National International Holding Company

1. Company Overview & Earnings Context

National International Holding Company (NIH) is a diversified investment holding company listed on the Dubai Financial Market (DFM). The Group operates across financial investments, real estate investments and industrial activities through a portfolio of subsidiaries and associates. During H1 2026, NIH reported a weaker financial performance as lower investment gains and reduced contributions from associates resulted in a net loss despite continued revenue generation from its operating businesses. The Group, however, maintained a strong balance sheet supported by a sizeable investment portfolio and healthy equity base.

2. Financial Performance Snapshot

• Revenue: KD 1.57 Million (-57.7% YoY)

• Operating Expenses: KD 2.15 Million (-12.6% YoY)

• Net Investment Loss: KD 0.32 Million (vs. Gain of KD 1.50 million YoY)

• Share of Results from Associates: KD 0.32 Million (-63.8% YoY)

• Finance Costs: KD 0.01 Million

• Net Loss: KD 0.58 Million (vs. Net Profit of KD 1.25 million YoY)

• Earnings Per Share (EPS): (2.25) fils (vs. 4.81 fils YoY)

Compared with H1 2025:

• Revenue declined 57.7% to KD 1.57 million.

• Net investment income turned into a loss of KD 0.32 million from a gain of KD 1.50 million.

• Share of results from associates declined 63.8% to KD 0.32 million.

• The Group reported a net loss of KD 0.58 million, compared with a net profit of KD 1.25 million in H1 2025.

• Earnings per share declined from 4.81 fils to a loss of 2.25 fils.

3. Operational Highlights & Key Metrics

• Total Assets: KD 53.74 Million

• Total Equity: KD 48.02 Million

• Cash & Cash Equivalents: KD 2.70 Million

• Investments at Fair Value Through Profit or Loss: KD 9.69 Million

• Investments at Fair Value Through Other Comprehensive Income: KD 12.17 Million

• Debt Instruments at Amortised Cost: KD 3.78 Million

• Investment in Associates: KD 17.70 Million

• Investment Properties: KD 3.21 Million

• Property, Plant & Equipment: KD 2.83 Million

• Total Liabilities: KD 5.71 Million

4. Key Performance Drivers

NIH's H1 2026 results were primarily impacted by weaker investment performance during the period. Net investment income moved into a loss compared with the strong gains recorded in the previous year, while earnings from associates also declined significantly. Although the Group continued generating revenue from its industrial and investment activities and operating expenses were lower year-on-year, the decline in investment-related income more than offset these positives, resulting in an overall net loss for the period.

5. Outlook & Forward Guidance

Management remains focused on managing its diversified investment portfolio across financial investments, real estate and industrial businesses while preserving a strong financial position. The Group continues to monitor regional geopolitical developments and broader economic conditions that could impact investment markets and operating performance, while maintaining prudent capital management and liquidity to support long-term shareholder value.

6. Investor Takeaway

National International Holding experienced a challenging first half of 2026 as weaker investment returns and lower associate earnings weighed on profitability. Despite reporting a net loss, the Group continues to maintain a strong balance sheet with over KD 48 million in equity, low leverage and a diversified investment portfolio, providing a solid financial foundation as market conditions improve.