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Inqo Investments Limited

Press release at 30 July 2025

Audited Group Results for the year ended 28 February 2025

Company Registration Number

1998/024741/06

Share Code

INQO

ISIN Number

ZAU 000014391

CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT

Inqo Investments Limited ("Inqo" or "the Group") is a South African based social impact company that invests in businesses that tackle poverty and environmental challenges in Sub-Saharan Africa.

COMMENTARY

The Group remains in a strong financial position with total assets of R238 million including cash and cash equivalents of R48.8 million and minimal debt.

For the year end under review, the Group returned to profitability, marking a significant financial turnaround from the previous year reporting a profit of R20,235,550 (2024: Loss of R5,303,571).

In 2023, Inqo was awarded a US$4 million grant over three years to fund its Conservation and Rural Enterprise (CARE) project in Uganda. To date, Inqo has received US$3 million of this grant. During the current year, the Group formalised three CARE investments in Uganda, namely Flybox Budongo (BSF) Farm Limited, Pabidi Lodge Budongo Limited and Empower Clean Cooking Limited. The grant income is recognised in the income statement as and when funds are spent on approved project activities. Until then, the funds received are recorded as a deferred liability. As a result, the grant has positively impacted profitability during the current period, with R19,771,009 (2024: R1,697,069) recognised in income. The remaining balance of the grant will continue to support Inqo's activities for approximately two more financial years. Shareholders should note, once fully utilised, this income stream will end and profitability is expected to normalise unless replaced by other sources of funding or new income from our CARE project in Uganda.

In April 2024, the company issued 1,854,646 new ordinary shares, raising gross capital of R 29,984,428. This includes the conversion of two credit loan notes of USD 1,000,000 and R 2,000,000 respectively into equity by the lenders exercising their conversion rights.

In December 2024, the company issued a dividend for the first time since incorporation of R0.07 per share amounting to R1,146,014.

FINANCIAL INFORMATION

The financial information set out in this announcement does not constitute statutory financial statements. This financial information has been extracted from Inqo's audited group financial statements for the year ended 28 February 2025.

FINANCIAL RESULTS

The audited financial results for the year ended 28 February 2025 are as follows:

	Feb-25	Feb-24
	R'000	R'000
Revenue	25,865	20,611
Profit/(Loss) for the year	20,236	(5,304)
Earnings per share	1.24	(0.36)

Total Assets	238,218	214,460

Unutilised Grant Funding	29,477	32,847
Total Liabilities excl Unutilised Grant Funding	7,935	29,995

Net Assets	200,806	151,618
Profit/(Loss) from operating activities includes the following items
Grant income	19,771	1,697
Depreciation and amortisation	(2,118)	(2,937)
Personnel Costs	(6,608)	(5,386)
Directors' Fees and Salaries	(1,711)	(1,610)
Listing Expenses	(996)	(933)
Professional Fees	(312)	(370)
Reversal/(Raising) of impairment of loans: Four One	69	(1,921)
Re-instatement of impairment of loans: Spekboom Trading	(530)	-
Fair value adjustment of the buffalo herd	89	(1,812)

The directors of Inqo reviewed the valuation placed on all income earning assets to ensure that they reflect their fair value. Following the reviews, the directors are of the view that Group assets as stated in the Statement of Financial Position are reflected at fair value.

INVESTEE COMPANIES: FINANCIAL, ENVIRONMENTAL AND SOCIAL PERFORMANCE COMMENTARY

Beyond the specific changes outlined below, there have been no other material developments or significant events impacting the investee companies during the period.

Kuzuko Lodge (Pty) Limited (South Africa)

For the year ended 28 February 2025, Kuzuko Lodge generated a profit, marking a significant financial turnaround from the previous year. Kuzuko Lodge reported a profit of R2,702,737 in the current financial year, a substantial improvement from the R2,882,391 loss recorded in 2024. This was driven by a 40% increase in revenue and a continued year-on-year upward trend in occupancy rates. The success is primarily attributed to targeted marketing efforts and disciplined cost containment strategies.

CARE Investees

· Flybox Budongo (BSF) Farm Limited (Uganda) forms part of the Uganda CARE project. lnqo has partnered with Mana Biosystems Limited (United Kingdom) (FlyBox UK) to implement the Black Soldier Fly project in Uganda. The purpose of insect farming is to upcycle organic waste into animal protein and compost. The business will initially sell larvae and eggs to farmers to grow to maturity by feeding on market and organic waste. These larvae can then be harvested for use as protein substitute in animal feed. At reporting date, Flybox UK had built the modular insect farms, however due to shipping and clearance delays, delivery only took place in July 2025. Trading is expected in the 2025/26 financial year.

· Pabidi Lodge Budongo Limited (Uganda) forms part of the Uganda CARE project. Pabidi Lodge is currently under construction and a soft opening is expected in September/October 2025. The lodge will be the only luxury accommodation offering sustainable ecotourism to guests in the Budongo Forest. The lodge will be operated by our joint-venture partner, Great Lakes Safaris, one of the leading tour operators in Uganda. Great Lakes Safaris hold the sole conservancy in the Budongo Forest, an 825 sq km forest that is home to more than 600 chimpanzees. The site clearance and construction of the lodge commenced during the reporting period.

· Empower Clean Cooking Limited (Uganda) forms part of the Uganda CARE project. Empower Clean Cooking Limited is a joint venture between Inqo and East African Power Limited. Empower Clean Cooking Limited will be managed and operated by East Africa Power, a highly experienced renewable energy developer and operator with hydro and solar plants in Rwanda, Uganda, DRC, Zambia, Zimbabwe and Kenya. The objective of the company is to safeguard the environment through providing clean cooking solutions to local environments. The joint venture will manufacture biomass pellets for cooking fuel as an alternative to wood and charcoal and to explore clean cooking solutions for the local community. The site clearance and preparation for the factory construction commenced during the reporting period.

SUMMARY OF SOCIAL & ENVIRONMENTAL METRICS SINCE PROJECT COMMENCEMENT

· Kuzuko Lodge

o 35,617 acres (14,414 hectares) of former farmland restored and protected as a game reserve

o 70 km of game fencing erected, including internal fencing

o 50 FTE staff at Kuzuko in standard housing with flush toilets, power, water and solar panels

o 120 fixed term jobs

o Conservation of 2 endangered species, 8 endangered species protected, 23 species introduced

o 32 cheetahs have been rewilded and/or translocated to other reserves through a conservation program aimed at restoring cheetah populations to their native habitats

· South Lake Medical Centre

o 119,214 patient visits including 1,498 HIV patients receiving care and/or counselling, 65,164 through community outreach, 147 safe deliveries, 205 surgeries and 622 antenatal care

o Expanded to 5 Health Posts (micro-clinics) for easier patient access

· Kentegra

o Payments of over US$2.6M to approximately 20,000 out-growers/farmers

o Digitised its Village Savings and Loans Associations program, which has seen significant savings and loans among farmers

· Sanergy

o 1,000 FTE, 2,000 indirect jobs, 5,000 toilets serving 270,000 people daily in Nairobi, Kisumu and Eldoret

· Spekboom Trading

o 5,185 hectares degraded land planted with 30 million spekboom; 350 fixed term jobs

· CARE Projects

o A baseline study was performed and the success of the projects will be measured against the outcomes of this study

STAFF

The directors would like to take this opportunity to thank all the operating staff in the Group for their contribution and commitment to the Group's objectives during this challenging time.

Dr K.S Tan R.H Steyn

Chairman Chief Financial Officer

Issued on: 29 July 2025

Enquiries:

Inqo Investments Limited

Robyn Steyn, Chief Financial Officer finance@inqo.co.za

Bowsprit Partners Limited (Corporate Adviser)

John Treacy / Luis Brime +44 (0) 203 833 4430

lnqo Investments Limited

(Registration Number 1998/024741/06)

Consolidated and Separate Annual Financial Statements for the year ended 28 February 2025

Statements of Financial Position

	Group	Group	Company	Company
Figures in R	2025	2024	2025	2024
Assets
Non-current assets
Property, plant and equipment	150 , 135,998	151 , 980 , 926	148 , 852 , 935	150 , 894 , 907
Right-of - use assets	-	68,147
Intangible assets	7	840
Investments in joint ventures	23 , 200,480	-	23 , 200,480	-
Investments in subsidiaries			4 , 175,418	1,503
Trade and other receivables	-	-	-	238,570
Other investments	7 , 252 , 632	7 , 306,227	5 , 584 , 912	5 , 638 , 507
Loans to subsidiaries			18 , 164,287	22,059,056
Total non-current assets	180,589,117	159,356,140	199,978,032	178,832,543
Current assets
Inventories	4 , 144,227	4 , 295,937	3 , 565,400	3 , 702 , 582
Trade and other receivables	3,402,234	6 , 059,424	1,463 , 607	4 , 306 , 972
Current tax assets	195,227	-	200,000	-
Biological assets	1 , 066,000	977,000	1 , 066 , 000	977,000
Cash and cash equivalents	48 , 820,777	43 , 771 , 590	44,450,832	41 , 873 , 765
Total current assets	57,628,465	55,103,951	50,745,839	50,860,319
Total assets	238,217,582	214,460,091	250,723,871	229,692,862

lnqo Investments Limited

(Registration Number 1998/024741/06)

Consolidated and Separate Annual Financial Statements for the year ended 28 February 2025

Statements of Financial Position

	Group	Group	Company	Company
Figures in R	2025	2024	2025	2024
Equity and liabilities
Equity
Ordinary share capital	81 , 858,155	72 , 584 , 925	81 , 858 , 155	72 , 584 , 925
Share premium	108 , 296,468	87 , 585,270	108 , 296,468	87 , 585,270
Accumulated loss	(76 , 195,750)	(95 , 364,654)	(60 , 793,487)	(77 , 755,359)
Revaluation reserve	86 , 242,430	86 , 693,347	86 , 242,430	86,693,347
Total equity attributable to owners of the parent	200,201,303	151,498,888	215,603,566	169,108,183
Non-controlling interests	604,461	119,507
Total equity	200,805,764	151,618,395	215,603,566	169,108,183
Liabilities
Non-current liabilities
Deferred tax liabilities	2 , 947,137	3 , 809,116	2 , 947 , 137	3 , 809 , 116
Loans from related parties	1 , 667,163	3,423,672	1 , 667 , 163	3,423 , 672
Other loans	-	18 , 931 , 500	-	18 , 931 , 500
Total non-current liabilities	4,614,300	26,164,288	4,614,300	26,164,288
Current liabilities
Trade and other payables	2 , 949,901	3 , 683,554	658,388	1 , 573 , 820
Lease liabilities	-	80,155	-	-
Dividend payable	371,092	-	371,092	-
Unutilised grant funding	29,476,525	32 , 846 , 571	29,476 , 525	32 , 846 , 571
Bank overdraft	-	67,128	-	-
Total current liabilities	32,797,518	36,677,408	30,506,005	34,420,391
Total liabilities	37,411,818	62,841,696	35,120,305	60,584,679
Total equity and liabilities	238,217,582	214,460,091	250,723,871	229,692,862

lnqo Investments Limited

(Registration Number 1998/024741/06)

Consolidated and Separate Annual Financial Statements for the year ended 28 February 2025

Statements of Profit or Loss and Other Comprehensive Income

	Group	Group	Company	Company
Figures in R	2025	2024	2025	2024
Revenue	25 , 864 , 966	20 , 610 , 801	3 , 387,242	5 , 159 , 563
Cost of sales	(2,834,838)	(2,421,823)	-	-
Gross profit	23,030,128	18,188,978	3,387,242	5,159,563
Other income	20 , 260 , 338	3 , 630 , 200	19 , 822,854	1 , 944 , 872
Personnel expenses	(8 , 319 , 350)	(6 , 996 , 171)	(1 , 396 , 273)	(1,498,067)
Depreciation and amortisation	(2 , 118,447)	(2 , 936 , 964)	(1 , 927 , 194)	(2 , 617,434)
Listing expenses	(996 , 071)	(933,451)	(996 , 071)	(933,451)
Professional fees	(311 , 900)	(369 , 556)	(311 , 900)	(369,556)
Bad debt	(7 , 189)	-	(7 , 189)	-
Provision for doubtful debts	(314 , 261)	(319 , 841)	(314 , 261)	(2,429,904)
Impairment	(460 , 880)	(1 , 920 , 552)	69,406	(1 , 920,552)
Other expenses	(12 , 922,423)	(12 , 836,487)	(4 , 178 , 725)	(2 , 236,734)
Profit/ (loss) from operating activities	17,839,945	(4,493,844)	14,147,889	(4,901,263)
Inventory write (down)/up	(137 , 182)	(832 , 272)	(137 , 182)	(832,272)
Fair value adjustment	89,000	(1,811,980)	89 , 000	(1 , 811,980)
Finance income	1 , 580 , 697	995 , 676	2 , 877,218	1 , 807 , 315
Finance costs	(33,040)	(167,020)	(19 , 942)	(62,675)
Profit/ (loss) before tax	19,339,420	(6,309,440)	16,956,983	(5,800,875)
Income tax credit	896 , 130	1 , 005 , 869	1 , 150,903	1 , 005 , 869
Profit/ (loss) for the year	20,235,550	(5,303,571)	18,107,886	(4,795,006)

lnqo Investments Limited

(Registration Number 1998/024741/06)

Consolidated and Separate Annual Financial Statements for the year ended 28 February 2025

Statements of Profit or Loss and Other Comprehensive Income

	Group	Group	Company	Company
Figures in R	2025	2024	2025	2024
Profit/ (loss) for the year attributable to:
Owners of Parent	20,031 , 946	(5,262,858)	18,107,886	(4 , 795,006)
Non-controlling interest	203 , 604	(40 , 713)	-	-
	20,235,550	(5,303,571)	18,107,886	(4,795,006)
Earnings per share from continuing and discontinuing operations attributable to owners of the parent during the year
Basic earnings per share
Basic earnings/ (loss) per share	1.24	(0.36)	1.12	(0 . 33)
Diluted earnings per share
Diluted earnings/ (loss) per share	1.24	(0 . 36)	1 . 12	(0 . 33)
Other comprehensive income net of tax
Components of other comprehensive income that
will not be reclassified to profit or loss
Revaluation of land and buildings	(161 , 994)	-	(161 , 994)	-
Deferred taxation	(288,923)	-	(288 , 923)	-
Total other comprehensive income that will not be reclassified to profit or loss	(450,917)	-	(450,917)	-
Total comprehensive income	19,784,633	(5,303,571)	17,656,969	(4,795,006)
Comprehensive income attributable to:
Comprehensive income, attributable to owners of
Parent	19 , 581 , 029	(5 , 262 , 858)	17 , 656,969	(4 , 795,006)
Comprehensive income, attributable to non-
controlling interests	203 , 604	(40 , 713)
	19,784,633	(5,303,571)	17,656,969	(4,795,006)

Statements of Changes in Equity - Group

Figures in R	Ordinary share capital	Share premium	Revaluation Reserve	Accumulated loss	Attributable to owner of the parent	Non-controlling interest	Total
Balance at 1 March 2023	72 , 584 , 925	87 , 585 , 270	86 , 693 , 347	(90 , 101,796)	156,761 , 746	160,220	156,921,966
Changes in equity
Loss for the year				(5 , 262,858)	(5,262,858)	(40,713)	(5,303,571)
Total comprehensive income for the year				(5 , 262,858)	(5,262 , 858)	(40,713)	(5,303,571)
Balance at 29 February 2024	72,584,925	87,585,270	86,693,347	(95,364,654)	151,498,888	119,507	151,618,395
Balance at 1 March 2024	72 , 584 , 925	87 , 585 , 270	86,693 , 347	(95 , 364,654)	151,498 , 888	119,507	151,618,395
Changes in equity
Profit for the year				20 , 031,946	20,031 , 946	203,604	20,235,550
Other comprehensive income			(450 , 917)		(450 , 917)		(450,917)
Total comprehensive income for the year			(450,917)	20 , 031,946	19,581 , 029	203,604	19,784,633
Dividend				(1 , 146 , 014)	(1,146 , 014)		(1,146,014)
Issue of equity	9 , 273,230	20,711 , 198			29,984,428		29,984,428
Transfer from NCI due to change in control from subsidiary to joint venture				282,972	282 , 972	281,350	564,322
Balance at 28 February 2025	81,858,155	108,296,468	86,242,430	(76,195,750)	200,201,303	604,461	200,805,764

Revaluation reserve is made up as follows:
Cumulative revaluation reserve			111,545 , 532
Cumulative deferred taxation			(25,303 , 102)
			86,242,430

Statements of Changes in Equity - Company

Figures in R	Ordinary share capital	Share premium	Revaluation surplus	Accumulated loss	Total
Balance at 1 March 2023	72 , 584 , 925	87,585,270	86 , 693,347	(72,960 , 353)	173,903,189
Changes in equity
Loss for the year				(4,795 , 006)	(4 , 795 , 006)
Total comprehensive income				(4,795 , 006)	(4 , 795 , 006)
Balance at 29 February 2024	72,584,925	87,585,270	86,693,347	(77,755,359)	169,108,183
Balance at 1 March 2024	72,584,925	87,585,270	86,693,347	(77,755,359)	169,108,183
Changes in equity
Profit for the year				18 , 107 , 886	18 , 107,886
Other comprehensive income			(450 , 917)		(450 , 917)
Total comprehensive income			(450 , 917)	18 , 107 , 886	17 , 656,969
Dividend				(1,146 , 014)	(1 , 146 , 014)
Issue of equity	9 , 273 , 230	20,711,198			29 , 984,428
Balance at 28 February 2025	81,858,155	108,296,468	86,242,430	(60,793,487)	215,603,566

Revaluation reserve is made up as follows:
Cumulative revaluation reserve			111 , 545,532
Cumulative deferred taxation			(25 , 303 , 102)
			86 , 242,430

lnqo Investments Limited

(Registration Number 1998/024741/06)

Consolidated and Separate Annual Financial Statements for the year ended 28 February 2025

Statements of Cash Flows


	Group	Group	Company	Company
Figures in R	2025	2024	2025	2024
Net cash flows from/ (used in) operations	1,022,095	(11,800,817)	(3,131,557)	(7,620,425)
Dividend paid	(774,922)	-	(774 , 922)	-
Interest paid	(11,873)	(143 , 656)	(633)	(62 , 675)
Interest received	2 , 088 , 511	995 , 676	1 , 897 , 679	952,982
Income taxes paid	(450,000)	-	(200 , 000)	-
Net cash flows from/ (used in) operating
activities	1,873,811	(10,948,797)	(2,209,433)	(6,730,118)
Cash flows (used in)/ from investing activities
Cash flows from loss of control of subsidiary	(2,668)	-	-	-
Cash payments to acquire interests in joint ventures	(21,471,197)	-	(21,470 , 696)	-
Proceeds from sales of property , plant and equipment	91,435	(17 , 103)	69 , 563	(17 , 011)
Purchase of property , plant and equipment	(1,424,849)	(677 , 038)	(104 , 934)	(606,486)
Loans (extended to)/repaid by subsidiary			392 , 248	(6 , 214,097)
Loans (extended to)/repaid by other investments	50,063	-	50 , 063	-
Grant funding received	17 , 728 , 014	1 , 397 , 799	17 , 728,014	1 , 397,799
Cash flows (used in)/ from investing activities	(5,029,202)	703,658	(3,335,742)	(5,439,795)
Cash flows from financing activities
Proceeds from issuing shares	10 , 197 , 528	-	10 , 197,528	-
Payments to related parties	-	(1 , 087 , 917)	-	(939 , 606)
Loans received related parties	227,105	17 , 786 , 900	-	17 , 786,900
Repayments of finance lease	(80,680)	(234 , 148)	-	-
Cash flows from financing activities	10,343,953	16,464,835	10,197,528	16,847,294
Net increase in cash and cash equivalents before effect of exchange rate changes	7,188,562	6,219,696	4,652,353	4,677,381
Effect of exchange rate changes on cash and cash equivalents	(2,072,247)	1,461 , 509	(2,075 , 286)	1,466,581
Net increase in cash and cash equivalents	5,116,315	7,681,205	2,577,067	6,143,962
Cash and cash equivalents at beginning of the year	43 , 704,462	36 , 023 , 257	41 , 873,765	35 , 729,803
Cash and cash equivalents at end of the year	48,820,777	43,704,462	44,450,832	41,873,765