DFM:GULFNAV Balance Sheet

Financials in millions AED. Fiscal year is January - December.

Millions AED. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	92.66	49.36	28.47	27.11
Short-Term Investments	-	-	1.17	0.37
Cash & Short-Term Investments	92.66	49.36	29.64	27.48
Cash Growth	87.74%	66.52%	7.87%	-
Accounts Receivable	29.03	11.81	19.38	13.85
Other Receivables	13.05	9.17	0.02	-
Receivables	42.07	20.98	19.39	13.85
Inventory	11.92	1.31	1.16	0.92
Prepaid Expenses	7.63	0.71	0.24	0.46
Restricted Cash	0.65	25.34	-	-
Other Current Assets	20.08	8.33	0.11	0.56
Total Current Assets	175.02	106.02	50.55	43.27
Property, Plant & Equipment	2,257	1,644	1,296	1,337
Goodwill	270.6	-	-	-
Other Intangible Assets	0.41	-	-	-
Long-Term Deferred Tax Assets	1.97	-	-	-
Other Long-Term Assets	-	31.22	121.32	53.8
Total Assets	2,705	1,781	1,467	1,434
Accounts Payable	95.26	51.47	36.19	33.47
Accrued Expenses	23.55	30.22	24.19	15.9
Short-Term Debt	-	-	629.34	671.36
Current Portion of Long-Term Debt	192.65	561.11	-	-
Current Portion of Leases	33.92	39.32	2.14	2.12
Current Unearned Revenue	11.87	15.46	-	-
Other Current Liabilities	193.71	498.12	295.59	281.62
Total Current Liabilities	550.95	1,196	987.46	1,004
Long-Term Debt	521.78	3.64	-	-
Long-Term Leases	344.2	337.87	117.2	117.31
Pension & Post-Retirement Benefits	2	0.63	0.49	0.22
Other Long-Term Liabilities	8.33	8.06	7.55	7.31
Total Liabilities	1,427	1,546	1,113	1,129
Common Stock	2,587	837.7	5	5
Additional Paid-In Capital	268.57	-	-	-
Retained Earnings	-18.29	-31.66	92.89	12.42
Treasury Stock	-148.5	-	-	-
Comprehensive Income & Other	-1,411	-570.56	256.78	287.44
Shareholders' Equity	1,277	235.48	354.67	304.86
Total Liabilities & Equity	2,705	1,781	1,467	1,434
Total Debt	1,093	941.93	748.69	790.79
Net Cash (Debt)	-999.89	-892.58	-719.05	-763.31
Net Cash Per Share	-0.39	-	-	-
Filing Date Shares Outstanding	2,561	-	-	-
Total Common Shares Outstanding	2,561	-	-	-
Working Capital	-375.93	-1,090	-936.91	-961.19
Book Value Per Share	0.50	-	-	-
Tangible Book Value	1,006	235.48	354.67	304.86
Tangible Book Value Per Share	0.39	-	-	-
Buildings	114.74	113.74	102.98	102.98
Machinery	1,906	659.44	663.31	659.58
Construction In Progress	288.17	229.17	0.68	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.