MAHUBE INFRASTRUCTURE LIMITED - Reviewed Condensed Financial Statements and Availability of the BEE Annual Compliance Report

Reviewed Condensed Financial Statements and Availability of the BEE Annual Compliance Report

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: REVIEWED CONDENSED FINANCIAL STATEMENTS AND
AVAILABILITY OF THE BROAD-BASED BLACK ECONOMIC EMPOWERMENT ANNUAL
COMPLIANCE REPORT

Shareholders of Mahube are advised that the Company published its condensed financial statements for the year ended 28
February 2026 ("Condensed Annual Results") on the websites of the JSE Limited and the Company on 29 May 2026.


CONDENSED ANNUAL RESULTS

SALIENT FEATURES

•     Dividends received of R22.7 million compared to R21.0 million in the comparative period last year
•     Negative revenue of R1.0million compared to positive revenue of R49.8 million in the comparative period last year
•     Basic loss and headline loss of 38.46 cents per share compared to a basic earnings and headline earnings of 61.26
      cents per share in the comparative period last year
•     Tangible NAV per share of R10.19 compared to R10.73 in the comparative period last year

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 and holds equity interests in two wind farms and three solar photovoltaic farms with a
collective installed 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 YEAR ENDED 28 FEBRUARY 2026

                                                                                                                          %
                                                                       28 February 2026      28 February 2025
                                                                                                                      change

Revenue (R'000)                                                                  (1 039)                49 767       (102.1)
Net profit (R'000)                                                              (21 209)                33 785       (162.8)
Earnings and headline earnings per share (cents)                                 (38.46)                 61.26       (162.8)
Tangible net asset value per share                                                 10.19                 10.73         (5.0)


No dividend has been declared for the year ended 28 February 2026 (2025: 15 cents per share).


The Company's total revenue for the year amounted to negative R1.0 million, compared to R49.8 million in the prior
comparative period. Dividend income contributed R22.7 million, representing a marginal increase from R21.0 million in the
previous year.

Mahube's portfolio of operational assets continued to perform well during the 2026 financial year, with most underlying
projects declaring healthy dividend distributions. Although one of the wind assets experienced temporary operational
challenges during the period, the portfolio remained resilient overall.

The decline in total revenue was primarily driven by an unfavourable fair value adjustment on financial assets of R24.4
million, compared to a positive fair value adjustment of R28.5 million in the prior year. The current year's movement resulted
from less favourable macroeconomic assumptions, including inflation expectations, foreign exchange rates and discount
rate inputs, whereas the prior year benefited from a more supportive macroeconomic environment.

Underlying operational cash generation remained predominantly resilient notwithstanding the adverse non-cash fair value
adjustments.

Operating expenses increased to R20.1 million from R15.9 million in the prior comparative period. In addition to normal
inflationary increases, the Company incurred certain once-off professional fees during the year relating to the scheme of
arrangement transaction that the Company pursued, some of which will be recovered in the prospective year.

The Company's tangible net asset value per share decreased from 10.73 cents in the prior year to 10.19 cents in the current
year.

STATEMENT
This short-form announcement is the responsibility of the Directors and is a summary of the information contained in the
Annual Results and does not contain full or complete details. Furthermore, this short -form announcement has not been
reviewed, audited or reported on by Mahube's auditors but has been extracted from the Condensed Annual Results for the
year ended 28 February 2026, which were prepared by the Financial Director, Petro Lewis CA(SA) and have been reviewed
by the Company's auditors, BDO South Africa Inc. Their unmodified review conclusion is available on the Company's
website at https://mahube.africa/wp-content/uploads/2026/05/Auditors-Review-Report.pdf

Any investment decisions by shareholders and/or investors should be based on the Condensed Annual Results, accessible
via the JSE link: https://senspdf.jse.co.za/documents/2026/jse/isse/mhbe/YE26.pdf and on the Company's website at:
https://mahube.africa/wp-content/uploads/2026/05/Long-Form-Sens-Announcement.pdf

AVAILABILITY OF BROAD-BASED BLACK ECONOMIC EMPOWERMENT ANNUAL COMPLIANCE REPORT
Shareholders are hereby notified in accordance with the Listings Requirements of the JSE Limited, that the Company's
annual compliance report in terms of section 13G(2) of the Broad-Based Black Economic Empowerment Act (Act 53 of
2003), read with the Broad-Based Black Economic Empowerment Amendment Act (Act 46 of 2013), has been published
and is available on the Company's website, www.mahube.africa.

By order of the Board

29 May 2026

JSE Sponsor to Mahube
Questco Corporate Advisory Proprietary Limited

Date: 29-05-2026 03:10:00
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