{"url_path":"/sec/mrnow/10-k/2026/item-18","section_key":"item-18","section_title":"Item 18 FINANCIAL STATEMENTS","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1988776/0001140361-26-021583-index.html","accession_number":"0001140361-26-021583","cik":"0001988776","ticker":"MRNO","issuer_name":"Murano Global Investments Plc","edgar_url":"https://www.sec.gov/Archives/edgar/data/1988776/0001140361-26-021583-index.html","primary_entity_key":"0001988776","primary_entity_name":"Murano Global Investments Plc"},"word_count":444,"has_tables":true,"body_markdown":"ITEM 18.\n\nFINANCIAL STATEMENTS\n\nSee our Murano Group’s consolidated and combined financial statements beginning on page F-1.\n\nGoing Concern\n\nWith respect to the Consolidated and Combined Financial Statements, the independent auditor’s separate report relating thereto contains an explanatory paragraph that states that certain\ncircumstances raise substantial doubt about our ability to continue as a going concern and draws attention to notes 2c., 10 and 20 of the Consolidated and Combined Financial Statements and indicates that management has identified material\nuncertainties that cast substantial doubt on the ability of the Murano Group to continue as a going concern. As indicated in note 2c., as of December 31, 2025, the total current liabilities exceed the amount of total current assets, and\nbased upon 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 may\nbe insufficient. These events or conditions, along with other matters as set forth in note 2c. to the Murano Group Combined Financial Statements indicate that a material uncertainty exists that casts substantial doubt on our ability to\ncontinue as 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\nnecessary for future 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\nand other liabilities as they become due.  Furthermore, the Murano Group has a plan to execute a debt restructuring.  The Murano Group has also considered alternative strategies with respect to the hotel operations in Cancun (including\nchanges to the hotel management agreement and operational partners as described in this Report), which could generate additional cash flows compared to the current commercial arrangements. In assessing these strategies, management has\nconsidered the available cash resources, inflows from the hotels that are already in operation, and future financing options available to the Murano Group such as new or restructured loan agreements and the possible financial support of\nthe major shareholder of the Murano Group. However, the Murano Group may be unable to access further equity or debt financing when needed or may not be successful in implementing its business continuity strategy. See “Recent Developments”\nand “Risk Factors—Risks Related to Murano’s Business and Operating in the Hotel Industry—Our total current liabilities exceed the amount of the total current assets, which has placed significant doubt on our ability to continue as a going\nconcern.”\n\n144\n\n[Table of Contents](#TABLEOFCONTENTS)"}