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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\nFORM 20-F\n\n(Mark One)\n\n☐\n\nREGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nOR\n\n☒\n\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended December 31, 2025\n\nOR\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nOR\n\n☐\n\nSHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nDate of event requiring this shell company report:\n\nCommission File Number: 001-41985\n\nMurano Global Investments PLC\n\n(Exact name of Registrant as specified in its charter)\n\nNot applicable\n\n \n\nBailiwick of Jersey\n\n(Translation of Registrant’s name into English)\n\n \n\n(Jurisdiction of incorporation or organization)\n\nOscar Jazmani Mendoza Escobar (+52\n55 9267 8360) oscarmendoza@murano.com.mx\n\n25 Berkeley Square\n, London\nW1J 6HN, United Kingdom\n\n(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)\n\nSecurities registered or to be registered pursuant to Section 12(b) of the Exchange Act:\n\nTitle of each class\n\n \n\nTrading Symbol(s)\n\n \n\nName of exchange on which\n\nregistered\n\nOrdinary shares, no par value\n\n \n\nMRNO\n\n \n\nThe NASDAQ\nStock Market LLC\n\nWarrants, each exercisable for one ordinary share at an exercise price of $11.50 per ordinary share\n\n \n\nMRNOW\n\n \n\nThe NASDAQ\nStock Market LLC\n\nSecurities registered or to be registered pursuant to Section 12(g) of the Exchange Act:\n\nNone\n\n(Title of Class)\n\nSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Exchange Act:\n\nNone\n\n(Title of Class)\n\nIndicate the number of outstanding shares of each of the issuer’s classes of capital or\ncommon stock as of the close of the period covered by the annual report:\n\nOrdinary Shares, no par value\n\n \n\n79,718,832\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act of 1933, as amended (the\n“Securities Act”). Yes ☐ No ☒\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or\n15(d) of the Securities Exchange Act of 1934, amended (“Exchange Act”). Yes ☐ No\n☒\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of\n1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405\nof Regulation S-T (Sec.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth\ncompany. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEmerging growth company\n\n☒\n\nIf an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has\nelected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting\nStandards Codification after April 5, 2012.\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its\ninternal control over financial reporting over Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\nIf securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the registrant\nincluded in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation\nreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\nU.S. GAAP ☐\n\nInternational Financial Reporting Standards  \n\n☒\n\nby the International Accounting Standards Board\n\nOther ☐\n\nIf “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to\nfollow. Item 17 ☐ Item 18 ☐\n\nIf this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nTABLE OF CONTENTS\n\n \n\n \n\n Page\n\n[FREQUENTLY USED TERMS](#FREQUENTLYUSEDTERMS)\n\n1\n\n[CAUTIONARY STATEMENT CONCERNING FORWARD LOOKING STATEMENTS](#CAUTIONARYSTATEMENTCONCER)\n\n12\n\n[PART I](#PARTI)\n\n15\n\n \n\n[ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#ITEM1.)\n\n15\n\n \n\n[ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE](#ITEM2.)\n\n15\n\n \n\n[ITEM 3. KEY INFORMATION](#ITEM3.)\n\n15\n\n \n\n[ITEM 4. INFORMATION ON THE COMPANY](#ITEM4.)\n\n48\n\n \n\n[ITEM 4A. UNRESOLVED STAFF COMMENTS](#ITEM4A.)\n\n91\n\n \n\n[ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#ITEM5.)\n\n91\n\n \n\n[ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#ITEM6.)\n\n120\n\n \n\n[ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#ITEM7.)\n\n125\n\n \n\n[ITEM 8. FINANCIAL INFORMATION](#ITEM8.)\n\n131\n\n \n\n[ITEM 9. THE OFFER AND LISTING](#ITEM9.)\n\n131\n\n \n\n[ITEM 10. ADDITIONAL INFORMATION](#ITEM10.)\n\n132\n\n \n\n[ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ITEM11.)\n\n139\n\n \n\n[ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#ITEM12.)\n\n139\n\n[PART II](#RTII)\n\n139\n\n \n\n[ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#ITEM13.)\n\n139\n\n \n\n[ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#ITEM14.)\n\n139\n\n \n\n[ITEM 15. CONTROLS AND PROCEDURES](#ITEM15.)\n\n139\n\n \n\n[ITEM 16. RESERVED](#ITEM16.)\n\n140\n\n \n\n[ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT](#ITEM16A.)\n\n140\n\n \n\n[ITEM 16B. CODE OF ETHICS](#ITEM16B.)\n\n141\n\n \n\n[ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES](#ITEM16C.)\n\n141\n\n \n\n[ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#ITEM16D.)\n\n142\n\n \n\n[ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#ITEM16E.)\n\n142\n\n \n\n[ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT](#ITEM16F.)\n\n142\n\n \n\n[ITEM 16G. CORPORATE GOVERNANCE](#ITEM16G.)\n\n142\n\n \n\n[ITEM 16H. MINE SAFETY DISCLOSURE](#ITEM16H.)\n\n142\n\n \n\n[ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#ITEM16I.)\n\n143\n\n \n\n[ITEM 16J. INSIDER TRADING POLICY](#ITEM16J.INSIDERTRADINGPOL)\n\n143\n\n \n\n[ITEM 16K. CYBERSECURITY](#ITEM16K.)\n\n 143\n\n[PART III](#PARTIII)\n\n144\n\n \n\n[ITEM 17. FINANCIAL STATEMENTS](#ITEM17.)\n\n144\n\n \n\n[ITEM 18. FINANCIAL STATEMENTS](#ITEM18.)\n\n144\n\n \n\n[ITEM 19. EXHIBITS](#ITEM19.)\n\n145\n\n[SIGNATURES](#SIGNATURES)\n\n 148\n\n[INDEX TO FINANCIAL STATEMENTS](#indextofinancial)\n\nF-1\n\ni\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nFREQUENTLY USED TERMS\n\nExcept as otherwise indicated or required by context, references in this annual report on Form 20-F (including information incorporated by reference herein, the “Report”) to “Murano PubCo”\nrefer to Murano Global Investments PLC and references to “we”, “us”, “our”, “our company”, “the Company”, “Murano”, “Murano Group”, or “the Group” refer to Murano Global Investments PLC and its subsidiaries.\n\nBelow are definitions of certain terms used throughout this Report.\n\n“2031 Notes” means the 11% Senior Secured Notes due 2031 issued pursuant to the Indenture.\n\n“2031 Notes Restructuring” means the proposed consensual liability management or restructuring transaction relating to the 2031 Notes, to be\nimplemented on the terms set forth in the Term Sheet and reflected in definitive documentation, if completed.\n\n“Accor” means Accor Corporation.\n\n“ADR” means average daily rate and is the average revenue earned (excluding food, beverage, and other non-related room services) for an occupied room\non a given day. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or a group of hotels.\n\n“Ad-Hoc Group” means the ad hoc group of holders of the 2031 Notes representing more than 81% of the aggregate principal amount of the 2031 Notes\noutstanding, with whom the Company and certain subsidiaries entered into the Lock-Up Agreement in connection with a proposed consensual restructuring transaction relating to the 2031 Notes on the terms set forth in the Term Sheet attached as\nSchedule 2 to the Lock-Up Agreement.\n\n“ALG” means ALG Servicios Financieros México, S.A. de C.V., SOFOM, E.N.R.\n\n“Andaz Hotel” means the Andaz Mexico City Condesa hotel located in the Insurgentes 421 Hotel Complex, operated by Hyatt under the “Andaz” brand\npursuant to the Andaz Hotel Management Agreement.\n\n“Andaz Hotel Management Agreement” means the Hotel Services Agreement, dated May 11, 2022, entered into by and between OHI421, as owner, and Hyatt, as\nmanager, pursuant to which, among other matters, Hyatt agreed to manage the Andaz Hotel pursuant to the terms and conditions set forth therein, as amended, supplemented and/or restated from time to time.\n\n“Arrendadora Coppel” means Arrendadora Coppel, S.A.P.I. de C.V.\n\n“Arrendadora Finamo” Arrendadora Finamo, S.A. de C.V.\n\n“Baja Cruise Port” means the cruise port project in Ensenada currently\nunder evaluation and expected to have a capacity of 2 million passengers per year.\n\n“Baja Marina” means the marina project in Ensenada currently under\nevaluation and expected to consist of 15,000 linear ft slip spaces.\n\n“Baja Park Development Project” means the industrial park project in Ensenada currently under evaluation and expected to consist of 363,262 sqm of\nleasable space.\n\n“Baja Retail Village” means the retail village project in Ensenada currently under evaluation and expected to have a leasable area of approximately\n45,000 sqm.\n\n“Bancomext” means Banco Nacional de Comercio Exterior, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo.\n\n“Beach Club” means the Grand Island Beach Club located in the GIC Complex in Cancun.\n\n“Beach Club Loan” means the loan facility provided by ALG pursuant to the terms and conditions of the secured loan agreement dated March 31, 2023 (as\namended and restated from time to time, including by means of that certain amendment agreement dated November 6, 2023), entered into between Murano World, as borrower, and ALG, as lender, for an aggregate principal amount of U.S.$20 million,\nwhich is expected to be restructured in connection with the contemplated 2031 Notes Restructuring, on the terms to be described in the corresponding definitive documents.\n\n“Business Combination” means the business combination effected through the Business Combination Agreement.\n\n“CaixaBank” means CaixaBank, S.A.\n\n1\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n“CIB/3224 Trust” means the management trust agreement No. CIB/3224 (Contrato de Fideicomiso de Administración No.\nCIB/3224), dated August 10, 2023, entered into by CIBanco (currently with Multiva acting as successor trustee), solely in its capacity as trustee (fiduciario), Murano World, as settlor and\nbeneficiary, and the Issuer Trust, as first beneficiary solely with respect to GIC Private Unit 2, as amended and restated on September 12, 2024, and as further amended, supplemented and/or restated from time to time.\n\n“CIBanco” means CIBanco, S.A., Institución de Banca Múltiple.\n\n“Contractors” means any contractor authorized by Inmobiliaria Insurgentes 421 or the GIC I Trust, and supervised by Ideurban, or any other reputable\nconstruction supervisor that may replace Ideurban, from time to time, to carry out any construction and/or work in the Insurgentes 421 Hotel Complex or the GIC I Complex, respectively.\n\n“Coppel Lease Agreements” means the lease agreement dated November 8, 2023, between Operadora GIC I, as lessee, Arrendadora Coppel, as lessor, and\nMurano World, Edificaciones BVG and Elías Sacal Cababie as joint and several obligors, under which the parties establish the terms and conditions based on which the lessor will grant the lessee the temporary use and enjoyment of the goods\ndescribed in the specific contracts that are signed from time to time by the parties, including of equipment, their accessories and spare parts, and under which, additionally, the lessee will have the obligation to pay to the lessor the rental\namount, as amended, supplemented and/or restated from time to time.\n\n“Dreams Hotel” means the hotel currently referred to as Dreams Grand Island that is intended to form part of the GIC I Hotel within the GIC Complex in\nCancun, Quintana Roo, and to be operated by the applicable Hotel Operator pursuant to the then-effective hotel management arrangements (which may be amended, replaced or terminated from time to time, including in connection with the 2031 Notes\nRestructuring).\n\n“Edificaciones BVG” means Edificaciones BVG, S.A. de C.V.\n\n“Ennismore” means Ennismore México, S. de R.L. de C.V. (and, as applicable, Ennismore Holdings US Inc. and/or any related affiliate), a lifestyle\nhospitality company and a member of the Accor global hotel group.\n\n“ESAGRUP” means E.S. Agrupación, S.A. de C.V., a Mexican corporation.\n\n“Exitus” means Exitus Capital, S.A.P.I. de C.V., SOFOM, E.N.R.\n\n“Exitus Loan” means the credit agreement dated June 30, 2025, entered into by and among Murano World, as borrower, Exitus, as lender, and ESAGRUP,\nElías Sacal Cababie and Marcos Sacal Cohen, as joint obligors, in an aggregate amount of U.S.$20.4 million at a fixed interest rate of 15%, and maturing on June 30, 2029 (as amended, supplemented and/or restated from time to time).\n\n“Exitus Original Loans” means, collectively, the credit agreements between Murano World, as borrower, and Exitus, as lender, (a) dated May 31, 2022,\nin an aggregate principal amount of U.S.$15 million at an annual fixed interest rate of 15%, and maturing on May 31, 2025, (b) dated June 26, 2023, in an aggregate principal amount of U.S.$972,300 at an annual fixed interest rate of 15%, and\nmaturing on December 26, 2025, (c) dated December 5, 2023, in an aggregate principal amount of U.S.$2,500,000 at an annual fixed interest rate of 15%, and maturing on December 5, 2025, and (d) dated September 30, 2024, in an aggregate principal\namount of U.S.$18.1 million at a fixed interest rate of 15%, and maturing on December 30, 2025, each as amended, supplemented and/or restated from time to time. The Exitus Original Loans were repaid in full with the proceeds from the Exitus\nLoan.\n\n“Exitus Trust” means the irrevocable management, guarantee and source of payment trust agreement No. 250 C (Contrato\nde Fideicomiso Irrevocable de Garantía, Administración y Fuente de Pago No. 250 C), dated May 31, 2022, entered into by and among Exitus, acting solely as trustee (fiduciario), BVG World\n(currently Murano World), as borrower, CIBanco (currently with Multiva acting as successor trustee), in its capacity trustee of the F/0455 Trust, as settlor and second place beneficiary, Elías Sacal Cababie, Marcos Sacal Cohen and ESAGRUP, as\nsecond place beneficiaries, and Exitus and Sofoplus as first place beneficiaries, as amended, supplemented and/or restated from time to time.\n\n“Finamo” means Administradora de Soluciones, S.A. de C.V., SOFOM, E.N.R.\n\n“GIC Complex” means, collectively, the GIC I Hotel, the GIC Condominiums, GIC Spa, and their respective service areas, back-of-house, pools, gyms,\nbars and other related areas and services, in each case as such components may be modified from time to time, including in connection with the contemplated 2031 Notes Restructuring and the implementation of the Restructuring Project.\n\n“GIC Condominiums” means the contemplated project of residential condominiums within the GIC Complex. The development project entails the construction\nand commercialization, under commercially sound brands, of approximately 1,254 residential units divided into four condominium towers.\n\n2\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n“GIC I Hotel” means the Grand Island Cancun I hotel located in Cancun, Quintana Roo, originally consisting of the Vivid Hotel, which is operational,\nand the Dreams Hotel, which was under completion, as such property, components and related operations may be reconfigured, converted or otherwise modified from time to time, including in connection with the contemplated 2031 Notes Restructuring\nand the Restructuring Project.\n\n“GIC I Hotel Management Agreement” means the Hotel Operation and Administration Services Agreement, dated September 10, 2019, entered into by and\nbetween Hyatt Inclusive Collection, as hotel manager, and Operadora GIC I, as client, pursuant to which, among other matters, the hotel manager agreed to manage the GIC I Hotel pursuant to the terms and conditions set forth therein, as amended\non September 11, 2019, March 28, 2021, and July 11, 2023, and as further amended, supplemented and/or restated from time to time, or any replacement hotel management agreement entered into in respect of the relevant property from time to time,\nincluding in connection with the contemplated 2031 Notes Restructuring.\n\n“GIC I Hotel Management Agreement (Mondrian)” means the hotel management agreement, dated April 6, 2026, entered into by and between Operadora GIC I,\nas client, and Ennismore, as hotel manager, and the GIC I Trust, as guarantor, pursuant to which, upon satisfaction of the applicable conditions precedent, Ennismore is expected to operate the GIC I Hotel under the “Mondrian” brand for an\ninitial mandatory term of 20 fiscal years commencing on the opening date.\n\n“GIC I Lease Agreement” means the lease agreement entered into on September 5, 2019, by the GIC I Trust with Operadora GIC I pursuant to which the GIC\nI Trust leases the GIC I Hotel’s properties to Operadora GIC I, both restricted subsidiaries under the Indenture, for a period of 20 years.\n\n“GIC I Loan” means the syndicated secured mortgage loan with Sabadell, as administrative agent and collateral agent, and Sabcapital, CaixaBank, Bancomext,\nNafin and Avantta Sentir Común, S.A. de C.V., SOFOM, E.N.R, as lenders, with the appearance of Murano PV, Elías Sacal Cababie, and the CIB/3224 Trust, in an aggregate principal amount of U.S.$239,811,149.50 at an annual interest rate of term\nSOFR +4.0116%, and maturing on February 5, 2033, as amended, supplemented and/or restated from time to time. The GIC I Loan was repaid in full with the proceeds from the 2031 Notes.\n\n“GIC I Supervision Agreement” means the GIC I Supervision Agreement, dated as October 1, 2019, between\nIdeurban and the GIC I Trust; or any other supervision agreement in regard to the GIC I Hotel construction entered into by the GIC I Trust and any other reputable construction supervisor that may replace Ideurban from time to time.\n\n“GIC I Trust” means the management trust agreement No. CIB/3001 (Contrato de Fideicomiso de Administración No.\nCIB/3001), dated May 28, 2018, known as “Fideicomiso Murano 2000”, entered into by CIBanco (currently with Multiva acting as successor trustee), solely in its capacity as trustee (fiduciario),\nthe Murano 1000 Trust, as settlor and beneficiary, Murano World, as settlor and beneficiary, the Issuer Trust, as first beneficiary solely with respect to GIC Private Unit 1, and Murano AT GV, S.A. de C.V., as manager, as amended and restated\non September 12, 2024, and as further amended, supplemented and/or restated from time to time.\n\n“GIC II Hotel” means the Grand Island Cancun II hotel located in Cancun, Quintana Roo, that was going to be developed. Latest market developments\nshifted the company´s focus towards residential development and commercialization, deciding to halt its development to prioritize GIC Condominiums to be developed in the GIC Complex.\n\n“GIC II Hotel Management Agreement” means (i) the Hotel Operation and Administration Services Agreement, dated as of August 23, 2021, between Hyatt\nInclusive Collection, as hotel manager, and Operadora GIC II, as client, as amended, supplemented and/or restated from time to time; or (ii) any other hotel management agreement in regard to the GIC II Hotel operation entered into by CIBanco\n(currently with Multiva acting as successor trustee), as trustee (fiduciario) of the GIC II Trust, and any other reputable hotel operator that may replace Hyatt Inclusive Collection, from time to time,\nincluding in connection with the contemplated 2031 Notes Restructuring.\n\n“GIC II Trust” means the management, guarantee and source of payment trust agreement No. CIB/3288 (Contrato de\nFideicomiso de Administración, Garantía y Fuente de Pago No. CIB/3288), dated June 3, 2019, known as “Fideicomiso Murano 4000”, entered into by CIBanco (currently with Multiva acting as successor trustee), solely in its capacity as\ntrustee (fiduciario), the Murano 1000 Trust, as settlor A and second beneficiary, Murano World, as settlor B and second beneficiary, and Finamo, as first beneficiary, as amended and restated on December\n27, 2023, and as further amended, supplemented and/or restated from time to time.\n\n“GIC Private Unit 1” means the private unit number one, located in Boulevard Kukulcán, in the lot marked as Supermanzana A-2 “A,” second tourist\nstage, located in the Tourist Development of Cancun, Municipality of Benito Juarez, State of Quintana Roo, with a total surface area of 47,727.69 m2.\n\n“GIC Private Unit 2” means the private unit number two, located in Boulevard Kukulcán, in the lot marked as Supermanzana A-2 “A,” second tourist\nstage, located in the Tourist Development of Cancun, Municipality of Benito Juarez, State of Quintana Roo, with a total surface area of 30,431.53 m2.\n\n“GIC Private Unit 3” means the private unit number three, located in Boulevard Kukulcán, in the lot marked as Supermanzana A-2 “A,” second tourist\nstage, located in the Tourist Development of Cancun, Municipality of Benito Juarez, State of Quintana Roo, with a total surface area of 79,974.10 m2.\n\n3\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n“GIC Private Unit 4” means the private unit number four, located in Boulevard Kukulcán, in the lot marked as\nSupermanzana A-2 “A,” second tourist stage, located in the Tourist Development of Cancun, Municipality of Benito Juarez, State of Quintana Roo, with a total surface area of 21,473.30 m2.\n\n“GIC Private Unit 5” means the private unit number five, located Boulevard Kukulcán, in the lot marked as\nSupermanzana A-2 “A,” second tourist stage, located in the Tourist Development of Cancun, Municipality of Benito Juarez, State of Quintana Roo, with a total surface area of 27,632.44 m2.\n\n“GIC Spa” means the spa to be developed in the GIC Private Unit 1.\n\n“HCM” means HCM Acquisition Corp.\n\n“HCM Holdings” means HCM Investor Holdings, LLC\n\n“HCM Initial Shareholders” means shareholders in HCM prior to the completion of the Business Combination.\n\n“HCM Warrant Agreement” means a warrant agreement, dated January 20, 2022, by and between HCM and Continental Stock Transfer & Trust Company, as\nwarrant agent.\n\n“Hotel Operators” means (i) Hyatt, with respect to the Andaz Hotel, (ii) Accor, with respect to the Mondrian Hotel, and (iii) Hyatt Inclusive\nCollection, with respect to the GIC I Hotel and the GIC II Hotel; provided that, with respect to the GIC I Hotel, we have entered into the GIC I Hotel Management Agreement (Mondrian) in connection with the contemplated 2031 Notes Restructuring,\npursuant to which Hyatt is expected to be replaced as hotel operator by Ennismore upon satisfaction of the conditions precedent thereunder (including the effectiveness of the 2031 Notes Restructuring and the termination of the existing GIC I\nHotel Management Agreement with Hyatt); or, in each case, any other reputable firm in the hotel operation industry that enters into a hotel management agreement in connection with any of the Properties, from time to time.\n\n“Hotels” means, collectively, the hotels developed and operated in the Insurgentes 421 Hotel Complex and the GIC Complex.\n\n“Hyatt” means Hyatt Hotels Corporation, Hyatt of Mexico, S.A. de C.V. and any subsidiary and/or affiliate thereof (including Hyatt Inclusive\nCollection). References to Hyatt as a Hotel Operator in this Report are subject to the applicable hotel management arrangements and the contemplated operator transition for the GIC I Hotel in connection with the 2031 Notes Restructuring.\n\n“Hyatt Inclusive Collection” means AMR Operaciones MX, S. de R.L. de C.V.\n\n“Ideurban” means Ideurban Tecnologías, S.A. de C.V.\n\n“Indenture” means the indenture dated as of September 12, 2024, among CIBanco (currently with Multiva acting as successor trustee), as trustee of the\nIssuer Trust, as issuer, Operadora GIC I, CIBanco (currently with Multiva acting as successor trustee), as trustee of the CIB/3224 Trust, CIBanco (currently with Multiva acting as successor trustee), as trustee of the GIC I Trust, and Murano\nPV, as guarantors, The Bank of New York Mellon, as indenture trustee, offshore collateral agent, paying agent, transfer agent and registrar, (currently with UMB Bank, N.A. acting as successor indenture trustee) and Banco Actinver, S.A.,\nInstitución de Banca Múltiple, Grupo Financiero Actinver, as onshore collateral agent, as amended, supplemented and/or restated from time to time.\n\n“Inmobiliaria Insurgentes 421” means Inmobiliaria Insurgentes 421, S.A. de C.V.\n\n“Insurgentes 421 Hotel Complex” means the 396 room and ancillary facilities consisting of the Andaz Hotel and the Mondrian Hotel in the property\nidentified as “Conjunto Aristos” located at Avenida Insurgentes Sur No. 421, Colonia Hipódromo Condesa, Alcaldía Cuauhtémoc, 06100, Mexico City, and their respective service areas, back-of-house, pool, gyms, bars and other related areas and\nservices.\n\n“Insurgentes Lease Agreements” means, collectively, the OHI421 Lease Agreement and the OHI421 Premium Lease Agreement.\n\n4\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n“Insurgentes Loan” means the loan agreement dated September 29, 2022 (as amended, supplemented and/or restated from time to time, including pursuant to\nthat certain Fourth Amendment Agreement dated July 4, 2025) entered into by Inmobiliaria Insurgentes 421, as borrower, OHI421 and OHI421 Premium, as joint obligors, and Bancomext, as lender, in an aggregate principal amount of U.S.$100 million\nat an interest rate of term SOFR +3.50%, and maturing on October 7, 2037.\n\n“Insurgentes Security Trust” means the irrevocable management, guarantee and source of payment trust agreement No. 10707 (formerly identified as No.\nCIB/3109) (Contrato de Fideicomiso Irrevocable de Administración, Garantía y Fuente de Pago No. 10707 – anteriormente identificado como No. CIB/3109), dated October 3, 2018, entered into by CIBanco (with\nBancomext acting as substitute trustee pursuant to the trustee substitution agreement dated July 16, 2025), solely in its capacity as trustee (fiduciario), Bancomext, as first beneficiary and Murano\nManagement, Murano PV, OHI421, OHI421 Premium, and Inmobiliaria Insurgentes 421, as settlors and second beneficiaries, as amended and restated on December 18, 2025, and as further amended, supplemented and/or restated from time to time.\n\n“Issuer Trust” means the irrevocable issuing, administration and payment trust agreement No. CIB/4323 (Contrato de\nFideicomiso Irrevocable de Emisión, Administración y Fuente de Pago No. CIB/4323), dated as of September 12, 2024, entered into by and among Murano PV, Operadora GIC I and the GIC I Trust, as settlors and second beneficiaries, CIBanco\n(currently with Multiva acting as successor trustee), acting solely as trustee (fiduciario), and Banco Actinver, S.A., Institución de Banca Múltiple, Grupo Financiero Actinver, as onshore collateral\nagent, as first beneficiary, as amended, supplemented and/or restated from time to time.\n\n“Leases” means the Insurgentes Lease Agreements and the GIC I Lease Agreement.\n\n“Lessee” means any of OHI421, OHI421 Premium and Operadora GIC I, in its capacity as lessee under the Lease to which such entity is a party to.\n\n“Lessors” means any of Inmobiliaria Insurgentes 421 and the GIC I Trust in its capacity as lessor under the Lease to which such entity is a party to.\n\n“Lock-Up Agreement” means the lock-up agreement dated March 10, 2026, by and among Operadora GIC I, Murano PV, Murano Global Investments PLC, Elías\nSacal Cababie and the Ad Hoc Group, relating to the proposed restructuring transaction for the 2031 Notes.\n\n“Mondrian Hotel” means the Mondrian Mexico City Condesa hotel located in the Insurgentes 421 Hotel Complex, operated by Accor under the “Mondrian”\nbrand pursuant to the Mondrian Hotel Management Agreement.\n\n“Mondrian Hotel Management Agreement” means the Hotel Management Agreement dated May 11, 2022, entered into by and between OHI421 Premium, as owner,\nand Ennismore, as manager, pursuant to which, among other matters, Ennismore (now Accor) agreed to manage the Mondrian Hotel pursuant to the terms and conditions set forth therein, as amended, supplemented and/or restated from time to time.\n\n“Multiva” means Banco Multiva, S.A., Institución de Banca Múltiple, Grupo Financiero Multiva.\n\n“Murano 1000 Trust” means the management trust agreement No. CIB/3000 (Contrato de Fideicomiso de Administración No.\nCIB/3000), known as “Fideicomiso Murano 1000”, entered into by CIBanco (currently with Multiva acting as successor trustee), solely in its capacity as trustee (fiduciario), and Murano PV, as\nsettlor and first beneficiary, as amended, supplemented and/or restated from time to time.\n\n“Murano Management” means Murano Management, S.A. de C.V.\n\n“Murano Ordinary Shares” means ordinary shares of Murano PubCo.\n\n“Murano PV” means Murano PV, S.A. de C.V.\n\n“Murano Warrants” means the warrants, each exercisable for one Murano Ordinary Share, at an exercise price of U.S.$11.50 per Murano Ordinary Share.\n\n“Murano World” means Murano World, S.A. de C.V.\n\n“Nafin” means Nacional Financiera, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo.\n\n“Nafin Loan” means the loan agreement dated October 17, 2024, between Nafin, as lender, Murano PV, as borrower, and Elías Sacal Cababie and Marcos Sacal\nCohen, as joint obligors, pursuant to which Nafin provided a two year loan in an aggregate principal amount of U.S.$70,378,283.27, as amended, supplemented and/or restated from time to time.\n\n“Nasdaq” means the National Association of Securities Dealers Automated Quotations a public market trading platform based in New York.\n\n5\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n“New CayCo” means Murano Global Cayman.\n\n“New Notes” means the amended or exchanged notes contemplated by the Term Sheet to replace, or be issued in exchange for, the 2031 Notes in connection\nwith the 2031 Notes Restructuring.\n\n“Occupancy” means the total number of hotel room nights sold divided by the total number of available hotel room nights, and is a measure of the\nutilization of a hotel’s available room capacity.\n\n“OHI421” means Operadora Hotelera I421, S.A. de C.V.\n\n“OHI421 Premium” means Operadora Hotelera I421 Premium, S.A. de C.V.\n\n“Operadora GIC I” means Operadora Hotelera G.I., S.A. de C.V.\n\n“Operadora GIC II” means Operadora Hotelera Grand Island II, S.A. de C.V.\n\n“Registration Rights Agreement” means the Registration Rights Agreement, dated January 20, 2022, by and among HCM, HCM Holdings and the Cantor\nFitzgerald & Co.\n\n“Relevant 2031 Notes Defaults” means the payment default under the Indenture resulting from the failure to pay interest due on the Notes on September\n12, 2025, and March 12, 2026.\n\n“Residential Condos” means the approximately 328 residential apartments contemplated to be developed and sold as part of the Restructuring Project, as\ndescribed in the Term Sheet.\n\n“Resort Property in Baja Development Project” means a proposed resort under evaluation in Ensenada expected to comprise two five-star upper-upscale\nresorts, one with 371 keys and a second one with 400 key on completion.\n\n“Restructuring Project” means the contemplated conversion of the GIC I Hotel into (i) a hotel with 566 guest rooms and (ii) the Residential Condos, in\neach case, as described in the Term Sheet.\n\n“RevPAR” means the product of ADR and the Occupancy. RevPAR includes only revenue from room rentals and excludes revenues from food and beverage and\nother services that we can generate in our hotels such as telephone service, laundry, and valet parking, among others. We use RevPAR to assess the rate with respect to the total available rooms.\n\n“Sabadell” means Banco Sabadell, S.A., Institución de Banca Múltiple.\n\n“Sabcapital” means Sabcapital, S.A. de C.V., SOFOM, E.R.\n\n“Santander Revolving Credit Facility” means the revolving credit facility dated March 3, 2023, between Murano World, as borrower, Santander International, as lender, and Harry Sacal Cababie as\npledgor, for an uncommitted line of credit agreement in an aggregate principal amount of U.S.$1,500,000, which was repaid in full on March 27, 2026.\n\n“SEPA” means the Standby Equity Purchase Agreement dated June 11, 2025, between Murano PubCo and YA, pursuant to which, we have the right, but not the\nobligation, to sell to YA, from time to time and at our discretion, up to $500.0 million of our ordinary shares, during the 36-month period following the execution of the SEPA, subject to the terms, conditions and limitations set forth therein.\n\n“Sofoplus” means Sofoplus, S.A.P.I. de C.V., SOFOM, E.N.R.\n\n“Sofoplus Loan I” means the term loan between Murano World, as borrower, Elías Sacal Cababie and Marcos Sacal Cohen, as joint and several obligors,\nand Sofoplus, as lender, in an aggregate principal amount of U.S.$3.6 million at an annual fixed interest rate of 16%, and maturing on October 1, 2026, as amended by that certain First Amendment Agreement, dated September 29, 2025, and as\nfurther amended, supplemented and/or restated from time to time.\n\n6\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n“Sofoplus Loan II” means the term loan between Murano World, as borrower, Elías Sacal Cababie and Marcos Sacal Cohen, as joint and several obligors,\nand Sofoplus, as lender, in an aggregate principal amount of U.S.$6 million at an annual fixed interest rate of 16%, and maturing on February 1, 2028, as amended, supplemented and/or restated from time to time.\n\n“Sofoplus Original Loan” means the secured term loan between Murano World, as borrower, ESAGRUP, Elías Sacal Cababie and Marcos Sacal Cohen, as joint\nand several obligors, and Sofoplus, as lender, in an aggregate principal amount of U.S.$15 million at an annual fixed interest rate of 15%, and maturing on June 24, 2025, as amended by that certain First Amendment Agreement, dated September 29,\n2025, and as further amended, supplemented and/or restated from time to time. The Sofoplus Original Loan was repaid in full with the proceeds of the Sofoplus Loan I and the Sofoplus Loan II.\n\n“Term Sheet” means the term sheet setting forth the key terms of the proposed restructuring transaction relating to the 2031 Notes, attached as\nSchedule 2 to the Lock-Up Agreement and disclosed by the Company on March 10, 2026.\n\n“Vivid Hotel” means the Hyatt Vivid Grand Island, within the GIC I Hotel located in the GIC Complex in Cancun, operated by Hyatt; provided that, with\nrespect to the GIC I Hotel, we have entered into the GIC I Hotel Management Agreement (Mondrian) in connection with the contemplated 2031 Notes Restructuring, pursuant to which Hyatt is expected to be replaced as hotel operator by Ennismore\nupon satisfaction of the conditions precedent thereunder (including the effectiveness of the 2031 Notes Restructuring and the termination of the existing GIC I Hotel Management Agreement with Hyatt); or any other reputable firm in the hotel\noperation industry that enters into a hotel management agreement in connection with any of the Properties, from time to time.\n\n“YA” means YA II PN, LTD., a Cayman Islands exempt limited partnership.\n\n7\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nPRESENTATION OF FINANCIAL AND OTHER INFORMATION\n\nOn March 20, 2024, we completed the Business Combination described in more detail under “Item 4. Information on the Company—A. History and Development of the\nCompany—Business Combination.” The following discussion should be read in conjunction with that description.\n\nFinancial Information\n\nThis Report includes the consolidated and combined statements of financial position of the Murano Group as of December 31, 2025 and 2024, in a consolidated basis at the level of Murano Global\nInvestments PLC and as of December 31, 2023, in a combined basis at the level of Murano PV and the following entities: Murano Management, Edificaciones BVG, Murano World, Inmobiliaria Insurgentes 421, OHI421, OHI421 Premium, Murano 1000 Trust,\nGIC I Trust, GIC II Trust, Operadora GIC I, Operadora GIC II, and Servicios Corporativos BVG, S. A. de C. V., respectively, the related consolidated and combined statements of profit or loss and other comprehensive income, change in equity, and\ncash flows for the years ended December 31, 2025, 2024 and 2023, respectively, prepared in accordance with the IFRS Accounting Standards issued by the International Accounting Standards Board (“IASB”) (the “Consolidated and Combined Financial\nStatements”).\n\nThe Consolidated and Combined Financial Statements and other consolidated and combined financial information of the Murano Group, including in the section titled “Item 5. Operating and Financial Review and Prospects” included elsewhere in this Report, should be read together and reflect the financial position and results of operations of the Murano Group.\n\nThe standalone financial statements of Murano Global Investments PLC, for the years prior to December 31, 2024, are not included in this Report because it was a newly formed entity created\nfor the sole purpose of the Business Combination.\n\nProspective investors are advised to consult their professional advisors for an understanding of: (i) the differences between IFRS and other systems of generally accepted accounting\nprinciples and how those differences might affect the financial information included in this Report and (ii) the impact that future additions to, or amendments of, IFRS principles may have on the Murano Group’s results of operations and/or\nfinancial condition, as well as on the comparability of Murano Group’s financial information of prior periods.\n\nThe Business Combination was accounted for as a capital reorganization in accordance with IFRS 2 Share-based payment. Under this method of\naccounting, there is no acquisition accounting and no recognition of goodwill or intangible assets, as HCM does not meet the definition of a “business” pursuant to IFRS 3 Business Combinations given it\nconsisted predominantly of cash in a trust account.\n\nHCM is treated as the accounting “acquired” company for financial reporting purposes, and Murano PubCo is the accounting “acquirer”. This determination was primarily based on (i) Murano\nGroup’s shareholders holding a majority of the voting power of Murano PubCo, (ii) Murano Group’s operations substantially comprising the ongoing operations of the combined company, (iii) Murano Group’s designees comprising a portion of the\ngoverning body of Murano PubCo, and (iv) Murano Group’s senior management comprising the senior management of Murano PubCo.\n\nIn accordance with IFRS 2, the difference in the fair value of the shares issued by Murano PubCo over the identifiable net assets of HCM at historical cost was accounted for as share-based\npayment expense.\n\nSee “Item 4—Information on the Company—A. History and Development of the Company—Business Combination” for additional details regarding the Business\nCombination.\n\n8\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nGoing Concern\n\nAs indicated in note 2c., to the Consolidated and Combined Financial Statements as of December 31, 2025, the total current liabilities exceed the amount of total current assets, and based\nupon the Murano Group’s current plans, management believes that financial resources to fund its operations for the twelve months subsequent to the authorization and issuance of the Consolidated and Combined Financial Statements will not be\nsufficient. These events or conditions, along with other matters as set forth in note 2c. to the Consolidated and Combined Financial Statements indicate that a material uncertainty exists that casts substantial doubt on our ability to continue\nas a going concern. Management’s plans regarding these matters are also described in note 2c. to the Consolidated and Combined Financial Statements. Management continues evaluating strategies to obtain the additional funding necessary for\nfuture operations and project redesign or completion, to comply with all covenants as required by the debt instruments to which entities of the Murano Group are parties to, and to be able to discharge the outstanding debt and other liabilities\nas they become due.  Furthermore, the Murano Group has a plan to execute a debt restructuring.  While the terms of such a debt restructuring have not yet been agreed with all of the Murano Group’s lenders and creditors, and there can be no\nassurance that a successful outcome will be achieved, Management believes that these efforts represent a reasonable course of action to address the Group’s financial position and mitigate the risk to our ability to continue as a going concern.\nThe Murano Group has also considered alternative strategies with respect to the hotel operations in Cancun (including changes to the hotel management agreement and operational partners as described in this Report), which could generate\nadditional cash flows compared to the current commercial arrangements. In assessing these strategies, management has considered the available cash resources, inflows from the hotels that are already in operation, and future financing options\nthat may be available to the Murano Group such as new or restructured loan agreements and the possible financial support of the major shareholder of the Murano Group. However, the Murano Group may be unable to access further equity or debt\nfinancing when needed or may not be successful in implementing its business continuity strategy. See “Recent Developments” and “Risk Factors—Risks Related to Murano’s Business and Operating in the Hotel Industry—Our total current liabilities\nexceed the amount of the total current assets, which has placed significant doubt on our ability to continue as a going concern.”  Furthermore, with respect to the Consolidated and Combined Financial Statements, the independent auditor’s\nseparate report relating thereto contains an explanatory paragraph that states that certain circumstances raise substantial doubt about our ability to continue as a going concern and draws attention to notes 2c., 10 and 20 of the Consolidated\nand Combined Financial Statements.\n\nNon-IFRS Measures\n\nThis Report contains certain financial measures and ratios, including EBITDA and Adjusted EBITDA that are not required by, or presented in accordance with IFRS (the “Non-IFRS Measures”).\n\nThe Murano Group presents these Non-IFRS Measures because they are measures our management uses to assess financial and operating performance, and the Murano Group believes that they and\nsimilar measures are widely used in our industry as a means of evaluating a company’s operating performance and financing structure, and because the Murano Group believes they provide additional information on operating and financial\nperformance. These measures may not be comparable to other similarly titled measures of other companies and are not measurements under IFRS standards or other generally accepted accounting principles which limit their usefulness of comparative\nmeasures. The Non-IFRS Measures are not measurements of our performance or liquidity under IFRS and should not be considered as alternatives to operating profit or net profit from continuing operations or any other performance measures derived\nin accordance with IFRS or as alternatives to cash flow from operating, investing or financing activities. We believe the Non-IFRS Measures should always be considered along with the related IFRS financial measures. We have provided the\nreconciliations between the most directly comparable IFRS measures and Non-IFRS Measures below in the sections titled “Item 5. Operating and Financial Review and Prospects—Other Financial Data” in this\nReport.\n\nThe Murano Group defines these Non-IFRS Measures as follows:\n\n“EBITDA” as a measure that reflects net profit for the period, excluding interest expense, income taxes, depreciation and amortization.\n\n“Adjusted EBITDA” as EBITDA further adjusted to exclude transaction-related expenses derived from the Business Combination.\n\n9\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nEBITDA and Adjusted EBITDA, including any corollary terms presented on an “as adjusted” basis, may be defined differently than the ones calculated or presented by other companies, limiting\ntheir usefulness as comparative measures. The Murano Group presents EBITDA and Adjusted EBITDA because it is widely used by securities analysts, investors and other interested parties to evaluate the profitability of companies. EBITDA\neliminates potential differences in performance caused by variations in capital structures (affecting net finance costs), tax positions (such as tax credits or tax expense) and the extent to which intangible assets are identifiable (affecting\nrelative amortization expense). Further, Adjusted EBITDA eliminates the costs associated with the Business Combination. EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation. For example,\nEBITDA and Adjusted EBITDA do not reflect:\n\n•\n\nchanges in, or cash requirements for, our working capital needs;\n\n•\n\nour interest expense, or the cash requirements to service interest or principal payments on our indebtedness;\n\n•\n\nour tax expense or the cash requirements to pay our taxes;\n\n•\n\nhistorical cash expenditures or future requirements for capital expenditures or contractual commitments;\n\n•\n\nthe effect on earnings or changes resulting from matters that we consider not to be indicative of our future operations; and\n\n•\n\nany cash requirements for assets to be replaced in the future (although depreciation is a non-cash charge the assets being depreciated will often have to be replaced in the future).\n\nBecause of these limitations, EBITDA and Adjusted EBITDA should not be considered as discretionary cash available to us to reinvest in the growth of our business or as measures of cash that\nwill be available to us to meet our obligations. You should rely primarily on our IFRS results and use these Non-IFRS Measures only to supplement your evaluation of our performance.\n\nRounding\n\nCertain numerical figures set out in this Report, including financial information presented in millions or thousands and percentages describing market shares, have been subject to rounding\nadjustments and, as a result, the totals of the data in this Report may vary slightly from the actual arithmetic totals of such information. Percentages and amounts reflecting changes over time periods relating to financial and other\ninformation set forth in “Item 5. Operating and Financial Review and Prospects” are calculated using the rounded numerical data in the narrative description thereof.\n\nKey Performance Indicators\n\nWe have included other operating information in this Report, some of which we refer to as “key performance indicators” including ADR, Occupancy and RevPAR. We believe that it is useful to\ninclude this operating information as we use it for internal performance analysis, and the presentation by property or project of these measures facilitates comparability with other companies in our industry, although our measures may not be\ncomparable with similar measurements presented by other companies. Such operating information should not be considered in isolation or construed as a substitute for measures prepared in accordance with IFRS. For a description of certain of our\nkey performance indicators, see “Item 5. Operating and Financial Review and Prospects.”\n\nTranslation of Mexican Peso Amounts into U.S. Dollars\n\nThe financial and other information appearing in this Report is presented in Mexican pesos. In this Report, references to “pesos”, “Ps.$” or “$” are to Mexican pesos and references to “U.S. dollars” or “U.S.$” are to United States dollars. This Report\ncontains translations of certain peso amounts into U.S. dollars at specified rates solely for the convenience of the reader. These translations should not be construed as representations that the peso amounts actually represent such U.S. dollar\namounts or could be converted into U.S. dollars at the rate indicated or at all. The exchange rate we use for those convenience translations is not necessarily the same rate we used in preparing the Consolidated and Combined Financial\nStatements as disclosed in the footnotes of the financial statements. This may mean, for example, that U.S. dollar-denominated items in this report may have been translated into pesos using one exchange rate and reconverted to U.S. dollars\nusing the convenience translation exchange rate. Unless otherwise indicated, U.S. dollar amounts that have been translated from pesos have been so translated at an exchange rate of Ps.$17.9528 per U.S.$1.00, the rate calculated by the Mexican\nCentral Bank (Banco de México, or the “Central Bank”) as published on December 31, 2025, in the Mexican Official Gazette of the Federation (Diario Oficial de la Federación), based on the average of wholesale foreign exchange market quotes for transactions settling within two banking business days.\n\n10\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nTrademarks, Trade Names and Service Marks\n\nWe own or have rights to trademarks, trade names, and service marks that we use in connection with the operation of our business, including our names, logos, and website names and addresses.\nOther trademarks, trade names, and service marks appearing in this Report, including those of Hyatt, AccorHotels, Accor, and Ennismore are, to our knowledge, the property of their respective owners. We also own or have rights to copyrights that\nprotect certain content related to our business and products. Solely for convenience, the trademarks, trade names, service marks and copyrights referred to in this Report are listed without the TM, ® and © symbols, but we will assert, to the\nfullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, trade names and service marks. We do not intend our use or display of other parties’ trademarks, trade names, or service marks to\nimply, and such use or display should not be construed to imply a relationship with, or endorsement or sponsorship of us by, those other parties.\n\nMarket and Industry Data\n\nThe market data and certain other statistical information included in this Report are based on independent industry publications, government publications or other published independent\nsources. These sources generally state that the information they provide has been obtained from sources believed to be reliable, but that the accuracy and completeness of the information are not guaranteed. The forecasts and projections are\nbased on industry surveys and the preparers’ experience in the industry, and there is no assurance that any of the projected amounts will be achieved. Some data is also based on our good faith estimates. While we are not aware of any\nmisstatements regarding any such data, forecasts and information presented herein, you should carefully consider the inherent risks and uncertainties associated with the industry and market data included or incorporated by reference in this\nReport.\n\nMeasurement Data\n\nThe standard measure of area in the real estate market in Mexico is the square meter (“sqm” or “m2”), while in\nthe United States the standard measure is the square foot (“sqf” or “ft2”). One square meter is equal to approximately 10.764 square feet.\n\n11\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nCAUTIONARY STATEMENT CONCERNING FORWARD LOOKING STATEMENTS\n\nThis Report contains forward-looking statements. Examples of such forward-looking statements include, but are not limited to: (i) statements regarding our future financial position and\nresults of operations strategy, plans (including development and completion of projects), objectives, goals and targets and future developments in the markets in which we participate or are seeking to participate or anticipated regulatory\nchanges in the markets in which we operate or intend to operate in; and (ii) statements of assumptions underlying such statements. Words such as “believes,” “anticipates,” “should,” “estimates,” “seeks,” “forecasts,” “expects,” “may,”\n“intends,” “plans,” “might,” “could,” “can,” “would,” “will,” “target,” “project,” “continue,” “aim,” “likely” and similar expressions are intended to identify forward-looking statements but are not exclusive means of identifying such\nstatements.\n\nForward-looking statements are not guarantees of future performance. These statements are based in large part on current expectations and projections about future events and financial trends\nthat affect or may affect our business, industry, financial condition, results of operations or prospects and/or cash flow. Although we believe that these estimates and forward-looking statements are based on reasonable assumptions, these\nestimates and statements are subject to several risks and uncertainties and are made in light of the information currently available to us. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general\nand specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution prospective investors that a number of important factors could cause actual results to differ\nmaterially from the plans, objectives, expectations, estimates and intentions expressed or implied in such forward-looking statements, including the following factors:\n\n•\n\nour ability to continue as a going concern;\n\n•\n\nincreasing competition, including changes in the supply of rooms from competing resorts;\n\n•\n\nthe ability to maintain the listing of Murano Global Investments PLC Ordinary Shares on Nasdaq;\n\n•\n\nthe risk that we may fail to regain compliance with Nasdaq’s continued listing requirements, including the minimum bid price requirement, which could result in the delisting of our ordinary shares;\n\n•\n\ngeneral economic uncertainty and the effect of general economic conditions, including inflation, elevated interest rates and worsening global economic conditions or low levels of economic growth, on\nconsumer discretionary spending and the lodging industry in particular;\n\n•\n\nchanges in consumer preferences, including the popularity of the all-inclusive resort model, particularly in the luxury segment of the resort market, and the popularity of tropical beachfront vacations\ncompared to other vacation options or destinations;\n\n•\n\nchanges in economic, social or political conditions in the regions we operate, including changes in perception of public-safety and changes in unemployment rates and labor force availability;\n\n•\n\nthe success and continuation of our relationships with the Hotel Operators;\n\n•\n\nthe occurrence of any event, change or other circumstance that could give rise to the termination of any agreement entered with the Hotel Operators;\n\n•\n\nthe failure to satisfy required conditions under the hotel management agreements, including, but not limited to, the completion of projects with the specifications required by the Hotel Operators or at\nall;\n\n•\n\nour ability to implement strategic initiatives for our business continuity;\n\n \n\n•\n\nthe risk associated with any potential corporate reorganization and related strategic changes;\n\n•\n\nour ability to comply with contractual covenants;\n\n•\n\nour ability to pay our obligations as those become due;\n\n•\n\nour ability to obtain and maintain financing arrangements on attractive terms or at all;\n\n12\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n•\n\nour ability to obtain and maintain ample liquidity to fund operations and service debt;\n\n•\n\nour ability to successfully expand into new markets in Mexico;\n\n•\n\nchanges in applicable laws or regulations, or the interpretation and enforcement of laws and regulations, including those related to zoning, social and environmental issues;\n\n•\n\nthe effects of any future pandemic on our business and properties under development;\n\n•\n\nthe risks that uncertainty and instability resulting from current global conflicts could adversely affect our business, financial condition, and results of operations, in addition to global macroeconomic\ntrends;\n\n•\n\nthe risk that we experience difficulties in managing our growth, implementing business plans, forecasts, finding and developing new properties or opportunities, or expanding operations;\n\n•\n\nthe risk of downturns and the possibility of rapid change in the highly competitive industry in which we operate;\n\n•\n\nthe risk that we and our current and future collaborators are unable to successfully develop and commercialize our properties, or experience significant delays in doing so;\n\n•\n\nthe risk that we may never achieve or sustain profitability;\n\n•\n\nthe risk that we will need to raise additional capital to execute our business plan, which may not be available on acceptable terms or at all;\n\n•\n\nthe risk that third-party suppliers, including management companies, are not able to fully and timely meet their obligations;\n\n•\n\nour ability to successfully engage in property development, including our ability to complete our projects within budget;\n\n•\n\nour ability to successfully acquire land or properties to be able to execute on our growth strategy;\n\n•\n\nhigher interest rates, increased leasing costs, increased construction costs, distressed supply chains for construction materials, increased maintenance costs, all of which could increase our costs and\nlimit our ability to acquire or develop additional real estate assets;\n\n•\n\nthe risk that we are unable to secure or protect our intellectual property;\n\n•\n\nthe amount of debt that we currently have or may incur in the future;\n\n•\n\nthe risk that the contemplated 2031 Notes Restructuring may not be consummated on the terms currently contemplated, on a timely basis;\n\n•\n\nthe risk that the contemplated transition of the hotel operator for the GIC I Hotel may not be completed as expected or may adversely affect operations and projected cash flows;\n\n•\n\nour ability to successfully implement the Restructuring Project;\n\n•\n\nthe possibility that we may be adversely affected by other economic, business, and/or competitive factors, and/or political conditions, specifically in Mexico (such as the tariffs imposed by the United\nStates);\n\n•\n\nthe possibility that our business may be, directly or indirectly, adversely affected by climate change effects, natural disasters, severe or extraordinary droughts or by other water scarcity scenarios\nwhich may derive in water restrictions, change the allocation of water rights or any such other administrative act to guarantee human rights;\n\n•\n\nevents beyond our control, such as war, terrorist or cyber-attacks, mass casualty events, government shutdowns and closures, travel-related health concerns, global outbreaks of pandemics (such as the\nCOVID-19 pandemic) or contagious diseases, or fear of such outbreaks, weather and climate-related events, such as hurricanes, wildfires, tornadoes, floods, and droughts, and natural or man-made disasters;\n\n•\n\nthe outcome of any legal proceedings that may be instituted against the Murano Group or HCM following the completion of the Business Combination and transactions contemplated thereby;\n\n13\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n•\n\nour ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition and our ability to grow and manage growth profitably following the\nBusiness Combination; and\n\n•\n\nother risks and uncertainties described herein, including those under the section entitled “Item 3. Key Information—D. Risk Factors.”\n\nYou are cautioned that the foregoing list of significant factors may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties,\nthe matters referred to in the forward-looking statements contained in this Report may not in fact occur. Many of these risks are beyond our ability to control or predict. All forward-looking statements attributable to us or persons acting on\nour behalf are expressly qualified in their entirety by the cautionary statements contained throughout this Report.\n\nShould one or more of these factors or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as\nanticipated, believed, estimated, expected or intended.\n\nYou should read the sections in this Report entitled “Item 3. Key Information D—Risk Factors,” and “Item 5.\nOperating and Financial Review and Prospects” for a more complete discussion of the factors that could affect our future results and the markets in which we operate. In light of these risks, uncertainties and assumptions, the\nforward-looking events described in this Report may not occur. Moreover, no assurances can be given that any of the historical information, data, trends or practices mentioned and described in this Report are indicative of future results or\nevents.\n\n14\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nPART I"}