MARSHALL MONTEAGLE PLC — Interim / Quarterly Report 2026

Dec 15, 2025

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MARSHALL MONTEAGLE PLC

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2025 AND DIVIDEND DECLARATION

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Marshall Monteagle PLC

Incorporated in Jersey, Registered No. 102785

Registered Office: 2 nd Floor, Gaspé House 66-72 Esplanade, St. Helier, Jersey, JE1 1GH Channel Islands

15 December 2025

Dear Shareholder,

Marshall Monteagle PLC ("Marshall Monteagle" or "the Company") is listed on the JSE Limited ("JSE") and has a wide and diversified range of subsidiaries and investments. The Company and its subsidiaries (collectively referred to as "the Group") are a multinational enterprise that as well as having investments in listed equities and industrial and commercial properties, provides procurement, logistics and trading in various hard and soft commodities, industrial raw materials, consumer food and non-food products.

The Company's objective is to invest for the long term to build NAV in hard currency and to generate reliable profits, cash flow and dividends for its shareholders, thereby achieving capital growth for the benefit of all stakeholders.

The Directors have prepared unaudited interim condensed consolidated financial statements for the six months ended 30 September 2025. Included with this report is a dividend declaration.

Overview

Our actively managed global equity portfolio delivered a strong performance in the six months to 30 September 2025 attributable to increased equity positions, fair value gains and realised profits recognised on trading activities during the period under review. Favourable currency movements have contributed US\$1,524,000 (2024 loss - US\$460,000) to the Group's overall results. Group profit after tax on continuing operations for the six month period increased to US\$8,148,000 (2024 - US\$2,493,000).

The balance sheet for Marshall Monteagle PLC and its subsidiaries ("the Group") remains strong, and the dividend is being maintained. At 30 September 2025, cash balances, net of overdrafts, were US\$17,302,000 (31 March 2025 – US\$25,221,000).

Net assets attributable to shareholders amount to US\$2.67 per share, which compares with US\$2.44 per share at 31 March 2025.

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Headlines

• Group revenue from continuing operations increased 16% to US\$46,497,000 compared to the six months period to 30 September 2024. In constant currency terms revenue on continuing operations increased by 15% to US\$46,061,000.
• Profit after tax on continuing operations for the period was US\$8,148,000, compared to a profit after tax of US\$2,493,000 for the six months period to 30 September 2024. In constant currency terms, the profit was US\$8,154,000.
• Available cash and cash equivalents have decreased by 25% to US\$22,773,000 compared to 31 March 2025 mainly due to cash coming off deposit and being invested in global equities.
• Basic earnings per share on continuing and discontinuing operations were US\$22.7 cents per share compared to earnings of US\$6.2 cents per share in the six months period to 30 September 2024.
• Headline earnings per share on continuing and discontinuing operations were US\$22.6 cents per share compared to earnings of US\$6.2 cents per share in the six months period to 30 September 2024.
• An interim dividend of US\$2.0 cents per share will be paid on Friday, 23 January 2026 (30 September 2024 – US\$2.0 cents).
• Net assets per share increased by 9.4% to US\$2.67 cents from US\$2.44 cents at 31 March 2025.

The Group's investments in import and distribution businesses and investment properties are reported on separately below.

Import and Distribution

The Import and Distribution businesses in food and household consumer products supply goods to multiple retailers, primarily in South Africa and South America. We remain committed to working with suppliers of quality raw materials, skilled technologists and first world production facilities.

The Industrial raw-materials business provides fully integrated marketing, logistics, finance, and shipping services for both outputs from the Southern African mining industry and inputs for South African manufacturers. We are committed to partnering with producers and customers who require a professional all-encompassing solution from source through to delivery to end users on an international basis.

International trade remains affected by geopolitical tensions and weak global demand, however the sectors that we trade in are less impacted by these factors and we have achieved increased physicalshipment volumes during the period under review. We are cautiously optimistic that physical shipment volumes will continue to increase during the second half of the current financial year.

Property Portfolio

The Group's South African commercial and light industrial property portfolio continued to deliver a satisfactory performance. The Group has prioritised relationships with tenants to ensure the vacancy rates have remained low despite a stagnant local economy.

In line with the Group's objective and the Board's strategy to realise mature legacy investments, the Group has sold one investment property realising US\$763,000 and as announced on SENS on 22 October 2025, subsequent to the period end, sold another commercial property for US\$3,829,000.

Investment Portfolio and Fixed term cash deposits

Our actively managed listed equity portfolios have performed well over the six month period to 30 September 2025 and are producing steady dividends combined with significant profits earned on stocks realised during the period. We remain cautious on the outlook for global equity markets moving into 2026 and therefore maintain a conservative and defensive balance between quality equities and cash on short-term fixed deposits.

Rights offer

It is pleasing to report that the rights issue to raise US\$10.7 million was heavily oversubscribed and excess applications for 1,499,847 shares were not fulfilled. 8,964,377 shares were issued on 7 November at an issue price of US\$1.20 per share. The US\$10.7 million will be invested in the Group's actively managed share portfolios in the short to medium term and may be reinvested in other strategic investments over time.

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Shareholders that subscribed for rights offer shares also received unlisted warrants in a ratio of 1 warrant for every 2 rights offer shares subscribed. Each warrant is convertible into a Marshall Monteagle PLC share at a subscription price of US\$1.20 within a period of 5 years from 31 October 2025. The first warrant exercise period commenced on 15 December 2025 with the announcement of these results and will close on 12 January 2026. Subsequent exercise periods will be for 28 days after the announcement of the Group's interim and final results for the years to 31 March 2030.

Interim Dividend

We are pleased to announce that the Company is to maintain the gross interim dividend of US\$2.0 cents per share. The dividend is payable on Friday, 23 January 2026 to shareholders on the register at the close of business on Friday, 9 January 2026. Full details of this dividend are disclosed in the below dividend declaration section.

Outlook

The Group's trading businesses continue to perform well into the second half of the year, and global equity markets remain strong, which provides an encouraging basis for full year performance; provided global markets are not disrupted by macroeconomic events.

E.J. Beale W.H. Marshall Chairman Chief Executive

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Dividend declaration

We are pleased to announce that the Company is to pay a gross interim dividend of US\$2.0 cents (33.70580 South African cents) per share. The dividend is payable on Friday, 23 January 2026 to shareholders on the register at the close of business on Friday, 9 January 2026.

Shareholders on the South African register will receive their interim dividend in South African Rand converted from US dollars at the closing rate of exchange on Thursday, 11 December 2025. In order to comply with the requirements of Strate, the relevant details are as follows:

Shareholders are hereby advised that the exchange rate to be used will be USD 1 = ZAR 16.85290. This has been calculated as the average of the bid/ask spread at 16.00 (United Kingdom time) being the close of business on Thursday, 11 December 2025.

In respect of the normal gross cash dividend of US\$2.0 cents (33.70580 South African cents), and in terms of the South African Tax Act, the following dividend tax ruling only applies to those shareholders who are registered on the South African register at close of business on Friday, 9 January 2026. All other shareholders are exempt. The gross dividend is for the six-month period ended 30 September 2025 and will be paid on Friday, 23 January 2026.

• The dividend has been declared from income reserves, which funds are sourced from the Jersey holding company's main bank account in Switzerland and is therefore deemed a foreign dividend.
• The dividend withholding tax rate is 20% resulting in a net dividend of US\$1.60000 cents (26.96464 South African cents) per share to those shareholders who are not exempt from the dividend withholding tax.

The issued number of shares at the declaration date is 35,857,512. The Company's Jersey tax number is CH4513/TIN 101-580-5936.

Salient dates for dividend

Last day to trade Tuesday, 6 January 2026 Shares trade ex-dividend Wednesday, 7 January 2026 Record date (date shareholders recorded in books) Friday, 9 January 2026 Pay date Friday, 23 January 2026

No dematerialisation or re-materialisation of share certificates, nor transfer of shares between the registers in Jersey and South Africa will take place between Wednesday, 7 January 2026 and Friday, 9 January 2026, both dates inclusive.

Contacts and Addresses

Registered Office

2 nd Floor, Gaspe House 66-72 Esplanade St Helier Jersey, JE1 1GH

Company Secretary Melissa Bourgeois 1.01 Central Court 25 Southampton Buildings London, WC2A 1AL Tel: +44 20 3709 8741

E-mail: mail@monteaglegroup.com

South Africa

11 Sunbury Park, La Lucia Ridge Office Estate, La Lucia, 4051 (PO Box 4126, The Square 4021)

Tel: +27 31 566 7600

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Condensed Consolidated Statement of Total Comprehensive Income

		6 months	6 months	12 months
		to	to	to
		30 Sept	30 Sept	31 Mar
		2025	2024	2025
	Notes	Unaudited	Unaudited	Audited
		US\$000	US\$000	US\$000
Continuing operations
Group revenue		46,497	40,172	80,997
Other income	4	9,782	2,526	4,177
Change in inventories of finished goods and work in		56,279	42,698	85,174
progress		667	(1,424)	(726)
Finished goods, raw materials and consumables		(42,426)	(33,334)	(70,188)
Employee benefit expense		(1,891)	(1,526)	(3,434)
Depreciation and amortisation expense		(11)	(12)	(25)
Other expenses	5	(4,017)	(3,685)	(9,834)
Finance expense		(306)	(137)	(594)
Profit before taxation		8,295	2,580	373
Taxation		(147)	(87)	192
Profit for the period on continuing operations		8,148	2,493	565
Loss from disposal of discontinued operations		-	-	(161)
Loss after tax on discontinued operations		-	(557)	(100)
Profit for the period		8,148	1,936	304
Profit attributable to owners of the parent		8,148	2,215	354
Loss attributable to non-controlling interests		-	(279)	(50)
Basic and fully diluted earnings per share on continuing
operations (US\$ cents)	6	22.7c	7.0c	1.6c
Basic and fully diluted earnings per share (US\$ cents)	6	22.7c	6.2c	1.0c
Other Comprehensive Income on continuing operations:
Items that will not be reclassified subsequently to profit and
loss:
Commercial property fair value adjustments		-	-	97
Less applicable tax		-	-	(18)
		-	-	79
Items that may be reclassified subsequently to profit and
loss:
Exchange differences on translation into US dollars of the
financial statements of foreign entities		650	1,822	395
Total Other Comprehensive Income		650	1,822	474
Total Comprehensive Income		8,798	3,758	778
Total Comprehensive Profit attributable to owners of the
parent		8,798	3,697	814
Total Comprehensive Profit/(Loss) attributable to non
controlling interests		-	61	(36)
Interim dividend per share (US\$ cents)		-	-	2.0
Second interim dividend per share in respect of prior year
(US\$ cents)		2.0	2.0	1.9

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Condensed Consolidated Statement of Changes in Equity

	Called up	Share			Total	Non
	Share	Premium	Other	Retained	Shareholders'	Controlling	Group
	Capital	Account	Reserves	Earnings	Interests	Interests	Total
6 months period ended 30 Sept 2024	US\$000	US\$000	US\$000	US\$000	US\$000	US\$000	US\$000
Profit after tax Other Comprehensive Expense – foreign	-	-	-	2,215	2,215	(279)	1,936
exchange	-	-	1,482	-	1,482	340	1,822
Total Comprehensive Profit	-	-	1,482	2,215	3,697	61	3,758
Balances at start of period	8,964	23,606	(12,421)	68,071	88,220	2,345	90,565
Transactions with shareholders
Dividends	-	-	-	(681)	(681)	-	(681)
Balances at end of period	8,964	23,606	(10,939)	69,605	91,236	2,406	93,642
6 months period ended 30 Sept 2025
Profit after tax Other Comprehensive Income – foreign	-	-	-	8,148	8,148	-	8,148
exchange	-	-	647	3	650	-	650
Total Comprehensive Profit	-	-	647	8,151	8,798	-	8,798
Balances at start of period	8,964	23,606	(11,530)	66,596	87,636	-	87,636
Transactions with shareholders
Dividends paid	-	-	-	(709)	(709)	-	(709)
Balances at end of period	8,964	23,606	(10,883)	74,038	95,725	-	95,725

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Condensed Consolidated Statement of Financial Position

		30 Sept	30 Sept	31 Mar
		2025	2024	2025
	Notes	Unaudited	Unaudited	Audited
		US\$000	US\$000	US\$000
Non-current assets
Investment property		8,751	9,457	8,897
Property, plant and equipment		1,283	1,196	1,218
Accounts receivable		1,704	-	1,841
General investment portfolio	8	41,459	24,123	31,957
		53,197	34,776	43,913
Current assets
Inventories		9,894	8,450	8,599
Accounts receivable		26,568	17,108	20,899
Other current assets		181	211	262
Tax recoverable		134	-	43
Cash and cash equivalents		22,773	43,791	30,349
		59,550	69,560	60,152
Assets held for sale		-	18,704	-
Total assets		112,747	123,040	104,065
Current liabilities
Bank overdrafts		(5,471)	(7,408)	(5,128)
Accounts payable		(10,097)	(9,526)	(8,805)
Derivatives	9	(72)	-	(1,204)
Other financial liabilities		(85)	(361)	-
Tax payable		(70)	(209)	(17)
		(15,795)	(17,504)	(15,154)
Liabilities held for sale		-	(10,412)	-
Net current assets		43,755	60,348	44,998
Non-current liabilities
Deferred taxation		(1,227)	(1,482)	(1,275)
Total non-current liabilities		(1,227)	(1,482)	(1,275)
Net assets		95,725	93,642	87,636
Capital and reserves
Called up share capital		8,964	8,964	8,964
Share premium account		23,606	23,606	23,606
Other reserves		(10,883)	(10,939)	(11,530)
Retained earnings		74,038	69,605	66,596
Equity attributable to owners of the parent		95,725	91,236	87,636
Non-controlling interests		-	2,406	-
		95,725	93,642	87,636
Net assets per share attributable to shareholders US\$
cents	7	2.67	2.54	2.44

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Condensed Consolidated Statement of Cash Flows

		6m to	6m to	12m to
		30 Sept	30 Sept	31 Mar
		2025	2024	2025
	Notes	Unaudited	Unaudited	Audited
		US\$000	US\$000	US\$000
Profit for the period		8,148	1,936	305
Adjusted for:
Taxation		147	164	(192)
Depreciation		11	259	25
Finance expense		306	767	594
Net gain on disposal of investments	4	(2,371)	(854)	-
Net fair value adjustments on investment property	5	-	-	630
Dividend income	4	(712)	(598)	(913)
Interest income	4	(777)	(1,002)	(2,279)
Loss on re-measuring of a disposal group		-	-	161
Net profit on disposal of investment property		(40)	-	-
Gain on bargain purchase		-	-	(227)
Fair value adjustments on investments		(4,185)	1,987	1,873
Foreign exchange gains		(1,354)	(1,144)	(234)
Impairments		-	-	1
Changes in working capital:
(Increase)/Decrease in inventories (Increase)/Decrease in debtors		(739) (5,059)	2,229 1,946	727 960
Increase in creditors		1,937	2,685	2,458
		(4,688)	8,375	3,889
Interest paid		(306)	(767)	(594)
Taxation paid		(315)	(6,600)	(6,691)
Net cash (outflow)/inflow from operating activities		(5,309)	1,008	(3,396)
Investment activities
Purchase of, and improvements to, tangible non-current
assets		(4)	(90)	(667)
Proceeds on disposal of tangible assets		-	20	-
Acquisition of investments		(28,930)	(13,348)	(31,867)
Proceeds on disposal of investments		24,927	12,786	23,988
Net proceeds of disposal of investment property		763	-	-
Net cash acquired on acquisition of subsidiary		-	-	128
Dividends received		712	598	913
Interest received		777	1,002	2,141
Net cash (outflow)/inflow from investment activities		(1,755)	968	(5,364)
Cash (outflow)/inflow before financing		(7,064)	1,976	(8,760)
Financing activities
Drawdown of long-term loans		-	78	-
Dividends paid – group shareholders		(709)	(681)	(1,398)
Other		-	(88)	-
Cash outflow from financing activities		(709)	(691)	(1,398)

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Net (decrease)/increase in cash and cash equivalents	(7,773)	1,285	(10,158)
Net funds at start of period	25,221	34,462	35,455
Effect of foreign exchange rates	(146)	(313)	(76)
Net cash and cash equivalents at end of period	17,302	35,434	25,221
Cash and cash equivalents on discontinued operations	-	949	-
Cash and cash equivalents on continuing operations	17,302	36,383	25,221

1. Nature of business

Marshall Monteagle is listed on the JSE and has a broad and diversified range of subsidiaries and investments. These fall broadly into the following categories: Trading and Trade Finance Companies that operate on an international basis; Liquid investments in Blue Chip International listed companies; and Industrial Property in South Africa.

The Company's objective is to manage its assets for the long term to generate reliable profits, cash flow and dividends for our shareholders; thereby achieving capital growth and cash generation from recurring income streams for the benefit of all stakeholders.

2. General information, basis of preparation and statement of compliance with IFRS

The results and the cash flow statement for the six month period ended 30 September 2025 are unaudited and comply with IAS 34 – Interim Financial Reporting as well as the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council of South Africa to the extent that they apply to the Group. They have been prepared on the basis of accounting policies that will be adopted in the accounts for the year ending 31 March 2026 and are consistent with those applied and disclosed in the annual financial statements for the 12 months period ended 31 March 2025.

This interim statement complies with International Financial Reporting Standards and JSE's Listings Requirements. The results for the period to 31 March 2025 are an abridged version of the Group's full accounts for that period, which have been filed with the relevant authorities.

These results were prepared under the supervision of Heidi Koegelenberg, the Group's financial director.

Any reference to the future financial performance of the Group has not been reviewed or reported on by the Group's auditor.

New standards and interpretations

Below new standards, amendments to standards and interpretations have been adopted in preparing these interim consolidated financial statements and did not have a material effect on the Group.

		Effective for annual periods
IFRS/IFRIC/IAS	Title	beginning on or after
IAS 21	Lack of exchangeability (amendment to IAS 21)	1 January 2025

At the date of issue of these interim consolidated financial statements the following standards, amendments to standards and interpretations were in issue, but not yet effective. These standards, amendments to standards and interpretations will be adopted on their effective dates.

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2. General information, basis of preparation and statement of compliance with IFRS (continued)

		Effective for annual periods
IFRS/IFRIC/IAS	Title	beginning on or after
IFRS 9	Financial instruments (amendment to IFRS 9)	1 January 2026
IFRS 7	Financial instruments: Disclosures(amendment to IFRS 7)	1 January 2026
IFRS 18	Presentation and Disclosure in Financial Statements	1 January 2027
IFRS 19	Subsidiaries without Public Accountability: Disclosures	1 January 2027

Estimates and judgments

When preparing the condensed interim consolidated financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. The judgements, estimates and assumptions applied in the condensed interim consolidated financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Group's last annual financial statements for the period ended 31 March 2025. The only exception is the estimate of income tax liabilities which is determined in the Interim Financial Statements using the estimated average annual effective income tax rate applied to the pre-tax income in the interim period.

Going Concern

Management believes that the Group is well positioned to cope with a downturn in the economy. Factors contributing to the Group's strong position are:

• the Group trades in goods that are mainly not discretionary purchases. Its customers and suppliers have traded throughout the Covid pandemic and are expected to continue to do so;
• the Group does not expect to need additional borrowing facilities in the next 12 months as a result of its significant financial resources, existing facilities and strong liquidity reserves. The Group has significant headroom to comply with its debt covenants;
• the Group's major customers have not experienced financial difficulties. Credit quality of trade receivables at 30 September 2025 is considered to be good. Overall, the Group is in a strong position and has sufficient capital and liquidity to service its operating activities and debt. The Group's objectives and policies for managing capital, credit risk and liquidity risk are described in its annual financial statements.

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3. Segmental reporting

a) The segmental analysis of revenue and operating profit is as follows:

		6 months to 30 Sept 2025		6 months to 30 Sept 2024	12 months to 31 March 2025
		Profit/		Profit/		Profit/
Segmental analysis of results	Revenue US\$000	(loss) US\$000	Revenue US\$000	(loss) US\$000	Revenue US\$000	(loss) US\$000
Import and distribution Segment (loss)/profit includes:	45,429	(197)	39,215	1,690	79,003	1,980
Change in inventories Cost of finished goods, raw material		667		(1,424)		(727)
and consumables		(42,426)		(33,334)		(70,188)
Employee cost		(1,325)		(1,010)		(2,362)
Depreciation Other expenses		(4) (2,538)		(6) (1,751)		(12) (3,734)
Property Segment (loss)/profit includes:	1,068	(109)	957	8	1,994	(659)
Employee cost		(474)		(516)		(985)
Depreciation		(7)		(6)		(13)
Other expenses		(696)		(427)		(1,655)
	46,497		40,172		80,997
Other activities Segment profit/(loss) includes:		8,601		882		(948)
Other expenses		(875)		(1,167)		(2,098)
Fair value adjustment on investments		4,185		(340)		(2,433)
Other income		5,597		2,526		4,177
Finance expense		(306)		(137)		(594)
Profit on continuing operations before
tax		8,295		2,580		373
Discontinued operations
Loss on disposal	-	-	-	-	-	(161)
Loss from discontinued operations	-	-	12,906	(480)	3,968	(100)
	46,497		53,078		84,965
Profit for the year before tax on continuing and discontinued operations		8,295		2,100		112

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3. Segmental reporting (continued)

b) Assets and liabilities analysed by activity:

	30 Sept		30 Sept		31 Mar
	2025			2024		2025
	Assets	Liabilities	Assets	Liabilities	Assets	Liabilities
	US\$000	US\$000	US\$000	US\$000	US\$000	US\$000
Import/distribution	36,965	(9,392)	25,329	(9,279)	29,879	(7,934)
Property Unallocated (including investments, cash, tax, and	9,487	(478)	10,951	(456)	9,593	(368)
debt)	66,295	(7,152)	68,056	(9,251)	64,593	(8,127)
	112,747	(17,022)	104,336	(18,986)	104,065	(16,429)
Discontinued operations –
held for sale	-	-	18,704	(10,412)	-	-
Consolidated total	112,747	(17,022)	123,040	(29,398)	104,065	(16,429)

c) Group revenue for continuing operations disaggregated by product type

	6 months to	6 months to	12 months to
	30 Sept	30 Sept	31 Mar
	2025	2024	2025
Continuing operations Import & Distribution	US\$000	US\$000	US\$000
FMCG - Africa	17,183	17,014	34,437
FMCG - South America	4,021	5,653	9,101
FMCG - Total	21,204	22,667	43,538
Manufacturing inputs - Africa	11,571	8,665	18,618
Manufacturing inputs - Other	12,654	7,883	16,857
Manufacturing inputs - Total	24,225	16,548	35,465
Property	1,068	957	1,994
Total continuing operations	46,497	40,172	80,997
Discontinued operations
Tool and Machinery	-	12,906	3,968
	-	12,906	3,968
Total	46,497	53,078	84,965

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4. Other Income

	6 months	6 months	12 months
	to	to	to
	30 Sept 2025	30 Sept 2024	31 Mar 2025
	US\$000	US\$000	US\$000
Net fair value adjustments on derivative instruments	495	-	-
Net fair value adjustments on investments	3,690	-	-
Dividend income	712	598	913
Interest income	777	979	2,278
Gain on bargain purchase	-	-	227
Net exchange gains	1,524	-	-
Net realised gains on disposal of investments	2,371	853	615
Other income	213	96	144
Total other income in continuing operations	9,782	2,526	4,177
Other income from discontinued operations	-	42	9
	9,782	2,568	4,186
5. Other expenses
	6 months	6 months	12 months
	to	to	to
	30 Sept	30 Sept	31 Mar
	2025 US\$000	2024 US\$000	2025 US\$000
Freight and distribution	(1,469)	(1,016)	(1,871)
Auditors' fees	(209)	(163)	(336)
Marketing and sales expenses	(545)	(414)	(741)
Net fair value adjustments on investment property	-	-	(630)
Net fair value adjustment on derivative instruments	-	(13)	(252)
Exchange losses	-	(460)	(661)
Net fair value adjustments on investments	-	(327)	(2,180)
Administration and other expenses	(1,794)	(1,292)	(3,163)
Total other expenses	(4,017)	(3,685)	(9,834)
Other expenses from discontinued operations	-	(2,876)	(1,087)

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6. Earnings per share

Basic earnings/(loss) per share are based on results attributable to members and on 35,857,512 shares in issue (30 September 2024 – 35,857,512). A reconciliation of basic and headline earnings is shown below.

	6 months to	6 months to	12 months to
	30 Sept	30 Sept	31 Mar
	2025	2024	2025
Earnings per share	US\$ cents	US\$ cents	US\$ cents
Basic earnings per share on continuing operations	22.7	7.0	1.6
Basic loss per share on discontinued operations	-	(0.8)	(0.6)
Basic and fully diluted earnings per share	22.7	6.2	1.0
Headline basic earnings per share on continuing operations	22.6	7.0	2.3
Headline basic loss per share on discontinued operations	-	(0.8)	(0.1)
Headline basic and fully diluted earnings per share on continuing and discontinued operations	22.6	6.2	2.2
	US\$000	US\$000	US\$000
Basic earnings on continuing operations	8,148	2,493	565
Share of loss on discontinued operations	-	(278)	(211)
Basic earnings on continuing and discontinued operations	8,148	2,215	354
Reconciliation between basic and headline earnings
Basic earnings on continuing and discontinued operations	8,148	2,215	354
Adjusted for:
Investment property revaluations, net of tax	-	-	494
Impairment of non-current asset	-	-	1
Gain on bargain purchase	-	-	(227)
Profit on disposal of investment properties	(40)	-	-
Loss on disposal of discontinued operation	-	-	161
Profit on disposal of non-current tangible assets	-	(9)	-
Headline earnings on continuing and discontinued operations	8,108	2,206	783
Basic earnings on continuing operations	8,148	2,493	565
Adjusted for:
Investment property revaluations, net of tax	-	-	494
Profit on disposal of investment properties	(40)	-	-
Impairment of non-current asset	-	-	1
Gain on bargain purchase	-	-	(227)
Headline earnings on continuing operations	8,108	2,493	833

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7. Net assets per share

Net assets per share are based on equity attributable to owners of the Company and on the weighted average of shares in issue of 35,857,512 (31 March 2025 – 35,857,512).

Notes to the condensed consolidated financial statements (continued)

8. Investments

	6 months	6 months	12 months
	to	to	to
	30 Sept	30 Sept	31 Mar
	2025	2024	2025
	US\$000	US\$000	US\$000
Listed investments
Balance brought forward 1 April	30,161	23,078	23,078
Translation adjustment	68	7	2
	30,229	23,085	23,080
Additions	29,158	13,635	33,240
Disposals	(24,681)	(12,947)	(23,038)
Fair value adjustments	3,690	(325)	(2,215)
Fair value adjustments realised on disposal	1,261	(795)	(907)
Translation adjustment in the period	6	(3)	1
Balance carried forward 30 September	39,663	22,650	30,161
Derivatives – Put options (classified as current liabilities in 2025) Balance brought forward Reclassified to current liabilities Additions Disposals Fair value adjustments	- - - - - -	(151) - (286) 162 (13) (288)	(151) 151 - - - -
Unlisted investments Balance brought forward 1 April Fair value adjustments	1,796 -	1,762 -	1,762 34
Balance carried forward 30 September	1,796	1,762	1,796
Net book value 30 September	41,459	24,124	31,957

The Group owns 1,641,309 Ordinary Shares in Heartstone Inns Ltd (14.7%) (2024 – 1,641,309 Ordinary shares). This unlisted investment is carried at fair value of US\$1,796,000 (2024 - US\$1,762,000) which is calculated based on the latest internal share trading scheme price of \$1.09 at 31 March 2025 (2024 - based on internal share trading scheme price of \$1.07). The properties, owned by Heartstone Inns, were last revalued at 31 December 2024 and management believes there have been no significant changes to those property valuations since. Further information about Heartstone Inns is available from its website: www.heartstoneinns.co.uk.

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A geographical analysis of the General Portfolio of investments is as follows:

		6 months	6 months	12 months
		to	to	to
		30 Sept	30 Sept	31 Mar
		2025	2024	2025
		US\$000	US\$000	US\$000
United States of America		21,118	11,091	18,714
United Kingdom		14,448	6,213	7,741
Europe, excluding the UK		2,008	4,110	1,999
Switzerland		899	624	669
South Africa		1,190	324	1,038
		39,663	22,362	30,161
Unlisted		1,796	1,762	1,796
		41,459	24,124	31,957
9. Derivatives – Put options
		6 months	6 months	12 months
		to 30 Sept	to 30 Sept	to 31 Mar
		2025	2024	2025
		US\$000	US\$000	US\$000
Balanced brought forward		1,204	-	-
Reclassification from investments – refer note 8		-	-	151
Additions		228	-	1,373
Disposals		(871)	-	(809)
Fair value adjustments		(495)	-	252
Fair value adjustments realised on disposal		6	-	237
Balance carried forward		72	-	1,204
10. Financial instruments
The main categories of financial instruments used by the Group are:
		6 months to	6 months to	12 months to
		30 Sept	30 Sept	31 Mar
		2025	2024	2025
		US\$000	US\$000	US\$000
Financial assets	Fair Value Hierarchy Level
At fair value through Profit or Loss
Investments – listed Investments – unlisted	1 3	39,663 1,796	22,650 1,762	30,161 1,796
Financial liabilities
Derivatives – put options	1	72	288	1,203

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11. Events after reporting date

As announced on SENS on 22 October 2025 the Group, via its wholly owned subsidiary Monteagle Property Holding Proprietary Limited, concluded an agreement in terms of which it will dispose of an investment property which had a carrying value at 31 March 2025 of US\$3,446,000 for US\$3,829,000. At the time of issuing this set of interim financial statements the full purchase price has been secured by a non-refundable deposit, a bank guarantee issued and transfer of the property is expected early in the 2026 calendar year.

Subsequent to the period end the Company has completed a renounceable rights offer to raise US\$10.7 million from shareholders in terms of which 8,964,377 rights offer shares and 4,482,188 warrants were offered to shareholders. Shareholders were offered 1 share for every 4 shares held and 1 warrant for every 2 rights issue shares subscribed. The rights offer was oversubscribed and raised the full US\$10.7 million. The Company was unable to fulfil excess applications for 1,499,847 shares.

United Kingdom

15 December 2025 Sponsor:

Questco Corporate Advisory Proprietary Limited