A AYAN REAL ESTATE CO.

A'ayan Real Estate Company

AAYANREStocksBoursa KuwaitReal Estate

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	3.85M	4.15M	2.03M	3.19M	1.43M
Real Estate Asset Acquisitions	-1.71M	-0.02M	-2.93M	-0.44M	-0.91M
Real Estate Asset Sales	2.58M	0.09M	0.14M	10.77M	0.18M
Investing & Financing
Investing Cash Flow	-5.99M	-1.17M	-2.91M	11.73M	-0.55M
Dividends Paid	-2.06M	-2.06M	-2.06M	—	—
Share Repurchase	—	-98.58K	-5.51K	-34.60K	-10.73K
Operating Activities
Operating Cash Flow	3.85M	4.15M	2.03M	3.19M	1.43M
Net Income	3.40M	2.91M	2.75M	2.64M	-0.77M
Change Accounts Payable RE	-69.88K	990.11K	283.68K	100.29K	-448.77K
Change Accounts Receivable RE	465.89K	-45.48K	-611.98K	230.33K	-202.69K
Change in Working Capital	400.39K	938.63K	-324.41K	328.51K	-651.25K
Change Other Net Oper Assets RE	4.39K	-6.01K	3.89K	-2.10K	0.20K
Other Operating Activities RE	1.87M	1.70M	1.52M	1.70M	1.42M
Depreciation & Amortization	63.89K	78.57K	88.94K	58.49K	37.75K
Cash Interest Paid	726.27K	783.26K	634.60K	722.18K	712.24K
Cash Income Tax Paid	108.83K	112.06K	240.49K	—	—
Loss (Gain) on Equity Investments	-1.59M	-1.13M	-0.51M	-0.06M	1.35M
Asset Writedown Cfre	0.01M	-0.13M	0.34M	0.01M	0.03M
Investing Activities
Investing Cash Flow	-5.99M	-1.17M	-2.91M	11.73M	-0.55M
Cash Acquisitions	-8.00M	—	—	—	—
Invest In Securities RE	—	-1.38M	-0.22M	-0.07M	0.00M
Other Investing Activities RE	1.41M	0.14M	0.10M	1.47M	0.19M
Sale Real Estate Assets	2.58M	0.09M	0.14M	10.77M	0.18M
Acquisition Real Estate Assets	-1.71M	-0.02M	-2.93M	-0.44M	-0.91M
Net Sale Acquisition Real Estate Assets	0.87M	0.07M	-2.79M	10.32M	-0.74M
Gain Assets Cfre	-0.13M	0.02M	-0.15M	-1.51M	0.02M
Loss (Gain) on Sale of Investments	-0.18M	-0.17M	-1.83M	0.00M	0.01M
Financing Activities
Common Dividends Paid	-2.06M	-2.06M	-2.06M	—	—
Issuance of Common Stock	—	108.93K	5.52K	41.33K	109.78K
Repurchase of Common Stock	—	-98.58K	-5.51K	-34.60K	-10.73K
Long-Term Debt Issued	8.00M	1.83M	—	1.20M	1.50M
Long-Term Debt Repaid	-2.30M	-2.11M	-0.95M	-7.57M	-1.87M
Net Debt Issued (Repaid)	5.70M	-0.28M	-0.95M	-6.37M	-0.37M
Other Financing Activities RE	-0.65M	-1.73M	-1.65M	-1.88M	-1.44M
Free Cash Flow & Returns
Levered Free Cash Flow	5.44M	3.56M	2.61M	6.26M	-0.37M
Unlevered Free Cash Flow	5.99M	4.04M	3.04M	6.70M	0.09M
Operating Cash Flow Growth	-7.3%	+104.1%	-36.3%	+123.5%	+130.4%
Net Cash Flow	0.84M	-1.08M	-5.53M	6.67M	-0.83M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	3.85M	4.15M	2.03M	3.19M	1.43M
Real Estate Asset Acquisitions	-1.71M	-0.02M	-2.93M	-0.44M	-0.91M
Real Estate Asset Sales	2.58M	0.09M	0.14M	10.77M	0.18M
Investing & Financing
Investing Cash Flow	-5.99M	-1.17M	-2.91M	11.73M	-0.55M
Dividends Paid	-2.06M	-2.06M	-2.06M	—	—
Share Repurchase	—	-98.58K	-5.51K	-34.60K	-10.73K
Operating Activities
Operating Cash Flow	3.85M	4.15M	2.03M	3.19M	1.43M
Net Income	3.40M	2.91M	2.75M	2.64M	-0.77M
Change Accounts Payable RE	-69.88K	990.11K	283.68K	100.29K	-448.77K
Change Accounts Receivable RE	465.89K	-45.48K	-611.98K	230.33K	-202.69K
Change in Working Capital	400.39K	938.63K	-324.41K	328.51K	-651.25K
Change Other Net Oper Assets RE	4.39K	-6.01K	3.89K	-2.10K	0.20K
Other Operating Activities RE	1.87M	1.70M	1.52M	1.70M	1.42M
Depreciation & Amortization	63.89K	78.57K	88.94K	58.49K	37.75K
Cash Interest Paid	726.27K	783.26K	634.60K	722.18K	712.24K
Cash Income Tax Paid	108.83K	112.06K	240.49K	—	—
Loss (Gain) on Equity Investments	-1.59M	-1.13M	-0.51M	-0.06M	1.35M
Asset Writedown Cfre	0.01M	-0.13M	0.34M	0.01M	0.03M
Investing Activities
Investing Cash Flow	-5.99M	-1.17M	-2.91M	11.73M	-0.55M
Cash Acquisitions	-8.00M	—	—	—	—
Invest In Securities RE	—	-1.38M	-0.22M	-0.07M	0.00M
Other Investing Activities RE	1.41M	0.14M	0.10M	1.47M	0.19M
Sale Real Estate Assets	2.58M	0.09M	0.14M	10.77M	0.18M
Acquisition Real Estate Assets	-1.71M	-0.02M	-2.93M	-0.44M	-0.91M
Net Sale Acquisition Real Estate Assets	0.87M	0.07M	-2.79M	10.32M	-0.74M
Gain Assets Cfre	-0.13M	0.02M	-0.15M	-1.51M	0.02M
Loss (Gain) on Sale of Investments	-0.18M	-0.17M	-1.83M	0.00M	0.01M
Financing Activities
Common Dividends Paid	-2.06M	-2.06M	-2.06M	—	—
Issuance of Common Stock	—	108.93K	5.52K	41.33K	109.78K
Repurchase of Common Stock	—	-98.58K	-5.51K	-34.60K	-10.73K
Long-Term Debt Issued	8.00M	1.83M	—	1.20M	1.50M
Long-Term Debt Repaid	-2.30M	-2.11M	-0.95M	-7.57M	-1.87M
Net Debt Issued (Repaid)	5.70M	-0.28M	-0.95M	-6.37M	-0.37M
Other Financing Activities RE	-0.65M	-1.73M	-1.65M	-1.88M	-1.44M
Free Cash Flow & Returns
Levered Free Cash Flow	5.44M	3.56M	2.61M	6.26M	-0.37M
Unlevered Free Cash Flow	5.99M	4.04M	3.04M	6.70M	0.09M
Operating Cash Flow Growth	-7.3%	+104.1%	-36.3%	+123.5%	+130.4%
Net Cash Flow	0.84M	-1.08M	-5.53M	6.67M	-0.83M