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Trading Statement for the year ended 28 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 ZAE000358925
Preferred A Ordinary Shares BACA - - - ZAE000338422
Preferred B Ordinary Shares BACB - - - ZAE000338430
Preferred C Ordinary Shares BACC BANC - - ZAE000338448
TRADING STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2026
In terms of the JSE Listings Requirements, a company is required to publish a trading statement as soon as it becomes
reasonably certain that the results for the period to be reported upon next will differ by at least 20% from the most recent
published results for the previous corresponding period.
Africa Bitcoin Corporation is in the process of finalising its financial results for the year ended 28 February 2026. The
net asset value ("NAV") is the key performance metric utilised by the Company for trading statement purposes.
Shareholders are advised that the Company expects to report a NAV between the following ranges:
Year ended Year ended Percentage
28 February 2026 28 February 2025 variance
NAV per ordinary share Rand 4.11 to 4.49 3.82 (1,2) 7.56% to 17.56% (2)
NAV per preferred A ordinary share Rand 1.88 to 2.10 2.22 -15.51% to -5.51%
NAV per preferred B ordinary share Rand 3.51 to 4.01 4.93 -28.75% to -18.75%
NAV per preferred C ordinary share Rand 3.50 to 3.80 3.03 15.37% to 25.37%
Notes:
1. As previously published, the Company implemented a 3-for-1 sub-division of its ordinary share capital on 28 April 2026.
Accordingly, in accordance with IAS 33.64, all per ordinary share metrics have been restated retrospectively to reflect the 3-for-1
ordinary share sub-division, as if the sub-division had occurred at the beginning of the earliest period presented. The 2025
comparative figures have been restated on the same basis.
2. The percentage variance is determined with reference to the restated NAV per ordinary share for the year ended 28 February
2025 of R3.82, rather than the previously published NAV per ordinary share for the year ended 28 February 2025 of R11.45.
Commentary:
• The increase in NAV per ordinary share is primarily due to fair value adjustments on the company's investment
portfolio, reflecting favorable market movements and improved valuations of most of its underlying assets. These
adjustments are in line with the company strategy of enhancing shareholder value through prudent investment
selection and active portfolio management.
• The decrease in NAV per Preferred A Ordinary Share (Umganu Lodge) reflects a relatively stable underlying asset
base, with the lodge maintaining steady occupancy levels and a marginal increase in revenue during the year. The
movement in NAV is primarily attributable to a widening of the operating loss driven by increased repairs and
maintenance and advertising expenditure, partially offset by improved rate management.
• The decline in NAV per Preferred B Ordinary Share (Bambanani Family Group) is primarily due to structural losses
incurred during the year across the Bedfordview and Melville restaurant operations. Subsequent to year end, a
structured operational reset has been commenced, including the closure of Bambanani Melville, the continuation
of Bedfordview under a restructured operating model, and the launch of the Bambanani at Home e-commerce
platform, designed to stop ongoing losses and preserve the long-term value of the Bambanani brand.
• The increase in NAV per Preferred C Ordinary Share (Altvest Credit Opportunities Fund (ACOF) is primarily due to
the continued scaling of the loan book and the growth in assets under management to R502 million during the year,
supported by new institutional mandates. The progressive deployment of capital and the improving operating
leverage of the lending platform contributed to a stronger underlying valuation and an enhanced balance sheet
position for the Preferred C Ordinary Share portfolio.
The financial information on which this trading statement is based is the responsibility of the directors of the Company
and has not been reviewed or reported on by the Group's independent external auditor.
Johannesburg
20 May 2026
JSE Designated Advisor NSX Sponsor
Questco Corporate Advisory Cirrus Securities (Pty) Ltd
Member of the Namibian Stock Exchange
Date: 20-05-2026 09:30:00
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