KAP LIMITED - Unaudited results for the six months ended 31 December 2025

Unaudited results for the six months ended 31 December 2025

KAP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1978/000181/06)
Share code: KAP
ISIN: ZAE000171963
Company Alpha Code: KAP
LEI code: 3789001F51BC0045FD42
("KAP" or "the Company")

UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

1.   SALIENT FEATURES

     Revenue decreased by 3% to R14 872 million, from R15 355 million in the prior corresponding period.

     Operating profit before capital items increased by 10% to R1 264 million, from R1 153 million in the prior
     corresponding period.

     Headline earnings per share increased by 32% to 22.7 cents per share, from 17.2 cents per share in the
     prior corresponding period.

     Earnings per share increased by 28% to 20.8 cents per share, from 16.2 cents per share in the prior
     corresponding period.

     Net asset value per share decreased by 1% to 513 cents per share, from 518 cents per share in the prior
     corresponding period.

     In line with historical practice, the board of directors has not declared an interim dividend.

2.   SHORT-FORM ANNOUNCEMENT

     This short-form announcement is the responsibility of the directors of the Company. It contains only a
     summary of the information included in the full announcement released today ("Full Announcement") and
     does not contain full or complete details.

     This short-form announcement has not been audited or reviewed by the Company's external auditors. The
     financial information has been extracted from the unaudited condensed consolidated interim financial
     statements for the six months ended 31 December 2025.

3.   FULL ANNOUNCEMENT

     The Full Announcement is available on the JSE's cloudlink at:
     https://senspdf.jse.co.za/documents/2026/JSE/ISSE/KAP/Interim_26.pdf

     A copy of the Full Announcement is also available for viewing on the Company's website at
     https://kap.co.za/wp-content/uploads/2026/02/kap-unaudited-results-for-the-six-months-ended-31-
     december-2025.pdf.

     Any investment decisions by investors and/or shareholders should be based on consideration of the Full
     Announcement, published on 26 February 2026, via the JSE cloudlink.

4.   RESULTS WEBCAST

     A live webcast of the interim results presentation will be broadcast at 10:00 a.m. (SAST) on Thursday,
     26 February 2026. The webcast registration link is https://www.corpcam.com/KAP26022026
     and can be accessed on the KAP website at www.kap.co.za.


Stellenbosch
26 February 2026

Equity and Debt Sponsor
PSG Capital

Date: 26-02-2026 07:05:00
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