Aram Group — Interim / Quarterly Report 2026

May 13, 2026

ARAM GROUP COMPANY P.J.S.C AND ITS SUBSIDIARY

SHARJAH - UNITED ARAB EMIRATES

REVIEW REPORT AND CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2026

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ARAM GROUP COMPANY P.J.S.C AND ITS SUBSIDIARY

SHARJAH - UNITED ARAB EMIRATES

INDEX

Section	Page
Independent auditors’ report on review of condensed consolidated interim financial statements	1
Condensed consolidated interim statement of financial position	2
Condensed consolidated interim statement of profit or loss and other comprehensive income	3
Condensed consolidated interim statement of changes in equity	4
Condensed consolidated interim statement of cash flows	5
Notes to the condensed consolidated interim financial statements	6 - 27

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TALAL Abu-Ghazaleh & Co. International

AIG

TAGAudit

Global Company for Auditing and Accounting

الشركة العالمية للتدقيق والمحاسبة

Independent auditors’ report on review of condensed consolidated interim financial statements

10129813

The Shareholder

Aram Group Company P.J.S.C

And Its Subsidiary

Sharjah - United Arab Emirates

Introduction

We have reviewed the accompanying condensed consolidated interim financial statements of Aram Group Company P.J.S.C (the “Company”) and its Subsidiary (together referred to as the “Group”) as at March 31, 2026 which comprise the condensed consolidated interim statement of financial position as at 31 March, 2026 and the related condensed consolidated interim statement of profit or loss and other comprehensive income, changes in equity and cash flows for the three months period then ended, and a summary of material accounting policy information and other explanatory notes.

Management is responsible for the preparation and presentation of this condensed consolidated interim financial statements in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”). Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Statements Performed by the Independent Auditor of the Entity”. A review of condensed consolidated interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with IAS 34, Interim Financial Reporting.

For TALAL ABU-GHAZALEH & CO. INTERNATIONAL

Nibal Abu Ghazaleh

Registered Auditor No. 5402

Dubai, United Arab Emirates

May 14, 2026

Gulf Towers, Entrance A1, 7th Floor

Oud Metha Road, Bur Dubai, Dubai, United Arab Emirates

Tel.: +971 4 396 7778, Fax: +971 4 396 7779

P.O. Box: 1991, Dubai, United Arab Emirates

MEMBER OF THE

FORUM OF FIRMS

www.tagi.com

tagco.dubai@tagi.com

جلف تاورز، مدخل رقم A1، الطابق السابع

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ص.ب: ١٩٩١، دبي، الإمارات العربية المتحدة

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ARAM GROUP COMPANY P.J.S.C
AND ITS SUBSIDIARY
SHARJAH - UNITED ARAB EMIRATES
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2026

| | Note | March 31, 2026
AED
(Unaudited) | December 31, 2025
AED
(Audited) |
| --- | --- | --- | --- |
| ASSETS | | | |
| Non-current assets | | | |
| Property, plant and equipment | | 280,465 | 298,651 |
| Right-of-use assets | 4 | 540,386 | 570,374 |
| Investment properties | 5 | 163,460,000 | 163,460,000 |
| Investments carried at fair value through other comprehensive income (FVTOCI) | 6 | 17,509,651 | 20,683,300 |
| Total non current assets | | 181,790,502 | 185,012,325 |
| Current assets | | | |
| Investments carried at fair value through profit or loss (FVTPL) | 7 | 420,972 | 419,959 |
| Other assets | 8 | 22,002,000 | - |
| Trade and other receivables | | 1,516,828 | 1,260,240 |
| Cash and cash equivalents | | 1,787,728 | 448,996 |
| Total current assets | | 25,727,528 | 2,129,195 |
| TOTAL ASSETS | | 207,518,030 | 187,141,520 |
| EQUITY AND LIABILITIES | | | |
| Equity | | | |
| Share capital | | 78,901,086 | 78,901,086 |
| Statutory reserve | | 36,179,437 | 36,179,437 |
| Voluntary reserve | | 16,498,495 | 16,498,495 |
| Fair value reserve | | (315,180) | 2,923,849 |
| Foreign currency translation reserve | | (655,129) | (719,978) |
| Retained earnings | | 26,359,252 | 25,211,847 |
| Total equity | | 156,967,961 | 158,994,736 |
| Non-current liabilities | | | |
| Employees' end of service benefits | | 1,032,643 | 1,013,028 |
| Lease liabilities | 4 | 429,430 | 458,193 |
| Bank borrowings | 9 | 16,578,948 | 16,247,761 |
| Deferred tax liability | 19 | 2,215,671 | 2,215,671 |
| Total non-current liabilities | | 20,256,692 | 19,934,653 |
| Current liability | | | |
| Due to related party | 10 | 60,000 | 48,000 |
| Dividend payable | | 562 | 562 |
| Lease liabilities | 4 | 118,580 | 116,714 |
| Bank borrowings | 9 | 25,561,787 | 4,015,397 |
| Trade and other payables | 11 | 4,117,130 | 3,678,004 |
| Current tax liabilities | | 435,318 | 353,454 |
| Total current liabilities | | 30,293,377 | 8,212,131 |
| Total liabilities | | 50,550,069 | 28,146,784 |
| TOTAL EQUITY AND LIABILITIES | | 207,518,030 | 187,141,520 |

These condensed consolidated interim financial statements were approved by the Board of Directors on May 14, 2026 and signed on its behalf by:

H.H.Shaikh Mohammed Bin
Sultan Bin Khalifa Al-Nahyan
Chairman

Mr. Ali Mohd Zaid Ali Musmar
C.E.O & Managing Director

THE ACCOMPANYING NOTES CONSTITUTE
AN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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ARAM GROUP COMPANY P.J.S.C

AND ITS SUBSIDIARY

SHARJAH - UNITED ARAB EMIRATES

CONDENSED CONSOLIDATED INTERIM STATEMENT

OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE THREE - MONTH PERIOD ENDED MARCH 31, 2026

| | | Three-month period ended
March 31, | |
| --- | --- | --- | --- |
| | | 2026
AED
(Unaudited) | 2025
AED
(Unaudited) |
| Rental income | | 3,048,751 | 2,782,515 |
| General and administrative expenses | 12 | (1,448,888) | (1,250,742) |
| Repairs and maintenance expenses | | (181,579) | (134,614) |
| Finance costs | | (300,023) | (211,520) |
| Other incomes | | 111,008 | 70,166 |
| Profit for the period before tax | | 1,229,269 | 1,255,805 |
| Income tax expense | 19 | (81,864) | (110,588) |
| Profit for the period after tax | | 1,147,405 | 1,145,217 |
| Other comprehensive (loss) / income | | | |
| Items that will not be reclassified subsequently to profit or loss: | | | |
| Net change in fair value of investments carried at FVTOCI | | (3,239,029) | 7,889,020 |
| Items that may be reclassified subsequently to profit or loss: | | | |
| Exchange profit / (loss) on translating foreign operations | | 64,849 | (8,645) |
| Total comprehensive (loss) / income for the period | | (2,026,775) | 9,025,592 |
| Basic and diluted earnings per share | 14 | 0.015 | 0.015 |

These condensed consolidated interim financial statements were approved by the Board of Directors on May 14, 2026 and signed on its behalf by:

H.H.Shaikh Mohammed Bin
Sultan Bin Khalifa Al-Nahyan
Chairman

Mr. Ali Mohd Zaid Ali Musmar
C.E.O & Managing Director

THE ACCOMPANYING NOTES CONSTITUTE
AN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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ARAM GROUP COMPANY P.J.S.C
AND ITS SUBSIDIARY
SHARJAH - UNITED ARAB EMIRATES
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE THREE - MONTH PERIOD ENDED MARCH 31, 2026

| | Share capital
AED | Statutory reserve
AED | Voluntary reserve
AED | Fair value reserve
AED | Foreign currency translation reserve
AED | Retained earnings
AED | Total
AED |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Balance as at January 1, 2025 (Audited) | 78,901,086 | 34,869,340 | 15,188,398 | (3,274,068) | - | (732,393) | 14,657,502 |
| Profit for the period | - | - | - | - | - | - | 1,145,217 |
| Other comprehensive gain/(loss) | - | - | - | 7,889,020 | (8,645) | - | 7,880,375 |
| Total comprehensive income / (loss) for the period | - | - | - | 7,889,020 | (8,645) | 1,145,217 | 9,025,592 |
| Balance as at March 31, 2025 (Unaudited) | 78,901,086 | 34,869,340 | 15,188,398 | 4,614,952 | (741,038) | 15,802,719 | 148,635,457 |
| Balance as at January 1, 2026 (Audited) | 78,901,086 | 36,179,437 | 16,498,495 | 2,923,849 | - | (719,978) | 25,211,847 |
| Profit for the period | - | - | - | - | - | - | 1,147,405 |
| Other comprehensive (loss)/gain | - | - | - | (3,239,029) | 64,849 | - | (3,174,180) |
| Total comprehensive (loss)/income for the period | - | - | - | (3,239,029) | 64,849 | 1,147,405 | (2,026,775) |
| Balance as at March 31, 2026 (Unaudited) | 78,901,086 | 36,179,437 | 16,498,495 | (315,180) | (655,129) | 26,359,252 | 156,967,961 |

THE ACCOMPANYING NOTES CONSTITUTE
AN INTEGRAL PART OF THESE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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ARAM GROUP COMPANY P.J.S.C

AND ITS SUBSIDIARY

SHARJAH - UNITED ARAB EMIRATES

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE THREE - MONTH PERIOD ENDED MARCH 31, 2026

| | Three-month period ended
March 31, | |
| --- | --- | --- |
| | 2026
AED
(Unaudited) | 2025
AED
(Unaudited) |
| CASH FLOWS FROM OPERATING ACTIVITIES | | |
| Profit for the period | 1,147,405 | 1,145,217 |
| Adjustments for | | |
| Income tax | 81,864 | 110,588 |
| Depreciation of property, plant and equipment | 23,336 | 10,057 |
| Depreciation of right-of-use assets | 31,916 | 30,765 |
| Allowance for expected credit losses of trade receivables | 45,677 | 36,266 |
| Reversal of allowance for expected credit loss of trade receivables | (57,578) | (4,386) |
| Finance costs | 300,023 | 211,520 |
| Provision for employees' end-of-service benefits | 40,574 | 40,841 |
| Operating profit before working capital changes | 1,613,217 | 1,580,868 |
| (Increase) in operating assets | | |
| Trade and other receivables | (260,075) | (184,694) |
| Increase / (decrease) in operating liability | | |
| Trade and other payables | 161,698 | 38,584 |
| Due to related party | 12,000 | - |
| Employees' end-of-service benefits paid | (21,160) | (20,856) |
| Net cash from operating activities - (A) | 1,505,680 | 1,413,902 |
| CASH FLOWS FROM INVESTING ACTIVITIES | | |
| Other assets | (22,002,000) | - |
| Addition of property, plant and equipment | (5,150) | - |
| Total cash (used in) financing activities - (B) | (22,007,150) | - |
| CASH FLOWS FROM FINANCING ACTIVITIES | | |
| Bank borrowings | 21,877,577 | - |
| Payment of lease liabilities | (36,037) | (35,025) |
| Net cash from/(used in) financing activities - (C) | 21,841,540 | (35,025) |
| Net increase in cash and cash equivalents - (A+B+C) | 1,340,070 | 1,378,877 |
| (Decrease) / increase due to exchange rate changes on balances held by
foreign operations | (1,338) | 12,049 |
| Cash and cash equivalents at the beginning of period | 448,996 | 697,289 |
| CASH AND CASH EQUIVALENTS
AT THE END OF THE PERIOD | 1,787,728 | 2,088,215 |

THE ACCOMPANYING NOTES CONSTITUTE
AN INTEGRAL PART OF THESE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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ARAM GROUP COMPANY P.J.S.C
AND ITS SUBSIDIARY
SHARJAH - UNITED ARAB EMIRATES
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Status and activities

ARAM Group Company P.J.S.C., Sharjah, United Arab Emirates (the "Company") is a public joint stock company incorporated on January 26, 1977, vide trading license no. 1233 under Emiri Decree Number 133/76 issued on 16 November 1976. The trading register was issued by Economic Development Department, Government of Sharjah. The shares of the Company are traded in the Abu Dhabi Securities Market.

The address of the registered office of the Company is Al Khan Street, P.O. Box: 5440, Sharjah, United Arab Emirates.

The principal activities of the Group consist of investing in financial instruments, investing and leasing of properties, and investing, establishing and managing agricultural, industrial, and commercial projects, general trading and contracting, purchase and sale of shares and bonds.

The management is vested with the Directors.

The Company controls the following subsidiary as at March 31, 2026:

Name	License no	Country of incorporation	Activities
Tarfan General Trading and Contracting (Ebrahim Ahmed AIMannaei and Partners) W.L.L (the "Subsidiary")	2003/328	State of Kuwait	General trading and contracting, purchase and sale of shares and bonds.

The Subsidiary is a limited liability company incorporated in Kuwait. One individual owns 1% of the Subsidiary's share capital for and on behalf of the Company; therefore, 100% beneficial ownership interest is with the Company and hence there is no non-controlling interest.

These consolidated financial statements incorporate the consolidated operating results of the trading license no. 1233 of the Company and license no. 2003/328 of the Subsidiary, herein together referred to as the "Group".

-6-

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Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026
(continued)

2. Application of new and revised IFRS Accounting Standards

New and amended IFRS Accounting Standards that are effective for the current period

The following new and revised IFRS Accounting Standards, which became effective for annual periods beginning on or after January 1, 2026, have been adopted in condensed consolidated interim financial statements. Their adoption has not had any material impact on the disclosures or on the amounts reported in these condensed consolidated interim financial statements:

New and revised IFRS Accounting Standard

Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures regarding the classification and measurement of financial instruments

The amendments address matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9.

Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures regarding purchase power arrangements

The amendments aim at enabling entities to include information in their financial statements that in the IASB’s view more faithfully represents contracts referencing nature-dependent electricity.

Annual Improvements to IFRS Accounting Standards—Volume 11 contains the following amendments.

Accounting Standard	Subject of amendments
IFRS 1 First-time Adoption of International Financial Reporting Standards	Hedge accounting by a first-time adopter
IFRS 7 Financial Instruments: Disclosures	Gain or loss on derecognition
Guidance on implementing IFRS 7 Financial Instruments: Disclosures	Disclosure of deferred difference between fair value and transaction price
	Credit risk disclosures
IFRS 9 Financial Instruments	Derecognition of lease liabilities
	Transaction price
IFRS 10 Consolidated Financial Statements	Determination of a ‘de facto agent’
IAS 7 Statement of Cash Flows	Cost method

Other than the above, there are no other significant IFRS Accounting Standards and amendments that were effective for the first time for the financial year beginning on or after January 1, 2026.

Effective for annual periods beginning on or after

January 1, 2026

January 1, 2026

January 1, 2026

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Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026
(continued)

New and revised IFRS in issue but not yet effective and not early adopted

At the date of authorisation of these condensed consolidated interim financial statements, the following new and revised IFRS Accounting Standards have been issued but are not yet effective or early adopted by the Group during the period:

New and revised IFRS Accounting Standards	Effective for annual periods beginning on or after
IFRS 18 Presentation and Disclosures in Financial Statements	January 1, 2027
IFRS 18 includes requirements for all entities applying IFRS for the presentation and disclosure of information in financial statements to help ensure they provide relevant information that faithfully represents an entity’s assets, liabilities, equity, income and expenses.
IFRS 19 Subsidiaries without Public Accountability: Disclosures	January 1, 2027
IFRS 19 specifies the disclosure requirements an eligible subsidiary is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards.
Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures	January 1, 2027
The amendments cover new or amended IFRS Accounting Standards issued between 28 February 2021 and 1 May 2024 that were not considered when IFRS 19 was first issued.
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates relating to Translation to a hyperinflationary Presentation Currency	January 1, 2027
The amendments clarify how companies should translate financial statements from a non hyperinflationary currency into a hyperinflationary one.
Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures (2011)
The amendments relate to the treatment of the sale or contribution of assets from an investor to its associate or joint venture

The Group anticipates that these new standards, interpretations and amendments will be adopted in the Group’s condensed consolidated interim financial statements as and when they are applicable and adoption of these new standards, interpretations and amendments may have no material impact on the condensed consolidated interim financial statements of Group in the period of initial application.

-8-

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Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026

(continued)

3. Material accounting policy information

Basis of preparation and statement of compliance

The condensed consolidated interim financial statement of the Group is prepared under the historical cost basis except for investment properties and certain financial instruments which are measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

These condensed consolidated interim financial statement is prepared in accordance with International Accounting Standard 34: Interim Financial Reporting (“IAS 34”), issued by the International Accounting Standard Board (“IASB”) and also comply with the applicable requirements of the laws in the U.A.E.

The condensed consolidated interim financial statement does not include all of the statement required for full annual consolidated financial statements and should be read in conjunction with the Group’s audited consolidated financial statements for the year ended December 31, 2025.

In addition, results for the three-month ended March 31, 2026 are not necessarily indicative of the results that may be expected for the financial year ending December 31, 2026.

The condensed consolidated interim financial statement has been prepared in United Arab Emirates Dirham (“AED”), which is the functional and presentation currency of the Company/Group.

Consolidation

The condensed consolidated interim financial statements consolidate the unaudited interim financial statements of the subsidiary referred to in Note 1, on line by line basis, with the unaudited interim financial statements of the Entity for the period in accordance with IFRS 10, 'Consolidated Financial Statements'.

All significant intra-group investments, receivables, payables and other such transactions are eliminated on consolidation.

The subsidiary determines its own functional currency and its assets and liabilities have been translated into AED, the Group's presentation currency, at the closing rate at the reporting date. Incomes and expenses have been translated into AED at the average rate over the reporting period. Exchange differences are charged/credited to the condensed consolidated interim statement of profit or loss and other comprehensive income.

-9-

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Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026

(continued)

Liquidity risk - unclaimed dividend

The Securities and Commodities Authority (the Authority) issued its letter dated April 30, 2023 reference number E.M.SH/KH/258/2023, stating that the Authority has been appointed to manage the uncollected profits of locally listed public joint stock companies prior to March 2015 and requires public joint stock companies to stop the company's procedures for distributing uncollected profits prior to March 2015 from receipt of the letter and to transfer the full value of uncollected profits prior to March 2015 to the Authority's account no later than May 21, 2023. As on March 31, 2026, the remaining dues of the uncollected profits amounted to AED 562.

Rental income

As a lessor

At inception or upon modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative standalone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is classified as a finance lease or an operating lease.

To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is classified as a finance lease; if not, it is classified as an operating lease. As part of this assessment, the Group considers certain indicators, such as whether the lease term covers the major part of the economic life of the asset.

Rental income from investment properties is recognised as revenue on a straight-line basis over the term of the contract.

Dividend income

Dividend income is recognised in the condensed consolidated interim statement of profit or loss at a point of time on the date that the Group's right to receive payment is established.

Investment properties

Investment properties are properties held to earn rentals and/or for capital appreciation (including property under construction for such purposes).

Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at fair value. All of the Group's property interests held under operating leases to earn rentals or for capital appreciation purposes are accounted for as investment properties and are measured using the fair value model. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

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Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026

(continued)

An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised.

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All other borrowing costs are recognised in profit or loss in the period in which they are

Income tax

Income tax expense comprises current and deferred tax. Current tax expense (or benefit) is the tax payable (or receivable) on the current period’s taxable income calculated using tax rates (and laws) enacted or substantively enacted by the end of the reporting period in each jurisdiction, adjusted for changes in deferred tax assets and liabilities. Current tax expense is recognised in the condensed consolidated interim statement of profit or loss except when the tax relates to items directly recognised in other comprehensive income or equity, in which case it is recognised in other comprehensive income or equity respectively. Tax provisions are recognised for uncertain tax positions when it is probable that there will be a future outflow of funds to a tax authority, measured at the best estimate of the amount expected to become payable.

Deferred tax is recognised using the liability method on temporary differences arising between the carrying amounts of assets and liabilities in the consolidated financial statements and their tax bases. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted as at the reporting date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax liabilities are recognised for all taxable temporary differences, except for goodwill and temporary differences arising from the initial recognition of assets and liabilities in transactions that do not affect taxable or accounting profit. Deferred tax assets are only recognised for temporary differences to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised.

Deferred tax assets are reviewed at each reporting date and adjusted to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax relating to items recognised in other comprehensive income or equity are recognised in other comprehensive income or directly in equity respectively. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, and they relate to income taxes levied by the same taxation authority and the group intends to settle its current tax assets and liabilities on a net basis.

-11-

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Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026 (continued)

Deferred tax liability has been recognized on the revaluation surplus with respect to their investment property existing as of the transition date.

Significant accounting estimates and judgements

The preparation of the interim condensed consolidated financial statements in conformity with the International Financial Reporting Standards requires management to make judgment, estimates and assumptions that affect the application of accounting policies and reported amounts of financial assets and liabilities and the disclosure of contingent liabilities. These judgments, estimates and assumptions also affect the revenue, expenses, and provisions as well as fair value changes. Actual results may differ from these estimates.

These judgments, estimates and assumptions may affect the reported amounts in subsequent financial years. Estimates and judgments are currently evaluated and are based on historical experience and other factors.

In preparing these interim condensed consolidated financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty are the same as those applied in the consolidated financial statements as at and for the year ended December 31, 2025.

-12-

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Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026 (continued)

4. Leases

a) Right-of-use assets

The right-of-use assets pertains to Kuwait office premises on lease. The carrying value of the right-of-use assets is as follows:

| | March 31, 2026
AED
(Unaudited) | December 31, 2025
AED
(Audited) |
| --- | --- | --- |
| Cost | | |
| Balance at the beginning of the period / year | 1,373,683 | 739,262 |
| Additions during the period / year | - | 635,690 |
| Change in foreign exchange during the period / year | 4,345 | (1,269) |
| Balance at the end of the period / year | 1,378,028 | 1,373,683 |
| Accumulated depreciation | | |
| Balance at the beginning of the period / year | 803,309 | 677,659 |
| Charge for the period / year | 31,916 | 125,419 |
| Change in foreign exchange during the period / year | 2,417 | 231 |
| Balance at the end of the period / year | 837,642 | 803,309 |
| Carrying value at the end of the period / year | 540,386 | 570,374 |

b) Lease liabilities

This item is made up as follows:

| | March 31, 2026
AED
(Unaudited) | December 31, 2025
AED
(Audited) |
| --- | --- | --- |
| Current portion | 118,580 | 116,714 |
| Non-current portion | 429,430 | 458,193 |
| Total | 548,010 | 574,907 |

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Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026 (continued)

Lease liabilities are presented in the condensed consolidated interim statement of financial position as follows:

| | March 31,
2026
AED
(Unaudited) | December 31,
2025
AED
(Audited) |
| --- | --- | --- |
| Balance at the beginning of the period / year | 574,907 | 70,489 |
| Add: Interest charge during the period / year | 7,207 | 13,324 |
| Add: Additions during the period / year | - | 635,690 |
| Less: Payments during the period / year | (36,037) | (142,837) |
| Change in foreign exchange during the period / year | 1,933 | (1,759) |
| Balance at the end of the period / year | 548,010 | 574,907 |

5. Investment properties

This item is made up as follows:

| | March 31,
2026
AED
(Unaudited) | December 31,
2025
AED
(Audited) |
| --- | --- | --- |
| Land | 20,250,000 | 20,250,000 |
| Land and mixed use building | 143,210,000 | 143,210,000 |
| Total | 163,460,000 | 163,460,000 |

The movements in investment properties are as follows:

Balance at the beginning of the period / year	163,460,000	153,350,000
Additions during the period/year	-	101,348
Increase in fair value during the period / year	-	10,008,652
Balance at the end of the period / year	163,460,000	163,460,000

---

Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026

(continued)

The details of investment properties are as follows:
	March 31,
2026
AED
(Unaudited)	December 31,
2025
AED
(Audited)
Vacant Land
Plot No. 1243/Z, (650/G), Al Khan, Sharjah	8,800,000	8,800,000
Plot No. 2068 (1285), Industrial Area 7, Sharjah	11,450,000	11,450,000
Land and mixed use building
Plot No. 689/A, Industrial Area 13, Sharjah	23,470,000	23,470,000
Plot No. 2553 (4937-4938), Industrial Area 10, Sharjah	24,650,000	24,650,000
Plot No. 349 (2572), Al Muweilah, Sharjah	23,830,000	23,830,000
Plot No. 213 (A/14), Al Soor Area, Sharjah	10,620,000	10,620,000
Plot No. 1243/S (650/O), Al Khan, Sharjah	32,640,000	32,640,000
Plot No. 294 (257), Al Mahatta, Al Qassimia, Sharjah	28,000,000	28,000,000
Total	163,460,000	163,460,000

The Group's investment properties consist of residential towers and buildings, offices, warehouses and undeveloped parcels of land.

Investment properties located in Al Qassimia, Al Khan, Al Muweilah and Industrial Area 10, Sharjah, with a carrying value of AED 109.12 million (December 31, 2024: AED 84.47 million), are subject to a first-degree mortgage in favour of Sharjah Islamic Bank as security against the Group's banking facilities. In January, 2026, the Group entered into revised financing arrangements with Sharjah Islamic Bank structured in compliance with Sharia principles under an general finance arrangement. The facility is secured by the aforementioned properties, and as part of the restructuring, the existing mortgage terms were amended and an additional property located in Industrial Area 10 was designated as security.

The Group has no restrictions on the realizability of its investment properties and there are no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance or enhancements, other than those against securities for the term loan.

---

Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026

(continued)

As at December 31, 2025, the fair values of the properties are based on valuations performed by an independent valuer who is a specialist in valuing these types of investment properties. The significant inputs and assumptions are provided by management. Land is valued using market comparable approach. Market comparable approach references to transactions involving properties of a similar nature, location and condition. The fair values of the buildings, offices and warehouses are estimated using an income approach which capitalises the estimated rental income stream, net of projected operating costs, using a discount rate derived from market yields implied by recent transactions in similar properties.

Management follows the accounting policy of carrying out the fair valuation of investment property on an annual basis.

6. Investments carried at fair value through other comprehensive income (FVTOCI)

This item is made up as follows:

| | March 31,
2026
AED
(Unaudited) | December 31,
2025
AED
(Audited) |
| --- | --- | --- |
| Quoted investments | 14,679,006 | 17,861,612 |
| Unquoted investments | 2,830,645 | 2,821,688 |
| Total | 17,509,651 | 20,683,300 |

The movements in investments carried at FVTOCI are as follows:

| | March 31,
2026
AED
(Unaudited) | December 31,
2025
AED
(Audited) |
| --- | --- | --- |
| Balance at the beginning of the period / year | 20,683,300 | 14,466,656 |
| (Decrease) / increase in fair value during the period / year | (3,239,029) | 6,197,917 |
| Change in foreign exchange during the period / year | 65,380 | 18,727 |
| Balance at the end of the period / year | 17,509,651 | 20,683,300 |

The geographical distribution of investments carried at FVTOCI is as follows:

In Kuwait	17,509,651	20,683,300

The above quoted investments are valued at the closing rate on March 31, 2026.

The management follows the accounting policy of carrying out the fair valuation of unquoted investments on an annual basis.

---

Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026 (continued)

7. Investments carried at fair value through profit or loss (FVTPL)

This item is made up as follows:-

| | March 31,
2026
AED
(Unaudited) | December 31,
2025
AED
(Audited) |
| --- | --- | --- |
| Unquoted investments | 420,972 | 419,959 |
| Total | 420,972 | 419,959 |
| The movements in investments carried at FVTPL are as follows: | | |
| Balance at the beginning of the period / year | 419,959 | 160,246 |
| Additions during the period / year | - | 100,000 |
| Increase in fair value during the period / year | - | 159,436 |
| Change in foreign exchange during the period / year | 1,013 | 277 |
| Balance at the end of the period / year | 420,972 | 419,959 |

The geographical distribution of investments carried at FVTPL is as follows:

In Kuwait	420,972	419,959

The management follows the accounting policy of carrying out the fair valuation of unquoted investments on an annual basis.

---

Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026

(continued)

8. Other assets

This item is made up as follows:

| | March 31,
2026
AED
(Unaudited) | December 31,
2025
AED
(Audited) |
| --- | --- | --- |
| Other asset * | 22,002,000 | - |
| Total | 22,002,000 | - |

• On 22 January 2026, Aram Group PJSC (the “Group”) entered into a loan agreement with Prepaire Labs Holding Ltd (the “Borrower”), pursuant to which the Group advanced a loan of USD 6,000,000 to support the Borrower’s business operations. The loan carries an interest rate of 6% per annum and has a term of 12 months from the later of the agreement date or the date of drawdown, unless extended by mutual agreement. If a reverse takeover (“RTO”) is completed prior to the expiry of the term (or any extension), the loan will be settled through the issuance and/or transfer of shares in the Borrower equivalent to the loan value, based on an independent valuation, which will constitute full and final settlement; otherwise, if the RTO is not completed, the loan together with accrued interest will be repayable in cash, either as a lump sum or in installments as agreed, within 12 months from the end of the term or any extension thereof.

9. Bank borrowings

This item is made up as follows:

| | March 31,
2026
AED
(Unaudited) | December 31,
2025
AED
(Audited) |
| --- | --- | --- |
| Non-current | 16,578,948 | 16,247,761 |
| Current | 25,561,787 | 4,015,397 |
| Total | 42,140,735 | 20,263,158 |
| | March 31,
2026
AED
(Unaudited) | December 31,
2025
AED
(Audited) |
| Bank overdraft | 21,877,577 | - |
| Term loans | 20,263,158 | 20,263,158 |
| Total | 42,140,735 | 20,263,158 |

---

Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026 (continued)

The Group entered into a "Ijarah facility" arrangements with Sharjah Islamic Bank. These facilities are repayable in equal semi-annual installments over a period of ten years and with facility profits of 6 months EIBOR + 2.5 % p.a and EIBOR + 2 % p.a.

The facility is secured against the following securities and guarantees:

a) First degree registered mortgage over certain properties in favour of Sharjah Islamic Bank.
b) Assignment of fire insurance policy over Ijarah properties in favour of Sharjah Islamic
c) Security cheque covering the total facility amount.
d) Notarized power of attorney in favour of Sharjah Islamic Bank or its appointed agent to manage certain properties and collect its rentals.
e) Assignment of rental cover from investment properties located at Plot No. 213 in Al Soor, Sharjah, Plot No. 689/A, Industrial Area 13 Sharjah, Plot No. 216 in Al Majaz, Sharjah and Plot No. 689/A/1 in Industrial Area 13, Sharjah. Out of said investment properties, Plot No. 216 in Al Majaz, Sharjah and Plot No. 689/A/1 in Industrial Area 13, Sharjah have been sold in previous years.
f) Rental post dated cheques of subject properties in, Plot No. 689/A, Industrial Area 13, Sharjah and Plot No. 213, Al Soor Area, Sharjah are to deposited in the bank account maintained with Sharjah Islamic Bank on a regular basis throughout the tenor of Ijarah.

10. Related party transactions

The Group enters into transactions with other entities that fall within the definition of a related party as contained in IAS 24, Related Party Disclosures. Such transactions are in the normal course of business at mutually agreed rates. Related parties comprise entities under common ownership and/or common management and control; their partners and key management personnel.

The management decides on the terms and conditions of the transactions and services received/rendered from/to related parties as well as other charges, if applicable.

-19-

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Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026 (continued)

a) Due to related party

At the end of the reporting period, amounts due to related party was as follows:

| | March 31, 2026
AED
(Unaudited) | December 31, 2025
AED
(Audited) |
| --- | --- | --- |
| Sitting fees payable to directors | 60,000 | 48,000 |
| Total | 60,000 | 48,000 |

b) Compensation to key management personnel

The compensation to key management personnel is as follows:

| | March 31, 2026
AED
(Unaudited) | December 31, 2025
AED
(Audited) |
| --- | --- | --- |
| Salaries and other short-term benefits | 323,333 | 1,376,497 |
| End of service benefits | 10,356 | 42,000 |
| Directors' sitting fee | 12,000 | 48,000 |
| Total | 345,689 | 1,466,497 |

11. Trade and other payables

This item is made up as follows:-

| | March 31, 2026
AED
(Unaudited) | December 31, 2025
AED
(Audited) |
| --- | --- | --- |
| Trade payables | 308,172 | 398,685 |
| Accrued expenses | 1,294,828 | 954,091 |
| Tenants’ security deposits | 1,175,424 | 1,004,345 |
| Contract liabilities - rent received in advance | 1,338,706 | 1,320,883 |
| Total | 4,117,130 | 3,678,004 |

-20-

---

Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026

(continued)

12. General and administrative expenses

This item is made up as follows:

	Three-month period ended March 31,
	2026 AED (Unaudited)	2025 AED (Unaudited)
Employee costs	694,133	600,817
Compensation of key management personnel	345,689	374,853
Legal, license and professional	100,667	48,027
Utilities	70,441	67,447
Depreciation of right-of-use assets	31,916	30,765
Allowance for expected credit losses of trade receivables	45,677	36,266
Depreciation of property, plant and equipment	23,336	10,057
Other general and administrative expenses	137,029	82,510
Total	1,448,888	1,250,742

13. Seasonality of results

The Group's income consists of rental and investment income. Rental income is not significantly affected by any seasonal impact as it depends on annual lease contracts which are recognised in the condensed consolidated interim statement of profit or loss on a straight-line method and in accordance with different terms of these lease contracts. In addition, there is limited fluctuation on the rent rates where the Group's investment properties are located.

Investment income depends on market conditions, investment activities of the Group and declaration of profit by investee companies, which are of a seasonal nature. Accordingly, results of investment income for the period ended March 31, 2026 are not comparable to those relating to the comparative period and are not indicative of the results that might be expected for the year ending December 31, 2026.

---

Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026

(continued)

14. Basic and diluted earnings per share

| | Three-month period ended
March 31, | |
| --- | --- | --- |
| | 2026
AED
(Unaudited) | 2025
AED
(Unaudited) |
| Profit for the period, after tax (AED) | 1,147,405 | 1,145,217 |
| Number of shares | 78,901,086 | 78,901,086 |
| Basic and diluted earnings per share (AED) | 0.015 | 0.015 |

Basic earnings per share is calculated by dividing the profit for the period by the weighted average number of shares outstanding at the end of the reporting period. The Group has not issued any instruments which would have a dilutive impact on earnings per share when exercised.

15. Contingent liabilities and commitments

The Group is subject to litigations in the normal course of business, mainly on claims relating to recoveries of cheques from tenants. Although the ultimate outcome of these claims cannot be presently determined, the total amount of claims is not material to the condensed consolidated interim financial statements.

Except for the above and ongoing business obligations which are under normal course of business, there have been no other known contingent liabilities and commitments relating to the Group's condensed consolidated interim financial statements as of the reporting date.

-22-

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Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026
(continued)

16. Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, differences can arise between book values and the fair value estimates. Underlying the definition of fair value is the presumption that the Group is a going concern without any intention or requirement to materially curtail the scale of its operation or to undertake a transaction on adverse terms.

Fair value of financial instruments carried at amortised cost

Management considers that the carrying amounts of financial assets and financial liabilities recognised at amortised cost in the condensed consolidated interim financial statements approximate their fair values.

Valuation techniques and assumptions applied for the purposes of measuring fair value

The fair values of financial and non-financial assets and liabilities are determined using similar valuation techniques and assumptions as used in the audited annual financial statements for the year ended December 31, 2025.

The following table provides an analysis of financial and non-financial instruments that are measured subsequent to initial recognition at fair value on a recurring basis, grouped into Levels 1 to 3 based on the degree to which the fair value is observable:

• Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;
• Level 2 fair value measurements are those derived from inputs other than quoted prices included within
• Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
• Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

March 31, 2026 (Unaudited)

| | Level 1
AED | Level 2
AED | Level 3
AED | Total
AED |
| --- | --- | --- | --- | --- |
| Non-financial assets: | | | | |
| Investment properties | - | - | 163,460,000 | 163,460,000 |
| Financial assets: | | | | |
| Investments carried at FVTOCI: | | | | |
| Quoted equities | 14,679,006 | - | - | 14,679,006 |
| Unquoted equities | - | - | 2,830,645 | 2,830,645 |
| Investments carried at FVTPL | | | | |
| Unquoted equities | - | - | 420,972 | 420,972 |
| Total | 14,679,006 | - | 166,711,617 | 181,390,623 |

---

Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026 (continued)

December 31, 2025 (Audited)

	Level 1 AED	Level 2 AED	Level 3 AED	Total AED
Non-financial assets:
Investment properties	-	-	163,460,000	163,460,000
Financial assets:
Investments carried at FVTOCI:
Quoted equities	17,861,612	-	-	17,861,612
Unquoted equities	-	-	2,821,688	2,821,688
Investments carried at FVTPL
Unquoted equities	-	-	419,959	419,959
Total	17,861,612	-	166,701,647	184,563,259

There are no transfers made between the levels during the period and there are no financial liabilities which should be measured at fair value and accordingly no disclosure is made in the above table.

17. Uncertainty related to key estimates

Fair value of investments

The fair value of equities decreases as a result of changes in the levels of equity index and the value of individual stocks. The Group’s listed and unlisted equity securities are susceptible to market price risk arising from uncertainties about future values of the investment securities.

The effect on equity (fair value reserve) as a result of a change in the fair value of equity instruments quoted on the different stock exchange markets and held at FVTOCI at March 31, 2026, due to reasonably possible changes in the prices of these quoted shares held by the Group, with all other variables held constant, is as follows:

	March 31, 2026 (Unaudited)		December 31, 2025 (Audited)
	Change in market prices %	Effect on equity (fair value reserve)	Change in market prices %	Effect on equity (fair value reserve)
Market Index
Kuwait	+5%	733,950	+5%	893,081
	-5%	(733,950)	-5%	(893,081)

---

Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026 (continued)

18. Segment analysis

The Group has operations mainly in the UAE. The Group is organized into two major business segments. The details of segment revenue, results, assets and liabilities are as below:

	March 31, 2026 (Unaudited)			March 31, 2025 (Unaudited)
	Real estate	Investments	Total	Real estate	Investments	Total
Segment revenue	3,048,751	-	3,048,751	2,782,515	-	2,782,515
Segment other income	111,008	-	111,008	70,166	-	70,166
Segment expenses	(2,012,354)	-	(2,012,354)	(1,707,464)	-	(1,707,464)
Segment profit	1,147,405	-	1,147,405	1,145,217	-	1,145,217
	March 31, 2026 (Unaudited)			March 31, 2025 (Unaudited)
	Real estate	Investments	Total	Real estate	Investments	Total
Segment assets	167,585,407	39,932,623	207,518,030	156,823,987	22,508,311	179,332,298
	March 31, 2026 (Unaudited)			March 31, 2025 (Unaudited)
	Real estate	Investments	Total	Real estate	Investments	Total
Segment liabilities	50,550,069	-	50,550,069	30,696,841	-	30,696,841

---

Aram Group Company P.J.S.C And Its Subsidiary for the period ended March 31, 2026 (continued)

19. Income tax

The Group calculates the period income tax expense using the tax rate that would be applicable to the expected total annual earnings. The major components of income tax expense in the interim condensed consolidated statement of profit or loss are:

	Three-month period ended March 31,
	2026 AED (Unaudited)	2025 AED (Unaudited)
Current tax expense	81,864	110,588
Income tax expense recognized in the consolidated statement of profit or loss	81,864	110,588
Deferred tax liabilities
Deferred tax liabilities relates to the following:
	March 31, 2026 AED (Unaudited)	December 31, 2025 AED (Audited)
Fair value gain on investment properties	2,394,779	2,394,779
Others	(179,108)	(179,108)
At the end of the period / year	2,215,671	2,215,671

20. Events after the reporting period

During the reporting period, geopolitical tensions in the Middle East had escalated. As at the date of authorisation of these condensed consolidated financial statements, management is actively monitoring the situation. The evolving geopolitical conditions present heightened risks related to regional security, logistics, energy supply, and insurance coverage, which may potentially affect operational continuity. However, as of the reporting date, no disruptions to operations within the United Arab Emirates have been identified by management.

Given the rapidly changing circumstances, it is currently not possible to reliably estimate any potential financial impact. Management will continue to closely monitor the situation and assess any implications for the Group's operations, financial position, and financial performance.

-26-

---

In November 2025, the name of Aram Group Company P.J.S.C. (the "Group") was included as a shareholder in Quantum AI Connect Cloud Services L.L.C. (the "Entity") during the initial negotiation phase, prior to the execution of any formal agreement. Subsequently, on April 6, 2026, the Group entered into an Equity Subscription Agreement with the Entity, pursuant to which the Group agreed to subscribe for 20% of the total issued and outstanding equity interest in the Entity for a subscription price of AED 11,017,500. A partial investment amount of AED 6,243,250 was transferred in April 2026, and the registration of the full 20% shareholding in the name of the Group was completed in April 2026. Accordingly, management has determined that this represents a non-adjusting subsequent event, and no adjustments have been made to these condensed consolidated interim financial statements.

21. Comparative amounts

Certain prior period comparatives have been reclassified wherever necessary to conform to the presentation adopted in the current period.

22. Approval of the condensed consolidated interim financial statements

The condensed consolidated interim financial statements were approved by the Board of Directors and authorised for issue on May 14, 2026.