Murano Global Investments Plc

Listed Company

MRNOCIK 0001988776NasdaqNon-AcceleratedEmerging GrowthHotels & MotelsY9JE

Period

FY 2024

Revenue

—

Net Income

$-3.57B

Total Assets

$21.87B

Equity

—

Shares Out

79.31M

Op. Cash Flow

—

Business

Murano Global Investments Plc develops, acquires, owns and operates hospitality and real estate assets focused on resort and hotel properties. It offers hotel and resort management services, development and construction of residential and hospitality projects, property leasing and asset management, and related administrative and financing arrangements. Its business is organized around the Murano Group’s hotel operations, development and infrastructure activities, and corporate/financial functions. Murano primarily operates in Mexico’s resort markets (including Cancún, Puerto Vallarta and Ixtapa) and distributes services through direct operations, management agreements and third-party service providers.

Summary from filing dated 2025-05-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Revenue	1,141	730	287
Direct and selling, general and administrative expenses:	—	—	—
Employee Benefits	402	326	159
Food & Beverage and service cost	197	98	51
Sales commissions	34	38	12
Management fees operators	50	24	6
Depreciation and amortization	288	320	135
Property tax	10	12	10
Fees	141	152	81
Administrative fees	5	18	16
Maintenance and conservation	87	53	10
Utility expenses	66	68	12
Advertising	49	53	7
Donations	6	8	8
Insurance	47	36	15
Software	1	7	7
Cleaning and laundry	12	11	9
Replacement reserve (FF&E & OS&E)	35	9	0
Bank commissions	36	31	8
Operating supplies and equipment	467,571	22	0
Other costs	85	98	62
Total direct and selling, general and administrative expenses	1,551	1,383	608
Other income	84	190	26
Other expense	2	5	10
Listing expense	0	917	0
Gain (loss) on revaluation of investment property	75	240	−87
Changes in fair value of financial derivative instruments	0	−43	−76
Changes in fair value of warrants	64	−52	0
Changes in fair value of crypto assets	1	0	0
Exchange rate income (loss), net	1,354	−1,492	769
Interest income	14	35	9
Interest expenses	1,465	797	304
(Loss) profit before income taxes	−285	−3,495	6
Income tax (benefit) expense	−3	73	−52
Net (loss) profit for the period	−282	−3,568	58
Other comprehensive income:	—	—	—
Items that will not be reclassified subsequently to profit or loss:	—	—	—
Revaluation of property, construction in process and equipment net of deferred income tax	2,649	−234	623
Remeasurement of net defined benefit liability net of deferred income tax	−955,854	−11,610	−87,219
Cumulative translation adjustment	−10	−5	0
Other comprehensive income (loss) for the period	−2,658	229	−623
Total comprehensive (loss) income	−2,940	−3,339	−565

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
Assets	—	—
Current Assets:	—	—
Cash and cash equivalents and restricted cash	274	970
Trade receivables	82	65
VAT receivable	417	368
Other receivables	30	37
Prepayments	15	42
Assets held for sale	2,264	0
Inventories	16	11
Total current assets	3,097	1,493
Property, construction in process and equipment, net	12,812	18,815
Investment property	1,415	1,340
Right of use assets, net	150	200
Guarantee deposits	27	23
Other assets	1	1
Total non-current assets	14,404	20,379
Total assets	17,501	21,871
Liabilities, Stockholders' Equity and Net Assets	—	—
Current Liabilities:	—	—
Current installments of long-term debt	10,693	3,481
Trade accounts payable and accumulated expenses	675	630
Deferred underwriting fee payable	54	50
Advance from customers	195	23
Due to related parties	129	121
Lease liabilities	174	46
Income tax payable	7	11
Employees' statutory profit sharing	2	3
Total current liabilities	11,928	4,364
Non-current Liabilities:	—	—
Long-term debt, excluding current installments	27	7,693
Due to related parties, excluding current portion	69	74
Lease liabilities, excluding current portion	8	161
Employee benefits	12	10
Other liabilities	82	86
Warrants liability	8	76
Deferred tax liabilities	3,060	4,201
Total non-current liabilities	3,266	12,300
Total liabilities	15,194	16,665
Stockholders' Equity	—	—
Common Stock	952	926
Additional paid in capital	724	709
Accumulated deficit	−5,052	−4,770
Other comprehensive income	5,684	8,342
Total Stockholders' Equity	2,307	5,207
Total liabilities and Stockholders' Equity	17,501	21,871

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Cash flows from operating activities:	—	—	—
(Loss) profit before income taxes	−285	−3,495	6
Adjustments for:	—	—	—
Depreciation of property, construction in process and equipment	238	272	129
Depreciation of right of use assets	51	48	7
Disposals of furniture	0	0	7
Gain in sale of equipment	0	157	0
Amortization of costs to obtain loans and commissions	30	66	8
Listing expense	0	917	0
Valuation of financial derivative instruments	0	−43	−76
Valuation of warrants	64	−52	0
Gain in valuation of crypto assets	1	0	0
(Gain) loss on revaluation of investment property	75	240	−87
Interest expense	1,415	776	300
Interest expense from lease liabilities	20	21	3
Interest income	14	35	9
Net foreign exchange gain (loss) unrealized	−1,389	1,568	−756
Cash flows from operations	−75	−163	−143
Changes in:	—	—	—
Increase in receivable VAT	−49	−126	−13
Increase in trade receivable	−17	−48	−17
Decrease (increase) in other receivables	7	−9	−3
Decrease (increase) in prepayments	26	−23	24
(Increase) decrease in inventory	−4	−10	496,924
Increase in guarantee deposits	−4	−2	−21
Increase in trade payables and advance from customers	219	267	275
(Decrease) increase in other liabilities	−4	24	63
Increase in employee benefits	3	1	2
(Decrease) increase in employees' statutory profit sharing	−683,730	359,805	101,082
Income taxes paid	−8	−8	−2
Net cash flows from (used in) operating activities	93	−95	165
Cash flows used in investing activities	—	—	—
Interest received and cash settlement of derivatives	14	109	2
Disposal of property, construction in process and equipment	11	0	157
Loans collected from (granted to) related parties	0	144	−137
Investment in crypto assets	−42	0	0
Disposal of Crypto assets	43	0	0
Acquisition of property, construction in process and equipment	283	1,332	1,720
Net cash flows used in investing activities	−267	−1,080	−1,698
Cash flows from financing activities:	—	—	—
Capital increase	26	0	0
Additional paid in capital - warrants exercised	15	0	0
Withdrawals for future net assets increase	0	0	−56
Impact of corporate restructuring	0	2	0
Impact of business combination	0	635,515	0
Treasury shares	0	5	0
Proceeds from loans	559	8,964	2,116
Loan payments to third parties	359	6,020	272
Loans received from related parties	123	417	61
Loan payments to related parties	110	476	97
Costs to obtain loans and commissions	0	266	37
Payments of leasing liabilities	45	54	19
Interest paid	730	566	258
Net cash flows (used in) from financing activities	−522	1,999	1,438
Net (decrease) increase in cash and cash equivalents and restricted cash	−697	824	−94
Cash and cash equivalents and restricted cash at the end of the year	—	—	—
Cash and cash equivalents and restricted cash at the end of the year	—	—	—

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