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Texaf S.A. Earnings Release 2025

Feb 27, 2026

4011_er_2026-02-27_96659ee4-7d6c-4f67-aecd-e6636c1bc06c.pdf

Earnings Release

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TEXAF 100 ANS D'IMPACT EN ROC

PRESS RELEASE

27 February 2026

REGULATED INFORMATION

TEXAF CELEBRATED ITS 100TH ANNIVERSARY in 2025! RECURRING OPERATING INCOME UP 3% NET DIVIDEND OF EUR 1.32, UP 7.3%

On 25 February 2026, TEXAF's Board of Directors approved the statutory accounts (based on Belgian annual accounts law) and consolidated accounts (based on IFRS as adopted by the European Union) as of 31 December 2025.

IN BRIEF, KEY PERFORMANCE AND STRATEGIC ADVANCES:

Key figures:

  • Revenue growth: +10%, reaching €37.7 million
  • Recurring operating profit: €11.4 million, up +3%
  • Consolidated net profit: €8.9 million, up +20% compared to the previous financial year
  • Investments: €9.7 million

Highlights:

  • The Real Estate segment confirmed the success of its strategy focused on leasing high-quality properties in a concession offering unrivalled comfort in Kinshasa. Its revenue grew by 13%, benefiting from twelve months of leasing of "Promenade des artistes" and Silikin Village III, with an occupancy rate close to 100%.
  • The Quarry segment experienced a difficult year due to market conditions. Measures were taken to restructure operations and strengthen the operating platform.
  • The Digital segment confirmed the strength of the SILIKIN VILLAGE hub, while the data center showed slower than expected commercialization.

New projects and strategic advances:

  • Start of construction in the Real Estate segment of the new "Quartier des Parcs" development (19 villas and 14 luxury apartments), with a total budget of €12.3 million and estimated rental income potential of €2.3 million. Rental scheduled for end of Q1 2027;
  • Reorganization of quarry activities, with a new screening line operational in 2026;
  • Start of infrastructure work on the first phase of the "Jardins de Kinsuka" property development project (which will be the subject to a new property development segment in 2026), involving the construction and sale of 42 villas from the second half of 2026;
  • Publication of a first sustainability report, confirming TEXAF's commitment on ESG.

TEXAF celebrated 100 years of uninterrupted presence in the Democratic Republic of Congo this year and, despite a complex environment, is pursuing a strategy of growth and development.

Avenue Louise 130A - Louizolaan B-1050 Brussels - 32 (02) 639.20.00 - www.texaf.be - [email protected]

BELFIUS bank: BE75 5502 6468 0051 - KBC bank BE23 7310 2113 8291

Company number - Ondernimingsnr. BE.403.218.607 - RLP: 74.712


PERFORMANCE BY BUSINESS SEGMENT

1. REAL ESTATE ACTIVITY

The Real Estate segment offers residential properties for rent within the Utexafrica concession, as well as commercial space, warehouses and co-working spaces.

The tenants of the concession's 426 residential units benefit from a full range of services, from discreet but effective security to technical maintenance and waste collection. The estate also offers a wide range of services to its residents (lounge bar, restaurant, sports and leisure facilities) in a pleasant living environment, organized around green spaces along the Congo River.

The office and warehouse spaces total 56,300 m² of leasable area, while SILIKIN VILLAGE covers a gross floor area (GFA) of more than 7.500 M2.

In 2025, the Real Estate segment benefited from a residential occupancy rate of nearly 100% and full-year revenues from its two flagship projects, "Promenade des Artistes" and "SILIKIN VILLAGE III", which were put up for rent in 2024. These two projects represent a 30% increase in the group's residential housing supply and a tripling of the capacity of SILIKIN VILLAGE. The occupancy rate for offices was close to 95% of the space available for rent.

  • This resulted in a 13% increase in rental income to EUR 30,835k. On a like-for-like basis, growth was 2.7%.

Recurring operating profit rose by 11% to EUR 13,533k. This increase is due to revenue growth, partially offset by higher personnel expenses resulting from the revision of salary scales, as well as higher management fees paid to the digital segment, which experienced strong growth in 2025. These management fees are eliminated on a consolidated basis.

REAL ESTATE (000 EUR) 2021 2022 2023 2024 2025 Var.
Revenue from ordinary activities 19.729 22.083 23.183 27.265 30.835 13%
Recurring operating result 9.115 9.814 10.572 12.139 13.533 11%
Operating result 9.070 9.660 14.325 11.368 13.386 18%
Result before deferred taxes 6.839 6.886 10.794 7.691 10.406 35%
Net result (Group's share) 5.351 8.696 10.114 9.512 10.955 15%

Operating profit rose by 18% to EUR 13,386k. This reflects an increase in depreciation and amortization related to the delivery of the latest construction projects, as well as a non-recurring loss of EUR -147k related to a write-down on seven plots of land owned by La Cotonnière in the provinces. The inclusion of depreciation charges for 2024 that were not repeated in 2025 explains the higher growth in operating profit.

Net income (group share) amounted to EUR 10,955k, up 15%. This increase was impacted by the change in deferred tax liabilities (+EUR 548k, compared with +EUR 1,887k in 2024).

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Quartier des Parcs under construction


3

2. QUARRY ACTIVITY

CARRIGRES, the sandstone quarry for construction located on the outskirts of Kinshasa, whose activity is cyclical, faced unfavorable market conditions in 2025, mainly characterized by pressure on selling prices. In terms of volume, sales increased by 10%, but the average selling price fell by 26% to an average of 11.8 EUR/ton.

CARRIGRES (000 EUR) 2021 2022 2023 2024 2025 Var.
Revenue from ordinary activities 2.897 5.349 6.297 5.095 4.227 -17%
Recurring operating result 236 668 1.539 772 -487 n.s.
Operating result 236 668 3.863 772 -487 n.s.
Result before deferred taxes 381 640 3.610 681 -159 n.s.
Net result (Group’s share) 452 759 2.983 628 -20 n.s.
  • Revenue amounted to EUR 4,227k, down 17% compared to 2024 despite a slight recovery in the fourth quarter.
  • The operating result for the year resulted in a loss of EUR 487k, thereby affecting its contribution to the group’s cash flow.
  • Profit before deferred tax, which includes financial income, amounted to -159 kEUR and net profit to -20 kEUR, benefiting from a deferred tax recovery of 139 kEUR.

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Photo of the Carrigrès production line

3. DIGITAL ACTIVITY

The digital segment now covers three activities, all focused on developing digital sector in the DRC:

  • Operation of the digital hub in Kinshasa, SILIKIN VILLAGE, which generates revenue through management fees.
  • Operational and financial partnerships with the data center operator OPEN ACCESS DATA CENTRES – TEXAF DIGITAL and the supplier of reconditioned IT equipment CTG-TEXAF, whose results are included using the equity method,

$\diamond$ Venture capital investments in the pan-African fund PARTECH AFRICA and the legal tech company AFRIWISE, which is active in 25 countries in Africa.

In 2025, SILIKIN VILLAGE, which hosts 215 start-ups' s and SMEs and 879 active members working together on a daily basis, consolidated its position in 2025, with office occupancy rates close to $100\%$ and an increase in occupancy rates for other types of available space.

In addition, the non-profit organization Silikin Village, which received total funding of USD 120,000 in 2025 from the FRB, the AFD and the TotalEnergies Startupper program, implemented three support programs and assisted 48 entrepreneurs. In addition to the numerous events and conferences organized throughout the year, these initiatives have contributed significantly to strengthening the community spirit and boosting the entrepreneurial ecosystem.

Highlights included the 5th edition of the Rencontre des Entrepreneurs Francophones (Francophone Entrepreneurs' Meeting) and the Innovation Days, which have established themselves as major events, bringing together key players interested in entrepreneurship and technology in the Democratic Republic of Congo.

Finally, nearly $85\%$ of the beneficiaries of the support programs were women, illustrating Silikin Village's ongoing commitment to promoting female entrepreneurship and economic inclusion...

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Innovation Days at Silikin Village

The first data center in the DRC, which TEXAF built in a joint venture with OPEN ACCESS DATA CENTRES (www.openaccessdc.net), a subsidiary of the WIOCC group (www.wiocc.net), and which meets international standards (Uptime Tier III, ISO 27001, PCI-DSS, etc.), was commissioned at the end of 2024 and now hosts major banks and internet service providers. In 2025, the focus was on developing the commercial pipeline. Current customers alone will double recurring revenue in 2026.

CLOSE THE GAP - TEXAF, which opened a store in SILIKIN VILLAGE, consolidated its refurbished computer sales business in 2025, generating a slightly positive operating result.


All these factors translate into the following:

DIGITAL (000 EUR) 2021 2022 2023 2024 2025 Var.
Revenue from ordinary activities 102 54 345 563 1.146 103%
Recurring operating result -167 -443 -388 -305 48 n.s.
Operating result -167 -443 -388 -305 48 n.s.
Result before deferred taxes -167 -443 -644 -1.043 -246 n.s.
Net result (Group's share) -167 -443 -637 -1.038 -241 n.s.

Revenue from ordinary activities includes an increase in management fees linked to the growth in SILIKIN VILLAGE's business, which generated a positive operating result for the first time in 2025, amounting to EUR 50k.
Operating profit includes the equity accounting of the activities of data center and Close The Gap for EUR 191k (including EUR 7k for Close The Gap). This result is impacted by a non-recurring accounting restatement of +EUR 583k.
In terms of investments, TEXAF has subscribed for EUR 1 million in each of the two PARTECH AFRICA funds and has invested a total of EUR 276k in AFRIWISE.
TEXAF also recorded net financial expenses of EUR -481k related to the valuation of the two PARTECH funds.

4. HOLDING

HOLDING (000 EUR) 2021 2022 2023 2024 2025 Var.
Revenue from ordinary activities 0 0 0 0 0 n.s.
Recurring operating result -1.182 -1.148 -1.750 -1.504 -1.772 18%
Operating result -1.182 -1.148 -1.750 -1.504 -1.768 18%
Result before deferred taxes -598 -835 -999 -1.862 -1.919 3%
Net result (Group's share) -431 -661 -818 -1.675 -1.723 3%

Expenses totaled EUR 1,772k, up $18\%$ , impacted by variable remuneration and the recognition of a provision for retirements.
Net income amounted to -EUR 1,723k (vs -EUR 1,675k), considering interest expenses.

OUTLOOK

Despite the continuing instability of the environment, the TEXAF Group intends to continue developing its activities in the Democratic Republic of Congo, particularly in Kinshasa. The Group thus continues to contribute to the country's economic growth, as its operations are not directly affected by the ongoing conflicts in eastern DRC.

As mentioned above, TEXAF initiated two new construction projects in 2025:

  • The "Quartier des Parcs" project aims to increase the supply of residential housing within the concession, with 19 villas and 14 luxury apartments, responding to strong demand for this type of property. This project is expected to be marketed at the end of the first quarter of 2027 and will increase rental income by +€2.3 million on an annual basis.
  • The "Jardins de Kinsuka" project (which will constitute a new real estate development segment in 2026) involves the start of infrastructure work on the Kinsuka site. This first development project involves the construction and sale of 42 houses from 2026 onwards as part of an initial phase. This development project will constitute a new business segment within the meaning of IFRS 8.

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Kinsuka site under development

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Over the next few years, the group is considering several new projects for the Real Estate segment, including the construction of new residential housing and an ambitious mixed-use commercial and office space project along Colonel Mondjiba Avenue, one of the city's main thoroughfares providing access to the Utexafrica concession.

In 2026, the Quarry will invest in a new screen and a new tertiary crusher. These investments will ensure continuity of production, but also optimize product screening, thereby improving production value and enabling the Quarry to better meet demand.

In the Digital segment, SILIKIN Village is expected to maintain an office occupancy rate of close to $100\%$ , while the data center is expected to break even in terms of EBITDA before the end of 2026.

In conclusion, in the context of constant scope for the real estate segment and based on an increase in the quarry's market share, the group aims to achieve slight growth in recurring operating profit by focusing on controlling operating costs.

The group also continues to develop a sustainability policy that respects the environment and its stakeholders, while maintaining a strong governance policy. The group's progress on this project will be summarized in the 2025 annual report, which will be published on 13 April 2026.


CONSOLIDATED RESULTS

EUR 000 2021 2022 2023 2024 2025
Revenue from ordinary activities 22.727 27.432 29.318 32.311 35.014
Other recurring operating income 2.055 2.053 2.013 1.922 2.634
Recurring operating expenses -12.990 -16.376 -17.131 -18.057 -20.009
Recurring EBITDA 11.791 13.109 14.200 16.176 17.639
As % of turnover 48% 44% 45% 47% 47%
Depreciation -3.649 -4.218 -4.274 -5.088 -6.240
Recurring operating result 8.142 8.891 9.926 11.088 11.399
As % of turnover 33% 30% 32% 32% 30%
Non-recurring operating items -45 -154 6.077 -771 -143
Operating result 8.097 8.737 16.003 10.317 11.257
Financial income and expenses -35 -18 -20 -1.038 -844
Result from the equity method 0 0 -253 -698 191
Donations to social responsibility activities -141 -145 -182 -146 -139
Result before tax 7.922 8.574 15.548 8.435 10.466
Taxes -1.467 -2.325 -3.350 -2.983 -2.384
Result before deferred taxes 6.454 6.249 12.198 5.452 8.082
As % of turnover 26% 21% 39% 16% 21%
Deferred taxes -1.242 2.118 -543 2.027 890
Net result after tax 5.212 8.366 11.654 7.479 8.971
Consolidated net result (Group’s share) 5.205 8.352 11.642 7.428 8.989
Per share
Recurring operating result (in EUR) 2,22 2,42 2,71 3,02 3,11
Operating result in EUR 2,21 2,38 4,36 2,81 3,07
Consolidated net result (Group’s share) in EUR 1,42 2,28 3,18 2,03 2,45
Number of shares in circulation 3.666.556 3.666.556 3.666.556 3.666.556 3.666.556

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EUR 2021 2022 2023 2024 2025
Result for the financial year 5.212 8.366 11.654 7.479 8.971
Movements in foreign currency differences -72 -29 132
Movements (net of tax) in revaluation reserves
Movements (net of tax) in pension provisions 28 103 27 148 -6
Movements (net of tax) in available-for-sale financial asset reserves 419 498 -51
Movements (net of tax) in hedging reserves -38 -102 -81
COMPREHENSIVE INCOME 5.659 8.967 11.520 7.497 9.017
Allocated to :
To the shareholders of TEXAF 5.646 8.953 11.508 7.445 9.035
Per share 1,54 2,44 3,14 2,03 2,46
To minority interests 13 15 12 52 -18

CONSOLIDATED BALANCE SHEET BEFORE ALLOCATION OF TEXAF SA'S RESULTS

EUR 31.12.2021 31 31 31 31 December 2025
NON-CURRENT ASSETS 116.579 130.554 141.324 153.598 156.131
Property, plant and equipment 8.665 8.362 10.954 11.642 12.315
Investment properties 106.605 119.608 126.217 133.899 135.519
Intangibles 2 8 81 87 68
Other financial assets 1.307 2.576 4.072 7.969 8.229
CURRENT ASSETS 18.583 18.388 25.382 21.066 24.047
Assets available for sale 5.207 5.219 5.399 0 0
Inventories 4.622 4.552 4.928 6.021 6.169
Receivables 952 678 3.696 1.476 10.109
Tax assets 1.602 2.059 2.302 2.738 2.558
Cash and short-term investments 5.933 5.462 8.570 10.254 4.811
Other current assets 267 417 486 577 400
TOTAL ASSETS 135.162 148.942 166.706 174.664 180.178
EQUITY 104.280 106.692 112.450 114.844 117.403
Capital 25.497 25.497 25.497 25.497 25.497
Group's reserves 78.387 80.783 86.274 87.789 90.374
Minority interests 397 412 679 1.558 1.532
NON-CURRENT LIABILITIES 20.413 28.231 35.520 43.125 39.049
Deferred tax liabilities 12.882 12.292 13.013 11.151 10.210
Other non-current liabilities 7.530 15.939 22.507 31.974 28.839
CURRENT LIABILITIES 10.469 14.020 18.737 16.695 23.726
Other current liabilities 10.469 14.020 18.737 16.695 23.726
TOTAL LIABILITIES 135.162 148.942 166.706 174.664 180.178

SUMMARY OF CONSOLIDATED CASH FLOWS

EUR 000 2021 2022 2023 2024 2025
Cash and short-term investments at the beginning of the year 6.979 5.933 5.463 8.570 10.254
Operating cash flow after tax 10.313 10.879 10.564 12.886 14.840
Changes in net working capital -665 2.318 -817 895 -4.077
Cash flows from operating activities 9.648 13.196 9.747 13.781 10.763
Investments -8.942 -17.420 -13.692 -13.723 -9.678
Divestments 26 10 5.097 896 21
Cash flows from investment activities -8.916 -17.409 -8.595 -12.828 -9.657
Increase in capital 2.099 0 0 0 0
Dividends -4.633 -5.238 -5.762 -6.024 -6.443
Change in debt 756 8.981 7.962 6.527 -102
Cash flows from financing activities -1.778 3.743 2.200 503 -6.545
Net increase (decrease) of cash and cash equivalents -1.046 -470 3.352 1.457 -5.439
Cash and short-term investments at end of period -123 227 -4
Cash and short-term investments at the end of the year 5.933 5.463 8.693 10.254 4.811

The group's turnover increased by 8% to EUR 35,014k, reflecting an increase in real estate and a significant decline in quarrying. The increase in other recurring operating income (+37%), combined with an 11% rise in operating expenses (EUR 20,009k), resulted in a 9% increase in EBITDA to EUR 17,639k.

Operating profit amounted to EUR 11,257k, up 9%. It includes a non-recurring expense of EUR 143k relating to a write-down on seven Cotonnière sites located in the provinces. As non-recurring expenses were lower than in 2024, operating profit grew faster than recurring operating profit.

Net financial expenses amounted to EUR 844k (vs EUR 1,038k in 2024). This decrease is due to a combination of an increase in interest expenses on loans, a revision of the value of the PARTECH I fund (-EUR 481k) and a positive net result of EUR 1,005k on currency hedging transactions.

Pre-tax profit amounted to EUR 10,466k (+24%). This includes the equity income from OADC Texaf Digital (+186 kEUR) and CTG (+7 kEUR). It should be noted, however, that the equity income from OADC Texaf Digital includes a non-recurring adjustment to the joint venture's income of 583 kEUR.

The current tax charge fell to EUR 2,384k (vs. EUR 2,983k) following exemptions obtained on various recent real estate projects. Earnings before deferred tax amounted to EUR 8,082k (vs. EUR 5,452k).

The change in deferred taxes represents a net improvement of EUR 890k (vs. EUR 2,027k in 2024). This item is highly volatile because it mainly stems from the unrealized tax gain on the group's properties, which depends both on the exchange rate between the Congolese franc and the euro and on an annual tax revaluation coefficient. In total, the net result attributable to the group amounted to EUR 8,989k (vs EUR 7,479k in 2024).

As at 31 December 2025, the Group had net financial debt of EUR 15,697k (vs EUR 12,006k a year earlier). This amount is affected by an abnormally high working capital requirement as at 31 December. Investments remained high at EUR 9,657k (vs EUR 13,723k in 2024) and operating cash flow stood at EUR 10,763k after tax.

STATUTORY AUDITOR'S REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS

The auditor confirmed that its work has been completed in substance and has not revealed any significant corrections that should be made to the consolidated accounting information included in the press release. However, he draws attention to the risks inherent in the presence of the group's main assets in the Democratic Republic of Congo and the economic and regulatory environment in that country, as well as the uncertainties that this environment poses for the valuation of the quarry and the determination of the fair value of investment properties.

2025 DIVIDEND

To reflect the results for the financial year and the outlook for 2026, the Board will propose to increase the dividend to EUR 6,914,077, or EUR 1.8857 (EUR 1.32 net) per share, an increase of 7.3% compared to 7% in the previous financial year. This will be payable from 30 May 2026 upon presentation of coupon no. 15.

FINANCIAL CALENDAR

  • Monday 13 April 2026: Publication of the annual report
  • Friday 24 April 2026: Publication of the quarterly press release
  • Tuesday, 12 May 2026 at 11: Annual General Meeting
  • Monday, 7 September 2026: Publication of half-year results
  • Friday, 23 October 2026: Publication of quarterly press release

N.B. Definition of alternative performance indicators

  • Non-recurring items: income or expenses that are not expected to recur in each financial year, such as
  • Gains or losses on disposals of fixed assets
  • Provisions (or reversals) for impairment of fixed assets

  • Costs related to major restructuring, takeover or disposal of a business (e.g. redundancy costs, factory closure costs, commissions paid to third parties to acquire or dispose of a business.)
  • EBIT: Operating profit
  • EBITDA: Operating profit plus depreciation and amortization
  • Turnover: Revenue from ordinary activities (rental income and sales of stoneware)

TEXAF, founded in 1925, is the only publicly traded company with all of its activities in the Democratic Republic of Congo. Currently, these activities are focused on real estate, quarrying and digital technology.

This stock market listing and the resulting obligations of good governance and transparency are a major asset for the group in terms of its development and the promotion of the formal sector in the Democratic Republic of Congo.

The center of the real estate business is the UTEXAFRICA concession, which combines housing, offices and shops on a 50-hectare site along the Congo River. This offer is accompanied by services for residents such as sports and leisure facilities, the TEXAF BILEMBO cultural center, maintenance services, office equipment, etc. It also includes, in the same neighborhood, the concession that houses SILIKIN VILLAGE and the Petit-Pont building. About ten kilometers away, it also includes an 87-hectare plot of land for the JARDINS DE KINSUKA project.

The quarrying activity is managed by CARRIGRES, which operates a sandstone quarry in Kinshasa with a nominal capacity of 600,000 tons, supplying the road and concrete sectors.

TEXAF, convinced of the opportunity that the digital economy represents for the DRC, has made it a third branch of its activity. In September 2019, it launched its SILIKIN VILLAGE initiative, which consists of offering workspaces and training to the emerging digital ecosystem, as well as a range of training courses, support and conferences. It also aims to partner with international groups to establish new infrastructure and services in the DRC.

Contact: Jean-Philippe Waterschoot, CEO: +32 476 25 26 26
Thierry Vanolande, CFO: +32 471 56 86 41