SHAPING OUR VISION OF THE FUTURE BEYOND WHAT WE HAVE SEEN

Dear esteemed shareholders,

Peace, mercy, and blessings of Allah be upon you.

In this blessed month, we extend our warmest regards and best wishes, asking Allah to accept our fasting and prayers, and to make it a month of goodness, mercy, and blessings for all.

We also proudly remember the martyrs of our nation who sacrificed their lives for its sake, asking Allah to grant them his vast mercy and to bestow patience and solace upon their families. This holy month comes amid significant challenges facing our region, and we pray that Allah protects our beloved State of Kuwait, preserves its security and stability, and brings peace and prosperity to our Arab region and the entire world.

It is my pleasure to present to you the Annual Report of Mazaya Holding Company for the fiscal year ended December 31, 2025, in which we highlight the company's most notable achievements throughout the year. These accomplishments would not have been possible without your confidence and continuous support, which remain the primary motive that drives the company toward further progress and growth.

Today, we are committed to establishing solid foundations that enable us to achieve our aspirations and strategic vision—strengthening the company’s position within local markets across new investment sectors and instruments—supported by an administrative and operational framework based on transparency, credibility, and sustainability.

Dear brothers and sisters,

Our foremost priority has been to enhance the company’s revenues from its stable income streams to support performance in the markets in which we operate. With the grace of Allah, we succeeded in maintaining steady operational income from leasing activities by continuously working to achieve high occupancy rates across our income‑generating projects. This strengthens our business model, which relies on a diversified portfolio of assets distributed geographically and based on varying types of returns.

We also successfully secured the necessary liquidity through operational activities and maintained the company’s strong financial position.

Ladies and gentlemen,

I am pleased to present to you a summary of the company’s major achievements for the year 2025 across its various sectors and subsidiaries:

• The company strengthened its financial position by achieving cash liquidity of KD 3.48 million by the end of 2025, reflecting its ability to manage cash resources efficiently and flexibly in a changing operational environment.
• The company succeeded in reducing financing costs to KD 2.9 million, representing meaningful savings that support its strategy to restructure financial obligations.
• As part of managing credit facilities, the company had reduced its bank liabilities to reach a total amount of KD 42.2 million by the end of 2025, which contributes to annual savings in financing costs.
• The company also restructured some of its credit facilities with local banks under competitive terms and conditions, enhancing its ability to execute its business plan and future investments through the resulting cash savings.
• From operational and expense control perspectives, the company achieved notable efficiency in expense management, by reducing its general and administrative expenses to reach KD 2.56 million only during 2025, while achieving a net profit of KD 1.73 million for the year 2025.
• The company adopted a balanced dividend policy by distributing 5% bonus shares from treasury shares, supported by a well‑planned management of treasury shares that enhances the shareholders’ equity value.

In conclusion

I extend my sincere gratitude to the Chairman and members of the Board of Directors of Mazaya Holding Company for their continuous support and confidence, and to the entire company’s team members for their dedication, loyalty, and outstanding efforts.

I also express my deep appreciation to our shareholders and all our partners for their invaluable trust, which has always been a source of pride and motivation for us.

We reaffirm our commitment to continuing our work guided by a clear strategic vision focused on asset growth, strengthening operational and investment efficiency, creating sustainable value for our shareholders, and maintaining a solid financial position—while upholding the highest standards of governance and transparency in line with our aspirations for balanced and sustainable growth.

May Allah grant us success in serving our company and shareholders, and protect our beloved Kuwait, preserving its security and stability.

Peace, mercy, and blessings of Allah be upon you.

Eng. Ibrahim Abdulrahman Al-Soqabi

Group Chief Executive Officer

Mazaya Holding Company K.S.C.P.