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ACOF Loan Book Performance Update – February 2026
AFRICA BITCOIN CORPORATION LIMITED
(formerly Altvest Capital Limited)
Incorporated in the Republic of South Africa
(Registration Number: 2021/540736/06)
LEI Number: 37898OOE85B7YW5EEW57
("Africa Bitcoin Corporation" or the "Company" or the "Group")
Share Class JSE and A2X NSX Code OTCQB Deutsche ISIN
Codes Code Börse Code
Ordinary Shares BAC BAN AFBCF 4BC ZAE000337051
Preferred A Ordinary Shares BACA - - - ZAE000338422
Preferred B Ordinary Shares BACB - - - ZAE000338430
Preferred C Ordinary Shares BACC BANC - - ZAE000338448
ACOF LOAN BOOK PERFORMANCE UPDATE – FEBRUARY 2026
1. INTRODUCTION
Shareholders are hereby provided with an update on the performance of the loan book of Altvest Credit Opportunities
Fund Limited ("ACOF"), a wholly owned subsidiary of the Company, as at 28 February 2026. ACOF constitutes the
largest asset on the balance sheet of Africa Bitcoin Corporation Limited, representing the Group's primary income-
generating operation and the principal vehicle through which private credit is deployed to SMEs.
The Company has elected to provide this loan book performance update as part of a broader commitment by ACOF's
management and board of directors to enhance transparency and communication with its noteholders and other
stakeholders. As ACOF continues to grow in scale and importance within the Africa Bitcoin Corporation ecosystem,
management believes that more frequent disclosure of key portfolio metrics assists investors in better understanding
the performance, risk profile and social impact of the loan book. Accordingly, this update forms part of an enhanced
reporting framework intended to provide more timely information to investors, lenders and other stakeholders. The Group
intends to maintain this level of disclosure going forward through a regular cadence of quarterly performance updates.
The board of directors of ACOF and Africa Bitcoin Corporation have a reasonable degree of certainty with regard to
ACOF's loan book performance as at 28 February 2026 and provides the following update.
2. LOAN BOOK SUMMARY
28-Feb-26 31-Aug-25
Assets under management R502m R337m
Cash on hand R156m R40m
Current loan book R267m R225m
Total deployments R395m R320m
Value of security R671m R597m
3. PORTFOLIO COMPOSITION
28-Feb-26 31-Aug-25
Times loans covered 1.7 1.87
Average term (months) 43 38
Average interest rate (ZAR) Prime+7.62% Prime+7.95%
Biggest loan R30,000,000 R30,000,000
Smallest loan R407,185 R242,650
Average loan R5,911,271 R5,149,157
4. CREDIT QUALITY
The credit quality metrics below are presented on two bases to provide a complete picture of the portfolio's risk profile:
% of Total Deployments (R395m): Each metric is expressed as a percentage of R395m, being the aggregate capital
advanced by ACOF since inception of its lending programme i.e. all loans ever advanced, whether currently outstanding
or previously repaid and recycled. This basis reflects the Company's lifetime credit experience across its entire
deployment history.
% of Current Loan Book (R267m): Each metric is expressed as a percentage of R267m, being the outstanding loan
book balance as at 28 February 2026. This basis reflects the credit risk the Company actually carries at the reporting
date and is most directly comparable to industry benchmarks.
% of Total % of Current loan
deployments book
28-Feb-26 28-Feb-26 31-Aug-25
Provision for bad debts (ECL) 3.76% 5.56% 4.17%
Arrears 2.79% 4.13% 2.16%
Bad debts written off 0.09% 0.13% 0.08%
5. SOCIAL IMPACT
The Company's Small and Medium Enterprises (SME) lending programme continues to demonstrate meaningful
economic and social impact. As at 28 February 2026, ACOF's borrower base supports a cumulative total of 2,084 jobs
created and supported across 44 active SME clients, at a cost per job created/supported of approximately R189,449.
28-Feb-26 31-Aug-25
Current Number of SME's funded 44 41
Number of industries 21 21
Cumulative number of jobs created & supported 2,084 1656
6. NOTES TO SHAREHOLDERS
The Company wishes to remind shareholders that:
1. ACOF has a ZAR5,000,000,000 Domestic Medium Term Note Programme. As at 28 February 2026, an aggregate
outstanding notes of ZAR407,204,482 were in issue.
2. ACOF operates a security-first underwriting discipline, maintaining between a 1.5x and 2.0x security coverage ratio
across its loan book.
The financial information contained in this announcement is extracted or derived from unaudited management accounts
of ACOF as at 28 February 2026, prepared in accordance with the measurement and recognition requirements of
International Financial Reporting Standards ("IFRS"), and the accounting policies adopted are consistent with those
applied in the published audited annual financial statements of ACOF for the year ended 28 February 2025. The
comparative financial information for the period ended 31 August 2025 is extracted from the published unaudited interim
financial statements of ACOF, which were prepared in accordance with IAS 34 – Interim Financial Reporting, and are
consistent with the accounting policies applied in the audited annual financial statements for the year ended 28 February
2025. The financial information is presented in South African Rand (ZAR), which is ACOF's functional and presentation
currency (IAS 21). Expected credit loss provisions have been determined in accordance with IFRS 9 – Financial
Instruments. Loans and receivables are measured at amortised cost using the effective interest rate method (IFRS
9.4.1.2).
The board of directors of ACOF and Africa Bitcoin Corporation take responsibility for the information contained in this
announcement. The information contained in this announcement is based on unaudited management accounts of ACOF
and has not been reviewed or reported on by the Company's external auditors.
Johannesburg
13 March 2026
JSE Designated Advisor NSX Sponsor
Questco Corporate Advisory Cirrus Securities (Pty) Ltd
Member of the Namibian Stock Exchange
Date: 13-03-2026 03:00:00
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