New African Properties Interim Results: 17.23 Thebe Per Linked Unit

NEW AFRICAN PROPERTIES LTD AND ITS SUBSIDIARY COMMENTARY "the Group" or "New African Properties" or "NAP" RESULTSIncorporated in the Republic of Botswana, UIN: BW00001055962UNAUDITED INTERIM FINANCIAL RESULTS NAP is a Variable Rate Loan Stock Company focused on maintaining a sustainable, income generatingBSE share code: NAP-EQU ISIN code: BW 000 000 1049 property portfolio, with an emphasis on delivering consistent cash distributions to unitholders. Distributable income reflects the cash generative performance of the property portfolio, excluding fair value and otherwww.newafricanproperties.co.bw non-cash adjustments, and is considered an appropriate basis for determining distributions. Accordingly, distributable income for the period amounted to 17.23 thebe per linked unit, representingFor the 6 months ended 31 January 2026 an increase of 7.1% compared to 16.09 thebe reported in the comparative period. The increase is primarily attributable to an increase in contractual rental and recoveries, supported by escalations and a more normalised rental base relative to the prior period. In addition, higher average interest rates on money market instruments, compared to the first half of 2025, contributed positively to distributable income.ABRIDGED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEABRIDGED CONSOLIDATED STATEMENT OF FINANCIAL POSITIONUnaudited Unaudited Audited Unaudited Unaudited Audited Profit after tax has increased by 4.3%. Deferred tax adjustments have contributed to profit after tax.6 months 6 months 12 months 31.01.2026 31.01.2025 31.07.2025toto to P000's P000's P000's PROPERTY PORTFOLIO31.01.2026 31.01.2025 31.07.2025 The Group has retained underlying property values largely in line with those determined by the independentASSETSP000'sP000's P000's valuer at 31 July 2025. Current economic conditions may place downward pressure on the propertyNon-current assetsRevenue 133 977 125 933 257 841 portfolio and valuations going forward.Investment property 1 529 226 1 545 677 1 548 666Contractual rental and recoveries 135 014 124 474 253 871 At valuation 1 559 033 1 574 257 1 579 674Rental straight line adjustment (1 037) 1 459 3 970 The lease over the majority of the Riverwalk Mall is due to expire in May 2026, whereafter it will revert Rental straight line adjustment (31 426) (29 933) (32 451)Other income 1 4111 631 3 267 to the associate in which the company owns 26%. NAP retains an option to increase its interest in the Lease accounting adjustment 1 619 1 353 1 443Property costs (25 503) (21 153) (43 721) associate to 80%. The Board is currently evaluating the available alternatives in this regard.Investment in associate 76 454 72 030 76 186Net rental income 109 885 106 411 217 387 Vacancies have reduced from 6.4% at last year end to 5.3% on 31 January 2026, primarily driven by theFinancial asset receivable 16 307 19 569 21 094Other expenses (7 645) (7 467) (15 137) letting of a long standing vacancy in Namibia.Intangible asset 299 1 180 740102 240 98 944 202 250Rental straight line adjustment 26 144 26 286 28 800Net finance income 2 655 1 386 6 593 PERFORMANCE TRENDS Finance income 2 7791 505 6 837 1 648 430 1 664 742 1 675 486 Interim Distributable Income vs Distributions in Pm Finance expense (124) (119) (244) 110Current assets104 895 100 330 208 843 CAGR: 6.4%Investment property fair valueTrade and other receivables 10 722 13 386 12 117 100adjustment (20 103) (16 092) (13 318)Rental straight line adjustment 90At fair value (21 316) (14 803) (9 608)- current portion 5 280 3 648 3 651Rental straight line adjustment 1 037 (1 459) (3 970) 80Tax receivable 2 816 2 715 2 724Lease accounting adjustment 176 170 260Fixed deposits and money market 70Financial asset fair value adjustment (4 787)202 1 727funds 77 564 66 230 73 342Intangible asset amortisation (441) (441) (881) 60Cash and cash equivalents 3 966 6 218 7 411Share of associate's profit 268 3 114 7 270 50 100 348 92 197 99 245Profit before taxation 79 832 87 113 203 641 40TOTAL ASSETS 1 748 778 1 756 939 1 774 731Taxation 11 573 539 515Profit after taxation 91 405 87 652 204 156 30Other comprehensive incomeEQUITY AND LIABILITIES 20Currency translation differences 1 313 339(111)Capital and reserves 1 625 975 1 618 588 1 533 257 10Total comprehensive income 92 718 87 991 204 045Non-current liabilities 2013 20142012 2015 2017 2019 2021 2023 20242022202020182016 2025 2026Deferred taxation liabilities 89 851 105 162 103 344Linked units in issue 604 397 124 604 397 124 604 397 124 Distributable income Distributions 89 851 105 162 103 344 CAGR = Compound Annual Growth RateEarnings per linked unit (thebe)* 15.12 14.50 33.78Current liabilities Interim Net Asset Value in Pm Trade and other payables 30 731 31 660 32 189Distribution per linked unit (thebe)Distributions payable to unitholders 1 410 1 083 105 373 1 550Interest 16.6715.57 32.28 446 568 CAGR: 3.8%Taxation payable 811 Dividend 0.560.52 1.04 1 450 32 952 33 189 138 130Total 17.2316.09 33.32TOTAL EQUITY AND LIABILITIES 1 748 778 1 756 939 1 774 731 Earnings per linked unit is equivalent to headline earnings per linked unit and diluted 1 350earnings per linked unit 1 250ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1 150 Foreign Non 1 050 currency distributable Distributable Total linked translation retained retained 950Share capital Debentures units reserve income income TotalP000's P000's P000's P000's P000's P000's P000's 850Unaudited 6 months to 31 January 2025 On 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026Balance at 31 July 2024 8 719 863 105 871 824 (13 659) 670 729 1 703 1 530 597 listingTransactions with owners - - - - - - - * after deducting interim distribution in 2011Distributions proposed - - - - - 97 247 97 247Distributions not yet declared - - - - - (97 247) (97 247) The 17.23 thebe per linked unit distribution for the period translates into an annualised historic yieldTotal comprehensive income - - - 339 (9 575) 97 227 87 991 of 8.5%, based on the closing unit price of 405 thebe at the end of January 2026.Profit for six months - - - - - 87 652 87 652Transfer of non-distributable amounts net of related taxes - - - - (9 575) 9 575 - DISTRIBUTION DECLARATIONOther comprehensive loss - - - 339 - - 339 Distribution number 29 amounting to 17.23 thebe per linked unit, comprising 16.67 thebe debentureBalance at 31 January 2025 8 719 863 105 871 824 (13 320) 661 154 98 930 1 618 588 interest and 0.56 thebe dividend, has been declared and is payable to unitholders registered on 29Audited 12 months to 31 July 2025 May 2026. Withholding taxes will be deducted where applicable.Balance at 31 July 2024 8 719 863 105 871 824 (13 659) 670 729 1 703 1 530 597Transactions with owners - - - - - (201 385) (201 385) Certificated unitholders are reminded that it was resolved, at the January 2023 Annual GeneralDistributions declared- - - - - (201 385) (201 385) Meeting, to delay payments of distributions to certificated unitholders until such time as they haveTotal comprehensive income - - - (111) 2 704 201 452 204 045 dematerialised their units.Profit for the year - - - - - 204 156 204 156 Please see: www.newafricanproperties.co.bw/pdf_files/unitholder_dematerialisation.pdfTransfer of non-distributable amounts net of related taxes - - - - 2 704 (2 704) -Other comprehensive loss - - - (111) - - (111) The relevant dates are:Balance at 31 July 2025 8 719 863 105 871 824 (13 770) 673 433 1 770 1 533 257 Ex-distribution date 27 May 2026 Record date to participate in distribution 29 May 2026Unaudited 6 months to 31 January 2026 Payment 10 June 2026Balance at 31 July 2025 8 719 863 105 871 824 (13 770) 673 433 1 770 1 533 257Transactions with owners - - - - - - - T.L.J. Mynhardt L.J. MynhardtDistributions proposed - - - - - (104 138) (104 138) Chairman Managing DirectorDistributions not yet declared - - - - - 104 138 104 138 27 April 2026Total comprehensive income - - - 1 313 (12 737) 104 142 92 718Profit for six months - - - - - 91 405 91 405 Transfer Secretary Company Secretary -Transfer of non-distributable amounts net of related taxes - - - - (12 737) 12 737 Central Securities Depository Company of Botswana Limited DPS Consulting Services Pty LtdOther comprehensive loss - - - 1 313 - - 1 313 Fourth Floor, Fairscape Precinct Plot 28892 (Portion of Plot 50370),Balance at 31 January 2026 8 719 863 105 871 824 (12 457) 660 696 105 912 1 625 975 Plot 70667, Fairgrounds Office Park Twin Towers, West Wing - First Floor Gaborone, Botswana Fairgrounds, Gaborone (Private Bag 00417, Gaborone, Botswana) (PO Box 1453, Gaborone, Botswana)NOTESABRIDGED CONSOLIDATED STATEMENT OF CASH FLOWS Unaudited Unaudited Audited A. The accounting policies are consistent with those applied in the previous financial Directors: T.L.J. Mynhardt (Chairman), L.J. Mynhardt (Managing Director),6 months 6 months 12 monthsyear. J.P. McLoughlin# (Lead Independent Director), J. Ramesh,tototoB. The Group's business activities are concentrated in the retail property rental segment31.01.2026 31.01.2025 31.07.2025 C.F. van Wyk# (Finance Director), S. Venkatakrishnan*and are primarily carried out within Botswana.P000'sP000's P000's # South African, * IndianC.Distribution to linked unitholders is reconciled to comprehensive income as follows:Net cash flows from operating activities 777 (4 494) 3 184Cash generated from operations 103 901 95 675 196 986 Unaudited Unaudited AuditedNet finance income 2 655 1 386 6 593 6 months 6 months 12 monthsDistributions paid to linked unitholders (103 963) (99 428) (196 523) to to toTaxation paid (1 816) (2 127) (3 872) 31.01.2026 31.01.2025 31.07.2025Net cash flows from investing activities (4 222) 2 836 (3 649) P000's tpu P000's tpu P000' s tpuNet flows related to investment property - (1 296) (1 739)Total comprehensive income 92 718 15.34 87 991 14.55 204 045 33.76Withdrawal from related party receivable - - 1 070Add/(Deduct): Foreign currency translation difference (1 313) (0.22) (339) (0.05) 111 0.02Net profit 91 405 15.12 87 652 14.50 204 156 33.78Withdrawal from/(deposit in) fixed depositsAdjust for non-distributable items:and money market funds (4 222) 4 132 (2 980)Fair value adjustments net of tax 11 585 1.92 12 930 2.14 5 817 0.96Net cash flows from financing activities -(343)(343)Amortisation adjustments 441 0.07 441 0.07 881 0.14Net change in cash and cash equivalents (3 445) (2 001) (808)Share of associate's profit net of tax (241) (0.04) (2 803) (0.46) (6 543) (1.08)Cash and cash equivalents at beginning of theRental straight line adjustment net of tax 802 0.13 (1 137) (0.19) (3 191) (0.53)Lease accounting adjustment net tax 145 0.02 139 0.02 273 0.05year 7 411 8 219 8 219Other non-distributable tax charges 5 0.00 5 0.00 59 0.01Cash and cash equivalents at end of period 3 966 6 218 7 411Distributable income 104 142 17.23 97 227 16.09 201 452 33.33Distributions (104 138) (17.23) (97 247) (16.09) (201 385) 33.32Distributable income retained/(utilised) 4 0.00 (20) (0.00) 0.01