ORASCOM CONSTRUCTION PLC — Interim / Quarterly Report 2025

Sep 9, 2025

ORASCOM CONSTRUCTION PLC Consolidated Financial Statements

For the three month period ended 31 March 2025

TABLE OF CONTENTS

Independent Auditors' Report on Review of Interim Consolidated Financial Statements	1 - 2
Consolidated statement of financial position	3
Consolidated statement of profit or loss and other comprehensive income	4
Consolidated statement of changes in equity	5
Consolidated statement of cash flows	6
Notes to the interim consolidated financial statements	7 - 29

		31 March 2025	31 December 2024
\$ millions	Note	(reviewed)	(audited)
Assets
Non-current assets
Property, plant and equipment	(6)	147.1	141.8
Goodwill	(7)	27.7	27.7
Trade and other receivables	(8)	16.5	16.0
Equity accounted investees	(9)	467.6	450.0
Deferred tax assets	(10)	62.5	63.2
Total non-current assets		721.4	698.7
Current assets
Inventories	(11)	253.3	232.4
Trade and other receivables	(8)	1,690.5	1,422.8
Contracts work in progress	(12)	481.2	575.7
Current income tax receivables		0.7	0.4
Cash and cash equivalents	(13)	1,051.0	1,041.3
Total current assets		3,476.7	3,272.6
Total assets		4,198.1	3,971.3
Equity
Share capital	(14)	110.2	110.2
Share premium		467.3	467.3
Reserves	(15)	(529.3)	(534.0)
Retained earnings		604.0	578.0
Equity attributable to owners of the Company		652.2	621.5
Non-controlling interest	(16)	29.6	26.0
Total equity		681.8	647.5
Liabilities
Non-current liabilities		8.3	7.5
Loans and borrowings	(17)	60.6	53.5
Trade and other payables	(18)	4.5	4.3
Deferred tax liabilities
Total non-current liabilities		73.4	65.3
Current liabilities
Loans and borrowings	(17)	335.4	305.7
Trade and other payables	(18)	1,486.8	1,460.6
Advanced payments from construction contracts		917.3	873.2
Billing in excess of construction contracts	(12)	635.4	555.6
Provisions	(19)	36.4 31.6	37.3 26.1
Income tax payables Total current liabilities		3,442.9	3,258.5
Total liabilities		3,516.3	3,323.8
Total equity and liabilities		4,198.1	3,971.3
		77

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

for the three month period ended

2025 2024 \$ millions Note (reviewed) (reviewed) Revenue (24) 847.6 766.3 Cost of sales (20) (755.8) (698.8)
Gross profit 91.8 67.5
Other income (21) 2.8 1.7
Selling, general and administrative expenses (20) (49.0) (46.3)
Operating profit 45.6 22.9
Finance income (22) 6.4 84.9
Finance cost (22) (25.8) (39.1)
Net finance (cost) / income (19.4) 45.8
Income from equity accounted investees (9) 8.0 2.7
Profit before income tax 34.2 71.4
Income tax (10) (7.1) (21.6)
Net profit 27.1 49.8
Other comprehensive income / (loss):
Items that are or may be reclassified to profit or loss
Foreign currency translation differences 4.8 (50.6)
Other comprehensive income / (loss), net of tax 4.8 (50.6)
Total comprehensive income / (loss) 31.9 (0.8)
Profit attributable to:
Owners of the Company 25.1 46.1
Non-controlling interests 2.0 3.7 (16)
Net profit 27.1 49.8
Total comprehensive income attributable to:
Owners of the Company 29.8 1.5
Non-controlling interests 2.1 (2.3) (16)
Total comprehensive income / (loss) 31.9 (0.8)
Earnings per share (in USD)
Basic and diluted earnings per share (23) 0.23 0.42

The notes on pages 7 to 29 are an integral part of these interim consolidated financial statements.

Orascom Construction PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the three month period ended

\$ millions	Note	Share capital	Share premium	Reserves	Retained earnings	Equity owners of the Company attributable to	Non controlling interests	equity Total
Balance at 1 January 2024 (audited)		110.2	467.3	(421.7)	533.3	689.1	22.3	711.4
Net profit		-	-	-	46.1	46.1	3.7	49.8
Other comprehensive loss		-	-	(44.6)	-	(44.6)	(6.0)	(50.6)
Total comprehensive income		-	-	(44.6)	46.1	1.5	(2.3)	(0.8)
Dividends	(30)	-	-	-	(20.9)	(20.9)	(0.8)	(21.7)
Other		-	-	-	0.3	0.3	-	0.3
Balance at 31 March 2024 (reviewed)		110.2	467.3	(466.3)	558.8	670.0	19.2	689.2
Balance at 1 January 2025 (audited)		110.2	467.3	(534.0)	578.0	621.5	26.0	647.5
Net profit		-	-	-	25.1	25.1	2.0	27.1
Other comprehensive income		-	-	4.7	-	4.7	0.1	4.8
Total comprehensive income		-	-	4.7	25.1	29.8	2.1	31.9
Other		-	-	-	0.9	0.9	1.5	2.4
Balance at 31 March 2025 (reviewed)		110.2	467.3	(529.3)	604.0	652.2	29.6	681.8

The notes on pages 7 to 29 are an integral part of these interim consolidated financial statements.

CONSOLIDATED STATEMENT OF CASH FLOWS

for the three month period ended

		31 March 2025	31 March 2024
\$ millions	Note	(reviewed)	(reviewed)
Net profit		27.1	49.8
Adjustments for:
Depreciation	(6)	8.5	7.4
Interest income	(22)	(5.9)	(4.5)
Interest expense	(22)	22.6	17.5
Net foreign exchange loss / (gain)	(22)	2.7	(58.8)
Share in income of equity accounted investees	(9)	(8.0)	(2.7)
Gain on sale of property, plant and equipment	(21)	-	(0.4)
Income tax expense	(10)	7.1	21.6
Changes in:
Inventories	(11)	(19.9)	(16.0)
Trade and other receivables	(8)	(258.7)	(229.9)
Contract work in progress	(12)	98.3	9.2
Trade and other payables	(18)	42.3	179.8
Advanced payments construction contracts		39.1	278.4
Billing in excess of construction contracts	(12)	77.1	62.1
Provisions	(19)	(1.2)	2.9
Cash flows:
Interest paid	(22)	(22.6)	(17.5)
Interest received	(22)	5.9	4.5
Income taxes paid		(0.3)	-
Cash flow generated from operating activities		14.1	303.4
Investments in property, plant and equipment Proceeds from sale of property, plant and equipment	(6)	(13.2) 1.3	(10.6) 0.6
Cash flow used in investing activities		(11.9)	(10.0)
Proceeds from borrowings	(17)	37.0	2.8
Repayment of borrowings	(17)	(7.8)	(39.0)
Lease payments	(18.1)	(1.6)	(1.3)
Dividends paid to shareholders	(30)	(24.2)	(20.9)
Dividends paid to non-controlling interest		-	(0.8)
Other		-	0.6
Cash flow generated from / (used in) financing activities		3.4	(58.6)
Net change in cash and cash equivalents		5.6	234.8
Cash and cash equivalents at 1 January	(13)	1,041.3	696.6
Currency translation adjustments		4.1	(240.2)
Cash and cash equivalents at 31 March	(13)	1,051.0	691.2

The notes on pages 7 to 29 are an integral part of these interim consolidated financial statements.

1. General

Orascom Construction PLC ('OC PLC') is a Public Company, incorporated with registered number CL1752 in the Dubai International Financial Center (DIFC) with its head office located at Gate Village-Building 1, DIFC, Dubai, UAE. OC PLC is dual listed on the NASDAQ Dubai and the Egyptian Stock Exchange. The interim consolidated financial statements for the three month period ended 31 March 2025 comprise the financial statements of OC PLC, its subsidiaries and joint operations (together referred to as the 'Group') and the Group's interests in associates and joint ventures.

OC PLC was incorporated on 18 January 2015 as Orascom Construction Limited, a company limited by shares and converted to a Public Company under the Law, DIFC Law No. 5 of 2018.

OC PLC is primarily engaged as an international engineering and construction contractor focused on large-scale infrastructure, complex industrial and high-end commercial projects in the United States, Middle East, Africa and Central Asia for public and private clients.

2. Basis of preparation

2.1 General

The interim consolidated financial statements for the three month period ended 31 March 2025 have been prepared in accordance with IAS 34 'Interim Financial Reporting' and do not all information and disclosure required in the annual financial statements. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since 1 January 2025.

The interim consolidated financial statements should be read in conjuction with the consolidated financial statements for the year ended 31 December 2024. The accounting principles used are the same as those used in the consolidated financial statements for the year ended 31 December 2024.

These interim consolidated financial statements have been prepared on the historical cost basis, except when otherwise indicated.

The financial year of OC PLC commences on 1 January and ends on 31 December.

These interim consolidated financial statements are presented in US dollars ('USD'), which is OC PLC's presentation currency. All values are rounded to the nearest million (in millions of USD), except when stated otherwise.

These interim consolidated financial statements have been authorised for issue by the Company's Board of Directors on 27 May 2025.

3. New accounting standards and policies

The accounting policies applied in these interim consolidated financial statements are the same as those applied in the Group's consolidated financial statements as at and for the year ended 31 December 2024.

4. Critical accounting judgements, estimates and assumptions

There were no significant changes in critical accounting judgements, estimates and assumptions compared to the consolidated financial statements for the year ended 31 December 2024.

5. Financial risk and capital management

Overview

The Group has exposure to the following risks arising from financial instruments:

• Credit risk
• Liquidity risk
• Market risk

These risks arise from exposures that occur in the normal course of business and are managed on a consolidated company basis. This note presents information about the Group's exposure to each of the above risks, the Group's objectives, policies and processes for measuring and managing risk, and the Group's management of capital.

Risk management framework

Senior management has an overall responsibility for the establishment and oversight of the Group's risk management framework. The Board is responsible for developing and monitoring the Group's risk management policies.

The Group's risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities. The Group through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Audit Committee oversees how management monitors compliance with the Group's risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Audit Committee is assisted in its oversight role by the Internal Audit Department. The Internal Audit Department undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.

5.1 Exposure to credit risk

The Group establishes an allowance for impairment that represents its estimate of expected losses in respect of trade and other receivables. The main components of this allowance are a specific loss component that relates to individually significant exposures. The carrying amount of financial assets represents the maximum credit exposure. With respect to transactions with financial institutions, the group sets limits to the credit worthiness rating of the counterparty. The maximum credit risk is the carrying amount of financial instruments, for an overview, reference is made to the tables of financial instruments by category.

The major exposure to credit risk at the reporting date was as follows:

\$ millions	Note	31 March 2025	31 December 2024
Trade and other receivables (excluding prepayments and supplier and subcontractor advance payments)	(8)	1,287.0	1,103.7
Contract work in progress	(12)	481.2	575.7
Cash and cash equivalents (excluding cash on hand)	(13)	1,049.2	1,039.9
Total		2,817.4	2,719.3

The major exposure to credit risk for trade and other receivables by geographic region was as follows:

	31 March	31 December
\$ millions	2025	2024
Middle East and Africa	792.4	616.6
Asia and Oceania	76.1	53.7
Europe and United States	418.5	433.4
Total	1,287.0	1,103.7

Impairment losses

The following table provides the information above the exposure to credit risk and ECLs for trade receivables as at 31 December 2024:

At 31 December 2024	Weighted
\$ millions	average loss rate	Gross	Loss allowance
Not due	- %*	470.2	-
0 - 30 days	- %*	53.5	-
31 - 90 days	- %*	31.2	-
More than 90 days	9.9 %	108.7	(10.8)
Total		663.6	(10.8)

The following table provides the information above the exposure to credit risk and ECLs for trade receivables as at 31 March 2025:

At 31 March 2025 \$ millions	Weighted average loss rate	Gross	Loss allowance
Not due	- %*	577.0	-
0 - 30 days	- %*	42.1	-
31 - 90 days	- %*	23.5	-
More than 90 days	9.5%	114.6	(10.9)
Total		757.2	(10.9)

*Based on the Group's assessment, the ECL impairment loss on trade receivables is immaterial to the interim consolidated financial statements.

5.2 Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation. This is also safeguarded by using multiple financial institutions in order to mitigate any concentration of liquidity risk.

The availability of cash is monitored internally at Group level, on an ongoing basis by the corporate treasury department. In addition management prepared at closing date a cash flow projection to assess the ability of the Group to meet its obligations.

The following are the contractual maturities of financial liabilities, including estimated interest payments and exclude the impact of netting arrangements.

At 31 December 2024 \$ millions	Note	Carrying amount	Contractual cash flow	6 months or less	6–12 months	1–5 years
Financial liabilities
Loans and borrowings	(17)	313.2	337.5	160.8	168.7	8.0
Trade and other payables (excluding lease obligation, other tax payable and deferred revenue)	(18)	1,465.4	1,465.4	1,433.4	-	32.0
Lease obligation	(18.1)	27.4	32.5	0.2	5.6	26.7
Total		1,806.0	1,835.4	1,594.4	174.3	66.7

At 31 March 2025		Carrying	Contractual	6 months	6–12
\$ millions	Note	amount	cash flow	or less	months	1–5 years
Financial liabilities
Loans and borrowings	(17)	343.7	369.1	176.0	184.2	8.9
Trade and other payables (excluding lease
obligation, other tax payable and deferred revenue)	(18)	1,511.6	1,511.6	1,471.7	-	39.9
Lease obligation	(18.1)	26.3	27.1	0.7	5.6	20.8
Total		1,881.6	1,907.8	1,648.4	189.8	69.6

The interest on floating rate loans and borrowings is based on forward interest rates at period-end. This interest rate may change as the market interest rate changes.

5.3 Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the Group's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

The Group is exposed to foreign currency risk arising in separate ways:

Foreign exchange translation exposure

Due to the Group's international presence, OC PLC's Financial Statements are exposed to foreign exchange fluctuations as these affect the translation of the subsidiaries' assets and liabilities presented in foreign currencies to the US dollar (the Group's presentation currency). The currencies concerned are mainly Egyptian Pound and Euro. Foreign exchange translation exposure is considered a part of doing business on an international level; this risk is not actively managed, nor is it hedged.

Exchange rates used by the Group in the consolidated financial statement are based on the prevailing exchange rates in the market at the time of transactions.

OC PLC is not exposed to Saudi Riyal, UAE Dirham and Qatar Riyal. These currencies are pegged to the US dollar.

The Group entities predominantly execute their activities in their respective functional currencies. Some Group subsidiaries are, however, exposed to foreign currency risks in connection with the scheduled payments in currencies that are not their functional currencies. In general this relates to foreign currency denominated supplier payables due to project procurement, capital expenditures and receivables. The Group monitors the exposure to foreign currency risk arising from operating activities.

The Group is exposed to foreign exchange transaction exposure to the extent that there is a mismatch between the currencies in which sales, purchases and borrowings are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are primarily Euro, US Dollar, Egyptian Pound, Saudi Riyal, Algerian Dinar and UAE Dirham.

The Group uses foreign exchange contracts to manage its foreign exchange transaction exposure. No hedge accounting is applied; therefore all fair value changes are recognised in profit and loss.

The summary of quantitative data about the Group's exposure to foreign exchange transaction exposure provided to management of the Group based on its risk management policy for the main currencies was as follows:

At 31 December 2024 \$ millions	EUR	EGP
Cash and cash equivalents (including loans and borrowings)	196.4	(209.3)
Trade and other receivables	2.9	628.4
Trade and other payables	(0.2)	(629.0)
At 31 March 2025 \$ millions	EUR	EGP
Cash and cash equivalents (including loans and borrowings)	181.7	(255.5)
		833.6

Trade and other payables - (770.9)

Significant rates

The following significant exchange rates were applied during the period ended 31 March 2025:

	Average 2025	Closing 31 March 2025	Opening 1 January 2025
Egyptian Pound	0.0198	0.0198	0.0197
Saudi Riyal	0.2665	0.2666	0.2662
UAE Dirham	0.2723	0.2723	0.2723
Euro	1.0491	1.0816	1.0410

The following tables demonstrate the sensitivity to a reasonably possible change in EUR and EGP exchange rates, with all other variables held constant. The impact on the Group's profit before tax is due to changes in the fair value of monetary assets and liabilities, including inter company positions. The Group's exposure to foreign currency changes for all other currencies is not material.

As of 31 March 2025, if the functional currencies had strengthened/weakened by 10 percent against the Euro and 10 percent against the Egyptian Pound with all other variables held constant, the translation of foreign currency receivables, cash and cash equivalents, payables and loans and borrowings that would have resulted in an increase/decrease of USD 20.1 million of the profit / loss of the three month period ended 31 March 2025 (31 December 2024: USD 20.0 million).

31 December 2024 \$ millions	Change in FX rate*	Effect on profit before tax	Effect on equity
EUR - USD	10%	19.9	19.9
EGP - USD	10%	0.1	(21.0)

31 March 2025 \$ millions	Change in FX rate*	Effect on profit before tax	Effect on equity
EUR - USD	10%	18.6	18.6
EGP - USD	10%	1.5	(19.3)

* Determined based on the volatility of last year for the respective currencies.

Interest rate risk

The Group's cash flow interest rate risks arise from the exposure to variability in future cash flows of floating rate financial instruments. The Group reviews its exposure in light of global interest rate environment after consulting with a consortium of global banks.

The Group calculates the impact on profit or loss of a defined interest rate shift. The same interest rate shift is used for all currencies. The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of borrowings affected. With all other variables held constant, the Group's profit before tax is affected through the impact on floating rate borrowings, as follows:

As of 31 March 2025, if the interest rate had strengthened/weakened by 10 percent with all other variables held constant, the interest cost that would have resulted in an increase/decrease of USD 2.3 million of the profit of the three month period ended 31 March 2025 (31 December 2024 : USD 7.6 million)

\$ millions	Change in interest rate	31 March 2025	31 December 2024
Effect on profit before tax	10% increase	(2.3)	(7.6)
	10% decrease	2.3	7.6

Categories of financial instruments

		31 March 2025		31 December 2024
\$ millions	Note	Financial assets / liabilities at amortized cost	Derivatives at fair value	Financial assets / liabilities at amortized cost	Derivatives at fair value
Assets
Trade and other receivables (excluding prepayments and supplier and subcontractor advance payments)	(8)	1,287.0	-	1,103.7	-
Contracts work in progress	(12)	481.2	-	575.7	-
Cash and cash equivalents	(13)	1,051.0	-	1,041.3	-
Total		2,819.2	-	2,720.7	-
Liabilities
Loans and borrowings	(17)	343.7	-	313.2	-
Trade and other payables (excluding lease obligation)	(18)	1,521.1	-	1,486.7	-
Billing in excess of construction contracts	(12)	635.4	-	555.6	-
Total		2,500.2	-	2,355.5	-

5.4 Capital Management

The Board of Director's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Capital consists of ordinary shares, share premium, reserves, retained earnings and non-controlling interest of the Group. The Board of Directors monitors the return on capital as well as the level of dividends to ordinary shareholders. The Group's net debt to equity ratio at the reporting date was as follows:

\$ millions	Note	31 March 2025	31 December 2024
Loans and borrowings	(17)	343.7	313.2
Less: cash and cash equivalents	(13)	(1,051.0)	(1,041.3)
Net debt / (cash)		(707.3)	(728.1)
Total equity		681.8	647.5
Net debt to equity ratio		(1.04)	(1.12)

6. Property, plant and equipment

\$ millions	Land	Buildings	Equipment	Fixtures and fittings	Under construction	Total
Cost as of 1 January 2024	9.6	89.2	218.1	100.7	5.5	423.1
Additions during the year	-	19.3	40.1	15.7	13.6	88.7
Disposals	-	(3.0)	(8.6)	(9.1)	(2.7)	(23.4)
Transfers	-	1.8	2.9	0.2	(4.9)	-
Disposal of subsidiaries	-	-	(1.5)	(0.6)	-	(2.1)
Effect of movement in exchange rates	(3.4)	(12.2)	(68.7)	(21.8)	(2.4)	(108.5)
Cost as of 31 December 2024	6.2	95.1	182.3	85.1	9.1	377.8
Accumulated Depreciation as of 1 January 2024	-	(44.4)	(166.6)	(85.7)	-	(296.7)
Depreciation	-	(6.2)	(18.2)	(7.0)	-	(31.4)
Disposals	-	3.0	7.2	8.8	-	19.0
Disposal of subsidiaries	-	-	1.5	0.6	-	2.1
Effect of movement in exchange rates	-	7.6	48.6	14.8	-	71.0
Accumulated depreciation as of 31 December 2024	-	(40.0)	(127.5)	(68.5)	-	(236.0)
As of 31 December 2024	6.2	55.1	54.8	16.6	9.1	141.8

\$ millions	Land	Buildings	Equipment	Fixtures and fittings	Under construction	Total
Cost as of 1 January 2025	6.2	95.1	182.3	85.1	9.1	377.8
Additions during the period	-	1.1	1.0	1.7	10.5	14.3
Disposals	-	(3.7)	(0.5)	(1.6)	-	(5.8)
Effect of movement in exchange rates	-	0.3	1.6	0.6	0.1	2.6
Cost as of 31 March 2025	6.2	92.8	184.4	85.8	19.7	388.9
Accumulated Depreciation as of 1 January 2025	-	(40.0)	(127.5)	(68.5)	-	(236.0)
Depreciation	-	(2.1)	(4.5)	(1.9)	-	(8.5)
Disposals	-	2.6	0.3	1.6	-	4.5
Effect of movement in exchange rates	-	(0.2)	(1.2)	(0.4)	-	(1.8)
Accumulated depreciation as of 31 March 2025	-	(39.7)	(132.9)	(69.2)	-	(241.8)
As of 31 March 2025	6.2	53.1	51.5	16.6	19.7	147.1

Property, plant and equipment' comprise owned and leased assets:

\$ millions	31 March 2025	31 December 2024
Owned assets	122.9	115.9
Right to use	24.2	25.9
At 31 March / 31December	147.1	141.8

The information about 'Right to use' for assets of the Group is presented below:

\$ millions	Buildings	Equipment	Total
Cost as of 1 January 2024	30.7	7.2	37.9
Additions during the year	11.4	2.2	13.6
Disposals	(0.2)	-	(0.2)
Effect of movement in exchange rates	(5.0)	(1.7)	(6.7)
Cost at 31 December 2024	36.9	7.7	44.6
Accumulated Depreciation as of 1 January 2024	(14.0)	(5.0)	(19.0)
Depreciation	(4.0)	(1.7)	(5.7)
Disposals	0.2	-	0.2
Effect of movement in exchange rates	4.1	1.7	5.8
Accumulated depreciation at 31 December 2024	(13.7)	(5.0)	(18.7)
As of 31 December 2024	23.2	2.7	25.9

\$ millions	Buildings	Equipment	Total
Cost as of 1 January 2025	36.9	7.7	44.6
Additions during the period	1.1	-	1.1
Disposals	(3.7)	(1.2)	(4.9)
Cost at 31 March 2025	34.3	6.5	40.8
Accumulated Depreciation as of 1 January 2025	(13.7)	(5.0)	(18.7)
Depreciation	(1.5)	(0.3)	(1.8)
Disposals	2.6	1.2	3.8
Effect of movement in exchange rates	0.1	-	0.1
Accumulated depreciation at 31 March 2025	(12.5)	(4.1)	(16.6)
As of 31 March 2025	21.8	2.4	24.2

7. Goodwill

\$ millions	Goodwill
Cost	27.7
At 1 January 2025	27.7
Movements in the carrying amount:	-
At 31 March 2025	27.7

On 31 July 2012, the Group acquired the Weitz Company LLC, a United States general contractor based in Des Moines, Iowa, resulting in USD 12.4 million of goodwill. The transaction was completed on 12 December 2012.

On 2 April 2015, the Group acquired Integrated Facade Solutions (previously known as "Alico") resulting in USD 1.4 million of goodwill.

On 2 January 2022, the Group acquired 100% of the total shares "Orascom Trading Company, Orascom Free Zone, National Equipment Company", resulting in USD 13.9 million of goodwill.

Goodwill is tested for impairment in the fourth quarter of the year or earlier if there are significant changes in the indicators of impairment.

8. Trade and other receivables

\$ millions	31 March 2025	31 December 2024
Trade receivables (gross)	757.2	663.6
Allowance for trade receivables	(10.9)	(10.8)
Trade receivables (net)	746.3	652.8
Trade receivables due from related parties (Note 27)	1.8	4.6
Prepayments	17.6	19.8
Other tax receivable	40.1	37.3
Supplier and subcontractor advance payments	402.4	315.3
Retentions	274.6	249.8
Other receivables	224.2	159.2
Total	1,707.0	1,438.8
Non-current	16.5	16.0
Current	1,690.5	1,422.8
Total	1,707.0	1,438.8

The carrying amount of 'Trade and other receivables' as at 31 March 2025 approximates its fair value.

Prepayments relate for the largest part to the amounts prepaid to sub-contractors, retentions related for the largest part to the amounts withheld by customers resulting from contractual clauses.

The aging of gross trade receivables at the reporting date is as follows:

\$ millions	31 March 2025	31 December 2024
Neither past due nor impaired	577.0	470.2
Past due 1 - 30 days	42.1	53.5
Past due 31 - 90 days	23.5	31.2
Past due 91 - 360 days	33.0	44.8
More than 360 days	81.6	63.9
Total	757.2	663.6

Management believes that the unimpaired amounts that are past due by more than 30 days are collectible in full, based on historic payment behavior and extensive analysis of customer credit risk, including underlying customers' credit ratings if they are available.

The movement in the allowance for impairment in respect of trade receivables during the three month period ended 31 March 2025 was as follows:

\$ millions	31 March 2025	31 December 2024
At 1 January	(10.8)	(11.6)
Provision formed	-	(3.5)
Disposal of subsidiary	-	0.9
Exchange rate differences and other	(0.1)	3.4
At 31 March / 31 December	(10.9)	(10.8)

9. Equity accounted investees

The following table shows the movement in the carrying amount of the Group's associates and joint ventures:

\$ millions	31 March 2025	31 December 2024
At 1 January	450.0	464.7
Share in results	8.0	30.0
Dividends	-	(14.2)
Disposal	-	(1.8)
Effect of movement in exchange rates	9.6	(28.7)
At 31 March / 31 December	467.6	450.0

The entity disclosed under 'Equity accounted investees' that is significant to the Group is BESIX.

BESIX Group (BESIX)

Established in 1909 in Belgium, BESIX is a global multi-service group offering engineering, procurement and construction (EPC) services. BESIX operates in the construction, real estate and concession sectors in 15 countries focusing on Europe, Africa, the Middle East and Australia. Their core construction competencies include buildings, infrastructure and environmental projects, industrial civil engineering, maritime and port works and real estate development. In addition to EPC services, BESIX is active in real estate development and holds concessions in several Public Private Partnerships (PPP) and design, build, finance, and maintain/operate (DBFM) contracts, through which it develops, operates and maintains projects.

The below table summarizes the financial information of BESIX:

\$ millions	2025 100%	2025 Group Share 50%	2024 100%	2024 Group Share 50%
Non-current asset	895.2	447.6	877.2	438.6
Current asset	2,830.0	1,415.0	2,794.0	1,397.0
Non-current liabilities	(677.4)	(338.7)	(646.8)	(323.4)
Current liabilities	(2,187.6)	(1,093.8)	(2,189.8)	(1,094.9)
Net assets at 31 March / December	860.2	430.1	834.6	417.3
Construction revenue	1,018.8	509.4	846.0	423.0
Construction cost	(1,012.2)	(506.1)	(845.0)	(422.5)
Net profit for the three month period ended 31 March	6.6	3.3	1.0	0.5

The Group has interests in a number of equity accounted investees. The following are the significant interest as of 31 March 2025 :

Name	Parent	Country	Participation %	Net Assets at Group Share \$ millions
BESIX Group SA	OC IHC 3 B.V.	Belgium	50.0	430.1
National Pipe Company	Orascom Construction SAE OCI Construction Egypt	Egypt	40.0	13.5
Ras Ghareb Wind Energy SAE	Orascom Egypt Wind BV	Egypt	20.0	7.2
Orasqualia, Orasqualia for Construction S.A.E. and Orasqualia for Maintenance	Orascom Construction SAE	Egypt	50.0	6.0
Red Sea Wind Energy SAE	Orascom Egypt Wind BV II	Egypt	25.0	4.6
Al Ahly for Industrial Development SAE	Orascom Industrial Parks Company	Egypt	25.0	3.5
Clark, Weitz, and Clarkson	The Weitz Group	USA	30.0	2.7

The following table summarizes the financial information of the Orascom Construction Group's share on equity accounted investees:

\$ millions	2025 100%	2025 Group Share	2024 100%	2024 Group Share
Non-current asset	1,763.1	654.4	1,732.2	642.2
Current asset	2,953.3	1,458.9	2,916.1	1,440.1
Non-current liabilities	(1,291.7)	(482.9)	(1,257.7)	(466.9)
Current liabilities	(2,457.9)	(1,162.8)	(2,467.4)	(1,165.4)
Net assets at 31 March / 31 December	966.8	467.6	923.2	450.0
Income	1,050.3	519.4	882.3	435.9
Expense	(1,026.4)	(511.4)	(877.4)	(433.2)
Net profit for the three month period ended 31 March	23.9	8.0	4.9	2.7

Transaction between Group entities and associates / joint ventures

There are no significant transactions between entities of the group and the associates / joint ventures, except for the investments in and the dividends received from these associates and joint ventures.

10. Income taxes

10.1 Income tax in the statement of profit or loss

The income tax on profit before income tax amounts to USD 7.1 million (31 March 2024 : USD 21.6 million) and can be summarized as follows:

\$ millions	31 March 2025	31 March 2024
Current tax	7.0	7.3
Deferred tax	0.1	14.3
Total income tax in profit or loss	7.1	21.6

10.2 Reconciliation of effective tax rate

OC PLC's operations are subject to income taxes in various foreign jurisdictions, the statutory income tax rates vary from 0.0% to 32.0%.

Reconciliation of the effective tax rate can be summarized as follows:

\$ millions	31 March 2025	%	31 March 2024	%
Profit before income tax	34.2		71.4
Tax calculated at weighted average group tax rate	(8.5)	24.9	(19.1)	26.8
(Recognition) / Utilization of deferred tax asset	(0.1)	0.3	14.3	(20.0)
Other	1.5	(4.4)	(16.8)	23.5
Total income tax in profit or loss	(7.1)	20.8	(21.6)	30.3

The UAE has enacted the Pillar Two legislation by way of a Domestic Minimum Top-up Tax ("DMTT") that became effective from 1 January 2025. OC PLC is considered to be in scope of the Pillar Two rules.

OC PLC has assessed the impact of the UAE DMTT for interim reporting for the constituent entities. Based on the assessment, the Group is not liable for any DMTT as the UAE Group meets the transitional safe harbours (effective tax rate above 16%) at interim reporting date.

Management is closley monitoring further developments that could impact its overall Pillar Two tax position on a going-forward basis. OC PLC applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

10.3 Deferred income tax assets and liabilities

The majority of the deferred tax assets of USD 62.5 million (31 December 2024: USD 63.2 million) relates to carried forward tax losses. The deferred tax assets recognized in the statement of financial position is expected to be realized in the period 2025 - 2030.

Deferred tax assets have not been recognized in respect to the carried forward tax losses amounting to USD 702.9 million with a tax effect of USD 182.8 million. The deferred tax was not recognized since the Group assessed that it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom. These tax losses will expire as follows:

\$ millions	31 March 2025	Expiry date	31 December 2024	Expiry date
Expire	627.6	2034-2038	627.6	2034 - 2038
Never Expire	75.3	-	75.3	-

11. Inventories

\$ millions	31 March 2025	31 December 2024
Finished goods	17.2	17.5
Raw materials and consumables	219.1	204.6
Fuels and others	5.6	5.2
Others	11.4	5.1
Total	253.3	232.4

As at 31 March 2025, the total write-downs amount to USD 2.6 million (31 December 2024: USD 2.1 million), of which USD 1.8 million related to raw materials and USD 0.8 million related to finished goods.

12. Contracts work in progress / billing in excess of construction contracts

\$ millions	31 March 2025	31 December 2024
Costs incurred on contracts (including estimated earnings)	22,077.0	21,439.3
Less: billings to date (net)	(22,231.2)	(21,419.2)
Total	(154.2)	20.1
Presented in the consolidated statement of financial position as follows:
Construction contracts in progress - current assets	481.2	575.7
Less: Billing in excess on construction contracts - current liabilities	(635.4)	(555.6)
Total	(154.2)	20.1

Contract balances

Contract assets primarily relate to the Group's right to consideration for work completed but not yet billed at the reporting date. Contract liabilities relate to the billings in excess of revenue and the advances from customers. Advances from customers pertain to the advance consideration received from customers for the services for which revenue is recognised on performance obligation. The contract assets becomes trade receivables when the rights become unconditional.

The following table provides information about contract assets and contract liabilities from contracts with customers:

\$ millions	31 March 2025	31 December 2024
Contract assets (contract work-in-progress)	481.2	575.7
Contract liabilities (billings in excess of revenue)	(635.4)	(555.6)
Contract liabilities (advances from customers)	(917.3)	(873.2)

13. Cash and cash equivalents

\$ millions	31 March 2025	31 December 2024
Cash on hand	1.8	1.4
Bank balances	1,020.2	1,028.3
Restricted funds	1.7	3.8
Restricted cash	27.3	7.8
Total	1,051.0	1,041.3

Restricted funds

The restricted amounts relates to letters of guarantees of Imagro Construction Algeria SPA (USD 0.3 million), United Holding Company (USD 0.5 million), Orascom Free Zone (USD 0.3 million) and Orascom Trading Company (USD 0.6 million).

Restricted cash

Restricted cash amounting to USD 27.3 million relates to amounts restricted for use and withheld as collateral against certain loans and trade finance obligations.

14. Share capital

The movements in the number of shares (nominal value USD 1 per share) can be summarized as follows:

	31 March	31 December
	2025	2024
At 1 January	110,243,935	110,243,935
At 31 March / 31 December - fully paid	110,243,935	110,243,935
At 31 March / 31 December (\$ millions)	110.2	110.2

15. Reserves

\$ millions	31 March 2025	31 December 2024
At 1 January	(534.0)	(421.7)
Currency translation differences	4.7	(112.3)
At 31 March / 31 December	(529.3)	(534.0)

16. Non-controlling interest

\$ million	United Holding Company - Egypt	Orascom Saudi - KSA	Orascom Industrial Parks - Egypt	Other individual insignificant entities	Total
Non-controlling interest percentage	43.5%	40.0%	39.5%
Non-current assets	0.1	-	4.4	13.2	17.7
Current assets	8.8	96.4	10.5	2.1	117.8
Non-current liabilities	-	(0.2)	(2.0)	-	(2.2)
Current liabilities	(4.4)	(96.2)	(4.4)	(2.3)	(107.3)
Net assets as of 31 December 2024	4.5	-	8.5	13.0	26.0
Revenue	2.0	0.2	0.3	0.3	2.8
Profit	0.9	-	0.6	2.2	3.7
Other comprehensive loss	(2.1)	-	(3.8)	(0.1)	(6.0)
Total comprehensive (loss) / income for the three month period ended 31 March 2024	(1.2)	-	(3.2)	2.1	(2.3)

\$ million	United Holding Company - Egypt	Orascom Saudi - KSA	Orascom Industrial Parks - Egypt	Other individual insignificant entities	Total
Non-controlling interest percentage	43.5%	40.0%	39.5%
Non-current assets	0.1	-	4.1	15.7	19.9
Current assets	9.0	96.3	13.4	0.5	119.2
Non-current liabilities	-	(0.2)	(3.4)	-	(3.6)
Current liabilities	(4.2)	(96.1)	(5.5)	(0.1)	(105.9)
Net assets as of 31 March 2025	4.9	-	8.6	16.1	29.6
Revenue	1.5	0.2	0.4	-	2.1
Profit	0.3	0.1	0.1	1.5	2.0
Other comprehensive income	0.1	-	-	-	0.1
Total comprehensive income for the three month period ended 31 March 2025	0.4	0.1	0.1	1.5	2.1

17. Loans and borrowings

Borrowing Company	Interest rate	Date of maturity	Long term portion	Short term portion	Bank facilities	Total
Orascom Construction SAE	Multiple rates	Annual	-	-	235.9	235.9
Orascom Road Construction	Multiple rates	Multiple	-	-	32.7	32.7
The Weitz Group, LLC	Multiple rates	Multiple	0.6	22.0	-	22.6
National Steel Fabrication	Multiple rates	Multiple	-	-	12.5	12.5
Fayoum for Warehouse and Depots	Multiple rates	Multiple	6.9	-	-	6.9
Others	Multiple rates	Multiple	-	-	2.6	2.6
Total as of 31 December 2024			7.5	22.0	283.7	313.2

Borrowing Company	Interest rate	Date of maturity	Long term portion	Short term portion	Bank facilities	Total
Orascom Construction SAE	Multiple rates	Annual	-	-	291.0	291.0
Orascom Road Construction	Multiple rates	Multiple	-	-	14.7	14.7
The Weitz Group, LLC	Multiple rates	Multiple	0.5	14.3	-	14.8
National Steel Fabrication	Multiple rates	Multiple	-	-	12.1	12.1
Fayoum for Warehouse and Depots	Multiple rates	Multiple	7.8	-	-	7.8
Others	Multiple rates	Multiple	-	-	3.3	3.3
Total as of 31 March 2025			8.3	14.3	321.1	343.7

Information about the Group's exposure to interest rate, foreign currency and liquidity risk is disclosed in the financial risk and capital management paragraph in Note 5. The fair value of loans and borrowings approximates the carrying amount as at the reporting date.

Movements of liabilities to cash flow arising from financing activities:

\$ million	Loans & Borrowings	Bank Overdraft	Lease Obligation	Retained Earnings	NCI	Total
Balance as at 1 January 2024	22.8	227.0	20.7	533.3	22.3	826.1
Proceeds from borrowings	65.9	56.7	-	-	-	122.6
Repayment of borrowings	(59.2)	-	-	-	-	(59.2)
Lease payments	-	-	(5.9)	-	-	(5.9)
Dividends paid to shareholders	-	-	-	(43.0)	-	(43.0)
Dividends paid to non-controlling interest	-	-	-	-	(5.0)	(5.0)
Other	-	-	-	(6.1)	-	(6.1)
Total changes from financing cashflow	29.5	283.7	14.8	484.2	17.3	829.5
Liability-related other changes	-	-	12.6	-	-	12.6
Equity-related other changes	-	-	-	93.8	8.7	102.5
Balance as at 31 December 2024	29.5	283.7	27.4	578.0	26.0	944.6

	Loans &	Bank	Lease	Retained
\$ million	Borrowings	Overdraft	Obligation	Earnings	NCI	Total
Balance as at 1 January 2025	29.5	283.7	27.4	578.0	26.0	944.6
Proceeds from borrowings	1.2	35.8	-	-	-	37.0
Repayment of borrowings	(7.8)	-	-	-	-	(7.8)
Lease payments	-	-	(1.6)	-	-	(1.6)
Dividends paid to shareholders	-	-	-	(24.2)	-	(24.2)
Total changes from financing cashflow	22.9	319.5	25.8	553.8	26.0	948.0
Liability-related other changes	(0.3)	1.6	0.5	-	-	1.8
Equity-related other changes	-	-	-	50.2	3.6	53.8
Balance as at 31 March 2025	22.6	321.1	26.3	604.0	29.6	1,003.6

18. Trade and other payables

	31 March	31 December
\$ millions	2025	2024
Trade payables	453.8	523.2
Trade payables due to related party (Note 27)	0.4	6.9
Other payables	240.8	248.7
Accrued expenses	657.2	528.8
Deferred revenues	1.1	0.5
Other tax payables	8.4	20.8
Lease obligation (Note 18.1)	26.3	27.4
Retentions payables	158.2	156.6
Employee benefit payables	1.2	1.2
Total	1,547.4	1,514.1

\$ millions	31 March 2025	31 December 2024
Non-current	60.6	53.5
Current	1,486.8	1,460.6
Total	1,547.4	1,514.1

Information about the Group's exposure to currency and liquidity risk is included in Note 5. The carrying amount of 'Trade and other payables' approximated the fair value as at the reporting date.

Retentions payable relate to amounts withheld from sub-contractors.

18.1 Lease obligations

\$ millions	Non-current lease obligations	Current lease obligations	Total
At 1 January 2024	15.9	4.8	20.7
Movements in the carrying amount:
Payments	(0.1)	(5.8)	(5.9)
Accretion of interest	-	0.9	0.9
Additions	10.6	2.0	12.6
Transfers	(3.9)	3.9	-
Effect of movement in exchange rates	(0.7)	(0.2)	(0.9)
As of 31 December 2024	21.8	5.6	27.4

\$ millions	Non-current lease obligations	Current lease obligations	Total
At 1 January 2025	21.8	5.6	27.4
Movements in the carrying amount:
Payments	-	(1.6)	(1.6)
Accretion of interest	-	0.3	0.3
Additions	-	0.2	0.2
Transfers	(1.3)	1.3	-
As of 31 March 2025	20.5	5.8	26.3

19. Provisions

\$ millions	Warranties	Onerous contracts	Other (including claims)	Total
At 1 January 2024	2.0	5.2	33.8	41.0
Provision formed	0.8	9.5	5.2	15.5
Provision used	-	(2.0)	-	(2.0)
Provision no longer required	-	(0.5)	(0.2)	(0.7)
Effect of movement in exchange rates	(0.9)	(2.8)	(8.5)	(12.2)
Other	-	-	(4.3)	(4.3)
At 31 December 2024	1.9	9.4	26.0	37.3

			Other
\$ millions	Warranties	Onerous contracts	(including claims)	Total
At 1 January 2025	1.9	9.4	26.0	37.3
Provision formed	0.1	-	1.7	1.8
Provision used	-	1.3	(1.3)	-
Provision no longer required	-	(3.0)	(0.2)	(3.2)
Effect of movement in exchange rates	-	-	0.2	0.2
Other	-	-	0.3	0.3
At 31 March 2025	2.0	7.7	26.7	36.4

Warranties

The warranties are based on historical warranty data and a weighting of possible outcomes against their associated probabilities.

Other (including claims)

The Group is involved in various litigations and project related disputes. In cases where it is probable that the outcome of the proceedings will be unfavorable, and the financial outcome can be measured reliably, a provision has been recognized. This provision includes USD 7.2 million related to a litigation in the US. Reference is made to Note 26 for detailed information with respect to major ongoing litigations and claims.

20. Cost of sales and selling, general and administrative expenses

\$ millions	31 March 2025	31 March 2024
Changes in raw materials and consumables, finished goods and work in progress	631.6	566.7
Employee benefit expenses (ii)	142.0	154.8
Depreciation, amortization	8.5	7.4
Maintenance and repairs	7.7	6.1
Consultancy expenses	3.7	2.9
Other	11.3	7.2
Total	804.8	745.1

The expenses by nature comprise 'cost of sales' and 'selling and general and administrative expenses'.

ii. Employee benefit expenses

\$ millions	31 March 2025	31 March 2024
Wages and salaries	115.2	128.7
Social securities	0.2	0.3
Employee profit sharing	7.8	5.3
Pension cost	1.9	5.7
Other employee expenses	16.9	14.8
Total	142.0	154.8

As of 31 March 2025, the number of permanent and temporary staff employed by the Group is 22,437 (31 December 2024: 21,198) and 35,910 (31 December 2024: 34,921), respectively.

A Long-Term Incentive Plan ("LTIP") to attract, motivate and retain key employees in the organization by providing market competitive compensation packages has been put in place in June 2016. Under the plan target awards will be granted annually to executives and senior management and employees in critical positions or high performers. These awards will carry a 3-year vesting period. They will be focused on EBITDA, cash flow from operations and share performance. The plan is cash-settled; no transfer of equity instruments will take place under this plan.

Some of the Group's subsidiaries in the United States of America contribute to multi-employer defined benefit plans administered by unions that provide pension and post-retirement health and welfare benefits to employees, based on a defined dollar amount per hour. The Group has availed the exemption of IAS 19, para 34, to account for the contributions to these multiemployer defined benefit plans as defined contribution plans, as sufficient financial information is not publicly available with regards to these plans. The contribution to these plans for the three month period ended 31 March 2025 is USD 1.8 million and the expected contribution to these plans for the financial year 2025 is USD 8.7 million. The average contribution by Group's subsidiaries to multiemployer benefit plans is assessed to be less than 5% of the total contributions of the respective plans.

21. Other income

	31 March	31 March
\$ millions	2025	2024
Other income	2.8	1.3
Net gain on sale of property, plant and equipment	-	0.4
Total	2.8	1.7

22. Net finance (cost) / income

\$ millions	31 March 2025	31 March 2024
Interest income on financial assets measured at amortized cost	5.9	4.5
Foreign exchange gain	0.5	80.4
Finance income	6.4	84.9
Interest expense on financial liabilities measured at amortized cost	(22.6)	(17.5)
Foreign exchange loss	(3.2)	(21.6)
Finance cost	(25.8)	(39.1)
Net finance (cost) / income recognized in profit or loss	(19.4)	45.8

The above finance income and finance cost include the following interest income and expense in respect of assets / (liabilities) not measured at fair value through profit or loss:

	31 March	31 March
\$ millions	2025	2024
Total interest income on financial assets	5.9	4.5
Total interest expense on financial liabilities	(22.6)	(17.5)

23. Earnings per share

	31 March	31 March
	2025	2024
Net profit attributable to shareholders (\$ millions)	25.1	46.1
Weighted average number of ordinary share (million)	110.2	110.2
Basic and diluted earnings per ordinary share (USD)	0.23	0.42

24. Revenue

\$ millions	31 March 2025	31 March 2024
Revenue from contracts with customers Primary geographical market	847.6	766.3
MENA	518.7	359.8
USA	328.9	406.5
Total revenue	847.6	766.3

\$ millions	31 March 2025	31 March 2024
Major products and service lines
Construction revenue	828.4	740.0
Revenue from sale of goods	7.5	12.4
Revenue from sale of services	7.8	8.6
Others	3.9	5.3
Total revenue	847.6	766.3
Timing of revenue recognition
Products and services transferred overtime	828.4	740.0
Products and services transferred at a point in time	19.2	26.3
Total revenue	847.6	766.3

25. Segment reporting

The Group determines and presents operating segments on the information that internally is provided to the Chief Executive Officer during the period. The Group has three reportable segments, as described below. Each of the segments is managed separately because they require different operating strategies and use their own assets and employees. Factors used to identify The Group's reportable segments, are a combination of factors and whether operating segments have been aggregated and types of products and services from which each reportable segment derives its revenues.

Business information for the three month period ended 31 March / and as at 31 December 2024

\$ millions	MENA	USA	Besix	Total
Products and services transferred overtime	333.5	406.5	-	740.0
Products and services transferred at a point in time	26.3	-	-	26.3
Total revenue	359.8	406.5	-	766.3
Construction revenue	333.5	406.5	-	740.0
Revenue from sale of goods	12.4	-	-	12.4
Revenue from sale of services	8.6	-	-	8.6
Others	5.3	-	-	5.3
Total revenue	359.8	406.5	-	766.3
Share in income of equity accounted investees	2.2	-	0.5	2.7
Depreciation and amortization	(5.8)	(1.6)	-	(7.4)
Interest income	4.2	0.3	-	4.5
Interest expense	(16.9)	(0.6)	-	(17.5)
Profit before tax for the three month period ended 31 March	58.9	12.0	0.5	71.4
Investment in PP&E (including right of use asset) as at 31 December	68.2	20.5	-	88.7
Equity accounted investee	30.0	2.7	417.3	450.0
Non-current assets as at 31 December	156.3	125.1	417.3	698.7
Total assets as at 31 December	2,674.3	879.7	417.3	3,971.3
Total liabilities as at 31 December	2,764.9	558.9	-	3,323.8

Business information for the three month period ended and as at 31 March 2025

\$ millions	MENA	USA	Besix	Total
Products and services transferred overtime	499.5	328.9	-	828.4
Products and services transferred at a point in time	19.2	-	-	19.2
Total revenue	518.7	328.9	-	847.6
Construction revenue	499.5	328.9	-	828.4
Revenue from sale of goods	7.5	-	-	7.5
Revenue from sale of services	7.8	-	-	7.8
Others	3.9	-	-	3.9
Total revenue	518.7	328.9	-	847.6
Share in income of equity accounted investees	4.7	-	3.3	8.0
Depreciation and amortization	(5.5)	(3.0)	-	(8.5)
Interest income	5.6	0.3	-	5.9
Interest expense	(22.6)	-	-	(22.6)
Profit before tax for the three month period ended 31 March	22.5	8.4	3.3	34.2
Investment in PP&E (including right of use asset)	14.3	-	-	14.3
Equity accounted investee	34.8	2.7	430.1	467.6
Non-current assets as at 31 March	168.4	122.9	430.1	721.4
Total assets as at 31 March	2,974.8	793.2	430.1	4,198.1
Total liabilities as at 31 March	3,052.7	463.6	-	3,516.3

Segment revenues have been presented based on the location of the entity which is managing the contracts.

BESIX is presented as part of 'equity accounted investees', therefore in the above schedule only the income from equity accounted investees and the asset value are reflected. For further information with respect to liabilities, revenues and cost, reference is made to note 9.

The geographic information above analyses the Group's revenue and non-current assets by the Company where the activities are being operated. The Orascom Construction Group has the following customers that represent 10 percent or more of revenues:

Percentage	31 March 2025	31 March 2024
Egyptian Government	29.3%	30.4%

26. Contingencies

26.1 Contingent liabilities

26.1.1 Letters of guarantee / letters of credit

Letters of guarantee issued by the banks for the Group as at 31 March 2025 amount to USD 1,786.7 million (31 December 2024: USD 1,744.4 million). Outstanding letters of credit as at 31 March 2025 (uncovered portion) amount to USD 77.0 million (31 December 2024: USD 84.2 million).

Some of our sub-holdings have provided general performance guarantees for the execution of major projects by our subsidiaries.

As of 31 March 2025, mechanic liens have been received in respect of one of our US project for a total of USD 1.9 million (31 December 2024: USD 1.9 million).

26.1.2 Litigations and claims

The Group entities and joint ventures, are engaged in various legal disputes, acting either as defendants or claimants. These cases are closely monitored by management and legal counsel, who evaluate them for potential impacts, taking into account possible insurance recoveries and thirdparty claims. Provisions for potential financial impacts from unfavorable outcomes are recognized in the interim consolidated financial statements in accordance with the requirements of IAS 37 "Provisions, Contingent Liabilities, and Contingent Assets", specifically under note 19 'Provisions,'. However, due to uncertainties such as potential new lawsuits, settlements, or court decisions, the Group cannot determine any additional financial loss with certainty. Despite this, based on legal consultations, the management believes these legal matters will not substantially affect the Group's financial position as of 31 March 2025, though they may significantly impact operational results or cash flows in specific periods.

Furthermore, the Group faces potential claims from customers and claims from subcontractors and accordingly sets aside adequate provisions, with these reserves being periodically reviewed to account for any significant claims or litigation risks. Legal assessments suggest that these provisions are sufficient, and no significant additional cash outflows are anticipated beyond what has already been accounted for. In adherence to IAS 37 guidelines on "Provisions, Contingent Liabilities, and Contingent Assets," the Group has chosen not to disclose full details of these legal disputes. This decision is driven by the belief that such disclosures could compromise the Group's position in ongoing and contested legal matters, prioritizing the protection of their legal strategy while managing litigation risks within the framework of IAS 37.

26.1.3 Sidra Medical Center

The contract for the design and build of the Sidra Medical and Research Centre in Doha, Qatar, was awarded by Qatar Foundation for Education, Science & Community Development (the "Foundation") in February 2008 to Obrascón Huarte Lain (55%) and Contrack Cyprus Limited (45%), hereinafter referred to as the "JV", for a total contract value of approximately USD 2.4 billion.

In July 2014, when the project was approx. 95% complete, the JV received a Notice of Termination from the Foundation. On or around the same date, the Foundation successfully liquidated the JV's performance bank and advance payment guarantees, receiving a total of QAR 880 million. On 23 July 2014, the Foundation commenced arbitration proceedings against Obrascón Huarte Lain and Contrack Cyprus Limited by serving a Request for Arbitration with the ICC (seat in London). Since 2014, several hearings and expert meetings took place and partial awards have been issued by the tribunal. An award (resolving all claims except interest and costs) is expected by the end of Q2 2025.

In August 2017, the Foundation again served a Request for Arbitration, this time in parallel proceedings against OCI SAE with the ICC (seat in London). The claims made by the Foundation in this new arbitration arise in connection with a Parent Company Guarantee (the "PCG") issued by OCI SAE on 7 February 2008. The Foundation alleged that the terms of the PCG protect it in respect of liabilities and obligations of Contrack (Cyprus) Limited on the Project. This arbitration is on hold since March 2020 pending decision in the main arbitration in the paragraph above. If claims are awarded against Contrack (Cyprus) Limited in that arbitration, the Tribunal will have to consider its implications on OCI SAE in this arbitration.

26.1.4 King Abdul-Aziz Airport Development project

Saudi Binladin Group ("SBG") entered into an EPC contract with the General Authority of Civil Aviation of the Kingdom of Saudi Arabia, for the King Abdul-Aziz Airport Development Project - Phase 1 (the "Project"). Orascom Saudi Limited ("OS"), a company which OCI Construction Limited (Cyprus) has a participation of 60%, entered into a series of five subcontracts (the "Subcontracts") with SBG to carry out works related to the project throughout 2011 to 2015. Under the Subcontractors, OS encountered several delays in the commencement, performance and completion of the works against the originally contemplated time schedule resulting in time and cost damages to OS.

On 25 June 2019, OS commenced arbitration proceedings by filing a Request for Arbitration before the ICC Court of Arbitration (seat in Cairo) claiming its entitlement to extensions of time and additional costs. On 8 September 2019, SBG filed its Answer to the Request for Arbitration, counterclaiming that OS was overpaid and seeking recovery of the amount. On 19 September 2019, the Arbitral Tribunal was constituted. In August 2020, OS submitted its Statement of Claim, followed by SGB filing its Statement of Defence and Counterclaim in May 2021. During the months of May through to December 2021, the Parties were engaged in a document production phase, together with the exchange or written submissions on the claims and counterclaims. The arbitration was subsequently suspended while the Parties engaged in amicable settlement discussions.

In March 2025, the Parties signed a Settlement Agreement for the full and final settlement of all claims concerning the Project. The Parties are in the process to submit a request to the Tribunal requesting the Final Consent Award. The arbitration will be terminated only after the consent award is issued.

26.1.5 USA Claims

In addition to the cases identified above, the Group is involved in other disputes of a lower value, namely in the United States, either as defendants or claimants. Provisions are considered in the Group's accounts when deemed appropriate.

27. Related party transactions and balances

The following is a list of significant related party transactions and outstanding amounts:

Related party \$ millions	Relation	Revenue transactions during the three month period ended 31 March 2024	AR and loan outstanding at year ended 31 December 2024	Purchases transactions during the three month period ended 31 March 2024	AP and advances outstanding at year ended 31 December 2024
Ras Ghareb Wind Energy	Equity accounted investee	0.1	-	-	-
Red Sea Wind Energy	Equity accounted investee	-	1.6	-	-
National Pipe Company	Equity accounted investee	-	-	-	4.3
Nile City Investment	Related via Key Management personnel	-	-	0.7	2.5
Other		-	3.0	-	0.1
Total		0.1	4.6	0.7	6.9

Related party \$ millions	Relation	Revenue transactions during the three month period ended 31 March 2025	AR and loan outstanding at year ended 31 March 2025	Purchases transactions during the three month period ended 31 March 2025	AP and advances outstanding at year ended 31 March 2025
Ras Ghareb Wind Energy	Equity accounted investee	0.1	-	-	-
Red Sea Wind Energy	Equity accounted investee	0.1	1.6	-	-
National Pipe Company	Equity accounted investee	-	-	-	0.3
Other		-	0.2	-	0.1
Total		0.2	1.8	-	0.4

In addition to the related party transactions in the table above, the company incurs certain operating expenses for immaterial amounts in relation to services provided by related parties.

27.1 OCI Foundation and Sawiris Foundation

The OCI Foundation invests company resources in educational programs that improve the communities in which the company operates. OCI has cultivated strong ties with several leading universities, including the University of Chicago (Onsi Sawiris Scholars Exchange Program), Stanford (The American Middle Eastern Network Dialogue) and Yale (Master of Advanced Management program and Global Network for Advanced Management program).

Furthermore, the Sawiris Foundation for Social Development also provides grants to fund projects implemented by charitable organizations, educational institutions, local government and private business.

28. Remuneration of the Board of Directors (Key management personnel)

During the period ended 31 March 2025, we considered the members of the Board of Directors (Executive and Non-executive) and the senior management to be the key management personnel as defined in IAS 24 'Related parties'. The total remuneration of the key-management personnel amounts for the three month period ended 31 March 2025 to an amount of around USD 10.8 million (31 March 2024: USD 12.9 million).

Key management personnel compensation comprise of the following:

\$ millions	31 March 2025	31 March 2024
Short-term employee benefits	4.7	2.1
Other long-term benefits	6.1	10.8
Total	10.8	12.9

29. List of principal subsidiaries, associates and joint ventures

Companies	Country	Percentage of interest	Consolidation method
Orascom Construction Turnkey Projects LLC	UAE	100.00	Full
Imagro Construction Algeria (SPA)	Algeria	99.99	Full
IMAGRO Construction SRL	Italy	49.90	Full
BESIX Group SA	Belgium	50.00	Equity
Integrated Facade Solutions (Alico)	Egypt	100.00	Full
Orascom Construction Trading - FZCO	UAE	100.00	Full
Orascom Construction SAE	Egypt	100.00	Full
Orascom Road Construction	Egypt	100.00	Full
Orasqualia for the Development of the Wastewater Treatment Plant	Egypt	50.00	Equity
National Steel Fabrication	Egypt	100.00	Full
Orascom Industrial Parks Company	Egypt	60.50	Full
Orascom Saudi Company	KSA	60.00	Full
Contrack Watts Inc	USA	100.00	Full
Orascom E&C USA	USA	100.00	Full
Orascom Construction USA Inc	USA	100.00	Full
Orascom Investments	Netherlands	100.00	Full
The Weitz Group LLC	USA	100.00	Full
Orascom For Wind Energy	Egypt	100.00	Full
Orascom Trading Company	Egypt	100.00	Full
Orascom Free Zone	Egypt	100.00	Full
National Equipment Company	Egypt	100.00	Full

Furthermore, OC PLC has various holding companies in the Netherlands and the countries it operates in.

30. Dividends

On 6 February 2024, the board of directors approved an interim dividend of USD 0.190 per share amounting to USD 20.9 million which had been paid on 22 February 2024.

On 20 May 2024, at the Annual General Meeting, the shareholders approved a dividend of USD 0.200 per share amounting to USD 22.1 million which had been paid on 21 August 2024.

On 31 December 2024, the board of directors approved an interim dividend of USD 0.220 per share amounting to USD 24.2 million which had been paid on 15 January 2025.

Dubai, UAE, 27 May 2025

The Orascom Construction PLC Board of Directors,

Jérôme Guiraud	Chairman
Osama Bishai	Chief Executive Officer
Sami Haddad	Member
Johan Beerlandt	Member
Nada Shousha	Member
Renad Younes	Member
Hassan Badrawi	Member
Bjorn Schuurmans	Member