Dear Esteemed Shareholders,

On behalf of the Board of Directors, I would like to extend my sincere gratitude for your continued trust and support. I am pleased to share the Annual Report for the financial year ending on December 31^st, 2025, which highlights the company’s performance and results, along with updates related to the progress of our developments.

During 2025, our strong performance reaffirmed our strategic direction and our ability to plan. We continued to implement our strategy focused on expansion and asset diversification, with an emphasis on exploring investment opportunities in Kuwait that support economic development and align with the country’s priorities and future aspirations.

In 2025 we witnessed several notable achievements, including the opening of the second phase of The Avenues – Bahrain, which introduced exciting new components that enriched the visitor experience. Additionally, Mabanee signed Kuwait’s first Green Loan Agreement for its Souk Sabah project in Sabah Al-Ahmad City.

On the corporate front, Mabanee was certified as a “Great Place to Work for 2025–2026” in the GCC region, reflecting our strong corporate culture and our success in providing a positive and empowering workplace for our employees.

We also continued to strengthen our Environmental, Social, and Governance (ESG) initiatives, which resulted in an improvement of our MSCI rating from “B” to “BBB”, an increase in our S&P Global rating from 30 to 40, and an upgrade in our CSR Hub score after surpassing 60 points.

As part of our commitment to sustainability, four of our projects obtained LEED certifications from the U.S. Green Building Council. The Avenues became the first shopping mall in Kuwait to receive the LEED Gold Certification, while Aventura, Souk Sabah, and The Avenues – Khobar obtained LEED Gold Pre-Certification.

Financially, the company continued to deliver positive solid results, with net profit increasing by 29.7% to reach KD 84.6 million. Our projects also sustained strong operational performance, with The Avenues – Kuwait achieving an occupancy rate of 98%, reaffirming its position as one of the leading retail and entertainment destinations in the GCC.

Both Hilton Garden Inn and Waldorf Astoria, directly connected to The Avenues – Kuwait, also achieved record performance levels, particularly supported by the national initiative ‘Visit Kuwait’, which aims to stimulate tourism and increase footfall in commercial and hospitality facilities. We believe that ‘Visit Kuwait’ represents a successful model of public–private sector collaboration and plays an important role in enhancing Kuwait’s position as a leading tourism and leisure destination, while contributing to national economic growth in alignment with the country’s future vision.

Regarding our projects currently under development, the first milestone of the residential component of the Aventura project, Aventura Residences, in Jaber Al-Ahmad City is expected to be completed in the first quarter of 2026. Meanwhile, the retail component, Aventura Mall, currently at 90% completion, is expected to be completed in the third quarter of 2026.

Souk Sabah in Sabah Al-Ahmad City continues to progress according to plan, with completion expected in the first quarter of 2028. As for Plage 13 (formerly known as Hilton Mangaf Hotel & Resort), our goal is to uplift and transform the project into a premier hospitality and leisure destination attracting visitors both from within and outside Kuwait as well as contributing to the growth of the local tourism sector. Renovation works are progressing, and operations are targeted to begin in the fourth quarter of 2026.

In the Kingdom of Bahrain, The Avenues – Bahrain Phase II was inaugurated under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister. This expansion added 40,000 square meters of gross leasable space in addition to new components.

In the Kingdom of Saudi Arabia, The Avenues – Riyadh, one of the Kingdom’s largest development projects, is progressing rapidly and is scheduled to open in the first quarter of 2027, followed by the completion of the five towers in 2028. Meanwhile, The Avenues – Khobar is similarly progressing, with 38% completion achieved, and is expected to open during the first quarter of 2028.

In closing, I extend my sincere appreciation to the Executive Management team at Mabanee for their dedication and commitment. I also extend my deepest gratitude to you, our valued shareholders, for your unwavering trust and continued support.

We look forward to further progress and prosperity for the State of Kuwait under its wise leadership.

Warm regards,

Mohammad Abdulaziz Alshaya

Chairman, Board of Directors