Brooge Energy Limited (BROG): Business Model Canvas [Dec-2025 Updated]

Honestly, when a company like Brooge Energy Limited (BROG) sells its core oil storage business for a massive $884 million and immediately pivots to building a 700,000 MT per annum Green Ammonia project, you have to pay attention. This isn't just a strategy shift; it's a complete re-engineering of the business model, moving from legacy midstream logistics to being an early mover in the UAE's clean energy future, backed by significant cash proceeds and a key partnership with Siemens Energy. To truly grasp the near-term risks-like deploying that capital effectively-and the long-term upside in green hydrogen derivatives, you need to see the full nine-block blueprint of this transformation, which I've broken down below.

Brooge Energy Limited (BROG) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that underpin Brooge Energy Limited's (BROG) strategy, especially now after the major divestiture of its legacy assets. These partnerships are critical for both realizing the value from the sale and funding the pivot toward green energy.

Siemens Energy: Technical Partner for Green Ammonia Project

The collaboration with Siemens Energy (SE) is central to the Brooge Renewable Energy Ltd (BRE) green energy push. Siemens Energy acts as the Technical Partner for the planned Green Hydrogen and Green Ammonia project in Abu Dhabi.

• Siemens Energy will provide engineering, design, procurement, and construction (EPC) services for up to a $\text{650 MW}$ solar PV plant.
• This solar farm is designated to supply the renewable energy needed for Phase 1 of the green ammonia project.
• The scope also includes grid connection, operation, and maintenance services from Siemens Energy.

Gulf Navigation Holding PJSC: Buyer of core oil storage assets for $\text{884 million}$

This is the defining financial event of late 2025. Brooge Energy Limited successfully closed the transaction to sell 100% of BPGIC FZE and BPGIC Phase III FZE to Gulf Navigation Holding PJSC (GulfNav) in November 2025. The total consideration was approximately $\text{884 million}$, which translates to about $\text{AED 3,245,000,000}$.

Here's the quick math on how that value was structured, based on the May 27, 2025, Sale and Purchase Agreement (SPA) terms:

Consideration Component	Value (USD)	Value (AED) / Details
Cash Component	$\text{125.3 million}$	$\text{AED 460 million}$
GulfNav Ordinary Shares	$\text{122 million}$	$\text{358,841,476}$ new shares issued at $\text{AED 1.25}$ per share
Mandatory Convertible Bonds (MCBs) to Brooge	$\text{636 million}$	$\text{AED 2.336 billion}$, convertible at $\text{AED 1.25}$ per share

Anyway, the impact on GulfNav is significant; their share capital increased from approximately $\text{AED837 million}$ to $\text{AED1.65 billion}$, with a projected total share capital of around $\text{AED3.5 billion}$ upon full conversion of the MCBs.

Fujairah Port Authorities: Land and operational access for oil storage

While specific financial terms of the ongoing operational partnership with the Fujairah Port Authorities aren't public, the core business relies on this access. Brooge Petroleum and Gas Investment Company (BPGIC) facilities are strategically located at the Port of Fujairah, outside the Strait of Hormuz. This location provides the necessary operational access for its former core business, which included storage capacity of $\text{1,001,388 cbm}$ as of December 31, 2022.

Abu Dhabi's KIZAD: Land lease for the new Green Ammonia facility

For the green energy pivot, the partnership with Khalifa Industrial Zone Abu Dhabi (KIZAD) is key. BRE signed a preliminary land lease agreement here.

• The leased plot size is $\text{150,000 sqm}$.
• The site has sufficient access to the sea, which is vital for product export.
• The planned Green Hydrogen and Green Ammonia plant on this site targets a total capacity of approximately $\text{685 KTPA}$ (or $\text{1950 TPD}$).
• Phase I commissioning is set for $\text{300 TPD}$.

Off-takers for Green Ammonia/Hydrogen products

To monetize the future green products, securing buyers is the next major step. BRE is actively working to secure these deals now that the feasibility study is complete.

• BRE is in the process to secure strong off-take ties in the identified markets of Europe and Asia.
• This targets a share of the lucrative export market estimated at $\text{18 million Tons Per Annum (MTPA)}$ of Green Ammonia.

Finance: draft 13-week cash view by Friday.

Brooge Energy Limited (BROG) - Canvas Business Model: Key Activities

You're looking at the core actions Brooge Energy Limited is taking as it pivots from its historical role as a Fujairah storage operator to a green energy developer, especially after the major asset sale closed in late 2025. The key activities reflect both the finalization of the old business and the ramp-up of the new strategic focus.

Developing the 700,000 MT per annum Green Ammonia Project

This is the future focus, driven by the wholly-owned subsidiary Brooge Renewable Energy (BRE). The activity involves executing the plan that followed the successful feasibility study. The target capacity is substantial, positioning the company for the global green hydrogen carrier market.

• Target production capacity: 1,950 Tons Per Day (TPD), translating to approximately 685 Kilotonnes Per Annum (KTPA) of green ammonia.
• Phase I of the project is planned to commission 300 TPD.
• The project is designed to be powered by a dedicated solar farm, originally planned at up to 650 MW capacity.

Managing the transition and distribution of the $884 million sale proceeds

This was a critical, time-bound activity in late 2025, following overwhelming shareholder approval on September 30, 2025. The transaction with Gulf Navigation Holding PJSC closed on November 25, 2025, and the company immediately declared a dividend.

Here's the quick math on the total consideration from the sale of BPGIC FZE and BPGIC Phase III FZE:

Consideration Component	Amount (USD)	Form
Total Consideration Value	$884 million	Total Value
Cash Consideration	$125.3 million	Cash Payment
GulfNav Shares Value	$122 million	Ordinary Shares
Mandatory Convertible Bonds Value	$636 million	Debt Instrument

The distribution mechanism was complex, but for shareholders holding shares via the Depository Trust Company (DTC) as of the September 10, 2025, Record Date, the dividend paid was a concrete cash amount.

• Cash Dividend paid per DTC share: $7.76 per share.
• Shareholder participation in the September 30, 2025, EGM was 96.46%.

Constructing the up to 650 MW dedicated solar PV plant

This activity is intrinsically linked to powering the Green Ammonia Project. While the partnership with Siemens Energy to provide EPC services for the 650 MW solar PV plant was announced earlier, the execution of construction would be a primary focus for the post-sale entity, though specific late 2025 construction spend figures aren't public.

Securing long-term off-take agreements for green products

To de-risk the massive capital outlay for the ammonia project, securing buyers is paramount. The company was in the process of securing strong off-take ties in the identified markets of Europe and Asia to capitalize on its early mover advantage.

Providing ancillary oil storage services (pre-sale closure)

Before the November 2025 closing, the core activity involved managing the existing infrastructure, which generated recurring revenue heavily weighted toward fixed leasing fees. Ancillary services, which include throughput, blending, and heating, provided variable inflows.

The historical performance of the divested assets, BPGIC FZE and BPGIC Phase III FZE, provides context for the value realized in the transaction:

Metric	2022 Actual (BPGIC FZE)	2023 Forecast (BPGIC FZE)
Total Revenue	US$79.2 million	Over US$125 million
Net Income	US$26.2 million	N/A (2023 H1 Net Profit: $37.4 million)

The terminal capacity was reported as being near 100% contracted at better terms heading into 2023. Finance: draft 13-week cash view by Friday.

Brooge Energy Limited (BROG) - Canvas Business Model: Key Resources

You're looking at the core assets Brooge Energy Limited (BROG) holds as of late 2025, especially after that major transaction with Gulf Navigation Holding PJSC (GulfNav). These aren't just line items; they are the foundational elements that will power the company's next phase, focusing on the green energy pivot.

The immediate, tangible resource from the asset sale closing on November 25, 2025, is the cash component. Brooge Energy Limited received $125.3 million in cash as part of the total consideration for divesting the BPGIC Group. This cash, along with the other components of the deal, is critical for settling debts and funding future endeavors, like the green energy push. Honestly, getting that immediate cash injection is a huge de-risking factor for the remaining operations.

The strategic land position for the future green energy infrastructure is anchored by the agreement in Abu Dhabi. Brooge Renewable Energy Ltd (BRE), the wholly-owned subsidiary, secured a preliminary land lease agreement for a 150,000 sqm plot in the Khalifa Industrial Zone Abu Dhabi (KIZAD). This is where the planned Green Hydrogen and green ammonia plant is slated to be built, giving BROG a physical footprint in a key industrial zone for its new focus.

The intellectual property and engineering capability are centered around the Green Ammonia Project, which has already completed its feasibility study guided by Ernst & Young (EY). This represents the know-how for building out the next generation of assets. The planned capacity is substantial:

• Target initial production capacity: up to 300,000 MT green ammonia per annum.
• Phase-I commissioning target: 300 TPD (Tons Per Day).
• Projected solidified lead capacity: approximately 685 KTPA (Kilo Tons Per Annum) green ammonia production.

This engineering foundation is what allows them to target the lucrative export market, which studies indicated could be as large as 18 million MTPA of Green Ammonia in key regions like Europe and Asia.

The financial structure resulting from the GulfNav sale is a major resource, though complex. The total consideration was approximately $884 million, satisfied through a mix of cash, shares, and bonds. The GulfNav Securities component-the shares and the Mandatory Convertible Bonds (MCBs)-totals approximately $758 million, which you can see broken down here. This is a significant holding in a complementary, now larger, energy logistics entity:

Consideration Component	Value (USD)	Notes
Cash Consideration	$125.3 million	Paid upon closing of the Transaction.
GulfNav Shares	$122 million	358,841,476 ordinary shares at USD 0.34 per share.
Mandatory Convertible Bonds (MCBs)	$636 million	Issued by GulfNav, convertible into GulfNav ordinary shares.
Total GulfNav Securities	$758 million	Sum of Shares and MCBs.

Finally, the specialized engineering talent is the human capital driving this transition. While I don't have a specific salary figure for the team, the fact that the company engaged a top-tier firm like EY to conduct the feasibility study for the Green Ammonia project, and that the interim CEO played a key role in environmental initiatives over the past decade, shows they have the right expertise guiding the technical development. If onboarding takes 14+ days, churn risk rises, so retaining this core team is defintely paramount.

Finance: draft 13-week cash view by Friday.

Brooge Energy Limited (BROG) - Canvas Business Model: Value Propositions

You're looking at the core value Brooge Energy Limited (BROG) offers its customers and the market as of late 2025, especially as the company pivots hard into green energy. It's a mix of leveraging existing infrastructure strengths while aggressively building out a future-facing asset base.

Early mover advantage in UAE's Green Ammonia/Hydrogen market

Brooge Energy Limited is positioning itself as one of the first privately owned entities in the UAE to develop a green ammonia project. This first-mover status is critical for securing early off-take agreements in the nascent global market. The planned facility targets a total production capacity of approximately 685 Kilo Tons Per Annum (KTPA) of green ammonia once fully operational. Phase-I of this project is set to commission 300 Tons Per Day (TPD), which is 1,950 TPD total capacity. This scale is designed to tap into the lucrative export market, which is projected to reach 18 million Tons Per Annum (MTPA) of Green Ammonia across identified markets in Europe and Asia.

Strategic location for global energy logistics (pre-sale)

The legacy oil storage business, though slated for sale, provides a strong logistical foundation. The terminal is strategically located in Fujairah, the world's second-largest bunkering hub. This location, outside the Strait of Hormuz, offers a low-risk alternative for energy trading and storage. The existing terminal boasts a total capacity exceeding 1,000,000 cubic meters. This infrastructure is being leveraged for the new green energy focus, as the company secured a 150,000 square meter plot in KIZAD for the green ammonia facility.

High-accuracy blending and fast order processing for oil products (pre-sale)

Before the major asset sale closed in late 2025, the oil storage operations delivered tangible operational value. They used advanced technology to ensure high-accuracy blending and minimize product loss. Specifically, their stripping system reduces product loss by over 80%. Furthermore, speed was a key differentiator, with high-capacity pumping capabilities reaching up to 16,000 M3 per hour, which helps cut vessel demurrage costs for clients.

Production of genuinely green fuel from a dedicated 650 MW solar plant

The commitment to genuinely green fuel is underpinned by massive renewable energy infrastructure. The Green Ammonia Project is designed to be powered by a dedicated solar PV plant with a capacity of up to 650 MW. This partnership with Siemens Energy for the EPC services ensures the power source for the green hydrogen and ammonia production is renewable, which is vital for the product's low-carbon credentials.

Long-term, stable supply of clean energy products for global shipping

The value proposition here is future-proofing the supply chain for decarbonization. By producing green ammonia, which is an efficient carrier for green hydrogen, Brooge Energy Limited is targeting the rising global demand for decarbonization solutions, especially in global shipping. The projected cost competitiveness of their Middle East exports versus regions like Australia or North America is a key factor in securing long-term off-take ties.

Here's a quick look at the key operational and financial metrics underpinning these value propositions as of late 2025:

Metric Category	Value Proposition Component	Real-Life Number/Amount
Green Ammonia Capacity (Total Planned)	Green Fuel Production Scale	685 KTPA
Green Ammonia Capacity (Phase I Commissioning)	Green Fuel Production Scale	300 TPD
Dedicated Solar Power Capacity	Genuinely Green Fuel Production	Up to 650 MW
Oil Blending Efficiency	High-Accuracy Blending (Pre-sale)	Product Loss minimized by over 80%
Oil Pumping Throughput	Fast Order Processing (Pre-sale)	Up to 16,000 M3 per hour
Strategic Asset Sale Value	Financial Enabler for Green Pivot	Approximately $884 million
Total Assets (May 2025)	Underlying Infrastructure Value	$485.64 million

The strategic sale of the oil subsidiaries for about $884 million, approved in October 2025, is the financial mechanism that helps fund this transition, moving the company from an estimated FY 2025 revenue of $180.4 million to a new infrastructure focus.

Finance: draft 13-week cash view by Friday.

Brooge Energy Limited (BROG) - Canvas Business Model: Customer Relationships

You're looking at Brooge Energy Limited (BEL) in late 2025, and the customer relationship landscape is defined by a massive corporate restructuring, so the focus has shifted from operational contracts to shareholder value realization and future project alignment.

Investor relations focused on the strategic pivot and capital distribution

The primary relationship focus for Brooge Energy Limited in late 2025 is managing the expectations and fulfilling the commitments made to its shareholders following the sale of its core assets. This required securing overwhelming support for the divestiture of BPGIC FZE and BPGIC Phase III FZE to Gulf Navigation Holding PJSC (GulfNav) for approximately $884 million.

• Shareholder approval for the sale resolution was 99.99% of voting shares on September 30, 2025.
• Shareholder approval for the distribution resolution was 99.97% of voting shares.
• Shareholder participation in the Extraordinary General Meeting (EGM) was 96.46% of outstanding shares.
• DTC shareholders received a cash payment of USD 7.76 per share as part of the declared Dividend on or about December 2, 2025.
• Shareholders outside the US received their Dividend in GulfNav Securities.

Dedicated account management for major oil traders (pre-sale)

Before the sale closing on November 25, 2025, the relationship management for the legacy oil storage business centered on securing long-term, high-value commitments. This involved deep engagement with major traders to lock in capacity and service revenue.

Here's a quick look at the metrics that defined those key trader relationships:

Relationship Metric	Legacy Oil Storage Operation Data
Tolling Contract Tenure (Refinery)	20 years (5 initial + 3 renewals of 5 years each)
Phase I Capacity Contracted (2020)	129,000m3
Premium on New Phase I Contracts (2020)	50% premium to previous contracts
Major Oil Company Engagement	Signed offtake contract with one of the 'super major oil companies' for Phase I storage.

High-touch service for ancillary oil storage operations

The high-touch service component for the legacy business was built on operational excellence, including high-accuracy blending and minimal product loss, which directly benefited oil majors and smaller energy traders alike. The company's facilities offered dedicated lines connecting the Port of Fujairah.

• Total geometric storage capacity across Phase I and Phase II was approximately 1 million cubic meters (or about 6.3 million barrels).
• The legacy business operated across 22 tanks.
• Ancillary services revenue contribution was 14% of total revenues in 2021, compared to 37% in 2020.
• Product loss reduction via the terminal's stripping system was over 80% during transfers.

Strategic, long-term contracts with Green Ammonia off-takers

The new strategic direction involves cultivating relationships with Green Ammonia off-takers, a crucial step for the future entity. The company is actively working to secure these ties in identified markets of Europe and Asia to support its planned production scale.

• Planned Green Ammonia Project total capacity: 1,950 Tons Per Day (TPD).
• Phase-I of the Green Ammonia Project is set to commission 300 TPD.
• The company is positioning itself to tap into an export market estimated at 18 million Tons Per Annum (MTPA) of Green Ammonia in target regions.

Government and regulatory engagement for project approvals

Engagement with government bodies is key for both the strategic pivot and new energy projects. The successful closing of the asset sale was contingent on regulatory approvals, and new ventures require direct government support.

• The EGM to approve the asset sale was held on September 30, 2025.
• The company signed a strategic agreement with Honeywell in November 2025 for a new gasoline refinery, in the presence of the Ministry of Energy and Infrastructure.
• The new refinery project begins with a first phase production capacity of approximately 15,000 barrels per day.

Brooge Energy Limited (BROG) - Canvas Business Model: Channels

You're looking at how Brooge Energy Limited gets its value proposition-storage, blending, and future green energy-to its customers and stakeholders as of late 2025. The channels have definitely shifted, especially with the major corporate transaction closing in November 2025.

Direct sales team for long-term Green Ammonia off-take contracts

The direct sales effort here is focused on securing long-term commitments for the planned Green Ammonia production, which is a key part of Brooge Energy Limited's energy transition play. The sales team is targeting markets in Europe and Asia to lock in volumes before or during the facility commissioning.

The target capacity for this future channel is substantial:

• Total Green Ammonia production facility capacity: 1950 Tons Per Day (TPD).
• Phase-I commissioning target: 300 TPD.
• Projected annual production: Approximately 685 Kilo Tons Per Annum (KTPA).

While specific 2025 off-take contract values aren't public, the strategy is to use these future fixed storage fees from Ammonia off-take agreements to cover the fixed costs of the Green Hydrogen and Green Ammonia Project. This is a crucial pre-sale channel for a product that hasn't fully come online yet.

Global shipping and logistics partners for product export

For the existing oil storage business, which is the core revenue driver, Brooge Energy Limited relies on its strategic location and direct connectivity. The flagship facilities are in Fujairah, the world's 2nd largest bunkering and emerging storage hub, with dedicated lines connecting to the Port of Fujairah.

The physical capability that supports this channel includes high-throughput capabilities:

• Terminal high-capacity pumping rate: Up to 16,000 M3 per hour.

The company's operational unit, BPGIC, differentiates itself by offering fast order processing times, which directly impacts the efficiency of its logistics channel with partners.

Port of Fujairah infrastructure (pre-sale)

This channel is the physical asset base that underpins all service delivery. While the operating subsidiary BPGIC FZE and BPGIC Phase III FZE were conditionally sold to Gulf Navigation Holding PJSC in May 2025, the infrastructure remains the core asset supporting the business model, with the transaction closing on November 25, 2025. The total consideration for the sale was approximately USD 884 million (AED 3,245,000,000).

The existing capacity, which was built on a pre-contracted basis, is detailed below. Note that the company historically stated it has fully contracted out the additional storage capacity from its prior expansion.

Facility Phase	Product Type	Number of Tanks	Aggregate Geometric Capacity
Phase I	Refined Oil Products	14	399,324 cbm
Phase II	Crude Oil	8	601,600 cbm
Total (Phase I & II)	Combined	22	Approximately 1 Million cbm

Historically, Brooge Energy Limited planned to add as much as 3.5 million cubic metres (22 million barrels) of crude storage, though the status of this expansion post-sale is key to understanding the current asset base.

Investor communications via OTC Markets (post-delisting)

Following a voluntary delisting from Nasdaq, Brooge Energy Limited now communicates with its public investor base primarily through the OTC Markets under the ticker BROGF. This channel is critical for maintaining liquidity and transparency post-exchange transition.

Market activity on this channel shows significant investor engagement around key announcements in 2025:

• Stock price movement on May 28, 2025: Jumped from $2.61 to $4.14 following a major announcement.
• Stock price on December 05, 2025: Trading at 7.550 on OTC, with a 52-week range of $0.020 to $7.550.

The company reported a significant revenue of approximately $76.47M in a recent period. The balance sheet as of late 2025 shows total assets of $485.64M against liabilities of $424.43M.

Industry conferences and government-to-business (G2B) channels

Brooge Energy Limited uses industry forums and direct government engagement to support its core business and future projects. The G2B channel is vital for securing the necessary permits and strategic positioning within the UAE's energy sector.

Key events that utilized these channels in 2025 include:

• Announcing the results of an Extraordinary General Meeting held on September 30, 2025.
• Announcing the closing of the Transaction and declaration of a Dividend on November 25, 2025, following shareholder support at the EGM.

The company's focus on the Green Ammonia project, which is based in Abu Dhabi, necessitates strong G2B interaction to align with the UAE's net-zero targets. Historically, the company has also engaged in securing contracts for its Phase I capacity at a 50% premium to previous contracts, a process that often involves direct commercial negotiation channels.

Brooge Energy Limited (BROG) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Brooge Energy Limited (BROG) right at the pivot point of late 2025. The business model has fundamentally shifted due to the sale of its core operating assets, meaning the historical customer base for oil storage is now largely Gulf Navigation Holding PJSC's (GULFNAV) to manage, while the future focus is on green energy off-takers.

Global energy majors and oil trading houses (historical/transitional)

These were the bedrock customers for the legacy business, Brooge Petroleum and Gas Investment Company FZE (BPGIC), which operated in the Port of Fujairah, the world's 2nd largest bunkering and emerging storage hub. Revenue from this segment was historically weighted toward the predictable, high-margin fixed storage fees component. The latest reported revenue for the combined entity, before the final closing of the sale, was approximately $76.47 million as of May 2025. The total asset base supporting these historical operations stood at $485.64M against liabilities of $424.43 million as of May 2025.

International shipping companies seeking low-carbon fuels

This segment represents the transitional opportunity now being integrated into GULFNAV's expanded maritime and logistics strategy. The broader industry trend shows a clear move toward cleaner fuels, which supports the future value proposition. For context on the market Brooge Energy Limited is pivoting into, LNG bunkering volumes in Singapore grew by 18% over the first five months of 2025 compared with the same period in 2024. Rotterdam saw a 7% growth in Q1 2025 volumes versus Q1 2024.

Industrial end-users of Green Ammonia and Hydrogen

This is the primary future customer segment for the renewable energy infrastructure, developed under the Brooge Renewable Energy Ltd (BRE) subsidiary. The planned green ammonia plant in Abu Dhabi is designed for export-focused production capacity of 1950 Tons Per Day (TPD), executed in two phases, with Phase-I commissioning 300 TPD. The company projected securing off-take ties in Europe and Asia, tapping into a lucrative export market estimated at 18 million Tons Per Annum (MTPA) of Green Ammonia. Furthermore, the associated solar PV plant to power this production is planned at up to 650 MW.

Strategic investors in the renewable energy infrastructure sector

These investors are focused on the value unlocked by the strategic pivot and the distribution of sale proceeds. The sale of the core operating subsidiaries to GULFNAV was valued at approximately $884 million. The transaction settlement structure included a cash component of AED 460 million. The company's total liabilities of $424.43 million (as of May 2025) are a key consideration for investors looking at the net proceeds available for distribution following the asset sale.

Gulf Navigation Holding PJSC (as a key post-sale partner/shareholder)

Gulf Navigation Holding PJSC is the key entity absorbing the historical customer base and infrastructure. The total consideration for the acquisition of Brooge Energy Limited's assets and subsidiaries was AED 3.2 billion. As part of the transaction, GULFNAV increased its share capital from approximately AED 837 million to AED 1.65 billion, with the total expected share capital reaching around AED 3.5 billion upon conversion of Mandatory Convertible Bonds (MCBs). The issuance of 358.8 million new shares to Brooge shareholders was set at AED 1.25 per share.

The customer relationships for the legacy oil storage business are now managed under the GULFNAV umbrella, which operates a fleet including chemical tankers and operation support vessels.

Customer Segment Type	Historical/Projected Capacity or Value	Financial Metric/Scale
Historical Oil Storage Clients	Fujairah Storage Facilities	World's 2nd largest bunkering hub location
Green Ammonia Off-takers (Target)	1950 TPD total production capacity	Target export market of 18 million MTPA
Strategic Investors (Sale Value)	$884 million total consideration	GULFNAV increased capital to AED 1.65 billion
Shipping Companies (Low-Carbon)	Singapore Bunkering Growth (H1 2025)	18% volume growth vs H1 2024
Gulf Navigation Holding PJSC	Acquisition Value	AED 3.2 billion

The company's latest reported revenue before the asset sale was approximately $76.47M (May 2025).

Brooge Energy Limited (BROG) - Canvas Business Model: Cost Structure

You're looking at the costs underpinning Brooge Energy Limited's (BROG) transition and existing operations as of late 2025. This structure is heavily influenced by the massive capital outlay for the renewable energy pivot, alongside the financial obligations from the legacy business, which is now being divested.

Capital expenditure for the Green Ammonia plant and solar PV

The investment in the renewable energy infrastructure is a major cost driver. The Green Hydrogen and Green Ammonia Project, led by Brooge Renewable Energy (BRE), is designed to be world-class.

• Green Ammonia Plant Capacity: 1,950 Tons Per Day (TPD), executed in two phases, with Phase I at 300 TPD.
• Projected Green Ammonia Production: Approximately 685 Kilo Tons Per Annum (KTPA) upon full commissioning.
• Solar PV Facility Scale: Partnership with Siemens Energy to build up to a 650 MW solar PV plant to supply the green ammonia project.

Specific, final capital expenditure figures for the entire Green Ammonia plant and the 650 MW solar facility as of late 2025 are not explicitly detailed in the latest public filings, but the scale suggests a substantial, multi-year investment program.

Debt servicing and financial restructuring costs (pre-sale liabilities)

The cost structure includes servicing existing debt and costs associated with the recent major transaction and past legal matters. The specific pre-sale liability of $424.43 million is not confirmed in recent reports, but related debt obligations and settlement costs are present.

Cost/Liability Item	Amount (USD)	As of Date/Context
Bonds Repayable within 1 Year	$160 Million	December 31, 2023
Current Liabilities Over Current Assets (Deficit)	$320.389 million	December 31, 2023
SEC Litigation Settlement Penalty Paid	$5,000,000	January 3, 2024
Court Award Payable to BIA (Opening Balance)	$74.253 million	December 31, 2023 Context

You should note that the Group acknowledged significant doubt about its ability to pay obligations as they fall due based on earlier forecasts.

Operating and maintenance costs for the 650 MW solar facility

The agreement with Siemens Energy for the 650 MW solar PV plant includes providing operation and maintenance services. Specific, itemized operating and maintenance (O&M) costs for this facility are bundled into the partnership agreement and are not broken out as a standalone expense figure in the available late 2025 disclosures.

Personnel costs for specialized renewable energy engineers

Personnel costs are a component of operating expenses. While historical data points to employee expenses driving direct cost increases, specific 2025 figures for specialized renewable energy engineers dedicated to the Green Ammonia/Solar projects are not itemized separately from general administrative or employee costs in the latest reports.

• Historical Context: Direct costs in FY20 increased, driven partly by higher employee expenses from outsourced staff.

Costs related to the distribution of the sale consideration

The proposed sale of 100% of BPGIC FZE and BPGIC Phase III FZE to Gulf Navigation Holding PJSC (GulfNav) has a total consideration structure that will lead to distribution costs. Shareholders approved Resolution 2 for the distribution of proceeds.

The total consideration payable under the Transaction is approximately USD 884 million.

The consideration is satisfied by:

• Cash Consideration: Approximately USD 125.3 million.
• Consideration Shares: Allotment of 358,841,476 ordinary shares in GulfNav, valued at a total subscription price of approximately USD 122 million.
• Mandatory Convertible Bonds: Approximately USD 636 million.

The exact costs associated with the mechanics of this distribution, including any potential transaction fees or regulatory charges for the distribution, are not quantified in the public announcements regarding the sale closing in November 2025.

Finance: draft 13-week cash view by Friday.

Brooge Energy Limited (BROG) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Brooge Energy Limited (BROG) right after the major asset sale closed in November 2025. This fundamentally shifts the focus from legacy storage operations to future green energy development, but the legacy numbers still frame the context.

The most immediate, large-scale financial event is the Proceeds from the sale of BPGIC Group. Brooge Energy Limited closed the Transaction with Gulf Navigation Holding PJSC on November 25, 2025. The total consideration for the sale of 100% of BPGIC FZE and BPGIC Phase III FZE was approximately $884 million.

The structure of that consideration is key to understanding the immediate cash position and future income potential. It was satisfied through:

• Cash Consideration: Approximately $125.3 million.
• GulfNav ordinary shares valued at $122 million.
• Mandatory Convertible Bonds: $636 million.

Before this sale, the core business relied on Long-term, fixed-fee storage contracts. The Trailing Twelve Months (TTM) revenue for this segment, as of November 2025, stood at approximately $76.47 Million USD. Honestly, this TTM figure reflects a decrease from the 2023 full-year revenue of $105.7 million.

The storage revenue was historically split with Fees from ancillary services like blending and heating, though the contribution from these variable services has been declining since the second half of 2020.

The future revenue narrative is now centered on the energy transition. Brooge Renewable Energy (BRE), a subsidiary, is developing the Green Hydrogen and Green Ammonia Project. Once fully commissioned, this facility is planned to produce 685 kilotonnes per year of green ammonia. The project features a planned capacity of up to 700,000 MT of green ammonia per annum. This will be delivered in two phases, starting with an initial 300tpd phase, leading up to a full 1,950-tonne-per-day (tpd) capacity plant.

Finally, the Interest income from the cash portion of the sale proceeds will be a new, distinct revenue stream. The immediate cash component received was $125.3 million, which will now sit on the balance sheet generating interest until it is distributed as a Dividend or otherwise deployed.

Here's a quick look at the historical and transaction-related financial data points:

Revenue/Transaction Component	Financial Amount (USD)	Context/Date
Total BPGIC Group Sale Proceeds	$884 million	Closed November 2025
Cash Portion of Sale Proceeds	$125.3 million	Part of the $884 million consideration
Historical TTM Revenue (Storage)	$76.47 Million	As of November 2025
Historical Full-Year Revenue (2023)	$105.7 million	Pre-TTM comparison
Planned Green Ammonia Capacity (Annual)	685 kilotonnes per year	Once fully commissioned

Finance: draft 13-week cash view by Friday.