BRIKOR LIMITED - Financial results 28 February 2026 - Short form announcement

Financial results 28 February 2026 - Short form announcement

BRIKOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013247/06)
JSE Share code: BIK ISIN: ZAE000101945
("Brikor" or the "Company")

FINANCIAL RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2026 – SHORT-FORM
ANNOUNCEMENT

FINANCIAL HIGHLIGHTS
                                          28 Feb   28 Feb
                                            2026     2025        %
                                             R'm      R'm   change
Revenue                                    317,7    380,7    (16,6)
Earnings before interest, taxation,
depreciation, amortisation,
impairments and earnings from associate    14,8      22,6    (34,5)
Basic earnings per share (cents)           (1,2)     (0,3) (>100,0)
Headline earnings per share (cents)        (1,1)      0,5 (>100,0)
Net asset value per share (cents)          12,4      13,5     (8,1)
Net tangible asset value
per share (cents)                           8,9      10,3    (13,6)

Note: No dividends have been declared for the years ended
28 February 2026 or 28 February 2025.

FINANCIAL OVERVIEW
Revenue decreased to R317,7 million (F2025: R380,7 million) for
the reporting period, with the Group realising a loss before
earnings from its associate of R9,0 million (F2025: loss of R1,4
million). The investment in associate contributed a profit of R0,3
million (F2025: loss of R2,4 million) to the loss for the
reporting period. The total comprehensive loss for the year
attributable to owners of the Company amounted to R9,9 million
(F2025: total comprehensive loss of R2,6 million).

The loss is primarily attributable to the decrease in revenue of
R63 million, reflecting adverse market conditions, weaker demand
in the Bricks segment and lower coal production volumes during the
period. Overall, gross profit decreased by 51,5% to R27,6 million
(F2025: gross profit of R56,9 million).

LOSS BEFORE INTEREST, TAXATION AND EARNINGS FROM ASSOCIATE
The Group realised a loss before interest, taxation and earnings
from associate of R0,8 million (F2025: profit of R5,3 million).
The Bricks segment realised a loss before interest and taxation of
R2,4 million (F2025: profit before interest and taxation of R26,6
million), whilst the Coal segment realised a profit before
interest and taxation of R1,6 million (F2025: loss before interest
and taxation of R21,3 million).

Other income, administrative expenses, distribution and other
expenses decreased by 44,9% to R28,4 million (F2025: R51,5
million) primarily due to a reversal of previously recognised
expected credit losses of R6 million relating to the Group's
related party receivable.

Capital investments made during the reporting period amounted to
R8,5 million of which R7,1 million relate to the acquisition of
new brick transportation vehicles for the Bricks segment.

BRICKS SEGMENT
Revenue in the Bricks segment decreased by 10,3% to R189,8 million
(F2025: R211,5 million). The reduction is mainly due to a slowdown
in construction activity and softer market demand during the
reporting period.

Gross profit in the Bricks segment decreased by 58,2% to R25,8
million (F2025: R61,7 million) with the gross profit margin
decreasing to 13,6% (F2025: 29,2%). The decrease reflects the
lower revenue and persistent input cost pressures, partially
offset by ongoing cost control initiatives.

COAL SEGMENT
Revenue in the Coal segment, after deducting intersegment revenue,
decreased by 24,4% to R128,0 million (F2025: R169,3 million) due
to delays in securing new off-take agreements and reduced mining
volumes resulting from limited operational activity at the mine.

As announced on SENS on 9 September 2025, shareholders were
advised of the conclusion of two new and significant off-take
agreements for the Coal segment:
- A three-year coal supply agreement with Eskom's Grootvlei Power
Station, totalling approximately 2 800 000 tonnes; and
- a one-year renewable supply agreement with a private company,
  totalling approximately 600 000 tonnes of coal.

Supply under the Eskom agreement commenced during December 2025.
The Eskom agreement is currently in its ramp-up period with
maximum off-take anticipated from October 2026.

Gross profit in the Coal segment increased to a profit of R1,7
million (F2025: loss of R4,8 million).
PROSPECTS, OPPORTUNITIES AND CORPORATE ACTIVITY
PROSPECTS AND OPPORTUNITIES
The Board remains optimistic about the Group's long-term growth
potential, particularly through leveraging the synergies between
its various entities.

Strategic focus areas for the year ahead include:
- Expanding production capacity within the Bricks segment;
- Ensuring the sustainable management of mineable reserves; and
- Leveraging newly secured off-take agreements to restore
  profitability in the Coal segment.

CORPORATE ACTIVITY
As announced on SENS on 27 May 2026, shareholders are advised that
the Board of Directors of Brikor is considering proposing a scheme
of arrangement in terms of section 114(1)(e), read with section
115, of the Companies Act, No 71 of 2008, as amended, between
Brikor and its shareholders (other than Nikkel Trading 392 (Pty)
Ltd), in terms of which the shares of the remaining shareholders
in Brikor will be repurchased by Brikor.

Subsequent to the scheme becoming operative, Brikor shares are to
be delisted from the JSE in terms of paragraph 1.10 of the JSE
Listings Requirements.

Any forward-looking statements have neither been reviewed nor
reported on by the Group's auditors, Nexia SAB&T.

SHORT-FORM STATEMENT
This short-form announcement is the responsibility of the
directors.

Any investment decision should be based on the audited Annual
Financial Statements accessible from 17 June 2026 via the JSE link
on:
https://senspdf.jse.co.za/documents/2026/jse/isse/bik/AFS26.pdf

The Annual Financial Statements including the audit opinion of the
external auditor, Nexia SAB&T, which sets out the key audit
matters and the basis for its unmodified opinion, are available on
the Company's website on
https://brikor.net/wpcontent/uploads/2026/06/BrikorAFS2026.pdf
Copies of the Annual Financial Statements may also be requested by
contacting Ms Joaret Botha by email at joaret@brikor.net and are
available for inspection at the Company's registered office at no
charge, weekdays during office hours.

17 June 2026
Nigel

Registered address: 1 Marievale Road, Vorsterskroon, Nigel, 1490
(PO Box 884, Nigel, 1490)
Telephone: 011 739 9000
Facsimile: 011 739 9021

Directors: Mr Allan Pellow (Chairperson)*, Ms Mamsy Mokate (Lead
Independent Director)*, Mr Garnett Parkin (Chief Executive
Officer), Ms Joaret Botha (Financial Director), Mr Michiel
Laubscher#, Ms Funeka Mtsila*, Mr Steve Naudé*, Mr Corné
Oberholzer#, Mr Joe van Rensburg (Executive Director: Mining)*
Independent Non-Executive   # Non-Executive

Company Secretary: Fusion Corporate Secretarial Services (Pty) Ltd

Designated Adviser: Exchange Sponsors (2008) (Pty) Ltd

Auditors: Nexia SAB&T

Transfer Secretaries: JSE Investor Services (Pty) Ltd

Preparer: Ms Joaret Botha CA(SA), Financial Director

www.brikor.co.za

Date: 17-06-2026 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.