THE NATIONAL REAL ESTATE COMPANY

National Real Estate Co. S.A.K.

NREStocksBoursa 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
Operating Summary
Revenue	-46.27M	27.14M	-6.42M	43.48M	264.97M
Interest Income	676.03K	401.38K	157.12K	139.66K	74.84K
Interest Expense	-8.36M	-9.33M	-9.29M	-7.01M	-7.00M
Pretax Income	-71.95M	10.44M	-33.98M	19.08M	196.28M
Income Tax	234.96K	611.73K	646.56K	681.65K	448.60K
Net Income	-72.38M	9.31M	-35.18M	17.94M	199.63M
Rental Revenue	1.12M	1.08M	2.42M	9.01M	10.91M
Property Expenses	1.22M	2.03M	5.68M	12.83M	22.94M
Operating Income	-54.92M	19.29M	-25.41M	19.83M	224.59M
EPS (Basic)	-0.04	0.00	-0.02	0.01	0.10
EPS (Diluted)	-0.04	0.00	-0.02	0.01	0.10
Margins & Efficiency
Net Margin %	+156.4%	+34.3%	+547.8%	+41.3%	+75.3%
Revenue & Income
Revenue as Reported	3.54M	5.78M	12.38M	26.04M	32.45M
Revenue Growth (YoY)	—	—	—	-83.6%	+774.4%
Revenue RE	-46.27M	27.14M	-6.42M	43.48M	264.97M
Rental Revenue	1.12M	1.08M	2.42M	9.01M	10.91M
Other Revenue RE	-47.39M	26.06M	-8.85M	34.47M	254.06M
Gain Investments RE	-9.40M	-0.21M	-0.59M	-0.77M	-22.22M
Expenses & Provisions
SG&A RE	7.07M	5.77M	10.24M	9.21M	15.18M
Total Operating Expenses RE	8.65M	7.85M	18.98M	23.65M	40.38M
Interest Expense RE	-8.36M	-9.33M	-9.29M	-7.01M	-7.00M
Other Non Oper Exp Suppl RE	0.20M	0.38M	1.19M	7.09M	1.50M
Property Expenses	1.22M	2.03M	5.68M	12.83M	22.94M
Asset Writedown	-137.91K	-89.99K	-38.35K	-201.79K	-666.04K
D&A For EBITDA	330.32K	320.01K	341.13K	98.21K	102.76K
Dep Amor RE	330.32K	320.01K	341.13K	382.40K	375.28K
Profitability & Returns
EBIT	-54.92M	19.29M	-25.41M	19.83M	224.59M
EBIT Margin	—	+71.1%	—	+45.6%	+84.8%
EBITDA	-54.59M	19.61M	-25.07M	19.93M	224.69M
EBITDA Margin	—	+72.2%	—	+45.8%	+84.8%
EBT Excl RE	-62.41M	10.74M	-33.35M	20.05M	219.17M
Pretax Income	-71.95M	10.44M	-33.98M	19.08M	196.28M
Operating Income RE	-54.92M	19.29M	-25.41M	19.83M	224.59M
Operating Margin	—	+71.1%	—	+45.6%	+84.8%
Profit Margin	—	+34.3%	—	+41.3%	+75.3%
Net Income	-72.38M	9.31M	-35.18M	17.94M	199.63M
Net Income to Common	-72.38M	9.31M	-35.18M	17.94M	199.63M
Net Income to Company	-72.18M	9.83M	-34.62M	18.40M	200.14M
Net Income Growth	—	—	—	-91.0%	+44,951.8%
Earnings From Continuing Ops.	-72.18M	9.83M	-34.62M	18.40M	195.83M
Earnings From Discontinued Ops.	—	—	—	—	4.32M
Minority Interest in Earnings	-200.93K	-521.24K	-560.49K	-462.11K	-518.30K
Income Tax Expense	234.96K	611.73K	646.56K	681.65K	448.60K
Effective Tax Rate	—	+5.9%	—	+3.6%	+0.2%
Net Interest Expense RE	-7.69M	-8.93M	-9.13M	-6.87M	-6.92M
Per Share & Capital
EPS (Basic)	-0.04	0.00	-0.02	0.01	0.10
EPS (Diluted)	-0.04	0.00	-0.02	0.01	0.10
EPS Growth	—	—	—	-91.0%	+45,565.9%
Shares Change (YoY)	-0	0.02	0.01	-0.01	-0.01
Shares Outstanding (Basic)	1.99B	2.00B	1.97B	1.95B	1.96B
Shares Outstanding (Diluted)	1.99B	2.00B	1.97B	1.95B	1.96B
Supplemental
Int Inc RE	676.03K	401.38K	157.12K	139.66K	74.84K

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
Operating Summary
Revenue	-46.27M	27.14M	-6.42M	43.48M	264.97M
Interest Income	676.03K	401.38K	157.12K	139.66K	74.84K
Interest Expense	-8.36M	-9.33M	-9.29M	-7.01M	-7.00M
Pretax Income	-71.95M	10.44M	-33.98M	19.08M	196.28M
Income Tax	234.96K	611.73K	646.56K	681.65K	448.60K
Net Income	-72.38M	9.31M	-35.18M	17.94M	199.63M
Rental Revenue	1.12M	1.08M	2.42M	9.01M	10.91M
Property Expenses	1.22M	2.03M	5.68M	12.83M	22.94M
Operating Income	-54.92M	19.29M	-25.41M	19.83M	224.59M
EPS (Basic)	-0.04	0.00	-0.02	0.01	0.10
EPS (Diluted)	-0.04	0.00	-0.02	0.01	0.10
Margins & Efficiency
Net Margin %	+156.4%	+34.3%	+547.8%	+41.3%	+75.3%
Revenue & Income
Revenue as Reported	3.54M	5.78M	12.38M	26.04M	32.45M
Revenue Growth (YoY)	—	—	—	-83.6%	+774.4%
Revenue RE	-46.27M	27.14M	-6.42M	43.48M	264.97M
Rental Revenue	1.12M	1.08M	2.42M	9.01M	10.91M
Other Revenue RE	-47.39M	26.06M	-8.85M	34.47M	254.06M
Gain Investments RE	-9.40M	-0.21M	-0.59M	-0.77M	-22.22M
Expenses & Provisions
SG&A RE	7.07M	5.77M	10.24M	9.21M	15.18M
Total Operating Expenses RE	8.65M	7.85M	18.98M	23.65M	40.38M
Interest Expense RE	-8.36M	-9.33M	-9.29M	-7.01M	-7.00M
Other Non Oper Exp Suppl RE	0.20M	0.38M	1.19M	7.09M	1.50M
Property Expenses	1.22M	2.03M	5.68M	12.83M	22.94M
Asset Writedown	-137.91K	-89.99K	-38.35K	-201.79K	-666.04K
D&A For EBITDA	330.32K	320.01K	341.13K	98.21K	102.76K
Dep Amor RE	330.32K	320.01K	341.13K	382.40K	375.28K
Profitability & Returns
EBIT	-54.92M	19.29M	-25.41M	19.83M	224.59M
EBIT Margin	—	+71.1%	—	+45.6%	+84.8%
EBITDA	-54.59M	19.61M	-25.07M	19.93M	224.69M
EBITDA Margin	—	+72.2%	—	+45.8%	+84.8%
EBT Excl RE	-62.41M	10.74M	-33.35M	20.05M	219.17M
Pretax Income	-71.95M	10.44M	-33.98M	19.08M	196.28M
Operating Income RE	-54.92M	19.29M	-25.41M	19.83M	224.59M
Operating Margin	—	+71.1%	—	+45.6%	+84.8%
Profit Margin	—	+34.3%	—	+41.3%	+75.3%
Net Income	-72.38M	9.31M	-35.18M	17.94M	199.63M
Net Income to Common	-72.38M	9.31M	-35.18M	17.94M	199.63M
Net Income to Company	-72.18M	9.83M	-34.62M	18.40M	200.14M
Net Income Growth	—	—	—	-91.0%	+44,951.8%
Earnings From Continuing Ops.	-72.18M	9.83M	-34.62M	18.40M	195.83M
Earnings From Discontinued Ops.	—	—	—	—	4.32M
Minority Interest in Earnings	-200.93K	-521.24K	-560.49K	-462.11K	-518.30K
Income Tax Expense	234.96K	611.73K	646.56K	681.65K	448.60K
Effective Tax Rate	—	+5.9%	—	+3.6%	+0.2%
Net Interest Expense RE	-7.69M	-8.93M	-9.13M	-6.87M	-6.92M
Per Share & Capital
EPS (Basic)	-0.04	0.00	-0.02	0.01	0.10
EPS (Diluted)	-0.04	0.00	-0.02	0.01	0.10
EPS Growth	—	—	—	-91.0%	+45,565.9%
Shares Change (YoY)	-0	0.02	0.01	-0.01	-0.01
Shares Outstanding (Basic)	1.99B	2.00B	1.97B	1.95B	1.96B
Shares Outstanding (Diluted)	1.99B	2.00B	1.97B	1.95B	1.96B
Supplemental
Int Inc RE	676.03K	401.38K	157.12K	139.66K	74.84K