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Murano Global Investments Plc

For the period ended Dec 31, 2025. Filed May 15, 2026.

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About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2025 · Filed May 15, 2026

MRNO$0.19+1.2%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)

☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

For the fiscal year ended December 31, 2025

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report:

Commission File Number:001-41985

Murano Global Investments PLC

(Exact name of Registrant as specified in its charter)

Not applicableBailiwick of Jersey
(Translation of Registrant’s name into English)(Jurisdiction of incorporation or organization)

Oscar Jazmani Mendoza Escobar (+52 55 9267 8360)oscarmendoza@murano.com.mx

25 Berkeley Square , London W1J 6HN, United Kingdom

(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Exchange Act:

Title of each classTrading Symbol(s)Name of exchange on which registered
Ordinary shares, no par valueMRNOThe NASDAQ Stock Market LLC
Warrants, each exercisable for one ordinary share at an exercise price of $11.50 per ordinary shareMRNOWThe NASDAQ Stock Market LLC

Securities registered or to be registered pursuant to Section 12(g) of the Exchange Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Exchange Act:

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

Ordinary Shares, no par value79,718,832

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act of 1933, as amended (the “Securities Act”). Yes☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, amended (“Exchange Act”). Yes☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Sec.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒
Emerging growth company☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting over Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒

If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐International Financial Reporting Standards ☒ by the International Accounting Standards BoardOther ☐

If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow. Item 17☐ Item 18☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

TABLE OF CONTENTS

Page
FREQUENTLY USED TERMS1
CAUTIONARY STATEMENT CONCERNING FORWARD LOOKING STATEMENTS12
PART I15
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS15
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE15
ITEM 3. KEY INFORMATION15
ITEM 4. INFORMATION ON THE COMPANY48
ITEM 4A. UNRESOLVED STAFF COMMENTS91
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS91
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES120
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS125
ITEM 8. FINANCIAL INFORMATION131
ITEM 9. THE OFFER AND LISTING131
ITEM 10. ADDITIONAL INFORMATION132
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK139
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES139
PART II139
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES139
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS139
ITEM 15. CONTROLS AND PROCEDURES139
ITEM 16. RESERVED140
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT140
ITEM 16B. CODE OF ETHICS141
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES141
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES142
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS142
ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT142
ITEM 16G. CORPORATE GOVERNANCE142
ITEM 16H. MINE SAFETY DISCLOSURE142
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS143
ITEM 16J. INSIDER TRADING POLICY143
ITEM 16K. CYBERSECURITY143
PART III144
ITEM 17. FINANCIAL STATEMENTS144
ITEM 18. FINANCIAL STATEMENTS144
ITEM 19. EXHIBITS145
SIGNATURES148
INDEX TO FINANCIAL STATEMENTSF-1

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.