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Interim Financial Results for the Six Months Ended 31 August 2025
Mahube Infrastructure Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2015/115237/06)
ISIN: ZAE000290763
JSE code: MHB
("Mahube" or the "Company")
SHORT FORM ANNOUNCEMENT - INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31
AUGUST 2025
Salient features:
• Dividend income declined to R11.1 million, compared to R13.0 million in the corresponding
period of the previous year
• Basic and headline loss of 32.4 cents per share, compared to basic and headline earnings of 67.6
cents per share in the corresponding period last year
• Total revenue declined to a negative R8.4 million, including an adverse R19.9 million change in
the fair value of financial assets, compared with revenue of R44.9 million in the prior comparative
period, which included a favourable R31.9 million change in the fair value of financial assets.
Tangible NAV per share at R10.25 compared to R10.73 as at 28 February 2025
• No interim dividend has been declared for the current reporting period (31 August 2024: 20.00
cents per share)
Investment portfolio
Mahube is an infrastructure company that offers investors exposure to infrastructure assets in Africa.
The vision of Mahube is to contribute meaningfully to the rapid and cost-effective development,
operation and upkeep of key infrastructure needed to enable access to public services (basic, social
and economic) in urban nodes across Africa, at an acceptable level of quality and tariff without
undermining the returns to our financial backers. Mahube aims to provide attractive risk-adjusted
financial returns that are characterised by predictable and regular cash flows generated from
infrastructure assets, exercising of management control over the invested infrastructure assets over
the long-term, capital growth from rendering disruptive infrastructure-underpinned solutions to
market inefficiencies. To date Mahube has invested in and holds equity interests in two wind farms
and three solar photovoltaic farms with a collective power generation capacity of approximately 400
MW. Four of the renewable energy assets were licensed during Bid Window Round 1 of the Renewable
Energy Independent Power Production Procurement Programme in South Africa. The fifth asset was
licensed during Bid Window Round 2. Each asset generates electricity that it sells to Eskom under a
20-year power purchase agreement.
Condensed Statement of Comprehensive Income for the six months ended 31 August 2025
%
31 August 2025 31 August 2024 change
Revenue (R'000) (8 392) 44 936 (119)
Net profit (R'000) (17 864) 37 269 (148)
Earnings and headline (loss)/earnings per share
(32.39) 67.58 (148)
(cents)
Net asset value per share 10.25 10.99 (7)
The decrease in earnings is primarily attributable to the unfavourable movement in the fair value of
financial assets, driven largely by less favourable macro-economic indicators. This decline was further
exacerbated by lower dividend income, resulting from temporary operational challenges at one of the
wind assets that reduced distributions during the period.
Statement
This short form announcement is the responsibility of the Directors and is a summary of the
information contained in the interim condensed financial results for the six months ended 31 August
2025 ("2025 Interim Results") and does not contain full or complete details. Furthermore, this short-
form results announcement has not been reviewed, audited or reported on by Mahube's auditors but
has been extracted from the 2025 Interim Results.
Availability
Any investment decision should be based on the 2025 Interim Results published on:
Mahube's website: https://mahube.africa/wp-content/uploads/2025/11/Unaudited-Interim-
Financial-Statements-for-the-six-months-ended-31-August-2025.pdf
and the JSE website:
https://senspdf.jse.co.za/documents/2025/jse/isse/mhbe/mah082025.pdf
The 2025 Interim Results is available for inspection, free of charge, during normal business hours at
Mahube's business address, 4th Floor, 140 West Street, Sandton, 2196 or can be requested by
directing an e-mail to info@mahube.africa.
By order of the Board
28 November 2025
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 28-11-2025 12:50:00
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