AL-MADAR FINANCE AND INVESTMENT CO.

Al Madar Kuwait Holding Co.

MADARStocksBoursa 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	-0.66M	-0.18M	0.00M	-0.30M	2.92M
Real Estate Asset Acquisitions	—	-0.02M	—	-0.17M	-4.90M
Real Estate Asset Sales	0.23M	—	—	—	1.74M
Investing & Financing
Investing Cash Flow	0.86M	0.23M	0.12M	-0.15M	-2.68M
Dividends Paid	—	—	—	—	—
Operating Activities
Operating Cash Flow	-0.66M	-0.18M	0.00M	-0.30M	2.92M
Net Income	72.06K	150.96K	8.11K	16.77K	2.50K
Change Accounts Receivable RE	53.72K	-25.83K	70.55K	—	—
Change in Working Capital	-0.30M	-0.04M	0.05M	-0.17M	3.20M
Change Other Net Oper Assets RE	-0.36M	-0.01M	-0.02M	0.20M	2.45M
Other Operating Activities RE	-246.19K	-385.07K	-18.37K	23.09K	266.83K
Depreciation & Amortization	—	—	—	4.00K	2.57K
Cash Interest Paid	52.00K	59.76K	43.86K	38.76K	24.46K
Loss (Gain) on Equity Investments	—	—	—	—	—
Asset Writedown Cfre	-93.88K	379.33K	-58.00K	-178.65K	-322.80K
Investing Activities
Investing Cash Flow	0.86M	0.23M	0.12M	-0.15M	-2.68M
Invest In Securities RE	605.42K	226.73K	164.35K	—	473.01K
Other Investing Activities RE	19.35K	23.86K	-42.10K	15.00K	5.00K
Sale Real Estate Assets	0.23M	—	—	—	1.74M
Acquisition Real Estate Assets	—	-0.02M	—	-0.17M	-4.90M
Net Sale Acquisition Real Estate Assets	0.23M	-0.02M	—	-0.17M	-3.15M
Gain Assets Cfre	—	—	—	—	-101.00K
Loss (Gain) on Sale of Investments	-84.23K	-283.43K	35.03K	10.05K	-69.66K
Financing Activities
Common Dividends Paid	—	—	—	—	—
Long-Term Debt Repaid	-80.00K	-101.93K	—	—	—
Short-Term Debt Repaid	—	-61.20K	-71.40K	—	—
Total Debt Repaid	-80.00K	-163.13K	-71.40K	—	—
Net Debt Issued (Repaid)	-80.00K	-163.13K	-71.40K	—	—
Other Financing Activities RE	-52.00K	-59.76K	-43.86K	-38.76K	-24.46K
Free Cash Flow & Returns
Levered Free Cash Flow	-0.51M	2.88M	-3.34M	6.82M	1.67M
Unlevered Free Cash Flow	-0.48M	2.91M	-3.31M	6.84M	1.69M
Operating Cash Flow Growth	—	—	—	—	+54.5%
Net Cash Flow	0.06M	-0.17M	0.01M	-0.55M	0.23M
Foreign Exchange Rate Adjustments	—	—	—	-65.75K	14.66K

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	-0.66M	-0.18M	0.00M	-0.30M	2.92M
Real Estate Asset Acquisitions	—	-0.02M	—	-0.17M	-4.90M
Real Estate Asset Sales	0.23M	—	—	—	1.74M
Investing & Financing
Investing Cash Flow	0.86M	0.23M	0.12M	-0.15M	-2.68M
Dividends Paid	—	—	—	—	—
Operating Activities
Operating Cash Flow	-0.66M	-0.18M	0.00M	-0.30M	2.92M
Net Income	72.06K	150.96K	8.11K	16.77K	2.50K
Change Accounts Receivable RE	53.72K	-25.83K	70.55K	—	—
Change in Working Capital	-0.30M	-0.04M	0.05M	-0.17M	3.20M
Change Other Net Oper Assets RE	-0.36M	-0.01M	-0.02M	0.20M	2.45M
Other Operating Activities RE	-246.19K	-385.07K	-18.37K	23.09K	266.83K
Depreciation & Amortization	—	—	—	4.00K	2.57K
Cash Interest Paid	52.00K	59.76K	43.86K	38.76K	24.46K
Loss (Gain) on Equity Investments	—	—	—	—	—
Asset Writedown Cfre	-93.88K	379.33K	-58.00K	-178.65K	-322.80K
Investing Activities
Investing Cash Flow	0.86M	0.23M	0.12M	-0.15M	-2.68M
Invest In Securities RE	605.42K	226.73K	164.35K	—	473.01K
Other Investing Activities RE	19.35K	23.86K	-42.10K	15.00K	5.00K
Sale Real Estate Assets	0.23M	—	—	—	1.74M
Acquisition Real Estate Assets	—	-0.02M	—	-0.17M	-4.90M
Net Sale Acquisition Real Estate Assets	0.23M	-0.02M	—	-0.17M	-3.15M
Gain Assets Cfre	—	—	—	—	-101.00K
Loss (Gain) on Sale of Investments	-84.23K	-283.43K	35.03K	10.05K	-69.66K
Financing Activities
Common Dividends Paid	—	—	—	—	—
Long-Term Debt Repaid	-80.00K	-101.93K	—	—	—
Short-Term Debt Repaid	—	-61.20K	-71.40K	—	—
Total Debt Repaid	-80.00K	-163.13K	-71.40K	—	—
Net Debt Issued (Repaid)	-80.00K	-163.13K	-71.40K	—	—
Other Financing Activities RE	-52.00K	-59.76K	-43.86K	-38.76K	-24.46K
Free Cash Flow & Returns
Levered Free Cash Flow	-0.51M	2.88M	-3.34M	6.82M	1.67M
Unlevered Free Cash Flow	-0.48M	2.91M	-3.31M	6.84M	1.69M
Operating Cash Flow Growth	—	—	—	—	+54.5%
Net Cash Flow	0.06M	-0.17M	0.01M	-0.55M	0.23M
Foreign Exchange Rate Adjustments	—	—	—	-65.75K	14.66K