Kuwait Real Estate K P S C : Supplementary Disclosure regarding the Analysts’ / Investors Call Presentation Q4 2025

Date: 07/04/2026 KREC/FIN/2026/5

To: Boursa Kuwait Company

AQARAT

2026/04/07 : ¿ul KREC/FIN/2026/5

Subject: Analysts / Investors Conference Presentation for 04 / 2025

Reference to the aforementioned subject and

pursuant to the provisions of Article No. (8-4-2)

"Continuing Obligations in the Premier Market" of the Boursa Kuwait Rulebook for the year 2018 Kindly be informed that the Analyst / Investor Conference was held on Tuesday, 07/04/2026 at 01:30 PM through a live webcast.

Moreover, please note that no material

information was disclosed during the conference.

Attached is the Analysts/ Investors conference presentation for Q4 2025.

Best Regards

•cc:

CMA- DiscIosure Dept.

" J"

C W " ' "'8""

‹ jw>ii o.ea-l_state Comcan? ñ.P.fi.C

Kuwait Real Estate Company KP.S.C. ¿. -p-T 1. ! !

Established in 1972 pLc ‹ .'Li

CMI jgCl . I @ 1 130 13 olñ II 1 257 v..fi A9 ' ' '^

P.O. Box 1257, Safat 13013, Kuwait, Souk AI Kuwait Building, 8t^Floor T. [phone] F. [phone] Authorized & Paid up Capital K.D. 122,412,828.500 {@ Ig lg . ! ! EU

infopaqarat.com.kw www.aqarat.com.kw CR No. 64

‌Kuwait Real Estate Company

April 2026

FY 2025 INVESTOR PRESENTATION

‌Forward-Looking Statements

Disclaimer

Certain statements in this presentation may constitute forward-looking statements. These statements reflect the Company's expectations and are subject to risks and uncertainties that may cause actual results to differ materially and may adversely affect the outcome and financial effects of the plans described herein. You are cautioned not to rely on such forward-looking statements. The company does not assume any obligation to update its view of such risks and uncertainties or to publicly announce the result of any revisions to the forward-looking statements made herein

A Q A & AT

‌AGENDA

1. COMPANY OVERVIEW 04 BUSINESS UPDATES

2. KEY HIGHLIGHTS 05 Q&A

3. FINANCIAL

PERFORMANCE

06 KEY PROPERTIES

‌Company Overview

For more than five decades, Kuwait Real Estate Company (AQARAT) has played a defining role in shaping Kuwait's real estate landscape -building communities, elevating urban living, and setting new standards for quality and innovation. As one of the country's first publicly listed real estate companies, AQARAT has earned its reputation through integrity, long-term vision, and a deep commitment to excellence. Our success is rooted in a fully integrated real estate platform that spans the entire property lifecycle from land acquisition and development to operations, asset management, and long-term value creation. This comprehensive approach enables us to deliver developments that not only generate sustainable returns but also create lasting economic and social impact for the communities we serve.

Over the years, AQARAT has been at the forefront

of real estate innovation in Kuwait:

First real estate company incorporated as a shareholding company (1972).

First to develop a mixed-use project combining retail, offices, and parking facilities.

First to introduce the Build-Operate-Transfer (BOT) model ahead of formal regulations.

D i v e r s e p o r t fo I i o o f A s s e t s a c r o s s d i ffe r e n t s e c t o r s a n d r e g i o n s

Europe

KD 13.6 Million

MENA

KD 135.2 Million

Asset Value

‹

u

A Q A & A T

2014 2015 2016 2017 2018 2019 2020 202 T 2022 2028 2024 2025

0

2014 2015 2016 2017 2018 2019 2020 202 T 2022 2523 2424 202 S

‌Strategic Core

esalsng/asiLe

Development

Development Management

Leasing/sales

Property

Management

Facility Management

BOTs and Government Linked Projects

A fully integrated real-estate platform operating across the entire asset life cycle, with strong capabilities to deliver resilient recurring income and development-driven growth

‌PERSPECTIVE ON OUR HISTORY

MARKET FIRSTS

First real estate company listed on Kuwait stock exchange First company to develop a BOT

mixed use complex before a formal regulation was adopted

STRATEGIC ALLIANCES

Ventured beyond Kuwait, seeking opportunities abroad-partnering on the development of YOTEL New York and investing in hospitality assets in Europe

GROWTH PHASE

Accelerated growth with the launch of the Domus strategy and delivering 2 hotels in Kuwait -significantly boosting rental income

1980's 2000's 2020's

1972

Kuwait Real Estate Company was established

1990's

GROWTH & DIVERSIFICATION

AQARAT tapped into international markets to diversify its investments geographically

2010's

NEW VENTURES & REINVENTION

Co-developed Yotel Miami Focused on legacy assets enhancement initiatives. Tapped into Dubai real estate market through Hospitality Asset acquisitions and development

2025 & Beyond

BUILDING ON THE MOMENTUM

Launched the largest residential project in the company's history (AED 3.5B)

Expanding the domus platform

‌Market Data

Kuwait Real Estate Company shareholding structure as of April 2026

Free Float

Local Portfolios and Funds

Kuwait International Investment Co. Holding

Foreign

Group of Med Al-Bahar Holding Co.

Our Market Cap grew more than 9X since 2018 with 38% CAGR

(USD Mln)

+80%

1,502

12.5%

+38%

12.5%

15.1%

25.2%

33.5%

162

300 315

544

326

633

835

+830%

2018 2019 2020 2021 2022 2023 2024 2025

‌Financial History

KD Million

+13%

20.7

21.6

22.6

24.3

15.5

18.0

20.0

10.2

+12%

34.9

39.4

23.7

27.6

28.7

17.5

18.5

21.4

2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 2025

+17%

36.8

23.9

29.2

12.5

15.7

10.2

12.9

16.1

+12%

15.1

11.3

13.4

6.7

7.0

6.3

7.3

3.6

2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 2025

‌Financial History

+11%

551.6

460.9

393.4

326.9

270.9

318.6

341.2

360.5

KD Million

2018 2019 2020 2021 2022 2023 2024 2025

+12%

299.3

265.5

235.7

195.9

208.6

228.5

138.6

165.5

2018 2019 2020 2021 2022 2023 2024 2025

+8%

226.9

179.1

132.3

127.9

118.0

128.4

127.7

146.1

+10%

228.5

236.0

183.4

202.6

122.9

143.5

149.4

151.2

2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 2025

‌Key Highlights

‌Key Highlights

Record Capital Increase Successfully Completed

• Oversubscribed more than 20x - the highest level seen in Kuwait's equity market in recent years

• Total demand reached KD 667 million, reflecting strong investor confidence in AQARAT's strategy and long-term direction

Al-Tay Hills Achieves Exceptional Sales Performance

• AED 3.5 billion residential project

• Setting a new baseline of profitability for the years to come

• 99% units sold

Expanding the Development Pipeline Beyond Al-Tay Hills

• Completed a new land acquisition in Sharjah through one of our associate companies 2025

• Supports our strategy to build the next layer of development projects, ensuring growth continuity

AQARAT | Q4 2025

‌Financial Performance

‌Income Statement | FY 2025

+13.1%

KD Million

39.4

34.9

2024 2025

22.6

24.3

+7.7%

2024 2025

-4.8%

13.4

+12.4%

15.1

64.8% 61.7%

2024 2025

2024 2025

AQARAT | Q4 2025

‌Balance Sheet | Dec 2025

KD Million

+3.2%

+26.7%

226.9

179.1

228.5 236.0

+19.7%

551.6

460.9

Dec-24 Dec-25

Dec-24 Dec-25

Dec-24 Dec-25

49.6%

42.8%

7.5%

6.6%

2.9% 2.7%

Dec-24 Dec-25

Dec-24 Dec-25

Dec-24 Dec-25

AQARAT | Q4 2025

	Financial Data			YTD
			FY 2025	FY 2024	% change
IS	Revenue		39,421,329	34,862,514	13%
	Operating Expenses		(15,098,728)	(12,269,911)	23%
	Gross Income		24,322,601	22,592,603	7.6%
	Gross Income Margin		61.70%	64.80%
	EBITDA		37,146,382	29,871,671	24%
	Finance Cost		(12,581,644)	(12,890,139)	-2.39%
	Net Income		15,073,225	13,414,640	12%
	Net Income Margin		38.24%	38.48%
	EPS (Fils)		12.526	11.277	11%
BS	Current Assets		135,847,120	97,172,255	39.8%
	TOTAL ASSETS		551,593,052	460,912,207	19.7%
	Current Liabilities		45,812,478	64,619,263	-29.1%
	TOTAL LIABILITIES		299,253,546	265,532,278	12.7%
	TOTAL DEBT		235,952,372	228,529,003	3.2%
	Share Capital		122,412,829	100,420,696	21.9%
	Owners Equity		266,885,870	179,077,969	26.7%

‌Financial Snapshot

AQARAT | Q4 2025

‌Business Updates

‌Real Estate

P r o j e ct s u n de r de v e lo pm e n t

Portfolio

Kuwait

Sabhan (BOT)

Sabhan,Kuwait

Q1 2026

Completion

40,000

sqm

Solid performance with

• 16 INTEGRATED RESIDENTIAL COMPLEXES TO ACCOMODATES 3,000 WORKERS

• 2 COMMERCIAL COMPLEXES

• ADMINISTRATIVE AND GOVERNMENT BUILDINGS

• RECREATIONAL FACILITIES

• 20 YEAR CONTRACT PERIOD

  high occupancy rates across key

  properties

• Sabhan Labor Housing Project reached 85% completion and remains on track for delivery in the beginning of 2026

• Launched leasing activity for 41 retail units at the Riggae Commercial Complex, enhancing the utility of our local assets

  AQARAT | Q4 2025

  
  
  

  ‌Real Estate

  P r o j e ct s u n de r de v e lo pm e n t

  Portfolio UAE

  Domus 5

  Dubai Production City

  Q1 2026

  Completion

  552

  Modules

  • PART OF THE 5 BUILDING STAFF HOUSING PROJECT

  • 102 UNITS (500 MODULES) PER BUILDING

  • LOCATED WITHIN CLOSE PROXIMITY TO SEVERAL OF DUBAI'S

    MAJOR TOURISM HUBS

    Strong market in the leasing and hospitality sector

• Domus 1 to 4 fully leased and operational. Domus 5 construction reached over 70%

• Committed AED 100 million as a strategic investor in the newly launched

  Domus Real Estate Fund to capitalize on the strong demand

• TH8 on Palm Jumeirah in Dubai continued its strong performance, with higher occupancy levels and improved operating returns y-o-y

  AQARAT | Q4 2025

  
  
  

  ‌Real Estate

  P r o j e ct s u n de r de v e lo pm e n t

  Portfolio UAE

  Al Tay Hills

  Sharjah -UAE

  2028

  Completion

  1,100

  Villas/Townhouses

  • DESIGN APPROVED & MAJORITY OF PERMITTING OBTAINED

  • LAUNCHED IN JAN 2025

  • LOCATED IN THE EMIRATE OF SHARJAH WITH CLOSE PROXIMITY TO DUBAI

  • SPANS AN AREA OF 552,486 SQUARE METERS OF LAND

    AlTay Hills: Redefining Sustainable Living in the Emirate of Sharjah

• Unique investment opportunity in the vibrant real estate market, offering a blend of comfort, prime location, and lifestyle amenities that set it apart from other projects

• 99% of units are sold reflecting the strong demand witnessed since the launch

• Showcase villas are under development, with key construction milestones expected in 2026

  AQARAT | Q4 2025

  
  
  

  ‌Real Estate

  P r o j e ct C o m ple t e d

  Portfolio USA

  501 First Residences

  Miami

  Q4 2025

  Completion

  476

  Units

  • 40-STORY TOWER OFFERING CONDOMINIUM RESIDENCES

  • LOCATED IN DOWNTOWN MIAMI

  Solid Performance across our investments in the US

• 501 Residences in Miami is successfully completed and handed over

• The project has seen strong demand, positioning it as a landmark addition to AQARAT's U.S. portfolio

• Solid performance from BRCM investment, with the platform now building its pipeline for SFR expansion in Florida and additional markets.

AQARAT | Q4 2025

‌Aqarat Key Assets Portfolio

‌AQARAT Key Properties

The first BOT ever in existence in Kuwait, Souk Al-Kuwait, was conceived of and developed by AQARAT more than four decades ago. The two properties feature commercial and car parking building located in the busy area of the Kuwait Stock Exchange and the banking center of Kuwait City. The buildings have three main components - a multi level car park, offices and retail.

Located along the green lawn and promenade of the Scientific Center overlooking the sea. The property enjoys a serene location, secluded from the noise of the city. The luxurious apartments are designed to maximize natural daylight. Wide, sweeping spaces offer a sense of freedom and sanctuary from the world outside. Three apartment types, each uniquely laid out to cater to the clients needs in modern living.

AQARAT | Q4 2025

‌AQARAT Key Properties

Located adjacent to The Palms and SAS hotels on the Al-Bidaa coast strip, Arabella features over an area of 13,000 square meters with 25 indoor/outdoor units to serve as restaurants, cafes and more. Currently the property includes a prestigious five-star Vignette Collection Hotel with a state-of-the-art gym and beach club offering a sophisticated and upscale environment for members.

AQARAT's development team delivered the new project, a 2-star hotel, Riggae Tower hotel, consisting of 90 units targeted for individuals that seek long stays. The project also consists of a commercial area that was recently renovated. Previously it was the Ministry Justice Complex encompassing a total area of 20,000 square meters. The project location provides easy access to Kuwait's main transportation arteries allowing for efficient transport of staff to their respective employment locations.

AQARAT | Q4 2025

‌AQARAT Key Properties

IJ

A Q A & AT

Units

Plot Size

140

9,026 sqm

Units

Plot Size

185

6,000 sqm

Units

Plot Size

4,000 sqm

Units

Plot Size

187

3,227 sqm

Ibn Khaldoun

Units

Plot Size

69

897 sqm

Units

Plot Size

113

3,554 sqm

AQARAT | Q4 2025

‌AQARAT Key Properties

Al-Tay Hills is AQARAT's largest residential development in its history- a AED 3.5 billion master community in Sharjah spanning more than six million sq. ft. The project features over 1,100 villas and townhouses integrated with a 2.5 km green river, landscaped parks, trails, and retail amenities. Designed to blend modern living with Emirati heritage, phased handovers begin in Q1 2028.

Domus is a purpose-built staff housing community strategically located within 25 minutes of Dubai's key tourism and hospitality zones. Designed to serve the accommodation needs of leading hotel groups and service providers, the project currently houses over 7,000 hospitality staff across multiple employment levels. Domus fosters a community-oriented environment across five residential buildings.

AQARAT | Q4 2025

‌AQARAT Key Properties

Th8 is a Vignette Collection Hotel by IHG, inspired by Miami's cool, chic lifestyle. Located on the iconic Palm Jumeirah, the development features light, open architecture and modern finishes across 110 luxury residences and a 162-key hotel apartment complex.

Aqarat owns a portfolio of units in Fairmont Hotel, The Palm. Situated on the western portion of the Palm Jumeirah's trunk in close proximity to the business districts of Dubai Media City and Dubai Internet City. The residences are also just a five-minute drive from the popular restaurants and beaches of Dubai Marina.

AQARAT | Q4 2025

‌AQARAT Key Properties

The Project consists of a 48- story LEED Silver building containing 213 hotel rooms and approximately 233 YotelPAD condominium residence. Both the YOTEL Miami Hotel and the YotelPAD Condominium Residence are accessed at ground level through separate lobbies and elevator banks. The building will include three passenger elevators serving the hotel, two passenger elevators serving the condominium residences , and two service elevators.

The YOTEL development consists of 713 rooms in the heart of Manhattan, New York City. The flagship property design feature 12,000 sqft of dynamic and flexible space known as the Sky Lobby, and the largest outside terrace space featuring a restaurant, lounges, a terrace, exercise room etc. The hotel's 713 rooms offer a beautifully designed space in which to relax, refresh, connect and sleep.

AQARAT | Q4 2025

‌CONTACT US

Kuwait Real Estate Company K.P.S.C.

(AQARAT)

Darwazat Abdul Raza`k Street

Souk Al Kuwait Building Block B, 8th Floor

Tel :[phone]

Fax:[phone]

[e-mail]

Website: https://www.aqarat.com.kw

Email: [e-mail]