Half-year Financial Report

Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income

30 June 2026

30 June 2025

Shs'000

Shs'000

Sales

1,117,721

1,511,260

(Loss)/profit before fair value gain in non-current biological

assets and income tax

(23,454

)

409,666

  Fair value gain in non-current biological assets

33,876

25,579

Profit before income tax

10,422

435,245

Income tax expense

(3,312

)

(139,707

)

Profit for the period

7,110

295,538

  Other Comprehensive Income

-

-

Total comprehensive income

7,110

295,538

Shs

Shs

Earnings per share (Shs):

Basic and diluted earnings per ordinary share

0.36

15.08

Condensed Consolidated Statement of Financial Position

Audited

30 June 2026

30 June 2025

31 Dec 2025

Shs'000

Shs'000

Shs'000

EQUITY

Share capital

98,000

98,000

98,000

Other reserves

40,206

36,251

40,206

Retained earnings

5,123,342

5,337,797

5,116,232

Proposed dividends

-

-

313,600

Total equity

5,261,548

5,472,048

5,568,038

Non-current liabilities

1,270,570

1,303,861

1,256,730

6,532,118

6,775,909

6,824,768

REPRESENTED BY

Non-current assets

4,166,296

4,054,964

4,072,891

Current assets excluding cash and bank

balances

2,487,646

2,243,123

1,565,481

Cash and bank balances

274,594

890,293

1,593,203

Current liabilities

(396,418

)

(412,471

)

(406,807

)

Net current assets

2,365,822

2,720,945

2,751,877

6,532,118

6,775,909

6,824,768

Condensed Consolidated Statement of Changes in Equity

Share

capital

Other reserves

Retained earnings

Proposed dividends

Total Equity

Shs'000

Shs'000

Shs'000

Shs'000

Shs'000

As at 1 January 2026

98,000

40,206

5,116,232

313,600

5,568,038

Profit for the period

-

-

7,110

-

7,110

Dividends paid

-

-

-

(313,600

)

(313,600

)

As at 30 June 2026

98,000

40,206

5,123,342

-

5,261,548

Condensed Consolidated Statement of Cash flows

30 June 2026

30 June 2025

Shs'000

Shs'000

Cash and cash equivalents at the beginning of the period

1,593,203

1,106,684

Net cash (used)/generated in operating activities

(739,671

)

11,871

Net cash used in investing activities

(258,868

)

(67,603

)

Net cash used in financing activities

(313,659

)

(156,861

)

Effect of exchange rate differences on cash and cash

equivalents

(6,411

)

(3,798

)

Decrease in cash and cash equivalents

(1,318,609

)

(216,391

)

Cash and cash equivalents at the end of the period

274,594

890,293

KEY HIGHLIGHTS

The global avocado market was well supplied putting pressure on prices particularly in the latter part of the half year. At Kakuzi an anticipated significantly lower crop from our orchards and disrupted shipping routes has weighed heavily on returns with operating profit at half-year falling to Ksh 215.9million (Half year 2025: Ksh 394.9 million).

The macadamia market softened sharply on rising global supply and weaker demand, resulting in a half-year operating profit of Ksh 68.2 million, compared to a profit of Ksh 318.8 million in half year 2025.

Blueberry continued its trend of profitable growth, posting a half-year operating profit of Ksh 15.1 million (Half year 2025: Ksh 13.4 million), notwithstanding freight complexity caused by conflict in the Middle East.

Forestry operating profit significantly improved in the half year to Ksh 73.3 million (Half year 2025: Ksh 42.9 million) on continued strong demand for poles.

Tea and Livestock continue to perform in line with our expectations, with a slight strengthening of the tea market.

Trading Performance

The year-to-date trading in our two core crops has been negatively impacted by geo-political instability impacting key shipping routes into Europe, a lower anticipated overall avocado crop volume and a downturn in market demand for macadamia.

The Directors do not recommend the payment of an Interim Dividend.

BY ORDER OF THE BOARD

NICHOLAS NG'ANG'A

CHAIRMAN

25th AUGUST 2026