Grand Harbour Marina p.l.c. Other Disclosures in terms of the Rules (continued) Pursuant to Rule 5.70 (continued) Pursuant to Rule 5.70.2 Company Secretary: Dr Louis de Gabriele LL.D. Registered Office of Company: Vittoriosa Wharf Vittoriosa BRG 1721 Malta Telephone: (+356) 21 800 700 27

Grand Harbour Marina p.l.c. Statement of financial position As at 31 December 2025 2025 2024 2025 2024 Group Group Company Company   Note €000 €000 €000 €000 ASSETS Property, plant and equipment 16 3,762 3,979 3,762 3,979 Deferred costs on property, plant and equipment 395 417 395 417 Right-of-use asset 21 4,785 4,920 4,785 4,920 Equity-accounted investee 18 12,685 11,377 2,174 2,174 Investment in debt securities 19 2,974 4,488 2,974 4,488 Non-current assets 24,601 25,181 14,090 15,978 Loan to Parent company 20 1,062 1,049 1,062 1,049 Tax receivable 14 - 14 - Investment in debt securities 19 7,453 2,966* 7,453 2,966* Trade and other receivables 22 1,190 1,388* 1,190 1,388* Cash and cash equivalents 23 4,261 7,525 4,261 7,525 Current assets 13,980 12,928 13,980 12,928 Total assets 38,581 38,109 28,070 28,906 EQUITY Share capital 24 2,400 2,400 2,400 2,400 Exchange translation reserve 24 (2,894) (1,894) - - Fair value reserve 24 (116) (98) (116) (98) Retained earnings 14,541 12,519 1,136 1,422 Total equity attributable to equity holders of the Company 13,931 12,927 3,420 3,724 LIABILITIES Lease liability 21 5,928 5,963 5,928 5,963 Debt securities in issue 26 14,921 14,875 14,921 14,875 Deferred tax liabilities 15 563 650 563 650 Non-current liabilities 21,412 21,488 21,412 21,488 Lease liability 21 24 20 24 20 Bank overdraft 26 2 2 2 2 Taxation payable - 158 - 158 Trade and other payables 27 1,831 2,232 1,831 2,232 Contract liabilities 28 1,381 1,282 1,381 1,282 Current liabilities 3,238 3,694 3,238 3,694 Total liabilities 24,650 25,182 24,650 25,182 Total equity and liabilities 38,581 38,109 28,070 28,906 *Comparative information has been reclassified to conform to current year presentation.The accompanying notes are an integral part of these financial statements. The financial statements on pages 31 to 90 were approved and authorised for issue by the Board of Directors on 30 March 2026 and signed on behalf of the Company’s Board of Directors by Lawrence Zammit (Chairman) and Franco Azzopardi (Director) as per Directors’ Declaration on ESEF Annual Financial Report submitted in conjunction with the Annual Report Financial Statements 2025. 31

Grand Harbour Marina p.l.c. Statement of profit or loss and other comprehensive income For the year ended 31 December 2025 2025 2024 2025 2024 Group Group Company Company Note €000 €000 €000 €000 Continuing operations Revenue 10 5,161 8,231 5,161 8,231 Direct costs 11 (1,231) (2,563) (1,231) (2,563) Gross profit 3,930 5,668 3,930 5,668 Selling and marketing expenses 11 (60) (42) (60) (42) Administrative expenses: Depreciation on plant and equipment 16 (303) (299) (303) (299) Depreciation on right-of-use-asset 21 (135) (133) (135) (133) Other administrative expenses 11 (1,731) (2,186) (1,731) (2,186) Operating profit 1,701 3,008 1,701 3,008 Impairment reversal on financial assets 29 4 96 4 96 Finance income 13 259 391 259 391 Finance costs 13 (1,108) (1,128) (1,108) (1,128) (845) (641) (845) (641) Share of equity-accounted investee profit net of tax 18 2,007 1,496 - - Profit before tax 2,863 3,863 856 2,367 Income tax expense 15 (442) (441) (442) (441) Profit for the year attributable to equity holders of the Company 2,421 3,422 414 1,926 Other comprehensive (loss)/ income: Items that are or may be reclassified subsequently to profit or loss Monetary gain on restating non-monetary items in line with IAS 29 18 301 4,377 - - Foreign currency translation differences 18 (1,000) (224) - - Unrealised fair value movement on debt securities at fair value through other comprehensive income (FVOCI) 19 (15) 106 (15) 106 Reversal of Expected credit losses on debt securities at FVOCI 19 (3) (1) (3) (1) Other comprehensive (loss)/ income for the year, net of tax attributable to equity holders of the Company (717) 4,258 (18) 105 Total comprehensive income for the year attributable to equity holders of the Company 1,704 7,680 396 2,031 Earnings per share (€) 14 0.121 0.171 The accompanying notes are an integral part of these financial statements. 32

Grand Harbour Marina p.l.c. Statement of changes in equity For the Year Ended 31 December 2025 Share capital Translation reserve Fair value reserve Retained earnings Total €000 €000 €000 €000 €000 Group Balance at 1 January 2024 2,400 (1,670) (203) 5,943 6,470 Total comprehensive (loss)/ income: Profit for the year - - - 3,422 3,422 Other comprehensive (loss)/ income: Monetary gain on restating non-monetary items in line with IAS 29 - - - 4,377 4,377 Foreign currency translation differences - (224) - - (224) Unrealised fair value movement on debt securities at fair value through other comprehensive income (FVOCI) - - 106 - 106 Reversal of Expected credit losses on debt securities at FVOCI - - (1) - (1) Other comprehensive (loss)/ income for the year - (224) 105 4,377 4,258 Total comprehensive (loss)/ income for the year - (224) 105 7,799 7,680 Transactions with owners of the Company: Dividends paid - - - (1,223) (1,223) Balance at 31 December 2024 2,400 (1,894) (98) 12,519 12,927 Balance at 1 January 2025 2,400 (1,894) (98) 12,519 12,927 Total comprehensive (loss)/ income: Profit for the year - - - 2,421 2,421 Other comprehensive (loss)/ income: Monetary gain on restating non-monetary items in line with IAS 29 -- - 301 301 Foreign currency translation differences - (1,000) - - (1,000) Unrealised fair value movement on debt securities at fair value through other comprehensive income (FVOCI) - - (15) - (15) Reversal of Expected credit losses on debt securities at FVOCI - - (3) - (3) Other comprehensive (loss)/ income for the year - (1,000) (18) 301 (717) Total comprehensive (loss)/ income for the year - (1,000) (18) 2,722 1,704 Transactions with owners of the Company: Dividends paid - - - (700) (700) Balance at 31 December 2025 2,400 (2,894) (116) 14,541 13,931 The accompanying notes are an integral part of these financial statements. 33

Grand Harbour Marina p.l.c. Statement of cash flows For the Year Ended 31 December 2025 2025 2024 2025 2024 Group Group Company Company Note €000 €000 €000 €000 Cash flows from operating activities Profit for the year 2,421 3,422 414 1,926 Adjustments for: Depreciation on plant and equipment 16 303 299 303 299 Depreciation on right-of-use assets 21 135 133 135 133 Change in expected credit losses on financial assets 29 (4) (96) (4) (96) Share of profit of equity-accounted investee, net of tax 18 (2,007) (1,496) - - Net finance costs 13 849 737 849 737 Loss on assets retired 16 41 111 41 111 Tax expense 15 442 441 442 441 2,180 3,551 2,180 3,551 Changes in: - Trade and other receivables 198 (260) 198 (260) - Contract liabilities 99 241 99 241 - Trade and other payables (402) 822 (402) 822 Cash generated from operating activities 2,075 4,354 2,075 4,354 Interest paid on lease liabilities 21 (326) (350) (326) (350) Interest paid on debt securities in issue (675) (675) (675) (675) Taxes paid (701) (466) (701) (466) Net cash from operating activities 373 2,863 373 2,863 Cash flows (used in)/ from investing activities Interest received on debt securities 222 158 222 158 Acquisition of property, plant and equipment 16 (105) (274) (105) (274) Acquisition of debt securities 19 (9,958) (2,966) (9,958) (2,966) Disposal of debt securities 6,961 - 6,961 - Principal received from related parties 31 - 3,635 - 3,635 Interest received from related parties 31 35 214 35 214 Net cash (used in)/ from investing activities (2,845) 767 (2,845) 767 Cash flows used in financing activities Dividends paid 24 (700) (1,223) (700) (1,223) Payment of lease liabilities 21 (92) (63) (92) (63) Net cash used in financing activities (792) (1,286) (792) (1,286) Net movement in cash and cash equivalents (3,264) 2,344 (3,264) 2,344 Cash and cash equivalents at 1 January* 7,523 5,179 7,523 5,179 Cash and cash equivalents at 31 December* 23 4,259 7,523 4,259 7,523 * Cash and cash equivalents include bank overdrafts that are repayable on demand and form an integral part of the Group’scash management. The accompanying notes are an integral part of these financial statements. 35

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 1 Reporting entity Grand Harbour Marina p.l.c. (the “Company”) is a public listed company domiciled and incorporated in Malta, with registration number C26891, and the registered office of which is situated at Vittoriosa Wharf, Vittoriosa, Malta. The consolidated financial statements of the Group as at and for the year ended 31 December 2025 comprise the Company and its subsidiary, (together referred to as the “Group”) and the Group’s beneficial interest of 45% in a joint arrangement, IC Cesme Marina Yatirim, Turizm ve Islemeleri Anonim Sirketi (“IC Cesme”). The Group is itself a subsidiary of Camper & Nicholsons Marina Investments Limited (“CNMIL” or the “Parent company”). The principal activities of the Group are the development, operation and management of marinas. 2 Basis of accounting Legal Notice 19 of 2009 as amended by Legal Notice 233 of 2016, Accountancy Profession (Accounting and Auditing Standards) (Amendments) Regulations, 2016 (the “Regulation”), defines compliance with generally accepted accounting principles and practice as adherence to International Financial Reporting Standards (IFRS) as adopted by the EU for financial periods starting on or after 1 January 2008. Article 4 of Regulation 1606/2002/EC requires that, for each financial year starting on or after 1 January 2005, companies governed by the law of an EU Member State shall prepare their consolidated financial statements in conformity with IFRS as adopted by the EU if, at their reporting date, their securities are admitted to trading on a regulated market of any EU Member State. Consequently, the separate and the consolidated financial statements are prepared in conformity with IFRS as adopted by the EU. Details of the Group’s material accounting policy information are included in note 7. 3 Basis of measurement The financial statements have been prepared on the historical cost basis except investments in debt securities which are measured at fair value on each reporting date, and the investment in a joint venture that is measured under the equity method. Additionally, as disclosed in note 6, the Group’s equity-accounted investee operates in a hyperinflationary economy, accordingly the financial information been expressed in terms of the measuring unit current at the reporting date as a result of the effects of inflation. The financial statements have also been prepared on a going concern basis as explained below: Going concern basis The directors have, at the time of approving the financial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. 36

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 4 Functional and presentation currency These financial statements are presented in Euro (€), which is the Company’s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated. 5 Use of judgements and estimates In preparing these financial statements management has made judgements and estimates that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. 5.1 Judgements, assumptions and estimation uncertainties Information about judgements, assumptions and estimation uncertainties that have the most significant effects on the amounts recognised in the financial statements, is provided below: - Information about the recognition of long-term berth sales at a point in time, in line with IFRS 15 Revenue from contracts with customers, is found in note 10.4.1, - As further described in note 18.4, in assessing impairment, management estimates the recoverable amount of the Group’s investment in IC Cesme based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate. 5.2 Measurement of fair values A number of the Group’s accounting policies and disclosures require the measurement of fair values for financial liabilities. The Group regularly reviews significant unobservable inputs and valuation adjustments. If third party information is used to measure fair values, then the Group assesses the evidence obtained from third parties to support the valuation in accordance with IFRSs as adopted by the EU. Significant valuation issues are reported to the Group’s audit committee. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or • liability, either directly (i.e. as price) or indirectly (i.e. derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair values hierarchy as the lowest level input that is significant to the entire measurement. 37

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 5 Use of judgements and estimates (continued) 5.2 Measurement of fair values (continued) The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in notes 19 and 29. 5.3 Hyperinflation The Group exercised judgement in determining whether the Turkish economy (being the economy in which the Group’s investment in joint venture, IC Cesme, operates) which had become hyperinflationary in 2022, remained hyperinflationary as at the reporting date, and consequently whether the functional currency of its joint venture is the currency of a hyperinflationary economy. The analysis of the cumulative inflation rate over three years resulted in the Group considering whether Turkey’s economy was hyperinflationary. Based on the available information, the Group concluded that this economy remains hyperinflationary. Management exercises judgement as to when a restatement of the financial statements of a Group entity becomes necessary. Following management’s assessment, the Group’s investment in its joint venture, IC Cesme, has been accounted for as an entity operating in a hyperinflationary economy. As such, the investment in IC Cesme has been expressed in terms of the measuring unit current at the reporting date. Further information is disclosed in notes 6 and 7.3. 5.4 Geopolitical risks and uncertainties In line with the European common enforcement priorities for 2025 issued by the European Securities and Markets Authority, the Directors have specifically considered the potential effects of geopolitical risks and heightened global uncertainties on the Group’s financial statements, including consideration of: a) potential impairment indicators for non-financial assets; b) recoverability of trade receivables and expected credit losses; c) possible disruptions to operations and supply chains; d) liquidity risks and compliance with debt covenants; and e) the appropriateness of the going concern assumption. No indicators of impairment or material adverse financial effects were identified. In reaching this conclusion, management performed an assessment of the potential impact of ongoing geopolitical developments, including armed conflicts and trade restrictions, on the Group’s operations, financial position and cash flows. The Group’s customer base and suppliers are geographically diversified and are not directly exposed to jurisdictions currently subject to armed conflict or significant trade restrictions. The Group’s core activities are service-based and are not significantly dependent on commodity-linked revenues or complex international supply chains. Historical experience indicates that demand for the Group’s services has remained resilient during periods of geopolitical uncertainty, and no disruptions to operations or cost pressures have been identified to date. 38

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 5 Use of judgements and estimates (continued) 5.4 Geopolitical risks and uncertainties (continued) Management has also reviewed current financial resources and cash flow projections and has not identified any liquidity constraints or adverse financial impacts arising from these developments. Accordingly, no adjustments to the carrying amounts of assets and liabilities were required as at 31 December 2025, and no material uncertainty has been identified in relation to the Group’s ability to continue as a going concern. 6 Significant events The Group’s equity-accounted investee, IC Cesme, operates in Turkey. The Turkish Statistical Institute published the Turkish annual rate of inflation of 31% (2024: 44%) and a 3-year cumulative rate of inflation of 212% (2024: 291%) for the year ended 31 December 2025. The Group’s management considered the above events in light of the accounting rules for entities operating in hyperinflationary economies and determined that the cumulative inflation rate over three years provides evidence that the Turkish economy became hyperinflationary since 2022. In view of this, IC Cesme’s financial position and performance as at 31 December 2025 and 31 December 2024 are being reported by applying IAS 29 Financial Reporting in Hyperinflationary Economies. The cumulative impact of adjusting the Group’s result for the effects of hyperinflation is detailed in note 18. 7 Material accounting policy information The Group has consistently applied the following accounting policies to all periods presented in these financial statements. 7.1 Basis of consolidation 7.1.1 Interest in equity-accounted investees The Group’s interests in equity-accounted investees comprises an interest in a joint venture. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interest in joint ventures is accounted for using the equity method in the consolidated financial statements. They are recognised initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date at which significant influence or joint control ceases. Appropriate adjustments to the Group’s share of the joint venture’s profit or loss after acquisition are made in order to account for depreciation on the depreciable assets based on their fair values at acquisition date. 39

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 7 Material accounting policy information (continued) 7.1 Basis of consolidation (continued) 7.1.1 Interest in equity-accounted investees (continued) Investments in equity-accounted investees are stated in the separate financial statements of the Company at cost less impairment, if any. Any amounts advanced / incurred for which settlement is neither planned nor likely to occur in the foreseeable future, are treated as an extension to the Company’s net investment therein and included in the carrying amount. 7.2 Foreign currency 7.2.1 Foreign operations The assets and liabilities of foreign operations are translated into euro at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into euro at the exchange rates at the dates of the transactions. Foreign currency differences are recognised in OCI and accumulated in the foreign currency translation reserve. 7.3 Hyperinflation Where it has been determined that a Group entity or an equity-accounted investee has a functional currency that is the currency of a hyperinflationary economy, the respective entity first applies the requirements of IAS 29, Financial Reporting in Hyperinflationary Economies. IAS 21, The Effects of Changes in Foreign Exchange Rates, which addresses the translation of the financial information into the Group’s presentation currency, is only applied after the requirements of IAS 29 have been complied with. Under IAS 29, the financial statements of Group entities and equity-accounted investees whose functional currencies are the currencies of hyperinflationary economies are adjusted in terms of the measuring unit current at the end of the reporting period. Comparative amounts for such entities are, in accordance with IAS 29, also adjusted in the current year and remeasured in terms of the measuring unit current at the end of the current reporting period. The carrying amounts of non-monetary assets and liabilities are adjusted under IAS 29 to reflect the change in the general price index from the date of acquisition to the end of the reporting period. An impairment loss is recognised in profit or loss if the restated amount of a non-monetary item exceeds its estimated recoverable amount. On initial application of hyperinflation accounting, prior period financial information is also restated as if the economy had always been hyperinflationary. Gains or losses on the net monetary position are recognised in profit or loss. All items recognised in the income statement are restated by applying the change in the general price index from the dates when the items of income and expenses were initially earned or incurred. 40

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 7 Material accounting policy information (continued) 7.3 Hyperinflation (continued) At the beginning of the first period of application, the components of equity, except retained earnings, are restated by applying a general price index from the dates the components were contributed or otherwise arose. These restatements are recognised directly in equity as an adjustment to opening retained earnings. Restated retained earnings are derived from all other amounts in the restated statement of financial position. If on initial application of hyperinflation accounting the restated value of the non-monetary assets exceed their recoverable amount, the initial adjustment is capped at the recoverable amount and the net increase is recorded directly in retained earnings. At the end of the first period and in subsequent periods, all components of equity are restated by applying a general price index from the beginning of the period or the date of contribution, if later. After having first applied IAS 29, the Group then applies IAS 21 to translate foreign currency balances into its presentation currency (euro). Nevertheless, even though Group entities and equity-accounted investees whose functional currencies are the currencies of hyperinflationary economies restate their own comparative financial information as set out above, the Group does not restate comparative amounts in its consolidated financial statements because the Group’s presentation currency is that of a non-hyperinflationary economy. The Group’s comparative financial information therefore remains unchanged from what it presented in the prior year’s consolidated financial statements. Differences between the comparative amounts as reported in the Group’s consolidated financial statements, and as restated by Group entities and equity-accounted investees whose functional currencies are the currencies of hyperinflationary economies, are recognised in the Group’s OCI for the current year. The Turkish economy has been classified as hyperinflationary with effect from 2022. Accordingly, the results, financial position of the Group’s joint venture, IC Cesme, have been expressed in terms of the measuring currency unit at the reporting date. For further details, refer to notes 5.3 and 6. 7.4 Revenue from contracts with customers Information about the Group’s accounting policies relating to contracts with customers is provided in note 10. 7.5 Finance income and finance costs The Group and the Company’s finance income and finance costs include: - interest income on investments in debt securities and loan to Parent company, - interest expense on the lease liability, - interest expense on bonds in issue (including amortization of bond issue costs), - the net gain or loss on the disposal of investments in debt securities measured at FVOCI, - impairment losses (and reversals) on investments in debt securities carried at FVOCI and - foreign currency gains and losses on financial assets and liabilities, other than those of an operating nature. Interest income and interest expense is recognised using the effective interest method. 41

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 7 Material accounting policy information (continued) 7.5 Finance income and finance costs (continued) In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. 7.6 Income tax Income tax expense comprises current and deferred tax and is recognised in profit or loss. 7.6.1 Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. 7.6.2 Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. 42

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 7 Material accounting policy information (continued) 7.7 Property, plant and equipment 7.7.1 Recognition and measurement Property, plant and equipment of the Group includes superyacht berths that have been completed but not yet licensed (see below), pontoons, improvements to leased property, motor vehicles, office equipment and assets in the course of construction. Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. Any common costs incurred for the berths are allocated equally. As part of its operating activities, Grand Harbour Marina p.l.c. licenses out superyacht berths, typically for periods ranging between 25 to 30 years. The cost of such berths is apportioned between that part attributable to the initial licensing period, which is recognised immediately in profit or loss, and that part (the residual amount) attributable to the period which extends beyond the initial licensing period. The method of cost apportionment which is based on the discounted revenue from each long-term sale represents a fair reflection of the pattern of future economic benefits estimated to accrue from the licensing of such berths. The residual amount is classified in the balance sheet as ‘deferred costs’ and included with non-current assets. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. 7.7.2 Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is recognised in profit or loss. Significant components of individual assets are assessed, and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Berths developed and related improvements to leased property are depreciated over the shorter of the lease term and the useful life of the buildings and improvements, unless it is reasonably certain that the Group will obtain ownership of the land by the end of the lease term. The estimated useful lives of property, plant and equipment for current and comparative periods are as follows:

• superyacht berths	50 years
• landscaping costs	50 years
• pontoon berths	25 years
• improvements to leased property	10 years
• utility modules and switchboards	10 years
• cable infrastructure	10 years
• motor vehicles, including shipping vessels	5 years
• marine and office equipment	5 years

In note 16.1, landscaping costs, improvements to leased property and utility modules and switchboards are classified under “Improvements to leased property, landscaping and switchboards”, while cable infrastructure and marine and office equipment are classified under “Cable infrastructure, marine & office equipment”. 43

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 7 Material accounting policy information (continued) 7.7 Property, plant and equipment (continued) 7.7.2 Depreciation (continued) Depreciation commences when the asset is available for use. Superyacht berths are depreciated from the date of full construction up to the point in time when the long-term licensing contract is signed with the licensee, at which time the carrying amount of such berths is apportioned and accounted for as explained in note 7.7.1. Assets in the course of construction are not depreciated. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. 7.8 Financial instruments 7.8.1 Recognition and initial measurement Financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at Fair Value through Profit or Loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. 7.8.2 Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI - debt investment; FVOCI – equity investment; or FVTPL. The classification of financial assets under IFRS 9 Financial Instruments is generally based on the business model in which a financial asset is managed and its contractual cash flows characteristics. The Group has financial assets measured at amortised cost which comprise investment in treasury bills, trade and other receivables, loan to Parent company and cash and cash equivalents. The Group also has debt instruments measured at FVOCI which comprise investments in debt securities. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. 44

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 7 Material accounting policy information (continued) 7.8 Financial instruments (continued) 7.8.2 Classification and subsequent measurement (continued) Financial assets (continued) A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets – Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: - contingent events that would change the amount or timing of cash flows, - terms that may adjust the contractual coupon rate, including variable-rate features, - prepayment and extension features, and - terms that limit the Group’s claim to cash flows from specified assets, such as non-recourse features. Financial assets – Subsequent measurement and gains and losses Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. 45

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 7 Material accounting policy information (continued) 7.8 Financial instruments (continued) 7.8.2 Classification and subsequent measurement (continued) Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Financial liabilities – Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. These financial liabilities comprise bank overdrafts, trade payables and debt securities in issue. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. 7.8.3 Derecognition Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. No provision is recognised if an outflow of economic resources as a result of present obligations is not probable. Such events and conditions are disclosed as contingent liabilities unless the outflow of resources is remote. 7.9 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares, net of any tax effects, are recognised as a deduction from equity. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12 Income Taxes. 46

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 7 Material accounting policy information (continued) 7.10 Impairment 7.10.1 Non-derivative financial assets The Group recognises loss allowances for Expected Credit Losses (“ECLs”) on: - financial assets measured at amortised cost; namely trade and other receivables, loan to Parent company and cash at bank; and - debt investments measured at FVOCI, namely investments in debt securities. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: - debt securities that are determined to have low credit risk at the reporting date; and - financial assets for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. Loss allowances for trade and other receivables are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information, based on the Group’s historical experience and informed credit assessment and including forward-looking information. Forward-looking information includes the future prospects of the industries in which the Company’s debtors operate, as well as consideration of various external sources of actual and forecast economic information that relate to the Company’s core operations. In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. The Group considers a financial asset to be in default when the debtor is unable to pay its credit obligations to the Group in full. The Group rebuts the 90 days past due presumption since it has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of investment grade. 47

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 7 Material accounting policy information (continued) 7.10 Impairment (continued) 7.10.1 Non-derivative financial assets (continued) Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instruments. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. In the case of short-term, interest- free financial assets, such as trade receivables, ECLs are not discounted. If evidence of a significant increase in credit risk at the individual instrument level is not yet available, the Group performs the assessment of significant increases in credit risk on a collective basis by considering information on, for example, a group or sub-group of financial instruments. Where the Company does not have reasonable and supportable information that is available without undue cost or effort to measure lifetime ECL on an individual instrument basis, lifetime ECL is measured on a collective basis. In such instances, the financial instruments are grouped on the basis of shared credit risk characteristics. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Impairment losses related to the Parent company loan, cash at bank and trade and other receivables, are presented separately in the statement of profit or loss and other comprehensive income. For debt securities at FVOCI, the loss allowance is presented in profit or loss below the Operating Profit line item and is recognised in OCI. 7.10.2 Non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. 48

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 7 Material accounting policy information (continued) 7.10 Impairment (continued) 7.10.3 Equity-accounted investees The impairment assessment in respect of the Group’s investment in equity-accounted investees comprises two successive steps: (1) apply the equity method to recognise the investor’s share of any impairment losses for the investee’s identifiable assets: and (2) when there is an indication of a possible impairment, test the investment as a whole and recognise any additional impairment loss. An impairment loss in respect of an equity-accounted investee is measured by comparing the recoverable amount of the investment with its carrying amount. An impairment loss is recognised in profit or loss and is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. 7.11 Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: - the contract involves the use of an identified asset – this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; and - the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use. i. As a lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The estimated useful lives of right-of-use assets as at 31 December 2025 are as follows:

• Properties	3 to 13 years
• Water space	73 years from the balance sheet date

49

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 7 Material accounting policy information (continued) 7.11 Leases (continued) i. As a lessee (continued) The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. The Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources, particularly the Group’s debt securities in issue and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: - fixed payments, including in-substance fixed payments; - variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; Variable lease payments that do not depend on an index or rate (such as revenue-based payments) are recognised as an expense as incurred (see note 11.1). The lease liability is measured at amortised cost using the effective interest method. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets that do not meet the definition of investment property, and lease liabilities, separately in the statement of financial position. 7.12 Earnings per share The Group presents basic earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. 7.13 Segment reporting Segment results that are reported to the CEO and the Board of Directors of Grand Harbour Marina p.l.c. (the Group’s chief operating decision makers), include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. 50

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 7 Material accounting policy information (continued) 7.14 Fair value measurement ‘Fair value’ is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantages market to which the Group has access at that date. The fair value of a liability reflects its non-performance risk. Fair values have been determined based on the following methods: 7.14.1 Non-derivative financial assets measured at amortised cost The fair value of non-derivative financial assets measured at amortised cost is estimated at the present value of future cash flows, discounted at the market rate of interest at reporting date. 7.14.2 Non-derivative financial liabilities measured at amortised cost The fair value of non-derivative financial liabilities measured at amortised cost is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. 7.14.3 Debt instruments measured at FVOCI The fair value of investments in debt securities is based on quoted prices in markets for those same instruments. 7.15 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and cash at bank. Bank overdrafts that are repayable on demand and form an integral part of the company’s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position. 51

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 8 New or revised standards or Interpretations 8.1 International Financial Reporting standards applicable during the current year During the financial year ended 31 December 2025, the Group and the Company adopted new amendments to existing standards that are mandatory for accounting periods beginning on 1 January 2025. The adoption of these amendments did not have any impact on the Group’s financial position, performance or disclosures. 8.2 International Financial Reporting Standards issued but not yet effective Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements, that are mandatory for the Group's and Company's accounting periods beginning after 1 January 2025. The Group and Company have not early adopted these standards and amendments. IFRS 18 “Presentation and Disclosure in Financial Statements” was issued by the International Accounting Standards Board and was endorsed by the EU in the first quarter of 2026. The standard will replace IAS 1 and introduces new requirements for the presentation of the statement of profit or loss, including specified subtotals and enhanced disclosure requirements for management- defined performance measures. The Directors are currently assessing the impact that the application of IFRS 18 may have on the presentation and disclosures within the Group’s and the Company’s financial statements in the period of initial application. 9 Operating segments 9.1 Information about reportable segments In accordance with the management approach to segment reporting, the Group has identified two reportable segments, namely, the “Grand Harbour Marina” located in Malta, and the “IC Cesme Marina” located in Turkey. Each segment represents the ownership and operation of marina facilities providing berthing and ancillary services for yachts and superyachts. The segments are managed separately due to differing resource allocations and capital requirements. The Chief Executive Officer and the Board of Directors regularly review internal financial and operating reports for each segment in order to assess performance and allocate resources. Segment performance is evaluated based on revenue and profit or loss before tax, as management considers these measures to be the most relevant indicators for assessing performance relative to other entities operating within the same industry. The amounts disclosed for IC Cesme Marina reflect 100% of its assets, liabilities, revenues and expenses prior to the application of the equity method. 52

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 9 Operating segments (continued) 9.1 Information about reportable segments (continued)

31 December 2025	Grand Harbour Marina	IC Cesme Marina	Total Reportable Segments
	€000	€000	€000
Reportable segment assets	28,070	30,311	58,381
Reportable segment non- financial non-current assets	11,116	23,980	35,096
Reportable segment liabilities	(24,650)	(5,155)	(29,805)
Segment revenues- external	5,161	9,821	14,982
Finance income	259	1,606	1,865
Finance costs	(1,108)	(598)	(1,706)
Impairment reversal on financial assets	4	-	4
Depreciation	(438)	(684)	(1,122)
Direct costs	(1,231)	(501)	(1,732)
Selling, marketing and other administrative expenses	(1,791)	(3,934)	(5,725)
Income tax expense	(442)	(933)	(1,375)
Capital expenditure	105	308	413

		Reconciliation to Consolidated Amounts
	Total Reportable Segments	Eliminations	Group
	€000	€000	€000
Reportable segment assets	58,381	(19,800)	38,581
Reportable segment non- financial non-current assets	35,096	(13,469)	21,627
Reportable segment liabilities	(29,805)	5,155	(24,650)
Segment revenues- external	14,982	(9,821)	5,161
Finance income	1,865	(1,606)	259
Finance costs	(1,706)	598	(1,108)
Impairment reversal on financial assets	4	-	4
Depreciation	(1,122)	684	(438)
Direct costs	(1,732)	501	(1,231)
Selling, marketing and other administrative expenses	(5,725)	3,934	(1,791)
Income tax expense	(1,375)	933	(442)
Capital expenditure	413	(308)	105

53

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 9 Operating segments (continued) 9.1 Information about reportable segments (continued) Reportable Group segment assets and non-financial non-current assets for 2025 are reconciled as follows:

	Assets	Non-financial non- current assets
	€000	€000
Total reportable segments	58,381	35,096
Total assets of IC Cesme	(30,311)	(23,980)
Total assets of Grand Harbour Marina p.l.c.	28,070	11,116
Equity accounting (see note 18.2)	10,511	10,511
Consolidated assets	38,581	21,627

Reportable Group segment profit before tax for 2025 is reconciled as follows:

	Grand Harbour Marina	IC Cesme Marina	Total Reportable Segments
	€000	€000	€000
Reportable profit before tax	856	5,420	6,276

	Reconciliation to Consolidated Amounts
	Total Reportable Segments	Eliminations	Group
	€000	€000	€000
Reportable profit before tax	6,276	(3,413)	2,863
			€000
Profit before tax
Total reportable segments			6,276
Total profit before tax of IC Cesme			(5,420)
Total profit before tax of Grand Harbour Marina			856
Share of profit of IC Cesme Marina			2,007
Consolidated profit before tax			2,863

54

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 9 Operating segments (continued) 9.1 Information about reportable segments (continued)

31 December 2024	Grand Harbour Marina	IC Cesme Marina	Total Reportable Segments
	€000	€000	€000
Reportable segment assets	28,906	28,540	57,446
Reportable segment non-financial non-current assets	11,490	24,093	35,583
Reportable segment liabilities	(25,182)	(6,317)	(31,499)
Segment revenues- external	8,231	9,201	17,432
Finance income	391	1,538	1,929
Finance costs	(1,128)	(1,205)	(2,333)
Impairment reversal on financial assets	96	-	96
Depreciation	(432)	(561)	(993)
Direct costs	(2,563)	(576)	(3,139)
Selling, marketing and other administrative expenses	(2,228)	(3,128)	(5,356)
Income tax expense	(441)	(2,575)	(3,016)
Capital expenditure	274	252	526

	Reconciliation to Consolidated Amounts
	Total Reportable Segments	Eliminations	Group
	€000	€000	€000
Reportable segment assets	57,446	(19,337)	38,109
Reportable segment non-financial non-current assets	35,583	(14,890)	20,693
Reportable segment liabilities	(31,499)	6,317	(25,182)
Segment revenues- external	17,432	(9,201)	8,231
Finance income	1,929	(1,538)	391
Finance costs	(2,333)	1,205	(1,128)
Impairment reversal on financial assets	96	-	96
Depreciation	(993)	561	(432)
Direct costs	(3,139)	576	(2,563)
Selling, marketing and other administrative expenses	(5,356)	3,128	(2,228)
Income tax expense	(3,016)	2,575	(441)
Capital expenditure	526	(252)	274

55

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 9 Operating segments (continued) 9.1 Information about reportable segments (continued) Reportable Group segment assets and non-financial non-current assets for 2024 are reconciled as follows:

	Assets	Non-financial non-current assets
	€000	€000
Total reportable segments	57,446	35,583
Total assets of IC Cesme	(28,540)	(24,093)
Total assets of Grand Harbour Marina p.l.c.	28,906	11,490
Equity accounting (see note 18.2)	9,203	9,203
Consolidated assets	38,109	20,693

Reportable Group segment profit before tax for 2024 is reconciled as follows:

	Grand Harbour Marina	IC Cesme Marina	Total Reportable Segments
	€000	€000	€000
Reportable profit before tax	2,367	5,926	8,293

	Reconciliation to Consolidated Amounts
	Total Reportable Segments	Eliminations	Group
	€000	€000	€000
Reportable profit before tax	8,293	(4,430)	3,863
			€000
Profit before tax
Total reportable segments			8,293
Total profit before tax of IC Cesme			(5,926)
Total profit before tax of Grand Harbour Marina			2,367
Share of profit of IC Cesme Marina			1,496
Consolidated profit before tax			3,863

56

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 10 Revenue 10.1 Revenue streams The Company generates revenue primarily from berthing income on annual, seasonal and visitor berthing contracts. Other income is generated through annual service charges to berth owners and the provision of other ancillary services to marina customers, such as water and electricity.

	2025	2024
	€000	€000
Group and Company
Long-term berth sale	-	3,750
Annual service charges to berth owners	469	513
Revenue from short-term berthing	3,476	2,994
Ancillary services	1,216	974
Total revenues	5,161	8,231

10.2 Disaggregation of revenue from contracts with customers The following table disaggregates revenue recognised from contracts with customers into appropriate categories, being annual, seasonal and visitor revenue streams for pontoons (i.e., boats under 27.99 metres) and superyachts (i.e., boats over 28 metres) respectively.

	025	2024
	€000	€000
Revenue from contracts with customers:
Revenue generated from pontoons:
Annual contracts	1,809	1,638
Seasonal contracts	130	131
Visitor contracts	146	221
	2,085	1,990

Revenue generated from superyachts:
Long-term berth sale	-	3,750
Annual service charges to berth owners	469	513
Annual contracts	278	205
Seasonal contracts	275	233
Visitor contracts	838	566
	1,860	5,267
Revenue from contracts with customers	3,945	7,257
Revenue from ancillary services	1,216	974
Total revenue as reported in note 10.1	5,161	8,231

57

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 10 Revenue (continued) 10.3 Contract balances The following table provides information about receivables and contract liabilities from contracts with customers.

	2025	2024
Group and Company	€000	€000
Receivables, which are included in ‘trade and other receivables’ (note 22.1)	943	1,117
Contract liabilities on trade receivables (note 28)	1,381	1,282

The above receivables mainly relate to trade receivables arising on trading operations, and the contract liabilities relate to consideration received in advance from customers for berthing contracts, for which revenue is recognised over time. The amount of €1,270k (2024: €1,041k) recognised in contract liabilities at the beginning of the year has been recognised as revenue for the year ended 31 December 2025. As at reporting date, the Company did not have any contract assets as the Company’s rights to consideration for satisfied performance obligations was fully completed and billed in full by the reporting date. 10.4 Performance obligations and revenue recognition policies Information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms and the related revenue recognition policies are as follows in notes 10.4.1 and 10.4.2. 10.4.1 Licensing of long-term super-yacht berths The Group recognises revenue at a point in time. Revenue from the licensing of long-term super-yacht berths is recognised upon the signing of the licensing arrangements with the berth holders, on the basis that such give rise to the sale of the Group’s right to the use of such berths (recognised at a point in time i.e. when a berth holder obtains control of the berth space through the execution of a public deed, which is the point in time when real rights are acquired by the berth holder). The Group adjusts the consideration amount as per the contract for the effects of the time value of money if the timing of payments agreed to by the parties provides the customer with a significant benefit of financing the transfer of goods/services to the customer. 58

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 10 Revenue (continued) 10.4 Performance obligations and revenue recognition policies (continued) 10.4.2 Short-term berthing The Group recognises revenue over time. The Group earns income from services provided in respect of short-term berthing contracts, being annual, seasonal and visitor contracts and service fees charged to berth holders. The customer simultaneously receives and consumes the benefits of the Group’s performance as it performs by making the berth available. The customer benefits from its service of making the berth available evenly throughout the year, meaning the customer benefits from having the berth available, regardless of whether the customer uses it or not. In such case, the best measure of progress towards complete satisfaction of the performance obligation over time is a time-based measure and revenue is thus recognised on a straight-line basis throughout the berthing period. Consequently, such services are deemed to comprise a series of distinct services treated as a single performance obligation satisfied over time. Accordingly, revenue is recognised over the service period. The Group adjusts the consideration amount as per the contract for the effects of the time value of money if the timing of payments agreed to by the parties provides the customer with a significant benefit of financing the transfer of goods/services to the customer. As a practical expedient, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if the Group expects, at contract inception, that the period between when the Group transfers a promised good/service to a customer and when the customer pays for that good/service will be one year or less. Any cash received in advance of the provision of services is recognised within the line item ‘Contract liabilities’. 59

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 11 Expenses 11.1 Expenses by nature

	2025	2024
	€000	€000
Group and company
Cost of sales:
Direct costs	1,231	2,563
Operating expenses:
Directors' remuneration	38	38
Wages and salaries	765	773
Compulsory social security contributions	49	48
Selling and marketing expenses	60	42
Repairs and maintenance	69	63
Variable lease expense (see note 21.1.5)	153	439
Auditors’ remuneration (see note 12.1)	56	49
Net loss on asset write-off (see note 16.1)	41	53
Operator fees (see note 31.2)	238	464
Depreciation on plant and equipment (see note 16.1)	303	299
Depreciation on right-of-use asset (see note 21.1.1)	135	133
Other operating expenses	322	259
Total expenses recognised in statement of profit or loss	3,460	5,223

The average number of persons employed during the year was as follows:

	2025	2024
	No.	No.
Group and company
Operating	18	18
Management and administration	5	5
	23	23

12 Other operating expenses 12.1 Auditors’ remuneration The following fees were charged by, and became payable to the Company’s auditors for services rendered in connection with:

	2025	2024
	€000	€000
Group and company
Audit of the financial statements	52	45
Tax compliance services	3	3
Other assurance services	1	1
	56	49

60

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 12 Other operating expenses (continued) 12.1 Auditors’ remuneration (continued) The audit fee payable to IC Cesme’s auditors for 2025 amounted to €50k (2024: €23k), with the Group’s share of such audit fees being €23k (2024: €10k). No non-audit fees were incurred by IC Cesme during 2025 (2024: €nil). 13 Net finance costs

	2025	2024
	€000	€000
Group and company

Finance income:
Interest income under the effective interest method on:
Loan to Parent company- measured at amortised cost	47	184
Debt securities	212	207
Finance income	259	391

Finance costs:
Interest expense on financial liabilities measured at amortised cost	(675)	(675)
Interest expense on lease liabilities (see note 21.1.2)	(387)	(408)
Amortisation of bond issue costs (see note 26.4)	(46)	(43)
Net foreign exchange losses	-	(2)
Finance costs	(1,108)	(1,128)
Net finance costs recognised in statement of profit or loss	(849)	(737)

14 Earnings per share The calculation of basic earnings per share is based on the following profit attributable to ordinary shareholders and the number of ordinary shares outstanding. There are no dilutive shares in issue.

	2025	2024
Group
Profit for the year, attributable to the owners of the
Company (in €000)	2,421	3,422
Number of ordinary shares of the Company (in thousands)	20,000	20,000
Earnings per share (in €)	0.121	0.171

61

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 15 Income taxes 15.1 Amount recognised in profit or loss Current tax is recognised at the corporate rate of 35% on the taxable income for the year from the Company’s marina business activity. Deferred tax charges and credits relate to the marina business activity.

	2025	2024
	€000	€000
Group and company
Current tax
Charge during the year	(529)	(560)
	(529)	(560)
Deferred tax
Movement in temporary differences (see note 15.4)	87	119
	87	119
Income tax expense on continuing operations recognised in statement of profit or loss	(442)	(441)

15.2 Reconciliation of tax expense The income tax expense and the result of the accounting profit multiplied by the Maltese tax rate are reconciled as follows:

	2025 Group	2025 Company	2024 Group	2024 Company
	€000	€000	€000	€000
Profit before income tax	2,863	856	3,863	2,367
Tax at 8%	-	-	(300)	(300)
Tax at 15%	(39)	(39)	(28)	(28)
Tax at 35%	(1,193)	(490)	(756)	(232)
Tax effect of:
• Temporary differences (see note 15.4)	87	87	119	119
• Share of profit of equity- accounted investee	703	-	524	-
Income tax expense for the year	(442)	(442)	(441)	(441)

Share of profit of equity-accounted investee is not subject to tax. 62

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 15 Income taxes (continued) 15.3 Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following:

	Assets		Liabilities		Net
	2025 €000	2024 €000	2025 €000	2024 €000	2025 €000	2024 €000
Plant and equipment	-	-	(972)	(1,022)	(972)	(1,022)
Right-of-use asset	-	-	(1,675)	(1,722)	(1,675)	(1,722)
Lease liabilities	2,084	2,094	-	-	2,084	2,094
Net deferred tax liabilities	2,084	2,094	(2,647)	(2,744)	(563)	(650)

15.4 Movement in temporary differences during the year

	Balance 1 January 2025	Movement in temporary differences	Balance 31 December 2025
	€000	€000	€000
Group and Company
Plant and equipment	(1,022)	50	(972)
Right-of-use asset	(1,722)	47	(1,675)
Lease liabilities	2,094	(10)	2,084
	(650)	87	(563)

	Balance 1 January 2024	Movement in temporary differences	Balance 31 December 2024
	€000	€000	€000
Group and Company
Plant and equipment	(1,096)	74	(1,022)
Right-of-use asset	(1,753)	31	(1,722)
Lease liabilities	2,080	14	2,094
	(769)	119	(650)

63

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 16 Property, plant and equipment 16.1

Group and Company	Total	Superyacht berths	Pontoon berths	Improvements to leased property, landscaping & switchboards	Motor vehicles, including shipping vessels	Cable infrastructure, marine & office equipment	Assets in the course of construction
Cost	€000	€000	€000	€000	€000	€000	€000
Balance at 1 January 2024	9,437	4,197	3,476	1,042	57	628	37
Additions	274	10	84	178	-	2	-
Assets written off	(106)	(59)	(43)	-	-	-	(4)
Balance at 31 December 2024	9,605	4,148	3,517	1,220	57	630	33
Balance at 1 January 2025	9,605	4,148	3,517	1,220	57	630	33
Additions	105	-	66	36	-	-	3
Assets written off	(51)	-	(15)	-	-	-	(36)
Deferred costs	22	22	-	-	-	-	-
Balance at 31 December 2025	9,681	4,170	3,568	1,256	57	630	-

64

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 16 Property, plant and equipment (continued) 16.1 (continued)

Group and Company	Total	Superyacht berths	Pontoon berths	Improvements to leased property, landscaping & switchboards	Motor vehicles, including shipping vessels	Cable infrastructure, marine & office equipment	Assets in the course of construction
Accumulated depreciation and impairment	€000	€000	€000	€000	€000	€000	€000
Balance at 1 January 2024	5,380	1,460	2,558	740	53	569	-
Depreciation charged for the year	299	83	144	50	2	20	-
Assets written off	(53)	(24)	(29)	-	-	-	-
Balance at 31 December 2024	5,626	1,519	2,673	790	55	589	-
Balance at 1 January 2025	5,626	1,519	2,673	790	55	589	-
Depreciation charged for the year	303	83	147	53	2	18	-
Assets written off	(10)	-	(10)	-	-	-	-
Balance at 31 December 2025	5,919	1,602	2,810	843	57	607	-
Carrying amounts
Balance at 1 January 2024	4,057	2,737	918	302	4	59	37
Balance at 31 December 2024	3,979	2,629	844	430	2	41	33
Balance at 31 December 2025	3,762	2,568	758	413	-	23	-

65

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 16 Property, plant and equipment (continued) 16.1 (continued) During the year, the Company repossessed one of its licensed-out superyacht berths, at no consideration, before the original end date. The amount of €22k, being the original deferred cost portion of this berth attributable to the period which extends beyond the initial licensing period, was therefore released from “deferred costs on property, plant and equipment” to superyacht berths under “property, plant and equipment”, both of which are classified as non-current assets. 16.2 Area held under title of temporary sub-emphyteusis The Company’s berths and base improvements are situated on an area held under title of temporary emphyteusis. On the 2 June 1999, the Government of Malta entered into a deed of emphyteusis with a consortium, by virtue of which, the consortium was granted rights over parcels of water space measuring 1,410 square metres and situated at Cottonera Waterfront Vittoriosa, Malta, for an initial period of 99 years. On the 4 September 2001, a deed of sub-emphyteusis was entered into between the Company and the consortium, whereby, by virtue of one part of this deed, the Company acquired, by the same title, immovable rights over such water space for the unexpired period of the 99 years, subject to the payment of an annual sub-ground rent (see note 21). This water space is subject to a special legal hypothec in favour of the consortium, in respect of the payment of annual and temporary ground rent (for the unexpired period) imposed on the property, arising by virtue of the said deed of sub-emphyteusis. 17 Investment in subsidiary On 29 June 2011, the Company acquired from Camper & Nicholsons Marinas International Limited the 100% shareholding in Maris Marine Limited (“MML”) for a consideration of €115. This dormant company is incorporated in the United Kingdom and the registered office of this subsidiary is situated th at ”5 Floor, Cording House, 34-35 St James’s Street, London, SW1A 1HD”. The reporting date of this non-trading entity is 31 March. 66

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 18 Equity-accounted investee 18.1 Cost of acquisition of joint venture On the 17 March 2011, the Company entered into an agreement with its Parent company, as a result of which the Company initially acquired the ownership of 19% in IC Cesme Marina Yatirim, Turizm ve Isletmeleri Anonim Sirketi (“IC Cesme”), a company registered under the laws of Turkey, which company owns and operates a marina in Turkey, and eventually the beneficial interest of 45% therein through the acquisition of MML (see note 17), which held 26% therein for a total consideration of €1,930k. During that year the Company made an additional shareholder’s contribution of €244k, which amount has been capitalised as part of the Company’s net investment in the joint venture. The registered address and principal place of business of IC Cesme is Musalla Mh. 1016 SK. No.8, Cesme, Izmir, Turkey. 18.2 Carrying amount of investment in joint venture

	2025 Group €000	2025 Company €000	2024 Group €000	2024 Company €000
Fair value of net identifiable assets at date of acquisition	1,082	1,082	1,082	1,082
Goodwill inherent in the cost of investment	848	848	848	848
Consideration paid upon acquisition	1,930	1,930	1,930	1,930
Cumulative capital contributions	244	244	244	244
Cost of investment as at 31 December	2,174	2,174	2,174	2,174
Share of post-acquisition profit brought forward	4,302		2,794
Share of profit for the year	2,019		1,508
Hyperinflationary adjustment brought forward	7,173		2,796
Hyperinflationary adjustment for the year	301		4,377
Depreciation of fair value uplift on acquisition brought forward	(378)		(366)
Depreciation of fair value uplift on acquisition for the year	(12)		(12)
Foreign currency translation brought forward	(1,894)		(1,670)
Foreign currency translation for the year	(1,000)		(224)
Equity accounted investee as at 31 December	12,685		11,377

IC Cesme, the only joint arrangement in which the Group participates, is principally engaged in the operation of a marina in Turkey. IC Cesme is an unlisted joint arrangement and is structured as a separate vehicle and the Group has a residual interest in its net assets. Accordingly, the Group has classified the investment in IC Cesme as a joint venture which is equity accounted. In accordance with the agreement under which IC Cesme is established, the Group and the other investors to the joint venture agree to make additional contributions in proportion to their interests, if required. 67

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 18 Equity-accounted investee (continued) 18.3 Summary of financial information of joint venture The Group’s share of profit in its equity accounted investee for the year, inclusive of the depreciation of fair value uplift upon acquisition, amounted to €2,007k (2024: €1,496k). This investee is not listed and consequently no published price quotations are available. The reporting date of this entity is 31 December. The entity is exposed to the country risks relating to Turkey and other risks associated with the trends and future outlook of the marina industry as a whole. The following table summarises the financial information of IC Cesme based on its financial information prepared in accordance with IFRS as adopted by the EU. The tables also reconcile the summarised financial information to the carrying amount of the Group’s interest in IC Cesme, which is accounted for using the equity method of accounting.

	2025 €000	2024 €000
Non-current assets	23,980	24,093
Current assets (including cash and cash equivalent of €5,746k, 2024: €3,865k)	6,331	4,447
Non-current liabilities	(1,799)	(1,559)
Current liabilities (including trade and other payables and provisions of €2,221k, 2024: €2,954k)	(3,356)	(4,758)
IC Cesme net assets (liabilities) (100%) at 31 December	25,156	22,223
Group’s share of net assets (45%)	11,320	10,000
Fair value uplift on date of acquisition (less deferred tax impact)	907	907
Cumulative depreciation on fair value uplift, adjusted on consolidation	(390)	(378)
Goodwill	848	848
Carrying amount of interest in joint venture, as per Statement of financial position (see note 18.2)	12,685	11,377
Revenue	9,821	9,201
Operating expenses	(4,435)	(3,704)
Depreciation	(684)	(561)
Results from operating activities	4,702	4,936
Hyperinflationary adjustment for the year	(290)	657
Net finance costs (including interest expense of €562k, net foreign exchange losses of €36k less interest income of €1,606k, 2024: including interest expense of €698k, net foreign exchange losses of €507k less interest income of €1,538k)	1,008	333
Profit before tax for the year	5,420	5,926
Income tax expense	(933)	(2,575)
Total comprehensive income (100%)	4,487	3,351

68

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 18 Equity-accounted investee (continued) 18.3 Summary of financial information of joint venture (continued)

	2025 €000	2024 €000
Group’s share of total comprehensive income (45%)	2,019	1,508
Hyperinflationary adjustment	301	4,377
Depreciation on fair value uplift of depreciable assets	(12)	(12)
Share of profit of equity-accounted investee, net of tax, as per statement of profit or loss and OCI	2,308	5,873
Foreign currency translation difference arising during the year	(1,000)	(224)
Change in carrying amount of interest in joint venture	1,308	5,649

18.4 Impairment assessment of investment in joint venture As explained in note 18.1 the Company acquired its investment in IC Cesme, a joint venture, in 2011. IC Cesme operates a marina with associated landside property in the Izmir region of Turkey, held in terms of a Build-Operate-Transfer agreement expiring in 2067. In view of the geo-political status of the investee’s jurisdiction, the directors have estimated the recoverable amount of the investment in IC Cesme and determined whether it exceeds the carrying amount. This was estimated based on its value in use, determined using a discounted cash flow valuation model by estimating the free cash flow to the firm over the next 10 years and a terminal value at the end of year 10, and discounting them back to the present value with the cost of capital as the discount rate. The following were the assumptions included in the 2025 valuation: (a) Revenue- Year 1 revenue to be in line with budget prepared by IC Cesme’s management. From years 2 to 10, revenue growth is assumed to converge gradually to the risk-free rate up until Year 10, with the risk-free rate used as a proxy of the growth rate in perpetuity in the terminal year, (b) Operating margins- Year 1 operating margins to be in line with budget prepared by the IC Cesme’s management, and remain constant in perpetuity, (c) Reinvestment- Years 1 to 10 is based on the average sales-to-capital ratio of the last two years. In the terminal year, reinvestment is determined as a function of the expected growth rate and the current return on invested capital, (d) Tax rate- the tax rate will converge gradually from the current effective tax rate to the marginal tax rate of the country in Year 10. In the terminal year, the marginal tax rate is applied in perpetuity, (e) Cost of capital- the discount rate is assumed to remain at current levels until year 10. In the terminal year, it will converge to the cost of capital of a mature and stable company, (f) No excess returns forecasted in the terminal year. 69

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 18 Equity-accounted investee (continued) 18.4 Impairment assessment of investment in joint venture (continued) The following were the assumptions included in the 2024 valuation: (a) Revenue- Year 1 revenue to be in line with budget prepared by IC Cesme’s management, Years 2 to 4 revenue growth to be in line with Turkey’s expected real growth rate and inflation rate, then converge to the risk-free rate up until Year 10, after which it will remain unchanged, (b) Operating margins- Year 1 operating margins to be in line with budget prepared by the IC Cesme’s management, then converge to 38% up until Year 10, and thereafter remain unchanged, (c) Reinvestment- this is a function of the expected growth rate and the current return on invested capital. As the joint venture does not operate in a capital-intensive industry, this function was set at 50% in Years 1 to 2, 75% in Years 3 to 6, 90% in Years 7 to 9, and 100% in perpetuity, (d) Tax rate- the tax rate will converge gradually from the current effective tax rate to the marginal tax rate of the country in Year 10, and remain unchanged thereafter, (e) Cost of capital- the discount rate used will converge gradually to the cost of capital of a mature and stable company in Year 10. The estimated recoverable amount of the Company’s investment in IC Cesme’s net assets at Group and Company level exceeds its carrying amount. 70

Grand Harbour Marina p.l.c. Notes to the financial statements For the Year Ended 31 December 2025 19 Investment in debt securities 19.1

Group and Company	2025 €000	2024 €000
Opening fair value	7,454	4,392
Acquisition of debt securities*	9,958	2,966
Maturity of debt securities	(6,961)	-
Net increase/ (decrease) in fair value, recognised in OCI	(15)	106
Unwinding of premium paid upon acquisition	(9)	(10)
Closing fair value	10,427	7,454
Reversal of Expected credit losses on debt securities, recognised in OCI	(3)	(1)
Non-current	2,974	4,488
Current	7,453	2,966

*During the year, management reclassified investments in treasury bills with original maturities ranging between three to twelve months, amounting to €2,966k as at 31 December 2024, from Trade and other receivables to Investment in debt securities within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity, or profit for the year. During 2025, the Company acquired €9,958k debt securities (2024: €2,966k), all of which were European sovereign treasury bills. The unrealised fair value loss of €15k (2024: gain of €106k) on the investment in debt securities held as at 31 December 2025 has been presented in OCI and included in the fair value reserve. As at 31 December 2025, the value of corporate debt securities, by reference to quoted market prices on the Malta Stock Exchange, amounted to €4,464k (2024: €4,488k). Such instruments are classified as Level 2 investments within the fair value hierarchy. Corporate debt securities at FVOCI have stated interest rates ranging from 3.25% to 4.50% (2024: 3.25% to 4.50%), with maturity dates ranging from 2026 to 2029 (2024: 2026 to 2029). As at 31 December 2025, the value of sovereign treasury bills amounted to €5,963k (2024: €2,966k). Such instruments are classified as Level 1 investments within the fair value hierarchy, as their fair value is determined by reference to unadjusted quoted prices in active markets. 19.2 The investments in corporate debt securities are held within a held-to-collect-and-sell business model consistent with the Group’s continuing measurement of such investments, whilst the investments in treasury bills are held within a held-to-collect business model consistent with the Group’s objective of holding such instruments to collect contractual cash flows until maturity. 19.3 Information about the Group’s exposure to credit and market risks for debt investments is disclosed in notes 29.5.2 and 29.7 respectively. 71