Brimstone Investment Corporation Limited Class N · JSE:BRN
Brimstone Investment Corporation Limited Class N — FY2025 Earnings Presentation
35 slides from Brimstone Investment Corporation Limited Class N's earnings presentation, March 2026
Slide 1: 2025 Results Presentation for the year ended 31 December 2025
2025 RESULTS PRESENTATION FOR THE YEAR ENDED 31 DECEMBER 2025
Slide 2: Overview
BRIMSTONE INVESTMENT CORPORATION LIMITED ed
Slide 3: Philosophy
PHILOSOPHY POSITIVE PROFITABILITY EMPOWERMENT SOCIAL IMPACT 1995 1998 Founded Listed on the JSE
Slide 4: Business & economic environment during the year
BUSINESS & ECONOMIC ENVIRONMENT DURING THE YEAR ▪ Easing inflation ▪ Lower interest rate environment ▪ Stronger Rand against all major currencies ▪ Financial Action Task Force (FATF) grey list exit ▪ Credit upgrade ▪ Commodity price boom ▪ Electricity grid stability ▪ Stable GNU ▪ Improved investor
Slide 5: Our investment ethos
OUR INVESTMENT ETHOS ▪ Long-term view ▪ Invest in diversified businesses with multi-currency income streams ▪ Active participation ▪ ESG conscious ▪ Currently concentrated in the food sector ▪ No alcohol, tobacco, gambling, micro-lending, etc.
Slide 6: Group at 31 December 2025
GROUP AT 31 DECEMBER 2025 Food Financial Services and Property RE AFRICA Restricted BEE structures Healthcare Other
Slide 7: Group & associated brands
GROUP & ASSOCIATED BRANDS Sea Harvest i. 2 Ssilenhs WE MutriCHoice SKIFPG PROPERTY FUND ¢|FPG INVESTMENTS es Y POLAR > ICE CREAM +
Slide 8: Some products from the group
SOME PRODUCTS FROM THE GROUP ICKY STAR | — "' PILCHARDS INIBERT Re ni|SAUEE JUCKY STAR | nN j Bi ay ON ‘ | CHICKEN LIVERS 1 IN GRAVY
Slide 9: Sector contribution to intrinsic gross asset value
SECTOR CONTRIBUTION TO INTRINSIC GROSS ASSET VALUE Healthcare Cash Other 1% ASSET R’000 2% 3% Restricted BEE 1% OCEANA 1 158 507 SEA HARVEST 1 514 214 Financial Services & Property FPG PROPERTY FUND 492 388 17% FPG INVESTMENTS 56 331 AON RE AFRICA 100 860 31 Dec 2025 OBSIDIAN HEALTH 84 247 SAED 67 5
Slide 10: Highlights for year to 31 Dec 2025
HIGHLIGHTS FOR YEAR TO 31 DEC 2025 ▪ Headline earnings per share up 98% to 213.6 cents (2024: 108.0 cents) ▪ Attributable profit increased to R44.0m (2024: R200.4m loss) ▪ Dividend declared of 42 cents per share (2024: 40 cents) ▪ Sold 11.95m Oceana shares for a total cash consideration of R633.4m ▪
Slide 11: Underlying investment performance
UNDERLYING INVESTMENT PERFORMANCE
Slide 12: Oceana: disposed of 11.95m shares
SHAREHOLDING: 16.0% ▪ Disposed of 11.95m shares in Oceana for a total cash consideration of R633.4m ▪ Now accounts for 32% of Brimstone’s intrinsic gross asset value ▪ Shareholding of 20.8m shares, market value R1.2bn (Dec 2024: 32.7m shares at R2.2bn) ▪ Recorded R181.0m (2024: R299.6m) in equity ac
Slide 13: Sea Harvest: 44.2% shareholding
SHAREHOLDING: 44.2% ▪ Accounts for 42% of Brimstone’s intrinsic gross asset value ▪ Shareholding of 159.6m shares, market value of R1.5bn (Dec 2024: R1.3bn) ▪ Recorded R151.5m (2024: R111.4m) in equity accounted earnings for the year ▪ Received cash dividends of R35.1m (2024: R63.8m) ▪ Closing share
Slide 14: FPG Property Fund: 10.0% shareholding
SHAREHOLDING: 10.0% ▪ Western Cape based black owned and managed unlisted property fund with a property portfolio independently valued in excess of R12bn ▪ 35 retail convenience shopping centres in SA and a growing portfolio in UK ▪ This investment was revalued upwards by R52.0m to R492.4m at year e
Slide 15: FPG Investments: 1.3% shareholding
SHAREHOLDING: 1.3% ▪ FPG Investments is an investment company that owns 87% of FPG Property Fund; 87% of FPG Foods; and 30% of Polar Ice Cream ▪ This investment was revalued upwards by R6.3m to R56.3m at year end ▪ Received a dividend of R1.0m (2024: R0.4m)
Slide 16: Obsidian Health: 70.0% shareholding
SHAREHOLDING: 70.0% ▪ A leading supplier of innovative healthcare solutions to private and public sector in Sub-Saharan Africa ▪ Growth in revenue driven by the Life Sciences and Point of Care divisions ▪ Improved performance due to stronger Rand and improved product mix ▪ Signed a new agency Sebia
Slide 17: Aon Re Africa: 18.0% shareholding
SHAREHOLDING: 18.0% RE AFRICA ▪ A leading reinsurance broker operating in SA and the rest of Africa ▪ Equity accounted earnings of R20.8m (2024: R21.3m) ▪ Intrinsic gross asset value R100.8m (Dec 2024: R87m) ▪ Received a dividend of R20.2m (2024: R24.3m) Amounts stated in respect of associates held
Slide 18: Phuthuma Nathi: 1.3% shareholding
SHAREHOLDING: 1.3% ▪ Closing share price R46.00 (Dec 2024: R81.01) ▪ Revalued downwards by R31.3m to R41.2m at year end ▪ Received a dividend of R10.0m (2024: R18.2m) ▪ Latest closing price R52.00 (02 Mar 26)
Slide 19: SAED: 25.0% shareholding
SHAREHOLDING: 25.0% ▪ Provides equity growth capital to high potential small and medium-sized enterprises including ASG Holdings and Decision Inc. ▪ SAED contributed R2.5m in equity accounted losses (2024: R0.2m in equity accounted earnings) ▪ Brimstone accrued a dividend of R3.0m (2024: R3.5m)
Slide 20: Financial results
BRIMSTONE INVESTMENT CORPORATION LIMITED ed
Slide 21: Group income statement
GROUP INCOME STATEMENT Key line items R’000 Dec 2025 Dec 2024 Change SHG Sales and fee income 352 979 2 195 642 (84%) Dividends received 60 757 31 620 92% 2024: SHG R85m Operating profit 27 848 63 054 (56%) Fair value gains 22 049 159 036 (86%) 2024: R73m sale of MP 2025: R13m sale of HoM Other inve
Slide 22: Sea Harvest line items included in group income statement
SEA HARVEST LINE ITEMS INCLUDED IN GROUP INCOME STATEMENT1 R’000 Dec 2025 Dec 2024 Change Sales and fee income - 1 868 268 Dividends received - - Operating profit - 85 297 Fair value gains - - Other investment losses - (16 239) Share of profits of associates and JV’s 151 503 109 274 Finance costs (n
Slide 23: Analysis and reconciliation of dividends received
ANALYSIS AND RECONCILIATION OF DIVIDENDS RECEIVED R’000 Dec 2025 Dec 2024 Obsidian 4 900 3 500 Monatic 6 000 - Oceana 72 380 162 034 Sea Harvest 35 103 63 824 AON Re (net of minority share) 12 133 14 580 MTN Zakhele Futhi 37 841 - Phuthuma Nathi 10 032 18 240 FPG Group 7 109 5 657 Lion 5 775 - Other
Slide 24: Analysis of fair value movements
ANALYSIS OF FAIR VALUE MOVEMENTS R’000 Dec 2025 Dec 2024 FPG Group 58 301 77 792 Financial liability (Lion “Cell”) - 59 934 STADIO Holdings - 29 624 Phuthuma Nathi (31 349) (3 736) MTN Zakhele Futhi (12 159) (15 794) Other 7 256 11 216 Total 22 049 159 036
Slide 25: Share of profits of associates and JVs
SHARE OF PROFITS OF ASSOCIATES AND JV’S R’000 Dec 2025 Dec 2024 Change Oceana 180 962 299 609 (40%) Sea Harvest* 151 503 109 274 39% Aon Re 20 833 21 253 (2%) Other 4 836 3 079 57% Total 358 134 433 215 (17%) * The prior year share of profits include the associates of Sea Harvest for the period whic
Slide 26: Net finance costs
NET FINANCE COSTS R’000 Dec 2025 Dec 2024 Brimstone (Newshelf 1063) 163 958 200 104 Sea Harvest n/a 98 086 Total finance costs 163 958 298 190 Interest income (5 729) (30 913) Net finance costs 158 229 267 277
Slide 27: Group balance sheet
GROUP BALANCE SHEET Key line items R’000 Dec 2025 Dec 2024 Sale of 11.95m OGL Non-current assets 4 245 949 4 950 073 shares Current assets 249 623 332 468 Reclassification of PN Total assets 4 495 572 5 282 541 Non-current liabilities (1 246 294) ( 1 759 339) Current liabilities (147 495) (232 075)
Slide 28: Intrinsic net asset value
BRIMSTONE INVESTMENT CORPORATION LIMITED ed
Slide 29: Intrinsic NAV - listed investments
INTRINSIC NAV - LISTED INVESTMENTS Gross CGT INAV Asset % held Valuation basis R’000 R’000 R’000 Sea Harvest 44.2% Market value 1 514 214 - 1 514 214 Oceana 16.0% Market value 1 158 507 - 1 158 507 Phuthuma Nathi 1.3% Market value 41 290 - 41 190 MTN Zakhele Futhi 1.3% Market value 313 - 313 2 714 3
Slide 30: Intrinsic NAV - unlisted investments
INTRINSIC NAV - UNLISTED INVESTMENTS Gross CGT INAV Asset % held Valuation basis R’000 R’000 R’000 FPG Property Fund 10.0% Book value 492 388 (71 835) 420 553 FPG Investments 1.3% Cost 56 331 - 56 331 Aon Re Africa 18% PE valuation 100 860 - 100 860 Obsidian 70% Book value 84 247 - 84 247 SAED 25% B
Slide 31: Intrinsic NAV summary - listed/unlisted
INTRINSIC NAV – SUMMARY - LISTED/UNLISTED Gross Debt CGT INAV Asset R’000 R’000 R’000 R’000 Listed 2 714 324 - - 2 714 324 Unlisted 830 893 - (45 664) 785 229 Cash / (Net debt) 77 603 (1 199 322) - (1 121 719) Total 3 622 720 (1 199 322) (45 664) 2 377 734 Intrinsic NAV per share (cents) 1 505 (498)
Slide 32: Other key statistics
OTHER KEY STATISTICS R’000 Dec 2025 Dec 2024 Change Intrinsic gross asset value 3 622 720 4 471 074 (19.0%) Book NAV 3 045 710 3 238 357 (6.0%) Book NAV per share (cents) 1 265.4 1 340.7 (5.6%) Intrinsic NAV 2 377 734 2 681 358 (11.3%) Intrinsic NAV per share (cents) 987.9 1 110.1 (11.0%) Market pri
Slide 33: Delivering on our commitments
DELIVERING ON OUR COMMITMENTS Continued cost management and control Committed to paying R600m debt over 3 years to Dec 2025 • Net debt reduction of R520.3m for year to Dec 2025 & R516.8m for year to Dec 2024 • Debt reduced from R2.2 billion at Dec 2022 to R1.2 billion at Dec 2025 Repurchased further
Slide 34: Questions
BRIMSTONE INVESTMENT CORPORATION LIMITED ed
Slide 35: Thank you
BRIMSTONE INVESTMENT CORPORATION LIMITED ed