Inqo Investments Ltd - Audited Group Results for FY2026

Inqo Investments Limited

Press release at 3 July 2026

Audited Group Results for the year ended 28 February 2026

INVESTOR OVERVIEW: DELIVERING PROFITABILITY THROUGH IMPACT

Listed on the London Aquis Stock Exchange Growth Market, Inqo is a South African based social impact company operating on the principle that robust environmental and social impact is entirely compatible with long-term financial sustainability. The Group manages a diverse portfolio designed to deliver attractive financial returns alongside measurable outcomes across its three core pillars: Financial Growth, Environmental Sustainability and Social Transformation.

Operational & Strategic Highlights (FY 2026)

●  Strong Financial Performance: The Group achieved its strongest financial results since listing, with revenue increasing by 31% to R33.8 million and Group profit expanding by 40% to R28.2 million.

●    Principal Asset Growth: Kuzuko Lodge, Inqo's principal operating asset, reported a 97% increase in net profit to R5.3 million, supported by a 34% rise in revenue and sustained international guest demand.

● Strategic Expansion in Uganda: Operational milestones were reached within the CARE project ecosystem, including the first Black Soldier Fly production at Flybox Budongo and the opening of the eco-luxury Pabidi Lodge in April 2026.

●   Environmental Impact: To date, the Group has restored 5,185 hectares of degraded land through the planting of 30 million spekboom plants and the successful rewilding of 33 cheetahs.

●  Social Transformation: In Uganda, we deployed nearly USD 2 million through our Conservation and Rural Enterprise (CARE) project, driving employment through infrastructure development and supporting our outgrower farmer model. In Kenya, our portfolio supported 15,000 farmers and provided healthcare services to 150,000 clients. At Kuzuko, we continue to grow, train, and develop our team of 55 FTEs.

Executive Commentary

"Our financial performance this year demonstrates the viability of our model," said Dr. K.S. Tan, Executive Chairman of Inqo Investments Limited. "Inqo continues to show that financial sustainability and meaningful societal impact are mutually reinforcing. By driving a 40% increase in group net profit, we are establishing a consistent, self-sustaining framework for responsible investing in Sub-Saharan Africa. Our focus remains on disciplined capital allocation that enhances long-term shareholder value while supporting the communities in which we operate."

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 2026.

ENQUIRIES & CORPORATE INFORMATION

Inqo Investments Limited is a social impact company that provides capital to businesses across Sub-Saharan Africa to create jobs and protect the environment. For more information, please visit www.inqo.co.za.

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

PERFORMANCE REVIEW & PORTFOLIO COMMENTARY

Group Financial Strength & Structural Evolution

I am pleased to report that the Group remains in a secure financial position, closing the year with total assets of R251 million, cash and cash equivalents of R38.4 million, and minimal debt. Revenue grew 31% to R33,834,341 (2025: R25,864,966) while our profit before tax advanced to R26,344,295 (2025: R19,339,420).

No new shares were issued during the financial year under review, compared to the 1,854,646 ordinary shares issued in 2025 which raised gross capital of R29,984,428. No dividend was declared or paid to shareholders this year (2025: dividend of R0.07 per share, totaling R1,146,014).

The Board continues to monitor global geopolitical developments, including conflicts in the Middle East. Although our operations are located exclusively across Sub-Saharan Africa without direct geographical exposure, indirect continent-wide economic pressures such as rising fuel costs and travel expenses are being actively monitored and managed at both the portfolio and Board level.

Principal Asset Performance: Kuzuko Lodge (South Africa)

Our principal operating asset, Kuzuko Lodge (Pty) Limited, achieved a significantly improved financial performance, increasing its net profit by 97% to report R5,318,478 (2025: R2,702,737). This progress was driven by a 34% increase in revenue and an upward trajectory in occupancy rates. These results reflect the long-term impact of our targeted marketing efforts, disciplined cost-containment measures, and sustained international guest demand.

Strategic Development of Uganda CARE Investees

Our Conservation and Rural Enterprise (CARE) project framework in Uganda made steady operational progress this year. Reflecting active project deployment, our unutilised grant funding liability decreased by 51% to R14,327,260 (2025: R29,476,525) as capital was applied to approved activities, with R17,490,825 received in cash during the year. Shareholders should note that as the CARE grant is progressively utilised, the associated grant income recognised will naturally reduce, and profitability is expected to normalise over time unless replaced by other sources of funding or new income generated from the CARE projects.

Our individual CARE ventures achieved several key operational milestones during the period:

●  Flybox Budongo (BSF) Farm Limited: Partnered with Mana Biosystems (UK), this project upcycles organic waste into animal protein and organic fertiliser. Following the installation of containerised modular units and final commissioning, the site achieved its first Black Soldier Fly egg production in February 2026. Management is working with site partners to resolve local power grid reliability constraints to support the ongoing operational ramp-up.

●    Pabidi Lodge Budongo Limited: Developed alongside our JV partner, Great Lakes Safaris, this eco-luxury lodge is situated within the 825 sq km Budongo Forest-home to over 600 chimpanzees. Core infrastructure including the main lodge, solar power setup, and swimming pool are complete, with six of the ten guest rooms fully operational. The lodge welcomed its first paying guests on 23 March 2026, securing approximately 122 bed nights prior to its formal marketing launch.

●  Empower Clean Cooking Limited: A joint venture with East African Power Limited to manufacture sustainable biomass pellets as an alternative to wood and charcoal cooking fuel. We have established shared site infrastructure, electrified the facilities, and tested the containerised maize milling and grain drying equipment. Full operations are pending the connection of a three-phase electricity meter.

●   Jakana Budongo Ventures Limited: This new joint venture with Ugandan food processor Jakana Foods Limited utilises an out-grower farmer network model to process freeze-dried and dehydrated fruits. Construction of the central factory has reached 30% completion, critical equipment is being installed, and mobile drying sites have been established to initiate processing operations while factory construction is finalised.

Accountability: Audited Three-Pillar Matrix

To ensure reporting precision, our directors have reviewed the valuation of all income-earning assets to guarantee they reflect fair value on the Statement of Financial Position. Beyond the updates provided, there have been no other material developments impacting our investee companies during the period.

Below is the verified historical log of our social and environmental metrics achieved since project commencement, which serves as the baseline against which future outcomes will be measured:

●    Kuzuko Lodge: 14,414 hectares of land protected under a permanent game reserve; 70 km of specialised wildlife fencing erected; an average of 55 permanent and 120 fixed-term jobs sustained; 23 species reintroduced with dedicated conservation programs protecting 8 endangered species; 33 cheetahs successfully rewilded or translocated; and 6% of revenue paid to the Kuzuko Foundation Trust to fund regional impact work.

●    South Lake Medical Centre: 150,000 clients served (a 3% increase) with a 97.1% increase in community outreach and a 39% revenue increase across rural health outposts.

●   Kentegra: Disbursed nearly USD 2 million in direct cash payments to 15,000 contracted smallholder farmers while reducing field logistics costs by 63% per kilogram of flower purchases.

●  Sanergy: Strengthened 15,500 jobs across the value chain; supported over 8,000 smallholder and commercial farmers with regenerative soil inputs; restored more than 3,948 hectares of agricultural land; and avoided or removed over 10,000 tons of $CO_2e$ emissions through verified waste treatment and biochar pathways.

●   Spekboom Trading: Planted 30 million spekboom cuttings to restore 5,185 hectares of degraded land, creating 350 fixed-term jobs at peak operational capacity.

Expression of Thanks

On behalf of the Board, I would like to take this opportunity to thank all the operating executives, field staff, and partners across the Group for their continued contribution and commitment to our shared financial and developmental objectives during the year.

Dr K.S. Tan

Chairman

Inqo Investments Limited

(Registration Number 1998/024741/06)

Consolidated and Separate Annual Financial Statements for the year ended 28 February 2026

Statements of Financial Position

Inqo Investments Limited

(Registration Number 1998/024741/06)

Consolidated and Separate Annual Financial Statements for the year ended 28 February 2026

Statements of Financial Position

Inqo Investments Limited

(Registration Number 1998/024741/06)

Consolidated and Separate Annual Financial Statements for the year ended 28 February 2026

Statements of Profit or Loss and Other Comprehensive Income

Inqo Investments Limited

(Registration Number 1998/024741/06)

Consolidated and Separate Annual Financial Statements for the year ended 28 February 2026

Statements of Profit or Loss and Other Comprehensive Income