BRIMSTONE INVESTMENT CORPORATION LIMITED - Trading Statement

Trading Statement

Brimstone Investment Corporation Limited
(Registration number 1995/010442/06)
(Incorporated in the Republic of South Africa)
ISIN Number: ZAE000015277 Share Code: BRT
ISIN Number: ZAE000015285 Share Code: BRN
("Brimstone" or the "Group")

TRADING STATEMENT

In terms of the JSE Limited Listings Requirements, Brimstone is required to publish a trading statement as soon
as it is reasonably certain that the financial results for the year ended 31 December 2025 (the "current period")
will differ by at least 20% from those for the year ended 31 December 2024 (the "prior comparative period").

The main reasons for the improvement in the Group's results for the year ended 31 December 2025 included:
   - An increase in the profitability of major associate, Sea Harvest Group Limited ("Sea Harvest");
   - A decrease in finance costs; and
   - Recognition of previously unrecognised deferred tax assets relating to capital losses.

For the current period, Brimstone expects to report:

•   Earnings per share ("EPS") of between 14.1 cents and 22.6 cents, compared to a loss per share of 82.5 cents
    reported for the prior comparative period, representing an increase of more than 100% in EPS for the current
    period.

•   Headline earnings per share ("HEPS") of between 203.5 cents and 214.1 cents, compared to HEPS of 108.0
    cents reported for the prior comparative period, representing an increase in HEPS of between 88% and 98%
    for the current period.

The difference in EPS and HEPS is largely attributable to the exclusion of the following items in the determination
of HEPS:
    - The loss on disposal of a portion of Brimstone's investment in Oceana Group Limited; and
    - Brimstone's proportionate share of the impairment of certain assets recognised by Sea Harvest, included
         within the Group's share of profits of associates.

Shareholders are advised that the financial information on which this trading statement is based, has not been
reviewed or reported on by the Group's auditors.

Brimstone's results for the current period are expected to be published on SENS on or about 3 March 2026.

12 February 2026
Cape Town

Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 12-02-2026 02:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.