$MRNOW

Murano Global Investments Plc

CIK:0001988776|SEC Filings

Consolidated and combined statements of profit or loss and other comprehensive income - MXN ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Consolidated and combined statements of profit or loss and other comprehensive income [Abstract]
Revenue	$ 1,140,545,581	$ 729,953,807	$ 286,651,914
Direct and selling, general and administrative expenses:
Employee Benefits	401,778,649	325,521,012	158,777,211
Food & Beverage and service cost	197,024,058	98,441,323	50,548,808
Sales commissions	33,768,039	37,592,689	12,047,140
Management fees operators	49,833,623	23,928,681	6,031,578
Depreciation and amortization	288,435,624	319,768,815	135,498,890
Property tax	10,142,579	12,444,214	10,062,451
Fees	141,418,293	151,697,897	81,161,295
Administrative fees	4,959,645	17,540,773	16,148,254
Maintenance and conservation	86,739,866	52,727,323	9,676,728
Utility expenses	65,615,925	67,542,771	11,806,600
Advertising	48,724,597	53,064,373	7,326,696
Donations	5,557,586	7,842,770	7,676,660
Insurance	46,691,939	35,771,206	14,820,097
Software	1,455,708	6,948,956	6,744,506
Cleaning and laundry	11,714,562	11,301,594	9,197,151
Replacement reserve (FF&E & OS&E)	35,351,511	9,284,517	0
Bank commissions	36,171,936	31,109,553	8,317,475
Operating supplies and equipment	467,571	21,804,534	0
Other costs	84,880,479	98,197,243	62,238,994
Total direct and selling, general and administrative expenses	1,550,732,190	1,382,530,244	608,080,534
Other income	83,781,863	190,235,287	25,560,552
Other expense	(2,158,802)	(5,474,442)	(9,801,077)
Listing expense	0	(917,366,970)	0
Gain (loss) on revaluation of investment property	75,000,000	239,508,510	(86,598,436)
Changes in fair value of financial derivative instruments	0	(43,348,480)	(75,868,263)
Changes in fair value of warrants	63,526,324	(51,946,426)	0
Changes in fair value of crypto assets	1,040,259	0	0
Exchange rate income (loss), net	1,354,424,857	(1,492,245,569)	768,699,652
Interest income	14,403,106	34,942,822	8,845,532
Interest expenses	(1,465,110,800)	(797,018,177)	(303,746,643)
(Loss) profit before income taxes	(285,279,802)	(3,495,289,882)	5,662,697
Income tax (benefit) expense	(2,899,267)	72,675,696	(52,130,224)
Net (loss) profit for the period	(282,380,535)	(3,567,965,578)	57,792,921
Items that will not be reclassified subsequently to profit or loss:
Revaluation of property, construction in process and equipment net of deferred income tax	(2,648,760,900)	234,366,712	(622,987,642)
Remeasurement of net defined benefit liability net of deferred income tax	955,854	11,610	87,219
Cumulative translation adjustment	(9,897,825)	(5,243,648)	0
Other comprehensive income (loss) for the period	(2,657,702,871)	229,134,674	(622,900,423)
Total comprehensive (loss) income	$ (2,940,083,406)	$ (3,338,830,904)	$ (565,107,502)

Consolidated and combined statements of cash flows	12 Months Ended
Consolidated and combined statements of cash flows	Dec. 31, 2025 MXN ($)	Dec. 31, 2024 MXN ($)	Dec. 31, 2023 MXN ($)
Cash flows from operating activities:
(Loss) profit before income taxes	$ (285,279,802)	$ (3,495,289,882)	$ 5,662,697
Adjustments for:
Depreciation of property, construction in process and equipment	237,651,011	271,532,601	128,715,199
Depreciation of right of use assets	50,645,994	48,236,212	6,783,691
Disposals of furniture	0	0	6,656,723
Gain in sale of equipment	0	(157,032,407)	0
Amortization of costs to obtain loans and commissions	30,289,106	66,392,459	8,106,066
Listing expense	0	917,366,970	0
Valuation of financial derivative instruments	0	43,348,480	75,868,263
Valuation of warrants	(63,526,324)	51,946,426	0
Gain in valuation of crypto assets	(1,040,259)	0	0
(Gain) loss on revaluation of investment property	(75,000,000)	(239,508,510)	86,598,436
Interest expense	1,414,534,298	775,720,050	300,463,958
Interest expense from lease liabilities	20,287,396	21,298,127	3,282,685
Interest income	(14,403,106)	(34,942,822)	(8,845,532)
Net foreign exchange gain (loss) unrealized	(1,388,706,418)	1,568,211,759	(756,380,690)
Cash flows from operations	(74,548,104)	(162,720,537)	(143,088,504)
Changes in:
Increase in receivable VAT	(48,919,026)	(125,714,792)	(13,310,332)
Increase in trade receivable	(17,182,551)	(47,682,402)	(16,831,611)
Decrease (increase) in other receivables	6,846,123	(8,805,027)	(2,935,229)
Decrease (increase) in prepayments	26,487,024	(22,716,089)	24,307,603
(Increase) decrease in inventory	(4,310,861)	(10,047,780)	496,924
Increase in guarantee deposits	(3,896,328)	(1,838,093)	(21,480,806)
Increase in trade payables and advance from customers	218,797,466	266,769,413	275,492,241
(Decrease) increase in other liabilities	(4,388,433)	23,807,107	62,504,425
Increase in employee benefits	3,049,145	1,425,354	2,149,082
(Decrease) increase in employees' statutory profit sharing	(683,730)	359,805	101,082
Income taxes paid	(8,405,027)	(7,645,321)	(2,198,538)
Net cash flows from (used in) operating activities	92,845,698	(94,808,362)	165,206,337
Cash flows used in investing activities
Interest received and cash settlement of derivatives	14,403,106	108,518,069	2,081,201
Disposal of property, construction in process and equipment	11	0	157,032,407
Loans collected from (granted to) related parties	0	143,549,146	(136,784,815)
Investment in crypto assets	(41,931,431)	0	0
Disposal of Crypto assets	42,971,690	0	0
Acquisition of property, construction in process and equipment	(282,638,596)	(1,331,832,547)	(1,719,930,815)
Net cash flows used in investing activities	(267,195,220)	(1,079,765,332)	(1,697,602,022)
Cash flows from financing activities:
Capital increase	25,969,485	0	0
Additional paid in capital - warrants exercised	14,659,828	0	0
Withdrawals for future net assets increase	0	0	(55,939,020)
Impact of corporate restructuring	0	2,240,280	0
Impact of business combination	0	635,515	0
Treasury shares	0	(4,636,061)	0
Proceeds from loans	558,796,971	8,964,217,491	2,116,176,076
Loan payments to third parties	(359,425,897)	(6,019,515,831)	(272,136,923)
Loans received from related parties	123,407,734	417,288,465	60,581,457
Loan payments to related parties	(110,390,827)	(476,238,335)	(96,693,781)
Costs to obtain loans and commissions	0	(265,689,972)	(37,075,869)
Payments of leasing liabilities	(45,439,894)	(53,910,165)	(19,175,084)
Interest paid	(729,903,221)	(565,772,570)	(257,726,242)
Net cash flows (used in) from financing activities	(522,325,821)	1,998,618,817	1,438,010,614
Net (decrease) increase in cash and cash equivalents and restricted cash	(696,675,343)	824,045,123	(94,385,071)
Cash and cash equivalents and restricted cash at the beginning of the year	970,414,857	146,369,734	240,754,805
Cash and cash equivalents and restricted cash at the end of the year	$ 273,739,514	$ 970,414,857	$ 146,369,734

Consolidated statements of financial position - MXN ($)	Dec. 31, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents and restricted cash	$ 273,739,514	$ 970,414,857
Trade receivables	81,696,564	64,514,013
VAT receivable	416,713,680	367,794,654
Other receivables	30,300,599	37,146,722
Prepayments	15,021,861	41,508,885
Assets held for sale	2,263,767,616	0
Inventories	15,774,235	11,463,374
Total current assets	3,097,014,069	1,492,842,505
Property, construction in process and equipment, net	12,812,413,318	18,815,137,503
Investment property	1,415,000,000	1,340,000,000
Right of use assets, net	149,519,714	200,165,708
Guarantee deposits	27,215,226	23,318,898
Other assets	1	1
Total non-current assets	14,404,148,259	20,378,622,110
Total assets	17,501,162,328	21,871,464,615
Current Liabilities:
Current installments of long-term debt	10,692,844,600	3,481,380,489
Trade accounts payable and accumulated expenses	674,663,277	629,580,986
Deferred underwriting fee payable	53,858,400	50,076,000
Advance from customers	195,148,842	23,459,478
Due to related parties	129,014,341	120,634,508
Lease liabilities	173,913,074	46,051,658
Income tax payable	6,985,159	10,665,198
Employees' statutory profit sharing	1,917,799	2,601,529
Total current liabilities	11,928,345,492	4,364,449,846
Non-current Liabilities:
Long-term debt, excluding current installments	26,800,341	7,692,819,937
Due to related parties, excluding current portion	69,065,566	73,837,080
Lease liabilities, excluding current portion	7,648,754	160,662,668
Employee benefits	11,858,640	10,175,001
Other liabilities	81,923,098	86,311,531
Warrants liability	7,965,416	75,827,403
Deferred tax liabilities	3,060,426,564	4,200,798,599
Total non-current liabilities	3,265,688,379	12,300,432,219
Total liabilities	15,194,033,871	16,664,882,065
Stockholders' Equity
Common Stock	951,765,375	925,795,890
Additional paid in capital	723,605,519	708,945,691
Accumulated deficit	(5,052,335,046)	(4,769,954,511)
Other comprehensive income	5,684,092,609	8,341,795,480
Total Stockholders' Equity	2,307,128,457	5,206,582,550
Total liabilities and Stockholders' Equity	$ 17,501,162,328	$ 21,871,464,615