Interim report
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UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS For the six months ended 31 August 2026 2026
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Overview The Group develops integrated housing developments comprising subsidised housing, social housing, First Home Finance (“FHF”), affordable investment rentals for third parties and affordable housing. These homes are provided within developments that include civil amenities (i.e. schooling and communal facilities) for a range of income levels within a single integrated community. The integrated development model offers homeowners a platform to improve their lifestyle and living conditions in line with their financial capability while remaining in the same community and living close to job opportunities and transport nodes. The Group holds assets within the mid-to-high property segment and retirement estates. These assets have been classified as non-core. Calgro M3 Memorial Parks is an alternative to traditional cemeteries, offers a dignified, secure burial option, and delivers a superior customer service experience compared to other products in the market. All six Calgro M3 Memorial Parks are privately owned and professionally managed and maintained by the Group. We pride ourselves on providing safe, serene, and beautiful surroundings where family and friends can lay their loved ones to rest. Residential Property Development Memorial Parks Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 1
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Salient features Commentary During the six-month period, the Group continued to actively execute its Board approved strategy, furthering progress on advancing the sale of non-core assets, commencing construction and progressing trading out of non-core projects, while ensuring core projects remained appropriately serviced and ready for implementation. Debt levels increased to support the timely execution of these initiatives. The gross profit margin remained healthy at 29.46%. Meaningful progress was also achieved in reducing stock levels on non-core projects and advancing the Bankenveld District City (“BDC”) development, both key milestones in the successful execution of the Group’s strategic pillars. The Memorial Parks segment delivered another period of strong growth, with revenue up 20.04% and cash collections up 17.84%, further increasing its contribution to Group profitability. 1 724 serviced residential opportunities 1 418 residential opportunities under construction and/or held in stock Cash collections from Memorial Parks business R61 million (August 2025: R52 million) Net asset value (“NAV”) increased by 4.49% to R17.21 per share (February 2026: R16.47 per share) Gross profit margin sustained at 29.46% (August 2025: 29.43%) Net debt to equity 0.86 (February 2026: 0.74) Earnings per share (“EPS”) decreased to 78.99 cents per share (August 2025: 83.00 cents) Headline earnings per share (“HEPS”) decreased to 78.99 cents per share (August 2025: 82.86 cents) Rolling return on incremental invested capital (“ROIIC”) (3.67%) (August 2025: (17.67%)) Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 2
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Progress 1 Rationale Strategic overview and progress In the 2026 financial year the Group implemented a refined strategy prioritising four key pillars, aimed at driving long-term sustainable growth. These pillars focus on the disposal of non-core assets, the accelerated completion or trading out of non-core projects while expanding the Memorial Parks footprint, the reduction of net debt in the medium term, and the development of a sustainable talent pipeline. To focus on enhancing liquidity and improving shareholder returns by disposing of unproductive assets which the Group does not intend to develop as they lie outside of the current strategic objectives. The disposal of non-core assets remains a key strategic priority for the Group. Given the size, developmental stage and nature of the non-core assets, the disposal programme is targeted for completion within the next five years. Bucket 1 – Short term ` Cornubia: an offer has been accepted to purchase the property. The buyer is within the due diligence period, after which the sale will become unconditional and be recognised in the Group’s accounting records. ` Vredehoek: A memorandum of understanding has been received. Finalisation of the due diligence process is expected in the latter half of the financial year. This is a shovel-ready project, with all approvals obtained. ` Other non-core projects: Three Group held land portions are under investigation/application for burial opportunities. Bucket 2 – Medium term ` Kwa-Nobuhle: The process to reinstatement of the rights is progressing, with completion anticipated towards the end of the financial year. The project will be actively marketed for sale once the rights process is complete unlocking maximum value. ` Other non-core projects (remaining portion): The land portion is in the process of subdivision, after which a buyer will be sought for the developable land. Bucket 3 – Long term ` Witpoortjie: The project requires the installation of electrical bulk infrastructure, which competes for capital with the Group’s core integrated property development pipeline. Separately, the municipal road leading to the property’s entrance sustained damage. As these repairs fall within the jurisdiction of the relevant municipal authorities, the Group continues to engage the relevant municipal offices to expedite both budget allocation and repair works. Once the municipality completes these works, we will accelerate marketing initiatives for the sale. Sale of non-core assets These sales have been categorised into buckets based on readiness for sale: ` Bucket 1 (short term) – Includes the Cornubia and Vredehoek projects along with a portion of the mid-to-high portfolio ` Bucket 2 (medium term) – Includes Kwa-Nobuhle and the remainder of the mid-to-high portfolio ` Bucket 3 (long term) – Includes the Witpoortjie Development Strategic priority as previously reported Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 3
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Progress Progress 2 Rationale Rationale Residential Property Development Memorial Parks Strategic overview and progress (continued) Scottsdene – 140 units of the 220 units above, are currently under construction, with a guaranteed off-take agreement to a rental investor in place on completion. These units are expected to be completed in the second half of the current financial year. Vista Park – This project is structured to sell serviced land. The Group does not carry construction risk for top-structure units. Phase 1 services have been installed, unlocking 2 021 opportunities. Serviced land sales will commence once clearance is obtained from the local municipality. Jabulani – Construction activities are still to commence for 704 units, contracted for sale to the Provincial Government. The Group awaits budget allocation from the Provincial Government before construction work commences. Stock on hand in the mid-to-high segment (which includes La Vie Nouvelle, South Hills Lifestyle and 32-on-Pine) has reduced over the past 12 months. Development Approximate number of units (August 2025) Approximate number of units (August 2026) Scottsdene 386 220 Vista Park 4 870 4 870 Jabulani 1 076 997 32-on-Pine 16 16 La Vie Nouvelle 67 50 South Hills Lifestyle Estate (previous rental stock) 76 41 Trade-out of non-core developments Strategic portfolio optimisation and risk diversification Core developments The strategic objective of the Residential Property Development segment remains the optimisation of its project portfolio, with a long-term objective to deliberately shift focus towards a maximum of five large-scale integrated housing developments, while maintaining geographic diversification across provinces, currently being the Western Cape and Gauteng. The business continues to prioritise the delivery of value-for-money homes within integrated developments, catering to a broad spectrum of market segments, with particular emphasis on addressing housing demand in underserved communities. Development Number of units Duration (years) Bankenveld District City (“BDC”) – Gauteng 20 000 >15 Fleurhof – Gauteng 4 707 >10 South Hills – Gauteng 4 490 5 – 7 Belhar – Western Cape 1 310 <5 Western Cape Actively working on replacement projects Strategic priority as previously reported Strategically grow the Memorial Parks business through further footprint expansion and attain sustainable growth. Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 4
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Progress Progress Rationale Rationale Skyline Views Strategic overview and progress (continued) 3 4 While the long-term objective remains reducing net debt, liquidity and cash flow management remain critical to executing the Group’s strategy, particularly during the BDC development phase. As previously reported, the short-term expectation for debt increases remains for the current reporting period, which allows for the execution of the strategic objective of completing non-core projects, commencing new extensions and phases within core projects, and attaining the required approvals for sale of non-core assets. Once these strategic objectives are achieved the Group anticipates a reduction in debt levels. The development of key talent remains a priority to the Group. Investment to upskill and grow the current staff complement remains ongoing, coupled to transformation targets for the Group which are actively managed with historically disadvantaged individuals constituting 83% of total staff complement and female representation moving closer to the 50% target at 49%. Reduction of debt in the long term Enhancing staff expertise Strategic priority as previously reported Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 5
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Commentary (continued) Group financial overview With a marginal increase in revenue and the gross margin remaining stable, the Group navigated a challenging economic environment to sustain positive financial results in the current period. Infrastructure installation on the BDC project remains ongoing, funded from operating cash flows. The resulting impact on cash from operations reflects both this investment and the broader execution of the Group’s strategy. The BDC project itself represents a milestone, adding serviced opportunities to the pipeline in the sort- after Sandton/Waterfall development corridor. Statement of Comprehensive Income Revenue remained stable at R465.67 million in the current period (August 2025: R460.03 million), supported by growth in the Memorial Parks segment on higher sales volumes, as well as a growing contribution from guaranteed off-take sales in the Residential Property Development segment, where over time accounting is applied. The gross profit margin remained stable at 29.46% (August 2025: 29.43%), resultant from the typology mix of units and historical land costs. This remained above the Group’s target range of 20% to 25%. Administrative expenses increased by a marginal 2.21% to R46.13 million (August 2025: R45.11 million), this increase was contained through stringent cost optimisation measures, including the management of price increases. The most significant driver was an increase in professional fees, which provides expertise skills transfer and support to the current workforce. These appointments aim to grow the internal skills through knowledge sharing and collaboration with industry experts. Other expenses increased in the period due to renegotiated terms of the underlying joint venture loan agreement, resulting in a change in the interest rate applicable to the outstanding balance from prime plus 2% to prime. The change in contractual cash flows was assessed in accordance with IFRS 9: Financial Instruments. As the modification did not result in the derecognition of the financial liability, the carrying amount of the liability was recalculated as the present value of the modified contractual cash flows, discounted at the original effective interest rate. The resulting adjustment of R12.73 million was recognised as a modification loss in profit or loss for the period. Finance income decreased to R24.87 million (August 2025: R27.07 million), while finance costs expensed decreased to R14.79 million (August 2025: R33.13 million). This resulted in a net finance income of R10.08 million (August 2025: R6.06 million). This change was driven by an increase in qualifying developments eligible for interest capitalisation, consistent with the prior reporting period, together with a reduction in interest-bearing receivables during the period. Earnings per share (“EPS”) decreased by 4.83% to 78.99 cents (August 2025: 83.00 cents) while headline earnings per share (“HEPS”) decreased by 4.67% to 78.99 cents (August 2025: 82.86 cents). Statement of Financial Position and Cash Flow Total assets increased to R3.87 billion (February 2026: R3.69 billion), driven primarily by the increase of 13.74% in the construction contracts balance to R2.40 billion (February 2026: R2.11 billion). The construction contracts balance includes both infrastructure-related costs and the costs of sectional title units under construction and completed. The increase in this balance reflects a combination of the development of sectional title units that will be completed and ready for transfer in the second half of the financial year, together with infrastructure installations in Fleurhof, Jabulani and BDC. Investment in infrastructure during both the current and previous reporting periods has ensured a robust and sustainable development pipeline, with sufficient serviced opportunities available to support the Group in future financial periods. Borrowings increased to R1.42 billion (February 2026: R1.35 billion), reflecting net additional borrowings of R67 million during the period. This includes the early refinance of a maturing note on the Group’s Domestic Medium Term Note programme, whereby R50 million was raised against the R33 million maturing note, representing R17 million of additional funding raised by the Group. The remaining debt raised related to an additional draw on the Group’s working capital facility. Cash held in excess of covenant requirements has been invested to match the repayment periods of upcoming maturing facilities. Financial year maturity Amount (R’000) FY 27 150 000 FY 28 210 000 FY 29 515 000 FY 30 85 000 FY 31 465 000 Total 1 425 000 Cash utilised from operations deteriorated to R110.30 million (August 2025: R50.63 million) for the period, driven by the construction of sectional title projects and infrastructure installations for which costs are yet to be recovered. These sectional title construction activities, within Scottsdene, South Hills and Belhar, will be completed in the latter half of the financial year, with over 60% of these units having finalised guaranteed off-take agreements. Covenants The Group remained compliant with all covenant requirements during the period. The net debt-to-equity ratio, in line with previous expectations, increased to 0.86 (February 2026: 0.74). The ratio, although higher than the internal target is a function of operational demands on BDC and the capital required to complete and/or sell non-core projects and assets. This is expected to trend downwards once the assets are liquidated in the short to medium term. The debt service cover ratio (“DSCR”) has decreased from previous periods with a ratio of 1.35 (February 2026: 1.54), above the minimum requirement of 1.2, this reduction is a function of the cash position of the Group. Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 6
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Fleurhof Commentary (continued) Residential Property Development The segment delivered a consistent performance in a challenging operating environment. Infrastructure construction continued at an appropriate level, ensuring projects remain appropriately serviced and positioned for delivery once conditions normalise. The period saw continued focus on sales-led construction, with the Group favouring guaranteed off-take agreements before construction activities begin. The Group currently holds in excess of 1 418 opportunities under construction and/or stock on hand, of which approximately 55% have been sold to rental investors through guaranteed off-take agreements. The current level of stock on hand and units under construction remains appropriate and reflects a considered approach to production rather than a shortfall in delivery. A further 968 opportunities, yet to commence construction, have been contracted to investor buyers. Construction of these opportunities is expected to commence in the second half of the financial year. End-user demand remains constrained, and recovery in the affordable housing market is taking longer than initially anticipated. Delays in the disbursement of First Home Finance (“FHF”) subsidies slowed transaction pace in the affordable segment. This was rectified in the latter half of the reporting period while further delays are being actively managed. Local municipal internal structures added further complexity to the operating environment with upcoming municipal elections creating uncertainty. Key financial overview The Residential Property Development segment remains a significant contributor, accounting for 89.73% of Group revenue. The segment generated R417.87 million (August 2025: R420.20 million) of revenue. This slight reduction reflects capital allocation decisions, with capital currently invested in projects under construction that will only be recognised as revenue once completed a portion of which will be recognised in the financial year. Revenue recognition is weighted heavily towards the over-time method, driven, in part, by the Group’s guaranteed off-take agreements with investor buyers. The segment’s gross profit margin at 26.56% (August 2025: 26.25%), remaining above the Group’s target range of 20% to 25% as it benefits from typology mix and historical land costs. Operational overview Non-core projects Continued focus on execution and sales within non-core projects was clearly evident during the year, detailed in the strategic overview section. Noticeable progress was made in reducing mid-to-high stock, with strong reductions in available units at La Vie Nouvelle and South Hills Lifestyle Estate. Construction of the 140 units in Scottsdene is anticipated to be completed in the latter half of the financial year, at which point all units will be transferred to an investor buyer. Core developments The BDC project remains on track for completion of phase 1 bulk and link infrastructure in Q1 2028 financial year. Planning activities are progressing, including the finalisation of the urban design framework, funding strategy and sales plan. Internal infrastructure will commence once bulk and link infrastructure is completed, in line with the development framework and timelines. The Council recommended approval of the Urban Settlements Development Grant (“USDG”) agreement with the City of Johannesburg. The next step is to finalise the implementation agreements. The agreement has been tabled at committee level, with the Group awaiting final sign-off. Once obtained, the process of recovering the first phase of infrastructure costs will commence. Currently the funding for these infrastructure installations is carried by Calgro M3 and funded from a combination of working capital and external debt. Diversification in the products offered in the affordable market saw the successful roll-out of a variable product mix of bachelor, one-bedroom and two-bedroom units in Fleurhof, which has attracted strong demand and interest, with the selling price of units starting at R399 000. Construction of a new product in South Hills is underway and anticipated to complete in the latter half of the current year. Bulk and link infrastructure continued to be installed within Fleurhof and Jabulani, providing the Group 5 100 opportunities in the pipeline for development to be rolled out in line with sales demand from these two projects. Diversification across projects, locations and product offerings remains critical to the Group in mitigating concentration risk. Land acquisitions and/or land availability agreements near core projects where the benefit of previously installed infrastructure can be maximised, together with expansion into the Western Cape, remain a strategic priority. An acquisition of additional land in Fleurhof has been concluded for approximately R25 million, with transfer to take place once the land is proclaimed. The additional land will add a minimum of 966 opportunities to Fleurhof. Discussions remain ongoing for replacement land parcels in the Western Cape, with opportunities assessed against the requirements of the integrated housing model. Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 7
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Commentary (continued) Memorial Parks The Memorial Parks segment delivered another period of growth in profitability, revenue and cash collections. Consistent with prior guidance, the segment’s strategic focus remains sustainable growth through footprint expansion via new parks, and growth in annuity income through bolstering the lay-by book. The segment has successfully matured into a sustainable business unit and a growing contributor to the Group. Key financial overview In the reporting period, revenue increased by 20.04% to R47.81 million (August 2025: R39.83 million) with the gross profit margin remaining strong at 54.78% (August 2025: 50.39%), this increase was a result of volume growth, with grave sale volumes up 16.21% and burials up 19.19%. Revenue growth was positively impacted by completed lay-by sales which constituted 26.20% of segment revenue. Total cash collections increased by 17.84% to R60.83 million (August 2025: R51.61 million). Total cash collections (including VAT) (R’million) August 2026 HY August 2025 HY Nasrec (Gauteng) 28.40 24.70 Fourways (Gauteng) 18.53 14.81 Enokuthula (Gauteng) 2.97 2.15 Bloemfontein (Free State) 1.22 0.76 Durbanville (Western Cape) 9.19 9.19 Rustenburg (North West) 0.51 0 60.82 51.61 Total increase in cash collections 17.84% Key operational overview Strategic expansions The Rustenburg Memorial Park launched in December 2025, contributing R1.05 million in sales and R0.51 million in cash collections from date of operation commencement. The strong start reported at year-end, with burial rates and sales volumes exceeding those of comparable parks at a similar stage, has been sustained. Some 60% of this park’s sales were concluded on lay-by, confirming the offering as an effective entry point into new markets. Infrastructure roll-out continues, with completion expected within the next six months. The objective remains to grow the segment by opening a new memorial park every two years. This two- year timeframe allows new parks to contribute positively to profitability before adding another operating site. The segment is exploring opportunities to re-purpose three land parcels currently held within the Residential Property Development business. Site development plan design for the Chartwell properties, which will secure the future of the Fourways offering as that park approaches capacity, is expected to be completed within the next six months. Investigations are underway on the feasibility of a third property in the mid-to-high property portfolio, should this repurposing prove successful rezoning proceedings will be initiated by management. Annuity income growth Lay-by remains the primary lever for reducing the barrier to entry. Lay-by cash sale transactions grew by 23.45% to R29.2 million, representing 41.74% of total sales transactions executed in the period, while lay-by cash collections increased by 10.85% to R16.8 million. Revenue from lay-by sales is recognised once full payment is received from the customer. The lay-by book reached R76.42 million (February 2026: R59.7 million) at period end, further stabilising future cash flows and mitigating seasonal fluctuations in collections. Book quality remains sound, with cancellation and default rates continuing to be within 5% of total sign-up value. Capital allocation The Group's capital allocation framework is currently focused on supporting its strategic objectives as described above. Given the capital intensive nature of the current phase, available cash resources are prioritised towards funding and trading out non-core projects/non-core assets as well as the infrastructure required for core integrated projects. This is expected to underpin long-term value creation and future earnings growth. The development and implementation of the capital allocation waterfall is in process requiring the allocation of capital to core operating activities and debt servicing before distributions. In this context, the Board will reassess the dividend policy at the end of the current financial year. The Group remains committed to a disciplined capital allocation approach, balancing investments in line with the strategic objectives whilst delivering sustainable shareholder value over the long term. The Group maintains a disciplined capital allocation framework, targeting ROIC of 15% over the next five years, which serves as a key measure in assessing the efficiency of capital deployment and the long-term value generated from strategic investments. Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 8
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Durbanville Memorial Park Commentary (continued) Dividends In line with the dividend policy, the Board did not declare an interim dividend. Update on engagement with shareholders Shareholders who voted against the Remuneration Policy and the Implementation Report at the annual general meeting (“AGM”) in June 2026 were invited to attend a virtual engagement session on 8 October 2026, led by the Chairman of the Remuneration Committee. The Committee considered shareholder feedback received ahead of the session and presented the background to the current Remuneration Report. Shareholders had an opportunity to provide feedback and follow-up questions. The Board agreed to revert to shareholders with a remuneration formula that benefits stakeholders. This should form the basis of disclosures and explanations in the 2027 Remuneration and Nominations Committee Report. Board and management changes There were no Board and management changes for the period under review. Prospects Looking ahead, the Group expects the operating environment to remain constrained, with end-user demand and the pace of recovery in the affordable housing market continuing to be affected by broader macroeconomic and political headwinds. The upcoming municipal elections and associated local government budget uncertainty are expected to add further complexity to approval and service delivery timelines in the near term. This risk is mitigated by the Group’s sufficient serviced opportunities on hand, which support continued development activity independent of near-term municipal processes. Notwithstanding these constraints, the Group remains focused on the disciplined execution of its approved strategy, prioritising the continued disposal of non-core assets, the reduction of net debt in the long term and the expansion of the Memorial Parks segment. Construction activity will continue to be underpinned by a sales-led approach, with guaranteed off-take agreements secured ahead of construction commencing during this constrained consumer environment, mitigating delivery and market risk in the current environment. Continued investment in strategic infrastructure, including the BDC project, will support the Group’s long-term development pipeline and its ability to deliver sustainable growth over the medium to long term. 9Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026
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Bankenveld District City Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 10
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Unaudited condensed consolidated statement of financial position Unaudited condensed consolidated statement of comprehensive income for the six months ended 31 August 2026 for the six months ended 31 August 2026 R’000 Notes Unaudited August 2026 Unaudited August 2025 Audited February 2026 Assets Cash and cash equivalents 52 308 163 343 183 723 Trade and other receivables 154 869 100 829 159 625 Current income tax assets 1 840 982 1 743 Construction contracts 4 2 403 631 1 855 341 2 107 207 Loans to joint ventures 397 441 497 081 387 466 Investment in joint ventures 167 144 155 466 148 981 Inventories 5 451 541 457 009 456 368 Investments 20 173 19 769 20 669 Property, plant and equipment 21 520 24 662 22 799 Investment property 32 498 22 493 32 498 Intangible assets 159 651 159 651 159 651 Deferred income tax asset 11 941 9 847 10 128 Total assets 3 874 557 3 466 473 3 690 858 Equity and liabilities Equity Equity attributable to owners of the parent Stated capital 28 389 27 247 28 389 Share-based payment reserve 1 936 1 450 (1 540) Retained income 1 608 711 1 472 622 1 541 081 1 639 036 1 501 319 1 567 930 Non-controlling interests 3 250 3 322 3 249 Total equity 1 642 286 1 504 641 1 571 179 Liabilities Trade and other payables 271 658 257 384 263 334 Current income tax liabilities – 6 607 239 Borrowings 7 1 453 521 1 255 294 1 380 291 Maintenance provision 15 71 037 61 487 66 328 Deferred income tax liability 436 055 381 060 409 486 Total liabilities 2 232 271 1 961 832 2 119 679 Total equity and liabilities 3 874 557 3 466 473 3 690 858 R’000 Notes Unaudited August 2026 Unaudited August 2025 Audited February 2026 Revenue 8 465 668 460 030 893 174 Cost of sales 9 (328 488) (324 654) (650 261) Gross profit 137 180 135 376 242 913 Other income 3 271 4 122 19 054 Administrative expenses (46 137) (45 113) (98 610) Other expenses 11 (13 235) (1) – Expected credit losses on financial and contract assets (1 733) 3 271 7 692 Finance income 24 879 27 065 56 062 Finance costs 10 (14 794) (33 128) (43 493) Share of profit of joint ventures – net of tax 11 669 14 356 23 982 Profit before tax 101 100 105 948 207 601 Taxation (25 477) (25 953) (47 371) Profit after taxation 75 623 79 995 160 230 Other comprehensive income – – – Total comprehensive income 75 623 79 995 160 230 Profit after taxation and other comprehensive income attributable to: – Owners of the parent 75 622 79 926 160 235 – Non-controlling interests 1 69 (5) 75 623 79 995 160 230 Profit after taxation and other comprehensive income attributable to: Basic earnings per share (cents) 3 78.99 83.00 167.36 Diluted earnings per share (cents) 3 77.84 81.55 164.94 Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 11
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Unaudited condensed consolidated statement of changes in equity for the six months ended 31 August 2026 R’000 Stated capital Share-based payment reserve Retained income Total Non- controlling interests Total equity Balance at 1 March 2025 33 909 486 1 396 027 1 430 422 3 254 1 433 676 Shares repurchased (6 662) – – (6 662) – (6 662) Share-based payments – 964 3 261 4 225 – 4 225 Dividend declared – – (6 592) (6 592) – (6 592) Comprehensive income Profit for the period – – 79 926 79 926 69 79 995 Other comprehensive income – – – – – – Total comprehensive income – – 79 926 79 926 69 79 995 Balance at 31 August 2025 27 247 1 450 1 472 622 1 501 319 3 322 1 504 641 Balance at 1 September 2025 27 247 1 450 1 472 622 1 501 319 3 322 1 504 641 Share-based payments 1 142 (2 990) 7 402 5 555 – 5 555 Joint venture to joint control – – (19 252) (19 252) – (19 252) Comprehensive income Profit/(loss) for the period – – 80 309 80 309 (74) 80 235 Other comprehensive income – – – – – Total comprehensive income/(expense) – – 80 309 80 309 (74) 80 235 Balance at 28 February 2026 28 389 (1 540) 1 541 081 1 567 930 3 249 1 571 179 Balance at 1 March 2026 28 389 (1 540) 1 541 081 1 567 930 3 249 1 571 179 Share-based payments – 3 476 246 3 722 – 3 722 Dividend declared (note 14) – – (8 238) (8 238) – (8 238) Comprehensive income Profit for the period – – 75 622 75 622 1 75 623 Other comprehensive income – – – – – – Total comprehensive income – – 75 622 75 622 1 75 623 Balance at 31 August 2026 28 389 1 936 1 608 711 1 639 036 3 250 1 642 286 Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 12
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Fleurhof Fourways Memorial Park Unaudited condensed consolidated statement of cash flows Unaudited condensed segment report for the Group R’000 Unaudited August 2026 Unaudited August 2025 Audited February 2026 Cash utilised from operating activities Cash utilised from operations (110 304) (50 631) (14 786) Finance income received 23 999 26 706 55 243 Finance cost paid (72 556) (60 868) (135 639) Tax paid (1 059) (3 588) (3 891) Net cash utilised from operating activities (159 920) (88 382) (99 073) Cash flows from investing activities Purchase of property, plant and equipment (626) (754) (828) Sale of property, plant and equipment – 134 143 Increase in investments in joint venture (6 494) (4 500) (8 000) Loans advanced to joint ventures (21 050) (32 226) (121 211) Loans repaid by joint ventures 574 7 610 7 468 Net cash utilised in investing activities (27 596) (29 736) (122 429) Cash flows from financing activities Proceeds from borrowings 203 750 350 000 566 425 Repayment of borrowings (136 750) (207 500) (297 500) Shares bought back – (6 663) (5 167) Repayment of capital portion on leases (2 661) (2 507) (6 592) Dividends paid (8 238) (6 592) (6 663) Net cash raised in financing activities 56 101 126 738 250 503 Net (decrease)/increase in cash and cash equivalents (131 415) 8 621 29 000 Cash and cash equivalents at the beginning of the period 183 723 154 723 154 723 Cash and cash equivalents at the end of the period 52 308 163 343 183 723 The Chief Operating Decision Makers (“CODM”) manages the Group activities in two distinct segments, namely: Residential Property Development Memorial Parks Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 13
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Unaudited condensed segment report for the Group (continued) R’000 Residential Property Development Memorial Parks Holdings and other Total August 2026 Total segment revenue 417 862 47 806 – 465 668 Fleurhof 175 673 – – 175 673 Jabulani 40 976 – – 40 976 Scottsdene 11 786 – – 11 786 South Hills 99 398 – – 99 398 Belhar 86 276 – – 86 276 Mid to high projects 3 753 – – 3 753 Memorial Parks – 47 806 – 47 806 Gross revenue 417 862 47 806 – 465 668 Point in time 61 311 47 806 – 109 117 Over time 356 551 – – 356 551 Revenue 417 862 47 806 – 465 668 Cost of sales (306 859) (21 629) – (328 488) Gross profit 111 003 26 177 – 137 180 Other income 801 2 470 – 3 271 Administrative expenses (32 030) (9 643) (4 464) (46 137) Other expenses (12 739) (496) – (13 235) Expected credit losses on financial and contract assets (1 744) 10 – (1 733) Finance income 23 865 5 1 009 24 879 Finance costs (13 428) (1 366) – (14 794) Share of profit of joint ventures – net of tax 11 669 – – 11 669 Profit/(loss) before tax 87 397 17 157 (3 455) 101 100 Taxation (26 376) 964 (64) (25 477) Profit/(loss) after taxation 61 021 18 121 (3 520) 75 623 Other comprehensive income – – – – Total comprehensive income 61 021 18 121 (3 520) 75 623 Profit/(loss) after taxation and other comprehensive income attributable to: – Owners of the parent 61 020 18 121 (3 520) 75 622 – Non-controlling interests 1 – – 1 61 022 18 121 (3 520) 75 623 R’000 Residential Property Development Memorial Parks Holdings and other Total August 2025 Total segment revenue 420 197 39 833 – 460 030 Fleurhof 94 474 – – 94 474 Jabulani 50 917 – – 50 917 Scottsdene 121 598 – – 121 598 South Hills 32 384 – – 32 384 Belhar 68 831 – – 68 831 Mid to high projects 29 479 – – 29 479 Other projects 22 515 39 833 – 62 348 Gross revenue 420 197 39 833 – 460 030 Point in time 221 825 39 833 – 261 658 Over time 198 372 – – 198 372 Revenue 420 197 39 833 – 460 030 Cost of sales (304 892) (19 762) – (324 654) Gross profit 110 306 20 071 – 135 376 Other income 965 3 157 – 4 122 Administrative expenses (34 288) (7 392) (3 433) (45 113) Other expenses (1) – – (1) Expected credit losses on financial and contract assets 3 259 13 – 3 271 Finance income 25 803 1 1 261 27 065 Finance costs (31 196) (1 932) – (33 128) Share of profit of joint ventures – net of tax 14 356 – – 14 356 Profit/(loss) before tax 89 202 18 918 (2 172) 105 948 Taxation (24 145) (1 415) (393) (25 953) Profit/(loss) after taxation 65 057 17 503 (2 565) 79 995 Other comprehensive income – – – – Total comprehensive income 65 057 17 503 (2 565) 79 995 Profit after taxation and other comprehensive income attributable to: – Owners of the parent 64 988 17 503 (2 565) 79 926 – Non-controlling interests 69 – – 69 65 057 17 503 (2 565) 79 995 Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 14
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Unaudited condensed segment report for the Group (continued) R’000 Residential Property Development Memorial Parks Holdings and other Total August 2026 Assets Cash and cash equivalents 48 510 2 244 1 554 52 308 Trade and other receivables 152 659 1 689 521 154 869 Current income tax assets 1 030 439 371 1 840 Construction contracts 2 403 631 – – 2 403 631 Loans to joint ventures 397 441 – – 397 441 Investment in joint ventures 167 144 – – 167 144 Inventories 286 791 164 750 – 451 541 Investments – 20 173 – 20 173 Property, plant and equipment 13 237 8 283 – 21 520 Investment property – 32 498 – 32 498 Intangible assets 158 956 695 – 159 651 Deferred income tax asset – 10 995 946 11 941 Total assets 3 629 399 241 767 3 392 3 874 557 Liabilities Trade and other payables 229 698 38 109 3 851 271 658 Borrowings 1 453 521 – – 1 453 521 Maintenance provision – 71 037 – 71 037 Deferred income tax liability 436 055 – – 436 055 Total liabilities 2 119 274 109 146 3 851 2 232 271 R’000 Residential Property Development Memorial Parks Holdings and other Total February 2026 Assets Cash and cash equivalents 181 644 1 483 596 183 723 Trade and other receivables 154 413 4 683 529 159 625 Current income tax assets 1 065 522 156 1 743 Construction contracts 2 107 207 – – 2 107 207 Loans to joint ventures 387 466 – – 387 466 Investment in joint ventures 148 981 – – 148 981 Inventories 285 862 170 506 – 456 368 Investments – 20 669 – 20 669 Property, plant and equipment 14 646 8 153 – 22 799 Investment property – 32 498 – 32 498 Intangible assets 158 956 695 – 159 651 Deferred income tax asset – 10 128 – 10 128 Total assets 3 440 239 249 337 1 281 3 690 858 Liabilities Trade and other payables 222 146 35 996 5 192 263 334 Current income tax liabilities 239 – – 239 Borrowings 1 380 291 – – 1 380 291 Maintenance provision – 66 328 – 66 328 Deferred income tax liability 409 486 – – 409 486 Total liabilities 2 012 163 102 324 5 192 2 119 679 Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 15
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Notes to the condensed consolidated interim financial statements 1. Basis of preparation 1.1 Statement of compliance The condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standard (“IFRS”). IAS 34: Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa. The condensed consolidated interim financial statements have been prepared under the supervision of SU Naicker CA(SA). The condensed consolidated interim financial statements should be read in conjunction with the Group’s annual financial statements for the year ended 28 February 2026, which have been prepared in accordance with IFRS Accounting Standards as issued by the IASB. The interim financial statements have been prepared on the historical cost basis, excluding specific financial assets held at fair value through profit and loss. No event that is material to the financial affairs of the Group has occurred between the reporting date and the date of approval of the condensed consolidated interim financial statements. The condensed consolidated interim financial statements were not reviewed or audited by the Group’s external auditors. The condensed consolidated interim financial statements of Calgro M3 were authorised for issue by the Board of directors on 16 October 2026. 1.2 Judgements and estimates Management made judgements, estimates and assumptions that affect the application of accounting policies and the reporting amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group’s accounting policies and the key source of estimation uncertainty were similar to those applied to the Group annual financial statements as at and for the year ended 28 February 2026. 2. Accounting policies The accounting policies adopted in the preparation of the condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group annual financial statements as at and for the year ended 28 February 2026. 3. Earnings reconciliation Unaudited August 2026 Unaudited August 2025 Audited February 2026 Determination of headline and diluted earnings – net of tax and non-controlling interest Attributable profit to shareholders 75 622 79 926 160 235 Fair value adjustment to investment properties – – (10 005) Profit on disposal of property, plant and equipment and computer software – (134) (143) Headline and diluted headline earnings – net of tax and non-controlling interest 75 622 79 792 150 088 Determination of earnings – net of tax and non-controlling interest Basic earnings 75 622 79 926 160 235 Diluted basic earnings 75 622 79 926 160 235 Headline earnings 75 622 79 792 150 088 Diluted headline earnings 75 622 79 792 150 088 Determination of shares Number of ordinary shares 95 381 96 466 95 381 Weighted average shares 95 742 96 300 95 742 Fully diluted weighted average shares 97 146 98 006 97 146 Determination of per share values – net of tax and non-controlling interest Basic earnings per share (cents per share) 78.99 83.00 167.36 Fully diluted earnings per share (cents per share) 77.84 81.55 164.94 Headline earnings per share (cents per share) 78.99 82.86 156.76 Fully diluted headline earnings per share (cents per share) 77.84 81.42 154.50 Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 16
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Notes to the condensed consolidated interim financial statements (continued) 4. Construction contracts Unaudited August 2026 Audited February 2026 Disaggregated construction contracts – pre-expected credit loss provisions Infrastructure – contract assets 951 457 795 999 Fully and partially subsidised units – contract assets 407 871 366 900 Non-subsidised units – contract assets 110 001 107 376 Contract assets 1 469 329 1 270 275 Future contract asset costs Development cost for future contract assets 952 093 852 124 2 421 422 2 122 399 Reconciliation of construction contracts Contract assets 1 469 329 1 270 275 Provisions for expected credit losses on contract assets (17 791) (15 193) Development cost for future contract assets 952 093 852 124 Statement of financial position balance for construction contracts 2 403 631 2 107 207 5. Inventories Unaudited August 2026 Audited February 2026 Memorial Parks land costs 164 750 170 506 Other land costs for future development 286 791 285 862 Closing balance 451 541 456 368 6. Financial instruments The Group has three types of financial and contract assets that are subject to the expected credit loss model: ` Loans to joint venture ` Contract assets relating to construction contracts ` Trade receivables Due to the trade receivables and contract assets being linked to long-term projects, the simplified approach has been applied to determine the lifetime expected credit losses for the relevant financial assets. The general expected credit loss model for loans to companies outside of the Group held at amortised cost has been applied. There has been no significant increase in the credit risk since initial recognition. The Group takes the following into account when determining the applicable ECL rates for financial assets: ` The probability of each project achieving its budget and probability of misestimating the outcome of a project thus having a negative impact on the project results. ` The relevant stage of completion of the project. If the project is at a more advanced stage of completion the certainty of revenue and cost can more accurately be determined which would lower the overall risk of default. ` The improvement/decline in the recoverability of the receivable based on historical data. If the average number of days between invoice date and receipt date improved, the probability of default would be lower. ` If the project has government exposure and relies on subsidies provided by government to install the related infrastructure and services required. ` The nature of the outstanding debtors at year-end included in each distinct category will increase/decrease the value of the expected credit loss allowance. ` The impact of a cancellation of a project. The probability of this is higher for a project where ground construction has not yet commenced. ` The sovereign rating of the South African Government as a downgrade could result in increased pressure on government spending and thus decrease government subsidy availability. ` The general impact of the economy on these developments/projects. Low to middle income earners are in most circumstances, significantly impacted by interest rates and employment levels, however this risk is mitigated by the extreme housing shortage of this target market and the limited number of housing being developed in this market. ` Moody’s investor services were used in combination with historical recovery rates on sovereign and municipal debts to determine a loss rate. This was then converted into forward looking expected credit loss rates by applying three macroeconomic forecast for South Africa – Baseline (SO), Stronger near term recovery (S1) and Moderate Recession (S3). Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 17
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Notes to the condensed consolidated interim financial statements (continued) 6. Financial instruments (continued) Financial assets that exhibit similar credit risk and behaviour are grouped together. Credit risk exposure on financial assets can be classified within three distinct categories. (1) Government institution exposure. The exposure to government is based on the type of project and units being constructed for government institutions within the geographic of South Africa (2) Normal business risk exposure. The exposure to other corporate customers and businesses within the geographic of South Africa (3) Financial institution risk exposure – the exposure to local financial institutions within the geographic of South Africa Based on the relevant exposures as described above all, the following expected credit loss rates have been applied: August 2026 1. Government institution exposure 2. Normal business risk exposure 3. Financial institution risk exposure Rates to be utilised for the ECLs New projects/projects undertaken with higher exposure to Government 1.19% – 1.61% Project at an early to advanced stage of completion 1.19% – 1.61% 1.19% – 6.19% Project backed by a financial institution at an early to advanced stage of completion 1.19% – 1.61% 1.91% Specific exposure 0% – 100% 0% – 100% 0% – 100% The concentration of gross carrying amount of financial assets relevant to the applicable ECL rates are as follows: August 2026 R’000 1. Government institution exposure 2. Normal business risk exposure 3. Financial institution risk exposure Total Loans to joint ventures Project backed by a financial institution at an early to advanced stage of completion – 402 774 – 402 774 Specific exposure – – 7 482 7 482 Loans to joint ventures – 402 774 7 482 410 256 Construction contracts – contract assets Project at an early to advanced stage of completion 941 563 166 663 – 1 108 226 Project backed by a financial institution at an early to advanced stage of completion – 8 803 83 175 91 978 Specific exposure – 269 125 – 269 125 Construction contracts – contract assets 941 563 444 591 83 175 1 469 329 Trade receivables Project at an early to advanced stage of completion 369 120 968 – 121 338 Project backed by a financial institution at an early to advanced stage of completion – – 28 160 28 160 Specific exposure – – – – Trade receivables 369 120 968 28 160 149 497 Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 18
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Notes to the condensed consolidated interim financial statements (continued) 6. Financial instruments (continued) Reconciliation of expected credit losses on financial assets at amortised cost – August 2026 Expected credit loss model applied Opening balance 1 March 2026 Current year movement Closing balance 31 August 2026 Trade and other receivables Lifetime 3 124 612 3 736 Construction contracts – contract assets Lifetime 15 193 2 598 17 791 Loans to joint ventures General 14 292 (1 477) 12 815 32 609 1 733 34 342 The rates applied in the previous financial year and reporting period are as follows: February 2026 1. Government institution exposure 2. Normal business risk exposure 3. Financial institution risk exposure Rates to be utilised for the ECLs New projects/projects undertaken with higher exposure to government 1.19% – 1.61% Project at an early to advanced stage of completion 1.19% – 1.61% 1.19% – 6.19% Project backed by a financial institution at an early to advanced stage of completion 1.19% – 1.61% 1.91% Specific exposure 0% – 100% 0% – 100% 0% – 100% The concentration of gross carrying amount of financial assets relevant to the applicable ECL rates are as follows: February 2026 1. Government institution exposure 2. Normal business risk exposure 3. Financial institution risk exposure Total Loans to joint ventures New projects with significant government exposure – – – – Project at an early to advanced stage of completion – 360 705 – 360 705 Project backed by a financial institution at an early to advanced stage of completion – – 41 053 41 053 Loans to joint ventures – 360 705 41 053 401 758 Construction contracts – contract assets Project at an early to advanced stage of completion 149 370 182 786 – 332 156 Project backed by a financial institution at an early to advanced stage of completion – – – – Specific exposure – 938 119 – 938 119 Construction contracts – contract assets 149 370 1 120 905 – 1 270 275 Trade receivables Project at an early to advanced stage of completion 200 153 024 – 153 224 Project backed by a financial institution at an early to advanced stage of completion – – 4 4 Specific exposure 59 4 041 – 4 099 Trade receivables 259 157 065 4 157 327 Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 19
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Notes to the condensed consolidated interim financial statements (continued) 6. Financial instruments (continued) Reconciliation of expected credit losses on financial assets at amortised cost – August 2025 Expected credit loss model applied Opening balance 1 March 2025 Current year movement Closing balance 31 August 2025 Cash and cash equivalents General – – – Trade and other receivables Lifetime 9 537 (6 992) 2 546 Construction contracts – contract assets Lifetime 10 989 2 482 13 471 Loans to joint ventures General 19 775 1 238 21 013 40 301 (3 271) 37 030 7. Borrowings Interest rate Expiration date Unaudited August 2026 Audited February 2026 Floating rate note – CGR 54 JIBAR plus 4.5% 28 February 2028 40 000 40 000 Floating rate note – CGR 55 JIBAR plus 3.9% 2 October 2026 50 000 50 000 Floating rate note – CGR 56 JIBAR plus 3.9% 2 October 2026 – 33 000 Floating rate note – CGR 59 JIBAR plus 3.9% 21 November 2027 70 000 70 000 Floating rate note – CGR 60 JIBAR plus 4.33% 12 December 2029 85 000 85 000 Floating rate note – CGR 61 JIBAR plus 3.90% 27 June 2028 50 000 50 000 Floating rate note – CGR 62 JIBAR plus 3.90% 29 January 2029 60 000 60 000 Floating rate note – CGR 63 ZARONIA plus 4.06% 29 January 2029 50 000 – NHFC Loan Prime plus 0.5% 30 March 2030 215 000 215 000 Prescient JIBAR plus 5% 12 October 2027 100 000 100 000 ABSA 1 JIBAR plus 4.5% 25 April 2028 155 000 155 000 ABSA 2 JIBAR plus 4.25% 15 November 2028 200 000 200 000 Standard Bank of South Africa Limited Prime less 0.3% 15 September 2026 75 000 50 000 Standard Bank of South Africa Limited Prime less 0.3% 24 November 2026 25 000 – Stanlib ZARONIA plus 4.3% 30 June 2030 250 000 250 000 Total capital outstanding 1 425 000 1 358 000 Transaction cost amortisation (6 623) (7 406) Interest accrual 35 144 29 697 Total transaction costs and interest accrual 28 521 22 291 Total borrowings 1 453 521 1 380 291 8. Revenue Unaudited August 2026 Unaudited August 2025 Disaggregated revenue Residential Property Development Segment Infrastructure 234 947 98 878 Fully and partially subsidised units 166 462 260 156 Non-subsidised units 16 453 57 318 Serviced land sales – 3 846 417 862 420 197 Memorial Parks Segment Memorial Parks burial rights 47 090 39 251 Memorial Parks burial services 716 582 47 806 39 833 Total revenue 465 668 460 030 9. Cost of sales Unaudited August 2026 Unaudited August 2025 Disaggregated cost of sales Residential Property Development Segment Infrastructure 110 803 27 467 Fully and partially subsidised units 129 797 199 346 Non-subsidised units 10 084 50 697 Serviced land sales – 3 497 Residential property development other costs 56 091 23 885 306 775 304 892 Memorial Parks Segment Memorial Parks cost of burial plot 6 161 5 257 Memorial Parks other costs 15 552 14 505 21 713 19 762 Total cost of sales 328 488 324 654 Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 20
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Notes to the condensed consolidated interim financial statements (continued) 10. Finance cost Unaudited August 2026 Unaudited August 2025 Bank 2 484 2 598 Unwinding of maintenance provision 1 366 1 932 Lease liability 1 270 1 430 Interest-bearing borrowings 76 492 65 501 Finance cost 81 612 71 460 Less: Amounts capitalised on qualifying assets (construction contracts) (66 818) (38 332) Total finance cost recognised in statement of comprehensive income 14 794 33 128 11. Other expenses Unaudited August 2026 Unaudited August 2025 Fair value adjustments on assets held at fair value 496 – Rental residential costs – 1 IFRS 9 – Interest modification loss 12 739 – Total other expenses 13 235 1 IFRS 9: Interest modification loss During the period, the Group renegotiated the terms of the joint venture loan agreement, resulting in a change in the interest rate applicable to the outstanding balance from prime plus 2% to prime. The principal amount of the loan remains repayable on 28 February 2028. The change in contractual cash flows was assessed in accordance with IFRS 9: Financial Instruments. As the modification did not result in the derecognition of the financial liability, the carrying amount of the liability was recalculated as the present value of the modified contractual cash flows, discounted at the original effective interest rate. The resulting adjustment of R12.739 million was recognised as a modification loss in profit or loss for the period. Following the modification, the financial liability was recognised at R360 million at the reporting date. 12. Related party transactions Unaudited August 2026 Unaudited August 2025 Compensation paid to key employees and personnel* 15 256 13 633 Finance income from related parties 23 326 20 582 Net contract revenue received from joint ventures 99 398 32 354 * Amounts include executive share scheme expense incurred by the Group not yet vested to the executive employees. The Group entered into various sale and purchase transactions with joint ventures during the ordinary course of business. These transactions were subject to terms that are no less, nor more favourable than those arranged with independent third parties. 13. Fair values Financial instruments To determine the fair value of the financial instruments, future contractual cash flows are discounted using current market interest rates available to the Group for similar financial instruments. With the exception of the Group’s borrowings and investments, the financial instruments’ carrying values approximates their fair values, due to the short-term nature of the instruments. These investments are accounted for at fair value through profit or loss. Fair value table The table below analyses the valuation levels used to determine the fair values of the applicable line items in the statement of financial position. Level no Level definition 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities 2. Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) 3. Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 21
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Notes to the condensed consolidated interim financial statements (continued) 13. Fair values (continued) Comparison of carrying and fair values of applicable line items in the statement of financial position: Fair value Carrying values Level 2 Level 3 August 2026 Unaudited February 2026 Audited August 2026 Unaudited February 2026 Audited August 2026 Unaudited February 2026 Audited Assets Trade and other receivables 149 497 157 327 – – 149 497 157 327 Loans to joint ventures 410 256 401 758 – – 410 256 401 758 Investments# 20 173 20 669 – – 20 173 20 669 Investment property 32 498 32 498 – – 32 498 32 498 Liabilities Trade and other payables 235 044 214 090 – – 235 044 214 090 Borrowings – Bond Exchange 321 861 393 961 321 861* 393 961* – – Borrowings – Other 1 138 283 993 736 – – 1 138 283 993 736 # Based on prices for unit trusts held by reputable financial institutions. * Based on quoted prices on the Bond Exchange. The carrying values for loans to and from joint ventures, trade and other receivables and trade and other payables are a reasonable approximation of their fair value. The balances exclude any non-financial instruments. Refer to note 6 for details on financial instruments. Non-financial instruments The fair value measurement for investment property has been categorised as a level 3 fair value based on the inputs to the valuation technique used. The value of investment properties was determined by management using the Discounted Cash Flow (“DCF”) method. This method takes into account the time value of money between the valuation date and the date when the income stream theoretically reverts to prevailing market levels. Properties are valued by discounting the expected future net income for a specific period at an appropriate discount rate to give the present value of the expected net income cash flow. The net income is determined taking into account the gross income, vacancies and lease obligations from which is deducted all normalised operating expenditure. 14. Dividends In the 2026 financial year, the Board approved a dividend of 8.63703 cents per share, which was paid in June 2026. In line with the dividend policy, an interim dividend was not declared by the Board. In the 2025 financial year, the Board approved a dividend of 8.63703 cents per share, which was paid in June 2025. 15. Going concern Based on the latest results for the six-month period ended 31 August 2026, the latest Board approved budget for the 2027 financial year, as well as the available bank facilities and cash generating capability, Calgro M3 satisfies the criteria of a going concern. Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 22
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Notes to the condensed consolidated interim financial statements (continued) 16. JSE Limited Listings Requirements The unaudited condensed consolidated interim financial statements have been prepared in accordance with the JSE Limited Listings Requirements. 17. Corporate governance Corporate governance forms one of the foundational layers of the Calgro M3 strategy as we understand that transparency, integrity and accountability need to permeate everything that we do. The Board of directors endorse the principles contained in King IV. Calgro M3’s application of these principles are set out in the 2026 integrated report and, in accordance with the JSE Limited Listings Requirements, has been available on the Company’s website since May 2026. Calgro M3 will apply the principles as set out in King V in the 2027 integrated annual report. Please contact the Group company secretary (Juba Statutory Services, represented by Ms S van Schalkwyk), for any additional information. 18. Ratio calculations Net debt/equity ratio This ratio is calculated as net debt divided by equity. Net debt is calculated as total interest- bearing borrowings less cash and cash equivalents. Equity is calculated as the total equity per the statement of financial position (excluding share-based payment reserve). Unaudited August 2026 Audited February 2026 Net debt Borrowings 1 453 521 1 350 594 Less: Cash and cash equivalents (52 308) (183 723) 1 401 213 1 166 871 Equity Stated capital 28 389 28 389 Retained income 1 608 711 1 541 081 1 637 100 1 569 470 Net debt/equity ratio 0.86 0.74 The Group monitors capital on the basis of its net debt/equity ratio. The maximum allowed net debt/equity ratio for the Group is 1.5:1. Debt service cover ratio (“DSCR”) This ratio is calculated as available cash flow divided by debt service requirement. Available cash flow is calculated as cash generated from/(utilised in) operating activities plus new financial indebtedness incurred plus cash and cash equivalent at the beginning of the year less the aggregate amount spent on the purchase of property, plant and equipment, purchase of intangible assets, acquisition of business, acquisition of subsidiaries, and loans advanced to joint ventures for investment purposes (Capex). Debt service requirement is calculated as Interest and fees plus Principal repayments. Unaudited August 2026 Audited February 2026 Available cash flow Cash generated from operating activities (110 304) (14 786) New financial indebtedness incurred 203 750 566 425 Cash and cash equivalent at the beginning of the year 183 723 154 723 Capex (27 596) (122 429) 249 573 583 932 Debt service requirement Interests and fees (48 797) (81 533) Finance income 23 999 56 062 Finance cost (72 556) (135 639) Fees (240) (1 955) Principal repayments (136 750) (297 500) (185 547) (379 033) Debt service cover ratio (“DSCR”) 1.35 1.54 The Group monitors capital repayments and interest serviceability on the basis of its debt service cover ratio (“DSCR”). The minimum allowed DSCR ratio for the Group is 1.2. Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 23
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Rustenburg Memorial Park Notes to the condensed consolidated interim financial statements (continued) 18. Ratio calculations (continued) Liquidity ratio This ratio is calculated as the ratio of current assets to current liabilities as defined. Current assets has been defined as cash and cash equivalents, trade and other receivables, work in progress, construction contracts, current tax receivable, inventories, loans to joint ventures. Current liabilities has been defined as trade and other payable, current tax liabilities and borrowings. Unaudited August 2026 Audited February 2026 Current assets Cash and cash equivalents 52 308 183 723 Trade and other receivables 154 869 159 625 Current income tax assets 1 840 1 743 Construction contracts 2 403 631 2 107 207 Loans to joint ventures 397 441 387 466 Inventories 451 541 456 368 3 461 630 3 296 132 Current liabilities Trade and other payables 271 658 263 334 Current income tax liabilities – 239 Borrowings 1 453 521 1 380 291 Maintenance provision 71 037 61 487 1 796 216 1 705 352 Liquidity ratio 1.93 1.93 Funding requirements The Group monitors capital from funders on the basis of its debt service cover ratio and its net debt/equity ratio (as above). The minimum allowed debt service cover ratio for the Group is 1.2 and the maximum net debt/ equity ratio is 1.5:1. Calgro M3 Unaudited condensed consolidated interim results for the six months ended 31 August 2026 24
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Calgro M3 Holdings Limited Incorporated in the Republic of South Africa Registration number 2005/027663/06 Share code CGR ISIN ZAE000109203 Registered office Calgro M3 Building Ballywoods Office Park 33 Ballyclare Drive Bryanston 2196 Business address Calgro M3 Building Ballywoods Office Park 33 Ballyclare Drive Bryanston 2196 Postal address Private Bag X33 Craighall 2024 Published 19 October 2026 Transfer secretaries Computershare Investor Services Bankers First National Bank Standard Bank Nedbank Auditor Forvis Mazars Registered Auditor Debt and equity sponsor PSG Capital Appointed debt officer SU Naicker Secretary Juba Statutory Services (Pty) Ltd, represented by Sirkien van Schalkwyk Directors BP Malherbe Executive SU Naicker Executive AJ Langson Executive H Ntene Independent Non-Executive Chairman RB Patmore Independent Non-Executive ME Gama Independent Non-Executive TP Baloyi Independent Non-Executive TC Moodley Independent Non-Executive KW Mzondeki Independent Non-Executive LCH Chou Non-Executive Preparer The financial statements were internally compiled under the supervision of SU Naicker CA(SA). Disclaimer Statements contained in this announcement, regarding the prospects of the Group, have not been reviewed or audited by the Group’s external auditors. General information
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