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Unaudited Interim Results for the six months ended 30 June 2026
Brimstone Investment Corporation Limited
ISIN Number: ZAE000015277
Share Code: BRT
ISIN Number: ZAE000015285
Share Code: BRN
Company Registration Number: 1995/010442/06
(Incorporated in the Republic of South Africa)
("Brimstone" or the "Company" or the "Group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
HIGHLIGHTS
- Headline earnings per share increased by 4% to 100.7 cents
(2025: 96.9 cents)
- Cash dividends received from associates and joint ventures increased
by 76.5% to R161.4 million (2025: R91.4 million)
- INAV per share increased by 11.7% to 1 103.7 cents
- Finance costs decreased by R30.7 million (36.3%) to R53.8 million
COMMENTARY
The global economy continued to navigate a period of heightened uncertainty
during the first half of 2026, with ongoing geopolitical tensions, trade
disruptions, elevated energy prices, and persistent policy uncertainty
weighing on growth prospects across many regions.
South Africa's economy demonstrated resilience amid a challenging external
environment, but continued to contend with structurally low growth, elevated
unemployment, and constrained consumer demand. Progress in key structural
reforms, particularly in the energy and logistics sectors, continued to
support business confidence and lay the foundation for improved long-term
growth. However, economic activity remained subdued as households and
businesses faced the impact of global uncertainty and higher input costs
mainly driven by the oil price shocks as a result of the conflict in the Middle East.
The Rand remained susceptible to global market developments but benefited
from improved investor sentiment and South Africa's commitment to fiscal
discipline and economic reform. Positive developments in the country's
sovereign credit outlook provided encouragement despite the challenging
operating environment.
Against this backdrop, the Group delivered increased headline earnings per
share of 100.7 cents (2025: 96.9 cents) for the period under review. This
improvement was supported by lower finance and operating costs at Brimstone.
FINANCIAL OVERVIEW
Revenue of R174.4 million (2025: R190.3 million)
Earnings per share 101.0 cents (2025: 104.7 cents)
INTRINSIC NET ASSET VALUE ("INAV")
The INAV information presented in this report has been prepared on a basis
consistent with that used in the Integrated Report for the year ended
31 December 2025. The analysis of INAV is available on the Company's
website at www.brimstone.co.za.
Description 30 June 31 December Percentage
2026 2025 change
Intrinsic NAV of Brimstone (R'm) 2 655.3 2 377.7 11.7
Intrinsic NAV per share (cents) 1 103.7 987.9 11.7
Discount to Intrinsic NAV
Ordinary shares (%) 51.9 54.4
"N" Ordinary shares (%) 54.7 46.5
DECLARATION OF CASH DIVIDEND
In line with the prior period, no interim dividend has been declared.
F Robertson MA Brey
Executive Chairman Chief Executive Officer
1 September 2026
ABOUT THIS ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of
Brimstone Investment Corporation Limited. It is only a summary of the
information in the unaudited interim results and does not contain full or
complete details. Any investment decisions by investors and/or shareholders
should be based on consideration of the unaudited interim results for the
six months ended 30 June 2026 published on the JSE cloudlink at:
https://senspdf.jse.co.za/documents/2026/jse/isse/BRT/ie2026.pdf.
It is also available for viewing at
www.brimstone.co.za/investor-relations/results-reports/.
This announcement has not been audited or reviewed by the Group's external
auditors.
DIRECTORATE AND ADMINISTRATION
Registered office: Boundary Terraces, 1 Mariendahl Lane, Newlands, 7700,
Cape Town
Transfer Secretaries: Computershare Investor Services (Pty) Ltd,
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
Sponsor: Nedbank Corporate and Investment Banking, a division of
Nedbank Limited, 135 Rivonia Road, Sandton, 2196
Directorate: F Robertson (Executive Chairman)*, MA Brey (Chief Executive
Officer)*, GG Fortuin (Financial Director)*, T Moodley*, PL Campher
(Lead Independent), M Hewu, N Khan, LA Parker, FD Roman, L Wort
*Executive
Company Secretary: T Moodley
Website: www.brimstone.co.za
E-mail: info@brimstone.co.za
Date: 01/09/2026 05:10:00
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