borrowings	171,125,041	208,809,790
Less:- Unamortised cost	(2,055,072)	(3,316,765)
	---------------	---------------
	169,069,969	205,493,025
	=========	=========

16           Bank borrowings (continued)

Bank borrowings maturity profile:	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Not more than 12 months	65,954,252	16,337,646
More than 12 months	103,115,717	189,155,379
	---------------	---------------
	169,069,969	205,493,025
	=========	=========

The Group has following secured interest-bearing borrowings:

(i)        During the year, the Group obtained financing facility of USD 44,213,600 (OMR 17,000,000) from a commercial bank in Oman. This facility carries interest at 6.60% per annum for the period of first anniversary from the utilization date. Thereafter, the interest rate will be revised to the Central Bank of Oman's base rate plus a margin of 2.3% per annum. This facility is repayable by December 2028.

During the year, the Group drew down USD 455,455 (OMR 175,121). The amount of undrawn facility as at 31 December 2025 is USD 43,758,145 (OMR 16,824,879).

(ii)       On 28 May 2025, the Group obtained financing facility of USD 18,585,540 (EUR 15,800,000) from a commercial bank in Spain. This facility carries interest at 12 months EURIBOR rate plus 2.65% per annum and is repayable by May 2030.

During the year, the Group drew down USD 1,176 (EUR 1,000). The amount of undrawn facility as at 31 December 2025 is USD 18,584,364 (EUR 15,799,000).

(iii)       On 17 May 2024, the Group obtained financing facility of USD 19,625,358 (GBP 14,547,000) from a commercial bank in London. This facility carries interest at SONIA rate plus 2.25% per annum and is repayable by May 2026.

During the year, the Group has not drawn down on its available facility. The amount of undrawn facility as at 31 December 2025 is USD 8,663,920 (GBP 6,422,000).

(iv)       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 in half-yearly instalments, with the final payment due at maturity in May 2027. The facility carries an interest rate of 3 months EIBOR plus 2.30% per annum.

During the year, the Group has not drawn down anything from this facility.

(v)        During the year 2022, the Group entered into a financing facility with a commercial 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 is repayable by November 2027.

During the year, the Group has drawn USD 5,146,358 (AED 18,900,000).

16           Bank borrowings (continued)

The Group has provided the following security arrangements in relation to above-mentioned borrowings:

-   Loans (i), (ii), and (iii) are secured against project receivables and development properties located in their respective jurisdictions.

-   Loan (iv) is secured by receivables from certain UAE-based projects, along with a corporate guarantee provided by the Ultimate parent company of the Major shareholder.

-   Loan (v) is secured by development property in the UAE, along with a corporate guarantee provided by the Ultimate parent company of the Major shareholder.

17           Related party transactions

The Group enters into transactions with other entities that fall within the definition of a related party as contained in IAS 24, Related party disclosures. Related parties comprise entities under common ownership and/or common management and control; their partners and key management personnel.

a)            Due from related parties

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Entity under common control
Compass Project For Contracting LLC, UAE	924,297	1,600,000
Quara Holding, UAE	5,147,201	15
Al Tilal Housing Company, KSA	405,275	-
	-------------	------------
	6,476,773	1,600,015
	========	=======

These balances are unsecured, interest free and repayable on demand.

b)            Loan from a related party

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Major shareholder
Dar Al Arkan Global Investment LLC, UAE	284,401,240	219,706,697
	=========	=========
Movement for the year:
Opening	226,576,921	-
Add: Drawdown during the year	69,369,659	226,576,921
Less: Repayments during the year	(152,359)	-
	=========	=========
Total Borrowings	295,794,221	226,576,921
Less:- Unamortised cost	(11,392,981)	(6,870,224)
	----------------	----------------
	284,401,240	219,706,697
	=========	=========

17           Related party transactions (continued)

b)            Loan from a related party (continued)

On 1 September 2024, the Group secured a financing facility of USD 325,000,000 from its Major shareholder. During the year, certain terms of the loan were modified which includes increasing the facility amount from USD 325,000,000 to USD 490,000,000; decrease in interest rate from EIBOR/SOFR plus 2.95% to 2.5%; and extending repayment period from January 2028 to January 2029. Management assessed that the terms of loan are not considered to have been substantially modified.

During the year, the Group has drawn USD 69,369,659 (2024: USD 226,576,921). During the year, the Group repaid an amount of USD 152,359. The amount of undrawn facility as at 31 December 2025 stands at USD 194,053,420.

c)            Due to related parties

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Major shareholder
Dar Al Arkan Global Investment LLC, UAE	2,691,809	2,804,659
Ultimate parent company of major shareholder
Dar Al Arkan Real Estate Development Company, KSA	-	56,361
	------------	------------
	2,691,809	2,861,020
	=======	=======

These balances are unsecured, interest free and are repayable on demand.

d)            Transactions with key management personnel

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Short term benefits	3,229,201	2,590,752
Employees' end-of-service benefits	409,855	288,204
Board of directors' fees	959,828	927,373
	------------	------------
	4,598,884	3,806,329
	=======	=======

e)            Other related party transactions

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Loan (repaid)/received
Major shareholder	69,369,659	226,576,921
Major shareholder	(152,359)	-
Loan repayment/(provided)
Joint venture	-	2,150,987

17           Related party transactions (continued)

e)    Other related party transactions (continued)

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Deposit (withdrawn) / addition
Entity under common control	(48,453,064)	25,663,170
Capitalization of borrowing cost
Major shareholder	16,589,497	2,578,875
Unamortised cost related to loan
Major shareholder	(6,689,845)	(7,798,634)
Acquisition of assets
Ultimate parent company of the major shareholder	-	201,923
Share of profit
Joint venture	-	704,640
Gain on disposal
Joint venture	-	20,038
Interest income
Joint venture	-	431,267
Revenue
Entity under common control of Ultimate parent company of Major shareholder	9,600,000	1,600,000
Other income
Entity under common control of Ultimate parent company of Major shareholder	7,284,970	1,450,321
Major shareholder	-	1,000,000
Development properties
Entity under common control of Ultimate parent company of Major shareholder	(56,295,676)	-
Deferred sales commission
Entity under common control of Ultimate parent company of Major shareholder	(1,024,640)	-
General and administrative expenses
Entity under common control of Ultimate parent company of Major shareholder	(64,794)	-

17           Related party transactions (continued)

e)            Other related party transactions (continued)

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Selling and marketing expenses
Entity under common control of Ultimate parent company of Major shareholder	(523,416)	-
Net finance (costs)/income
Entity under common control	5,232,342	-
Major shareholder	(1,417,396)	-

During the year 2023, the Group entered into revolving credit agreement of USD 200 million with the Ultimate parent company of the Major shareholder to finance the general corporate purposes of the Group. The amount is fully undrawn as at 31 December 2025 and the terms 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 taxation authorities.

The Group recognizes deferred tax assets only to the extent that it is probable that future taxable profit will be available against which the carried forward tax losses and the deductible temporary differences can be utilised. Some tax losses remain unrecognized due to uncertainty in recoverability.

Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the asset is realised or the liability is settled, based on tax rates and tax laws enacted or substantively enacted at the balance sheet date.

The total tax expense for the year are as follows:

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Current tax expense	11,315,323	2,861,638
Deferred tax expense/ (credit)	654,551	(3,665,328)
	------------	------------
Total expense for the year	11,969,874	(803,690)
	========	=======

18           Income taxes (continued)

Deferred tax

The movements of deferred tax assets and liabilities are as follows.

	Deferred  tax asset	Deferred tax liability
	----------------	----------------
31 December 2025
Tax losses carried forward	781,369	-
Other temporary differences	-	(126,818)
	---------------	--------------
Total	781,369	(126,818)
	======	=======

	Deferred  tax asset	Deferred tax liability
	----------------	----------------
31 December 2024
Tax losses carried forward	(3,879,487)	-
Other temporary differences	-	214,159
	---------------	-----------
Total	(3,879,487)	214,159
	========	======

                Reconciliation of effective tax

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Profit before tax	112,754,937	14,109,487
Tax at UK statutory rate (25%)	28,188,734	3,527,372
Effect of different tax rates in overseas jurisdictions	(13,879,169)	(3,774,270)
Recognition of previously unrecognised tax losses	(1,117,725)	(1,721,315)
Withholding taxes	895,340	942,007
Non-deductible expenses	207,118	135,065
Current year losses for which no deferred tax asset is recognised	467,834	142,190
Tax impact on transfer of group losses	-	90,601
Tax impact in respect of transitional provisions*	(2,758,274)	-
Other reconciling items	(33,984)	(145,340)
	--------------	-------------
Total tax expense	11,969,874	(803,690)
	========	========
Effective tax rate (ETR)	10.62%	-5.70%

The Company's effective tax rate for the year is 10.62%, compared to -5.70% in the 2024. The increase in the effective tax rate is primarily driven by the generation of taxable profits across the Group's operating jurisdictions, including Oman, the United Arab Emirates, Qatar, and the Kingdom of Saudi Arabia.

18        Income taxes (continued)

*During the year, the Group revised its estimate of income tax provision relating to the prior year, following clarifications issued by the UAE Federal Tax Authority regarding the application of the valuation method under the transitional rules prescribed in Ministerial Decision No. 120 of 2023 on the disposal of qualifying immovable property by real estate developers. The clarification resulted in a reduction in the income tax expense previously recognised for the prior year.

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's total revenue is less than Euro 750 million.

19           Share capital

	As at December 31, 2025		As at December 31, 2024
Ordinary shares	Number	Amount	Number	Amount
Called up and fully paid-up share capital
Balance as on	180,021,612	1,800,216	180,021,612	1,800,216
	---------------	--------------	---------------	--------------
	180,021,612	1,800,216	180,021,612	1,800,216
	=========	========	=========	========

20           Share premium

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Share premium	88,781,078	88,781,078
	--------------	--------------
	88,781,078	88,781,078
	========	========

21           Revenue

	December 31,	December 31,
	2025	2024
	----------------	----------------
Revenue is recognised over time as provided below:
Sale of residential units	506,436,445	233,597,186
Project management service	9,600,000	1,600,000
Revenue is recognised point in time as provided below:
Sale of residential units	22,581,189	5,133,207
	---------------	--------------
	538,617,634	240,330,393
	=========	=========

21           Revenue (continued)

Cost of revenue

Cost of residential units	(348,915,514)	(152,946,653)
	==========	==========

Revenue from sale of residential units is net of discount against transaction prices for certain units sold with a significant financing component amounting to USD 7,724,211 (2024: USD 4,652,862).

Change in estimate

During the current year, management has refined the cost to complete of certain projects resulting in an increase in the total budget developments costs as a result of specification enhancements. The Group uses the input cost method to measure recognition of revenue over time, the effect of this change in estimate of costs to complete results in lower gross revenue being recognised in the current year amounting to USD 23.4 million (2024: USD 12.5 million). Total revenue over the life of the projects remains unchanged, as the changes relate solely to revised estimates of costs to complete.

22           Other income

	December 31,	December 31,
	2025	2024
	------------------	-----------------
Support services (note (a) below)	7,602,646	2,450,321
Income from termination of units (note (b) below)	623,308	1,916,688
Foreign exchange gain / (loss)	4,910,606	(2,045,484)
Others (note (c) below)	10,987,066	6,747
	--------------	------------
	24,123,626	2,328,272
	========	=======

(a)   This represents income related to sales, general and advisory support services provided to the related parties (refer to note 17).

(b)   This represents instalments collected from customers that have been forfeited due to termination of contracts on account of cancellation of units booked.

(c)   During the year, the terms of one of the financial liabilities were renegotiated. As the modification resulted in different terms, the original financial liability was derecognised and a new financial liability was recognised at fair value, with the resulting partial liability forgiveness of USD 10,987,066 recognised in other income (refer to note 15).

23           Selling and marketing expenses

	December 31,	December 31,
	2025	2024
	------------------	-----------------
Sales commission	26,611,255	17,302,442
Marketing expenses	7,300,747	10,043,532
	--------------	--------------
	33,912,002	27,345,974
	========	========

24           General and administrative expenses

	December 31,	December 31,
	2025	2024
	--------------------	-------------------
Salaries and related benefits	37,083,973	22,665,169
Legal and professional expenses	7,026,480	3,637,197
Depreciation on property and equipment (refer to note 10)	3,020,698	2,022,188
Depreciation on right-of-use assets (refer to note 11)	2,777,394	2,508,060
IT related expenses	2,503,984	1,594,043
Bank charges	1,555,549	584,975
Board of Directors fees	959,828	927,373
Utilities	890,151	758,051
Travelling expenses	808,721	665,190
Value added tax expense	284,747	128,451
Rent	235,034	61,827
Other expenses	2,220,943	2,138,995
	--------------	--------------
	59,367,502	37,691,519
	========	========

25           Net finance costs/(income)

	December 31,	December 31,
	2025	2024
	----------------	----------------
Finance costs
Interest expense on bank borrowings	13,603,592	15,817,177
Interest expense on unwinding of discount on long term liability	9,565,138	6,847,870
Interest expense on intercompany loan	1,417,396	-
Interest on lease liability (refer to note 11)	324,226	314,936
	-------------	------------
	24,910,352	22,979,983
	========	=======
Finance income
Interest income	(13,717,616)	(11,259,006)
Income on extension of long-term liability (refer to note 15)	(3,401,431)	-
Income from investment in bonds of joint venture	-	(431,267)
	---------------	--------------
	(17,119,047)	(11,690,273)
	=========	========
Net finance costs	7,791,305	11,289,710
	========	========

26           Earnings Per Share

Basic earnings per share amounts are calculated by dividing net profit or loss for the year attributable to the owners of the Company by the weighted average number of ordinary shares outstanding during the year.

Diluted earnings per share amounts are calculated by dividing the net profit or loss attributable to the owners of the Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. The company has no dilutive instruments in issue.

The information necessary to calculate basic and diluted earnings per share is as follows:

	December 31,	December 31,
	2025	2024
	----------------	----------------
Earnings:
Profit attributable to the owners of the Company for basic/ diluted earnings	100,786,467	14,913,177
	=========	========
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)	0.56	0.08
	====	====

27           Financial instruments

a)            Material accounting policies

Details of the material accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognized, in respect of each class of financial asset and financial liability are disclosed in note 2 to the financial statements.

27           Financial instruments (continued)

b)            Categories of financial instruments

The Group considers that the carrying amount of financial assets and liabilities are reasonable approximation of fair values.

	As at December 31, 2025	As at December 31, 2024
Financial assets
Cash and cash equivalents	668,046,169	413,625,405
Trade and unbilled receivables	351,751,094	277,338,806
Advances, deposits and other receivables*	20,189,578	12,553,548
Escrow retentions	33,520,147	10,774,653
Due from related parties	6,476,773	1,600,015
	-----------------	---------------
	1,079,983,761	715,892,427
	==========	=========
Financial liabilities
Trade and other payables	125,608,822	85,015,114
Retention payable	19,326,375	9,630,047
Development property liabilities	412,141,755	254,747,426
Bank borrowings	169,069,969	205,493,025
Due to related party	287,093,049	222,567,717
Lease liabilities	3,634,491	4,114,862
	-----------------	---------------
	1,016,874,461	781,568,191
	==========	=========

* This is excluding prepayments, advance to suppliers and contractors and VAT refundable.

28           Non-controlling interests

The following table summarises the financial information relating to the Group's subsidiary that has a material NCI, before any intra-group eliminations.

	Dar Global Real Estate Development
	December 31, 2025	December 31, 2024
NCI percentage	58%	-
Revenue	-	-
(Loss)/profit	(3,066)	-
	---------	--------
Loss attributable to NCI*	(1,404)	-
	---------	--------
Other comprehensive income	-	-
Total comprehensive (loss)/income	(3,066)	-
	----------	----
Total comprehensive (loss)/income attributable to NCI* (A)	(1,404)	-
	---------	----
Assets	80,000	-
Liabilities	(3,066)
Net assets	76,934	-
Share of NCI on other equity components* (B)	46,400
	---------	----
Net assets attributable to NCI [(A) + (B)]	44,996	-
	---------	----

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 the ownership interest is 42%, it has been treated as a subsidiary as the Group has control over this entity, and is exposed to, or has rights to, variable returns from its involvement with this entity and has the ability to affect those returns through its power over this entity under the agreement entered by the shareholders. Accordingly, the information relating to subsidiary is only for the period from 24 September to 31 December 2025.

*The NCI is eligible for 45.8% on profit/(loss) and 58% on other equity components.

29           Financial risk management objectives

The Board of Director's set out the Group's overall business strategies and its risk management philosophy. The Group's overall financial risk management program seeks to minimize potential adverse effects on the financial performance of the Group. The Group policies include financial risk management policies covering specific areas, such as market risk (including foreign exchange risk, interest rate risk), liquidity risk and credit risk. Periodic reviews are undertaken to ensure that the Group's policy guidelines are complied with.

There has been no change to the Group's exposure to these financial risks or the manner in which it manages and measures the risk.

The Group is exposed to the following risks related to financial instruments. The Group has not framed formal risk management policies, however, the risks are monitored by management on a continuous basis. The Group does not enter into or trade in financial instruments, investment in securities, including derivative financial instruments, for speculative 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 the Group's exposure to currency risk as reported to the management of the Group is as follow:

	EUR	GBP	BAM	CNY
December 31, 2025
Cash and cash equivalents	19,472,683	688,450	84,111	-
Other financial assets	175,599	268,809	-	210,044
Financial liabilities	(1,351,423)	(11,756,599)	(16,982)	-
	-------------	-------------	---------	----------
	18,296,859	(10,799,340)	67,129	210,044
	========	========	=====	======
December 31, 2024
Cash and cash equivalents	6,855,578	1,862,411*	96,265	345,116
Other financial assets	13,577	1,006,073*	-	10,939
Financial liabilities	(617,325)	(10,908,757)*	(81,242)	(46,259)
	------------	---------------	---------	---------
	6,251,830	(8,040,273)*	15,023	309,796
	=======	=========	=====	=====

The table below illustrates the impact of a 1000 basis point change in USD against relevant foreign currencies on the Group's profit or loss

	December 31,	December 31,
	2025	2024
	----------------	---------------
EUR	1,829,686	625,183
GBP	(1,079,934)	804,027*
BAM	6,713	1,502
CNY	21,004	30,980

29           Financial risk management objectives (continued)

a)            Foreign currency risk management (continued)

The Group's significant monetary assets and liabilities denominated in foreign currencies are in AED which is pegged to USD. As the AED is currently pegged to the USD, balances are not considered to represent significant currency risk.

* Certain other financial assets and financial liabilities were incorrectly identified as being GBP in the annual financial statements for the year ended 31 December 2024 as at that date. These amounts have therefore been restated in these consolidated financial statements by reducing GBP other financial assets and financial liabilities by USD 1,461,145 and USD 223,859,876 respectively and reducing the sensitivity of a 1000 basis points increase or decrease in USD against GBP by 22,239,873. These adjustments relate exclusively to this disclosure and do not impact any financial statement captions.

b)    Interest rate sensitivity analysis

The sensitivity analysis below has been determined based on the exposure to interest rates for non-derivative financial instruments as at 31 December 2025. The analysis is prepared assuming the amount of liabilities outstanding at the reporting date was outstanding for the whole year.

The interest rate profile of the Group's interest-bearing financial instruments as reported to the management of the Group is as follows:

	December 31,	December 31,
	2025	2024
	----------------	---------------
Fixed rate instruments
Financial assets	44,552,985	120,257,164
Financial liabilities	(529,344)	-
	--------------	--------------
	44,023,641	120,257,164
	========	========
Variable rate instruments
Financial assets	667,588,617	307,608,760
Financial liabilities	(452,941,864)	(425,199,721)
	---------------	--------------
	214,646,753	(117,590,961)
	=========	========

A 50-basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management's assessment of the reasonably possible change in interest rates.

If interest rates had been 50 basis points higher/lower and all other variables were held constant, the change in Group's profit for the year ended 31 December 2025 would be USD 1,073,234 (2024: USD 587,955). This is mainly attributable to the Group's exposure to variable rate financial instruments.

29           Financial risk management objectives (continued)

c)     Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the management which has built an appropriate liquidity risk management framework for the management of the Group's short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.

The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, bank loans and equity from shareholders.

The table below summarizes the maturity profile of the Group's financial liabilities. The contractual maturities of the financial liabilities have been determined on the basis of the remaining period at reporting date to the contractual maturity date. The maturity profile of these liabilities at the reporting date based on contractual repayment arrangements are shown in the table below:

			Contractual Cashflows
	Carrying amount	Total	Less than 1 year	1-2  years	2-5 years	More than 5 years
31 December 2025
Financial liabilities
Trade and other payables	125,608,822	(125,608,822)	(125,608,822)	-	-	-
Retention payable	19,326,375	(19,326,375)	(1,226,085)	(11,906,687)	(6,193,604)	-
Bank borrowings	169,069,969	(183,927,366)	(74,825,964)	(108,711,352)	(390,051)	-
Development property 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 related party	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)
	==========	===========	==========	=========	==========	=======

			Contractual Cashflows
	Carrying amount	Total	Less than 1 year	1-2 years	2-5  years	More than 5 years
31 December 2024
Financial liabilities
Trade and other payables	85,015,114	(85,015,114)	(85,015,114)	-	-	-
Retention payable	9,630,047	(9,630,047)	(4,811,952)	(2,073,458)	(2,744,637)	-
Bank borrowings	205,493,025	(238,992,448)	(29,928,407)	(100,970,564)	(108,093,477)	-
Development property liabilities	254,747,426	(286,879,647)	(153,611,264)	(49,534,163)	(83,734,220)	-
Lease liabilities	4,114,862	(4,551,866)	(3,094,790)	(1,015,448)	(441,628)	-
Due to related party	222,567,717	(268,318,639)	(17,694,776)	(43,936,842)	(206,687,021)	-
	---------------	---------------	-------------	-------------	-------------	----------
	781,568,191	(893,387,761)	(294,156,303)	(197,530,475)	(401,700,983)	-
	========	========	=======	=======	=======	=====

d)               Credit risk management

                Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties. The Group's exposures are continuously monitored and their credit exposure is reviewed by the management regularly.

29           Financial risk management objectives (continued)

d)            Credit risk management (continued)

The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

                The carrying amounts of the financial assets recorded in the consolidated financial statements, which is net of impairment losses, represents the Group's maximum exposure to credit risks. The Group considers that the risk of loss related to unbilled receivables and trade receivables is remote due to collateral held against such amounts due, being residential property developed by the Group.

30           Capital risk management

The capital structure of the Group consists of cash and cash equivalents, debt, which includes bank borrowings as disclosed in note 16 and equity as disclosed in the consolidated financial statements.

The Group manages its capital to ensure that it will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the equity balance. The Group's overall strategy remains unchanged from prior year. The Group is not subject to any externally imposed capital requirements.

The Group monitors capital using 'debt' to 'equity'. Debt is calculated as bank borrowings (as shown in the statement of financial position). Equity comprises all components of equity as disclosed in note 19.

The Group's policy is to keep the ratio below 1.2. The Group's net debt to equity ratio at 31 December was as follows.

	December 31,	December 31,
	2025	2024
	----------------	---------------
Debt	169,069,969	205,493,025
	--------------	--------------
Total equity	584,378,771	478,453,489
	--------------	--------------
Debt to equity ratio	0.29	0.43

31           Contingent liabilities

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Letters of guarantee (refer to note (a) below)	54,905,504	12,337,530
	========	=======

(a)           This primarily involves letters of guarantee provided to the Dubai Land Department for the Group's projects in Dubai, UAE. The Group holds margin deposits with the bank issuing these letters of guarantee, which are refundable upon project completion (refer to note 7).

31           Contingent liabilities (continued)

Except for the above and ongoing business obligations which are under normal course of business, there has been no other known contingent liability on Group's consolidated financial statements as of reporting date.

32           Commitments

	As at December	As at December
	31, 2025	31, 2024
	----------------	----------------
Contracted commitments for development properties (refer to note 8) (note (a) below)	810,430,861	433,882,782
Others (note (b) below)	10,000,000	-
	---------------	---------------
	820,430,861	433,882,782
	=========	=========

(a)   A significant portion of the Group's commitment is towards land plots acquired, amounting to USD 189,202,874. All other commitments mentioned above are related to ongoing construction projects and business obligations, which are part of the normal course of business. There are no other known commitments reflected in the Group's consolidated financial statements as of the reporting date. These commitments will be funded through the Group's existing funds or undrawn loan and borrowing facilities.

(b)   On 31 October 2025, Dar Global Holdings 2 Ltd ("DG Holdings 2"), a wholly owned subsidiary of the Group, entered into a share purchase agreement ("SPA") with Alkhair Group Holding Ltd ("AGHL") for the acquisition of 100% of the issued share capital of Alkhair Capital Dubai Limited ("ACDL"), a company incorporated in the Dubai International Financial Centre.

The purchase price is to be determined at completion based on the book value of ACDL, currently estimated at USD 10,000,000. Payment of the purchase price is due within 10 working days of the closing date, being no later than 12 months from the effective date of the transaction.

Completion of the transaction is conditional upon AGHL obtaining all necessary regulatory approvals and/or no-objection clearances required under DIFC law for the transfer of the shares, which were expected to be obtained by Q1, 2026. As at the reporting date, regulatory approvals remain pending and the transaction had not yet completed.

33           Staff number and costs

	December 31,	December 31,
	2025	2024
	----------------	----------------
The average number of employees employed by the Group	375	258
	=========	=========
The payroll cost for these employees is as follows:
- Wages and salaries	37,083,973	22,665,169
	=========	=========

34           Auditors Remuneration

	December 31,	December 31,
	2025	2024
	----------------	----------------
Audit of these consolidated financial statements	404,730	326,690
Review of condensed consolidated interim financial statements	134,910	113,823
Audit of financial statements of subsidiaries of the company	146,782	149,724
Non - audit service for transition to Equity Shares (Commercial Companies) category listing	127,490	-
	----------	-----------
	813,912	590,237
	======	=======

35           Events after the reporting date

Subsequent to the year end, on 28 February 2026, there has been an increase in tensions in the GCC region as a result of the regional military escalations, which has triggered a heightened risk environment which may impact the geopolitical and macroeconomic environment.

The Group does not consider this to be an adjusting event and as such any impacts are not reflected within this Annual Report.

The Group is closely monitoring these events and its potential impacts on its business. The extent to which this impacts the Group's business will depend on future developments, which are uncertain and cannot be predicted at this time.

The Group assessed the changes in the current environment on its liquidity positions and is comfortable that it can keep a solid financial standing. Management will continue to monitor the developments and update its strategy and course of actions as necessary in the circumstances.

Alternative performance measures (unaudited)

The Group uses a number of alternative performance measures (APM) which are not defined within IFRS. The Directors use the APMs, along with IFRS measures to assess the operational performance of the Group. Definitions and reconciliations of the financial APMs used compared to IFRS measures, are included below:

Adjusted performance metrics

Adjusted performance metrics reconciled to statutory reported measures are shown below. The Directors consider these performance metrics provide additional information regarding the Group's core operations and business performance.

		(In US$)
Particulars	January 1, 2025 to December 31, 2025	January 1, 2024 to December 31, 2024
Revenue	538,617,634	240,330,393
Gross Profit	189,702,120	87,383,740
Gross Profit %	35%	36%
Profit before tax	112,754,937	14,109,487
Profit before tax % of revenue	21%	6%
Profit for the year	100,785,063	14,913,177
Profit for the year % of revenue	19%	6%
Net finance costs	7,791,305	11,289,710
Depreciation on property and equipment and right-of-use assets	5,798,092	4,530,248
Tax expenses/(credit)	12,254,621	(675,239)
	---------------	-------------
Adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA)	126,629,081	30,057,896
	=========	========
Adjusted EBITDA for the year % of revenue	24%	13%

	Note	December 31,  2025	December 31,  2024
Assets
Cash and cash equivalents	3	165,174	1,234,178
Advances, deposits and other receivables	4	3,050,868	1,522,430
Investment in subsidiaries	5	379,464,441	379,464,441
Due from related parties	6	34,741,728	8,502,807
Loan to subsidiaries	6	273,704,993	219,798,142
Deferred tax assets	7	1,053,038	812,889
		---------------	---------------
Total Assets		692,180,242	611,334,887
		=========	=========
Liabilities and equity
Liabilities
Accruals and other payables	8	1,494,115	524,306
Loan from major shareholder	6	295,791,087	221,010,774
Due to related parties	6	12,273,742	5,799,258
		---------------	----------------
Total liabilities		309,558,944	227,334,338
		---------------	----------------
Equity
Share capital	9	1,800,216	1,800,216
Share premium	10	88,781,078	88,781,078
Retained earnings		292,040,004	293,419,255
		---------------	---------------
Total equity		382,621,298	384,000,549
		---------------	---------------
Total liabilities and equity		692,180,242	611,334,887
		=========	=========

The accompanying notes from 1 to 11 form an integral part of these financial statements.

These financial statements were approved by the Board of Directors on 10 March 2026 and signed on its behalf by:

__________________                    __________________

David Weinreb                                 Ziad El Chaar

Chairman                                          Chief Executive Officer

	Share  capital	Retained earnings	Share premium	Total equity
At 1 January 2024	1,800,216	294,973,043	88,781,078	385,554,337
Loss for the year	-	(1,553,788)	-	(1,553,788)
Other comprehensive income/(loss)	-	-	-	-
Total comprehensive loss for the year	-	(1,553,788)	-	(1,553,788)
	------------	----------------	--------------	---------------
Balance as at 31 December 2024	1,800,216	293,419,255	88,781,078	384,000,549
	=======	=========	========	=========
At 1 January 2025	1,800,216	293,419,255	88,781,078	384,000,549
Loss for the year	-	(1,379,251)	-	(1,379,251)
Other comprehensive income/(loss)	-	-	-	-
Total comprehensive loss for the year	-	(1,379,251)	-	(1,379,251)
	------------	----------------	---------------	----------------
Balance as at 31 December 2025	1,800,216	292,040,004	88,781,078	382,621,298
	=======	=========	=========	=========

The accompanying notes from 1 to 11 form an integral part of these financial statements.

1.             Corporate information

1.1.         Dar Global PLC- ("The Company") was incorporated on 30 September 2022 as a private limited company by shares, under a company Number 14388348 issued by the registrar of the companies for England and Wales. The majority of shares of the Company are held by Dar Al Arkan Global Investment LLC ("Major shareholder") in United Arab Emirates ("UAE") and the ultimate parent company of Major shareholder is Dar Al Arkan Real Estate Development 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 ("UK").

1.3.         The principal activity is property development holding company.

2.             Material accounting policies

2.1.         Basis of preparation

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework ("FRS 101").

In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of international accounting standards in conformity with the requirements of the Companies Act 2006 ("Adopted IFRSs") but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.

In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures:

·      Cash Flow Statement and related notes;

·      Certain disclosures regarding revenue;

·      Disclosures in respect of transactions with wholly owned subsidiaries;

·      Disclosures in respect of capital management;

·      The effects of new but not yet effective IFRSs;

As the consolidated financial statements include the equivalent disclosures, the Company has also taken the exemptions under FRS 101 available in respect of the following disclosures:

·      Certain disclosures required by IFRS 3 Business Combinations in respect of business combinations undertaken by the Company in the current and prior periods; and

·      Certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required by IFRS 7 Financial Instrument Disclosures.

·      Certain disclosures required by IAS 36 Impairment of Assets

Under section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its own profit and loss account.

These financial statements are presented in US Dollars (USD), which is the functional and presentation currency of the Company. All values are rounded to the nearest unit in USD except where otherwise indicated.

2.             Material accounting policies (continued)

2.2.         Going Concern

The Company's forecasts and projections based on the current trends in sales and development and after taking account of the funds currently held, show that the Company and the Group will be able to operate within the level of cash reserves.

The directors have, at the time of approving the Company financial statements, made a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3.         Financial instruments

Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument.

Foreign exchange gains and losses

The carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. Financial assets measured at amortized cost, exchange differences are recognized in the statement of profit or loss.

2.4.         Financial assets

Classification

The Company classifies its financial assets at amortized cost.

Measurement

At initial recognition, the company measures a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.

Financial assets comprise of cash and cash equivalents, advances deposits and other receivables, loan to subsidiary and due from related parties.

Cash and cash equivalents

Cash and cash equivalents consist of bank balances.

2.             Material accounting policies (continued)

2.4.         Financial assets (continued)

Other receivables (including due from related parties and loan to subsidiaries)

Receivable balances that are held to collect are subsequently measured at the lower of amortized cost or the present value of estimated future cash flows. The present value of estimated future cash flows is determined through the use of value adjustments for uncollectible amounts. The Company assesses on a forward-looking basis the expected credit losses associated with its receivables and adjusts the value to the expected collectible amounts.

Receivables are written off when they are deemed uncollectible because of bankruptcy or other forms of receivership of the debtors. The assessment of expected credit losses on receivables takes into account credit-risk concentration, collective debt risk based on average historical losses, specific circumstances such as serious adverse economic conditions in a specific country or region and other forward-looking information.

Impairment of financial assets

The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company's past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

Derecognition of financial assets

The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire; or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes its retained interest in the asset and an associated liability for the amounts, it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognize the financial asset.

2.5.         Financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability. All financial liabilities are recognized initially at fair value and, in the case of loans, borrowings and payables, net of directly attributable transaction costs. Financial liabilities are subsequently measured at amortised cost.

The Company's financial liabilities include accounts payable and provisions, loan from Major shareholder and amounts due to related parties.

Accounts and other payables Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are due for payment within one year or less (or in the normal operating cycle of the business if longer).

2.             Material accounting policies (continued)

2.5.         Financial liabilities (continued)

Accounts and other payables

Accounts and other payables are recognized initially at fair value and subsequently are measured at amortised cost using effective interest method.

Derecognition of financial liabilities

The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or they expire. When an existing financial liability is replaced by another, from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated 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 statement of profit or loss.

2.6.         Taxation

Current tax assets and liabilities arising in current and past periods are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the tax balances are those that are enacted or substantively enacted by the reporting date.

Deferred tax is provided on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. Deferred tax is determined using the tax rate and laws that have been enacted or substantially enacted by the reporting date and are expected to apply when the related tax asset is realised or the tax liability is settled.

Deferred tax is not recognised for temporary differences related to investments in subsidiaries to the extent that the Company is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future.

Deferred tax assets are recognised only when it is probable that future taxable profits will be available against which these temporary differences can be utilised. The carrying value of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.

2.7.         Equity and reserves

Equity includes share capital, share premium and retained earnings.

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.

Incremental costs that are directly attributable to the issue of an equity instrument are deducted from the initial measurement of the equity instruments.

Share premium represents the excess consideration received over the par value of shares issued, and it is not distributable. Retained earnings represent distributable reserves.

 Material accounting policies (continued)

2.8.         Investment in subsidiaries

Classification

The Company accounts for investment in subsidiaries at cost less impairment.

2.9.         Significant accounting judgements, estimates and assumptions

In applying the Company's accounting policies, which are described in policy notes, management are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3.             Cash and cash equivalents

	As at December 31, 2025	As at December 31, 2024
Cash at bank
-  Current accounts	165,174	1,234,178
	----------	------------
	165,174	1,234,178
	======	=======

4.             Advances, deposits and other receivables

	As at December 31, 2025	As at December 31, 2024
Margin deposit	1,516,957	1,418,655
Prepayments	17,609	-
Other receivables	1,218,630	80,163
VAT receivable	297,672	23,612
	-------------	--------------
	3,050,868	1,522,430
	========	========

5.             Investment in subsidiaries

	As at December 31, 2025	As at December 31, 2024
Dar Global Property Development SPC, Oman (Formerly Dar Al Arkan Property Development SPC)	647,478	647,478
Dar Global Spain SL, Spain (Formerly Dar Al Arkan Spain SL)	30,199,813	30,199,813
Dar Global UK Holdings LTD, UK	8,266,790	8,266,790
Dar Global Holdings Limited (ADGM), UAE	340,350,360	340,350,360
	---------------	---------------
	379,464,441	379,464,441
	=========	=========

All investments are owned 100% and related to property development activity.

The management believes that the carrying value of the investments is supported by the underlying net assets of the subsidiaries and the review of the budget forecasts for the respective subsidiaries' projects.

6.            Related party transactions

Related party transactions comprise of transactions with entities under common ownership and/or common management and control; their partners and key management personnel. Management decides on the terms and conditions of the transactions and services received/rendered from/to related parties as well as other charges, if applicable.

a)            Loan to subsidiaries

	As at December 31, 2025	As at December 31, 2024
Loan to subsidiaries
Dar Global Holdings Limited (ADGM), UAE (refer to (i) below)	239,207,136	219,798,142
Dar Global Holdings Real Estate, KSA (refer to (ii) below)	34,497,857	-
	---------------	---------------
	273,704,993	219,798,142
	=========	=========

(i)            On 1 June 2024, the Company has given an unsecured financing facility of USD 325,000,000, bearing interest at EIBOR plus 5.18% per annum and repayable by May 2029. During the year, the facility limit was increased to USD 490,000,000. The amended facility remains unsecured, bears interest at EIBOR plus 3.70% per annum, and is repayable by May 2029.

During the year, the Company has advanced USD 19,408,994 (2024: USD 219,798,142). The amount of undrawn facility as at 31 December 2025 stands at USD 250,792,864.

(ii)           During the year, the Company has given an unsecured financing facility of USD 150,00,000 bearing interest at EIBOR plus 3.70% per annum and repayable by December 2029.

During the year, the Company has advanced USD 34,497,857. The amount of undrawn facility as at 31 December 2025 stands at USD 115,502,143.

As at 31 December 2025, management has assessed the subsidiaries' ability to repay and concluded that the loan is recoverable, considering its financial position and expected cash flows.

6.     Related party transactions (continued)

b)    Due from related parties

	As at December 31, 2025	As at December 31, 2024
Subsidiaries
Dar Global Holdings Limited (ADGM), UAE	22,395,843	2,955,392
Dar Global USA L.L.C., USA	2,516,144	657,093
Dar Global Property Development S.P.C., Oman (Formerly Dar Al Arkan Property Development SPC)	2,055,303	1,369,177
Dar Global Holdings Real Estate, KSA	1,756,799	-
Dar Global Real Estate Development L.L.C. OPC, UAE	1,504,046	1,173,497
Dar Global Properties L.L.C., UAE	1,462,616	1,055,437
Dar DG Global Properties L.L.C, UAE	933,409	-
Dar Global Luxury Property Development L.L.C. SOC, UAE	582,869	-
Dar Global UK Holdings LTD, UK	434,493	251,641
Dar DG Global Property Development L.L.C., UAE	429,942	318,392
Dar Global For Real Estate Development W.L.L., Qatar (Formerly Dar Al Arkan For Real Estate Development W.L.L.)	367,860	27,282
Dar Global Spain S.L., Spain (Formerly Dar Al Arkan Spain SL)	162,054	161,316
Dar Behanavis I, S.L., Spain	140,350	138,651
Dar Global UK No. 1 Ltd, UK	-	245,312
Dar Global UK No. 2 Ltd, UK	-	149,516
Dar Global Services Limited, UK	-	101
	---------------	---------------
	34,741,728	8,502,807
	=========	=========

(i)            The above balances are unsecured, interest free and repayable on demand.

c)    Loan from related parties

	As at December 31, 2025	As at December 31, 2024
Major shareholder
Dar Al Arkan Global Investment L.L.C., UAE (refer to (iw) below)	284,401,239	219,706,697
Subsidiary
Dar Global Holdings Limited (ADGM), UAE (refer to (ii) below)	11,389,848	1,304,077
	---------------	---------------
	295,791,087	221,010,774
	=========	=========
Movement for the year:
Opening	227,880,998	-
Add: Drawdown during the year	79,455,429	227,880,998
Less: Repayments during the year	(152,359)	-
	---------------	---------------
Total Borrowings	307,184,068	227,880,998
Less: Unamortised cost	(11,392,981)	(6,870,224)
	---------------	---------------
	295,791,087	221,010,774
	=========	=========

6.             Related party transactions (continued)

c)            Loan from related parties (continued)

(i)            On 1 September 2024, the Company obtained an unsecured financing facility of USD 325,000,000, bearing interest at EIBOR/SOFR plus 2.95% per annum and repayable by January 2028. During the year, the facility limit was increased to USD 490,000,000. The amended facility remains unsecured, bears interest at EIBOR/SOFR plus 2.50% per annum, and is repayable by January 2029.

During the year, the Company has drawn USD 69,369,659 (2024: USD 226,576,921). During the year, the Company repaid an amount of USD 152,359. The amount of undrawn facility as at 31 December 2025 stands at USD 194,053,420.

(ii)           On 1 June 2024, the Company obtained an unsecured financing facility of USD 100,000,000 from Dar Global Holdings Limited (ADGM). The facility is unsecured, bears interest at SONIA plus 3.30% per annum, and is repayable by June 2029.

During the year, the Company has drawn USD 10,085,771 (2024: USD 1,304,077). The amount of undrawn facility as at 31 December 2025 stands at USD 88,610,152.

d)            Due to related parties

	As at December 31, 2025	As at December 31, 2024
Major shareholder
Dar Al Arkan Global Investment L.L.C., UAE	12,265,574	3,628,873
Subsidiaries
Dar Global Services Limited	6,444	-
Dar Global UK Holdings LTD, UK	1,724	2,170,385
	------------	---------------
	12,273,742	5,799,258
	=======	=========

(i)            The above balances are unsecured, interest free and repayable on demand.

e)            Transactions with key management personnel

	As at December 31, 2025	As at December 31, 2024
Board of directors' fees	959,828	927,373
	=======	======

f)             Other related party transactions

	As at December 31, 2025	As at December 31, 2024
Income - Management service to subsidiaries
Dar Global Properties L.L.C., UAE	407,179	606,059
Dar DG Global Property Development L.L.C., UAE	111,550	308,969
Dar Global Property Development SPC, Oman (Formerly Dar Al Arkan Property Development SPC)	872,312	1,375,496
Dar Global UK Holdings LTD, UK	224,095	219,262
Dar Global Spain S.L., Spain (Formerly Dar Al Arkan Spain S.L.)	738	222,600

6.             Related party transactions (continued)

f)             Other related party transactions (continued)

	As at December 31, 2025	As at December 31, 2024
Income - Management service to subsidiaries (continued)
Dar Global Real Estate Development L.L.C. OPC, UAE	330,550	1,173,497
Dar Behanavis I, S.L., Spain	1,699	138,652
Dar Global Luxury Property Development L.L.C. SOC, UAE	582,869	-
Dar Global UK No. 2 Ltd, UK	-	61,790
Dar DG Global Properties L.L.C., UAE	933,409	-
Dar Global For Real Estate Development W.L.L., Qatar (Formerly Dar Al Arkan For Real Estate Development W.L.L.)	342,761	27,282
Dar Global Holdings Limited (ADGM), UAE	674,732	251,640
Expense - Management service from a subsidiary
Dar Global UK Holdings LTD, UK	(409,721)	(391,400)
Income - Interest on loan to subsidiaries
Dar Global Holdings Limited (ADGM), UAE	18,999,361	2,736,152
Dar Global Holdings Real Estate, KSA	1,756,799	-
Expense - Interest on loan from subsidiary
Dar Global Holdings Limited (ADGM), UAE	(233,642)	(32,400)
Expense - Interest on loan from Major shareholder
Major shareholder	(18,006,893)	(2,578,875)
Investment in subsidiary
Capital contribution in subsidiary	-	8,917,379
Loan (granted)/received
Major shareholder	69,369,659	226,576,921
Dar Global Holdings Limited (ADGM), UAE	10,085,771	1,304,077
Dar Global Holdings Limited (ADGM), UAE	(19,408,994)	(219,798,142)
Dar Global Holdings Real Estate, KSA	(34,497,857)	-
Repayment of loan received
Major shareholder	(152,359)
Unamortised cost related to loan
Major shareholder	6,689,845	(7,798,634)
Other transactions
Payment to suppliers on behalf of Dar Global USA L.L.C., USA	1,859,051	657,093

7.     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 taxation authorities.

The Company recognizes deferred tax assets only to the extent that it is probable that future taxable profit will be available against which the carried forward tax losses and the deductible temporary differences can be utilised.

Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the asset is realised or the liability is settled, based on tax rates and tax laws enacted or substantively enacted at the balance sheet date.

The total tax expense for the year are as follows:

	As at December 31, 2025	As at December 31, 2024
	----------------	----------------
Current tax expense	188,369	-
Deferred tax expense/ (credit)	(240,149)	(812,889)
	---------------	---------------
Total expense for the year	(51,780)	(812,889)
	=========	=========

Deferred tax

The Company recognises deferred tax assets and liabilities for future tax impacts.

	Deferred tax asset	Deferred tax liability
	----------------	----------------
Tax losses carried forward	(240,149)	-
Other temporary differences	-	-
	---------------	---------------
Total	(240,149)	-
	=========	=========

The Company intends to surrender losses to its group entities in exchange for a charge equivalent to the tax savings realized in the future. Furthermore, the Company anticipates generating sufficient taxable income in future periods to fully offset the carried-forward losses against future profits.

8.     Accruals and other payables

	As at December 31, 2025	As at December 31, 2024
Accruals	781,957	397,780
Other payables	712,158	126,526
	------------	---------------
	1,494,115	524,306
	=======	=========

9.     Share capital

	As at December 31, 2025		As at December 31, 2024
Ordinary shares	Number	Amount	Number	Amount
Called up and fully paid-up share capital
Balance as	180,021,612	1,800,216	180,021,612	1,800,216
	-----------------	--------------	-----------------	--------------
	180,021,612	1,800,216	180,021,612	1,800,216
	=========	========	==========	========

10.          Share premium

	As at December 31, 2025	As at December 31, 2024
Share premium	88,781,078	88,781,078
	--------------	--------------
	88,781,078	88,781,078
	========	========

11.          Events after the reporting date

Subsequent to the year end, on 28 February 2026, there has been an increase in tensions in the GCC region as a result of the regional military escalations, which has triggered a heightened risk environment which may impact the geopolitical and macroeconomic environment.

The Company does not consider this to be an adjusting event and as such any impacts are not reflected within this standalone financial statements.

The Company is closely monitoring these events and its potential impacts on its business. The extent to which this impacts the Company's business will depend on future developments, which are uncertain and cannot be predicted at this time.

The Company assessed the changes in the current environment on its liquidity positions and is comfortable that it can keep a solid financial standing. Management will continue to monitor the developments and update its strategy and course of actions as necessary in the circumstances.

- Ends -

 

END