NBSX: NBS - Namibian Breweries Limited - Unaudited Condensed Consolidated Results for the six months ended 30 June 2026

By Namibia Stock Exchange

===================== Namibian Breweries Limited - Unaudited Condensed Consolidated Results for the six months ended 30 June 2026

Namibia Breweries Limited (“NBL” or “the Company”) (Incorporated in the Republic of Namibia) (Registration number 2/1920) Share code: NBS ISIN: NA0009114944

Unaudited Condensed Consolidated Results for the six months ended 30 June 2026

6 months ended 6 months ended 12 months ended

30 June 2026 30 June 2025 31 December 2025

N$’000 N$’000 N$’000

Unaudited Unaudited Audited

Net revenue 2 022 589 2 104 346 4 869 134

Operating profit 221 779 279 279 830 364

Profit before tax 206 345 264 711 790 367

Profit for the period attributable to 153 764 198 865 632 234

owners of the parent

Ordinary shares in issue 206 529 206 529 206 529

(thousands)

Basic earnings per share (cents) 74.45 96.3 306.1

Headline earnings per share (cents) 74 97.8 300.6

Interim Dividend per Share (cents) 74.45 96.29 209.84

Net Asset Value 2 171 912 2 214 767 2 451 810

Performance overview NBL delivered resilient domestic performance in a materially tougher first half, gaining total portfolio market share while consumers remained under sustained affordability pressure. Reported results were, however, affected by the planned reduction of the South African export volumes, following the expiry of minimum supply arrangement with HEINEKEN Beverages South Africa. The period, therefore, reflects two distinct dynamics: a resilient Namibian business and a structurally lower base of HEINEKEN Beverages South African export volumes.

Volume and brand performance NBL's multi-category portfolio provided an important buffer against category-specific pressures, with growth in ciders, low- and no-alcohol and the newly added energy drink category offsetting declines in beer and wine.

Beer volumes in Namibia declined slightly by 3%, with strong momentum in the non-alcoholic range, led by Windhoek Non-Alcoholic Lemon, meaningfully cushioned the category. Cider volumes in Namibia grew 15%, with Bernini continued to perform well from a small base within ready- to-drink (RTD) beverages, with the launch of Bernini Mimosa adding to the range. NBL will continue to manage its portfolio in line with consumer demand and commercial returns. Wine volumes in Namibia declined, while Spirits volumes were broadly flat. The newly added Red Bull distribution agreement category contributed positively to both volume and revenue Export volumes to South Africa declined compared to the prior period, the minimum-volume supply commitment from HEINEKEN Beverages South Africa formally ended in April 2026. NBL confirms that all commitments under the minimum-volume agreement have been honored and settled in full by HEINEKEN Beverages. NBL's relationship with HEINEKEN Beverages now operates under a standard, forecast-based intercompany supply model into South Africa.

Financial performance Net revenue decreased by 3.9% to N$2 023 million (2025: N$2 104 million), primarily due to the decline in export volumes. A 3.39% increase in excise duties on alcoholic beverages, effective from 25 February 2026, also contributed to the pressure. Operating profit decreased by 21% to N$222 million (2025: N$279 million), together with a decline in operating margin. The reduction in export volumes next to the reorganization and realignment cost were the primary drivers of the decline in half-year profits. Total costs decreased by 1%, as savings from lower production volumes were largely offset by investment in the business, including higher employee-related costs, increased marketing investment in brands and brand equity, and reorganization and realigning cost associated with adjusting the Company to the lower export volumes expected on a sustained basis. Headline earnings per ordinary share declined by 24.3%, reflecting the combined effect of the South African volume decline and the cost items described above. Cost normalization is expected to support an improved cost trajectory in the second half.

Dividend declaration The Board is pleased to declare an ordinary interim dividend of 74.45 cents per share. This reflects NBL’s strong financial position, commitment to shareholder value and confidence in its strategic direction for sustained growth.

Interim Dividend payment details: • Last day to trade cum dividend: 9 October 2026 • Fist day to trade -ex-dividend date: 12 October 2026 • Record date: 16 October 2026 • Payment date: 12 November 2026

Short Form Announcement This short form announcement is the responsibility of the directors and is not based on audited information. It is only a summary of the information contained in the full announcement and does not contain full or complete details.

Any investment decision should be based on the Unaudited condensed consolidated interim financial results accessible from Friday, 25 September 2026, via the NSX link below and also available on our website at www.nambrew.com

Copies of the full announcement are available for inspection at the Group's registered office at no charge, weekdays during office hours.

The unaudited interim condensed consolidated Financial Statements is available on the NSX link as follows: https://senspdf.jse.co.za/documents/2026/nsx/isse/nbs/NBSJun2026.pdf

By order of the Board 25 September 2026

Sponsor

PSG Wealth Management (Namibia) (Pty) Ltd, Member of the Namibia Securities Exchange Date: 25/09/2026 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').

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