Qatar Navigation Q P S C : Year Q1 2024 Presentation

Q1 2024 Financial Summary Conference Call

Doha, Qatar

May 1, 2024

Consolidated Income Statement - Q1

(All amounts in QR Millions)

Operating Revenue

Salaries, Wages and Other Benefits Operating Supplies and Expenses Rent Expenses Depreciation and Amortisation Provision of Impairment of Trade Receivables Other Operating Expenses Operating Expenses Operating Profit before Impairments

Finance Costs Finance Income Net Gain on Disposal of Property, Vessels & Equipment Share of Results of Associates Share of Results of Joint Arrangements Net Gain on Foreign Exchange Tax for the Year Non-OperatingProfit

Profit for the Period

Non-controlling interest

Net Profit Attributable To Equity Holders Of The Parent

2022 913

(155) (415) (2) (90) (17) (40) (718) 194

(15) 4 0 142 35 2 0 167

361 (1)

360

2023 766

(139) (306) (3) (94) 3 (16) (556) 210

(14) 8 1 115 44 0 0 154

364 (1)

363

2024 747

(173) (236) (2) (98) 7 (37) (539) 208

(7) 4 9 155 1 (0) (5) 157

365 0

365

Revenue		-3%
Operating Profit	-1%
before Impairments
Net Profit		1%
%'s shown vs 2023
913
766	747

360

363

365

2022	2023	2024	2022	2023	2024
Revenue	Net Income
				2015

2

Activities by Segment

• Port Services
• Container Shipping
• Warehousing & Logistics
• Shipyard
• Shipping Line Agencies

• Vessel Charter & Operations
• Subsea Services
• Engineering & Construction Services
• Well Services
• Harbor Marine Operations
• Industrial Logistics

• LNG Transport
• LPG Transport
• Floating Storage and
  Offloading (FSO) Operations

• Heavy Equipment and Truck Agency
• Bunker Distribution
• Marine Engine and Lubricants Agency
• Ship Chandlery

• Real Estate Development and Management
• Strategic and Financial Investments

3

Net Profit, by Segment - Q1

(All amounts in QR Millions)

Unfavorable
Favorable	+19%
%'s shown vs 2023	186
164	+12%
156

134

119

102

88	-5%
67	63

-174%							-247%
19
(14)	8					3	(4)
Offshore	Gas & Petrochem	(2) Trading	Capital
Maritime &
Logistics
		2022	2023		2024

4

Statement of Income, by Segment - Q1 2024

(All amounts in QR Millions)

	Maritime &		Gas &				Eliminations/
	Logistics	Offshore	Petrochem	Trading	Capital	Corporate	Adjustments	Consolidated
Operating Revenue	165	373	63	47	169	-	(70)	747
Salaries, Wages & Benefits	(74)	(45)	(8)	(7)	(3)	(36)	-	(173)
Operating Supplies & Expenses	(139)	(98)	(3)	(40)	(12)	(3)	60	(236)
Rent	(8)	(1)	(0)	(1)	(1)	(2)	10	(2)
Depreciation & Amortization	(9)	(57)	(12)	(0)	(18)	(1)	-	(98)
Provision of Impairment of Trade Receivables	7	0	-	0	(0)	-	-	7
Other Operating Expenses	(17)	(10)	(3)	(1)	(2)	(5)	0	(37)
Fleet & Technical Expense Allocation	77	(77)	(0)	-	-	-	-	0
Expense Allocation from Milaha Corporate	(23)	(13)	(2)	(3)	(4)	46	-	(0)
Operating Profit before Impairments	(20)	71	34	(4)	127	(0)	(0)	208
Impairment of Property, Vessels and Equipment	-	-	-	-	-	-	-	-
Finance Costs	(7)	(11)	(7)	-	(3)	-	21	(7)
Finance Income	7	7	2	0	9	0	(21)	4
Net Gain on Disposal of Property, Vessels & Equipment	9	1	-	-	-	0	-	9
Net Gain on Disposal of Investment Property	-	-	-	-	-	-	-	-
Share of Results of Associates	0	-	154	-	0	-	-	155
Share of Results of Joint Arrangements	(3)	-	4	-	-	-	-	1
Impairment of Available-for-Sale Investments	-	-	-	-	-	-	-	-
Net Gain on Foreign Exchange	0	(0)	(0)	(0)	0	-	-	(0)
Miscellaneous Income	-	-	-	-	-	-	-	-
Tax for the Year	-	(4)	(1)	-	-	-	-	(5)
Profit for the Period	(14)	63	186	(4)	133	(0)	-	365
Non-controlling interest	-	-	-	-	0	-	-	0
Net Profit Attributable To Equity Holders Of The Parent	(14)	63	186	(4)	134	(0)	-	365

5

Statement of Income, by Segment - Q1 2023

(All amounts in QR Millions)

	Maritime &		Gas &				Eliminations/
	Logistics	Offshore	Petrochem	Trading	Capital	Corporate	Adjustments	Consolidated
Operating Revenue	215	340	57	58	172	0	(76)	766
Salaries, Wages & Benefits	(67)	(30)	(7)	(3)	(5)	(28)	-	(139)
Operating Supplies & Expenses	(175)	(114)	(5)	(47)	(28)	(3)	66	(306)
Rent	(9)	(0)	(0)	(1)	(1)	(2)	10	(3)
Depreciation & Amortization	(7)	(57)	(12)	(0)	(17)	(1)	-	(94)
Provision of Impairment of Trade Receivables	0	1	2	(0)	(0)	-	-	3
Other Operating Expenses	(15)	6	(2)	(1)	1	(5)	0	(16)
Fleet & Technical Expense Allocation	72	(72)	(0)	-	-	-	-	0
Expense Allocation from Milaha Corporate	(25)	(5)	(2)	(3)	(4)	39	-	(0)
Operating Profit before Impairments	(11)	69	32	3	118	0	0	210
Impairment of Property, Vessels and Equipment	-	-	-	-	-	-	-	-
Finance Costs	(2)	(9)	(7)	-	(0)	-	4	(14)
Finance Income	-	5	4	0	3	-	(4)	8
Net Gain on Disposal of Property, Vessels & Equipment	-	1	-	-	-	-	-	1
Net Gain on Disposal of Investment Property	-	-	-	-	-	-	-	-
Share of Results of Associates	0	-	115	-	(0)	-	-	115
Share of Results of Joint Arrangements	32	-	12	-	-	-	-	44
Impairment of Available-for-Sale Investments	-	-	-	-	-	-	-	-
Net Gain on Foreign Exchange	0	0	(0)	(0)	0	(0)	-	0
Miscellaneous Income	-	-	-	-	-	-	-	-
Tax for the Year	-	-	-	-	-	-	-	-
Profit for the Period	19	67	156	3	120	(0)	0	364
Non-controlling interest	-	-	-	-	(1)	-	-	(1)
Net Profit Attributable To Equity Holders Of The Parent	19	67	156	3	119	(0)	0	363

6

Segment Performance - Q1

(All amounts in QR Millions)

Maritime & Logistics

23% Decrease in Revenue and 174% Decrease in Net Profit

1. Operating Revenue decreased QR (49)m
2. • -21mContainer Shipping driven by lower rates vs the same period in 2023
   • -28mFreight Logistics due to lower freight volumes & warehouse utilization

1. Operating Expenses are down QR 41m
2. • 36m decrease in Operating Supplies & Expenses tied to lower logistics volumes and reduced pass-through container shipping expenses
   • 7m swing in bad debt provisions related to successful recovery of outstanding debts

	2022	2023	2024
Operating Revenue	366	215	165
Salaries, Wages and Other Benefits	(87)	(67)	(74)
Operating Supplies and Expenses	(228)	(175)	(139)
Rent Expenses	(10)	(9)	(8)
Depreciation and Amortisation	(7)	(7)	(9)
Provision of Impairment of Trade Receivables	(3)	0	7
Other Operating Expenses	(18)	(15)	(17)
Fleet & Technical Expense Allocation	71	72	77
Expense Allocation from Milaha Corporate	(27)	(25)	(23)
Operating Expenses	(309)	(226)	(185)
Operating Profit before Impairments	57	(11)	(20)
Non-Operating Income/(Expense)	31	30	6

o Non-Operating Income is down QR (24)m		Profit for the Period		88		19	(14)
	215	0
Shipyard	20	8		0	-1
Shipping Agencies	6				-21		165
Ship Management							-28	20	8
								6
Container Shipping	129
	Revenue Waterfall - 2023 vs 2024
								108
Freight Logistics	51							23
	2023	Shipyard	Ship	Shipping	Container	Freight	2024
				Management	Agencies	Shipping	Logistics
								7

Segment Performance - Q1

(All amounts in QR Millions)

Offshore Marine

10% Increase in Revenue and 5% Decrease in Net Profit

1. Operating Revenue increased QR 33m
2. • +18m Services and +10m Vessel Chartering increases driven by higher project income and increased chartering rates
   • +5m Industrial Logistics (transferred to Offshore Marine from Maritime & Logistics segment mid 2023) from increased volumes & projects

1. Operating Expenses are up QR (31)m
2. • -16mincreases in Salaries, Wages & Other Benefits driven by increased staffing, including converting 3rd party contractors to fulltime employees
   • +15m decrease in Operating Supplies & Expenses driven by reduced 3rd party contractors expense
   • -16mincrease in Other Operating Expenses mainly related to one-off favorable reversal of VAT provision recorded in 2023
   • -8mincrease in Allocation from Milaha Corporate mainly related to transfer of Industrial Logistics to Offshore Marine

1. Non-OperatingExpenses increased by QR (5)m mainly from -4m higher tax provision

Operating Revenue

Salaries, Wages and Other Benefits Operating Supplies and Expenses Rent Expenses Depreciation and Amortisation Provision of Impairment of Trade Receivables Other Operating Expenses Fleet & Technical Expense Allocation Expense Allocation from Milaha Corporate Operating Expenses Operating Profit before Impairments

Non-Operating Income/(Expense) Profit for the Period

2022	2023	2024
290	340	373
(22)	(30)	(45)
(118)	(114)	(98)
(0)	(0)	(1)
(53)	(57)	(57)
2	1	0
(9)	6	(10)
(68)	(72)	(77)
(6)	(5)	(13)
(274)	(271)	(302)
16	69	71
(7)	(2)	(7)
8	67	63

	340
Services	94
Harbor Operations	23
Vessel Chartering	192
Industrial Logistics	32
	2023

18	10	5

-1

Revenue Waterfall - 2023 vs 2024

Services	Vessel Chartering	Industrial	Harbor
		Logistics	Operations

373

112

22

202

37

2024

8

Segment Performance - Q1

(All amounts in QR Millions)

10% Increase in Revenue and 19% Increase in Net Profit

1. Operating Revenue increased by QR 6m
2. • 6m increase from LNG Vessels mainly attributable to favorable one-off items

1. Operating Expenses are up QR (4)m
2. • Excluding Bad Debt Provisions, OpEx is up (2)m vs 2023

1. Non-OperatingIncome up QR 29m
2. • +39m Results from Associates, mainly from our share of Nakilat's results
   • -9mResults from Joint Arrangements, mainly from reduced income from our VLGC JV

Gas & Petrochem

	2022	2023	2024
Operating Revenue	53	57	63
Salaries, Wages and Other Benefits	(6)	(7)	(8)
Operating Supplies and Expenses	(3)	(5)	(3)
Rent Expenses	(0)	(0)	(0)
Depreciation and Amortisation	(13)	(12)	(12)
Provision of Impairment of Trade Receivables	-	2	-
Other Operating Expenses	(3)	(2)	(3)
Fleet & Technical Expense Allocation	(3)	(0)	(0)
Expense Allocation from Milaha Corporate	(3)	(2)	(2)
Operating Expenses	(30)	(25)	(29)
Operating Profit before Impairments	23	32	34
Non-Operating Income/(Expense)	142	124	152
Profit for the Period	164	156	186

6	0	63
57

LNG Vessels	47	Revenue Waterfall - 2023 vs 2024	53

	FSO	10			10
		2023	LNG Vessels	FSO	2024

9

Segment Performance - Q1			Trading
(All amounts in QR Millions)
19% Decrease in Revenue and 247% Decrease in bottom line		2022	2023	2024
Operating Revenue	67	58	47
o Decreased sales of bunker and heavy equipment		Salaries, Wages and Other Benefits	(4)	(3)	(7)
				Operating Supplies and Expenses	(61)	(47)	(40)
				Rent Expenses	(1)	(1)	(1)
				Depreciation and Amortisation	(0)	(0)	(0)
				Provision of Impairment of Trade Receivables	0	(0)	0
				Other Operating Expenses	(1)	(1)	(1)
				Expense Allocation from Milaha Corporate	(3)	(3)	(3)
				Operating Expenses	(70)	(55)	(51)
				Operating Profit before Impairments	(2)	3	(4)
				Non-Operating Income/(Expense)	0	0	(0)
				Profit for the Period	(2)	3	(4)
	58
		0	-4		47
Bunker Sales	28			-6
					24
Equipment Trading Agencies	15	Revenue Waterfall - 2023 vs 2024
			8
Marine Sales & Service	15				15
	2023	Marine Sales	Bunker Sales	Equipment	2024
		& Service		Trading Agencies
				10