Al Seer Marine Supplies & Equipment Company P.J.S.C.

Al Seer Marine: the listed business

As of: 2025-12-31 / 2026-01-29 / 2026-08-30

Al Seer Marine Supplies and Equipment Company PJSC trades on ADX as ASM. It combines commercial shipping, yacht services and maritime engineering with a substantial investment portfolio. These activities make it more than a vessel owner: operating contracts generate service and charter income, while quoted investments introduce a separate source of earnings volatility.

The company changed from an LLC to a private joint-stock company on 8 April 2021; its ordinary shares were listed on ADX's Secondary Market on 29 August 2021. These are the historical legal and listing descriptions in its accounts. This profile concerns the existing ADX-ASM issuer and its consolidated group, not an unrelated business using the abbreviation ASM.

Three operating segments

As of: 2025-12-31 / 2026-01-29

The accounts separate commercial shipping, yachting and Innovation, Defence & Technology (IDT). In FY2025 their revenues were AED 425.289 million, AED 786.354 million and AED 136.535 million respectively. Gross results differed: shipping earned AED 96.295 million, yachting AED 75.160 million, while IDT recorded a gross loss of AED 6.970 million. Segment size therefore should not be confused with segment profitability.

Shipping covers cargo, trade and maritime assets. Yachting includes management, maintenance, crewing and operations. IDT includes construction, boat and ship building, naval architecture, training, maintenance, unmanned systems and 3D printing. The businesses combine recurring service obligations with project execution and capital-intensive assets; their contracts do not share a single margin or cash-conversion pattern.

Fleet and operating evidence

As of: 2026-08-30 / 2026-06-30 / 2026-07-28

The public fleet list includes crude and product tankers, LPG carriers and a dry-bulk carrier. Examples include Twin Castor, Twin Pollux, Acrux and Ceres One; fleet presence is not proof of full legal ownership. Chartering, technical management and cargo operations are distinct services.

For H1 2026 management reported deployment of all 18 commercial vessels and no operational safety incidents despite regional shipping disruption. Deployment is an operating measure, not a guarantee of charter margins or cash collection.

Subsidiaries and joint ventures

As of: 2025-12-31 / 2026-01-29

At 31 December 2025 wholly owned subsidiaries included Al Seer Marine Boats Building, Al Seer Marine Training Institute, Al Seer Marine Services Company, DTEC Industries, ASM Nautical Holding and ASM YS Holding. Shipping ownership is organised through subsidiary entities, including Cayman Islands vessel companies beneath ASM Nautical Holding. Their place of incorporation should not be treated as the destination of the group's sales.

The joint ventures were ABGC DMCC, with a 51% interest, ASBI Shipping FZCO, also 51%, and Dune Limited, 57.5%. Despite majority percentages, they were equity-accounted joint ventures because the contractual arrangements establish joint control. Their entire revenues, vessels and debts must not simply be added to consolidated totals. The annual carrying value of these investments was AED 246.533 million and the recognised share of their profit AED 11.376 million. Dune operates in industrial participation and offset services for the defence and security market; ABGC and ASBI undertake shipping activities.

Ownership and governance perimeter

As of: 2025-12-31 / 2026-01-29

The FY2025 accounts identify International Holding Company PJSC as the holding company and Fount Trust as the ultimate parent. IHC is a separately listed issuer: its wider assets and profits are not assets and profits of ASM. A current percentage register of ASM's major shareholders was not established from the sources used here, so no ownership percentage is inferred from the parent relationship.

The annual statements were authorised on 29 January 2026 and signed by CEO Guy Neivens and CFO Mark Hawkes. Governance questions particularly relevant to this group concern related-party investments, secured borrowing, vessel transfers and capital allocation between operational businesses and securities. The profile uses consolidated ASM accounts; it does not imply that parent support is an unconditional funding guarantee.

Operating assets and the securities portfolio

As of: 2025-12-31 / 2026-01-29

At the end of 2025 property and equipment had a carrying value of AED 1,865.366 million. The vessels-and-motor-vehicles category represented AED 1,842.902 million of that amount; it is a combined accounting category, not an independently valued fleet. Capital work in progress was AED 2.461 million, while prototype boats were AED 1.301 million. Assets under construction should not be described as delivered operating capacity.

The listed investment portfolio was even larger, at AED 4,761.358 million, measured at fair value through profit or loss. The investments were located in the UAE and valued using active-market quotations. Of the portfolio, AED 1,903.345 million represented related-party shares, and AED 3,140.464 million was pledged as security for borrowing. This creates a connection between equity-market prices, reported earnings and collateral. Current-asset classification does not make these investments equivalent to cash at a guaranteed price.

Financial results: keep reported loss visible

As of: 2025-12-31 / 2026-01-29 / 2026-06-30 / 2026-07-28

The table shows AED millions; parentheses indicate losses. FY2025 covers twelve months and H1 columns six months. Annual comparisons use the restated FY2024 figures. H1 information is reviewed, not audited. Operating strength should be assessed alongside the statutory result rather than replacing it with a management headline.

The FY2025 investment revaluation loss was AED 508.869 million. It outweighed several positive income sources, producing a net loss despite gross profit. The finance-cost line was AED 76.846 million, but additional financing costs were included in cost of sales; using that line alone understates the full financing burden. The annual cash-flow statement reported AED 182.876 million of finance-cost adjustments. Revenue, gross margin, investment movements and cash generation therefore answer different questions.

* Restated comparatives.

Debt and liquidity

As of: 2025-12-31 / 2026-01-29 / 2026-06-30 / 2026-07-28

June 2026 bank debt was AED 2,422.321 million, including AED 1,742.962 million current; cash equivalents were AED 493.882 million.

At December 2025, bank borrowings were AED 2,446.032 million, financial liabilities AED 790.047 million and lease liabilities AED 5.402 million. These are separate categories: bank debt alone does not capture the financing of the business. Cash equivalents were AED 383.515 million after excluding deposits with original maturities above three months.

The annual loan schedule records a refinancing extension to 7 February 2027. A separate AED 760 million facility repays half through quarterly instalments over eight years and half as a final balloon. Some facilities carry fixed rates and others EIBOR-linked rates. Repayment concentration, refinancing and securities collateral deserve attention alongside the physical fleet. The current classification in June is particularly relevant to near-term funding needs.

Corporate changes and comparability

As of: 2025-12-31 / 2026-01-29

In 2025 Alcor Marine and Alkaid ceased to be wholly owned subsidiaries after transfer to the ASBI joint venture. Total consideration was AED 290.325 million, including AED 42.107 million invested in ASBI; the recognised disposal gain was AED 102.624 million. This was a completed change in ownership and accounting perimeter, not simply the disappearance of two ships from the wider commercial network. That gain also limits how much of annual earnings can be treated as recurring operating performance.

The FY2024 comparative statements were restated. Adjustments affected cost of sales, depreciation and the accounting presentation of financing transactions. This profile uses the comparative figures as restated in the FY2025 accounts, rather than mixing earlier releases with the revised series. Cash received through a financing arrangement should not be mistaken for ordinary asset-sale income.

Strategy and execution tests

As of: 2026-08-30 / 2025-12-31 / 2026-01-29

Management's published priorities include commercial-fleet expansion, unmanned maritime systems, additive manufacturing and partnerships. These are strategic directions, not booked future revenues.

Editorially, the execution test is whether new assets and services generate cash after financing and maintenance. FY2025 operating cash generation benefited from a large increase in contract liabilities, while receivables also absorbed cash. Customer advances fund delivery obligations; they are not surplus profit available without further work. Project schedules, cost control and acceptance by customers matter as much as headline contract size. Investment-market performance can meanwhile obscure progress in the operating segments.

Principal risks and geographic limits

As of: 2025-12-31 / 2026-01-29

Market risk is unusually important for a maritime operator with a large quoted-equity portfolio. A fall in investment prices can reduce both earnings and pledged collateral. Interest-rate changes affect variable-rate borrowing, while receivables and related-party balances create collection risk. Guarantees issued in the ordinary course of business amounted to AED 493.428 million at December 2025; guarantees are contingent exposure, not bank debt to be mechanically added to the loan balance.

The operating assets bring vessel downtime, maintenance, residual-value and project-execution risks. Forecast vessel cash flows and useful lives affect impairment and depreciation estimates. The group also transacts in foreign currencies. Its UAE base and the location of its securities portfolio do not mean that its ships operate only in the UAE. The sources used do not establish a country-by-country revenue split, so corporate domicile and vessel flags are not substituted for sales geography.

Official contacts

As of: 2026-08-30

Website: alseermarine.com. Corporate telephone: +971 2 551 1336. Email: info@alseermarine.com. Address: P.O. Box 33639, Plot A-20, Sector MW-5, Mussafah Industrial City, Abu Dhabi, United Arab Emirates. Investor enquiries can use the official Investor Contact page.

Contacts were checked on 30 August 2026. Financial and ownership information retains the dates shown in each section. This original business profile is not a trading recommendation; source documents remain on official websites and are not hosted here.

Sources

1. A · Source A · 2025-12-31; authorised 2026-01-29
2. H · Source H · 2026-06-30; review 2026-07-28
3. I · Source I · checked 2026-08-30
4. F · Source F · checked 2026-08-30
5. R · Source R · 2026-06-30; published 2026-07-28
6. W · Source W · checked 2026-08-30
7. C · Source C · checked 2026-08-30