{"url_path":"/sec/mrnow/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS","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":33191,"has_tables":true,"body_markdown":"ITEM 19.\n\nEXHIBITS\n\nNo.\n\nDescription\n\n1.1\n\n[Memorandum and Articles of Association (incorporated by reference to Exhibit 1.1 on the Form 20-F\nfiled on May 1, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124015632/ny20024418x1_ex1-1.htm)\n\n2.1\n\n[Private Placement Warrants Purchase Agreement, dated January 20, 2022, by and between HCM Acquisition Corp and the\nUnderwriter (incorporated by reference to Exhibit 10.3(b) on Form 8-K filed on January 25, 2022)](https://www.sec.gov/Archives/edgar/data/1845368/000114036122002609/nt10020926x12_ex10-3b.htm)\n\n2.2\n\n[Warrant Agreement, dated January 20, 2022, by and between HCM Acquisition Corp and Continental Stock Transfer & Trust\nCompany, as warrant agent (incorporated by reference to Exhibit 4.4 to Form 8-K filed on January 25, 2022)](https://www.sec.gov/Archives/edgar/data/1845368/000114036122002609/nt10020926x12_ex4-4.htm)\n\n4.1\n\n[Initial Business Combination Agreement, dated March 13, 2023, by and among HCM Acquisition Corp, MURANO PV, S.A. DE C.V., Elías\nSacal Cababie, ESAGRUP, Murano Global B.V., MPV Investment B.V., and New CayCo (incorporated by reference to Exhibit 2.1 to the Form 8-K filed on March 15, 2023)](https://www.sec.gov/Archives/edgar/data/1845368/000114036123011739/brhc10049755_ex2-1.htm)\n\n4.2\n\n[Amended & Restated Business Combination Agreement, dated August 2, 2023, by and among HCM Acquisition Corp, MURANO PV, S.A.\nDE C.V., Elías Sacal Cababie, ESAGRUP, Murano Global B.V., MPV Investment B.V., and New CayCo (incorporated by reference to Exhibit 2.1 to the Form 8-K filed on August 7, 2023)](https://www.sec.gov/Archives/edgar/data/1845368/000114036123038189/ny20009839x2_ex2-1.htm)\n\n4.3\n\n[Amendment to the Amended & Restated Business Combination Agreement, dated December 31, 2023, by and among HCM Acquisition\nCorp, and MURANO PV, S.A. DE C.V. (incorporated by reference to Exhibit 2.1 to the Form 8-K filed on January 5, 2024)](https://www.sec.gov/Archives/edgar/data/1845368/000114036124001060/ny20009839x13_ex2-1.htm)\n\n4.4\n\n[Second Amendment to Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 on\nthe Form 8-K filed on January 23, 2024)](https://www.sec.gov/Archives/edgar/data/1845368/000114036123019652/ny20008309x2_ex3-1.htm)\n\n4.5\n\n[Registration Rights Agreement, dated January 20, 2022, by and among the HCM Acquisition Corp, HCM Holdings and the\nUnderwriter (incorporated by reference to Exhibit 10.2 on Form 8-K filed on January 25, 2022)](https://www.sec.gov/Archives/edgar/data/1845368/000114036122002609/nt10020926x12_ex10-2.htm)\n\n4.6\n\n[Sponsor Support Agreement, dated August 2, 2023, by and among HCM Investor Holdings, LLC, the other holders of HCM Class B\nOrdinary Shares, and Murano PV, S.A. de C.V. (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on August 7, 2023)](https://www.sec.gov/Archives/edgar/data/1845368/000114036123038189/ny20009839x2_ex10-1.htm)\n\n4.7\n\n[Amendment to Sponsor Support Agreement, dated December 31, 2023, by and among HCM Investor Holdings, LLC, the other holders\nof HCM Class B Ordinary Shares, and Murano PV, S.A. de C.V. (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on January 5, 2024)](https://www.sec.gov/Archives/edgar/data/1845368/000114036124001060/ny20009839x13_ex10-1.htm)\n\n4.8\n\n[Indenture, dated September 12, 2024, by and among CIBanco (with Multiva acting as successor\ntrustee), as trustee of the Issuer Trust, as issuer, Operadora GIC I, CIBanco (with Multiva acting as successor trustee), as trustee of the CIB/3224 Trust, CIBanco (with Multiva acting as successor trustee), as trustee of the\nGIC I Trust, and Murano PV, as guarantors, The Bank of New York Mellon, as indenture trustee, offshore collateral agent, paying agent, transfer agent and registrar, and Banco Actinver, S.A., Institución de Banca Múltiple, Grupo\nFinanciero Actinver, as onshore collateral agent (incorporated by reference to Exhibit 4.8 on the Form 20-F filed on May 15, 2025)](https://www.sec.gov/Archives/edgar/data/1988776/000114036125019335/ef20039014_ex4-8.htm)\n\n4.9\n\n[Peso-denominated loan agreement, dated as of October 16, 2019, between GIC I Trust and Banco Nacional de Comercio Exterior,\nS.N.C Institución de Banca de Desarrollo (incorporated by reference to Exhibit 10.8 to the Form F-4 filed on January 11, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124001991/ny20009839x12_ex10-8.htm)\n\n4.10\n\n[Amendment to the 2019 Sabadell Loan Agreement, dated August 24, 2023 (incorporated by reference to Exhibit 10.9 to the Form\nF-4 filed on January 30, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124004580/ny20009839x15_ex10-9.htm)\n\n4.11\n\n[Lease Agreement, dated February 3, 2023, between Arrendadora Finamo, S.A. de C.V., as lessor, and Murano World (incorporated\nby reference to Exhibit 10.10 to the Form F-4 filed on January 11, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124001991/ny20009839x12_ex10-10.htm)\n\n4.12\n\n[Amended and Restated Bancomext Loan Agreement, dated May 25, 2023, among Inmobiliaria Insurgentes 421, as borrower,\nOperadora Hotelera I421, S.A. de C.V. and Operadora Hotelera I421 Premium, S.A. de C.V., as joint obligors entered into certain loan agreement with Banco Nacional de Comercio Exterior, S.N.C., Institución de Banca de Desarrollo,\nas lender (incorporated by reference to Exhibit 10.13 to the Form F-4 filed on January 11, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124001991/ny20009839x12_ex10-13.htm)\n\n4.13\n\n[Grand Island I Hotel Management Agreement, dated September 10, 2019, between Operadora Hotelera G I, S.A. de C.V. and AMR\nOperaciones MX, S. de R.L. de C.V. (incorporated by reference to Exhibit 10.14 to the Form F-4 filed on January 11, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124001991/ny20009839x12_ex10-14.htm)\n\n4.14\n\n[Amendment to Grand Island I Hotel Management Agreement, dated July 11, 2023, between Operadora Hotelera G I, S.A. de C.V.\nand AMR Operaciones MX, S. de R.L. de C.V. (incorporated by reference to Exhibit 10.15 to the Form F-4 filed on January 11, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124001991/ny20009839x12_ex10-15.htm)\n\n4.15\n\n[Hyatt Hotel Management Agreement, dated May 11, 2022, between Operadora Hotelera I421, S.A. de C.V. and Hyatt of Mexico,\nS.A. de C.V. (incorporated by reference to Exhibit 10.16 to the Form F-4 filed on January 11, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036123055772/ny20009839x10_ex10-17.htm)\n\n145\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nNo.\n\nDescription\n\n4.16\n\n[Mondrian Hotel Management Agreement, dated May 11, 2022, between Operadora Hotelera I421 Premium, S.A. de C.V. and Ennismore\nHoldings US Inc. (incorporated by reference to Exhibit 10.17 to the Form F-4 filed on December 1, 2023)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124004580/ny20009839x15_ex10-17.htm)\n\n4.17\n\n[Loan Agreement, dated as of March 29, 2023, by and among Murano World, S.A. DE C.V., as borrower, and ALG Servios\nFinancieros Mexico, S.A. DE C.V., SOFOM E.N.R, as creditor (incorporated by reference to Exhibit 10.18 to the Form F-4 filed on January 11, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124001991/ny20009839x12_ex10-18.htm)\n\n4.18\n\n[Amended and Restated Lease Agreement, dated October 10, 2018, by and among Inmobiliaria Insurgentes 421 and Operadora\nHotelera I421, S. A. de C.V. (incorporated by reference to Exhibit 10.19 to the Form F-4 filed on January 11, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124001991/ny20009839x12_ex10-19.htm)\n\n4.19\n\n[Second Amendment to Peso-denominated loan agreement, dated February 14, 2023, between GIC I Trust and Banco Nacional de\nComercio Exterior, S.N.C Institución de Banca de Desarrollo (incorporated by reference to Exhibit 10.20 to the Form F-4 filed on January 11, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124001991/ny20009839x12_ex10-20.htm)\n\n4.20\n\n[Third Amendment to Peso-denominated loan agreement, dated December 11, 2023, between GIC I Trust and Banco Nacional de\nComercio Exterior, S.N.C Institución de Banca de Desarrollo (incorporated by reference to Exhibit 10.21 to the Form F-4 filed on January 30, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124004580/ny20009839x15_ex10-21.htm)\n\n4.21\n\n[Counter Guarantee dated as of September 11, 2019, executed by Operadora Hotelera G.I., S.A. de C.V. in favor of AMR\nOperaciones MX, S. de R.L. de C.V. (incorporated by reference to Exhibit 4.21 on the Form 20-F filed on May 1, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124015632/ny20024418x1_ex4-21.htm)\n\n4.22\n\n[Counter Guarantee, dated as of August 23, 2021, executed by Operadora Hotelera Grand Island II, S.A. de C.V. in favor of AMR\nOperaciones MX, S. de R.L. de C.V. (incorporated by reference to Exhibit 4.22 on the Form 20-F filed on May 1, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124015632/ny20024418x1_ex4-22.htm)\n\n4.23\n\n[Memorandum of Understanding, dated as of March 30, 2023, by and among Elías Sacal Cababie, Murano World, S.A. de C.V.,\nOperadora Hotelera G.I., S.A. de C.V., and Operadora Hotelera Grand Island II, S.A. de C.V. (incorporated by reference to Exhibit 4.23 on the Form 20-F filed on May 1, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124015632/ny20024418x1_ex4-23.htm)\n\n4.24\n\n[First amendment to the Counter Guarantee, dated as of September 11, 2019, executed on March 30, 2023 (incorporated by\nreference to Exhibit 4.24 on the Form 20-F filed on May 1, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124015632/ny20024418x1_ex4-24.htm)\n\n4.25\n\n[First amendment to the Counter Guarantee, dated as of August 23, 2021, executed on March 30, 2023 (incorporated by reference\nto Exhibit 4.25 on the Form 20-F filed on May 1, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124015632/ny20024418x1_ex4-25.htm)\n\n4.26\n\n[Second amendment to the Counter Guarantee, dated as of September 11, 2019, executed on August 22, 2023 (incorporated by\nreference to Exhibit 4.26 on the Form 20-F filed on May 1, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124015632/ny20024418x1_ex4-26.htm)\n\n4.27\n\n[Second amendment to the Counter Guarantee, dated as of August 23, 2021, executed on August 22, 2023 (incorporated by reference\nto Exhibit 4.27 on the Form 20-F filed on May 1, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124015632/ny20024418x1_ex4-27.htm)\n\n4.28\n\n[Amendment and Restatement to the Sabadell Loan Agreement dated as of December 20, 2023 (incorporated by reference to Exhibit\n4.28 on the Form 20-F/A filed on December 31, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124050650/ef20040948_ex4-28.htm)\n\n4.29\n\n[Peso-denominated loan agreement, dated April 9, 2024, between Murano PV and Finamo and Elías Sacal Cababie (incorporated by\nreference to Exhibit 4.29 on the Form 20-F/A filed on December 31, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124050650/ef20040948_ex4-29.htm)\n\n4.30\n\n[Loan Agreement, dated January 5, 2024, by and among Murano PV, as borrower, Elías Sacal Cababie, as\njoint obligor, and Finamo, as lender (incorporated by reference to Exhibit 4.30 on the Form 20-F filed on May 15, 2025)](https://www.sec.gov/Archives/edgar/data/1988776/000114036125019335/ef20039014_ex4-30.htm)\n\n4.31\n\n \n\n[Loan Agreement, dated September 30, 2024, by and among Murano World, as\nborrower, Exitus, as lender, and ESAGRUP, Elías Sacal Cababie and Marcos Sacal Cohen, as joint obligors (incorporated by reference to Exhibit 4.31 on the Form 20-F filed on May 15, 2025)](https://www.sec.gov/Archives/edgar/data/1988776/000114036125019335/ef20039014_ex4-31.htm)\n\n4.32\n\n[Loan Agreement, dated October 17, 2024, Murano PV, as borrower, and Elías\nSacal Cababie and Marcos Sacal Cohen, as joint obligors, and Nafin, as lender (incorporated by reference to Exhibit 4.32 on the Form 20-F filed on May 15, 2025)](https://www.sec.gov/Archives/edgar/data/1988776/000114036125019335/ef20039014_ex4-32.htm)\n\n4.33\n\n[Lock-Up Agreement, dated Mach 10, 2026, between Operadora\nHotelera G.I., S.A. de C.V., Murano PV, S.A. de C.V., Murano Global Investments PLC, Elias Sacal Cababie, and certain entities as the original consenting noteholders. †](ef20060687_ex4-33.htm)\n\n4.34\n\n[Term Sheet setting forth the key terms of the proposed\nrestructuring transaction relating to the 2031 Notes, attached as Schedule 2 to the Lock-Up Agreement†](ef20060687_ex4-34.htm)\n\n4.35\n\n[GIC I Hotel Management Agreement (Mondrian), dated April\n6, 2026, among Operadora Hotelera G.I., S.A. de C.V., Ennismore Mexico, S. de R.L. de C.V. and the GIC I Trust†](ef20060687_ex4-35.htm)\n\n146\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n4.36\n\n[Brand License and Marketing Agreement, dated April 6,\n2026, between Operadora Hotelera G.I., S.A. de C.V., and Ennismore Holdings US Inc†](ef20060687_ex4-36.htm)\n\n4.37\n\n[Trustee substitution agreement dated July 16, 2025, among\nCIBanco, as replaced Trustee, Bancomext, as Substitute Trustee, and Murano Management, Murano PV, OHI421, OHI421 Premium, and Inmobiliaria Insurgentes 421, as settlors and second beneficiaries†](ef20060687_ex4-37.htm)\n\n4.38\n\n[Notice of Assignment of Collection Rights to Hyatt,\nrelated to the Trustee Substitution Agreement†](ef20060687_ex4-38.htm)\n\n4.39\n\n[Notice of Assignment of Collection Rights to Mondrian,\nrelated to the Trustee Substitution Agreement†](ef20060687_ex4-39.htm)\n\n4.40\n\n[Fourth Amendment Agreement to the Insurgentes Loan, dated\nJuly 4, 2025, among Inmobiliaria Insurgentes 421, OHI421, OHI421 Premium, and Bancomext†](ef20060687_ex4-40.htm)\n\n4.41\n\n[Termination Agreement to the GIC I Master Construction\nAgreement, dated January 1, 2026 among Ideurban and Multiva as trustee of the GIC I Trust†](ef20060687_ex4-41.htm)\n\n4.42\n\n[Guaranteed Maximum Price Construction Agreement (Hotel),\ndated January 1, 2026, between GIC I Trust, as client, and Ideurban, as contractor†](ef20060687_ex4-42.htm)\n\n4.43\n\n[Guaranteed Maximum Price Construction Agreement\n(Residential), dated January 1, 2026, between GIC I Trust, as client, and Ideurban, as contractor†](ef20060687_ex4-43.htm)\n\n4.44\n\n[Exitus Loan, dated June 30, 2025, among Murano World, as\nborrower, Exitus, as lender, and ESAGRUP, Elías Sacal Cababie and Marcos Sacal Cohen, as joint obligors†](ef20060687_ex4-44.htm)\n\n4.45\n\n[Sofoplus Loan II, dated January 31, 2025, among Sofoplus,\nas lender, and Murano World, as borrower, and Elias Sacal Cababie and Marcos Sacal Cohen as jointly obligors†](ef20060687_ex4-45.htm)\n\n4.46\n\n[First Amendment Agreement to Sofoplus Loan I and Sofoplus\nLoan II, dated September 29, 2025, among Sofoplus, as lender, Murano World, as borrower, and Elias Sacal Cababie and Marcos Sacal Cohen as jointly obligors†](ef20060687_ex4-46.htm)\n\n4.47\n\n[Standby Equity Purchase Agreement dated June 11, 2025,\nbetween Murano PubCo and YA†](ef20060687_ex4-47.htm)\n\n8.1\n\n[Subsidiaries of the registrant (incorporated by reference to Exhibit 21.1 to the Form F-4 filed on November 8, 2023)](https://www.sec.gov/Archives/edgar/data/1988776/000114036123052116/ny20009839x8_ex8-1.htm)\n\n11.1\n\n[Code of Conduct (incorporated by reference to Exhibit 11.1 on the Form 20-F/A filed on December 31, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124050650/ef20040948_ex11-1.htm)\n\n11.2\n\n[Insider Trading Policy (incorporated by reference to Exhibit 11.2 on the Form 20-F/A filed on December 31, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124050650/ef20040948_ex11-2.htm)\n\n12.1\n\n[CEO Certification Pursuant to section 302 of the Sarbanes-Oxley Act of 2002†](ef20060687_ex12-1.htm)\n\n12.2\n\n[CFO Certification Pursuant to section 302 of the Sarbanes-Oxley Act of 2002†](ef20060687_ex12-2.htm)\n\n13.1\n\n[Certification Pursuant to section 906 of the Sarbanes-Oxley Act of 2002†](ef20060687_ex13-1.htm)\n\n97.1\n\n[Compensation Recovery Policy (incorporated by reference to Exhibit 97.1 on the Form 20-F/A filed on December 31, 2024)](https://www.sec.gov/Archives/edgar/data/1988776/000114036124050650/ef20040948_ex97-1.htm)\n\n†\n\nFiled herewith\n\n#\n\nCertain schedules, annexes and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K, but will be furnished supplementally to the SEC upon request.\n\n147\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nSIGNATURES\n\nThe registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this report on its\nbehalf.\n\nDate: May 15, 2026\n\n \n\n \n\n \n\n \n\nMURANO GLOBAL INVESTMENTS PLC\n\n \n\n \n\n \n\n \n\nBy:\n\n/s/ Oscar Jazmani Mendoza Escobar\n\n \n\nName:\n\nOscar Jazmani Mendoza Escobar\n\n \n\nTitle:\n\nChief Financial Officer\n\n148\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nMurano Global\n\nInvestments PLC and\n\nSubsidiaries\n\nConsolidated and Combined Financial Statements as of December 31, 2025 and 2024 and for the three years ended December 31, 2025, 2024 and 2023 and Independent Auditor’s\nReport May 15, 2026.\n\n \n\n149\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nMurano Global Investments PLC and Subsidiaries\n\nConsolidated and Combined Financial Statements\n\nReport of Independent Registered Public Accounting Firm and Financial Statements\n\n \n\nTable of contents\n\nPage\n\n \n\n \n\n[Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegist)1141\n\nF-2\n\n \n\n \n\n[Consolidated statements of financial position](#financialposition)\n\nF-3\n\n \n\n \n\n[Consolidated and Combined statements of profit or loss and other comprehensive income](#statementsofprofitorloss)\n\nF-4\n\n \n\n \n\n[Consolidated and Combined statements of changes in stockholders’ equity](#statementsofchangeinstock)\n\nF-5\n\n \n\n \n\n[Consolidated and Combined statements of cash flows](#statementsofcashflows)\n\nF-6\n\n \n\n \n\n[Notes to consolidated and combined financial statements](#ConsolidatedandCombinedFi)\n\nF-7 - F-61\n\nF-1\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nReport of Independent Registered Public Accounting Firm\n\nTo the Stockholders and Board of Directors\n\nMurano Global Investments PLC\n\nOpinion on the Consolidated and Combined Financial Statements\n\nWe have audited the accompanying consolidated statements of financial position of Murano Global Investments PLC and its subsidiaries (the\nCompany) as of December 31, 2025 and 2024, the related consolidated and combined statements of profit or loss and other comprehensive income, change in stockholders’ equity, and cash flows for each of the years in the three-year period ended\nDecember 31, 2025, and the related notes (collectively, the consolidated and combined financial statements). In our opinion, the consolidated and combined financial statements present fairly, in all material respects, the financial position\nof the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with IFRS Accounting Standards as issued by the\nInternational Accounting Standards Board.\n\nGoing Concern\n\nThe accompanying consolidated and combined financial statements have been prepared assuming that the Company  will continue as a going\nconcern. As discussed in Note 2c. to the consolidated and combined financial statements, at December 31, 2025 total current liabilities exceed the amount of the total current assets on the consolidated statement of financial position and\nmanagement believes that financial resources to fund the operations of the Company for the twelve months subsequent to the authorization and issuance of these consolidated and combined financial statements will not be sufficient. Furthermore,\nas described in Notes 2c., 10, 19 and 20 to the consolidated and combined financial statements, the Company was not in compliance with certain debt covenants as of and subsequent to December 31, 2025 and is likely to continue to be\nnoncompliant of such debt covenants for the next twelve months subsequent to the authorization and issuance of these consolidated and combined financial statements. As a result of these conditions, substantial doubt exists about the ability\nof the Company to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2c. The consolidated and combined financial statements do not include any adjustments that might result from the outcome\nof this uncertainty.\n\nBasis for Opinion\n\nThese consolidated and combined financial statements are the responsibility of the Company’s management. Our responsibility is to express an\nopinion on these consolidated and combined financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with\nrespect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain\nreasonable assurance about whether the consolidated and combined financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its\ninternal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s\ninternal control over financial reporting. Accordingly, we express no such opinion.\n\nOur audits included performing procedures to assess the risks of material misstatement of the consolidated and combined financial\nstatements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated and combined financial\nstatements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated and combined financial statements. We believe that\nour audits provide a reasonable basis for our opinion.\n\nKPMG Cárdenas Dosal, S.C.\n\nWe have served as the Company’s auditor since 2019.\n\n \n\nMexico City, Mexico\n\nMay 15, 2026\n\nF-2\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nMurano Global Investments PLC and Subsidiaries\n\nConsolidated statements of financial position\n\nAs of December 31, 2025 and 2024\n\n(Mexican pesos)\n\n \n\n \n\nNotes\n\n \n\n \n\nDecember 31,\n\n \n\n \n\nDecember 31,\n\n \n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nAssets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent Assets:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents and restricted cash\n\n \n\n \n\n5\n\n \n\n \n\n$\n\n273,739,514\n\n \n\n \n\n$\n\n970,414,857\n\n \n\nTrade receivables\n\n \n\n \n\n \n\n \n\n \n\n \n\n81,696,564\n\n \n\n \n\n \n\n64,514,013\n\n \n\nVAT receivable\n\n \n\n \n\n \n\n \n\n \n\n \n\n416,713,680\n\n \n\n \n\n \n\n367,794,654\n\n \n\nOther receivables\n\n \n\n \n\n \n\n \n\n \n\n \n\n30,300,599\n\n \n\n \n\n \n\n37,146,722\n\n \n\nPrepayments\n\n \n\n \n\n \n\n \n\n \n\n \n\n15,021,861\n\n \n\n \n\n \n\n41,508,885\n\n \n\nAssets held for sale\n\n \n\n \n\n7\n\n \n\n \n\n \n\n2,263,767,616\n\n \n\n \n\n \n\n-\n\n \n\nInventories\n\n \n\n \n\n \n\n \n\n \n\n \n\n15,774,235\n\n \n\n \n\n \n\n11,463,374\n\n \n\nTotal current assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n3,097,014,069\n\n \n\n \n\n \n\n1,492,842,505\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProperty, construction in process and equipment, net\n\n \n\n \n\n7\n\n \n\n \n\n \n\n12,812,413,318\n\n \n\n \n\n \n\n18,815,137,503\n\n \n\nInvestment property\n\n \n\n \n\n8\n\n \n\n \n\n \n\n1,415,000,000\n\n \n\n \n\n \n\n1,340,000,000\n\n \n\nRight of use assets, net\n\n \n\n \n\n9\n\n \n\n \n\n \n\n149,519,714\n\n \n\n \n\n \n\n200,165,708\n\n \n\nGuarantee deposits\n\n \n\n \n\n9, 10\n\n \n\n \n\n \n\n27,215,226\n\n \n\n \n\n \n\n23,318,898\n\n \n\nOther assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n1\n\n \n\nTotal non-current assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n14,404,148,259\n\n \n\n \n\n \n\n20,378,622,110\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal assets\n\n \n\n \n\n \n\n \n\n \n\n$\n\n17,501,162,328\n\n \n\n \n\n$\n\n21,871,464,615\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLiabilities, Stockholders’ Equity and Net Assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent Liabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent installments of long-term debt\n\n \n\n \n\n10\n\n \n\n \n\n$\n\n10,692,844,600\n\n \n\n \n\n$\n\n3,481,380,489\n\n \n\nTrade accounts payable and accumulated expenses\n\n \n\n \n\n \n\n \n\n \n\n \n\n674,663,277\n\n \n\n \n\n \n\n629,580,986\n\n \n\nDeferred underwriting fee payable\n\n \n\n \n\n \n\n \n\n \n\n \n\n53,858,400\n\n \n\n \n\n \n\n50,076,000\n\n \n\nAdvance from customers\n\n \n\n \n\n15\n\n \n\n \n\n \n\n195,148,842\n\n \n\n \n\n \n\n23,459,478\n\n \n\nDue to related parties\n\n \n\n \n\n6\n\n \n\n \n\n \n\n129,014,341\n\n \n\n \n\n \n\n120,634,508\n\n \n\nLease liabilities\n\n \n\n \n\n9\n\n \n\n \n\n \n\n173,913,074\n\n \n\n \n\n \n\n46,051,658\n\n \n\nIncome tax payable\n\n \n\n \n\n \n\n \n\n \n\n \n\n6,985,159\n\n \n\n \n\n \n\n10,665,198\n\n \n\nEmployees’ statutory profit sharing\n\n \n\n \n\n \n\n \n\n \n\n \n\n1,917,799\n\n \n\n \n\n \n\n2,601,529\n\n \n\nTotal current liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n11,928,345,492\n\n \n\n \n\n \n\n4,364,449,846\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-current Liabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLong-term debt, excluding current installments\n\n \n\n \n\n10\n\n \n\n \n\n \n\n26,800,341\n\n \n\n \n\n \n\n7,692,819,937\n\n \n\nDue to related parties, excluding current portion\n\n \n\n \n\n6\n\n \n\n \n\n \n\n69,065,566\n\n \n\n \n\n \n\n73,837,080\n\n \n\nLease liabilities, excluding current portion\n\n \n\n \n\n9\n\n \n\n \n\n \n\n7,648,754\n\n \n\n \n\n \n\n160,662,668\n\n \n\nEmployee benefits\n\n \n\n \n\n11\n\n \n\n \n\n \n\n11,858,640\n\n \n\n \n\n \n\n10,175,001\n\n \n\nOther liabilities\n\n \n\n \n\n3(r)\n\n \n\n \n\n81,923,098\n\n \n\n \n\n \n\n86,311,531\n\n \n\nWarrants liability\n\n \n\n \n\n12\n\n \n\n \n\n \n\n7,965,416\n\n \n\n \n\n \n\n75,827,403\n\n \n\nDeferred tax liabilities\n\n \n\n \n\n13\n\n \n\n \n\n \n\n3,060,426,564\n\n \n\n \n\n \n\n4,200,798,599\n\n \n\nTotal non-current liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n3,265,688,379\n\n \n\n \n\n \n\n12,300,432,219\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n15,194,033,871\n\n \n\n \n\n \n\n16,664,882,065\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nStockholders’ Equity\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCommon stock\n\n \n\n \n\n17\n\n \n\n \n\n \n\n951,765,375\n\n \n\n \n\n \n\n925,795,890\n\n \n\nAdditional paid in capital\n\n \n\n2b. and 17\n\n \n\n \n\n \n\n723,605,519\n\n \n\n \n\n \n\n708,945,691\n\n \n\nAccumulated deficit\n\n \n\n \n\n \n\n \n\n \n\n \n\n(5,052,335,046\n\n)\n\n \n\n \n\n(4,769,954,511\n\n)\n\nOther comprehensive income\n\n \n\n \n\n \n\n \n\n \n\n \n\n5,684,092,609\n\n \n\n \n\n \n\n8,341,795,480\n\n \n\nTotal Stockholders’ Equity\n\n \n\n \n\n \n\n \n\n \n\n \n\n2,307,128,457\n\n \n\n \n\n \n\n5,206,582,550\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal liabilities and Stockholders’ Equity\n\n \n\n \n\n \n\n \n\n \n\n$\n\n17,501,162,328\n\n \n\n \n\n$\n\n21,871,464,615\n\n \n\nThe accompanying notes are an integral part of these consolidated and combined financial statements.\n\nF-3\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nMurano Global Investments PLC and Subsidiaries\n\nConsolidated and combined statements of profit or loss and other comprehensive income\n\nFor the years ended December 31, 2025, 2024 and 2023\n\n(Mexican pesos)\n\n \n\n \n\nNotes\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRevenue\n\n \n\n \n\n15\n\n \n\n \n\n$\n\n1,140,545,581\n\n \n\n \n\n$\n\n729,953,807\n\n \n\n \n\n$\n\n286,651,914\n\n \n\nDirect and selling, general and administrative expenses:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEmployee Benefits\n\n \n\n \n\n \n\n \n\n \n\n \n\n401,778,649\n\n \n\n \n\n \n\n325,521,012\n\n \n\n \n\n \n\n158,777,211\n\n \n\nFood & Beverage and service cost\n\n \n\n \n\n \n\n \n\n \n\n \n\n197,024,058\n\n \n\n \n\n \n\n98,441,323\n\n \n\n \n\n \n\n50,548,808\n\n \n\nSales commissions\n\n \n\n \n\n \n\n \n\n \n\n \n\n33,768,039\n\n \n\n \n\n \n\n37,592,689\n\n \n\n \n\n \n\n12,047,140\n\n \n\nManagement fees operators\n\n \n\n \n\n \n\n \n\n \n\n \n\n49,833,623\n\n \n\n \n\n \n\n23,928,681\n\n \n\n \n\n \n\n6,031,578\n\n \n\nDepreciation and amortization\n\n \n\n \n\n7 & 9\n\n \n\n \n\n \n\n288,435,624\n\n \n\n \n\n \n\n319,768,815\n\n \n\n \n\n \n\n135,498,890\n\n \n\nProperty tax\n\n \n\n \n\n \n\n \n\n \n\n \n\n10,142,579\n\n \n\n \n\n \n\n12,444,214\n\n \n\n \n\n \n\n10,062,451\n\n \n\nFees\n\n \n\n \n\n \n\n \n\n \n\n \n\n141,418,293\n\n \n\n \n\n \n\n151,697,897\n\n \n\n \n\n \n\n81,161,295\n\n \n\nAdministrative fees\n\n \n\n \n\n \n\n \n\n \n\n \n\n4,959,645\n\n \n\n \n\n \n\n17,540,773\n\n \n\n \n\n \n\n16,148,254\n\n \n\nMaintenance and conservation\n\n \n\n \n\n \n\n \n\n \n\n \n\n86,739,866\n\n \n\n \n\n \n\n52,727,323\n\n \n\n \n\n \n\n9,676,728\n\n \n\nUtility expenses\n\n \n\n \n\n \n\n \n\n \n\n \n\n65,615,925\n\n \n\n \n\n \n\n67,542,771\n\n \n\n \n\n \n\n11,806,600\n\n \n\nAdvertising\n\n \n\n \n\n \n\n \n\n \n\n \n\n48,724,597\n\n \n\n \n\n \n\n53,064,373\n\n \n\n \n\n \n\n7,326,696\n\n \n\nDonations\n\n \n\n \n\n \n\n \n\n \n\n \n\n5,557,586\n\n \n\n \n\n \n\n7,842,770\n\n \n\n \n\n \n\n7,676,660\n\n \n\nInsurance\n\n \n\n \n\n \n\n \n\n \n\n \n\n46,691,939\n\n \n\n \n\n \n\n35,771,206\n\n \n\n \n\n \n\n14,820,097\n\n \n\nSoftware\n\n \n\n \n\n \n\n \n\n \n\n \n\n1,455,708\n\n \n\n \n\n \n\n6,948,956\n\n \n\n \n\n \n\n6,744,506\n\n \n\nCleaning and laundry\n\n \n\n \n\n \n\n \n\n \n\n \n\n11,714,562\n\n \n\n \n\n \n\n11,301,594\n\n \n\n \n\n \n\n9,197,151\n\n \n\nReplacement reserve (FF&E & OS&E)\n\n \n\n \n\n \n\n \n\n \n\n \n\n35,351,511\n\n \n\n \n\n \n\n9,284,517\n\n \n\n \n\n \n\n-\n\n \n\nBank commissions\n\n \n\n \n\n \n\n \n\n \n\n \n\n36,171,936\n\n \n\n \n\n \n\n31,109,553\n\n \n\n \n\n \n\n8,317,475\n\n \n\nOperating supplies and equipment\n\n \n\n \n\n \n\n \n\n \n\n \n\n467,571\n\n \n\n \n\n \n\n21,804,534\n\n \n\n \n\n \n\n-\n\n \n\nOther costs\n\n \n\n \n\n \n\n \n\n \n\n \n\n84,880,479\n\n \n\n \n\n \n\n98,197,243\n\n \n\n \n\n \n\n62,238,994\n\n \n\nTotal direct and selling, general and administrative expenses\n\n \n\n \n\n \n\n \n\n \n\n \n\n1,550,732,190\n\n \n\n \n\n \n\n1,382,530,244\n\n \n\n \n\n \n\n608,080,534\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther income\n\n \n\n \n\n16\n\n \n\n \n\n \n\n83,781,863\n\n \n\n \n\n \n\n190,235,287\n\n \n\n \n\n \n\n25,560,552\n\n \n\nOther expense\n\n \n\n \n\n16\n\n \n\n \n\n \n\n(2,158,802\n\n)\n\n \n\n \n\n(5,474,442\n\n)\n\n \n\n \n\n(9,801,077\n\n)\n\nListing expense\n\n \n\n \n\n2b.\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(917,366,970\n\n)\n\n \n\n \n\n-\n\n \n\nGain (loss) on revaluation of investment property\n\n \n\n \n\n8\n\n \n\n \n\n \n\n75,000,000\n\n \n\n \n\n \n\n239,508,510\n\n \n\n \n\n \n\n(86,598,436\n\n)\n\nChanges in fair value of financial derivative instruments\n\n \n\n \n\n14\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(43,348,480\n\n)\n\n \n\n \n\n(75,868,263\n\n)\n\nChanges in fair value of warrants\n\n \n\n \n\n12\n\n \n\n \n\n \n\n63,526,324\n\n \n\n \n\n \n\n(51,946,426\n\n)\n\n \n\n \n\n-\n\n \n\nChanges in fair value of crypto assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n1,040,259\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nExchange rate income (loss), net\n\n \n\n \n\n \n\n \n\n \n\n \n\n1,354,424,857\n\n \n\n \n\n \n\n(1,492,245,569\n\n)\n\n \n\n \n\n768,699,652\n\n \n\nInterest income\n\n \n\n \n\n \n\n \n\n \n\n \n\n14,403,106\n\n \n\n \n\n \n\n34,942,822\n\n \n\n \n\n \n\n8,845,532\n\n \n\nInterest expenses\n\n \n\n \n\n \n\n \n\n \n\n \n\n(1,465,110,800\n\n)\n\n \n\n \n\n(797,018,177\n\n)\n\n \n\n \n\n(303,746,643\n\n)\n\n(Loss) profit before income taxes\n\n \n\n \n\n \n\n \n\n \n\n \n\n(285,279,802\n\n)\n\n \n\n \n\n(3,495,289,882\n\n)\n\n \n\n \n\n5,662,697\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIncome tax (benefit) expense\n\n \n\n \n\n13\n\n \n\n \n\n \n\n(2,899,267\n\n)\n\n \n\n \n\n72,675,696\n\n \n\n \n\n \n\n(52,130,224\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet (loss) profit for the period\n\n \n\n \n\n \n\n \n\n \n\n$\n\n(282,380,535\n\n)\n\n \n\n$\n\n(3,567,965,578\n\n)\n\n \n\n$\n\n57,792,921\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther comprehensive income:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nItems that will not be reclassified subsequently to profit or loss:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRevaluation of property, construction in process and equipment net of deferred income tax\n\n \n\n \n\n7 & 13\n\n \n\n \n\n \n\n(2,648,760,900\n\n)\n\n \n\n \n\n234,366,712\n\n \n\n \n\n \n\n(622,987,642\n\n)\n\nRemeasurement of net defined benefit liability net of deferred income tax\n\n \n\n \n\n13\n\n \n\n \n\n \n\n955,854\n\n \n\n \n\n \n\n11,610\n\n \n\n \n\n \n\n87,219\n\n \n\nCumulative translation adjustment\n\n \n\n \n\n \n\n \n\n \n\n \n\n(9,897,825\n\n)\n\n \n\n \n\n(5,243,648\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther comprehensive income (loss) for the period\n\n \n\n \n\n \n\n \n\n \n\n \n\n(2,657,702,871\n\n)\n\n \n\n \n\n229,134,674\n\n \n\n \n\n \n\n(622,900,423\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal comprehensive (loss) income\n\n \n\n \n\n \n\n \n\n \n\n$\n\n(2,940,083,406\n\n)\n\n \n\n$\n\n(3,338,830,904\n\n)\n\n \n\n$\n\n(565,107,502\n\n)\n\nThe accompanying notes are an integral part of these consolidated and combined financial statements.\n\nF-4\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nMurano Global Investments PLC and Subsidiaries\n\nConsolidated and combined statements of change in stockholders’ equity\n\nFor the years ended December 31, 2025, 2024 and 2023\n\n(Mexican pesos)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther Comprehensive Income\n\n \n\n \n\n \n\n \n\n \n\nNotes\n\n \n\n \n\nNet Parent\n\nInvestment\n\n \n\n \n\nCommon Stock\n\n \n\n \n\nAdditional paid\n\nin capital\n\n \n\n \n\nAccumulated\n\nDeficit\n\n \n\n \n\nRevaluation of\n\nproperty, construction\n\nin process and\n\nequipment net of\n\ndeferred income tax\n\n(Note 7)\n\n \n\n \n\nRemeasurement of\n\nnet defined benefit\n\nliability net of\n\ndeferred income\n\ntax\n\n(Note 13)\n\n \n\n \n\nCumulative\n\ntranslation\n\nadjustment\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalances as of December  31,\n\n2022\n\n \n\n \n\n \n\n$\n\n902,611,512\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n(1,238,837,756\n\n)\n\n \n\n$\n\n8,737,110,903\n\n \n\n \n\n$\n\n(1,549,674\n\n)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n8,399,334,985\n\n \n\nProfit for the period\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n57,792,921\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n57,792,921\n\n \n\nOther comprehensive (loss)\n\nfor the period\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(622,987,642\n\n)\n\n \n\n \n\n87,219\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(622,900,423\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalances as of December  31,\n\n2023\n\n \n\n \n\n \n\n$\n\n902,611,512\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n(1,181,044,835\n\n)\n\n \n\n$\n\n8,114,123,261\n\n \n\n \n\n$\n\n(1,462,455\n\n)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n7,834,227,483\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nImpact of Capital\n\nrestructuring\n\n \n\n \n\n2b.\n\n \n\n \n\n \n\n(902,611,512\n\n)\n\n \n\n \n\n925,795,890\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(20,944,098\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n2,240,280\n\n \n\nImpact of business\n\ncombination\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n713,581,752\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n713,581,752\n\n \n\nEffect on share repurchase\n\nprogram\n\n \n\n \n\n17\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(4,636,061\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(4,636,061\n\n)\n\nLoss for the period\n\n \n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(3,567,965,578\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(3,567,965,578\n\n)\n\nOther comprehensive income\n\nfor the period\n\n \n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n234,366,712\n\n \n\n \n\n \n\n11,610\n\n \n\n \n\n \n\n(5,243,648\n\n)\n\n \n\n \n\n229,134,674\n\n \n\nBalances as of December 31,\n\n2024\n\n \n\n \n\n \n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n925,795,890\n\n \n\n \n\n$\n\n708,945,691\n\n \n\n \n\n$\n\n(4,769,954,511\n\n)\n\n \n\n$\n\n8,348,489,973\n\n \n\n \n\n$\n\n(1,450,845\n\n)\n\n \n\n$\n\n(5,243,648\n\n)\n\n \n\n$\n\n5,206,582,550\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCapital increase by ordinary shares issued\n\n \n\n \n\n17\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n25,969,485\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n25,969,485\n\n \n\nAdditional paid in capital per warrants exercised\n\n \n\n \n\n17\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n14,659,828\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n14,659,828\n\n \n\nLoss for the period\n\n \n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(282,380,535\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(282,380,535\n\n)\n\nOther comprehensive income  for the period\n\n \n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(2,648,760,900\n\n)\n\n \n\n \n\n955,854\n\n \n\n \n\n \n\n(9,897,825\n\n)\n\n \n\n \n\n(2,657,702,871\n\n)\n\n Balances as of December  31, 2025\n\n \n\n \n\n \n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n951,765,375\n\n \n\n \n\n$\n\n723,605,519\n\n \n\n \n\n$\n\n(5,052,335,046\n\n)\n\n \n\n$\n\n5,699,729,073\n\n \n\n \n\n$\n\n(494,991\n\n)\n\n \n\n$\n\n(15,141,473\n\n)\n\n \n\n$\n\n2,307,128,457\n\n \n\nThe accompanying notes are an integral part of these consolidated and combined financial statements.\n\nF-5\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n.Murano Global Investments PLC and Subsidiaries\n\nConsolidated and combined statements of cash flows\n\nFor the years ended December 31, 2025, 2024 and 2023\n\n(Mexican pesos)\n\n \n\n \n\nNotes\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\nCash flows from operating activities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(Loss) profit before income taxes\n\n \n\n \n\n \n\n \n\n$\n\n(285,279,802\n\n)\n\n \n\n$\n\n(3,495,289,882\n\n)\n\n \n\n$\n\n5,662,697\n\n \n\nAdjustments for:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDepreciation of property, construction in process and equipment\n\n \n\n \n\n7\n\n \n\n \n\n \n\n237,651,011\n\n \n\n \n\n \n\n271,532,601\n\n \n\n \n\n \n\n128,715,199\n\n \n\nDepreciation of right of use assets\n\n \n\n \n\n9\n\n \n\n \n\n \n\n50,645,994\n\n \n\n \n\n \n\n48,236,212\n\n \n\n \n\n \n\n6,783,691\n\n \n\nDisposals of furniture\n\n \n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n6,656,723\n\n \n\n       Gain in sale of equipment\n\n \n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(157,032,407\n\n)\n\n \n\n \n\n-\n\n \n\nAmortization of costs to obtain loans and commissions\n\n \n\n \n\n10\n\n \n\n \n\n \n\n30,289,106\n\n \n\n \n\n \n\n66,392,459\n\n \n\n \n\n \n\n8,106,066\n\n \n\nListing expense\n\n \n\n \n\n2b.\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n917,366,970\n\n \n\n \n\n \n\n-\n\n \n\nValuation of financial derivative instruments\n\n \n\n \n\n14\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n43,348,480\n\n \n\n \n\n \n\n75,868,263\n\n \n\nValuation of warrants\n\n \n\n \n\n12\n\n \n\n \n\n \n\n(63,526,324\n\n)\n\n \n\n \n\n51,946,426\n\n \n\n \n\n \n\n-\n\n \n\nGain in valuation of crypto assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n(1,040,259\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n(Gain) loss on revaluation of investment property\n\n \n\n \n\n8\n\n \n\n \n\n \n\n(75,000,000\n\n)\n\n \n\n \n\n(239,508,510\n\n)\n\n \n\n \n\n86,598,436\n\n \n\nInterest expense\n\n \n\n \n\n10, 6\n\n \n\n \n\n \n\n1,414,534,298\n\n \n\n \n\n \n\n775,720,050\n\n \n\n \n\n \n\n300,463,958\n\n \n\nInterest expense from lease liabilities\n\n \n\n \n\n9\n\n \n\n \n\n \n\n20,287,396\n\n \n\n \n\n \n\n21,298,127\n\n \n\n \n\n \n\n3,282,685\n\n \n\nInterest income\n\n \n\n \n\n \n\n \n\n \n\n \n\n(14,403,106\n\n)\n\n \n\n \n\n(34,942,822\n\n)\n\n \n\n \n\n(8,845,532\n\n)\n\nNet foreign exchange gain (loss) unrealized\n\n \n\n \n\n \n\n \n\n \n\n \n\n(1,388,706,418\n\n)\n\n \n\n \n\n1,568,211,759\n\n \n\n \n\n \n\n(756,380,690\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(74,548,104\n\n)\n\n \n\n \n\n(162,720,537\n\n)\n\n \n\n \n\n(143,088,504\n\n)\n\nChanges in:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIncrease in receivable VAT\n\n \n\n \n\n \n\n \n\n \n\n \n\n(48,919,026\n\n)\n\n \n\n \n\n(125,714,792\n\n)\n\n \n\n \n\n(13,310,332\n\n)\n\nIncrease in trade receivable\n\n \n\n \n\n \n\n \n\n \n\n \n\n(17,182,551\n\n)\n\n \n\n \n\n(47,682,402\n\n)\n\n \n\n \n\n(16,831,611\n\n)\n\nDecrease (increase) in other receivables\n\n \n\n \n\n \n\n \n\n \n\n \n\n6,846,123\n\n \n\n \n\n \n\n(8,805,027\n\n)\n\n \n\n \n\n(2,935,229\n\n)\n\nDecrease (increase) in prepayments\n\n \n\n \n\n \n\n \n\n \n\n \n\n26,487,024\n\n \n\n \n\n \n\n(22,716,089\n\n)\n\n \n\n \n\n24,307,603\n\n \n\n(Increase) decrease in inventory\n\n \n\n \n\n \n\n \n\n \n\n \n\n(4,310,861\n\n)\n\n \n\n \n\n(10,047,780\n\n)\n\n \n\n \n\n496,924\n\n \n\nIncrease in guarantee deposits\n\n \n\n \n\n \n\n \n\n \n\n \n\n(3,896,328\n\n)\n\n \n\n \n\n(1,838,093\n\n)\n\n \n\n \n\n(21,480,806\n\n)\n\nIncrease in trade payables and advance from customers\n\n \n\n \n\n \n\n \n\n \n\n \n\n218,797,466\n\n \n\n \n\n \n\n266,769,413\n\n \n\n \n\n \n\n275,492,241\n\n \n\n(Decrease) increase in other liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n(4,388,433\n\n)\n\n \n\n \n\n23,807,107\n\n \n\n \n\n \n\n62,504,425\n\n \n\nIncrease in employee benefits\n\n \n\n \n\n \n\n \n\n \n\n \n\n3,049,145\n\n \n\n \n\n \n\n1,425,354\n\n \n\n \n\n \n\n2,149,082\n\n \n\n(Decrease) increase in employees’ statutory profit sharing\n\n \n\n \n\n \n\n \n\n \n\n \n\n(683,730\n\n)\n\n \n\n \n\n359,805\n\n \n\n \n\n \n\n101,082\n\n \n\nIncome taxes paid\n\n \n\n \n\n \n\n \n\n \n\n \n\n(8,405,027\n\n)\n\n \n\n \n\n(7,645,321\n\n)\n\n \n\n \n\n(2,198,538\n\n)\n\nNet cash flows from (used in) operating activities\n\n \n\n \n\n \n\n \n\n \n\n \n\n92,845,698\n\n \n\n \n\n \n\n(94,808,362\n\n)\n\n \n\n \n\n165,206,337\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash flows used in investing activities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest received and cash settlement of derivatives\n\n \n\n \n\n \n\n \n\n \n\n \n\n14,403,106\n\n \n\n \n\n \n\n108,518,069\n\n \n\n \n\n \n\n2,081,201\n\n \n\nDisposal of property, construction in process and equipment\n\n \n\n \n\n7\n\n \n\n \n\n \n\n11\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n157,032,407\n\n \n\nLoans collected from (granted  to) related parties\n\n \n\n \n\n6\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n143,549,146\n\n \n\n \n\n \n\n(136,784,815\n\n)\n\nInvestment in crypto assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n(41,931,431\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nDisposal of Crypto assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n42,971,690\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nAcquisition of property, construction in process and equipment\n\n \n\n \n\n7\n\n \n\n \n\n \n\n(282,638,596\n\n)\n\n \n\n \n\n(1,331,832,547\n\n)\n\n \n\n \n\n(1,719,930,815\n\n)\n\nNet cash flows used in investing activities\n\n \n\n \n\n \n\n \n\n \n\n \n\n(267,195,220\n\n)\n\n \n\n \n\n(1,079,765,332\n\n)\n\n \n\n \n\n(1,697,602,022\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash flows from financing activities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCapital increase\n\n \n\n \n\n17\n\n \n\n \n\n \n\n25,969,485\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nAdditional paid in capital – warrants exercised\n\n \n\n \n\n17\n\n \n\n \n\n \n\n14,659,828\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nWithdrawals for future net assets increase\n\n \n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(55,939,020\n\n)\n\nImpact of corporate restructuring\n\n \n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n2,240,280\n\n \n\n \n\n \n\n-\n\n \n\nImpact of business combination\n\n \n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n635,515\n\n \n\n \n\n \n\n-\n\n \n\nTreasury shares\n\n \n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(4,636,061\n\n)\n\n \n\n \n\n-\n\n \n\nProceeds from loans\n\n \n\n \n\n10\n\n \n\n \n\n \n\n558,796,971\n\n \n\n \n\n \n\n8,964,217,491\n\n \n\n \n\n \n\n2,116,176,076\n\n \n\nLoan payments to third parties\n\n \n\n \n\n10\n\n \n\n \n\n \n\n(359,425,897\n\n)\n\n \n\n \n\n(6,019,515,831\n\n)\n\n \n\n \n\n(272,136,923\n\n)\n\nLoans received from related parties\n\n \n\n \n\n6\n\n \n\n \n\n \n\n123,407,734\n\n \n\n \n\n \n\n417,288,465\n\n \n\n \n\n \n\n60,581,457\n\n \n\nLoan payments to related parties\n\n \n\n \n\n6\n\n \n\n \n\n \n\n(110,390,827\n\n)\n\n \n\n \n\n(476,238,335\n\n)\n\n \n\n \n\n(96,693,781\n\n)\n\nCosts to obtain loans and commissions\n\n \n\n \n\n10\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(265,689,972\n\n)\n\n \n\n \n\n(37,075,869\n\n)\n\nPayments of leasing liabilities\n\n \n\n \n\n9\n\n \n\n \n\n \n\n(45,439,894\n\n)\n\n \n\n \n\n(53,910,165\n\n)\n\n \n\n \n\n(19,175,084\n\n)\n\nInterest paid\n\n \n\n \n\n \n\n \n\n \n\n \n\n(729,903,221\n\n)\n\n \n\n \n\n(565,772,570\n\n)\n\n \n\n \n\n(257,726,242\n\n)\n\nNet cash flows (used in) from financing activities\n\n \n\n \n\n \n\n \n\n \n\n \n\n(522,325,821\n\n)\n\n \n\n \n\n1,998,618,817\n\n \n\n \n\n \n\n1,438,010,614\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet (decrease) increase in cash and cash equivalents and restricted cash\n\n \n\n \n\n \n\n \n\n \n\n \n\n(696,675,343\n\n)\n\n \n\n \n\n824,045,123\n\n \n\n \n\n \n\n(94,385,071\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents and restricted cash at the beginning of the year\n\n \n\n \n\n \n\n \n\n \n\n \n\n970,414,857\n\n \n\n \n\n \n\n146,369,734\n\n \n\n \n\n \n\n240,754,805\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents and restricted cash at the end of the year\n\n \n\n \n\n \n\n \n\n \n\n$\n\n273,739,514\n\n \n\n \n\n$\n\n970,414,857\n\n \n\n \n\n$\n\n146,369,734\n\n \n\nThe accompanying notes are an integral part of these consolidated and combined financial statements.\n\nF-6\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nMurano Global Investments PLC and Subsidiaries\n\nNotes to Consolidated and Combined Financial Statements\n\nAs of December 31, 2025 and 2024\n\nAnd for the Years Ended December 31, 2025, 2024 and 2023\n\n(Mexican pesos)\n\n1.\n\nReporting Entity and description of business\n\n \n\na.\n\nCorporate information\n\nOn May 15, 2026, Elias Sacal Cababie, Chief Executive Officer, Marcos Sacal Cohen, Chief Operating Officer and Oscar Jazmani Mendoza Escobar, Interim Global Chief Financial Officer authorized the issue of these\nconsolidated and combined financial statements.\n\nMurano Global Investments PLC (“Murano” and together with its subsidiaries, the “Company” is a public limited company (formerly incorporated on July 27, 2023 as Murano Global\nInvestments Limited), existing under the laws of the Bailiwick of Jersey with its corporate office  at 25 Berkeley Square, London W1J 6HN United Kingdom and its tax residence in the United Kingdom. Its main subsidiary Murano PV, S. A. de C. V.\nholds the operational business in Mexico and is headquartered at F. C. de Cuernavaca 20, 12th floor, Lomas – Virreyes, Lomas de Chapultepec III Secc., Miguel Hidalgo, 11000 Mexico City. The Company has prepared its financial statements on a\nconsolidated and combined basis, for further information refer to note 3 (a).\n\nThe Company is a Mexican real estate development group with extensive experience in the structuring, development and\nassessment of industrial, residential, corporate office, and hotel projects in Mexico. The Company also provides comprehensive services, including the execution, construction, management, and operation of a wide variety of industrial, business\nand tourism focused on real estate projects, among others. The Company is primarily involved in developing and managing luxury hotels in urban and beach resort destinations.\n\nThe Andaz and Mondrian Hotels, located in Mexico City, have been fully operational with a combined capacity of 396 rooms since early 2023.\n\nThe Company is also developing a leisure and residential\ncomplex in Grand Island, Cancun, Quintana Roo (the “GIC Complex”) which include GIC I (formerly Hyatt Vivid Grand Island and ((former Dreams Hotel)). The GIC Complex (divided into 12 private units) is ultimately expected to incorporate around\n616 rooms and approximately 1582\nresidential apartments units/ condominiums, and a beach club. The Company’s management and board of directors, following recent negotiations with the Senior Notes 2031 ad hoc group of holders, market developments and market outlook, have\nupdated the Company’s  strategic development pipeline as shown on the next page.\n\nF-7\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\nI.\n\nOn\n\nMarch 10, 2026 the Company signed a term sheet agreement that included the Senior Notes 2031 restructuring phases as described in note 20 (b) Subsequent Events.  The term sheet agreement stipulates the following: regarding phase one\nof the Cancun complex: (i)\n\n400 rooms, operated by  “Mondrian” brand (operated by Ennismore Mexico “new hotel operator”) previously operated by \n“Vivid” brand, an adult-only brand (Operated by Hyatt); and (ii) 166 additional rooms operated by  “Mondrian” brand as\nwell.  On April 1, 2024, the Vivid hotel began operations.  The Company is expecting that by the third quarter of 2026 Mondrian will take over the operation of the 400 rooms. The 166 remaining rooms are\nexpected to commence operations at the end of the fourth quarter of 2026.\n\n \n\nPhase\n\none also includes the conversion of up to 328 hotel rooms into  residential apartments units  (37,000 square meters of saleable area). The Company is expecting that the condominiums will be converted and operating by the second\nquarter of 2027.\n\n \n\nPhase two\nconsists of a total of approximately 1,254 condominiums, divided into four condominium towers. The Company’s management and board of directors are continuously evaluating the plan for phase two of the GIC Complex.\n\nThe Company has also re-evaluated the Bajamar project. The initial plan for developing a 5-star upper-upscale resort and an industrial park has been modified as follows:\n\n-\n\nDevelopment of a cruise port with a capacity of 2\nmillion passengers per year. The Company has signed an MOU (Memorandum of Understanding) with a major global cruise line operator.\n\n-\n\nDevelopment of Baja Marina, 15,000 linear ft slip\nspaces.\n\n-\n\nDevelopment of an industrial park for leasing purposes.\n\n-\n\nDevelopment of Baja Retail Village for leasing purposes\n\n-\n\nDevelopment of two 5-star upper-upscale resorts, one with 371\nkeys and a second one with 400 keys.\n\nConstruction is expected to begin once financing has been secured. Accurate completion dates are therefore not possible to estimate at the time of\npreparation of these financial statements.\n\n \n\nb.\n\nSignificant transactions\n\n2025\n\ni.             \n\nOn September 12, 2025, the Company announced that the Company’s trust vehicle, CIBanco, S.A., Institución de Banca Múltiple (succeeded by Banco Multiva, S.A.,\nInstitución de Banca Múltiple, Grupo Financiero Multiva, as trustee), in its capacity as fiduciario (trustee) under the trust agreement CIB/4323 (FID/4323) (as amended, the “Issuer Trust”) was not able to make the second interest\ncoupon payment due on that date in respect to the U.S.$300 million 2031 Senior Notes. The Company continues the\nnegotiations for the restructuring of the 2031 Notes after December 31, 2025, please refer to note 10 and 20 “Subsequent events” for additional description of the restructuring process after December 31, 2025.\n\nii.\n\nDuring Q2 2025, the Company initiated an enhancement to its corporate strategy focused on building a Bitcoin (BTC) Treasury while continuing to concentrate on\nits core operations, real estate development and the management of its hotel and resort business in Mexico. However, as announced on September 4, 2025, and in conjunction with the corporate governance changes the Company decided to\npause its BTC treasury initiative. This decision reflects management’s focus on supporting the optimization of its Mexican real estate assets and the restructuring of its debt obligations. The Board believes that this approach will\nenhance operational efficiency and better align with the Company’s long-term objectives.  As part of this strategy on June 25, 2025 the Company acquired 21 Bitcoins in the amount of $41,931,431.  The 21 bitcoins were sold  on September 1, 2025 in the amount of $42,791,690. \nThe Company had a net gain of $1,040,259 as result of this transaction. The Company does not intend to make any additional\ninvestment in cryptocurrency.\n\niii.\n\nDuring August 2025, Murano World entered into a new loan agreement with Exitus for US$20,403,165, Murano used the proceeds of this loan to repay the previous Exitus loans described in note 10 (2).\n\niv.\n\nOn June 26, 2025, NAFIN waived the covenant breaches that the Company has to that date, refer to note 10 (8) for additional description of this waiver and\ncurrent covenant breaches status.\n\nv.\n\nOn June 18, 2025, Bancomext approved the restructuring of the Insurgentes 421 Loan as described in note 10 (1).\n\nvi.\n\nOn April 22, 2025, Operadora Hotelera GI, S. A. de C. V. on behalf of the Company and the Issuer Trust, gave notice of the occurrence of a Rapid Amortization\nEvent due to the failure by the Issuer Trust to maintain a debt service coverage ratio of at least 1.0:1.0 as of the calculation date falling on March 31, 2025.  Such Rapid Amortization Event did not result in the debt being callable\nunder the terms of the Senior Secured Notes, but rather that the failure was required to be communicated to the bond holders.\n\nvii.\n\nOn April 4, 2025 Murano World repaid in full the outstanding balance of the sale and lease back agreement with Exitus at that date in the amount of US $3,286,980. See Note 10 (7).\n\nviii.\n\nOn March 7, 2025, Murano World extended the maturity of the Santander loan in the amount of US. $1,500,000 from March 7, 2025 to March 7, 2027.\n\n \n\nix.\n\nOn January 30, 2025, Murano World signed a loan agreement with Sofoplus up to US. $6,000,000\nwith draws of US $870,772 and $5,129,228 on January 31, 2025 and February 13, 2025.  This loan has to pay monthly interest at the annual interest rate of 16%, with maturity on February 1, 2028. The\nuse of this loan is to re-pay the principal and interest  amounts from open balances with Sofoflups. See note 6.\n\n2024\n\ni.             \n\nOn October 17, 2024, Murano PV and NAFIN signed a secured loan agreement up to U.S.$70,378,287. This loan is intended to assist Murano PV with its working capital. The maturity of this loan is October 28, 2027.  On October 28, 2024, the Company received the tranche A and part of the tranche B, for a total  amount of U.S.$54,942,059. \nThe interest will be capitalized during the term of the loan at an interest rate of SOFR + 3.75% for the first year, SOFR +\n4.00% for the second year and SOFR + 4.25% for the third year.\n\nii.\n\nOn September 12, 2024, the Company closed a 144A bond financing, issuing secured senior notes for U.S.$300 million\n(see note 10 (11)). The main uses of this financing were to repay in full the balances of the secured mortgage syndicated loan from Fideicomiso Murano 2000 /CIB 3001 and the VAT credit both described in note 10.\n\niii.\n\nOn July 30, 2024, Operadora Hotelera GI, S. A. de C. V. signed a 60-month lease agreement with Arrendadora Coppel, S.A.P.I. de C. V. for total rent payments of $40,226,116 plus 16% of VAT.\n\niv.\n\nOn April 9, 2024, Murano PV, S. A. de C. V. signed a loan agreement with Fínamo for $100,000,000 with initial maturity in 6 months, extended on December 3, 2024 to November 5, 2025.\nThe annual fixed interest rate of this loan is 22%, see Note 10.\n\nF-8\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nv.\n\nOn April 9, 2024, an assignment and adhesion to the syndicated secured\nmortgage loan of Fideicomiso Murano 2000 (GIC I Trust) was executed by and between Avantta Sentir Común, S. A. de C.V., SOFOM, E.N.R., as adherent creditor\nand assignee, Sabcapital, S.A. de C.V., SOFOM, E.R., as the assignor, with the appearance of Sabadell in its capacity as administrative and collateral agent and the GIC I Trust (the “GIC Loan Assignment”) whereby the assignor assigned and transferred to the assignee its rights\nand obligations owned as a Tranche C creditor representing 60% of the tranche C commitment, amounting to U.S. $6,000,000.00 as the assigned amount. This amount was repaid in full as part of the payment made to the Fideicomiso Murano 2000 syndicated\nloan on September 12, 2024 and ii was part of the uses of the U.S.$300 million senior notes received on the same date.\n\nvi.\n\nOn April 4, 2024, the Group amended the loan agreement signed between Inmobiliaria Insurgentes 421 and Bancomext. The main change included postponing the capital\npayments scheduled from April 2024 to April 2025, as well as obtaining an event of default waiver from Bancomext, as lender, in connection with the funding obligations of the debt service reserve accounts. As a result of such waiver,\nthe parties thereto executed an amendment and waiver agreement  to provide for the new terms and conditions with respect to the funding obligations of the debt service reserve accounts. Therefore, as of this date such events of default\nunder this  loan have been waived by the lender. Refer to additional breaches for this loan in Notes 2c. and 10.\n\nvii.\n\nThe first phase of the GIC Complex commenced operations with the opening of the Vivid Hotel on April 1, 2024.\n\nviii.\n\nOn March 27, 2024, Murano World, S. A. de C. V. increased its credit line with Santander from U.S.$1,500,000 to U.S.$2,000,000. The total amount has been drawn down\nas of December 31, 2024.\n\n \n\nix.\n\nBusiness combination:\n\n \n\na)\n\nOn March 21, 2024 the Company’s common stock and warrants began trading on the Nasdaq Capital Market under the ticker symbols “MRNO” and “MRNOW”, respectively.\n\n \n\nb)\n\nOn March 20, 2024, Murano Global Investments Limited PLC and HCM Acquisition Corp (HCM) completed the Amended and Restated Business Combination Agreement (A&R BCA) and as a result there were\n79,242,873 ordinary shares and 16,875,000 warrants outstanding as of that date. The Company’s original shareholder obtained 87.2% of the total outstanding shares, HCM’s sponsor obtained 11.1%,\ncertain vendors obtained 1.6% and the remaining 0.1% of public investors. A previous 2-year lock-up agreement was signed to restricted the transfer of ordinary shares that will be finalized on March 20, 2026.\n\nHCM does not meet the definition of a “business” under IFRS 3 Business Combinations given it\nconsisted predominantly of cash in trust account and liabilities, therefore the transaction was not recognized using the acquisition method  and no goodwill or intangible assets were recognized.\n\nInstead,  the merger as defined in the A&R BCA is accounted for as a capital reorganization for which the Company applied IFRS 2 Share-based payment. As such, the difference in the fair value of the shares issued by the Company over the identifiable net assets of HCM at historical cost was accounted for as share-based compensation.\n\nThe business combination in the consolidated financial statements was recorded as follows: (i) a listing expense of $917,366,970; (ii) net liabilities from HCM in the amount of $139,024,296;  (iii) transaction cost of $64,760,922 incurred during this\nperiod and (iv) additional paid in capital in the amount of $713,581,752.\n\nF-9\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\nc)\n\nOn March 8, 2024, the Company conducted a capital restructuring that resulted in Murano Global Investments PLC becoming the ultimate parent company of the Company and Murano PV, S. A. de C. V. as an\nintermediate holding company of the Group in Mexico.\n\n \n\nd)\n\nOn March 1, 2024, Murano Global Investments Limited converted from a private limited company to a public limited company operating under the name Murano Global Investments PLC.\n\nx.\n\nOn February 23, 2024 the Securities and Exchange Commission gave notice of effectiveness of the Registration Statement on Form F-4 related to the A&R BCA described\nin Note 1.b.ix.\n\nxi.\n\nOn February 1, 2024, the Company received U.S.$6,000,000\nrelated to the tranche C of the Fideicomiso 2000 Syndicated loan. This amount was repaid in full as part of the payment made to the Fideicomiso Murano 2000 syndicated loan on September 12, 2024 and ii was part of the uses of the\nU.S.$300 million senior notes received on the same date.\n\nxii.\n\nOn January 26, 2024, February 26, 2024 and March 26, 2024, the Company received U.S.$70,000, U.S.$316,000 and U.S.$311,000, respectively, from the U.S.$2,500,000\nExitus loan (see Note 10.6).\n\nxiii.\n\nOn January 5, 2024, the Company signed a loan agreement with Fínamo for $350,000,000 with an annual interest rate of 17%; funds\nwere received on the same date. On January 5, 2024, the Company signed a loan agreement with Fínamo for U.S.$26,000,000\nwith an annual interest rate of 15%. The funds were received on January 18, 2024, and part of this loan was used to\npay the $350,000,000 described above. Unit 3 of the land in Grand Island was given as guarantee under this loan\nagreement. See Note 10 for additional information.\n\n2023\n\n \n\ni.\n\nThe Exitus and Sofoplus loans in Mexican pesos described in note 6, came to an end through the early payment made by the Company, aiming to release the collateral associated with these financing\narrangements. The amount paid to Sofoplus was $57,593,160 on August 22, 2023 and the amount paid to Exitus was $75,130,254 on September 14, 2023 regarding the loan credit agreements, for a principal amount of $200,000,000. This early payment allowed the Company to set free the plot of land number 2 of the Cancun Complex and give it as a guarantee\nin the restructuring of the syndicated loan described in note 1.b.v and note 10.\n\n \n\nii.\n\nOn August 24, 2023, Fideicomiso Murano 2000, as borrower, Banco Sabadell, S.A., I.B.M., as administrative and collateral agent, Banco Nacional de Comercio Exterior, S.N.C Institución de Banca de\nDesarrollo, Caixabank, S.A., SabCapital, S.A. de C.V., S.O.F.O.M., E.R., and Nacional Financiera, S.N.C., Institución de Banca de Desarrollo, as lenders, Operadora Hotelera GI, S.A. de C.V., Operadora Hotelera Grand Island II, S. A. de\nC. V., and Murano World, S.A. de C.V., as joint and several obligors, and with the appearance of Murano PV, S.A. de C.V., Murano AT GV, S.A. de C.V. and Elías Sacal Cababie executed an amendment to the syndicated secured mortgage loan\nagreement and its subsequent amendments for purposes of restructuring such loan.\n\nThe restructuring consists of an increase of the current syndicated credit facility by U.S. $45,000,000,\nwith a variable interest rate based on the quarterly SOFR rate with a fixed spread of 4.0116%. The credit extension was documented\nthrough two tranches of debt: Tranche B for U.S.$35,000,000 which was used to finalize the construction of phase I of the GIC Complex and Tranche C for U.S.$10,000,000 which was used to cover additional project costs and capital requirements for the development of the GIC Complex. The loan maturity date is February 5, 2033. The agreement is subject to the Mexican laws and jurisdiction of the courts of Mexico City. The loan agreement included as additional guarantees the\nplot of land number 2 and the beach club – Playa Delfines of the Cancun complex. This amount was repaid in full as part of the payment made to the Fideicomiso Murano 2000 syndicated loan on September 12, 2024 and was part of the uses of the\nU.S.$300 million senior notes received on the same date.\n\nF-10\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\niii.\n\nIn May 2023, the Company restructured the credit line with Bancomext to increase from U.S.$75,000,000\nup to U.S.$100,000,000.\n\n \n\niv.\n\nIn March 2023, the Company acquired a beach club in Cancun for an amount of $171,000,000\n(U.S.$9.4 million approximately). The Company signed a secured loan agreement with ALG Servicios Financieros México, S.A.\nde C.V., SOFOM E.N.R. (“ALG”) for a principal amount of U.S.$20,000,000.00. The first disbursement of U.S.$8,000,000.00, was used to finance the acquisition of the beach club land. In April and July 2023, the Company drew U.S.$5,000,000 and U.S.$7,000,000,\nrespectively, which were used for the construction of the beach club. The loan bears an annual interest of 10% and\nmatures on December 1, 2030. The Company provided this beach club as guarantee for this loan. ALG is incorporated as\ntrustee in the guarantee trust of Fideicomiso Murano 2000.\n\n \n\nv.\n\nOn March 13, 2023, the Company signed a Business Combination Agreement (“BCA”) with HCM Acquisition Corp (“HCM”) to carry out a de-SPAC transaction. On August 2, 2023, the Company\nsigned an amended and restated Business Combination Agreement which contains customary representations and warranties, covenants, closing conditions and other terms relating to the business combination and the replacement of\nMurano Global B.V., which was intended to be a tax resident of the Netherlands, with Murano Global Investments Limited (“Murano Global”), a tax resident of the United Kingdom.\n\nvi.\n\nIn February 2023, the Company signed a lease agreement as lessee for an amount of $350,000,000 with a 48-month term period with\nArrendadora Fínamo, S.A. de C.V. (“Fínamo”), this contract was classified as a financial liability due to the sale and lease-back transaction agreement and it is not a sale for accounting purposes. The agreement\nincludes plots of land in La Punta Baja Mar as guarantee.\n\nThe list of the plots of land granted is as follows: (1) Lote 1, Manzana S/M, Sup. 4,117.88 M2; (2) Lote 2, Manzana\nS/M, Sup. 6,294.08 M2; (3) Lote 3 (VIALIDAD), Manzana S/M, Sup. 4,117.88 M2; (4) Lote 4, Manzana S/M, Sup. 10,015.68 M2; (5)\nLote 5, Manzana S/M, Sup. 11,986.53 M2; (6) Lote 6, Manzana S/M, Sup. 2,912.02 M2; (7) Lote 7, Manzana S/M, Sup. 568.51\nM2 and (8) Lote 8, Manzana S/M, Sup. 635.25 M2.\n\n2.\n\nBasis of preparation\n\nThese consolidated and combined financial statements have been prepared on a consolidated basis at the Murano Global\nInvestments PLC level as of and for the years ended December 31, 2025 and 2024 and on a combined basis as of December 31, 2023 for Murano PV, S. A. de C. V. and the combined entities described in b. Capital restructuring below prior to the\ncapital restructuring which occurred on March 8, 2024.Since the entities included in these financial statements were under common control both prior to and after the capital restructuring, it had no material impact on the financial position,\nresults or operations, or cash flows presented.\n\n \n\na.\n\nStatement of compliance\n\nThe Company has prepared these consolidated and combined financial statements in accordance with IFRS Accounting Standards as issued by the\nInternational Accounting Standards Board (IASB).\n\nBasis of measurement\n\nThe consolidated and combined financial statements\nhave been prepared on the historical cost basis, except for derivative financial instruments, net defined benefit liability and certain items of property, construction in process and equipment such as land, buildings and construction in\nprocess, which are measured at fair value at the end of each reporting period.\n\nF-11\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\nb.\n\nCapital restructuring\n\nOn March 8, 2024, the Company underwent a\nrestructuring to establish Murano Global Investments PLC  as the parent Company of the Company and Murano PV, S. A. de C. V. as the intermediate holding entity of the Mexican structure: Murano World, Edificaciones BVG, the Insurgentes\nSecurity Trust, Inmobiliaria Insurgentes 421, OHI421, OHI421 Premium Operadora Hotelera GI (GIC I), Operadora Hotelera Grand\nIsland (GIC II), Fideicomiso Murano 2000 (the GIC I Trust), Fideicomiso Murano 4000 (the GIC II Trust), Fideicomiso Murano 1000,\nServicios BVG, and Murano Management.\n\nThe capital restructuring involved a series of transactions between the entities and their shareholders, whereby some of\nthe existing shareholders sold their shares and transferred their beneficiary rights to other entities within the Company in exchange for cash and promissory notes.\n\nSince the entities within the Company were under common control prior to and after the capital restructuring, the\ncapital restructuring does not qualify as a business combination under IFRS 3 Business Combinations. Management deems it appropriate to account for the capital restructuring at the carrying amount for\npresentation purposes of the financial statements and related notes after the business combination held on March 20, 2024, mainly because prior to and after the\ncapital restructuring, the entities within the Company are controlled by the same group of shareholders.\n\nThe capital restructuring was measured at the previous carrying amounts of assets and liabilities.\n\n \n\nc.\n\nGoing concern basis\n\nThese consolidated and combined financial statements have been prepared assuming the Company  will continue as a going concern. However, management has identified\nmaterial uncertainties that may cast substantial doubt on the ability of the Company to continue as a going concern. As a result, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business.\n\nThe Company is an early-stage and emerging growth company. The Company has incurred significant debt primarily to fund operating expenses and finance the\nconstruction projects and to start up the hotel operations mentioned in note 1 (a). As of December 31, 2025, total current\nliabilities exceed the amount of total current assets, and management believes that financial resources to fund its operations for the twelve months subsequent to the authorization and issuance of these\nconsolidated and combined financial statements may be insufficient.\n\nIn addition, as of December 31, 2025, certain covenants have been breached as follows:\n\ni.\n\nThe debt service reserves related to the Insurgentes 421 loan with Bancomext have not\nbeen fully funded  as of December 31, 2025 in accordance with the last amendment to this loan dated July 4, 2025 (amended from time to time); also the valuation report that should be delivered to comply with the loan to value ratio\nof 2 to 1 has not been delivered on April 2025 that is the second anniversary of this loan. As of the date of the issuance of these financial statements, the Company is in breach of this loan as described above and is planning to\nstart discussions with the lender to potentially obtain a waiver from these breaches in the short term. As of the date of issuance of these financial statements such waiver has not been granted.\n\nAs of December 31, 2025, the\noutstanding principal amount of this loan was U.S.$98.7 million ($1,772.6 million pesos), and as a result of the covenant breach described above, the loan was classified as a current liability.\n\nii.\n\nThe loan obtained with ALG described in Note 10 (5)., is in breach as the Company did not pay the\nannual interest due in December 2025 and 2024. The loan has not been accelerated and ALG has not notified any intention to accelerate the loan, however pursuant to IAS 1 “Presentation of Financial Statements”, the\nprincipal amount of this loan U.S.$20 million ($359.1 million pesos)  is classified as a current liability as of December 31, 2025 due to the covenant breach. \n\n \n\niii.\n\nThe Company did not make the second coupon interest payment due on September\n12, 2025 with respect to the US$300MM 11.00% Senior Secured Notes due 2031 (the “2031 Notes”) and failed to cure this situation within the 30-day grace period ending on October 12, 2025. Such failure constitutes an Event of Default under the Indenture governing the 2031 Notes. The Company also  delivered\nthe 2024 audited financial statements of the entities Murano PV,  Fideicomiso Murano 2000, Operadora Hotelera GI, and Fideicomiso CIB 4323 after the 120 days period established in Section 4.03 of the Indenture governing the\n2031 Notes issued on September 12, 2024  as described in note 10 (11).  As of December 31, 2025, the Company has not yet delivered the audited financial statements as of December 31, 2024 of the Trust 3224, which includes the\nmortgage over the private unit 2 of the Cancun Complex, as this trust has no operations other than the mortgage described above. In addition, as of the date of the issuance of these financial statements, the Company has not\nyet delivered the audited financial statements as of December 31, 2025 required under the Indenture governing the 2031 Notes.  The Company expects to deliver those financial statements in the short term.\n\nDue to the breaches described above the 2031 Notes are classified as\ncurrent liability as of December 31, 2025 in the amount of U.S.$306 million ($5,494.1 million pesos).\n\nThe Company continued with formal discussion with the ad hoc group of the 2031 Note holders  after December 31, 2025, and, as described, in note 20 (b) a term sheet agreement for the\nrestructuring of the 2031 Notes was reached on March 10, 2026. See note 20 (b) for additional information.\n\niv.\n\nAs of December 31, 2025 the Company did not make the 2025 fourth quarter interest payment as per the amortization table of the NAFIN loan described in note 10 (8).  The Company also breached the\nfollowing covenants included in the waiver obtained last June 26, 2025 for this loan: (i) As mentioned in note 1 a) the construction of the 616 hotel rooms related to the GIC I second phase were not finalized before December 31, 2025; (ii) The Company did not execute the change in mortgage guarantee from the private units 4 &\n5 of the Cancun complex to the private unit 3.\n\nAs result of the covenant breach described above, the NAFIN loan is classified as current liability as of December 31, 2025 in the amount of U.S.$58.2 million ($1,044.4 million\npesos).\n\nThe Company maintained active discussions with NAFIN to make the payment of the balance of this loan by executing the mortgage guarantee and is\nrevisiting if the private unit 5 of the Cancun Complex will be sufficient to cover the debt balance.\n\nv.\n\nThe Company did not make the interest payment for the four-month period of the Exitus Loan V described in note 10 (2)., as of December 31, 2025.  The Company also breached a covenant of this\nagreement that requires the Company to pay an equity kicker in the amount of U.S.3,102,985 or its equivalent in\nMurano Global Investment ordinary shares (approximately 356,665 at a share price of U.S.$8.7). Since the Company did not pay the equity kicker nor issued the shares no debt or equity has been recognized. As result of the\ncovenant breaches described above the Exitus loan V is classified as current liability as of December 31, 2025 in the amount of U.S.$20.4\nmillion ($366.3 million pesos).\n\nThe Company maintained\nactive discussion with Exitus to make the payment of this loan with a payment in kind.\n\nvi.\n\nThe Company did not make interest or principal, as applicable, under the instruments signed with Finamo as described in notes 10 (3)., (4)., (9) and (10).,  from January 1st to December 31,\n2025.  Management is discussing a potential restructuring of these debts, including a  payment in kind with the collateral that guaranteed such debts.  As of December 31, 2025 the Company is committed to reach an agreement\nwith its lenders in order to finalize  the restructuring process of these debts.\n\nAs\n\nresult of the covenant breach described above, the Finamo loans are classified as current liability as of December 31, 2025 in the amount of  approximately U.S.$53.7 million ($964.2 million pesos).\n\nvii.\n\nThe Company did not make lease payments under the Coppel lease agreement from September to December 2025.  The Company maintained active discussion with Coppel to restructure the lease while\ncontinuing to evaluate potential payment in kind  to the lessor.\n\nF-12\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nAs of the date of the issuance of these financial statements the\nnegotiations described above are in process of formalization.\n\nSee notes 10 and 20 for additional details about defaults subsequent to December 31, 2025.\n\nCertain covenant tests will arise, under the terms of the various Company loans, during the following twelve months after the financial statements are authorized to be issued, which Management does not expect will\nbe met.  In order to address and mitigate the risks of such possible covenant breaches in the future, the Company is in communications with each lender to execute a debt restructuring as described above.  The plan is that the debt\nrestructuring will address and resolve the risks of such future possible covenant breaches through negotiating different terms with the various lenders.  Whilst the terms of such a debt restructuring have not yet been agreed with all\nthe Company’s various lenders, Management believes that such a restructuring plan will mitigate the risk over the Company’s ability to continue as a going concern. The Company has also considered alternative strategies with respect to\nthe hotel operations in Cancun, including changes to the hotel management agreement and operational partners, which could generate additional cash flows compared to the current commercial arrangements as well as a payment in kind with\nthe assets of the Company.\n\nAs a result of these conditions, substantial doubt exists about the ability of the Company to continue as a going concern following twelve months after the\nfinancial statements are authorized to be issued.\n\nManagement continues evaluating\nstrategies to obtain the required additional funding necessary for future operations, to comply with all covenants as required by the loan agreements or to execute a debt restructuring plan which would result in favorable modifications\nor removal of certain covenants, and to be able to discharge the outstanding debt and other liabilities as they become due. In assessing these strategies, management has considered the available cash resources, inflows from the hotels\nthat are already in operation, and future financing options available to the Company such as new or restructured loan agreements. However, the Company may be unable to access further equity or debt financing when needed.  As such, there\ncan be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all.\n\nThese consolidated and combined financial statements do not include any\nadjustments to the carrying amounts and classifications of assets and liabilities and reported expenses that may otherwise be required if the going concern basis for the Company as of December 31, 2025, and for the year then ended, and for\nentities comprising the Company, were not appropriate.\n\n \n\nd.\n\nFunctional and presentation currency\n\nThese consolidated and combined financial statements are presented in Mexican pesos. All amounts have been rounded, unless otherwise indicated.\n\nFor each entity, the Company determines the functional currency and items included in the financial statements of each entity are\nmeasured using that functional currency.\n\nFor purposes of disclosure in the notes to these consolidated and combined financial statements, “pesos” or “$”, means Mexican pesos and “dollars”\nor “U.S.$” means United States of America dollars.\n\n \n\ne.\n\nSegments\n\nOperations are managed and the financial performance is evaluated on a company-wide basis. Accordingly, all of the Company’s hotels, construction\nand service operations are considered by management in one reportable operating segment; therefore, no separate segment disclosures\nare presented.\n\n \n\nf.\n\nUse of judgments and estimates\n\nIn preparing these consolidated and combined financial statements, management has made judgments and estimates that affect the application of the\nCompany’s accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.\n\nEstimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively.\n\nF-13\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\nA.\n\nJudgments\n\nInformation about judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the combined\nfinancial statements is included in the following notes:\n\nNote 3(g) - Construction in process, land and buildings: Subsequent measurement of construction in process is at fair value based on periodic, at\nleast annual valuations performed by external independent appraisers.\n\n \n\nB.\n\nAssumptions and estimation uncertainties\n\nInformation about assumptions and estimation uncertainties as of December 31, 2025, that have a significant risk of resulting in a material\nadjustment to the carrying amounts of assets and liabilities within the next financial year is included in the following notes:\n\nNote 2c – assumptions about going concern matters.\n\nNote 7 - determining the fair value of construction in process, land and building on the basis of significant unobservable inputs;\n\nNote 8 - determining the fair value of the investment property on the basis of significant unobservable inputs;\n\nNote 9 – determining the valuation of leases;\n\nNote 11 - measurement of defined benefit obligations: key actuarial assumptions;\n\nNote 13 - recognition of deferred tax assets: availability of the future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized;\n\nNote 14 - determining the fair value of financial derivative instruments; and\n\nNote 19 - recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources.\n\n \n\nC.\n\nMeasurement of fair value\n\nA number of the Company’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets\nand liabilities.\n\nThe Company reviews the significant observable inputs and valuation adjustments.\n\nIf third-party information, such as broker quotes or pricing services, is used to measure fair values, the Company evaluates the evidence obtained\nfrom third parties to support the conclusion that these valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which the valuations should be classified.\n\nWhen measuring the fair value of an asset or a liability, the Company uses observable market data whenever possible. Fair values are categorized\ninto different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:\n\n•\n\nLevel 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.\n\n \n\n•\n\nLevel 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly\n(i.e. derived from prices).\n\n \n\n•\n\nLevel 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).\n\nIf 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\nvalue measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.\n\nThe Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has\noccurred.\n\nF-14\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nFurther information about the assumptions made in measuring fair values is included in the following notes:\n\n \n\n-\n\nNote 7 - Property, construction in process and equipment.\n\n \n\n-\n\nNote 8 - Investment Property.\n\n \n\n-\n\nNote 12 - Warrants\n\n \n\n-\n\nNote 14 - Financial\n\ninstruments - Fair value and risk management.\n\n3.\n\nMaterial accounting policies\n\nThe Company has consistently applied the following material accounting policies to all the periods presented in these\ncombined financial statements.\n\n \n\na.\n\nBasis of consolidation and combination\n\nConsolidation of subsidiaries\n\nThe subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to or has rights\nto variable returns from its involvement with the entity and has the ability to affect those returns. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until\nthe date on which control ceases.\n\nIntra-group balances and transactions are eliminated in the consolidation process.\n\nThe Company’s subsidiaries as of December 31, 2025, are set out below:\n\nEntity\n\n \n\nOwnership interest\n\n \n\n \n\n \n\n \n\n \n\nMurano Management UK Limited (“Murano Management UK”)\n\n \n\n \n\n100.00\n\n%\n\nMurano Service Operations Limited (Murano Services”)\n\n \n\n \n\n100.00\n\n%\n\nMurano Global Hospitality Corporation (“Murano Hospitality” including the former HCM Adquisition Corporation)\n\n \n\n \n\n100.00\n\n%\n\nMurano Management, S. A. de C. V. (“Murano Management”)\n\n \n\n \n\n100.00\n\n%\n\nMurano PV, S. A. de C. V. (“Murano PV”)\n\n \n\n \n\n100.00\n\n%\n\nMurano World, S. A. de C. V. (“Murano World”)\n\n \n\n \n\n100.00\n\n%\n\nInmobiliaria Insurgentes 421, S. A. de C.V. (“Inmobiliaria Insurgentes 421”)\n\n \n\n \n\n100.00\n\n%\n\nOperadora Hotelera GI, S. A. de C. V. (“Operadora GIC I”)\n\n \n\n \n\n100.00\n\n%\n\nOperadora Hotelera Grand Island II, S. A. de C. V. (“Operadora GIC II”)\n\n \n\n \n\n100.00\n\n%\n\nOperadora Hotelera I421, S. A. de C. V. (“OHI421”)\n\n \n\n \n\n100.00\n\n%\n\nOperadora Hotelera I421 Premium, S. A. de C. V. (“OHI421 Premium”)\n\n \n\n \n\n100.00\n\n%\n\nFideicomiso Murano 6000 CIB/3109 (“Insurgentes Security Trust”)\n\n \n\n \n\n100.00\n\n%\n\nFideicomiso Murano 2000 CIB /3001 (“GIC I Trust” or “Fideicomiso Murano 2000”)\n\n \n\n \n\n100.00\n\n%\n\nFideicomiso Murano 4000 CIB/3288 (“GIC II Trust”)\n\n \n\n \n\n100.00\n\n%\n\nFideicomiso Murano 1000 CIB /3000\n\n \n\n \n\n100.00\n\n%\n\nFideicomiso Irrevocable de Emisión, Administración y Pago No. CIB/4323\n\n \n\n \n\n100.00\n\n%\n\nEdificaciones BVG, S. A. de C. V. (“Edificaciones BVG”)\n\n \n\n \n\n100.00\n\n%\n\nServicios Corporativos BVG, S. A. de C.V. (“Servicios BVG”)\n\n \n\n \n\n100.00\n\n%\n\nCombination of entities under common control (prior to capital restructuring as described in note 2b.)\n\nBefore the capital restructuring described in note 2b. above, the Company was directly or indirectly controlled by Elias Sacal Cababie, therefore the Company has been combined under\nthe common control approach. The combination includes the following entities: Murano PV, S. A. de C. V., Murano World, S. A. de C. V., Edificaciones BVG, S. A. de C. V., Fideicomiso Murano 6000 CIB/3109, Inmobiliaria Insurgentes 421, S. A. de\nC.V., Operadora Hotelera GI, S. A. de C. V., Operadora Hotelera Grand Island II, S. A. de C. V., Operadora Hotelera I421, S. A. de C. V., Operadora Hotelera I421 Premium, S. A. de C. V., Fideicomiso Murano 2000 CIB /3001, Fideicomiso Murano\n4000 CIB/3288, Fideicomiso Murano 1000 CIB /3000, Servicios Corporativos BVG, S. A. de C.V., and Murano Management, S. A. de C. V.\n\nThe Company conducted the combination of the entities under common control as follows: Transactions, balances and\nunrealized gains or losses on transactions arising from intragroup transactions are eliminated on the combination following the guidance defined by IFRS 10.\n\nF-15\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\nb.\n\nForeign currency transactions\n\nTransactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates\nof the transactions.\n\nMonetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the\nreporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured\nbased on the historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognized in profit or loss and presented within finance costs.\n\nHowever, foreign currency differences arising from the translation of the following items are recognized in OCI:\n\n \n\n•\n\nAn investment in equity securities designated as at FVOCI (except on impairment, in which case foreign currency differences that have been recognized in OCI are reclassified to profit or loss);\n\n \n\n•\n\nA financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective (see (P)(v)); and\n\n \n\n•\n\nQualifying cash flow hedges to the extent that the hedges are effective.\n\n \n\nc.\n\nRevenue from contracts with customers\n\nThe Company acts as a principal in the activities from which it generates its revenue. Our revenues are primarily derived from the products and\nservices provided to our customers in our owned hotels and are generally recognized when control of the product or service has transferred to the customer. A summary of our sources of revenue is as follows:\n\n \n\n•\n\nRoom rentals.\n\n \n\n•\n\nFood and beverage.\n\n \n\n•\n\nAll-inclusive.\n\n \n\n•\n\nPrivate events.\n\n \n\n•\n\nSpa services.\n\n \n\n•\n\nOther services.\n\nWe provide room rentals and other services to our guests, including, but not limited to, food and beverage, all-inclusive, spa, laundry, and\nparking. These products and services each represent individual performance obligations, and in exchange for these services, we receive fixed amounts based on published rates or negotiated contracts. Payment is due in full at the time the services\nare rendered or the goods are provided.\n\nRoom rental revenues are recognized over time on a daily basis as the guest occupies the room, and revenues related to the other products and\nservices are recognized at a point in time when the product or service is provided to the guest.\n\nAs of December 31, 2025 and 2024, the Company did not capitalize costs to obtain contracts with customers because there are no long-term contracts\nwith the customers, due to the operations of the hotel, the incremental costs are recognized in profit or loss as incurred. If long-term contracts were obtained, the Company will capitalize the cost of those contracts.\n\nAdvance from customers (Deferred revenue and down payments)\n\nDeferred revenue represents the Company´s obligation to provide a service to a customer for which the Company has received cash from the customer.\n\nDown payments are partial cash payments received by a potential customer in advance of a residential acquisition of a residential\nunit. As of December 31, 2025, these payments are contingent to initiate the development of the 384 residential units as described\nin note 1.\n\n \n\nd.\n\nCash and cash equivalents and restricted cash\n\nCash and cash equivalents and restricted cash of the Company are represented primarily by cash (cash on\nhand and demand deposits), restricted cash and cash equivalents. Cash equivalents are short-term highly liquid investments with maturities no longer than 90 days, which are subject to an insignificant risk of changes in value. Cash is stated at\nnominal value and cash equivalents are measured at fair value. For further information, please refer to note 5.\n\nF-16\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\ne.\n\nFinancial instruments\n\n \n\n(i)\n\nRecognition and initial measurement\n\nTrade receivables and debt securities are initially recognized when they are originated. All other financial assets and financial liabilities are\ninitially recognized when the Company becomes a party to the contractual provisions of the instrument.\n\nA financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair\nvalue plus or minus, 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\nat the transaction price.\n\n \n\n(ii)\n\nClassification and subsequent measurement\n\nFinancial assets -\n\nOn initial recognition, a financial asset is classified as measured at amortized cost or FVTPL.\n\nFinancial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial\nassets, 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.\n\nA financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:\n\n \n\n-\n\nIt is held within a business model whose objective is to hold assets to collect contractual cash flows; and\n\n \n\n-\n\nIts contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\n\nA debt investment is measured at Fair Value Through Other Comprehensive Income (“FVOCI”) if it meets both of the following conditions and is not\ndesignated as at FVTPL:\n\n \n\n-\n\nIt is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and\n\n \n\n-\n\nIts contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\n\nOn initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in\nthe investment’s fair value in Other Comprehensive Income (“OCI”). This election is made on an investment-by-investment basis.\n\nAll financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative\nfinancial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an\naccounting mismatch that would otherwise arise.\n\nFinancial assets - Business model assessment:\n\nThe Company makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best\nreflects the way the business is managed, and information is provided to investors.  The information considered includes.\n\nF-17\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\n-\n\nThe stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest\nrate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets;\n\n \n\n-\n\nHow the performance of the portfolio is evaluated and reported to the Company’s management;\n\n \n\n-\n\nThe risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed;\n\n \n\n-\n\nHow managers of the business are compensated - e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flow collected; and\n\n \n\n-\n\nThe frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity.\n\nTransfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose,\nconsistent with the Company’s continuing recognition of the assets.\n\nFinancial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL.\n\nFinancial assets - Assessment whether contractual cash flows are solely payments of principal and interest.\n\nFor the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined\nas consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs),\nas well as a profit margin.\n\nIn assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the contractual terms of the\ninstrument. 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.\n\nIn making this assessment, the Company considers:\n\n \n\n-\n\nContingent events that would change the amount or timing of cash flows;\n\n \n\n-\n\nTerms that may adjust the contractual coupon rate, including variable-rate features;\n\n \n\n-\n\nPrepayment and extension features; and\n\n \n\n-\n\nTerms that limit the Company’s claim to cash flows from specified assets (e.g. non-recourse features).\n\nA prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents\nunpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its\ncontractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation\nfor early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition.\n\nF-18\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nFinancial assets - Subsequent measurement and gains and losses:\n\n \n\nFinancial assets at FVTPL\n\n \n\nThese assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.\n\n \n\n \n\n \n\n \n\n \n\nFinancial assets at amortized cost\n\n \n\nThese assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income,\nforeign exchange gain or losses and impairment are capitalized. Any gain or loss on derecognition is recognized in profit or loss.\n\nFinancial liabilities - Classification, subsequent measurement and gains and losses\n\nFinancial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified\nas held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss.\nOther financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also\nrecognized in profit or loss.\n\n \n\n(iii)\n\nDerecognition\n\nFinancial assets\n\nThe Company derecognizes a financial asset when:\n\n \n\n-\n\nThe contractual rights to the cash flows from the financial asset expire; or\n\n \n\n-\n\nIt transfers the rights to receive the contractual cash flows in a transaction in which either:\n\n \n\ni.\n\nSubstantially all the risks and rewards of ownership of the financial asset are transferred; or\n\n \n\nii.\n\nThe Company neither transfers nor retains substantially all the risks and rewards of ownership and it does not retain control of the financial asset.\n\nThe Company enters into transactions whereby it transfers assets recognized in its consolidated statement of financial position but retains either\nall or substantially all of the risk and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.\n\nFinancial liabilities\n\nThe Company derecognizes a financial liability when its contractual obligations are discharged or canceled or expire. The Company also\nderecognizes 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 recognized at fair value.\n\nOn derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any\nnon-cash assets transferred or liabilities assumed) is recognized in profit or loss.\n\nInterest rate benchmark reform\n\nWhen the basis for determining the contractual cash flows of a financial asset or financial liability measured at amortized cost changed as a\nresult of interest rate benchmark reform, the Company updated the effective interest rate of the financial asset or financial liability to reflect the change that is required by the reform. A change in the basis for determining the contractual\ncash flows is required by interest rate benchmark reform if the following conditions are met:\n\nF-19\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\n•\n\nThe change is necessary as a direct consequence of the reform; and\n\n \n\n•\n\nThe new basis for determining the contractual cash flows is economically equivalent to the previous basis - i.e. the basis immediately before the change.\n\nWhen changes were made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows\nrequired by interest rate benchmark reform, the Company first updated the effective interest rate of the financial asset or financial liability to reflect the change that is required by interest rate benchmark reform. After that, the Company\napplied the policies on accounting for modifications to the additional changes.\n\n \n\n(iv)\n\nOffsetting\n\nFinancial assets and financial liabilities are offset and the net amount presented in the combined statement of financial position when, and only\nwhen, the Company currently has a legally enforceable right to offset the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.\n\n \n\n(v)\n\nDerivative financial instruments\n\nThe Company holds derivative financial instruments with the intention to hedge interest rate risk exposures.\n\nDerivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein\nare recognized in profit or loss.\n\n \n\n(vi)\n\nImpairment\n\n \n\ni.\n\nNon-derivative financial assets\n\nFinancial instruments\n\nThe Company recognizes loss allowances for Expected Credit Losses (“ECLs”) on:\n\n \n\n-\n\nFinancial assets measured at amortized cost.\n\nThe Company measures loss allowances at an amount equal to lifetime ECLs, except for the following which are measured at twelve-month ECLs:\n\n \n\n \n\n-\n\nDebt securities that are determined to have low credit risk at the reporting date; and\n\n \n\n \n\n-\n\nOther debt securities and bank balances where credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.\n\n \n\nLoss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs.\n\n \n\nWhen determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the\nCompany considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company’s historical experience and\ninformed credit assessment,  that includes forward-looking information.\n\n \n\nThe Company assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.\n\nF-20\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nThe Company considers a financial asset to be in default when:\n\n \n\n \n\n-\n\nThe debtor is unlikely to pay its credit obligations to the Company in full, without recourse by the Company to actions such as realizing security (if any is held); or\n\n \n\n \n\n-\n\nThe financial asset is more than 90 days past due.\n\n \n\nLifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.\n\n \n\n12-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\nshorter period if the expected life of the instrument is less than 12 months).\n\n \n\nThe maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.\n\nMeasurement of ECLs\n\n \n\nECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the\ndifference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive).\n\n \n\nECLs are discounted at the effective interest rate of the financial asset.\n\n \n\nPresentation of allowance for ECL in the consolidated and combined statement of financial position\n\n \n\nAllowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.\n\n \n\nAs of December 31, 2025 and 2024, the Company did not recognize ECL since it has determined that the ECL related to its trade receivables would\nnot be material in the context of these financial statements taken as a whole.\n\n \n\n \n\nii.\n\nNon-financial assets\n\nAt each reporting date, the Company reviews the carrying amounts of its non-financial assets (other than investment property and deferred tax\nassets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.\n\nFor impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are\nlargely independent of the cash inflows of other assets.\n\nThe recoverable amount of an asset is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the\nestimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.\n\nAn impairment loss is recognized if the carrying amount of an asset exceeds its recoverable amount.\n\nF-21\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nImpairment losses are recognized in profit or loss.\n\nFor assets, other than goodwill, it is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that\nwould have been determined, net of depreciation or amortization, if no impairment loss had been recognized.\n\n \n\nf.\n\nPrepayments\n\nPrepaid expenses are initially recognized as assets as of the date the payment is made, provided that it is probable that the future economic\nbenefits associated with the asset will flow to the Company. At the time the goods or services are received, prepaid expenses are either capitalized or recognized in profit or loss as an expense, depending on whether there is certainty that the\nacquired goods or services will generate future economic benefits. The Company periodically evaluates its prepaid expenses to determine the likelihood that they will cease to generate future economic benefits and to assess their recoverability.\nThe Company classifies its prepayments as current or non-current assets, depending on the period when the Company expects to exercise them. Unrecoverable prepaid expenses are recognized as impairment losses in profit or loss.\n\n \n\ng.\n\nProperty, construction in process and equipment\n\nThe Company’s Property, construction in process and equipment includes the following:\nland, buildings, construction in process, computer equipment, transportation equipment, furniture, and other equipment.\n\n \n\ni.\n\nRecognition and measurement\n\nItems of property, construction in process and equipment are initially measured at cost, which includes capitalized borrowing\ncosts, less accumulated depreciation and any accumulated impairment losses.\n\nSubsequent measurement of land, buildings and construction in process is at fair value based on periodic, at least annual,\nvaluations performed by external independent appraisers, less subsequent depreciation for buildings; land is not depreciated. The carrying amount of the revaluated assets is adjusted to the revalued amount. If the carrying amount increases as a\nresult of the revaluation, the increase is recognized in other comprehensive income and accumulated as a revaluation surplus, except if it reverses a revaluation decrease of the same assets previously recognized in profit or loss. If the carrying\namount is decreased as a result of the revaluation, the decrease is recognized in profit or loss, or against the revaluation surplus in comprehensive income to the extent of any existing balance with respect to the same asset.\n\nAll other property and equipment are recognized at historical cost less depreciation.\n\nIf significant parts of an item of property, construction in process and equipment have different useful lives, then they are\naccounted for as separate items (major components) or property, construction in process and equipment.\n\nAny gain or loss on disposal of an item of property, construction in process and equipment is recognized in profit or loss.\n\n \n\nii.\n\nSubsequent expenditure\n\nSubsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the\nexpenditure will flow to the Company.\n\n \n\niii.\n\nDepreciation\n\nDepreciation is calculated to write off the cost of property, construction in process and equipment less their estimated\nresidual values using the straight-line method over their estimated useful lives, and is recognized in profit or loss. As of December 31, 2025 and 2024 items in construction in process recognized at fair value were not subject to depreciation.\n\nF-22\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nDuring 2023 and 2024, several assets recognized as construction in process were capitalized as property, building and hotel\nfurniture due to the assets having reached the necessary conditions to operate as Management intended.\n\nCompany’s Management estimates the following useful life for the major assets.\n\n \n\nYears\n\n \n\n  \n\nBuildings and beach club\n\n35-40 years\n\nElevators\n\n10 years\n\nFurniture, fixtures, and equipment (“FF&E”)\n\n5 years\n\nOperating, supplies and equipment (“OS&E”)\n\n2 years\n\nComputer equipment\n\n3-4 years\n\nTransportation Equipment\n\n4 years\n\nFurniture\n\n10 years\n\nEquipment and other assets\n\n10 years\n\nDepreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.\n\n \n\niv.\n\nReclassification to investment property\n\nWhen the use of a property changes from owner-occupied to investment property, the property is remeasured to fair value and reclassified\naccordingly. Any gain arising on this remeasurement is recognized in profit or loss to the extent that it reverses a previous impairment loss on the specific property, with any gain recognized in OCI and presented in the revaluation reserve. Any\nloss is recognized in profit or loss. However, to the extent that an amount is included in the revaluation surplus for that property, the loss is recognized in OCI and reduces the revaluation surplus within equity.\n\n \n\nh.\n\nInvestment property\n\nInvestment property is initially measured at cost and subsequently at fair value with any change therein recognized in profit and loss.\n\nAny gain or loss on disposal of the investment property (calculated as the difference between the net proceeds from disposal and the carrying\namount of the item) is recognized in profit or loss.  When investment property that was previously classified as property, construction in process and equipment is sold, any related amount included in the revaluation reserve is transferred to\nretained earnings.\n\nAs of December 31, 2025 and 2024, the Company has a plot of land located in, Baja California, Mexico, that qualifies as an investment property in\naccordance with the requirements established by IAS 40, since the Company foresees to use this land for the construction of an industrial park, where the Company will act as a lessor and it will obtain income from rentals.\n\n \n\ni.\n\nEmployee benefits\n\n \n\ni.\n\nShort-term employee benefits\n\nShort-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the\nCompany has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.\n\nF-23\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\nii.\n\nOther long-term employee benefits\n\nThe Company’s net obligation in respect of long-term employee benefits is the amount of future benefits that employees have earned in return for\ntheir service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognized in profit or loss in the period in which they arise.\n\n \n\niii.\n\nTermination benefits\n\nTermination benefits are expensed at the earlier of when the Company can no longer withdraw the  offer of those benefits and when the Company\nrecognizes costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted.\n\n \n\niv.\n\nDefined employee benefit\n\nIn accordance with Mexican Labor Law, the Company provides seniority premium benefits to its employees under certain circumstances, which is\nrecognized as a defined benefit plan. The Company’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods,\ndiscounting that amount and deducting the fair value of any plan assets.\n\nThe calculation of the defined benefit obligation is performed annually by a qualified actuary using the projected unit credit method.  When the\ncalculation results in a potential asset for the Company, the recognized asset is limited to the present value of the economic benefits available in the form of future refunds from the plan or reductions in future contributions to the plan. To\ncalculate the present value of the economic benefits, consideration is given to any applicable minimum funding requirements.\n\nRemeasurements of the net defined benefit liability, which comprise actuarial gains and losses, return on plan assets (excluding interest), and\nthe effect of the asset ceiling (if any, excluding interest), are recognized immediately in OCI. The Company determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate\nused to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability (asset), taking into account any change in the net defined benefit liability (asset) during the period as a result of\ncontributions and benefit payments.\n\nNet interest expense and other expenses related to defined benefit plans are recognized in profit or loss.\n\nWhen the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or curtailment\ngain or loss is recognized immediately in profit or loss.  The Company recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs.\n\n \n\nj.\n\nBorrowing costs\n\n Borrowing costs directly attributable to the acquisition, construction, or production of qualifying assets, which are assets that necessarily\ntake a substantial period of   time to get ready for their intended use or sale, are added to the cost of those assets, until the assets are substantially ready for their intended use or sale.\n\nAll other borrowing costs are recognized in profit or loss in the period in which they are incurred.\n\n \n\nk.\n\nIncome tax\n\n Income tax expense comprises current and deferred tax and it is recognized in profit or loss. As mentioned in Note 1(a) the Company participates\nin certain trusts as a Trustor, these trusts are not subject to income taxes.\n\nF-24\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nCurrent tax\n\nCurrent 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\nreceivable in respect of previous years. The amount of current tax payable or receivables 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\nrates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends.\n\nCurrent tax assets and liabilities are offset only if certain criteria are met.\n\nDeferred tax\n\nDeferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting\npurposes and the amounts used for taxation purposes.\n\nTemporary differences in relation to a right-of-use asset and a lease liability for a specific lease are regarded as a net package (the lease) for\nthe purpose of recognizing deferred tax.\n\nDeferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is\nprobable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is\ninsufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences are considered, based on the business plans for individual subsidiaries in the Company. Deferred tax\nassets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.\n\nThe measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting\ndate, to recover or settle the carrying amount of its assets and liabilities. For this purpose, the carrying amount of investment property measured at fair value is presumed to be recovered through sale.\n\nDeferred tax assets and liabilities are offset only if certain criteria are met.\n\n \n\nl.\n\nFinance income and finance cost\n\nThe Company’s finance income and finance cost include:\n\n \n\n-\n\nInterest income,\n\n \n\n-\n\nInterest expense,\n\n \n\n-\n\nThe net gain or loss on financial assets at FVTPL,\n\n \n\n-\n\nThe foreign currency gain or loss on financial assets and financial liabilities.\n\nInterest income or expense is recognized using the ‘effective interest rate’ method.\n\nThe ‘effective interest rate’ is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the\nfinancial instrument to:\n\n \n\n•\n\nThe gross carrying amount of the financial asset; or\n\n \n\n•\n\nThe amortized cost of the financial liability.\n\nF-25\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nIn calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the assets (when the asset is\nnot credit-impaired) or to the amortized 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\namortized cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.\n\n \n\nm.\n\nLeases\n\nAt inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract\nconveys the right to control the use of an identified asset for a period of time in exchange for consideration.\n\nAs a lessee\n\nAt the commencement or on modification of a contract that contains a lease component, the Company allocates the contract consideration to each\nlease component on the basis of its relative stand-alone prices. However, for leases of property the Company has elected not to separate the non-lease components and account for the lease and non-lease components as a single lease component.\n\nThe Company recognizes a right-of-use asset and a lease liability on the lease commencement date.  The right-of-use asset is initially measured at\ncost, which comprises the initial amount of the lease liability adjusted for any lease payments made on or before the commencement date, plus any initial direct costs incurred and an estimate of the costs to dismantle and remove the underlying\nasset or to restore the underlying asset or the site on which it is located, less any lease incentives received.\n\nThe right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end date of the lease term,\nunless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of right-of-use asset reflects that the Company will exercise a purchase option.  In that case, the right-of-use asset will be\ndepreciated over the useful life of the underlying asset, which is determined on the same basis as property and equipment.  In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain\nremeasurements of the lease liability.\n\nThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using\nthe interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate.  Generally, the Company uses its incremental borrowing rate as the discount rate.\n\nThe Company determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain\nadjustments to reflect the terms of the lease and the type of asset leased.\n\nLease payments included in the measurement of the lease liability comprise the following:\n\n \n\n•\n\nFixed payments; including in-substance fixed payment:\n\n \n\n•\n\nVariable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;\n\n \n\n•\n\nAmounts expected to be payable under a residual value guarantee, and\n\n \n\n•\n\nThe exercise price under purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early\ntermination of a lease unless the Company is reasonably certain not to terminate early.\n\nThe lease liability is measured at reinforced cost using the effective interest method and data measured when there is a change in future lease\npayments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a\npurchase, extension or termination option or if there is a revised in-substance fixed lease payment.\n\nF-26\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nWhen the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use assets, or is\nrecorded in profit or loss in the carrying amount of the right-of-use asset has been reduced to zero.\n\nShort-term leases and leases of low-value assets\n\nThe Company has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including\nIT equipment. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.\n\n \n\nn.\n\nContingencies\n\nLiabilities for loss contingencies are recorded when it is probable that a liability has been incurred and the amount thereof can be reasonably\nestimated.  When a reasonable estimation cannot be made, disclosure is provided in the notes to the combined financial statements. Contingent revenues, earnings or assets are not recognized until realization is assured.\n\n \n\no.\n\nProvisions\n\nProvisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time\nvalue of money and the risks specific to the liability. The unwinding of the discount is recognized as a finance cost.\n\n \n\np.\n\nContributions for future net assets\n\nContributions for future net assets are contributions granted by the shareholders of the Company that will become part of the net parent\ninvestment on a certain date or when certain conditions are met, these contributions are recognized at the transaction price as a liability since there is no present value interest component to recognize.\n\n \n\nq.\n\nFair value measurement\n\n‘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\nparticipants at the measurement date in the principal or, in its absence, the most advantageous market in which the Company has access at that date.  The fair value of a liability reflects its non-performance risk.\n\nA number of the Company’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets\nand liabilities (see note 14).\n\nWhen one is available, the Company measures the fair value of an instrument using the quoted price in an active market for that instrument. A\nmarket is considered ‘active’ if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.\n\nIf there is no quoted price in an active market, then the Company uses valuation techniques that maximize the use of relevant observable inputs\nand minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.\n\nIf an asset or a liability measured at fair value has a bid price and an ask price, then the Company measures assets and long positions at a bid\nprice and liabilities and short positions at an ask price.\n\nThe best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price, i.e., the fair value of\nthe consideration given or received.\n\nF-27\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nIf the Company determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by\na quoted price in an active market for an identical asset or liability nor based on a valuation technique for which unobservable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially\nmeasured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price.\n\nSubsequently, that difference is recognized in profit or loss on an appropriate basis over the life of the instrument, but no later than when the\nvaluation is wholly supported by observable market data or the transaction is closed out.\n\n \n\nr.\n\nOther liabilities\n\nOther liabilities mainly consists of contributions granted by Hyatt and Accor under the concept of ‘key money’ per the Hotel Services Agreement and the Hotel Management Agreement, respectively. The ‘key money’ was granted as an inducement to the Company to enter into such agreements. The Company recognizes these contributions in other liabilities against cash, and the Company subsequently amortizes\nthe total amount on a monthly, straight-line basis from the first month the ‘key money’ is received and continuing during the term of the agreement. If the agreements are canceled or terminated before the agreed term, the Company shall repay\nto the operators the remaining unamortized amount.\n\n \n\ns.\n\nConsolidated and Combined Statements of cash flows\n\nThe consolidated and combined statement of cash flows detail the cash inflows and outflows that occurred during the period. In addition, the\ncombined statement of cash flows starts with the profit before income taxes and other comprehensive income, presenting first cash flows from operating activities, then investment activities and finally, financing activities.\n\nThe consolidated and combined statement of cash flows for the years ended December 31, 2025, 2024 and 2023 were prepared using the indirect\nmethod.\n\n4.\n\nNew accounting standards or amendments for 2025 and forthcoming requirements\n\n \n\na.\n\nNew currently effective requirements\n\nThe following standards required to be applied by an entity with an annual reporting period beginning on 1 January 2025., and have been adopted by the Company. Their adoption has not any material impact on the disclosures or the\namounts reported in these financial statements.\n\nAmendments to IAS 21 – Lack of Exchangeability. Under IAS 21 The Effects of Changes in Foreign Exchange Rates, a company uses a spot exchange rate when\ntranslating a foreign currency transaction.   The amendment is effective for annual reporting periods beginning on or after January 1, 2025. The Company did not have a significant impact from the adoption of this standard.\n\nF-28\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nb.\n\nForthcoming requirements\n\nAs of December 31, 2025, the following standards and interpretations had been issued but were not mandatory for annual reporting periods\nending on December 31, 2025.\n\n•\n\nAmendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity\n\nIssued in December 2024, these amendments change the ‘own use’ and hedge accounting requirements of IFRS 9 and include targeted disclosure\nrequirements to IFRS 7. These amendments apply only to contracts that expose an entity to variability in the underlying amount of electricity because the source of its generation depends on uncontrollable natural conditions (such as the\nweather). These new requirements will apply for annual reporting periods beginning on or after January 1, 2026. Early application is permitted (subject to any endorsement process). Effective date: January 1, 2026 (early adoption is\navailable).\n\n•\n\nAmendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7\n\nOn May 30, 2024, the IASB issued targeted amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures to\nrespond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. These amendments:\n\na. clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial\nliabilities settled through an electronic cash transfer system;\n\nb. clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI)\ncriterion;\n\nc. add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with\nfeatures linked to the achievement of environmental, social and governance targets); and\n\nd. update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).\n\nThe amendments in (b) are most relevant to financial institutions, but the amendments in (a), (c) and (d) are relevant to all entities.\n\nThe amendments to IFRS 9 and IFRS 7 will be effective for annual reporting periods beginning on or after January 1, 2026, with early\napplication permitted subject to any endorsement process. Effective date: January 1, 2026.\n\n•\n\nAnnual Improvements to IFRS Accounting Standards – Volume 11\n\nAnnual improvements are limited to changes that either clarify the wording in an Accounting Standard or correct relatively minor unintended\nconsequences, oversights or conflicts between the requirements in the Accounting Standards. These amendments are to the following standards:\n\nIFRS 1 First-time Adoption of International Financial Reporting Standards\n\nIFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7\n\nIFRS 9 Financial Instruments\n\nIFRS 10 Consolidated Financial Statements; and\n\nIAS 7 Statement of Cash Flows.\n\nEffective date:  January 1, 2026\n\n•\n\nAmendments to IAS 21 – Translation to a Hyperinflationary Presentation Currency\n\nIn November 2025, the IASB amended IAS 21 to specify the translation procedures for an entity whose presentation currency is that of a\nhyperinflationary economy. The entity applies the amendments if:\n\n    o      \n\nit is functional currency is that of a non-hyperinflationary economy and it is translating its results and financial position into the currency of a hyperinflationary\neconomy; or\n\n    o      \n\nit is translating into the currency of a hyperinflationary economy the results and financial position of a foreign operation whose functional currency is that of a\nnon-hyperinflationary economy.\n\nEffective date: January 1, 2027 (early adoption is permitted subject to endorsement process).\n\n•\n\nIFRS 18 – Presentation and Disclosure in Financial Statements\n\nThis is the new standard on presentation and disclosure in financial statements, which replaces IAS 1, with a focus on updates to the statement of profit or loss. The key\nnew concepts introduced in IFRS 18 relate to:\n\n    o      \n\nthe structure of the statement of profit or loss with defined subtotals;\n\n    o      \n\nrequirement to determine the most useful structure summary for presenting expenses in the statement of profit or loss;\n\n    o      \n\nrequired disclosures in a single note within the financial statements for certain profit or loss performance measures that are reported outside an entity’s\nfinancial statements (that is, management-defined performance measures); and\n\n    o      \n\nenhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.\n\nEffective date: January 1, 2027 (early adoption is permitted).\n\n•\n\nIFRS 19 – Subsidiaries without Public Accountability: Disclosures\n\nThis new standard works\nalongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements; and it applies instead the reduced disclosure requirements in IFRS 19.\n\nIFRS 19’s reduced disclosure\nrequirements balance the information needs of the users of eligible subsidiaries’ financial statements with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries. A subsidiary is eligible if:\n\no      \n\nit does not have public accountability; and\n\no      \n\nit has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.\n\nEffective date: January 1,\n2027\n\nThe Company is still in process of assessing the impact of the new accounting standards, particularly with the IFRS 18 respect to the\nstructure of the Company´s statement of profit or loss, the statement of cashflows and the additional disclosures required for the MPMs (Management defined Performance Measures). The Company is also assessing the impact on how information\nis grouped in the financial statements including for items currently labelled as “other”.\n\n5.\n\nCash and cash equivalents and restricted cash\n\nAs of December 31, 2025 and 2024, cash and cash equivalents and restricted cash is as follows:\n\n \n\n \n\nAs of December 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash\n\n \n\n$\n\n1,337,499\n\n \n\n \n\n$\n\n1,664,179\n\n \n\nBank deposits and restricted cash (1) (2)\n\n \n\n \n\n272,402,015\n\n \n\n \n\n \n\n968,750,678\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal cash and cash equivalents and restricted cash\n\n \n\n$\n\n273,739,514\n\n \n\n \n\n$\n\n970,414,857\n\n \n\n(1)\n\nInmobiliaria Insurgentes 421 - In accordance with the long-term loan from Bancomext as\namended on July 4, 2025, the borrower must maintain a debt service reserve fund equivalent to the next amortization of principal payment plus interest, according to the amortization schedule, and an additional fund for an amount\nequivalent to the principal debt service reserve fund. The borrower is obligated to replace such reserve funds within 1/3\neach month after every quarterly payment.  If the borrower maintains both debt service reserve funds for six months, the second fund reserve will be cancelled. As of December 31, 2025 and December 31, 2024, the reserve funds\n(restricted cash) amounted to $114,438 and $44,069,120, respectively. As of December 31, 2025 and 2024, the debt service reserve funds have not been fully funded as required by the current loan agreement at each date;\nfor further information see note 10 (1).\n\n(2)\n\nIssuer trust 4323 - In accordance with the  terms of the Senior Secured Notes issued by the Company on September\n12, 2024, The Company is required to fund a debt service reserve fund as well as other fund accounts required by the Senior Notes. As of December 31, 2025 the Company did not fund the debt service reserve and/or constituted other\nrequired reserve accounts by the Senior Notes and was not able to  pay the second interest coupon of September 12, 2025. See note 10 (11)., for additional information and status of negotiation with an “Ad Hoc” Group of Senior Notes\nholders.As of December 31, 2024, the debt service\nreserve fund amounted $338,419,950 (U.S.$16,500,000). This is a revolving reserve classified as cash and cash equivalents.\n\nF-29\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n6.\n\nRelated-party transactions and balances\n\nTransactions with key management personnel\n\n \n\ni.\n\nKey management personnel compensation\n\n Compensation of the Company’s key management personnel includes only short-term employee benefits in the amount of $12,192,207, $14,066,344 and $13,185,131 during 2025, 2024 and 2023, respectively.\n\n \n\nii.\n\nOutstanding balances with related parties as of December 31, 2025 and 2024 are shown as follows:\n\n \n\n \n\nAs of December 31,\n\n \n\nPayable:\n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nAffiliate:\n\n \n\n \n\n \n\n \n\n \n\n \n\nSofoplus S.A.P.I de C. V., SOFOM ER (1)\n\n \n\n$\n\n198,079,907\n\n \n\n \n\n$\n\n194,471,588\n\n \n\nTotal related parties payable\n\n \n\n \n\n198,079,907\n\n \n\n \n\n \n\n194,471,588\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent portion\n\n \n\n \n\n129,014,341\n\n \n\n \n\n \n\n120,634,508\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLong term portion\n\n \n\n$\n\n69,065,566\n\n \n\n \n\n$\n\n73,837,080\n\n \n\n \n\n(1)\n\nThis balance is composed of several loan agreements as follows:\n\n \n\n(i)\n\nSyndicated secured mortgage loan for up to U.S.$30,000,000\n(U.S.15,000,000 granted by Exitus and U.S.$15,000,000 granted by Sofoplus to Murano World) (“Sofoplus Loan I”) which matures on June 24, 2025, with an annual interest rate of 15.00%. The major\nshareholders are joint obligors. The balance of the Sofoplus Loan I and as of December 31, 2024 was U.S.$5,367,127 ($110,081,394) and accrued interest of U.S.$27,344\n($560,831). On January 30, 2025, Murano World signed a new loan agreement with Sofoplus of up to U.S. $6,000,000 (“Sofoplus loan III”) with draws of US $870,772 and $5,129,228 on January 31, 2025 and February 13, 2025,\nrespectively. This loan has to pay monthly interest at the annual interest rate of 16%, with maturity on February 1,\n2028.  The use of this loan was to re-pay in full the remaining balance the Sofoplus Loan I, including principal and interest.  The balance of the Sofoplus loan II as of December 31, 2025 is U.S.$6,000,000 ($107,716,800)\nand accrued interest of U.S.$570,666 ($10,245,064).\n\n \n\n(ii)\n\nOn September 30, 2024, Murano World signed a loan agreement with Sofoplus for up to U.S.$3,600,000\n(“Sofoplus loan II”) with disbursements of U.S.$700,000, U.S.$100,000, U.S.$800,000, U.S.$1,000,000 and U.S.$1,000,000\non September 30, 2024, October 3, 2024, October 31, 2024, November 29, 2024, and December 13, 2024, respectively. The Company used this loan to repay the balance of the secured mortgage loan I of U.S. $15,000,000. This loan pays monthly interest at the annual interest rate of 16% beginning of on October 1, 2024, with maturity on October 1, 2026. \nThe balance of this loan as of December 31, 2025  and 2024 was U.S.$3,600,000 ($64,630,080) and accrued interest of U.S.$294,400\n($5,285,304) and U.S.$3,600,000\n($73,837,080) and accrued interest of U.S.$8,000 ($164,082), respectively.\n\n(iii)\n\nThe balance also includes invoices discounted by one supplier of the Company with Sofoplus, the extended maturity of these discounted\ninvoices is June 30, 2026. The balances of this transaction including interest as of  December 31, 2025 and December 31, 2024 were $10,202,658\nand $9,828,201, respectively.\n\nF-30\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nOn September 30, 2025, the Company signed a promissory note with Sofoplus to defer the interest payment from June 1, 2025 to January 1, 2026 of the Sofoplus Loan II.  On January 2, 2026 the\nmaturity of this promissory note was extended to December 28, 2026.\n\nOn December 1, 2025 the Company signed a promissory note with Sofoplus to defer the interest payment from December 1, 2025 to February 28, 2026 of the Sofoplus Loan III in the amount of\nU.S.$392,522 On February 28, 2026 the maturity of this promissory note was extended to February 23,2027.\n\nReconciliation of movements of liabilities to cash flows arising from related party financing activities\n\n \n\n \n\nLong-term debt\n\n \n\n \n\n \n\n \n\n \n\nBalances as of January 1, 2025\n\n \n\n$\n\n194,471,588\n\n \n\nPayments\n\n \n\n \n\n(110,390,827\n\n)\n\nInterest paid\n\n \n\n \n\n(15,455,526\n\n)\n\nProceeds from loans\n\n \n\n \n\n123,407,734\n\n \n\nAccrued interest\n\n \n\n \n\n31,432,685\n\n \n\nTotal changes from financing cash flows\n\n \n\n \n\n223,465,654\n\n \n\n \n\n \n\n \n\n \n\n \n\nEffect on changes in foreign exchange rates\n\n \n\n \n\n(25,385,747\n\n)\n\n \n\n \n\n \n\n \n\n \n\nBalances as of December 31, 2025\n\n \n\n$\n\n198,079,907\n\n \n\n \n\n \n\nLong-term debt\n\n \n\n \n\n \n\n \n\n \n\nBalances as of January 1, 2024\n\n \n\n$\n\n220,305,588\n\n \n\nPayments\n\n \n\n \n\n(476,238,335\n\n)\n\nInterest paid\n\n \n\n \n\n(35,380,058\n\n)\n\nProceeds from loans\n\n \n\n \n\n417,288,465\n\n \n\nAccrued interest\n\n \n\n \n\n33,666,513\n\n \n\nTotal changes from financing cash flows\n\n \n\n \n\n159,642,173\n\n \n\n \n\n \n\n \n\n \n\n \n\nEffect on changes in foreign exchange rates\n\n \n\n \n\n34,829,415\n\n \n\n \n\n \n\n \n\n \n\n \n\nBalances as of December 31, 2024\n\n \n\n$\n\n194,471,588\n\n \n\nF-31\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n7.\n\nProperty, construction in process and equipment\n\nReconciliation of carrying amount\n\n \n\n \n\n \n\n \n\n \n\nConstruction in\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nComputer\n\n \n\n \n\nTransportation\n\n \n\n \n\n \n\n \n\n \n\nEquipment and\n\n \n\n \n\n \n\n \n\n \n\n \n\nLand\n\n \n\n \n\nprocess\n\n \n\n \n\nBuildings\n\n \n\n \n\nElevators\n\n \n\n \n\nequipment\n\n \n\n \n\nEquipment\n\n \n\n \n\nFurniture(1)\n\n \n\n \n\nother assets\n\n \n\n \n\nTotal\n\n \n\nCost:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalances as of January 1, 2023\n\n \n\n$\n\n7,794,417,256\n\n \n\n \n\n$\n\n9,083,995,555\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n7,109,323\n\n \n\n \n\n$\n\n2,874,688\n\n \n\n \n\n$\n\n5,694,946\n\n \n\n \n\n$\n\n3,173,881\n\n \n\n \n\n$\n\n16,897,265,649\n\n \n\n Additions\n\n \n\n \n\n173,992,200\n\n \n\n \n\n \n\n1,388,105,617\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n627,269\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n157,205,729\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,719,930,815\n\n \n\nDisposals\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(163,689,130\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(163,689,130\n\n)\n\nCapitalization of FF&E and OS&E, buildings\n\nand elevators\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1,525,827,023\n\n)\n\n \n\n \n\n1,348,289,068\n\n \n\n \n\n \n\n10,964,935\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n166,573,020\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nRevaluation\n\n \n\n \n\n(21,598,770\n\n)\n\n \n\n \n\n(2,437,323,707\n\n)\n\n \n\n \n\n1,568,940,131\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(889,982,346\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalances as of December 31, 2023\n\n \n\n$\n\n7,946,810,686\n\n \n\n \n\n$\n\n6,508,950,442\n\n \n\n \n\n$\n\n2,917,229,199\n\n \n\n \n\n$\n\n10,964,935\n\n \n\n \n\n$\n\n7,736,592\n\n \n\n \n\n$\n\n2,874,688\n\n \n\n \n\n$\n\n165,784,565\n\n \n\n \n\n$\n\n3,173,881\n\n \n\n \n\n$\n\n17,563,524,988\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAdditions\n\n \n\n \n\n32,387,850\n\n \n\n \n\n \n\n1,296,109,229\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n415,378\n\n \n\n \n\n \n\n846,019\n\n \n\n \n\n \n\n2,074,071\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,331,832,547\n\n \n\nCapitalization of FF&E and OS&E, buildings\n\nand elevators\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(2,354,555,747\n\n)\n\n \n\n \n\n1,973,759,232\n\n \n\n \n\n \n\n9,489,941\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n371,306,574\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nRevaluation\n\n \n\n \n\n1,505,153,788\n\n \n\n \n\n \n\n(1,981,481,567\n\n)\n\n \n\n \n\n811,137,367\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n334,809,588\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalances as of December 31, 2024\n\n \n\n$\n\n9,484,352,324\n\n \n\n \n\n$\n\n3,469,022,357\n\n \n\n \n\n$\n\n5,702,125,798\n\n \n\n \n\n$\n\n20,454,876\n\n \n\n \n\n$\n\n8,151,970\n\n \n\n \n\n$\n\n3,720,707\n\n \n\n \n\n$\n\n539,165,210\n\n \n\n \n\n$\n\n3,173,881\n\n \n\n \n\n$\n\n19,230,167,123\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n   Additions\n\n \n\n \n\n-\n\n \n\n \n\n \n\n280,974,678\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n590,734\n\n \n\n \n\n \n\n1,073,184\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n282,638,596\n\n \n\nDisposals (2)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(4,907,636\n\n)\n\n \n\n \n\n(1,952,409\n\n)\n\n \n\n \n\n(3,536,350\n\n)\n\n \n\n \n\n(1,587,774\n\n)\n\n \n\n \n\n(11,984,169\n\n)\n\nAssets held for sale (3)\n\n \n\n \n\n(2,263,767,616\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(2,263,767,616\n\n)\n\n   Revaluation\n\n \n\n \n\n(2,012,498,357\n\n)\n\n \n\n \n\n(1,570,973,151\n\n)\n\n \n\n \n\n(200,472,635\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(3,783,944,143\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalances as of December 31, 2025\n\n \n\n$\n\n5,208,086,351\n\n \n\n \n\n$\n\n2,179,023,884\n\n \n\n \n\n$\n\n5,501,653,163\n\n \n\n \n\n$\n\n20,454,876\n\n \n\n \n\n$\n\n3,244,334\n\n \n\n \n\n$\n\n2,359,032\n\n \n\n \n\n$\n\n536,702,044\n\n \n\n \n\n$\n\n1,586,107\n\n \n\n \n\n$\n\n13,453,109,791\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nF-32\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\n \n\n \n\n \n\nConstruction in\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nComputer\n\n \n\n \n\nTransportation\n\n \n\n \n\n \n\n \n\n \n\nEquipment and\n\n \n\n \n\n \n\n \n\n \n\n \n\nLand\n\n \n\n \n\nprocess\n\n \n\n \n\nBuildings\n\n \n\n \n\nElevators\n\n \n\n \n\nequipment\n\n \n\n \n\nEquipment\n\n \n\n \n\nFurniture(1)\n\n \n\n \n\nother assets\n\n \n\n \n\nTotal\n\n \n\nAccumulated depreciation:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalances as of December 31, 2022\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n(5,892,011\n\n)\n\n \n\n$\n\n(2,626,601\n\n)\n\n \n\n$\n\n(4,079,955\n\n)\n\n \n\n$\n\n(2,183,253\n\n)\n\n \n\n$\n\n(14,781,820\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDepreciation\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(71,580,551\n\n)\n\n \n\n \n\n(1,096,493\n\n)\n\n \n\n \n\n(779,108\n\n)\n\n \n\n \n\n(77,491\n\n)\n\n \n\n \n\n(55,029,094\n\n)\n\n \n\n \n\n(152,462\n\n)\n\n \n\n \n\n(128,715,199\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalances as of December 31, 2023\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(71,580,551\n\n)\n\n \n\n \n\n(1,096,493\n\n)\n\n \n\n \n\n(6,671,119\n\n)\n\n \n\n \n\n(2,704,092\n\n)\n\n \n\n \n\n(59,109,049\n\n)\n\n \n\n \n\n(2,335,715\n\n)\n\n \n\n \n\n(143,497,019\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDepreciation\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(130,571,011\n\n)\n\n \n\n \n\n(1,807,015\n\n)\n\n \n\n \n\n(731,312\n\n)\n\n \n\n \n\n(286,195\n\n)\n\n \n\n \n\n(137,984,866\n\n)\n\n \n\n \n\n(152,202\n\n)\n\n \n\n \n\n(271,532,601\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalances as of December 31, 2024\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(202,151,562\n\n)\n\n \n\n \n\n(2,903,508\n\n)\n\n \n\n \n\n(7,402,431\n\n)\n\n \n\n \n\n(2,990,287\n\n)\n\n \n\n \n\n(197,093,915\n\n)\n\n \n\n \n\n(2,487,917\n\n)\n\n \n\n \n\n(415,029,620\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDepreciation\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(113,757,059\n\n)\n\n \n\n \n\n(2,045,488\n\n)\n\n \n\n \n\n(516,181\n\n)\n\n \n\n \n\n(182,663\n\n)\n\n \n\n \n\n(120,997,417\n\n)\n\n \n\n \n\n(152,202\n\n)\n\n \n\n \n\n(237,651,010\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDisposals (2)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n4,908,446\n\n \n\n \n\n \n\n1,952,405\n\n \n\n \n\n \n\n3,535,532\n\n \n\n \n\n \n\n1,587,774\n\n \n\n \n\n \n\n11,984,157\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalances as of December 31, 2025\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(315,908,621\n\n)\n\n \n\n \n\n(4,948,996\n\n)\n\n \n\n \n\n(3,010,166\n\n)\n\n \n\n \n\n(1,220,545\n\n)\n\n \n\n \n\n(314,555,800\n\n)\n\n \n\n \n\n(1,052,345\n\n)\n\n \n\n \n\n(640,696,473\n\n)\n\nCarrying amounts as of:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDecember 31, 2023\n\n \n\n$\n\n7,946,810,686\n\n \n\n \n\n$\n\n6,508,950,442\n\n \n\n \n\n$\n\n2,845,648,648\n\n \n\n \n\n$\n\n9,868,442\n\n \n\n \n\n$\n\n1,065,473\n\n \n\n \n\n$\n\n170,596\n\n \n\n \n\n$\n\n106,675,516\n\n \n\n \n\n$\n\n838,166\n\n \n\n \n\n$\n\n17,420,027,969\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDecember 31, 2024\n\n \n\n$\n\n9,484,352,324\n\n \n\n \n\n$\n\n3,469,022,357\n\n \n\n \n\n$\n\n5,499,974,236\n\n \n\n \n\n$\n\n17,551,368\n\n \n\n \n\n$\n\n749,539\n\n \n\n \n\n$\n\n730,420\n\n \n\n \n\n$\n\n342,071,295\n\n \n\n \n\n$\n\n685,964\n\n \n\n \n\n$\n\n18,815,137,503\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDecember 31, 2025\n\n \n\n$\n\n5,208,086,351\n\n \n\n \n\n$\n\n2,179,023,884\n\n \n\n \n\n$\n\n5,185,744,542\n\n \n\n \n\n$\n\n15,505,880\n\n \n\n \n\n$\n\n234,168\n\n \n\n \n\n$\n\n1,138,487\n\n \n\n \n\n$\n\n222,146,244\n\n \n\n \n\n$\n\n533,762\n\n \n\n \n\n$\n\n12,812,413,318\n\n \n\n \n\n(1)\n\nIncludes \n\nFF&E and OS&E  assets.\n\n \n\n(2)\n\nCompletely\n\ndepreciated assets\n\n \n\n(3)\n\nAs \n\nresult of the advance negotiation with   NAFIN  related to  a partial payment of the balance with this lender and the negotiation with FINAMO to pay the debt balance in full,   the Company classified  the  private units  3\nand 5 of the Cancun Complex, as assets held for sale. Management  considered a high likelihood  to close these negotiations in the next few months after the issuance of these consolidated and combined financial statements.\n\nF-33\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nConstruction in process\n\nGIC I (is a hotel project in Cancun which\n\nwhen complete will have 616 rooms and approximately 324 condominiums. Construction is nearing completion and operations commenced during 2024 with the first 400 keys of the formerly Hyatt Vivid Hotel already open and the remaining 166 keys are expected to open in the third quarter of 2026. All hotel rooms will be now under the Mondrian brand, as the new operator\n(refer to Note 1 for additional information). As of December 31, 2025 and 2024, amounts incurred in the construction in process during the calendar year are $259,991,882 and $1,296,109,229, respectively.\n\nGIC II is a plot of land located in Cancun, Quintana Roo, where the Company plans to develop approximately 1,254\ncondominiums, a convention center (under the World Trade Center brand),\na water park and a beach club. For the years ended December 31, 2025 and 2024, construction costs incurred were $4,662,698 and $6,014,159, respectively. See Notes 1 a. and 19 for additional details about the GIC Complex (GIC I y GIC II).\n\nInsurgentes Hotel is a hotel complex comprising two individual hotels with\na combined capacity of 396 rooms, located in Mexico City. This hotel commenced operations in early 2023. For the year ended December 31, 2025, construction costs incurred for the construction of the\nMondrian offices as well as the construction of the meeting rooms space in the Mondrian hotel were $16,320,098. As of\nDecember 31, 2024 there were no additional capitalized costs incurred for the property.\n\nCapitalization of borrowing cost included in the incurred cost of the construction of the GIC I for the year ended December 31, 2024 was $303,443,168, were calculated using a capitalization rate of 100% since all the loans held by the Company\nare specific and directable attributable to the construction in process up to April 1, 2024, after which the Company has not\ncapitalized additional borrowing cost.\n\nNon-cash and cash transactions in Property, construction in process and equipment\n\n \n\n \n\nAs of December 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalances as of January 1\n\n \n\n$\n\n19,230,167,123\n\n \n\n \n\n$\n\n17,563,524,988\n\n \n\n \n\n$\n\n16,897,265,649\n\n \n\nNon-cash transactions:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRevaluation of land and construction in process\n\n \n\n \n\n(3,783,944,143\n\n)\n\n \n\n \n\n334,809,588\n\n \n\n \n\n \n\n(889,982,346\n\n)\n\nReclassification to\nassets held for sale\n\n \n\n \n\n(2,263,767,616\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nDisposal of assets\n\n \n\n \n\n(11,984,169\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nTotal non-cash transactions\n\n \n\n \n\n(6,059,695,928\n\n)\n\n \n\n \n\n334,809,588\n\n \n\n \n\n \n\n(889,982,346\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash transactions:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nConstruction in process and equipment\n\n \n\n \n\n282,638,596\n\n \n\n \n\n \n\n1,028,389,379\n\n \n\n \n\n \n\n1,281,108,214\n\n \n\nCapitalized borrowing costs\n\n \n\n \n\n-\n\n \n\n \n\n \n\n303,443,168\n\n \n\n \n\n \n\n275,133,471\n\n \n\nTotal cash transactions\n\n \n\n \n\n282,638,596\n\n \n\n \n\n \n\n1,331,832,547\n\n \n\n \n\n \n\n1,556,241,685\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalances as of December 31\n\n \n\n$\n\n13,453,109,791\n\n \n\n \n\n$\n\n19,230,167,123\n\n \n\n \n\n$\n\n17,563,524,988\n\n \n\nMeasurement of fair value\n\nLand, construction in process and\nbuildings\n\nFair value hierarchy\n\nThe Company engages third-party qualified appraisers to perform the valuation of the land, construction in process and buildings annually. The technical committee works closely with qualified external\nappraisers to establish the appropriate valuation techniques and inputs to the model. The fair value measurement for the land, construction in process and buildings has been categorized as a Level 3 fair value based on the inputs to the\nvaluation technique used. Changes in fair value are recognized in Other Comprehensive Income (OCI) or profit or loss to the extent losses exceed any revaluation gains.\n\nF-34\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nValuation technique and significant unobservable inputs\n\nThe following table shows the valuation technique used in measuring the fair value of\nthe land,   construction in process and buildings, as well as the significant unobservable inputs used.  The revaluation (loss)  surplus for the years ended December 31, 2025, 2024 and 2023 were $(2,380,702,844), $334,809,588 and $(889,982,346), respectively.\n\n \n\n Valuation technique\n\n \n\n Significant unobservable inputs\n\n \n\nInter-relationship between\n\nsignificant unobservable\n\ninputs and fair value\n\nmeasurement\n\nLand\n\n \n\n     \n\n \n\n \n\n \n\n \n\n \n\nThe appraiser compared the comps to the Subject Assets using comparison elements that include\nmarket conditions, location, and physical characteristics.\n\n \n\n     \n\n \n\n \n\n \n\n \n\n \n\nThe estimated fair value would increase if the adjustments applied were higher.\n\n \n\nCompany directors use the market-based approach to determine the value of the land as described in the valuation reports prepared by the appraisers\n\n \n\n \n\n   \n\n \n\n \n\n \n\n \n\n \n\nIn estimating the fair value of the subject assets, the appraiser performed the following:\n\n•   Location (0.80 - 1).\n\n•   Size (1.08 - 1.20).\n\n•   Market conditions (0.8 - 1).\n\n \n\n \n\n \n\n \n\n \n\n•\n\nResearched market data to obtain information pertaining to sales and listings (comps) that are similar to the Subject Asset.\n\n•\n\nSelected relevant units of comparison (e.g., price per square meter), and developed a comparative analysis for each.\n\n•\n\nCompared the comps to the Subject Asset using elements of comparison that may include, but are not limited to, market conditions, location,\nand physical characteristics; and adjusted the comps as appropriate.\n\n•\n\nReconciled the multiple value indications that resulted from the  adjustment of the comps into a single value indication.\n\n•\n\nThe selected price per square meter is consistent with market  prices rates paid by market participants and/or current asking\nmarket prices rates for comparable properties.\n\nF-35\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nValuation technique\n\n \n\nSignificant unobservable inputs\n\n \n\nInter-relationship between\n\nsignificant unobservable\n\ninputs and fair value\n\nmeasurement\n\nConstruction in process\n\n \n\nCompany directors use the cost approach to determine the value of construction in process as described in the valuation reports prepared by the\nappraisers.\n\nIn estimating the fair value of building and site improvements, the appraiser performed the following:\n\n \n\n \n\n \n\n \n\nThe appraiser used an adjustment factor regarding the status of the construction in process.\n\n \n\nWork in progress adjustment (0.6 – 0.98).\n\n \n\n \n\n \n\nThe estimated fair value would decrease if the adjustments applied were higher.\n\n•\n\nEstimated replacement cost of the building and site improvements, as though new, considering items such as indirect costs.\n\n•\n\nEstimated and applied deductions related to accrued depreciation, resulting from physical deterioration, and work in progress.\n\nBuilding\n\n  \n\nCompany directors use the fair market value based on the discounted cashflow approach  to determine the value buildings in current operation that\nManagement considers are in the final stage of ramp up as described in the valuation reports prepared by the appraisers (Insurgentes 421 complex), as well as use the cost approach to determine the value of buildings in current\noperation that has beginning their ramp up period (Cancun Complex/Hotel Vivid portion).\n\nIn estimating the fair value of building and site improvements, the appraiser performed the following:\n\n \n\n \n\n \n\n \n\nThe appraiser used the discounted cashflow approach to determine the value of the buildings:\n\nExpected market rental growth 2025 – 8.9% and 4.6% long term.\n\nDiscount rate – 12.5%\n\nOccupancy rate – 2025 68% and once stabilized 70.0% and 72.5% after 2029\n\n \n\n \n\n \n\n \n\n \n\nThe estimated fair value would increase if the adjustments applied were higher.\n\n•\n\nEstimated and applied deductions related to accrued depreciation, resulting from physical deterioration.\n\n•\n\nEstimated incomes based in the trends of historical operations\n\n•\n\nEstimated replacement cost of the building and site improvements, as though new, considering items such as indirect costs.\n\n•\n\nEstimated and applied deductions related to accrued depreciation, resulting from physical deterioration, and work in\nprogress.\n\n \n\n \n\n \n\n \n\nCarrying amount\n\nIf the Company’s land, construction in process\nand buildings had been measured on a historical cost basis, the carrying amounts would have been as shown in the next page.\n\nF-36\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\nAs of December 31,\n\n \n\n \n\n2025\n\n \n\n2024\n\n \n\n \n\n \n\n \n\n \n\n \n\nLand\n\n \n\n$\n\n705,682,511\n\n \n\n \n\n$\n\n705,682,511\n\n \n\nConstruction in process\n\n \n\n \n\n2,976,385,681\n\n \n\n \n\n \n\n2,708,804,812\n\n \n\nBuildings\n\n \n\n \n\n3,322,048,299\n\n \n\n \n\n \n\n3,574,609,548\n\n \n\nTotal\n\n \n\n$\n\n7,004,116,491\n\n \n\n \n\n$\n\n6,989,096,871\n\n \n\nSecurity\n\nAs of December 31, 2025 and 2024, properties with carrying amount of $15,065,644,136,\nand $18,817,329,303, respectively, were subject to mortgages or security trusts that form part of the security for certain bank\nloans. A list of the properties granted and the related loans is as follows:\n\n2025\n\nProperty\n\n \n\nAssociated Credit Reference\n\n \n\n \n\n \n\nUnits 1, 2 / Grand Island\n\n \n\nSee Note 10 Terms and repayment schedule (11)\n\nUnit 3 / Grand Island II\n\n \n\nSee Note 10 Terms and repayment schedule (3), (4), (9) &(10)\n\nSee Note 10 Terms and repayment schedule (8)\n\n \n\nSee Note 10 Terms and repayment schedule (2) and Note 6 reference (1)\n\nUnits 4 & 5\n\n \n\nUnit 8, No. 56-A-1, Supermanzana A2, Sup. 824.20 M2\n\n \n\nUnit 9, No. 56-A-1, Supermanzana A2, Sup. 832.94 M2\n\n \n\nInsurgentes Sur 421 Complex\n\n \n\nSee Note 10 Terms and repayment schedule (1)\n\nBeach Club – Playa Delfines\n\n \n\nSee Note 10 Terms and repayment schedule (5)\n\nPlot of land: La Punta Bajamar / Lote 1, Manzana S/M, Sup. 4,117.88 M2\n\n \n\nSee Note 10 Terms and repayment schedule (2)\n\nPlot of land: La Punta Bajamar / Lote 2, Manzana S/M, Sup. 6,294.08 M2\n\n \n\nSee Note 10 Terms and repayment schedule (2)\n\nPlot of land: La Punta Bajamar / Lote 3 (Vialidad), Manzana S/M, Sup. 4,117.88 M2\n\n \n\nSee Note 10 Terms and repayment schedule (2)\n\nPlot of land: La Punta Bajamar / Lote 4, Manzana S/M, Sup. 10,015.68 M2\n\n \n\nSee Note 10 Terms and repayment schedule (2)\n\nPlot of land: La Punta Bajamar / Lote 5, Manzana S/M, Sup. 11,986.53 M2\n\n \n\nSee Note 10 Terms and repayment schedule (2)\n\nPlot of land: La Punta Bajamar / Lote 6, Manzana S/M, Sup. 2,912.02 M2\n\n \n\nSee Note 10 Terms and repayment schedule (2)\n\nPlot of land: La Punta Bajamar / Lote 7, Manzana S/M, Sup. 568.51 M2\n\n \n\nSee Note 10 Terms and repayment schedule (2)\n\nPlot of land: La Punta Bajamar / Lote 8, Manzana S/M, Sup. 635.25 M2\n\n \n\nSee Note 10 Terms and repayment schedule (2)\n\n2024\n\nProperty\n\nAssociated Credit Reference\n\n \n\n \n\nUnits 1, 2 / Grand Island\n\nSee Note 10 Terms and repayment schedule (11)\n\nUnit 3 / Grand Island II\n\nSee Note 10 Terms and repayment schedule (3), (4), (9) &(10)\n\n \n\nSee Note 10 Terms and repayment schedule (13)\n\nUnits 4 & 5\n\n \n\nUnit 8, No. 56-A-1, Supermanzana A2, Sup. 824.20 M2\n\nSee Note 10 Terms and repayment schedule (2) and Note 6 reference (1)\n\nUnit 9, No. 56-A-1, Supermanzana A2, Sup. 832.94 M2\n\n \n\nInsurgentes Sur 421 Complex\n\nSee Note 10 Terms and repayment schedule (1)\n\nBeach Club – Playa Delfines\n\nSee Note 10 Terms and repayment schedule (5)\n\nPlot of land: La Punta Bajamar / Lote 1, Manzana S/M, Sup. 4,117.88 M2\n\nSee Note 10 Terms and repayment schedule (2)\n\nPlot of land: La Punta Bajamar / Lote 2, Manzana S/M, Sup. 6,294.08 M2\n\nSee Note 10 Terms and repayment schedule (2)\n\nPlot of land: La Punta Bajamar / Lote 3 (Vialidad), Manzana S/M, Sup. 4,117.88 M2\n\nSee Note 10 Terms and repayment schedule (2)\n\nPlot of land: La Punta Bajamar / Lote 4, Manzana S/M, Sup. 10,015.68 M2\n\nSee Note 10 Terms and repayment schedule (2)\n\nPlot of land: La Punta Bajamar / Lote 5, Manzana S/M, Sup. 11,986.53 M2\n\nSee Note 10 Terms and repayment schedule (2)\n\nPlot of land: La Punta Bajamar / Lote 6, Manzana S/M, Sup. 2,912.02 M2\n\nSee Note 10 Terms and repayment schedule (2)\n\nPlot of land: La Punta Bajamar / Lote 7, Manzana S/M, Sup. 568.51 M2\n\nSee Note 10 Terms and repayment schedule (2)\n\nPlot of land: La Punta Bajamar / Lote 8, Manzana S/M, Sup. 635.25 M2\n\nSee Note 10 Terms and repayment schedule (2)\n\nAssets held for sale\n\nIn September 2025, Management committed to a plan to make a payment in kind to NAFIN in order to reduce the balance of the NAFIN\nLoan. Accordingly, the plan is transfer to sell to NAFIN the private unit 5 of the Cancun Complex. The Company expects that this transaction will be concluded in the second quarter of 2026. As result of the above, the Company\nreclassified the private unit 5 from property, plant and equipment financial statements line to assets held for sale.\n\nIn Octuber 2025, as described in note 19g., Finamo initiated a commercial enforcement\nproceeding (juicio oral mercantil) against some subsidiaries of the Company, in connection with the alleged failure to make\n(i) principal and interest payments under the Finamo Loans (note 10) and (ii) sale and lease back payments under the Finamo Sale and Lease Back Agreements.  Management plans include a potential payment in kind to Finamo\nin order to pay in full the remaining debt balance in the next few months after the issuance of these consolidated and combined financial statements.\n\nAs of December 31, 2025 the assets held for sale were at fair value less cost of disposition and comprised the following assets:\n\n \n\n \n\nDecember 31, 2025\n\n \n\n \n\n \n\n \n\n \n\nLand – Private unit 3 of the Cancun Complex\n\n \n\n$\n\n1,159,032,975\n\n \n\nLand – Private unit 5 of the Cancun Complex\n\n \n\n \n\n1,104,734,641\n\n \n\nAssets held for sale\n\n \n\n$\n\n2,267,767,616\n\n \n\nCumulative income or expense including in OCI\n\nThere is a cumulative surplus included in OCI as part of the valuation of the private units 3 and 5 described above in the\namount of $2,050,842,184, this amount is presented net of the deferred income tax in the amount of $615,252,655.\n\nF-37\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nMeasurement of fair value\n\nThe Company engages third-party qualified appraisers to perform the valuation of the land, annually. The technical committee\nworks closely with qualified external appraisers to establish the appropriate valuation techniques and inputs to the model.  The fair value measurement for the land has been categorized as a Level 3 fair value based on the inputs\nto the valuation technique used. Changes in fair value are recognized in Other Comprehensive Income (OCI) or profit or loss to the extent losses exceed any revaluation gains.\n\nValuation technique\n\n \n\nSignificant unobservable inputs\n\n \n\nInter-relationship between\n\nsignificant unobservable\n\ninputs and fair value\n\nmeasurement\n\nLand of assets held for sale\n\n \n\nCompany directors use the market-based approach to determine the value of the land as described in the valuation reports prepared by\nthe appraisers.\n\nIn estimating the fair value of the subject assets, the appraiser performed the following:\n\n \n\nThe appraiser compared the comps to the Subject Assets using comparison elements that include market conditions, location, and physical\ncharacteristics.\n\n \n\n•   Location (0.80 - 1).\n\n•   Size (1.08 - 1.20).\n\n•   Market conditions (0.8 - 1).\n\n \n\nThe estimated fair value would increase if the adjustments applied were higher.\n\n•\n\nResearched market data to obtain information pertaining to sales and listings (comps) that are similar to the Subject Asset.\n\n•\n\nSelected relevant units of comparison (e.g., price per square meter), and developed a comparative analysis for each.\n\n•\n\nCompared the comps to the Subject Asset using elements of comparison that may include, but are not limited to, market conditions, location, and physical characteristics; and adjusted the comps as\nappropriate.\n\n \n\n \n\n \n\n \n\n•\n\nReconciled the multiple value indications that resulted from the adjustment of the comps into a single value indication.\n\n \n\n \n\n \n\n \n\n •\n\nThe selected price per square meter is consistent with market prices, rates paid by market participants and/or current asking market prices rates for comparable properties.\n\n \n\n \n\n \n\n \n\n8.\n\nInvestment property\n\nReconciliation of carrying amount\n\n \n\nAs of December 31,\n\n \n\n \n\n2025\n\n \n\n2024\n\n \n\n \n\n \n\n \n\n \n\n \n\nBalances as of January 1,\n\n \n\n$\n\n1,340,000,000\n\n \n\n \n\n$\n\n1,100,491,490\n\n \n\nChanges in fair value\n\n \n\n \n\n75,000,000\n\n \n\n \n\n \n\n239,508,510\n\nBalances as of December 31,\n\n \n\n$\n\n1,415,000,000\n\n \n\n \n\n$\n\n1,340,000,000\n\n \n\nInvestment property is initially measured at cost and subsequently at fair value, changes in fair value are recognized as a gain (loss)\nin profit or loss. All such gains (losses) are unrealized.\n\nThe investment property is planned for the development of an industrial park, this project is expected to include approximately a\nleasable area of  363,262 sqm as described in Note 1.\n\nMeasurement of fair value\n\nFair value hierarchy\n\nThe Company engages third-party qualified appraisers to perform the valuation of the investment properties annually. The technical\ncommittee works closely with qualified external appraisers to establish the appropriate valuation techniques and inputs to the model.\n\nThe fair value measurement for all of the investment properties has been categorized as a Level 3 fair value based on the inputs to the\nvaluation technique used.\n\nValuation technique and significant unobservable inputs\n\nThe following table shows the valuation technique used in measuring the fair value of the investment property, as well as the significant\nunobservable inputs used.\n\n \n\nValuation technique\n\n \n\nSignificant unobservable inputs\n\n \n\nInter-relationship between significant unobservable inputs and fair value measurement\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCompany directors use the market-based approach to determine the value of the subject assets as described in the valuation reports prepared by the appraisers.\n\n \n\nIn estimating the fair value of the subject assets, the appraiser performed the following:\n\n \n\n•   Researched market data to obtain information pertaining to sales and listings (comps) that are similar to the Subject Asset.\n\n•    Selected relevant units of comparison (e.g., price per square meter), and developed a comparative analysis for each.\n\n•   Compared the comps to the Subject Asset using elements of comparison that may include, but are not limited to, market conditions, location, and physical\ncharacteristics; and adjusted the comps as appropriate.\n\n•     Reconciled the multiple value indications that resulted from the adjustment of the comps into a single value indication.\n\n•    The selected price per square meter is consistent with market price rates paid by market participants and/or current asking market prices rates for\ncomparable properties.\n\n \n\nThe appraiser compared the comps to the Subject Assets using comparison elements that include market conditions, location, and physical characteristics.\n\n \n\n•          Location (0.80 – 1).\n\n•          Size (1.08 – 1.20).\n\n•          Market conditions (0.8 – 1).\n\n \n\nThe estimated fair value would increase if adjustments applied were higher.\n\nSecurity\n\nAs of December 31, 2025 and 2024, properties with a carrying amount of $1,415,000,000 and $1,340,000,000 were subject to a registered debenture\nthat forms security for certain loans. A list of the properties granted and the related loans is as shown in the next page.\n\nF-38\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\nProperty\n\n \n\nAssociated Credit Reference\n\n \n\nPlot of land: La Costa Bajamar / Lote MP1, Fracc. A, Manzana S/M, Sup. 271,042.763 M2\n\n \n\nSee Note 10 Terms and repayment schedule\n\n(2) and Note 6 references (1).\n\n \n\nPlot of land: La Costa Bajamar: Lote MP1, Fracc. B, Manzana S/M, Sup. 304,851.487 M2\n\n \n\nPlot of land: La Costa Bajamar: Lote MP1, Fracc. C, Manzana S/M, Sup. 353,797.091 M2\n\n \n\nPlot of land: La Costa Bajamar: Fracc. Servidumbre de Paso, Manzana S/M, Sup. 41,084.499 M2\n\n9.\n\nLeases\n\nThe Company leases equipment, office space and vehicles. Lease terms vary from contract to contract. Information on\nleases in which the Company is a lessee is presented below.\n\nRight-of-use assets\n\nRight-of-use assets related to leased properties that do not meet the definition of investment property.\n\n2025\n\n \n\nHotel Equipment\n\n \n\n \n\nOffices\n\n \n\n \n\nVehicles\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as of January 1,\n\n \n\n$\n\n187,460,165\n\n \n\n \n\n$\n\n12,097,928\n\n \n\n \n\n$\n\n607,615\n\n \n\n \n\n$\n\n200,165,708\n\n \n\nDepreciation charge for the year\n\n \n\n \n\n(46,947,511\n\n)\n\n \n\n \n\n(3,155,971\n\n)\n\n \n\n \n\n(542,512\n\n)\n\n \n\n \n\n(50,645,994\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as of December 31,\n\n \n\n$\n\n140,512,654\n\n \n\n \n\n$\n\n8,941,957\n\n \n\n \n\n$\n\n65,103\n\n \n\n \n\n$\n\n149,519,714\n\n \n\n2024\n\n \n\nHotel Equipment\n\n \n\n \n\nOffices\n\n \n\n \n\nVehicles\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as of January 1,\n\n \n\n$\n\n199,957,781\n\n \n\n \n\n$\n\n15,253,909\n\n \n\n \n\n$\n\n1,825,401\n\n \n\n \n\n$\n\n217,037,091\n\n \n\nAdditions\n\n \n\n \n\n31,364,829\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n31,364,829\n\n \n\nDepreciation charge for the year\n\n \n\n \n\n(43,862,445\n\n)\n\n \n\n \n\n(3,155,981\n\n)\n\n \n\n \n\n(1,217,786\n\n)\n\n \n\n \n\n(48,236,212\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as of December 31,\n\n \n\n$\n\n187,460,165\n\n \n\n \n\n$\n\n12,097,928\n\n \n\n \n\n$\n\n607,615\n\n \n\n \n\n$\n\n200,165,708\n\n \n\n2023\n\n \n\nHotel Equipment(1)\n\n \n\n \n\nOffices\n\n \n\n \n\nVehicles\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as of January 1,\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n591,039\n\n \n\n \n\n$\n\n591,039\n\n \n\nAdditions\n\n \n\n \n\n203,886,899\n\n \n\n \n\n \n\n17,094,898\n\n \n\n \n\n \n\n2,247,946\n\n \n\n \n\n \n\n223,229,743\n\n \n\nDepreciation charge for the year\n\n \n\n \n\n(3,929,118\n\n)\n\n \n\n \n\n(1,840,989\n\n)\n\n \n\n \n\n(1,013,584\n\n)\n\n \n\n \n\n(6,783,691\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as of December 31,\n\n \n\n$\n\n199,957,781\n\n \n\n \n\n$\n\n15,253,909\n\n \n\n \n\n$\n\n1,825,401\n\n \n\n \n\n$\n\n217,037,091\n\n \n\n(1)\n\nOn November 8, 2023, Operadora Hotelera GI, S. A. de C. V. entered into a leasing agreement with Arrendadora Coppel,\nS.A.P.I. de C.V. for hotel equipment for a period of 5 years, rent payments are fixed throughout the contract.\n\nF-39\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nAmounts recognized in profit or loss\n\n \n\n \n\nFor the Years Ended December 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\nAmounts recognized in profit and loss\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest on lease liabilities\n\n \n\n$\n\n20,287,396\n\n \n\n \n\n$\n\n21,298,127\n\n \n\n \n\n$\n\n3,282,685\n\n \n\nExpenses related to short-term leases\n\n \n\n \n\n2,475,611\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,506,962\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n22,763,007\n\n \n\n \n\n$\n\n21,298,127\n\n \n\n \n\n$\n\n4,789,647\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAmounts recognized in the **consolidated and**combined statement of cash flow\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal cash outflow\n\n \n\n$\n\n64,834,146\n\n \n\n \n\n$\n\n53,910,165\n\n \n\n \n\n$\n\n19,175,084\n\n \n\nGuarantee deposits\n\nAs part of the hotel equipment leasing, the Company provided a guarantee deposit of $4,870,138,\nfrom December 31, 2023.\n\n10.\n\nLong-term debt\n\n \n\n \n\nAs of December 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nCurrent liabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent portion of secured bank loans\n\n \n\n$\n\n9,776,231,107\n\n \n\n \n\n$\n\n3,104,552,010\n\n \n\nUnsecured bank loans\n\n \n\n \n\n—\n\n \n\n \n\n \n\n30,694,061\n\n \n\nInterest\n\n \n\n \n\n916,613,493\n\n \n\n \n\n \n\n346,134,418\n\n \n\nTotal current liabilities\n\n \n\n$\n\n10,692,844,600\n\n \n\n \n\n$\n\n3,481,380,489\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-current liabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSecured bank loans\n\n \n\n$\n\n—\n\n \n\n \n\n$\n\n7,692,819,937\n\n \n\nUnsecured bank loans\n\n \n\n \n\n26,800,341\n\n \n\n \n\n \n\n—\n\n \n\nTotal non-current liabilities\n\n \n\n$\n\n26,800,341\n\n \n\n \n\n$\n\n7,692,819,937\n\n \n\nThe secured bank loans are secured over land and construction in process and assets held for sale with a carrying amount of $16,480,644,136, and $20,157,329,304\nas of December 31, 2025 and 2024, respectively (see Note 7 and Note 8 Security).\n\nInformation about the Company’s exposure to interest rate, foreign currency and liquidity risks is included in Note 13.\n\nF-40\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs of\n\n \n\nCurrency\n\n \n\nNominal interest rate 2025\n\n \n\n \n\nNominal interest rate 2024\n\n \n\n \n\nMaturity\n\n \n\n \n\nDecember 31, 2025\n\n \n\n \n\nDecember 31, 2024\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInmobiliaria Insurgentes 421:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBancomext\n\n(1)\n\nUSD\n\n \n\nSOFR + 3.5%\n\n \n\n \n\nSOFR + 3.5%\n\n \n\n \n\n2037\n\n \n\n \n\n$\n\n1,772,644,107\n\n \n\n \n\n$\n\n2,029,066,425\n\n \n\nCost\nto obtain loans and commissions\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(15,692,913\n\n)\n\n \n\n \n\n(17,038,019\n\n)\n\nTotal \n\nInmobiliaria Insurgentes 421\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n1,756,951,194\n\n \n\n \n\n \n\n2,012,028,406\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nMurano World:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nExitus\nCapital S.A.P.I de C. V. ENR (“Exitus Capital”) (2)\n\nUSD\n\n \n\n \n\n15.00\n\n%\n\n \n\n \n\n15.00\n\n%\n\n \n\n \n\n2029\n\n \n\n \n\n \n\n366,293,953\n\n \n\n \n\n \n\n373,168,040\n\n \n\nArrendadora\n\nFínamo,S.A. de C.V. (“Finamo”) (3)\n\nMXN\n\n \n\n \n\n15.76\n\n%\n\n \n\n \n\n15.76\n\n%\n\n \n\n \n\n2027\n\n \n\n \n\n \n\n318,667,489\n\n \n\n \n\n \n\n282,011,355\n\n \n\nAdministradora de Soluciones de Capital, S.A. de C.V. SOFOM ENR (Finamo) (4)\n\nMXN\n\n \n\n \n\n22.00\n\n%\n\n \n\n \n\n22.00\n\n%\n\n \n\n \n\n2025\n\n \n\n \n\n \n\n144,493,360\n\n \n\n \n\n \n\n144,493,360\n\n \n\nALG (5)\n\nUSD\n\n \n\n \n\n10\n\n%\n\n \n\n \n\n10\n\n%\n\n \n\n \n\n2030\n\n \n\n \n\n \n\n359,056,000\n\n \n\n \n\n \n\n410,206,000\n\n \n\nSantander\n\nInternational (6)\n\nUSD\n\n \n\nBest Rate+0.80%\n\n \n\n \n\nBest Rate+0.80%\n\n \n\n \n\n \n\n2027\n\n \n\n \n\n \n\n26,800,341\n\n \n\n \n\n \n\n30,694,061\n\n \n\nCost\nto obtain loans and commissions\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(4,191,139\n\n)\n\n \n\n \n\n(7,833,206\n\n)\n\nTotal\nMurano World\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n1,211,120,004\n\n \n\n \n\n \n\n1,232,739,610\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEdificaciones BVG:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nExitus\nCapital (7)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n4,776,175\n\n \n\nTotal\nEdificaciones BVG\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n4,776,175\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nMurano PV:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNAFIN (8)\n\nUSD\n\n \n\nSOFR + 3.75% first year; second\n\nyear SOFR +4.00 and third year\n\nSOFR + 4.25%\n\n \n\n \n\nSOFR + 3.75% first year;\n\nsecond year SOFR +4.00\n\nand third year SOFR +\n\n4.25%\n\n \n\n \n\n \n\n2027\n\n \n\n \n\n \n\n1,044,441,106\n\n \n\n \n\n \n\n1,126,878,115\n\n \n\nAdministradora de Soluciones de Capital, S.A. de C.V. SOFOM NR (ASC Finamo) (9)\n\nUSD\n\n \n\n \n\n15\n\n%\n\n \n\n \n\n15\n\n%\n\n \n\n \n\n2030\n\n \n\n \n\n \n\n401,030,907\n\n \n\n \n\n \n\n458,160,522\n\n \n\nASC Finamo (10)\n\nMXN\n\n \n\n \n\n22\n\n%\n\n \n\n \n\n22\n\n%\n\n \n\n \n\n2025\n\n \n\n \n\n \n\n100,000,000\n\n \n\n \n\n \n\n100,000,000\n\n \n\nCost to obtain loans and commissions\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(17,888,282\n\n)\n\n \n\n \n\n(26,599,533\n\n)\n\nTotal Murano PV\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n1,527,583,731\n\n \n\n \n\n \n\n1,658,439,104\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFideicomiso 4323 (issuer trust):\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSenior Notes(11)\n\nUSD\n\n \n\n11% plus 2%\nof PIK capitalized\n\nfirst three years\n\n \n\n \n\n11% plus 2%\nof PIK capitalized\n\nfirst three years\n\n \n\n \n\n \n\n2031\n\n \n\n \n\n \n\n5,494,095,384\n\n \n\n \n\n \n\n6,153,090,000\n\n \n\nCost to obtain loans and commissions\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(186,718,865\n\n)\n\n \n\n \n\n(233,007,287\n\n)\n\nTotal Fideicomiso 4323\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n5,307,376,519\n\n \n\n \n\n \n\n5,920,082,713\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAccrued interest payable\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n916,613,493\n\n \n\n \n\n \n\n346,134,418\n\n \n\nTotal debt\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n10,719,644,941\n\n \n\n \n\n \n\n11,174,200,426\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent instalments\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n10,692,844,600\n\n \n\n \n\n \n\n3,481,380,489\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLong-term debt, excluding current instalments\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n26,800,341\n\n \n\n \n\n$\n\n7,692,819,937\n\n \n\nF-41\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nThe Company had a syndicated secured mortgage loan of up to U.S.$239,811,150\nwith Banco Nacional de Comercio Exterior S.N.C. Institución de Banca de Desarrollo (“Bancomext”), Caixabank, S. A.  Institución de Banca Multiple (“Caixabank”), Sabadell, S. A. Institución de Banca Multiple (“Sabadell”), Nacional\nFinanciera, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo (NAFIN) and Avantta Sentir Común, S. A. de C. V. SOFOM, E.N.R. (Avantta).  Operadora GIC I was jointly liable for this loan as well as Operadora GIC II and\nMurano World.\n\nThe Company also had a Secured loan under a credit line of up to U.S. $31,480,000 to finance VAT receivable with a 36-month maturity or\nearlier on collection of such VAT receivables from Mexican authorities. On December 2023, the maturity was extended until December 31, 2024.\n\nOn September 12, 2024, balance of both loans described above were repaid in full in connection with the issuance of the Senior Notes described in section\n(11) described below.\n\n(1)\n\nOn October 18, 2018, Inmobiliaria Insurgentes 421 obtained\na U.S.$49,753,000 unsecured loan with Bancomext. This loan was renegotiated to U.S.$7,500,000 on October 10, 2022. With this loan, the Company repaid fully the first loan, including interest. This loan is secured by the\nInsurgentes Complex with OHI421 and OHI421 Premium jointly liable and with the pledge of the Murano PV shares.\n\nIn May 2023, the Company restructured this loan with an increase of U.S.$25,000,000 giving a total credit line of U.S.$100,000,000.\n\nOn April 4, 2024, the Company amended the loan agreement between Inmobiliaria Insurgentes 421 and Bancomext. The main change included reducing the\namount of the principal payments from April 2024 to April 2025, as well as receiving an event of default waiver from Bancomext, in connection with the borrower’s funding obligations in respect of the debt service reserve accounts.\nThe parties executed an amendment and waiver agreement to provide new terms and conditions with respect to the funding obligations of the debt service reserve accounts.\n\nOn July 4, 2025 the Company signed the amendment of this loan agreement previously approved by Bancomex on June 18, 2025. The main amendment was\nthe  re-scheduling of principal payments over the remaining maturity of this loan in smaller amounts in comparation to the original amortization tab described in the last amended to this agreement from April 4, 2024 as well as\nthe elimination of one of the two debt service reserve funds if during a period of six months the Group is able to maintain the couple of debt service funds fully funded.  The above re-structuring will allow the Company to\nstabilize the operations of the Insurgentes 421 Hotels (Andaz and Mondrian) in the forthcoming months. On July 16, 2025 the Company also signed the substitution of the trustee from CI Banco to Bancomext.  Final amendments of the\nTrust were signed on December 18, 2025.\n\nAs of December 31, 2025 and 2024, the Company has not fully\nfunded the debt services reserve accounts, resulting in a covenant breach. The loan has not been accelerated, and the creditor has not notified an intention to do so. As of December 31, 2025 and 2024, the entire balance is classified as a current liability.\n\n(2)\n\nThe Loan balance with Exitus is described as follows:\n\n(i)\n\nSyndicated secured mortgage loan of U.S.$30,000,000\n(U.S.15,000,000 granted by Exitus and U.S.$15,000,000 granted by Sofoplus) with the major shareholders of the Company as joint obligors (“Exitus Loan I”).  The balance of this loan was repaid in full on\nSeptember 30, 2024 with the proceeds of the Exitus Loan IV described below.\n\n(ii)\n\nLoan agreement up to U.S.$2,500,000 with the major shareholders as joint obligors. As\nof December 31, 2023, the total amount drawn was $18,391,571 (U.S. $1,088,677). On January 26, 2024, February 26, 2024, March 26, 2024, April 26, 2024 and May 26, 2024, the Company drew U.S.$70,000, U.S.$316,000,\nU.S.$311,000, U.S.$325,000\nand U.S.$374,000 respectively. (“Exitus Loan II”). The balance of this loan was repaid in full on September 30, 2024\nwith the proceeds of the Exitus Loan IV described below.\n\n(iii)\n\nLoan agreement for U.S.$972,300 signed on June 26, 2023 (Exitus Loan III). The\nbalance of this loan was repaid in full on September 30, 2024 with the proceeds of the Exitus Loan IV described below.\n\nF-42\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n(iv)\n\nOn September 30, 2024, Murano World restructured its debt with Exitus Capital and substituted the remaining balance of the three loans described in the sections 2. (i) (ii) and (iii)  above in the amounts of U.S.$15,000,000, U.S.$2,434,012 and U.S.$715,297, respectively. The amount of the new credit line was U.S.$18,149,309 (“Exitus Loan IV”).  This new loan requires us to pay interest quarterly at the annual interest rate of 15% starting October 1, 2024, with maturity on December 30, 2025.  The balance of this loan was fully re-paid with the proceeds from the Exitus Loan V described below.\n\n(v)\n\nIn August 2025, Murano World entered into a new loan agreement with Exitus for the amount of US$20,403,165\n(“Exitus Loan V”). The Company used the proceeds of this loan to repay in full the Exitus Loan IV described above. It included a payment of the principal amount of U.S.$18,194,063 and interest accrued of U.S.$2,209,102 as of\nJune 30, 2025. The new loan term maturity is 48 months and accrues quarterly interest at an annual rate of 15%. The loan includes a six month grace period for the payment of interest and principal since July 1, 2025, and was due on December 30, 2025. Principal payments will begin on the 36th month anniversary of the loan.  The Company did not make the interest\npayment of the six month period of grace of this loan.  The Company also breached a covenant of this agreement that required to paid an equity kicker in the amount of U.S.3,102,985 or its equivalent in Murano Global Investment ordinary shares (approximately 356,665 at a share price of U.S.$8.7).\n\nAs result of the covenant breaches with this loan, the balance was classified as current liability as of December 31, 2025.  See note 20 for\nadditional details about defaults subsequent to December 31, 2025.\n\n(3)\n\nSale and lease back agreement signed with Finamo in\nFebruary 2023 for an amount of $350,000,000 with a 48-month termination period. The agreement includes the pledge of plots of land as security in La Punta Baja Mar that are subject to a\nregistered debenture. The Company signed additional sale and lease back agreements for $60,000,000 in\nOctober and November 2023. . The Company did not make lease payments under this instrument from February 1st to December 31, 2025. As result of the covenant breaches with this loan, the balance was classified as current\nliability as of December 31, 2025. See note 20 for additional details about defaults subsequent to December 31, 2025.\n\n(4)\n\nOn December 3, 2024, Murano World, as borrower and the major shareholders of the Company as joint obligors signed a\nloan agreement with Administradora de Soluciones de Capital, S.A. de C.V. SOFOM E.N.R. (Finamo) in the amount of $144,493,360\nwith maturity of 12 months and pays interest in a two-month period at the annual rate of 22%. The Company did not make interest and principal payments  as applicable under this loan agreement from January 1st to December\n31, 2025.  As result of the covenant breaches with this loan, the balance was classified as current liability as of December 31, 2025. See note 20 for additional details about defaults subsequent to December 31, 2025.\n\n(5)\n\nSecured loan agreement signed by Murano World, on March 31, 2023, for purchase and development of the beach club,\nwhich also guarantees this loan. This loan accrues interest at an annual rate of 10%. The interest payment due in\nDecember 2024 was not made, and as result of, this loan is breached. Although the loan has not been accelerated\nand the creditor thereunder has not threatened to accelerate the loan, pursuant to IAS 1 “Presentation of financial statements”, this loan is classified as current liability as of December 31, 2025. As of the date of the\nissuance of these financial statements, the Company is discussing a negotiation with ALG to remedy this default..See note 20 for additional details about defaults subsequent to December 31, 2025.\n\n(6)\n\nLoan with “Best rate” interest for preferred clients. On March 27, 2024, Murano World increased this credit line from\nU.S.$1,500,000 to U.S.$2,000,000. \n\nOn October 30, 2024, the Company repaid U.S.$500,000 to this loan agreement.  See note 20 for additional information\nabout this loan. On March 7, 2025, Murano World extended the maturity of the Santander loan from March 7, 2025 to March 7, 2027.\n\n(7)\n\nSale and lease back agreement signed with Exitus Capital in\nDecember 2019 with a 36-month termination period for each tranche. On April 4, 2025 Murano World repaid in full the\noutstanding balance of the sale and lease back agreement with Exitus at that date in the amount of $3,286,980.\n\nF-43\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n(8)\n\nOn October 17, 2024, Murano PV, as borrower, the major\nshareholders of the Company as joint obligors, and NAFIN signed a secured loan agreement up to U.S.$70,378,287. This\nloan is intended to assist Murano PV with its working capital. The maturity of this loan is  due October 28, 2027. The\nCompany received the tranche A and part of the tranche B on October 28, 2024, in the amount of U.S.$54,942,059 at the\nsignature date of the agreement.  The interest will be capitalized during the term of the loan at the interest rate of SOFR + 3.75%\nfor the first year, SOFR + 4.00% for the second year and SOFR + 4.25% for the third year. Not being in default of any covenants under this loan agreement is a condition for any drawdown of the remaining balance of Tranche\nB (used for the interest payments).\n\nAs of December 31, 2025 the Company did not make the 2025 fourth quarter interest payment as per the amortization table of this loan.  \nThe Company also breached the following covenants included in the waiver obtained last June 26, 2025: (i) The construction of the 616 hotel rooms related to the GIC I second phase was not finalized before December 31, 2025; (ii)\nThe Company did not execute the change in mortgage guarantee from the private units 4 & 5 of the Cancun complex to the private unit 3.\n\nAs result of the covenant breach described above, this loan is classified as current liability as of December 31, 2025.\n\nThe Company maintained active discussion with NAFIN to make the payment of the balance by executing the mortgage guarantee and is\nrevisiting if the private unit 5 of the Cancun Complex will be sufficient to cover the debt.   See note 20 for additional details about defaults subsequent to December 31, 2025.\n\n(9)\n\nOn January 5, 2024, the Company signed a loan agreement with\nFinamo for $350,000,000 at a fixed annual interest rate of 17%; funds were received on the same date. On January 5, 2024, the Company and the major shareholder of the Company as joint obligor, also signed an additional loan\nagreement with Fínamo for U.S.$26,000,000 at a fixed annual interest rate of 15%. The funds were received on January 18, 2024, and part of this loan was used to pay the $350,000,000 described above. Unit 3 of the land in Grand Island was given as a guarantee under this loan agreement. On October 2, 2024, the Company made a prepayment of\nU.S. $3,661,930.  The Company did not make interest and principal payments  as applicable under this loan agreement\nfrom January 1st to December 31, 2025.  As result of the covenant breaches with this loan, the balance was classified as current liability as of December 31, 2025. See note 20 for additional details about defaults subsequent to\nDecember 31, 2025.\n\n(10)\n\nOn April 9, 2024, Murano PV and the major shareholder of the Company as joint obligor, signed a loan agreement with Finamo for $100,000,000 with maturity in 6 months and a fixed annual\ninterest rate of 22%. On December 3, 2024  the Company negotiated an extension to pay the principal amount of this\nloan from October 4, 2024, to November 5, 2025.  The Company did not make interest and principal payments  as\napplicable under this loan agreement from January 1st to December 31, 2025.  As a result of the covenant breaches with this loan, the balance was classified as current liability as of December 31, 2025. See note 20 for\nadditional details about defaults subsequent to December 31, 2025.\n\n(11)\n\nOn\n\nSeptember 12, 2024, the Company issue Senior Secured Notes for U.S.$300,000,000  (the “2031 Notes”) with maturity on  September 12, 2031,\nand will pay semi-annual coupons at an interest rate of 11% plus a 2% of PIK interest that will be capitalized over the first three years of the notes. The Senior Secured Notes are guaranteed by a mortgage over the private units 1 and 2 of the GIC Complex as well as the collection rights\nof the revenues generated by phase one of the GIC Complex.  The main uses of this financing were to repay in full the balances of the secured mortgage syndicated loan of Fideicomiso Murano 2000 /CIB 3001 and the VAT credit\nboth described above, respectively.\n\nThe Company did not make the second coupon interest payment due on\nSeptember 12, 2025 in respect of the 2031 Notes  and failed to cure this situation within the 30-day grace period ending on October 12, 2025. Such failure constitutes an Event of Default under the Indenture governing the\n2031 Notes. The Company also  delivered the 2024 audited financial statements of the entities Murano PV,  Fideicomiso Murano 2000, Operadora Hotelera GI, and Fideicomiso CIB 4323 after the 120 days period established in\nSection 4.03 of the Indenture governing the 2031 Notes issued on September 12, 2024  .  The Company has not yet delivered the audited financial statements of the Trust 3224, which includes the mortgage over the private\nunit 2 of the Cancun Complex, as this trust has no operations other than the mortgage described above. The Company expects to deliver those financial statements in the short term.  Due to the breaches described above the\n2031 Notes are classified as current liability as of December 31, 2025.\n\nThe Company continued with formal discussion with the ad hoc group of the 2031 Note holders  after December 31, 2025, and, as\ndescribed, in note 20 (i) a term sheet agreement for the restructuring of the 2031 Notes was reached on March 10, 2026. See note 20 (i) for additional information.\n\nAs of December 31, 2024, the Company complied with all terms and covenants included in the loan agreements, except  for the\nfollowing:\n\nInmobiliaria Insurgentes I421\n\nAs of December 31, 2024, the reserve account under the Bancomext loan was not funded causing a\ncovenant breach of this loan, the lender has the ability to call the loan and as a result the loan was classified in current liabilities.\n\nMurano World\n\nMurano World did not comply with the interest payment under the ALG loan with respect to the coupon due in December 2024 causing a covenant breach of this loan, the lender has the ability to call the loan\nand as a result the loan was classified in current liabilities. See note 20 for additional reference.\n\nSee Notes 2c. for the impact on the Company´s ability to continue as a going concern due to breaches in covenants at December 31, 2024. See note 19 Commitments and Contingencies for discussion\nof the possible impact of potential future covenant breaches. See note 20 for subsequent events regarding covenants breaches after December 31, 2024.\n\nF-44\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nReconciliation of movements of liabilities to cash flows\narising from financing activities\n\n \n\n \n\nLong-term debt\n\n \n\n \n\n \n\n \n\n \n\nBalances as of January 1, 2025\n\n \n\n$\n\n11,174,200,426\n\n \n\nPayments\n\n \n\n \n\n(359,425,897\n\n)\n\nInterest paid\n\n \n\n \n\n(714,447,695\n\n)\n\nInterest paid and capitalized (Note 7)\n\n \n\n \n\n-\n\n \n\nProceeds from loans\n\n \n\n \n\n558,796,971\n\n \n\nAccrued interest\n\n \n\n \n\n1,383,101,613\n\n \n\nAmortization of cost to obtain loans and commissions\n\n \n\n \n\n30,289,106\n\n \n\nTotal changes from financing cash flows\n\n \n\n \n\n12,072,514,524\n\n \n\n \n\n \n\n \n\n \n\n \n\nEffect on changes in foreign exchange rates\n\n \n\n \n\n(1,352,869,583\n\n)\n\n \n\n \n\n \n\n \n\n \n\nBalances as of December 31, 2025\n\n \n\n$\n\n10,719,644,941\n\n \n\n \n\n \n\nLong-term debt\n\n \n\n \n\n \n\n \n\n \n\nBalances as of January 1, 2024\n\n \n\n$\n\n6,682,672,814\n\n \n\nPayments\n\n \n\n \n\n(6,019,515,831\n\n)\n\nInterest paid\n\n \n\n \n\n(226,949,344\n\n)\n\nInterest paid and capitalized (Note 7)\n\n \n\n \n\n(303,443,168\n\n)\n\nProceeds from loans\n\n \n\n \n\n8,964,217,491\n\n \n\nAccrued interest\n\n \n\n \n\n742,053,537\n\n \n\nAmortization of cost to obtain loans and commissions\n\n \n\n \n\n66,392,459\n\n \n\nCosts to obtain loans and commissions\n\n \n\n \n\n(265,689,972\n\n)\n\nTotal changes from financing cash flows\n\n \n\n \n\n9,639,737,986\n\n \n\n \n\n \n\n \n\n \n\n \n\nEffect on changes in foreign exchange rates\n\n \n\n \n\n1,534,462,440\n\n \n\n \n\n \n\n \n\n \n\n \n\nBalances as of December 31, 2024\n\n \n\n$\n\n11,174,200,426\n\n \n\n11.\n\nEmployee benefits\n\n \n\n \n\nAs of December 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nNet defined benefit liability:\n\n \n\n \n\n \n\n \n\n \n\n \n\nLiability for social security contributions\n\n \n\n$\n\n9,840,910\n\n \n\n \n\n$\n\n8,928,403\n\n \n\nLiability for long-service leave\n\n \n\n \n\n11,858,640\n\n \n\n \n\n \n\n10,175,001\n\n \n\nTotal employee benefit liability\n\n \n\n \n\n21,699,550\n\n \n\n \n\n \n\n19,103,404\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-current\n\n \n\n$\n\n11,858,640\n\n \n\n \n\n$\n\n10,175,001\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent\n\n \n\n$\n\n9,840,910\n\n \n\n \n\n$\n\n8,928,403\n\n \n\nIn accordance with Mexican Labor Law, the Group provides seniority premium benefits, which consist of a single payment of 12 days for\neach year worked based on the last salary, limited to twice the minimum salary established by law. The relative liability and the annual cost of benefits are calculated by independent actuaries in accordance with the bases defined in the\nplans, using the projected unit credit method.\n\nF-45\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nMovement in net defined benefit  liability\n\n \n\n \n\nAs of December 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as of January 1,\n\n \n\n$\n\n10,175,001\n\n \n\n \n\n$\n\n8,766,021\n\n \n\n \n\n$\n\n6,654,318\n\n \n\nIncluded in profit and loss:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent service cost\n\n \n\n \n\n2,410,219\n\n \n\n \n\n \n\n1,324,563\n\n \n\n \n\n \n\n1,706,150\n\n \n\nInterest cost\n\n \n\n \n\n966,889\n\n \n\n \n\n \n\n179,510\n\n \n\n \n\n \n\n544,326\n\n \n\n \n\n \n\n \n\n13,552,109\n\n \n\n \n\n \n\n10,270,094\n\n \n\n \n\n \n\n8,904,794\n\n \n\nIncluded in OCI\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRemeasurement in loss (gain)\n\n \n\n \n\n(1,454,945\n\n)\n\n \n\n \n\n(16,372\n\n)\n\n \n\n \n\n(124,616\n\n)\n\nPayments\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBenefits paid\n\n \n\n \n\n(238,524\n\n)\n\n \n\n \n\n(78,721\n\n)\n\n \n\n \n\n(14,157\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as of December 31,\n\n \n\n$\n\n11,858,640\n\n \n\n \n\n$\n\n10,175,001\n\n \n\n \n\n$\n\n8,766,021\n\n \n\nActuarial assumptions\n\nThe following were the principal actuarial assumption at the reporting date (expressed as weighted averages):\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDiscount rate\n\n \n\n \n\n9.50\n\n%\n\n \n\n \n\n10.70\n\n%\n\nSalary growth\n\n \n\n \n\n5.50\n\n%\n\n \n\n \n\n5.50\n\n%\n\nFuture salary growth\n\n \n\n \n\n5.00\n\n%\n\n \n\n \n\n5.00\n\n%\n\nAs of December 31, 2025 and 2024, the weighted -average duration of the defined benefit obligation was 15 years per employee.\n\nSensitivity analysis\n\nReasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would\nhave affected the defined benefit obligation by the amounts shown below:\n\n \n\n \n\nAs of December 31, 2025\n\n \n\n \n\nAs of December 31, 2024\n\n \n\n \n\n \n\nIncrease\n\n \n\n \n\nDecrease\n\n \n\n \n\nIncrease\n\n \n\n \n\nDecrease\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDiscount rate (1% variance)\n\n \n\n$\n\n(559,177\n\n)\n\n \n\n$\n\n612,606\n\n \n\n \n\n$\n\n(670,015\n\n)\n\n \n\n$\n\n747,123\n\n \n\n \n\n \n\n$\n\n(559,177\n\n)\n\n \n\n$\n\n612,606\n\n \n\n \n\n$\n\n(670,015\n\n)\n\n \n\n$\n\n747,123\n\n \n\n12.\n\nWarrants liability\n\nIn connection with the completion of the business combination on March 20, 2024, each of 16,875,000 HCM’s outstanding warrants were converted into the Company’s warrants at 1:1 ratio. The\nwarrants allow the holder to subscribe for ordinary shares of the Company at an exercise price of U.S.$11.50 per whole warrant. The\nwarrants shall expire on the five year anniversary of the closing date.\n\nChanges in warrant liabilities\n\nThe financial liabilities for the warrants are accounted for at fair value through profit or loss, and are measured with reference to its market\nprice.\n\nChanges in the warrant liabilities for the years ended December 31, 2025 and 2024 are summarized as follows:\n\n \n\n \n\nPublic warrants\n\n \n\n \n\n \n\nNumber of warrants\n\n \n\n \n\nValue\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWarrants as of January 1, 2025\n\n \n\n$\n\n16,812,123\n\n \n\n \n\n$\n\n75,827,403\n\n \n\nChange in fair value of warrant liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n(63,526,324\n\n)\n\nWarrants exercised\n\n \n\n \n\n(10,026\n\n)\n\n \n\n \n\n(45,221\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nExchange rate effect\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(4,290,442\n\n)\n\nAs of December 31 , 2025\n\n \n\n$\n\n16,802,097\n\n \n\n \n\n$\n\n7,965,416\n\n \n\n \n\n \n\nPublic warrants\n\n \n\n \n\n \n\nNumber of warrants\n\n \n\n \n\nValue\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWarrants assumed in connection with the business combination held on March 20, 2024\n\n \n\n$\n\n16,875,000\n\n \n\n \n\n$\n\n19,717,425\n\n \n\nChange in fair value of warrant liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n51,946,426\n\n \n\nWarrants exercised\n\n \n\n \n\n(62,877\n\n)\n\n \n\n \n\n(73,452\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nExchange rate effect\n\n \n\n \n\n-\n\n \n\n \n\n \n\n4,237,004\n\n \n\nAs of December 31 , 2024\n\n \n\n$\n\n16,812,123\n\n \n\n \n\n$\n\n75,827,403\n\n \n\nEach warrant exercised is paid to the company in U.S.11.5.  During 2025 and 2024 the gain obtained by the Company for the\nexercise of warrants was $2,332,619 (U.S.115,299) \n\nand $ 12,327,209 (U.S.$722,924).\n\nF-46\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n13.\n\nIncome tax\n\n \n\n \n\nFor the Year Ended December 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\nCurrent tax (benefit) expense\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent income tax\n\n \n\n$\n\n2,703,389\n\n \n\n \n\n$\n\n3,924,599\n\n \n\n \n\n$\n\n3,025,179\n\n \n\nDeferred income tax\n\n \n\n \n\n(5,602,656\n\n)\n\n \n\n \n\n68,751,097\n\n \n\n \n\n \n\n(55,155,403\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n(2,899,267\n\n)\n\n \n\n$\n\n72,675,696\n\n \n\n \n\n$\n\n(52,130,224\n\n)\n\nThe Mexican Tax Law effective as of January 1, 2014 is applicable to the Company, which imposes an income tax rate of 30%.\n\nThe UK entities are subject to UK corporation tax with an applicable rate\nof 25%.\n\nF-47\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nAmounts recognized in profit or loss\n\nManagement has determined that the recoverability of cumulative tax losses, which expire in 2028 - 2035, is not feasible based on\nestimated breakeven of hotel operations. Therefore, the Company has not recognized certain expected income tax losses in the determination of deferred income tax, except for those companies that have taxable profit to offset the\nincome tax losses.\n\nAmounts recognized in OCI\n\n \n\nAs of December 31, 2025\n\n \n\nAs of December 31, 2024\n\n \n\nAs of December 31, 2023\n\n \n\n \n\nBefore\n\n \n\nTax (expense)\n\n \n\nNet of\n\n \n\nBefore\n\n \n\nTax (expense)\n\n \n\nNet of\n\n \n\nBefore\n\n \n\nTax (expense)\n\n \n\nNet of\n\n \n\n \n\ntax\n\n \n\nbenefit\n\n \n\ntax\n\n \n\ntax\n\n \n\nbenefit\n\n \n\ntax\n\n \n\ntax\n\n \n\nbenefit\n\n \n\ntax\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nItems that will not be reclassified to profit and loss\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRemeasurements of defined benefit liability\n\n \n\n$\n\n1,365,506\n\n \n\n \n\n$\n\n(409,652\n\n)\n\n \n\n$\n\n955,854\n\n \n\n \n\n$\n\n16,372\n\n \n\n \n\n$\n\n(4,762\n\n)\n\n \n\n$\n\n11,610\n\n \n\n \n\n$\n\n124,599\n\n \n\n \n\n$\n\n(37,380\n\n)\n\n \n\n$\n\n87,219\n\n \n\nRevaluation of property, construction in process and equipment\n\n \n\n \n\n(3,783,944,143\n\n)\n\n \n\n \n\n1,135,183,243\n\n \n\n \n\n \n\n(2,648,760,900\n\n)\n\n \n\n \n\n334,809,588\n\n \n\n \n\n \n\n(100,442,876\n\n)\n\n \n\n \n\n234,366,712\n\n \n\n \n\n \n\n(889,982,346\n\n)\n\n \n\n \n\n266,994,704\n\n \n\n \n\n \n\n(622,987,642\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n(3,782,578,637\n\n)\n\n \n\n$\n\n1,134,773,591\n\n \n\n \n\n$\n\n(2,647,805,046\n\n)\n\n \n\n$\n\n334,825,960\n\n \n\n \n\n$\n\n(100,447,638\n\n)\n\n \n\n$\n\n234,378,322\n\n \n\n \n\n$\n\n(889,857,747\n\n)\n\n \n\n$\n\n266,957,324\n\n \n\n \n\n$\n\n(622,900,423\n\n)\n\nF-48\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nReconciliation of effective tax rate\n\n \n\n \n\nFor the Year Ended December 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(Loss) profit before income tax\n\n \n\n$\n\n(285,279,802\n\n)\n\n \n\n$\n\n(3,495,289,882\n\n)\n\n \n\n$\n\n5,662,697\n\n \n\nTax using the Company´s domestic tax rate\n\n \n\n \n\n30\n\n%\n\n \n\n \n\n30\n\n%\n\n \n\n \n\n30\n\n%\n\nIncome tax at legal tax rate\n\n \n\n \n\n(85,583,941\n\n)\n\n \n\n \n\n(1,048,586,965\n\n)\n\n \n\n \n\n1,698,809\n\n \n\nTax effect of:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAnnual adjustment inflation\n\n \n\n \n\n19,736,040\n\n \n\n \n\n \n\n35,881,580\n\n \n\n \n\n \n\n86,082,320\n\n \n\nNon-deductible expenses\n\n \n\n \n\n8,942,866\n\n \n\n \n\n \n\n9,847,790\n\n \n\n \n\n \n\n5,970,038\n\n \n\nMainly change in allowance for NOL’s and other permanent differences\n\n \n\n \n\n54,005,768\n\n \n\n \n\n \n\n1,075,533,291\n\n \n\n \n\n \n\n(145,881,392\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal tax expense\n\n \n\n$\n\n(2,899,267\n\n)\n\n \n\n$\n\n72,675,696\n\n \n\n \n\n$\n\n(52,130,224\n\n)\n\nMovement in deferred tax balances\n\n2025\n\n \n\nNet balance\n\nas of January 1,\n\n \n\n \n\nRecognized in profit and loss\n\n \n\n \n\nRecognized in OCI\n\n \n\n \n\nFinal balance\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPrepayments\n\n \n\n$\n\n(12,868,926\n\n)\n\n \n\n$\n\n10,986,160\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n(1,882,766\n\n)\n\nProperty, plant and equipment\n\n \n\n \n\n(95,323,604\n\n)\n\n \n\n \n\n26,808,092\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(68,515,512\n\n)\n\nPP&E Surplus\n\n \n\n \n\n(3,548,469,730\n\n)\n\n \n\n \n\n9,023,076\n\n \n\n \n\n \n\n1,135,183,243\n\n \n\n \n\n \n\n(2,404,263,411\n\n)\n\nPP&E (capitalized foreign exchange rate and interest expense)\n\n \n\n \n\n(220,604,535\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(220,604,535\n\n)\n\nInvestment properties\n\n \n\n \n\n(372,371,632\n\n)\n\n \n\n \n\n(22,500,000\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(394,871,632\n\n)\n\nRight of use of assets\n\n \n\n \n\n(60,049,712\n\n)\n\n \n\n \n\n15,193,798\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(44,855,914\n\n)\n\nDerivatives\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nAccruals\n\n \n\n \n\n23,045,513\n\n \n\n \n\n \n\n31,312,320\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n54,357,833\n\n \n\nDebt cost to be amortized\n\n \n\n \n\n(69,902,187\n\n)\n\n \n\n \n\n2,554,827\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(67,347,360\n\n)\n\nAdvance customers\n\n \n\n \n\n5,196,925\n\n \n\n \n\n \n\n29,576,603\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n34,773,528\n\n \n\nLease liabilities\n\n \n\n \n\n62,014,298\n\n \n\n \n\n \n\n(13,364,025\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n48,650,273\n\n \n\nEquipment rent\n\n \n\n \n\n84,603,406\n\n \n\n \n\n \n\n(84,603,406\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nEmployees’ benefits\n\n \n\n \n\n3,151,126\n\n \n\n \n\n \n\n816,118\n\n \n\n \n\n \n\n(409,652\n\n)\n\n \n\n \n\n3,557,592\n\n \n\nEmployees’ statutory profit sharing\n\n \n\n \n\n780,459\n\n \n\n \n\n \n\n(205,119\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n575,340\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n(4,200,798,599\n\n)\n\n \n\n$\n\n5,598,444\n\n \n\n \n\n$\n\n1,134,773,591\n\n \n\n \n\n$\n\n(3,060,426,564\n\n)\n\n2024\n\n \n\nNet balance\n\nas of January 1,\n\n \n\n \n\nRecognized in\n\nprofit and loss\n\n \n\n \n\nRecognized in OCI\n\n \n\n \n\nFinal balance\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPrepayments\n\n \n\n$\n\n(3,999,701\n\n)\n\n \n\n$\n\n(8,869,225\n\n)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n(12,868,926\n\n)\n\nProperty, plant and equipment\n\n \n\n \n\n(39,818,079\n\n)\n\n \n\n \n\n(55,505,525\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(95,323,604\n\n)\n\nPP&E Surplus\n\n \n\n \n\n(3,471,731,220\n\n)\n\n \n\n \n\n23,704,366\n\n \n\n \n\n \n\n(100,442,876\n\n)\n\n \n\n \n\n(3,548,469,730\n\n)\n\nPP&E (capitalized foreign exchange rate and interest expense)\n\n \n\n \n\n(231,042,798\n\n)\n\n \n\n \n\n10,438,263\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(220,604,535\n\n)\n\nInvestment properties\n\n \n\n \n\n(300,519,080\n\n)\n\n \n\n \n\n(71,852,552\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(372,371,632\n\n)\n\nRight of use of assets\n\n \n\n \n\n(65,111,127\n\n)\n\n \n\n \n\n5,061,415\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(60,049,712\n\n)\n\nDerivatives\n\n \n\n \n\n(35,077,118\n\n)\n\n \n\n \n\n35,077,118\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nAccruals\n\n \n\n \n\n3,370,885\n\n \n\n \n\n \n\n19,674,628\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n23,045,513\n\n \n\nDebt cost to be amortized\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(69,902,187\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(69,902,187\n\n)\n\nAdvance customers\n\n \n\n \n\n46,637,589\n\n \n\n \n\n \n\n(41,440,664\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n5,196,925\n\n \n\nLease liabilities\n\n \n\n \n\n62,388,460\n\n \n\n \n\n \n\n(374,162\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n62,014,298\n\n \n\nEquipment rent\n\n \n\n \n\n-\n\n \n\n \n\n \n\n84,603,406\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n84,603,406\n\n \n\nEmployees’ benefits\n\n \n\n \n\n2,629,807\n\n \n\n \n\n \n\n526,081\n\n \n\n \n\n \n\n(4,762\n\n)\n\n \n\n \n\n3,151,126\n\n \n\nEmployees’ statutory profit sharing\n\n \n\n \n\n672,518\n\n \n\n \n\n \n\n107,941\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n780,459\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n(4,031,599,864\n\n)\n\n \n\n$\n\n(68,751,097\n\n)\n\n \n\n$\n\n(100,447,638\n\n)\n\n \n\n$\n\n(4,200,798,599\n\n)\n\nF-49\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n2023\n\n \n\nNet balance\n\nas of January 1,\n\n \n\n \n\nRecognized in\n\nprofit and loss\n\n \n\n \n\nRecognized in OCI\n\n \n\n \n\nFinal balance\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPrepayments\n\n \n\n$\n\n(1,422,966\n\n)\n\n \n\n$\n\n(2,576,735\n\n)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n(3,999,701\n\n)\n\nProperty, plant and equipment\n\n \n\n \n\n236,862\n\n \n\n \n\n \n\n(40,054,941\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(39,818,079\n\n)\n\nPP&E Surplus\n\n \n\n \n\n(3,744,476,101\n\n)\n\n \n\n \n\n5,750,177\n\n \n\n \n\n \n\n266,994,704\n\n \n\n \n\n \n\n(3,471,731,220\n\n)\n\nPP&E (capitalized foreign exchange rate and interest expense)\n\n \n\n \n\n(226,499,908\n\n)\n\n \n\n \n\n(4,542,890\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(231,042,798\n\n)\n\nInvestment properties\n\n \n\n \n\n(326,498,611\n\n)\n\n \n\n \n\n25,979,531\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(300,519,080\n\n)\n\nRight of use of assets\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(65,111,127\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(65,111,127\n\n)\n\nDerivatives\n\n \n\n \n\n(57,837,597\n\n)\n\n \n\n \n\n22,760,479\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(35,077,118\n\n)\n\nAccruals and borrowing cost\n\n \n\n \n\n147,482\n\n \n\n \n\n \n\n3,223,403\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n3,370,885\n\n \n\nAdvance customers\n\n \n\n \n\n-\n\n \n\n \n\n \n\n46,637,589\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n46,637,589\n\n \n\nLease liabilities\n\n \n\n \n\n-\n\n \n\n \n\n \n\n62,388,460\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n62,388,460\n\n \n\nEmployees’ benefits\n\n \n\n \n\n1,996,298\n\n \n\n \n\n \n\n670,889\n\n \n\n \n\n \n\n(37,380\n\n)\n\n \n\n \n\n2,629,807\n\n \n\nEmployees’ statutory profit sharing\n\n \n\n \n\n641,950\n\n \n\n \n\n \n\n30,568\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n672,518\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n(4,353,712,591\n\n)\n\n \n\n$\n\n55,155,403\n\n \n\n \n\n$\n\n266,957,324\n\n \n\n \n\n$\n\n(4,031,599,864\n\n)\n\nUnrecognized deferred tax assets\n\nDeferred tax assets have not been recognized in respect of the following items, because it is not probable that future taxable profit\nwill be available against which the Company can use the benefits therefrom.\n\n \n\n \n\nAs of December 31, 2025\n\n \n\n \n\nAs of December 31, 2024\n\n \n\n \n\n \n\nGross amount\n\n \n\n \n\nTax effect\n\n \n\n \n\nGross amount\n\n \n\n \n\nTax effect\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIncome tax losses\n\n \n\n$\n\n1,904,835,875\n\n \n\n \n\n$\n\n571,450,763\n\n \n\n \n\n$\n\n1,698,038,184\n\n \n\n \n\n$\n\n509,411,455\n\n \n\nInterest to be deducted\n\n \n\n \n\n256,196,287\n\n \n\n \n\n \n\n76,858,886\n\n \n\n \n\n \n\n408,193,235\n\n \n\n \n\n \n\n122,457,971\n\n \n\nOther assets\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n41,049,602\n\n \n\n \n\n \n\n12,314,881\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n2,161,032,162\n\n \n\n \n\n$\n\n648,309,649\n\n \n\n \n\n$\n\n2,147,281,021\n\n \n\n \n\n$\n\n644,184,307\n\n \n\nTax losses carried forward\n\nTax losses for which no deferred tax asset was recognized expire as follows:\n\n \n\n \n\nGross\n\n \n\n \n\nExpire\n\n \n\nYear\n\n \n\namount\n\n \n\n \n\nrate\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n2018\n\n \n\n$\n\n463,327,909\n\n \n\n \n\n \n\n2028\n\n \n\n2020\n\n \n\n \n\n30,851,973\n\n \n\n \n\n \n\n2030\n\n \n\n2021\n\n \n\n \n\n15,727,355\n\n \n\n \n\n \n\n2031\n\n \n\n2022\n\n \n\n \n\n37,489,376\n\n \n\n \n\n \n\n2032\n\n \n\n2023\n\n \n\n \n\n4,450,065\n\n \n\n \n\n \n\n2033\n\n \n\n2024\n\n \n\n \n\n557,141,333\n\n \n\n \n\n \n\n2034\n\n \n\n2025\n\n \n\n \n\n795,847,864\n\n \n\n \n\n \n\n2035\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal income tax losses\n\n \n\n$\n\n1,904,835,875\n\n \n\n \n\n \n\n \n\n \n\nThe Company has NOLs in the trusts that only can be used by them up to the reverse of the NOLs in future periods. These NOLs can not\nbe used by other entities within the Company.\n\n14.\n\nFinancial instruments - Fair value and risk management\n\nAccounting classification\n\nThe following table shows the carrying amounts of financial assets and financial liabilities. It does not include fair value information\nfor financial assets and financial liabilities not measured at fair value since the carrying amount is a reasonable approximation of fair value.\n\nF-50\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\n \n\nAs of December 31, 2025\n\n \n\n \n\n \n\nMandatory at FVTPL\n\n \n\n \n\nFinancial assets at\n\namortized cost\n\n \n\n \n\nOther financial\n\nassets (liabilities)\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial assets not measured at fair value\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents and restricted cash (Level 1)\n\n \n\n \n\n \n\n \n\n$\n\n273,739,514\n\n \n\n \n\n \n\n \n\n \n\n$\n\n273,739,514\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial liability measured at fair value\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWarrants liability (Level 2)\n\n \n\n$\n\n(7,965,416\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(7,965,416\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial liabilities not measured at fair value\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSecured bank loans\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(10,692,727,662\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(10,692,727,662\n\n)\n\nUnsecured bank loans\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(26,917,279\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(26,917,279\n\n)\n\n \n\n \n\nAs of December 31, 2024\n\n \n\n \n\n \n\nMandatory at\n\nFVTPL\n\n \n\n \n\nFinancial assets at\n\namortized cost\n\n \n\n \n\nOther financial\n\nassets (liabilities)\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial assets not measured at fair value\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents and restricted cash (Level 1)\n\n \n\n \n\n \n\n$\n\n970,414,857\n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n970,414,857\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial liability measured at fair value\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWarrants liability (Level 2)\n\n \n\n$\n\n(75,827,403\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(75,827,403\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial liabilities not measured at fair value\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSecured bank loans\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(11,143,359,504\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(11,143,359,504\n\n)\n\nUnsecured bank loans\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(30,840,922\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(30,840,922\n\n)\n\nMeasurement of fair values\n\ni.\n\nValuation techniques and significant unobservable inputs\n\nThe following table shows the valuation technique used in measuring Level 2 fair value of financial instruments in the statements of\nfinancial position.\n\nFinancial instruments measured at fair value\n\n \n\nType\n\nValuation technique\n\n \n\n \n\n \n\n \n\nInterest rate swaps\n\nFV is determined using market participant assumptions to measure these derivatives. Market participants’ assumptions include the risk inherent in the inputs to the valuation technique. These inputs\ncan be readily observable, market corroborated, or generally unobservable.\n\nii.\n\nTransfers between levels\n\nThere were no\ntransfers between Level 1 and 2 during the current or prior year. There were no transfers to Level 3 during the current or\nprior year.\n\nF-51\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nFinancial risk managements\n\nThe Company has exposure to the following risks arising from financial instruments:\n\n-\n\nLiquidity risk\n\n-\n\nMarket risk\n\ni.\n\nRisk management framework\n\nManagement of the Company has overall responsibility for the establishment and oversight of the Company’s risk management framework.\nManagement is responsible for developing and monitoring the Company’s risk management policies and reports regularly to the board of directors on its activities.\n\nThe Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk\nlimits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Company, through its training and\nmanagement standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.\n\nLiquidity risk\n\nLiquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with its financial liabilities\nthat are settled by delivering cash or another financial asset. The Company´s objective when managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both\nnormal and stressed conditions, without incurring unacceptable losses or risking damage to the Company´s reputation.\n\nThe Company uses the activity-based costing to cost its products and services, which assists in monitoring cash flow\nrequirements and optimizing its cash return on investment.\n\nThe Company aims to maintain the level of its cash and cash equivalents at an amount in excess of expected cash\noutflows on financial liabilities (other than trade payables) over the next 60 days.\n\nThe Company also monitors the level of expected cash inflows on trade and other receivables together with expected\ncash outflows on trade and other payables.\n\nExposure to liquidity risk\n\nThe following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts\nare gross and undiscounted, and include contractual interest payments and exclude the impact of netting agreements:\n\n \n\n \n\nContractual cash flows\n\n \n\nAs of December 31, 2025\n\n \n\nCarrying\n\namount\n\n \n\n \n\n1 Month\n\n \n\n \n\n2-12 Months\n\n \n\n \n\n1-5 Years\n\n \n\n \n\nMore than\n\n5 Years\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivative financial liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWarrants liability\n\n \n\n$\n\n7,965,416\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n$\n\n7,965,416\n\n \n\n \n\n-\n\n \n\n \n\n$\n\n7,965,416\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal derivative financial liabilities\n\n \n\n7,965,416\n\n-\n\n-\n\n7,965,416\n\n-\n\n \n\n \n\n7,965,416\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-derivative financial liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSecured bank loans\n\n \n\n$\n\n10,692,727,662\n\n \n\n \n\n$\n\n10,917,335,798\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n-\n\n \n\n \n\n$\n\n10,917,335,798\n\n \n\nUnsecured bank loans\n\n \n\n \n\n26,917,279\n\n \n\n \n\n \n\n116,938\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n26,800,341\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n26,917,279\n\n \n\nLease liabilities\n\n \n\n \n\n162,167,576\n\n \n\n \n\n \n\n19,880,636\n\n \n\n \n\n \n\n43,758,160\n\n \n\n \n\n \n\n98,528,780\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n162,167,576\n\n \n\nTrade accounts payable and accumulated expenses and advance from customers\n\n \n\n \n\n889,206,372\n\n \n\n \n\n \n\n59,573,982\n\n \n\n \n\n \n\n829,632,390\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n889,206,372\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal non-derivative financial liabilities\n\n \n\n$\n\n11,771,018,889\n\n \n\n \n\n$\n\n10,996,907,354\n\n \n\n \n\n$\n\n873,390,550\n\n \n\n \n\n$\n\n125,329,121\n\n \n\n \n\n-\n\n \n\n \n\n$\n\n11,995,627,025\n\n \n\nF-52\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\n \n\nContractual cash flows\n\n \n\nAs of December 31, 2024\n\n \n\nCarrying\n\namount\n\n \n\n \n\n1 Month\n\n \n\n \n\n2-12 Months\n\n \n\n \n\n1-5 Years\n\n \n\n \n\nMore than\n\n5 Years\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivative financial liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWarrants liability\n\n \n\n$\n\n75,827,403\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n75,827,403\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n75,827,403\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal derivative financial liabilities\n\n \n\n$\n\n75,827,403\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n75,827,403\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n75,827,403\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-derivative financial liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSecured bank loans\n\n \n\n$\n\n11,143,359,504\n\n \n\n \n\n$\n\n31,908,396\n\n \n\n \n\n$\n\n3,479,193,050\n\n \n\n \n\n$\n\n1,763,646,102\n\n \n\n \n\n$\n\n6,153,090,000\n\n \n\n \n\n$\n\n11,427,837,548\n\n \n\nUnsecured bank loans\n\n \n\n \n\n30,840,922\n\n \n\n \n\n \n\n146,861\n\n \n\n \n\n \n\n30,694,061\n\n \n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n30,840,922\n\n \n\nLease liabilities\n\n \n\n \n\n206,714,326\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n46,051,658\n\n \n\n \n\n \n\n160,662,668\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n206,714,326\n\n \n\nTrade accounts payable and accumulated expenses and advance from customers\n\n \n\n \n\n629,580,986\n\n \n\n \n\n \n\n125,182,892\n\n \n\n \n\n \n\n504,398,094\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n629,580,986\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal non-derivative financial liabilities\n\n \n\n$\n\n12,010,495,738\n\n \n\n \n\n$\n\n157,238,149\n\n \n\n \n\n$\n\n4,060,336,863\n\n \n\n \n\n$\n\n1,924,308,770\n\n \n\n \n\n$\n\n6,153,090,000\n\n \n\n \n\n$\n\n12,294,973,782\n\n \n\nAs disclosed in Note 10, the Company has secured bank loans that contain certain covenants. A breach of covenant may require the Company\nto repay the loan earlier than indicated in the above table.\n\nThe interest payments on variable interest rate loans in the table above reflect market forward interest rates at the reporting date and\nthese amounts may change as market interest rate change. The future cash flows on derivative instruments may be different from the amount in the above table as interest rates and exchange rates or the relevant conditions underlying the\ncontingency change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.\n\nFor further information regarding our liquidity risk, please see note 2(c).\n\nMarket risk\n\nMarket risk is the risk that changes in market prices - e.g. foreign exchange rates, interest rates and equity prices - will affect the\nCompany’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.\n\nThe Company uses derivatives to manage market risks. All such transactions are carried out within the guidelines set by the risk\nmanagement committee.\n\nDerivatives\n\n \n\nThe Company holds interest rate swaps for risk management purposes. The interest rate swaps have floating legs that are indexed to SOFR.\nThe Company’s derivative instruments are governed by contracts based on the International Swaps and Derivatives Association (ISDA)’s master agreements.\n\n \n\nCurrency risk\n\n \n\nThe Company is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which\nsales, purchases, receivables and borrowings are denominated and the respective functional currencies of Company companies. The functional currency of the Company companies is MXN. The currencies in which these transactions are primarily\nUSD.\n\n \n\nExposure to currency risk\n\n \n\nThe summary quantitative data about the Company’s exposure to currency risk as reported to the management of the Company is shown in the\nnext page.\n\n \n\nF-53\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n \n\n \n\nAmounts held in US Dollars\n\n \n\n \n\n \n\nAs of December 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nAssets:\n\n \n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents and restricted cash\n\n \n\n$\n\n12,215,335\n\n \n\n \n\n$\n\n34,084,570\n\n \n\nTrade receivables\n\n \n\n \n\n3,490,439\n\n \n\n \n\n \n\n2,455,301\n\n \n\nOther receivables\n\n \n\n \n\n-\n\n \n\n \n\n \n\n26,932\n\n \n\nPrepayments\n\n \n\n \n\n18,507\n\n \n\n \n\n \n\n18,507\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLiabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent installments of long-term debt\n\n \n\n \n\n(557,576,166\n\n)\n\n \n\n \n\n(152,279,649\n\n)\n\nLong-term debt\n\n \n\n \n\n(1,492,822\n\n)\n\n \n\n \n\n(381,206,888\n\n)\n\nTrade accounts payable excluding current installments\n\n \n\n \n\n(9,756,911\n\n)\n\n \n\n \n\n(9,216,743\n\n)\n\nAdvance from customers and accumulated expenses\n\n \n\n \n\n(3,222,840\n\n)\n\n \n\n \n\n-\n\n \n\nDue to related parties\n\n \n\n \n\n(10,465,067\n\n)\n\n \n\n \n\n(8,967,127\n\n)\n\nOther liabilities\n\n \n\n \n\n(4,581,421\n\n)\n\n \n\n \n\n(4,571,105\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet position\n\n \n\n$\n\n(571,370,946\n\n)\n\n \n\n$\n\n(519,656,202\n\n)\n\nThe exchange rates of MXN/USD as of the date of the consolidated and combined financial statements and their issuance date are as\nfollows:\n\n \n\n \n\n \n\nAs of December 31,\n\nAs of May 15,\n\n \n\n \n\n \n\n2025\n\n2024\n\n2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOne U. S. dollar\n\n \n\n$\n\n17.9528\n\n \n\n \n\n$\n\n20.5103\n\n \n\n \n\n$\n\n172,502\n\n \n\nSensitivity analysis\n\n \n\nThe strengthening or weakening of the U.S. dollar, with respect to the Mexican peso as of December 31, 2025 and 2024, would have affected\nthe gains or losses capitalized in construction in progress for the amounts shown below. This analysis is based on changes in the exchange rate that the Company considered reasonably possible at the end of the reporting period. This\nanalysis assumes that the rest of the variables remain constant.\n\n \n\nThe analysis is performed on the same basis for 2025 and 2024, although the reasonably possible variations in the exchange rate were\ndifferent, as indicated below:\n\n \n\n \n\nCapitalized in construction in process\n\n \n\n \n\nProfit and loss\n\n \n\n \n\n \n\nStrengthening\n\n \n\n \n\nWeakening\n\n \n\n \n\nStrengthening\n\n \n\n \n\nWeakening\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDecember 31, 2025 USD (5% movement)\n\n \n\n-\n\n \n\n-\n\n \n\n \n\n$\n\n512,885,416\n\n \n\n \n\n$\n\n(512,885,416\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDecember 31, 2024 USD (5% movement)\n\n \n\n$\n\n(547,098,446\n\n)\n\n \n\n$\n\n547,098,446\n\n \n\n \n\n$\n\n14,183,216\n\n \n\n \n\n$\n\n(14,183,216\n\n)\n\nInterest rate risks\n\nThe Company adopts a policy of ensuring that 70% of its interest rate risk exposure with Banco Sabadell, S. A. Institución de Banca Multiple and Caixabank, S. A. Institución de Banca Multiple is at fixed rate. This is achieved partly by entering into\ninterest rate swaps. The Company applies a hedge ratio of 1:1. As mentioned in Note 10, on September 12, 2024 the loans described above were repaid in full and the related interest rate swaps were cancelled.\n\nF-54\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nExposure to interest rate risk\n\nThe interest rate profile of the Company’s interest-bearing financial instruments as reported to the management of the Company is as\nfollows:\n\n \n\nAs of December 31, 2025\n\n \n\nFV hierarchy\n\n \n\nCarrying\n\namount\n\n \n\n \n\nEffects recognized in P&L\n\n \n\nFinancial liabilities measured at fair value\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWarrants liability\n\nLevel 2\n\n \n\n$\n\n7,965,416\n\n \n\n \n\n$\n\n(63,526,324\n\n)\n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n \n\nAs of December 31, 2024\n\n \n\nFV hierarchy\n\n \n\nNominal\n\namount USD\n\n \n\n \n\nCarrying\n\namount\n\n \n\n \n\nEffects\n\nrecognized in\n\nP&L\n\n \n\nFinancial assets measured at fair value\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest rate swap - Sabadell\n\nLevel 2\n\n \n\n \n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n(19,726,835\n\n)\n\nInterest rate swap - Caixabank\n\nLevel 2\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(23,621,645\n\n)\n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n(43,348,480\n\n)\n\n \n\nAs of December 31, 2024\n\n \n\nFV hierarchy\n\n \n\nCarrying\n\namount\n\n \n\n \n\nEffects recognized in P&L\n\n \n\nFinancial liability’s measured at fair value\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWarrants liability\n\nLevel 2\n\n \n\n$\n\n(75,827,403\n\n)\n\n \n\n$\n\n(51,946,426\n\n)\n\nTotal\n\n \n\n \n\n$\n\n(75,827,403\n\n)\n\n \n\n$\n\n(51,946,426\n\n)\n\n \n\nAs of December 31, 2023\n\n \n\nFV hierarchy\n\n \n\nNominal\n\namount USD\n\n \n\n \n\nCarrying\n\namount\n\n \n\n \n\nEffects\n\nrecognized in\n\nP&L\n\n \n\nFinancial assets measured at fair value\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest rate swap - Sabadell\n\nLevel 2\n\n \n\n \n\n73,376,432\n\n \n\n \n\n$\n\n68,146,850\n\n \n\n \n\n$\n\n(45,855,988\n\n)\n\nInterest rate swap - Caixabank\n\nLevel 2\n\n \n\n \n\n57,438,000\n\n \n\n \n\n \n\n48,776,877\n\n \n\n \n\n \n\n(30,012,275\n\n)\n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n116,923,727\n\n \n\n \n\n$\n\n(75,868,263\n\n)\n\nFair value sensitivity analysis for fixed-rate instruments\n\nThe Company does not account for any fixed-rate financial assets or financial liabilities, at FVPL, and the Company does not designate\nderivatives (interest rate swaps) as hedging instruments under a fair value hedge accounting model. Therefore, a change in interest rates at the reporting date would not affect profit or loss.\n\nInterest rate sensitivity\n\nThe following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and\nborrowings affected. With all other variables held constant, the Company’s combined income before income taxes is affected through the impact of floating rate borrowings (debt) as follows:\n\n \n\n \n\n \n\n \n\n \n\nEffect on\n\n \n\n \n\n \n\nIncrease/decrease in\n\n%\n\n \n\n \n\ncombined income\n\nbefore income taxes\n\n \n\nAs of December 31, 2025\n\n \n\n \n\n \n\n \n\n \n\n \n\nUS dollar\n\n \n\n \n\n1\n\n%\n\n \n\n$\n\n381,809\n\n \n\nUS dollar\n\n \n\n \n\n(1\n\n)%\n\n \n\n \n\n(381,809\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs of December 31, 2024\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nUS dollar\n\n \n\n \n\n1\n\n%\n\n \n\n$\n\n331,257\n\n \n\nUS dollar\n\n \n\n \n\n(1\n\n)%\n\n \n\n \n\n(331,257\n\n)\n\nMaster netting or similar agreements\n\nThe Company enters into derivative transactions under ISDA master agreements. The ISDA agreement do not meet the criteria for offsetting\nin the combined statement of financial position. This is because the Company does not have any currently legally enforceable right to offset recognized amounts.\n\nF-55\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n15.\n\nRevenue\n\n \n\n \n\nFor the Year Ended December 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRevenue from contracts with customers\n\n \n\n$\n\n1,140,545,581\n\n \n\n \n\n$\n\n729,953,807\n\n \n\n \n\n$\n\n284,890,018\n\n \n\nRevenue for administrative services with related parties\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,761,896\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal revenue\n\n \n\n$\n\n1,140,545,581\n\n \n\n \n\n$\n\n729,953,807\n\n \n\n \n\n$\n\n286,651,914\n\n \n\nRevenue Streams\n\nThe Company generates revenue primarily from its owned hotels. Other minor sources of revenue include administrative services that the\nCompany provides to related parties.\n\na.\n\nDisaggregation of revenue from contracts with customers\n\nF-56\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nIn the following table, revenue from contracts with customers is disaggregated by primary major products and service lines and timing of\nrevenue recognition.\n\n \n\n \n\nFor the year ended\n\n \n\n \n\n \n\nDecember 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nMajor products/service lines\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRoom rentals\n\n \n\n$\n\n435,139,429\n\n \n\n \n\n$\n\n316,126,908\n\n \n\n \n\n$\n\n169,417,278\n\n \n\nFood and beverage\n\n \n\n \n\n141,320,265\n\n \n\n \n\n \n\n121,899,683\n\n \n\n \n\n \n\n104,813,372\n\n \n\nAll-inclusive\n\n \n\n \n\n456,622,268\n\n \n\n \n\n \n\n234,494,740\n\n \n\n \n\n \n\n-\n\n \n\nSpa services\n\n \n\n \n\n20,326,706\n\n \n\n \n\n \n\n12,925,180\n\n \n\n \n\n \n\n3,127,449\n\n \n\nGuess dry, cleaning & laundry\n\n \n\n \n\n2,786,497\n\n \n\n \n\n \n\n3,526,613\n\n \n\n \n\n \n\n4,818,864\n\n \n\nOther services\n\n \n\n \n\n84,350,416\n\n \n\n \n\n \n\n40,980,683\n\n \n\n \n\n \n\n2,713,055\n\n \n\nTotal revenue from contracts with customers\n\n \n\n \n\n1,140,545,581\n\n \n\n \n\n \n\n729,953,807\n\n \n\n \n\n \n\n284,890,018\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAdministrative services to related parties\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,761,896\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal revenue\n\n \n\n \n\n1,140,545,581\n\n \n\n \n\n \n\n729,953,807\n\n \n\n \n\n \n\n286,651,914\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTiming of revenue recognition\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nServices and products transferred at a point in time\n\n \n\n \n\n248,783,884\n\n \n\n \n\n \n\n179,332,159\n\n \n\n \n\n \n\n117,234,636\n\n \n\nServices transferred over time\n\n \n\n \n\n891,761,697\n\n \n\n \n\n \n\n550,621,648\n\n \n\n \n\n \n\n169,417,278\n\n \n\nTotal revenue from contracts with customers\n\n \n\n$\n\n1,140,545,581\n\n \n\n \n\n$\n\n729,953,807\n\n \n\n \n\n$\n\n286,651,914\n\n \n\nAdvance from customers (Deferred revenue and down payments)\n\nAs of December 31, 2025 and 2024, contract liabilities primarily represent consideration received in advance from customers in relation\nto contracts with customers. These amounts are comprised of deferred revenue and down payments.\n\nDeferred revenue balances amounted to $89,730,633\nand $23,459,478 as of December 31, 2025 and 2024, respectively, while down payments totaled $105,418,209 for year ended 2025.\n\nIn accordance with IFRS 15, revenue associated with these contract liabilities is recognized as the Group satisfies its performance\nobligations.\n\nAn amount of $23,459,478\nincluded in advance from customers related to deferred revenue as of December 31, 2024 was recognized as revenue during 2025 (2024: $8,263,469),\n\nconsistent with the satisfaction of performance obligations in the current period.\n\nNo revenue was\nrecognized in 2025 relating to down payments from performance obligations satisfied (or partially satisfied). This is primarily due to the nature and timing of the Company’s development projects, for which the stage of completion is\nmeasured over an estimated construction period ranging from 24 to 48 months.\n\nThe Group applies an appropriate method for measuring progress toward complete satisfaction of its performance obligations, consistent\nwith IFRS 15 requirements for over-time revenue recognition.\n\nF-57\n\n[Table of Contents](#TABLEOFCONTENTS)\n\n16.\n\nOther income\n\n \n\n \n\nFor the Year Ended December 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther income\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCancellation of legal fees payable (1)\n\n \n\n$\n\n73,282,276\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\nGain on sale of property, plant and equipment\n\n \n\n-\n\n-\n\n100\n\n \n\nVAT revaluation\n\n \n\n \n\n4,388,434\n\n \n\n \n\n \n\n6,335,345\n\n \n\n \n\n \n\n4,283,151\n\n \n\nInsurance recovery\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,549,313\n\n \n\nKey Money Amortization\n\n \n\n \n\n4,507,998\n\n \n\n \n\n \n\n3,588,919\n\n \n\n \n\n \n\n1,705,089\n\n \n\nGain in sale of equipment\n\n \n\n \n\n-\n\n \n\n \n\n \n\n157,032,407\n\n \n\n \n\n \n\n-\n\n \n\nOthers\n\n \n\n \n\n1,603,155\n\n \n\n \n\n \n\n23,278,616\n\n \n\n \n\n \n\n18,022,899\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal other income\n\n \n\n$\n\n83,781,863\n\n \n\n \n\n$\n\n190,235,287\n\n \n\n \n\n$\n\n25,560,552\n\n \n\n(1)\n\nCancelation of legal fees payable includes the balance that was cancelled as a result of final negotiation with\none service supplier during December 2025.\n\n17.\n\nStockholders’ Equity\n\nAs of December 31, 2025\n\nEquity\n\nOn June 11, 2025, the Murano Global Investments signed a Standby Equity Purchase\nAgreement (“SEPA”) with YA II PN, LTD (“Yorkville” or “Investor”). Under this agreement the Company has the right to issue and sell to Yorkville up to U.S.$500 million of the Company ordinary shares, no par value (the\n“ordinary shares”).  As stated in this agreement the Company issued to Yorkville 253,070 ordinary shares in respect of the\nfees due.\n\nOn June 13, 2025 the Company sent a prospectus to the SEC related to the offer and\nsale, from time to time, of 129,765,157 ordinary shares under the SEPA agreement described above.  This prospectus was\ndeclared effective on June 26, 2025. The Company may issue  an aggregate of 51,852,657 ordinary shares to Yorkville from time to time during the three-year period following the execution date of the SEPA agreement.\n\nAs of December 31, 2025 the Company has issued 403,070 ordinary shares to Yorkville including the 253,070 as respect of fees and as stated in the SEPA agreement. The cashflows generated by this transactions as of December 31, 2025 were U.S.$1,381,777 ( approximately $25,969,485).\n\nAs described in note 12 Warrants, during 2025 the number of warrants exercised and\nconverted to ordinary shares was 10,026 in the amount of $2,332,619 (U.S.115,299). In 2024 the number of warrants exercised\nwas 62,877 in the amount of $12,327,209\n(U.S.$722,924), this gain was recognized in the stockholder’s equity during 2025.\n\nAfter the transactions described above  Murano Global Investments has 79,718,832 ordinary shares in issue as of December 31, 2025 broken down as follows:\n\n \n\n \n\nNumber of shares\n\n \n\n \n\n% of all ordinary\n\nshares\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBeneficiary owner 5% or above\n\n \n\n \n\n \n\n \n\n \n\n \n\nElias Sacal Cababie\n\n \n\n \n\n69,152,609\n\n \n\n \n\n \n\n86.75\n\n%\n\nHCM Investor Holdings, LLC\n\nand former HCM directors (Shawn Matthews and other\ndirectors)\n\n \n\n \n\n8,812,500\n\n \n\n \n\n \n\n11.05\n\n%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBeneficiary owners below  5%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOthers\n\n \n\n \n\n1,753,723\n\n \n\n \n\n \n\n2.20\n\n%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal shares December 31, 2025\n\n \n\n \n\n79,718,832\n\n \n\n \n\n \n\n100.00\n\n%\n\nAs of December 31, 2024\n\nEquity\n\nAs\n\ndescribed in Note 2b., on March 8, 2024, the Company underwent a restructuring to establish Murano Global Investments as the parent company of the Company. On March 20, 2024 the Company announced the completion of its business\ncombination with HCM Acquisition Corp., marking the entity’s official transition into a publicly traded entity Consequently, on March 21, 2024, Murano’s ordinary shares and warrants began trading on Nasdaq under the symbols “MRNO” and\n“MRNOW”, respectively.\n\nAs of December 31, 2024, Murano Global Investments has 79,305,736 ordinary shares as follows:\n\n \n\n \n\nNumber of shares\n\n \n\n \n\n% of all ordinary\n\nshares\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBeneficiary owner 5% or above\n\n \n\n \n\n \n\n \n\n \n\n \n\nElias Sacal Cababie\n\n \n\n \n\n69,152,609\n\n \n\n \n\n \n\n87.20%\n\nHCM\n\nInvestor Holdings, LLC\n\nand\n\nformer HCM directors (Shawn Matthews and other directors)\n\n \n\n \n\n8,812,500\n\n \n\n \n\n \n\n11.11%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBeneficiary owner below 5%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOthers\n\n \n\n \n\n1,340,627\n\n \n\n \n\n \n\n1.69%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal shares December 31, 2024\n\n \n\n \n\n79,305,736\n\n \n\n \n\n \n\n100.00%\n\nAs part of the business combination Elias Sacal Cababie contributed $25,793,890 (U.S.$1,500,000) in\norder to issue 6,910,000 ordinary shares from Murano Global Investments, plc.\n\nIn January 2024, Murano PV, S.A. de C.V. issued a promissory note in favor of Elías\nSacal Cababie for the total amount of Ps.$73,000,000 as a result of the purchase of 103,267,741 shares of Murano World, S. A. de C. V. previously owned by Elías Sacal.\n\nIn January 2024, Murano PV, S.A. de C.V. issued a promissory note in favor of Elías\nSacal Cababie for the total amount of Ps.$18,000,000  as a result of a transfer of the trustee rights of 16,915,151 shares of Inmobiliaria Insurgentes 421, S.A. de C.V. previously owned by Elías Sacal.\n\nIn January 2024, Murano PV, S.A. de C.V. issued a promissory note in favor of ES\nAgrupación for the total amount of Ps.$266,500,000 as a result of the purchase of 329,753,574 shares of Murano World, S. A. de C. V. previously owned by ES Agrupación.\n\nIn January 2024, Murano PV, S.A. de C.V. issued a promissory note in favor of ES\nAgrupación for the total amount of Ps.$542,500,000 as a result of the transfer of the trustee rights of 434,361,612 shares from Inmobiliaria Insurgentes 421, S.A. de C.V. previously owned by ES Agrupación.\n\nAll the promissory notes in the amount $900,000,000 described above were issued as part of the Company Reorganization and used by Elias Sacal Cababie to capitalize Murano Global Investments PLC. On March 8,\n2024 Murano Global Investments PLC utilized the promissory notes to complete the Company Reorganization by capitalizing Murano P.V and the notes were cancelled as a final step in the reorganization.\n\nTreasury shares\n\nOn April 3, 2024, the Company announced that its board of directors had authorized a\nnew share repurchase program under which the Company may repurchase up to US$2 million of its ordinary shares until the end of\nthe last business day of the third quarter in 2024, U.S. Eastern Time. The Company adopted and implemented this share repurchase program in accordance with applicable rules and the Company’s insider trading policies.\n\nF-58\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nThe Company’s proposed repurchases were made from time to time in the open market at\nprevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing and dollar\namount of repurchase transactions was subject to the Securities and Exchange Commission Rule 10b-18 and Rule 10b-5 requirements.\n\nThe shares acquired through the share repurchase program are held in treasury by the\nCompany and the effects are recognized in additional paid in capital.\n\nNet Assets for the period from January 1 to March 20, 2024 and the year ended\nDecember 31, 2023\n\na.\n\nIssued equity:\n\nDuring 2023, there were no\ncontributions in cash by the Company’s shareholders to the net assets of the Company’s Companies.\n\nb.\n\nCapital Reimbursement\n\nOn March 8, 2024, Murano PV made a capital reimbursement of $16,363,928 as part of the Company Reorganization.\n\nDuring 2023, there were no reimbursements in cash by the Company’s shareholders of the Companies.\n\n18.\n\nLoss per share\n\nThe amount of basic earnings per share (EPS) is calculated by dividing the net income for the year attributable to shareholders of the Company’s\nordinary shares by the weighted average of the ordinary shares outstanding during the year.\n\nF-59\n\n[Table of Contents](#TABLEOFCONTENTS)\n\nThe following table shows the (loss) profit attributable to ordinary equity holders of the Company.\n\na)\n\nBasic EPS\n\n \n\nFor the Year Ended December 31,\n\n \n\n \n\n2025\n\n \n\n2024\n\n \n\n2023\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(Loss) profit attributable to ordinary equity holders of the parent entity\n\n \n\n$\n\n(282,380,535\n\n)\n\n \n\n$\n\n(3,567,965,578\n\n)\n\n \n\n$\n\n57,792,921\n\n \n\nWeighted average number of ordinary shares outstanding during the period\n\n \n\n \n\n79,486,548\n\n \n\n \n\n \n\n77,062,978\n\n \n\n \n\n \n\n69,099,785\n\n(1) \n\nBasic EPS\n\n \n\n$\n\n(3.55\n\n)\n\n \n\n$\n\n(46.30\n\n)\n\n \n\n$\n\n0.84\n\n \n\nb)\n\nDiluted EPS\n\n \n\nFor the Year Ended December 31,\n\n \n\n \n\n2025\n\n \n\n2024\n\n \n\n2023\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(Loss) profit per basic EPS adjusted\n\n \n\n$\n\n(282,380,535\n\n)\n\n \n\n$\n\n(3,567,965,578\n\n)\n\n \n\n$\n\n57,792,921\n\n \n\nNumber of shares per basic EPS adjusted for dilutive potential ordinary shared\n\n \n\n \n\n79,486,548\n\n \n\n \n\n \n\n77,062,978\n\n \n\n \n\n \n\n69,099,785\n\n(1) \n\nDiluted EPS\n\n \n\n$\n\n(3.55\n\n)\n\n \n\n$\n\n(46.30\n\n)\n\n \n\n$\n\n0.84\n\n \n\n(1)\n\nFor the years ended December 31, 2025, 2024 and 2023,\nManagement applied a retrospective approach to determine the weighted average number of ordinary shares outstanding. On March 20, 2024, the Company issued 79,242,873 of which 87.2% represents the shares attributable to the\noriginal shareholders of the Company  prior to the business combination.\n\n19.\n\nCommitments and contingencies\n\na.\n\nIn accordance with Mexican tax law, the tax authorities are empowered to examine transactions carried out during the five years prior to the most recent income tax return filed.\n\nb.\n\nIn accordance with the Mexican tax Law, companies carrying out transactions with related parties are subject to certain requirements as to the determination of prices, which should be like those used\nin arm’s-length transactions. Should the tax authorities examine the transactions and reject the related-party prices, they could assess additional taxes plus the related inflation adjustment and interest, in addition to penalties\nof up to 100% of the omitted taxes.\n\nc.\n\nOn September 10, 2019, and as amended on March 28, 2021, July 11, 2023  and the extension on January 19, 2024, the Company signed a Hotel Management Agreement with AMR Operaciones MX, S. de R L.\nde C. V. (AMR). Under this contract, AMR is solely engaged as an exclusive managing agent of the 1,016 keys  with the\nbrands Vivid (400 keys) and Dreams (616 keys) of the Cancun complex on behalf of the Company, in exchange of certain fees for the services provided. The period commencing from the opening date and ending on\nDecember 31 of the 25th full Fiscal Year following the opening date\n\nd.\n\nOn May 11, 2022, the Company signed a Hotel Services Agreement with Hyatt of Mexico, S.A. de C.V. (“Hyatt”). Under this contract, Hyatt is solely engaged as an exclusive managing agent of the\nAndaz Hotel on behalf of the Company, in exchange of certain fees for the services provided. The period commencing from the opening date and ending on December 31 of the 20th full Fiscal Year following the opening date.\n\nF-60\n\n[Table of Contents](#TABLEOFCONTENTS)\n\ne.\n\nOn May 11, 2022, the Company signed a Hotel Management Agreement with Ennismore Holdings US Inc. (“Accor”). Under this contract, Accor is solely engaged as an exclusive managing agent of the Mondrian Hotel on behalf of the\nCompany, in exchange of certain fees for the services provided. The period commencing from the opening date and ending on December 31 of the 20th full Fiscal Year following the opening date.\n\nf.\n\nIn March 2024, in connection with the A&R BCA aforementioned, the shareholders transferred 1,250,000 shares to certain vendors of Murano World as advance consideration for future construction and marketing services. Since these services have not\nyet been received, no increase in assets nor equity has been recognized as of the date of these condensed consolidated and combined interim financial statements.\n\ng.\n\nOn October 13, 2025, Finamo and Arrendadora Finamo initiated a commercial enforcement proceeding (juicio oral mercantil) against Murano PV, Murano World, Edificaciones BVG,\nElías Sacal Cababie, and other related parties (Case No. 1057/2025) before the Twentieth Civil Court for Oral Proceedings (Juzgado Vigésimo de lo Civil de Proceso Oral) of Mexico City, in connection with the alleged failure to\nmake (i) principal and interest payments under the Finamo Loans and (ii) lease payments under the Finamo Sale and Lease Back Agreements.\n\nh.\n\nThe Company has analyzed the risk of future covenant breaches in the following twelve months under the terms of  loan and lease agreements.  As referred to in the Going Concern notes 2c, 10 and 20. and, in order to address and mitigate the risks of\nsuch future possible covenant breaches including payment of debt service and cash reserve requirements, amongst others. Management has active negotiations with all lenders including the restructuring terms with the\nprincipal lenders including the holders of the 2031 Notes as well as a potential payment in kind of certain debts with the mortgage guarantees.\n\ni.\n\nIn addition to defaults existing as of December 31, 2025, the payment defaults described in note 20f., also trigger cross defaults under other debt and lease\ninstruments in respect of which the Company is an obligor.\n\n20.\n\nSubsequent events\n\na.\n\nIn connection with the SEPA agreement, on January 28, 2026 the Company issued 2,000,000\nordinary shares to Yorkville from which the Company initially sale on this date 1,835,000 in the amount of U.S$3,646,000.  On February 2, 2026  the Company issued 363,500 ordinary shares and sale 528,500 (including 165,000 ordinary shares previously issued) them to Yorkville in the amount of U.S.$787,640.\n\nb.\n\nAs mentioned in note 10(11). and 2ec. on March 10, 2026, the Company reached an agreement with an ad hoc group of holders of Notes representing more than 81% of the aggregate principal amount of Notes outstanding (the “Ad Hoc Group”), on the key terms of the Notes restructuring (the “Restructuring”) as set\nout in a term sheet signed on this date and (ii) the entry into a lock-up agreement (the “Lock Up Agreement”) with the Ad Hoc Group to ensure a successful implementation of the Restructuring.\n\nThe Restructuring is part of Companie’s ongoing efforts to preserve liquidity amid continued financial and operational challenges at its Grand Island Cancun hotel, and is expected to (i) strengthen Murano’s current capital\nstructure, (ii) assist Murano in its ongoing efforts to regain financial stability, and (iii) ensure the sustainability of the Grand Island Cancun hotel operations.\n\nThe Company remains committed to meeting its obligations to key suppliers, clients and commercial partners both current and future while it moves to the implementation phase of the Restructuring, as part of an agreed amicable\nand out-of-court solution.\n\n \n\nThe Lock Up Agreement with a substantial group of the holders of Notes represents a key milestone and is the result of a constructive negotiation process between Murano and the Ad Hoc Group over the last several months.  The\nCompany is working on meeting the various conditions to the effectiveness of the Lock-Up Agreement and aims at announcing its effectiveness shortly.\n\nAs part of the steps required to complete the restructuring of the 2031 Notes, the Company signed on April 6, 2026 the Hotel Management Agreement (HMA) with Ennismore Mexico to manage the 566 hotel key rooms of the phase one of the Cancun Complex and is maintaining proactive discussions with Hyatt to finalize the\nprevious HMA.\n\nIn addition, the Company has not yet delivered the audited financial statements as of December 31, 2025 required under the Indenture governing the 2031 Notes. The Company expects to deliver those financial statements in the\nshort term.\n\nc.\n\nOn March 20, 2026, the two years lock up period for the restriction of transfer of the\nordinary shares held by the shareholders of the De Spac transaction (as described in note 1.b. 2024 ix. b)) finalized.\n\nd.\n\nOn March 27, 2026, the Company paid the Santander Loan described in note 10 (6)., with a balance as of this date of U.S.$1,498,204.\n\ne.\n\nOn April 13, 2026, the Company announced that it has received a letter (the “Notification Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the\nCompany that based on the closing bid price of the Company’s ordinary shares for the last 30 consecutive business days, the Company no longer meets the continued listing requirements of Nasdaq under Nasdaq Listing Rule\n5550(a)(2), to maintain a minimum bid price of $1 per share.\n\nIn accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided a compliance period of one hundred eighty (180) calendar days, or until October 5, 2026, to regain compliance with the minimum bid price\nrequirement.\n\nTo regain compliance, the closing bid price of the Company’s ordinary shares must meet or exceed $1.00 per share for a minimum often (10) consecutive business days during the compliance period.\n\nIf the Company does not regain compliance within the initial compliance period, the Company may be eligible for an additional one hundred eighty (180)-day compliance period. To qualify, the Company will be required to meet the\ncontinued listing requirements for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market, with the exception of the bid price requirement, and will need to\nprovide written notice of its intention to cure the deficiency.\n\nThe Company intends to monitor the closing bid price of its ordinary shares and may, if appropriate, consider available options to regain compliance with the Nasdaq minimum bid price requirement.\n\nf.\n\nAs of the date of the issuance of these financial statements the Company did not make interest, principal  or lease payments, as applicable, under the instruments described in note 10 (2)., (3)., (4).,\n(5)., (8)., (9). and (10) from January 1st  to April 30, 2026 and will deliver  audited financial information after the 120 days post 2025 year closing required under the 2031 Notes. Management is reviewing potential defaults and\nexpects to proactively engage in constructive discussions that: 1) waives the defaults to the date with as part of the debt restructuring or 2) Finalize the Negotiation to settle the debts with a potential payment in kind that\nincludes the assets in mortgage guarantee for each of  loan with the different creditors."}