LADUN

Ladun Investment Company

9535StocksTadawulReal Estate

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Semi-annual (SAR)

1-5

	H2 2025Dec 31, 2025	H1 2025Jun 30, 2025	H2 2024Dec 31, 2024	H1 2024Jun 30, 2024	H2 2023Dec 31, 2023
Operating Summary
Revenue	518.77M	639.41M	—	646.76M	—
Cost of Revenue	466.19M	509.80M	—	508.97M	—
Gross Profit	52.58M	129.61M	—	137.79M	—
SG&A	68.37M	68.27M	—	84.67M	—
Operating Expenses	83.21M	68.27M	—	81.36M	—
Operating Income	-30.64M	61.35M	—	56.43M	—
Interest Income	1.35M	1.67M	—	1.47M	—
Interest Expense	-36.41M	-41.94M	—	-23.13M	—
Other Income/Expense	-2.19M	0.89M	—	1.24M	—
Pretax Income	-75.40M	21.85M	—	30.51M	—
Income Tax	1.31M	0.53M	—	-1.92M	—
Net Income	-76.72M	21.32M	—	32.43M	—
EBITDA	-13.35M	78.47M	—	75.30M	—
EBIT	-30.64M	61.35M	—	56.43M	—
EPS (Basic)	-0.15	0.04	—	0.06	—
EPS (Diluted)	-0.15	0.04	—	0.06	—
Margins & Efficiency
Gross Margin %	+10.1%	+20.3%	—	+21.3%	—
EBITDA Margin %	-2.6%	+12.3%	—	+11.6%	—
Net Margin %	-14.8%	+3.3%	—	+5.0%	—
Revenue & Income
Revenue	518.77M	639.41M	—	646.76M	—
Revenue Growth (YoY)	—	-1.1%	—	-0.8%	—
Interest & Investment Income	1.35M	1.67M	—	1.47M	—
Earnings From Equity Investments	—	—	—	—	—
Gain (Loss) on Sale of Assets	0.06M	0.30M	—	-1.83M	—
Gain (Loss) on Sale of Investments	-1.83M	-0.41M	—	-3.66M	—
Expenses & Provisions
Cost of Revenue	466.19M	509.80M	—	508.97M	—
Selling, General & Admin	68.37M	68.27M	—	84.67M	—
Operating Expenses	83.21M	68.27M	—	81.36M	—
Other Operating Expenses	1.13M	—	—	—	—
Interest Expense	-36.41M	-41.94M	—	-23.13M	—
Other Non Operating Income (Expenses)	-2.19M	0.89M	—	1.24M	—
Legal Settlements	-5.76M	—	—	—	—
Asset Writedown	—	—	—	—	—
Amortization of Goodwill & Intangibles	—	—	—	—	—
D&A For EBITDA	17.28M	17.12M	16.59M	18.87M	18.84M
Profitability & Returns
Gross Profit	52.58M	129.61M	—	137.79M	—
EBIT	-30.64M	61.35M	—	56.43M	—
EBITDA	-13.35M	78.47M	—	75.30M	—
EBT Excluding Unusual Items	-67.89M	21.96M	—	36.00M	—
Pretax Income	-75.40M	21.85M	—	30.51M	—
Operating Income	-30.64M	61.35M	—	56.43M	—
Operating Margin	-5.9%	+9.6%	—	+8.7%	—
Profit Margin	-14.8%	+3.3%	—	+5.0%	—
Net Income	-76.72M	21.32M	—	32.43M	—
Net Income to Common	-76.72M	21.32M	—	32.43M	—
Net Income Growth	—	-34.3%	—	-55.7%	—
Earnings From Continuing Ops.	-76.72M	21.32M	—	32.43M	—
Minority Interest in Earnings	—	—	—	—	—
Income Tax Expense	1.31M	0.53M	—	-1.92M	—
Per Share & Capital
EPS (Basic)	-0.15	0.04	—	0.06	—
EPS (Diluted)	-0.15	0.04	—	0.06	—
EPS Growth	—	-34.3%	—	-55.7%	—
Dividend Per Share	—	—	—	0.02	—
Shares Change (YoY)	—	—	—	—	—
Shares Outstanding (Basic)	500.00M	500.00M	—	500.00M	—
Shares Outstanding (Diluted)	500.00M	500.00M	—	500.00M	—
Dividend Growth	—	—	—	-50.0%	—
Free Cash Flow	-9.21M	197.17M	—	42.38M	—
Free Cash Flow Margin	-1.8%	+30.8%	—	+6.6%	—
Free Cash Flow Per Share	-0.02	0.39	—	0.09	—

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Semi-annual (SAR)

1-5

	H2 2025Dec 31, 2025	H1 2025Jun 30, 2025	H2 2024Dec 31, 2024	H1 2024Jun 30, 2024	H2 2023Dec 31, 2023
Operating Summary
Revenue	518.77M	639.41M	—	646.76M	—
Cost of Revenue	466.19M	509.80M	—	508.97M	—
Gross Profit	52.58M	129.61M	—	137.79M	—
SG&A	68.37M	68.27M	—	84.67M	—
Operating Expenses	83.21M	68.27M	—	81.36M	—
Operating Income	-30.64M	61.35M	—	56.43M	—
Interest Income	1.35M	1.67M	—	1.47M	—
Interest Expense	-36.41M	-41.94M	—	-23.13M	—
Other Income/Expense	-2.19M	0.89M	—	1.24M	—
Pretax Income	-75.40M	21.85M	—	30.51M	—
Income Tax	1.31M	0.53M	—	-1.92M	—
Net Income	-76.72M	21.32M	—	32.43M	—
EBITDA	-13.35M	78.47M	—	75.30M	—
EBIT	-30.64M	61.35M	—	56.43M	—
EPS (Basic)	-0.15	0.04	—	0.06	—
EPS (Diluted)	-0.15	0.04	—	0.06	—
Margins & Efficiency
Gross Margin %	+10.1%	+20.3%	—	+21.3%	—
EBITDA Margin %	-2.6%	+12.3%	—	+11.6%	—
Net Margin %	-14.8%	+3.3%	—	+5.0%	—
Revenue & Income
Revenue	518.77M	639.41M	—	646.76M	—
Revenue Growth (YoY)	—	-1.1%	—	-0.8%	—
Interest & Investment Income	1.35M	1.67M	—	1.47M	—
Earnings From Equity Investments	—	—	—	—	—
Gain (Loss) on Sale of Assets	0.06M	0.30M	—	-1.83M	—
Gain (Loss) on Sale of Investments	-1.83M	-0.41M	—	-3.66M	—
Expenses & Provisions
Cost of Revenue	466.19M	509.80M	—	508.97M	—
Selling, General & Admin	68.37M	68.27M	—	84.67M	—
Operating Expenses	83.21M	68.27M	—	81.36M	—
Other Operating Expenses	1.13M	—	—	—	—
Interest Expense	-36.41M	-41.94M	—	-23.13M	—
Other Non Operating Income (Expenses)	-2.19M	0.89M	—	1.24M	—
Legal Settlements	-5.76M	—	—	—	—
Asset Writedown	—	—	—	—	—
Amortization of Goodwill & Intangibles	—	—	—	—	—
D&A For EBITDA	17.28M	17.12M	16.59M	18.87M	18.84M
Profitability & Returns
Gross Profit	52.58M	129.61M	—	137.79M	—
EBIT	-30.64M	61.35M	—	56.43M	—
EBITDA	-13.35M	78.47M	—	75.30M	—
EBT Excluding Unusual Items	-67.89M	21.96M	—	36.00M	—
Pretax Income	-75.40M	21.85M	—	30.51M	—
Operating Income	-30.64M	61.35M	—	56.43M	—
Operating Margin	-5.9%	+9.6%	—	+8.7%	—
Profit Margin	-14.8%	+3.3%	—	+5.0%	—
Net Income	-76.72M	21.32M	—	32.43M	—
Net Income to Common	-76.72M	21.32M	—	32.43M	—
Net Income Growth	—	-34.3%	—	-55.7%	—
Earnings From Continuing Ops.	-76.72M	21.32M	—	32.43M	—
Minority Interest in Earnings	—	—	—	—	—
Income Tax Expense	1.31M	0.53M	—	-1.92M	—
Per Share & Capital
EPS (Basic)	-0.15	0.04	—	0.06	—
EPS (Diluted)	-0.15	0.04	—	0.06	—
EPS Growth	—	-34.3%	—	-55.7%	—
Dividend Per Share	—	—	—	0.02	—
Shares Change (YoY)	—	—	—	—	—
Shares Outstanding (Basic)	500.00M	500.00M	—	500.00M	—
Shares Outstanding (Diluted)	500.00M	500.00M	—	500.00M	—
Dividend Growth	—	—	—	-50.0%	—
Free Cash Flow	-9.21M	197.17M	—	42.38M	—
Free Cash Flow Margin	-1.8%	+30.8%	—	+6.6%	—
Free Cash Flow Per Share	-0.02	0.39	—	0.09	—