Financial Statements

Year Ended

31 December 2025

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Table of Contents

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Strategic Report for the year ended 31 December 2025

Lango Real Estate Limited, together with its subsidiaries (the “Group” or “Lango”) is pleased to present the consolidated financial statements and parent company's separate financial statements for the year ended 31 December 2025.

On 31 December 2025, the total equity of the Group was $229m (31 December 2024: $251m) and the Group reported a loss after tax of $30.4m (31 December 2024: loss of $90.6m). The Company reported a loss for the year ended 31 December 2025 of $24.9m (period ended 31 December 2024: $92.9m) and the equity of the Company was $224m at 31 December 2025 (31 December 2024: $246m).

The year 2025 has been a year of progressive operational performance and strategic progress as the Group leverages the benefits of its UK domicile, an internalised management structure and full economic benefits of properties acquired in the prior year.

The Group acquired four prime retail assets across Ghana and Nigeria and successfully internalised the asset management function during the prior year. These acquisitions have been fully integrated into the Group and have allowed the Group to leverage its operational presence in the countries where the assets are located to consolidate its position as a key landlord in these jurisdictions. More details on the acquisition of the portfolio are available in note 13 of the consolidated financial statements.

The ultimate holding company of the Group changed from Lango Real Estate Limited (incorporated in Mauritius) to Lango Real Estate Limited, a newly created company incorporated in United Kingdom during the prior year. The focus for the current year has been on balance sheet management, advancing our active asset management programme, and positioning the Group for growth.

Introduction

Lango is a real estate group focused on directly investing in prime commercial real estate assets in key gateway cities across the African continent. Lango's portfolio predominantly consists of prime A-grade office and retail assets in strategic locations. Lango's tenant base is dominated by blue-chip international and regional tenants, which is directly related to the quality of the underlying assets.

The Company is a private company limited by shares registered in the United Kingdom and has subsidiaries, directly and indirectly, in Mauritius, Seychelles, United Arab Emirates, South Africa, Ghana, Zambia, Angola and Nigeria.

Portfolio overview

Lango has invested in 12 operating assets and 3 land parcels. The breakdown of the Gross Asset Value (GAV) of the Group as at 31 December 2025 is as follows:

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

The list below represents all assets managed by Lango as at 31 December 2025:

Strategic Overview

Lango has committed to its shareholders to seek a listing on an approved stock exchange within the timeframes set forth in its shareholders agreement. Lango's initial timeframe to achieve such a listing was 30 June 2026, provided that the Lango Board, supported by the written opinion of an independent third party financial advisor, may extend such date by up to six calendar months at a time, and to no later than 30 June 2028, if it determines that financial market conditions are not suitable to achieving such an IPO, taking into consideration financial market conditions including tradability and the potential for the achievement of a market related total shareholders return.

Lango is currently targeting a listing on the London Stock Exchange (LSE). The board received an opinion from Rand Merchant Bank (a division of FirstRand Bank Limited) dated 12 February 2026 with respect to both the London Stock Exchange and the Johannesburg Stock Exchange. The Board resolved on 23 March 2026 to approve a first extension of Lango's timeline to achieve a listing to 31 December 2026. The Board will re-assess this position in the second half of 2026, and a detailed roadmap towards such a listing, including the various systems, regulatory requirements, processes and people, has been prepared and is continually being refined. Having completed the internalisation of the asset manager and UK re-domiciliation in 2024, Lango's strategic priorities for 2025 were to:

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Lango has been dedicated to upholding high standards of corporate governance, ensuring transparency, accountability, and integrity in all aspects of our business. In December 2024, Lango established a new parent company in the United Kingdom, with its existing operations continuing to function under the newly incorporated UK parent structure. This strategic move marks an important step in aligning the governance practices with the regulatory requirements of the UK.

As the Group is targeting future growth, governance and oversight remain an important part of supporting the Group's objectives. During the year, the Board considered its governance arrangements, including Board composition, oversight structures and overall effectiveness. The principles of the UK Corporate Governance Code (2024) were considered as a reference point in this process. While the Group does not yet comply with all provisions of the Code, the Board considers it a useful benchmark and will continue to develop the Group's governance arrangements over time in a manner appropriate to the Group prior to the LSE listing target date.

Our goal is to work towards meeting the highest standards of governance, risk management, and transparency, while maintaining the trust and confidence of our stakeholders. This reflects Lango's ongoing commitment to strengthening our corporate governance practices, with the aim of fostering sustainable growth and delivering long-term value to our shareholders, employees, and the communities we serve.

Operational performance

The financial year ended 31 December 2025 was a year of consolidation and balance sheet management for Lango. This period was defined by the successful integration of the assets acquired in 2024, the improvements in the Group's occupancy rates, the internalisation and the alignment of the senior management team. We are also gearing towards the establishment of the Green Pure Play (“GPP”) debt classification. These successful initiatives that have stabilised the Group for its next phase of growth. Despite a challenging macroeconomic environment across our key markets, characterised by suppressed retail activity and high interest rates, Lango delivered a credible operational performance. This was underpinned by the quality of our prime real estate portfolio and our proactive, hands-on asset management approach.

Lango has benefitted in this financial year from the full extent of strategic initiatives completed in the prior year, which include the acquisition of four prime retail assets from the ex-AttAfrica portfolio and the successful internalisation of the previous external asset manager. These actions have increased the scale and income-generating capacity of the Group, reduced single asset performance risk, and streamlined our operating structure.

Performance of the portfolio

Active management and strategic acquisitions drove strong operational metrics across the portfolio, demonstrating the durability of our income streams and the appeal of our assets to high-quality tenants. The Group generated gross property income amounting to $80.8m (2024: $55.9m) and net property income of $58.1m (2024: $42.7m).

The increases from the previous year were mainly attributed to the full year impact of the 2024 acquisitions. Assets under management declined from $835.4m as at 31 December 2024 to $796.3m as at 31 December 2025, primarily due to a downward revaluation of investment properties.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Responsive Engagement

During the 2025 financial year, the Group experienced significant anchor tenant related developments across both Ghana and Nigeria. In Ghana, the exit of one of the market's largest anchor tenants, Shoprite, led to the decline in the fair value of investment properties during the year. While the exit of Shoprite did not affect occupancy levels, as trading at the site has continued with a new tenant, rental levels have reduced significantly on these leases for 2026 and beyond. Management is actively engaging with the new operator to build a strong and collaborative relationship to support long-term performance of the asset.

In Nigeria, Retail Supermarkets Nigeria, trading as Shoprite, the anchor tenant at both Circle Mall and Ikeja City Mall has faced sustained operational and financial difficulties. This has affected their ability to trade effectively and maintain the expected standard of offering within the centres. Management has initiated the process to facilitate the orderly exit of this anchor tenant from both locations. Concurrently, active engagement is underway with identified prospective replacement anchors, including operators in the grocery segment and other categories, with the aim of enhancing the overall retail mix.

A key consideration in the assessment of potential replacement tenants is their ability to commence trading without delay, ensuring uninterrupted service to customers and supporting the continued vibrancy of the centres.

Lango has proactively addressed operational issues and implemented bespoke solutions to match the needs of each asset. The local currencies of where the currencies are located has strengthened in the period with improved USD availability in the markets. This currency stabilisation has reduced pressure on tenant rentals after a sustained period of currency devaluations. This, together with decreases in inflation and interest rates in these jurisdictions and globally over the last 24 months is filtering through to tenants and supports the sustainability of the USD based income stream. With that in mind we continue engagement with our stakeholders and tenants to created tailor-made solutions to optimise rental growth and to bolster tenant retention.

Tangible Results of Our Management Approach

Collection Rates: Our team's consistent management of collections and arrears has resulted in a collection rate of billed income of 97.3% (31 December 2024: 93.7%) for the year, with robust retail collection levels of 103.6% (31 December 2024: 101.0%). Collection rates reflect total in year collections, as a percentage of total in year billed income.

Footfall Recovery: Portfolio footfall level growth for the year was 2.3% (31 December 2024: 4.7%), with the Ghana retail portfolio delivering growth of 3.6% (31 December 2024: 5.0%) compared to the prior year. This was achieved through improvements to the overall retail tenant mix. Footfall within the Nigerian portfolio declined by 9.8%, primarily due to operational disruptions experienced by Shoprite during the period.

Leasing Success: Leasing remains a core focus for our management team, and we have successfully concluded significant leasing transactions in both the office and retail sectors, whilst retaining the vast majority of tenants with expiring leases resulting in a renewal rate for the past year of 90.6% (31 December 2024: 91.7%).

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Retail Portfolio Operational Review

Building on the preceding discussion regarding anchor tenants, the contracts currently under negotiation have exerted downward pressure on investment property valuations, with proposed rental rates falling below the exit rentals achieved under the previous operator. Portfolio occupancy closed at 93.7% across the retail assets, supported by the commencement of Melcom's tenancy at Achimota Retail Centre. In addition, the assets acquired in the prior year-which now comprise 36% of the Group's GLA-have completed a full reporting cycle and have contributed positively to the operating performance of the retail portfolio.

Office Portfolio Operational Review

The office portfolio is comprised predominantly of large corporate tenants and has therefore remained stable. However, key vacancies within the portfolio, particularly at The Wings, continue to exert pressure on investment property valuations. Notwithstanding these vacancies, two of the largest tenants within the office portfolio have remained in occupation beyond their respective lease expiry dates, including one tenant at The Wings, thereby providing some support to occupancy levels and income continuity.

Financial performance

Key financial performance indicators

The key financial performance indicators during the year were as follows:

*Net Asset Value per share is the net asset value of the Group as a proportion of the number of shares issued.

*Please refer to page 91 for the reconciliation of the IFRS net asset value to INREV net asset value.

**Administrative cost ratio is the total administrative expenses less depreciation as a percentage of investment properties, plant and equipment and investment in equity-accounted investees.

The gross revenue income for the current year stood at $80.8m (2024: $55.8m) and net property income stood at $58.1m (2024: 42.7m) as a result of the economic benefits derived from the four assets acquired during the prior year. The Group acquired the controlling stakes in West Hills Mall, Ikeja City Mall and Kumasi Shopping Mall and an effective stake of 46.97% in Accra Mall during the prior year. The Group acquired the assets at an amount below the fair market value and completed the transaction by 23 September 2024. The fair market value of the assets acquired amounted to $109.1m and the Group issued Class A participating shares amounting to $59.3m as purchase consideration. The Group recognized a $49.8m gain on the acquisitions in the prior year. The acquisition below market value was achieved as the purchase occurred in an illiquid market with very few participants having the capability to complete a sizeable real estate transaction in Africa (outside South Africa) and hence driving down the purchase price. There is limited secondary market in most African countries. More details regarding the transaction and the gain on bargain recognised are disclosed in note 13.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

During the current year, the Company issued an additional 655,880 $0.01 Class A shares in respect of the acquisition of the AttAfrica portfolio as contingent consideration due to the delay in the flow of the committed capital by a cornerstone investor as at 31 December 2024. This resulted in an increase of shares granted to the sellers. A loss on bargain purchase amounting to $2.6m has been recognised during the current year. During the current year, the Group purchased the remaining stake of 6.6% and the shareholder loan in Junction Mall through one of its subsidiaries for a total consideration of $1.4m. This acquisition was strategic in nature to reduce disruptions in the Group's operations and to ensure the asset can be appropriately managed while it is under operational pressure.

The above resulted in an INREV NAV decrease of $29.2m for the Group in the current year (31 December 2024: increase of $109.1m). The reconciliation between the IFRS NAV and the INREV NAV is disclosed on page 91.

The Group made a loss of $30.4m for the year ended 31 December 2025 (December 2024: loss $90.6m) mainly due to fair value losses on investment properties, with significant valuation decrease on Oando Wings Development Limited and the impact of the exit of Shoprite from Ghana on the Ghanaian retail portfolio. The annual valuations were performed by CBRE Valuation Services (“CBRE”). CBRE performed the independent valuations based on a 5-to-10-year discounted cash flow model (“DCF”) which considered long term macro factors and expected rentals. Due to current vacancies, macro-economic pressures and other external factors impacting these assets within the portfolio, the valuers assumed a lower discount rate and higher exit capital rate along with reduced expected rental growth compared to the previous year, especially in Nigeria, which resulted in a net reduction in the property valuation for the year ended 31 December 2025.

A termination payment adjustment of $7m was made on Tranche B of the convertible loan notes for the year ended 31 December 2025, after taking into account its expected probability of the expiry of the obligation. The tranche was originally set to be settled in shares on 31 December 2025, conditional on the receipt of $85m from a cornerstone investor. The settlement date has been extended to 30 June 2026 in a tiered manner with 50% of the loan notes maturing by 31 March 2026 and the remaining 50% by 30 June 2026. The settlement date is also conditional upon receipt of the funds by that date. More details have been disclosed in note 23.

The Group INREV NAV per share is $3.33 (December 2024: $3.83) as at 31 December 2025, resulting in a 13.1% decrease (December 2024: 12.0% decrease) in the INREV NAV for the year driven by the impact due to the valuation the investment property assets.

The Group has continued to grow in the period with the Group's net property income increasing 36% from $42.7m to $58.1m. The increase can be split between the Lango buildings excluding ex-AttAfrica portfolio growing by 12% to $44m from $39m driven by increased rentals in Office tenants in Nigeria and full year impact of leases in the Ghana retail portfolio. The asset acquisitions in 2024 added a further $12m to net property income due to the full year impact (12 months in 2025 vs 3 months in 2024).

The Group has also experienced a stabilisation of the local currencies of the countries it operates in in 2025. This has resulted in a currency gain on the net assets that is holds in local currency including withholding tax certificates held and due from tenants. As at December 2025, the Group has materially reduced its local currency balance sheet exposure, driven by the repatriation of cash, to reduce the risk of material future devaluations.

The Group's administration cost ratio decreased during the current year to 1.74% from 2.04% in the prior year. This was driven by a 17% decrease in administration fees during the current year compared to the prior year as a result of savings made on asset management fees from the internalisation of the asset manager.

The financial performance was, and the strength of the Group's balance sheet, remains impacted by the delay in the receipt of capital secured in 2022. This has resulted in a delay in the settlement of debt and an increase in finance costs. This has increased the pressure on the Group's loan to value (LTV) ratio's which was 53.88% at 31 December 2025 (2024: 50.87%). The Group's historic interest cover ratio improved to 1.61 (2024: 1.55) and forecast interest cover ratio decreased to 1.61 (2024: 2.28). Whilst the Board is optimistic that the receipt of capital will be concluded successfully, the impact of these delays on the financial position of the Group is disclosed in detail in the Directors assessment of the Group's ability to continue as a going concern in note 4.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Funding update

The Group's short-term and long-term debt financing agreement is with two financial institutions, namely Standard Bank and RMB. The Group has $180m of debt that is due to expire within 12 months from the balance sheet date. The Group is in the process to extend the full $180m facility by a further 3-year period whilst reducing the debt margin to 4.90%. The Group has agreed commercial terms with its lenders are in the process of finalising the legal procedures to conclude the transaction. At the signature date of these accounts, the debt repayment date has been deferred by the lenders to 10 April 2026.

During the year, the Group extended the Tranche 2 of the Standard Bank facility of $120m that expired in February 2025 to February 2026 on improved terms. Tranche 1 of debt of $120m was successfully extended to February 2028 during the prior period. Tranche 2 and 3, a combined $180m of debt, mature in February 2026 and have therefore been classified as short-term in nature.

Management is working with its lenders to extend the senior debt facilities of the portfolio acquired in the prior year as part of a wider debt restructuring program prior to expiry of the debt. The Group has now further progressed its refinancing program with an offer from existing lenders on this debt as follows:

During the year, the Group successfully entered a $30m interest rate swap at 3.72%, which expires in February 2028, and a $20m interest swap at 4.050%, which matured in February 2026, to hedge Tranche 1 and Tranche 2 respectively.

The Board continues to monitor the Group's debt maturity profile. While the short-term nature of certain facilities had previously given rise to a material uncertainty regarding going concern, the successful refinancing of Tranche 2 and Tranche 3 will significantly improve the Group's debt maturity profile. The Board remains of the opinion that the Group will be able to refinance its facilities as required and continue as a going concern. Additional information regarding the material uncertainty risks identified and mitigations are disclosed within note 4.

In parallel, the Group is revising the targets for its Sustainable Finance Framework, including the integration of the former AttAfrica assets, on a simplified Green Pure Play basis. This initiative is expected to yield an additional 5 basis point debt cost saving and has concluded the agreements in Q1 2026.

During the year, the Group has drawn down $3.5m from its revolving credit facility (RCF) of $25m. The facility is available to support the Group's working capital and general corporate funding requirements.

Sustainability

Lango remains committed to upholding the highest standards of Environmental, Social and Governance (ESG) practice across its portfolio. In FY25, we embedded a decarbonisation pathway, advanced green-building certifications, and refined our Sustainable Finance Framework to more closely link environmental performance with our cost of capital. Our long-standing partnership with the International Finance Corporation (IFC) continues to underpin this strategy, including participation in the EDGE and GRIP programmes, which provide technical guidance on resource-efficient buildings and climate-risk management.

By 31 December 2025, 91% of our prime assets by gross lettable area were EDGE-certified (11 of 12 buildings), up from 87.5% in the prior year. Ikeja City Mall is targeted for certification in 2026, with our stated ambition to achieve 100% portfolio certification by end-FY26. Collectively, our EDGE-certified assets deliver on average 33% energy savings, 29% water savings, and approximately 3,714 tCO²e of verified annual emissions reductions, reinforcing both the financial and environmental case for our green-building strategy.

During the year, we also streamlined our Sustainable Finance Framework around a single high-impact KPI: maintaining Green Pure Play status by ensuring at least 90% of GLA remains EDGE-certified. Achieving this secures a forward looking 0.05% reduction in interest expense per annum on our senior debt facilities, while remaining cost-neutral for tenants.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Social Impact

Our social-impact programme remains focused on education, skills development and enterprise support within the communities surrounding our assets in Ghana, Nigeria and Zambia. Flagship initiatives in FY25 included the advanced learning and IT excellence centre at Manda Hill in Lusaka, bursary schemes in Ghana, and support for schools and early-childhood education in markets such as Accra and Lagos.

Through the Lango Plus concept, we repurpose non-core space within our centres for community use and learning. Meanwhile, the Lango Star initiative nurtures emerging businesses by providing affordable space, mentorship and access to customer footfall at assets such as Manda Hill, Achimota Retail Centre and Junction Mall. These programmes are complemented by circular-economy and recycling partnerships (including past initiatives such as Trashy Bags Africa at Achimota), SME fairs and local brand incubators, all of which contribute to job creation, entrepreneurship, and more sustainable consumption patterns.

Our social-investment budget of approximately $100,000 supported flagship projects and annual interventions. We are progressively strengthening impact-measurement frameworks to better link outcomes, such as jobs supported and learners reached, to our strategic priorities.

People and Culture

FY25 was a pivotal year for our people. We completed the internalisation of our management company and transitioned our core team onto Lango's payroll, while continuing to work closely with on-site property-management partners. At year-end, our combined workforce totalled 141 people (Lango and property-management staff), with 69% aged 35 or under and women representing 35% of the workforce. This is supported by a Board-level ambition to achieve at least 33% female representation over time. We maintained strong ethnic diversity, with 93% of team members from under-represented ethnic groups, 82% of whom occupy middle, senior or top-management roles. This reflects our firm commitment to inclusion across all organisational levels.

Our employee value proposition includes competitive compensation, hybrid-working arrangements where appropriate, structured performance management and development, and access to an Employee Assistance Programme offering 24/7 confidential counselling, crisis support, coaching and digital wellbeing tools. Clear policies on conduct, health and safety, and human rights support a respectful and inclusive workplace, and we continue to invest in embedding ESG considerations into day-to-day decision-making.

Risk Management Framework

Lango has adopted an integrated and comprehensive approach to Enterprise Risk Management (“ERM”) that aligns with strategic objectives. This framework encompasses interconnected elements addressing all key aspects of ERM-from governance to continuous improvement-and is tailored to Lango's unique business model as a cross-border African real estate institutional investor and risk profile.

The ERM framework supports the achievement of Lango's strategic objectives in two keyways:

The ERM framework helps Lango to maintain a strong risk culture. The framework emphasizes the importance of risk awareness and accountability at all levels in the organisation. This helps to ensure that risks are identified and managed effectively throughout the Group.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

For the 2025 reporting period, the Group has enhanced the framework through the design of Risk Monitoring Controls solution which has become operational in Q1 of 2026. This systemic shift supports Lango's strategic goals in three primary ways:

Risk Governance Structure

Day-to-day risk management is integrated into divisions that oversee day-to-day processes, to ensure a risk culture forms an integral part of the Group's operational management processes. This bottom-up approach identifies and escalates potential risks on an expedited basis, along with the ability to implement potential risk mitigants. Each division has a designated risk representative and maintains a comprehensive risk register.

When required, an independent assurance provider works with risk management team to design and evaluate the effectiveness of risk management and internal control processes and supports the implementation of corrective actions.

In summary, our risk management approach focusses on risk awareness, clear risk appetite definition, rapid responses to risk profile changes, and a strong risk management culture with clearly defined roles and accountability. Our organizational structure ensures involvement of senior management in all significant decisions and in-house management of asset and property management activities.

The Group's risk management practices are in place to ensure risks are identified, assessed, managed, and controlled effectively. The principal risks that the Group and the Company face can be categorised as financial risk (such as credit risk, foreign exchange risk and liquidity risk) and operational risk. A detailed table of these principal risks and the Group's responses and mitigation strategies is provided on pages 12-14 of the report.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Principal risks and uncertainties facing the Group and the Company

The Directors are committed to ensuring that the Group and the Company operate a robust and effective risk management process that seeks to identify, assess and manage each of the various risks involved in their activities in accordance with defined policies and procedures. The principal risks that the Group and the Company face can be categorised as financial risk (such as credit risk, foreign exchange risk and liquidity risk) and operational risk. The Group's management of financial risks is described in note 24 to these financial statements.

The Group and the Company's normal operating and financing activities expose it to a variety of financial risks. The primary financial risks are market risk (including foreign currency risk and interest rate risk), credit risk and liquidity risk. The Group and the Company's overall risk management process is designed to identify, manage, and mitigate business risk which includes, among others, financial risk.

The following table identifies the principal risks faced by the Group and how these risks are managed.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Streamlined Energy and Carbon Reporting requirements (SECR) disclosure

The Company is a low energy user as defined in the Streamlined Energy and Carbon Reporting Regulations and therefore is not required to report its energy and carbon information.

Statement on Compliance with Section 172 of the Companies Act

This statement sets out how the directors of Lango have discharged their duties under Section 172 of the Companies Act 2006, which requires directors to act in a way that promotes the success of the company for the benefit of its shareholders, while considering the broader impact of their decisions on other stakeholders, including employees, customers, service providers, the community, and the environment.

In fulfilling these duties for the year ended 31 December 2025, the Directors have had regard to the long-term consequences of decisions, the interests of employees, the need to foster business relationships with service providers and customers, the impact on the community and environment, maintaining a reputation for high standards of business conduct, and the need to act fairly between members of the Company.

The factors detailing how the directors have engaged with stakeholders and considered their interests in principal decisions is provided, as prescribed under Section 172:

(1)     The likely consequences of any decision in the long term:

As a property investment and management company, the Directors have made decisions with a long-term view, focused on sustainable growth, value creation, and the future profitability of the company. This includes:

Property Portfolio Strategy: Our long-term investment strategy prioritises acquiring and management of high-quality retail malls and office buildings in prime locations to ensure capital appreciation and consistent rental income. Decisions around new acquisitions, developments, and divestments are guided by market trends, tenant demand, and the long-term viability of the assets.

Building Sustainability: The directors have prioritised sustainability initiatives to future-proof the Company portfolio as more so detailed under the Sustainability report.

Tenant Stability: The Directors consider the long-term relationships with tenants, ensuring that tenant mix strategies are aligned with evolving market demands (e.g., e-commerce and hybrid work environments) to ensure the resilience and profitability of the company's retail malls and office spaces.

(2)     The interests of the company's employees:

The Directors recognize that the success of the company depends on a motivated and skilled workforce. Key actions taken include:

Employee Development and Engagement: We prioritize the training, development, and wellbeing of our employees, fostering a culture of innovation, inclusion, and collaboration.

Health, Safety, and Wellbeing: As a property management company with a large portfolio, we ensure that our employees, contractors, and visitors are safe within our buildings.

Workplace Flexibility: With the employees working in hybrid settings, the Directors have provided flexible work arrangements, enabling better work-life balance while maintaining high levels of productivity.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

(3)     The need to foster the company's business relationships with service providers, customers, and others:

Building and maintaining strong relationships with key stakeholders is essential to the success of the Company. The directors have taken the following actions to promote healthy business relationships:

Retail and Office Tenant Relations: We engage closely with tenants in our malls and office spaces to understand their needs and provide a high standard of service. This includes regular communication, flexible lease terms, and offering support to tenants during difficult times (e.g., rent concessions during the COVID-19 pandemic).

Suppliers and Contractors: The Directors have ensured that service providers and contractors are selected based on their ability to deliver high-quality services and products, aligning with the Company's values of sustainability and ethical business practices. Long-term relationships are fostered with key service providers.

Customer Experience: Lango places great emphasis on delivering an outstanding experience to visitors to its retail malls, with initiatives to improve customer satisfaction and loyalty, such as enhancing mall amenities and curating a diverse retail mix that caters to consumer demand.

(4)     The impact of the Company's operations on the community and the environment:

The Company is committed to operating responsibly and sustainably in the communities where it operates. The directors have undertaken a range of initiatives to minimise environmental impact and support local communities, including:

Environmental Sustainability: Currently, 91% of our building portfolio is EDGE certified, reflecting our commitment to long-term operational efficiency, cost reduction, and compliance with evolving environmental standards. We are actively working toward achieving 100% EDGE green building certification across our portfolio, with the aim of reducing carbon emissions and supporting global sustainability objectives.

Community Engagement: The company actively engages with local communities in which its properties are located. This includes supporting local businesses, running community outreach programs, and investing in local infrastructure to enhance the surrounding area. We also support charitable causes that benefit the local community and provide spaces for community events in our malls.

Sustainable Development: We ensure that any new developments or refurbishments of our properties adhere to sustainable construction practices, including using eco-friendly materials, minimising waste, and incorporating energy-efficient technologies.

(5)     The desirability of the Company maintaining a reputation for high standards of business conduct:

The Company strives to maintain a reputation for professionalism, ethical conduct, and integrity. The Directors ensure that the company operates with the highest standards, which is integral to maintaining the trust of stakeholders. This includes:

Corporate Governance: Aim to adhere to best practices in corporate governance, ensuring transparency, accountability, and ethical decision-making. The Board conducts regular reviews of its own performance and that of its individual members.

Ethical Standards: All employees, contractors, and partners are expected to work in an ethical manner, which includes maintaining integrity in all business dealings, ensuring fairness in the treatment of stakeholders, and complying with legal and regulatory requirements.

(6)     The need to act fairly as between members of the Company:

The Directors ensure that the interests of all shareholders are taken into account and that the Company acts fairly towards all members. This includes:

Shareholder Communication: The company maintains open and transparent communication with its shareholders, providing timely updates on financial performance, strategic initiatives, and market developments.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Dividend Policy: The Directors review the Company's dividend policy regularly, balancing the need to reward shareholders with the need to reinvest in the business for growth. The decision to declare dividends is based on the company's profitability, cash flow, and capital requirements.

In conclusion, the Directors are committed to promote the long-term success of the company, while considering the impact of their decisions on all stakeholders, including employees, tenants, service providers, customers, the local community, and the environment. We remain dedicated to maintaining the highest standards of governance and ensuring that our actions align with our corporate values of sustainability, integrity, and corporate responsibility.

By order of the Board

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Statement of Directors' responsibilities in respect of the Strategic Report, the Directors' Report and the financial statements

By order of the Board

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Directors' Report

Directors and their interests

The Directors who served during the year ended 31 December 2025, and up to the date of the signing of the Financial Statements, were as follows:

Distributable reserves and distribution policy

The results of the Group for the year ended 31 December 2025 are shown in the Consolidated statement of profit or loss and other comprehensive income and related notes.

Details regarding the reserves of the Group and the Company are also disclosed within the consolidated statement of changes in equity and parent company's separate statement of changes in equity. The Directors did not declare a dividend for the year ended 31 December 2025 (31 December 2024: Nil).

Statement of going concern

The Directors assessed the Group's and the Company's ability to continue as a going concern considering all available information about the future, which is at least twelve months from the date of approval of these consolidated and parent company's separate financial statements, in line with the requirements of IAS 1.

The Group continued to enact a proactive approach to managing its tenant and financial risks. Despite macro-economic challenges, Lango Real Estate Limited remains focussed on continued success of our buildings. As disclosed in the section material uncertainty relating to going concern in note 4, the Directors are actively working on strategies to mitigate any concerns on the Company continuing to operate in the foreseeable future.

The main business activities of the Company and the Group are defined in the notes to the consolidated and parent company's separate financial statements. The Directors have identified events or conditions that indicate the existence of material uncertainty that may affect the Group's and the Company's ability to realise assets and discharge liabilities in the normal course of business. These factors lead to material uncertainty over the Group's ability to continue as a going concern, which are disclosed in note 4 to the Consolidated Financial Statements under the basis of preparation. the

Having considered the Group's financial position and the Group's forecasts and projections, the Directors believe that the Group is well placed to manage its business risks successfully despite the ongoing uncertain economic climate. The Directors have reasonable expectations that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. The financial position of the Group is set out in the Financial Statements. The liquidity position and borrowing facilities of the Group are set out in note 20 to the Financial Statements.

However, several factors lead to material uncertainty over the Group's ability to continue as a going concern, which are disclosed in note 4 to the Consolidated Financial Statements under the basis of preparation.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Financial risk management objectives and policies

The Group uses various financial instruments including derivative financial instruments, trade and other receivables, investment in equity-accounted investees, cash and cash equivalents, interest bearing borrowings, borrowings from non-controlling interests, convertible loan notes, tenant's deposits and trade and other payables that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations. All the Group's financial instruments are of dollar denomination, and the Company does not trade in financial instruments or derivatives.

The existence of these financial instruments exposes the Group to several financial risks, which are described in more detail in note 24. The Directors review and agree policies for managing each of these risks. These policies are unchanged from the previous year.

Engagement with suppliers, customers and others in a business relationship

The Group understands the critical importance of engaging with our diverse stakeholder groups, which encompass investors, tenants, and other entities involved in the value chain. The Group pinpoints the key stakeholder groups based on their level of influence and the impact on them, guiding risk management and strategy development activities.

More details on stakeholder management are disclosed in the Strategic Report under Statement on Compliance with Section 172 of the Companies Act in these set of financial statements.

Qualifying third party indemnity

Events after the reporting date

The Group has identified one significant event since the reporting date. More information on the significant event is disclosed in note 28.

Likely future developments

The Group will maintain a strong focus on efficiency and control of its operations. This strong focus will allow the Group to risk manage its current level of business, while providing a robust platform for managing future growth. The Group expects its growth opportunities to develop significantly, based around the following key elements:

With the structure in place to facilitate growth, the Group expects to continuously deliver exceptional service to its customers/tenants and shareholders from its balanced portfolio of assets.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Statement of corporate governance arrangements

The Company is fully compliant with all applicable UK laws and regulations as required for a private company.

Political donations

Substantial shareholding

Information regarding the company's shareholding is disclosed in note 16.

Disclosure of information to auditor

Auditors

The auditors, KPMG UK, have indicated their willingness to continue in office and will be considered for reappointment pursuant to section 487 of the Companies Act 2006 at the next Annual Meeting.

Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG LLP will therefore continue in office for the subsequent period.

By order of the Board

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Independent Auditor's report to the members of Lango Real Estate Limited

Opinion

Basis for opinion

Material uncertainty related to going concern

We draw attention to note 4 to the financial statements which indicates that:

These events and conditions, along with the other matters explained in note 4, constitute a material uncertainty that may cast significant doubt on the group's and the parent company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

Going concern basis of preparation

The directors have prepared the financial statements on the going concern basis. As stated above, they have concluded that a material uncertainty related to going concern exists.

Our conclusion based on our financial statements audit work: we consider that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Fraud and breaches of laws and regulations - ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

In addition, our forensic professionals assisted us in performing risk assessment procedures over selected fraud risks. This included holding a discussion with the engagement partner, engagement manager and the audit team, and assisting with designing relevant audit procedures to respond to the identified fraud risks. They also attended meetings with management to discuss key fraud risk areas.

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. This included communication from the Group auditor to component auditors of relevant fraud risks identified at the Group level and requesting component auditors performing procedures at the component level to report to the Group auditor any identified fraud risk factors or identified or suspected instances of fraud.

As required by auditing standards, we perform procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, in particular the risk that Group and component management may be in a position to make inappropriate accounting entries and the risk that rental income is overstated through fictitious recordings by way of recognising rental income for exited tenants. We also identified a fraud risk related to the valuation of investment property because this is a significant determinant of the Net Asset Value (‘NAV') of the Company at the financial period end and NAV is used for the following:

We performed procedures including:

Identifying and responding to risks of material misstatement related to compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience ,and through discussion with the directors and other management (as required by auditing standards), and from inspection of the Group's regulatory and legal correspondence and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. This included communication from the Group auditor to component auditors of relevant laws and regulations identified at the Group level, and a request for component auditors to report to the Group audit team any instances of non-compliance with laws and regulations that could give rise to a material misstatement at the Group level.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation ,and taxation legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Group's license to operate. We identified the following areas as those most likely to have such an effect: Property laws and Building regulations, Landlord and Tenant Legislation, health and safety, anti-bribery & corruption, and employment law, recognising the nature of the Group's activities.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management4 and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Strategic report and directors' report

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Matters on which we are required to report by exception

Directors' responsibilities

The purpose of our audit work and to whom we owe our responsibilities

(Senior Statutory Auditor)

for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants

15 Canada Square

E14 5GL

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Consolidated statement of profit or loss and other comprehensive income

For the year ended 31 December 2025

All operations were continuing in both current and prior years. The notes on pages 32 to 81 form an integral part of the Consolidated Financial Statements.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Consolidated statement of financial position

As at 31 December 2025

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Consolidated statement of financial position (continued)

As at 31 December 2025

The Parent Company Statement of Financial Position is presented on page 82. The Consolidated Financial Statements of Lango Real Estate Limited (registration number 15804453) were approved and authorised for issue by the Board of Directors on 01 April 2026 and signed on behalf by:

The notes on pages 32 to 81 form an integral part of the Consolidated Financial Statements.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Consolidated statement of changes in equity

For the year ended 31 December 2025

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Consolidated statement of changes in equity (continued)

For the year ended 31 December 2025

The notes on pages 32 to 81 form an integral part of the Consolidated Financial Statements.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Consolidated statement of cash flows

For the year ended 31 December 2025

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Consolidated statement of cash flows (continued)

For the year ended 31 December 2025

The notes on pages 32 to 81 form an integral part of the Consolidated Financial Statements.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Notes to the Consolidated Financial Statements

For the year ended 31 December 2025

1.     Corporate information

Lango Real Estate Limited (United Kingdom), (the “Company”) was incorporated as a private company limited by shares in England on 26 June 2024. The Company, together with its subsidiary undertakings (collectively referred to as the “Group” or “Lango”) aim to give investors exposure to a portfolio of income generating commercial real estate assets, diversified across geographies and sectors in Africa. The Company's current mandate spans across 17 African countries, where it seeks to take advantage of the growing demand for high quality investable real estate assets, primarily in the office, retail, and industrial sectors. The Company's assets are currently present in four countries.

Its registered office, situated in England is Suite 1, 7^th Floor 50 Broadway, London, United Kingdom, SW1H 0DB (Company registration: 15804453).

Lango Real Estate Limited became the ultimate holding company of the Group as from 24 December 2024. Prior to 24 December 2024, a private company limited by shares incorporated in the Republic of Mauritius on 31 March 2016 also called Lango Real Estate Limited (“Lango Real Estate Limited (Mauritius)”), was the ultimate holding company of the Group. Further to the re-domicile of the Group, Lango Real Estate Limited (Mauritius) is currently under liquidation.

On 24 December 2024, the Company purchased all the shares of Lango Mauritius Limited previously held by Lango Real Estate Limited (Mauritius). The Company allocated 84,468,071 of class A share of $1 nominal value at a share premium of $3.01 to Lango Real Estate Limited (Mauritius) in exchange of the purchase of shares in Lango Mauritius Limited. After the above transaction, the Company reduced its share capital from $84,468,071 to $844,681 by reducing the nominal value of each of the 84,468,071 issued Class A Shares from $1 to $0.01. The Directors of the Company also approved the transfer of the share premium account amounting to $337,888,265 to retained earnings during the period ended 31 December 2024.

The Company issued 655,881 shares during the year ended 31 December 2025. More details on the issue of shares are available in note 19.

2.     Basis of preparation

These financial statements include the consolidated financial statements of the Company and its subsidiaries (“the Group”) for the year ended 31 December 2025. The parent company's separate financial statements present information about the Company and not the Group.

The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards (“UK-adopted IFRS”) and the requirements of the Companies Act 2006 as applicable to the companies reporting under those standards. The Company has elected to prepare its parent company's separate financial statements in accordance with Financial Reporting Standard 101 ‘Reduced Disclosure Framework' (“FRS 101”); these are presented on pages 82 to 90. The consolidated financial statements have been prepared on the going-concern basis and were approved for issue by the Board on 01 April 2026.

The consolidated financial statements are prepared under the historical cost convention, except for investment properties and certain financial instruments that are measured at fair value. The consolidated financial statements are presented in United States Dollars (“$”) and all values are rounded to the nearest USD thousand (“$000”) unless otherwise stated.

New and amended standards adopted by the Group

New standards and amendments to existing standards and interpretations have been issued for the current reporting year, including the amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates relating to lack of exchangeability. The amendment requires entities to estimate an appropriate spot exchange rate when one currency cannot be exchanged into another.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

The Directors have assessed the impact of the new standard. Although the Group operates in jurisdictions where the volume of foreign currency transactions in USD is at times limited, no parallel market exchange rates are currently utilised that affect the Group's operations. The impact of the new standard on the Group is thus not material. The Group will continue to monitor developments in this area and will apply the requirements of the amendment should such circumstances arise in the future.

New standards and interpretations not yet adopted by the Group

The following standards and interpretations which have been issued but are not yet effective include amendments to the classification and measurement of financial instruments (IFRS 9 & 7- effective 1 January 2026), annual improvements to IFRS Accounting Standards (Volume 11 - effective 1 January 2026) and presentation and disclosure in the consolidated financial statements (IFRS 18 - effective 1 January 2027)).

The Directors have assessed the impact of amendments to the classification and measurement of financial instruments (IFRS 9 & 7- effective 1 January 2026) regarding the classification and measurement of the ESG-linked senior debt. Based on the assessment, the contractual cash flows on the ESG-inked senior debt meet the ‘solely payments of principal and interest' (SPPI) criterion and thus enhanced disclosures will be applicable to the Group as from reporting periods starting from 1 January 2026.

An assessment was also undertaken to determine the impact of the amendment(s) on trade receivables without significant at the amount determined by applying IFRS 15. The Directors assessed the impact of the amendment to be not material on the consolidated financial statements.

The Directors have not yet assessed the impact of the amendments on the presentation and disclosure in the consolidated financial statements (IFRS 18). The amendments introduce changes on the face of the income statement and disclosure of additional information in the notes to the consolidated financial statements. These are expected to have material impact on the consolidated financial statements as they will change the way the consolidated statement of profit or loss and other comprehensive income is presented. The amendments also require the disclosure of Management-defined performance measures (MPM). This assessment is set to be performed during the year ended 31 December 2026 as the amendments are applicable as from reporting periods starting from 1 January 2027.

Functional currency and presentational currency

Functional currency is the currency of the primary economic environment in which the Group operates. When indicators of the primary economic environment are mixed, the Board uses its judgement to determine the functional currency that most accurately represents the economic effect of the underlying transactions, events, and conditions.

The primary activity of the Group is to invest in real estate assets via a holding structure of unlisted private companies. The following factors have been considered in determining the functional currency:

The Board therefore considers USD as the currency that is most representative of the economic effects of the underlying transactions, events, and conditions. The performance of the Group is therefore recorded and reported to the investors in USD. The consolidated financial statements are presented in the Group's functional currency, USD. Each subsidiary of the Group has been individually assessed for its functional currency and secondary considerations such as funds from financing activities and receipts from operating activities are retained in USD.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

3.     Material accounting policies

The material accounting policies which have been consistently applied for all periods presented in these consolidated financial statements are set out below, except if mentioned otherwise.

Basis of consolidation

(i)     Business combinations

The Group accounts for business combinations using the acquisition method of accounting. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test' that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets.

The cost of the business combination is measured as the aggregate of the fair values of assets acquired, liabilities incurred or assumed, and equity instruments issued. Costs directly attributable to the business combination are expensed as incurred, except the costs to issue debt which are amortised as part of the effective interest rate and costs to issue equity which are included in equity.

Any contingent consideration is included in the cost of the combination at fair value as at the date of acquisition. Subsequent changes to the assets, liability or equity which arise as a result of any contingent consideration are not adjusted against goodwill, unless they are valid measurement period adjustments. Instead, they will be recognised through profit and loss.

The acquirer's identifiable assets, liabilities and contingent liabilities which meet the recognition conditions of IFRS 3 “Business combinations” are recognised at their fair values at acquisition date, except for non-current assets (or a disposal group) that are classified as held-for-sale in accordance with IFRS 5 “Non-current assets held-for-sale and discontinued operations”, which are recognised at fair value less costs to sell.

Contingent liabilities are only included in the acquiree's identifiable assets and liabilities of an acquiree where there is a present obligation at the relevant acquisition date.

On acquisition, the Group had assessed the classification of the acquiree's assets and liabilities and reclassifies them where the classifications are inappropriate for the Group's accounting purposes. This excludes lease agreements, whose classification remains as per their inception date.

Goodwill (gain on bargain purchase) is determined as the consideration paid, plus the fair value of any shareholding held prior obtaining control, plus any non-controlling interest and less the fair value of the identifiable assets and liabilities of the acquiree. Where the net recognised amount of the identifiable assets acquired and liabilities assumed exceeds the fair value of the consideration transferred (including the recognised amount of any non-controlling interest in the acquiree), this excess is recognised immediately in consolidated statement of profit or loss and other comprehensive income.

Any goodwill arising is not amortised but is tested on an annual basis for impairment. If goodwill is assessed to be impaired, that impairment is not subsequently reversed. Goodwill arising on the acquisition of foreign entities is considered an asset of the relevant foreign entity. In such cases the goodwill would be translated to the functional currency of the Company at the end of each reporting period with any adjustment recognised in equity through other profit of loss.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

A business combination involving entities or businesses under common control is a business combination in which all the combining entities or businesses are ultimately controlled by the same party or parties both before and after the business combination, and that control is not transitory. Business combinations under common control are disclosed in note 4.

(ii)     Investment in subsidiaries

The consolidated financial statements of the Group include those of the holding company and its subsidiaries. The results of the subsidiary are included from the date control of the subsidiary is obtained (i.e., effective date of acquisition) until the date that control of the subsidiary is lost (i.e. disposal date).

Subsidiaries are all entities controlled by the Company. The Company controls an entity when it is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

(iii)     Non-controlling interests

Non-controlling interests in the net assets of consolidated subsidiaries are identified and recognised separately from the Group's interest therein and are recognised within equity. Losses of subsidiaries attributable to non-controlling interests are allocated to the non-controlling interest even if these result in a debit balance being recognised for a non-controlling interest.

Transactions which result in changes in ownership levels, where the Group has control of the subsidiary, both before and after the transaction, are regarded as equity transactions and are recognised directly in the consolidated statement of changes in equity.

The difference between the fair value of consideration paid or received and the movement in the non-controlling interest for such transactions are recognised in equity attributable to the owners of the parent.

Where a subsidiary is disposed of and a non-controlling shareholding is retained, the remaining investment is measured to fair value with the adjustment to fair value recognised in consolidated statement of profit or loss and other comprehensive income as part of the gain or loss on disposal of the controlling interest.

The Group uses the proportionate method for the valuation of its non-controlling interests at each reporting period.

(iv)     Investments in equity accounted investees

The Group's interest in equity-accounted investee comprises interests in associates. Associates are all entities over which the Group has significant influence but not control over the financial and operating policies and are generally accompanied by a shareholding of between 20% and 50% of the voting rights.

Investments in equity accounted investees are accounted for by the equity method and are initially recognised at cost, including transaction costs.

Subsequent to initial recognition, the consolidated financial statements include the Group's share of the profit or loss and other comprehensive income of equity-accounted investee, until the date on which significant influence ceases.

(v)     Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group's interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Gross property income

The Group earns income from acting as a lessor in operating leases. Revenue from the letting of investment property comprises of gross rental income, retail parking income and recoveries of operating costs, net of value added tax.

Details related to the nature and measurement of key sources of gross property income are set out below:

Rental income

Rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease term and is included in gross property income in the consolidated statement of profit or loss and other comprehensive income.

Recoveries of costs from lessees, are separately disclosed under gross property income in the “Recoverable property expenses” line and the associated costs are disclosed under property related expenses. Rental income from lease agreements falls under the scope of IFRS 16.

Municipal recoveries and service fee income

Municipal recoveries and service fee income are chargeable to tenants for services, mainly for common area services. Municipal recoveries and service fee income are recognised over the period for which the services are rendered, and corresponding expenses are matched in line with the requirements of IFRS 15 Revenue from contracts with customers.

The Group acts as a principal in respect of these costs and therefore municipal recoveries and service fee income are presented as gross property income.

Marketing income

Marketing income is income paid by tenants for marketing, public relations, and promotions in respect of the investment properties. The revenue from marketing is recognised over time.

Lease incentives

The Group may provide certain incentives for the lessee to enter into lease agreements. Initial periods of the lease term may be agreed to be rent-free or at a reduced rent. All incentives are recognised as an integral part of the net consideration agreed for the use of the leased asset, irrespective of the incentive's nature or form or the timing of payments. The Group recognises the aggregate cost of incentives as a reduction of rental income over the lease term, on a straight-line basis.

Tenant incentives are capitalised at initial recognition and recognised as investment property. They are recognised as a deduction of the lease income over the lease term on the same basis as the lease income.

Termination Payment

A termination payment may arise from the cessation of an employee's or contractor's employment or service agreement, either due to voluntary resignation, termination by the employer, or the expiration of a contract.

Termination payments may also arise due to termination of the management agreement. Details of termination payments made during the prior year are disclosed in note 23.

Investment properties

Investment property is recognised as an asset when it is probable that the future economic benefits that are associated with the investment property will flow to the Group, and the cost of the investment property can be measured reliably.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Investment property which is property held to earn rental income and/or for capital appreciation is initially measured at cost, including transaction costs. Subsequent to initial recognition, investment property is carried at fair value at the end of reporting period. External, independent valuation companies, with professionally qualified valuers and recent experience in the locations and categories of properties being valued, value the Group's investment property portfolios on at least an annual basis. Gains and losses arising from changes in the fair value are included in the consolidated statement of profit or loss and other comprehensive income for the period in which they arise. All gains/(losses) are unrealised.

When the use of a property changes such that it is reclassified as property, plant, and equipment, its fair value at the date of reclassification becomes its cost for subsequent accounting.

Investment property is derecognised when it is disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in consolidated statement of profit or loss and other comprehensive income in the period of derecognition.

Under IAS 40 “Investment Property”, property that is under construction or development for future use as investment property is within the scope of IAS 40. As the fair value model is applied, such property is measured at fair value. However, where the fair value of investment property under redevelopment is not reliably measurable, the property would be measured at cost until the fair value of the investment property under redevelopment is complete.

For the purposes of measuring deferred tax liabilities arising through investment properties, the Group has determined that the carrying amount of its investment property is recovered entirely through sale.

Tenant incentives relate to initial direct costs incurred by lessors in making alterations, installations, decorations, and other tenant improvement work as required by the lessee. These are added to the carrying amount of the leased asset, and they are recognised as a deduction of the lease income over the lease term on the same basis as the lease income.

Leases

At the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

As a lessor

When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for a major part of the economic life of the asset.

Financial instruments

Recognition and initial measurement

Financial instruments comprise of trade and other receivables, cash and cash equivalents, interest bearing borrowings, derivative financial instruments, convertible loan notes, borrowings from related parties and trade and other payables.

Trade receivables are initially recognised when they originate at the transaction price. All other non-derivative financial instruments are recognised initially when the Group becomes a party to the contractual provisions of the instruments.

Cash flow hedges are initially recognised at fair value at the date the derivative contracts are entered into and subsequently remeasured at fair value.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Financial assets and financial liabilities at fair value through profit or loss are measured initially at fair value, with transaction costs recognised in the consolidated statement of profit or loss and other comprehensive income. Financial assets or financial liabilities not at fair value through profit or loss are measured initially at fair value plus transaction costs that are directly attributable to its acquisition or issue.

Classification

Financial assets and financial liabilities

The Group classified its financial assets and financial liabilities into the following categories:

Financial liabilities classified at amortised cost include:

Financial liabilities classified at fair value includes:

Convertible loan notes have been classified as financial liabilities as although the notes have a conversion option, they are not convertible into a fixed number of shares. There are two tranches for the convertible notes. Tranche A is measured at amortised cost while Tranche B is measured at fair value in line with IFRS 13 - Fair Value Measurement to reflect the expected value of the contingent consideration related to receipt of the funds from the cornerstone investor.

The classification depends on the Group's business model for managing the financial assets and liabilities as well as the contractual terms of the cash flows of the financial asset or liability.

The Group reclassifies financial instruments when and only when its business model for managing those assets / liabilities changes.

Subsequent measurement

Trade and other receivables

Trade and other receivables are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances on hand, cash deposited with financial institutions and other short-term liquid assets that are readily convertible to a known amount of cash. Cash and cash equivalents are initially measured at fair value and subsequently measured at amortised cost.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

Trade and other payables

Trade and other payables are initially measured at fair value and are subsequently measured at amortised cost.

Any amounts received from tenants that relate to periods after the financial period end are recognised as deferred income and included under trade and other payables.

Interest bearing borrowings

Interest bearing borrowings are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method.

Interest bearing borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period.

Convertible loan notes

Convertible loan notes are classified as debt. They are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. The Group may elect to recognise a portion of the convertible loan notes at fair value.

Interest related to the financial liability is recognised in the consolidated statement of profit or loss and other comprehensive income.

Derivative financial instruments

The Group uses derivative financial instruments to hedge exposures to financial risks, such as interest rate risks arising in the normal course of business. All derivative instruments are measured at fair value upon initial recognition and re-measured to fair value at each subsequent reporting date. The net gain or loss on the fair value of the derivative financial instrument is recognised in the consolidated statement of profit or loss and other comprehensive income. As the derivative financial instruments are used to manage financial risks, the Group applies hedge accounting to manage volatility in consolidated statement of profit or loss and other comprehensive income.

Cash flow hedges

Cash flow hedges are used to hedge the risk of variability in cash flows related to interest bearing borrowings carried on the consolidated statement of financial position.

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognised as other comprehensive income and accumulated in the cash flow hedge reserve. The ineffective portion is recycled to the consolidated statement of profit or loss and other comprehensive income. Note 25 sets out details of the fair values of the derivative instruments used for hedging purposes and the movements in the cashflow hedge reserve.

Impairment of financial assets

The Group recognises loss allowances for Expected Credit Losses (“ECLs”) on trade and other receivables measured at amortised cost. ECLs are a probability-weighted estimate of credit losses. The Group measures loss allowances on trade and other receivables at an amount equal to lifetime ECLs.

The Group considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held). In these situations, the asset may be fully impaired.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

The Group also considers its cash at bank to have a low credit risk based on external credit ratings of finance institution with which cash is held.

Presentation of allowance for ECLs in the consolidated statement of financial position

Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.

Write-off

The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. However, financial assets that are written off are still subject to the enforcement activities in order to comply with the Group's procedures for recovery of amounts due.

Foreign currency

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are reported at the rates of exchange prevailing at that date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated statement of profit or loss and other comprehensive income.

Taxation including deferred tax

The tax expense for the year comprises current and deferred tax. The current tax expense reflects the expected tax payable or receivable on the taxable income or loss for the year and adjustments to the tax payable or receivable in respect of prior periods. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Current tax is measured using tax rates enacted or substantively enacted at the reporting date in the various jurisdictions in which the Group operates.

Deferred tax assets and liabilities for the Group arise primary from temporary differences between the tax base of investment property and plant and equipment and their carrying amounts in the consolidated financial statements. Deferred tax assets may also arise in respect of unused tax losses, unused tax credits and deductible temporary differences only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are reviewed at each reporting period, and any increase or decrease is recorded in the consolidated statement of profit or loss and other comprehensive income.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities and where there is an intention to settle the balances on a net basis.

Share capital and share premium

The Company had Class A shares with voting rights in issue. These shares are classified as equity as they are not redeemable at the Company's option upon such terms and conditions as stated in the Company's Constitution and shall be realised through disposal of their shares either via a private secondary transaction or, following a Qualifying Initial Public Offering (“IPO”), on a recognised exchange.

Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Share premium is the amount by which the values of consideration received for Class A shares exceeds the nominal value of the shares.

Refer to note 19 for more information on the shares in issue.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

4.     Critical accounting judgements and key sources of estimation uncertainty

The preparation of the consolidated financial statements requires the Group to make judgements, estimates and assumptions regarding various matters that affect the consolidated financial statements and related disclosures. The Directors believe that such judgements have a material impact on the amounts recognised in the consolidated financial statements. The Directors believe that the estimates used in preparing the consolidated financial statements are reasonable, relevant and reliable. Actual results could differ from these estimates.

Accounting estimates

Valuation of investment properties

The Group uses external professional valuers to determine the value of the investment properties. The primary source of evidence for property valuations should be recent, comparable market transactions on an arm's length basis. However, the valuation of the Group's property portfolio is inherently subjective, as it is based upon valuer assumptions and estimations that form part of the key unobservable inputs of the valuation, which may prove to be inaccurate. Further details on the valuers' assumptions, estimates and associated key unobservable inputs sensitivity disclosures, have been provided in note 12.

Accounting judgements

(i)     Business combination and gain on bargain purchase

The acquisition of the ex-AttAfrica portfolio resulted in a gain on bargain purchase during the year. The gain on bargain purchase arose as the fair value of the assets and liabilities acquired were higher than the consideration paid for the transaction as the purchase occurred in an illiquid market with very few participants having the capability to complete a sizeable real estate transaction in Africa (outside South Africa) and hence driving down the purchase price. There is limited secondary market in most African countries. More details regarding the transaction and the gain on bargain recognised are disclosed in note 13.

(ii)     Re-organisation of the Lango Group

During prior year, following completion of a legal review and after obtaining the shareholders' and lenders' consent, a decision was made to relocate the ultimate holding company of the Group from Mauritius to the United Kingdom through a series of group re-organisation steps as set out below:

In considering the presentation of the consolidated financial statements for the year end following the group reorganisation steps, the Directors have considered the guidance in IFRS 10 “Consolidated Financial Statements” (“IFRS 10”). The Directors consider the incorporation of the Company and liquidation of Lango Real Estate Limited (Mauritius), to be for the sole purpose of re-domiciling the Group's ultimate holding company to the United Kingdom. The Directors have therefore concluded that the steps taken should be accounted for as a single transaction.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

The Directors have also considered the guidance in IFRS 3 “Business Combinations” (“IFRS 3”), specifically with regards to whether this group reorganisation is within its scope. As all the combining entities are ultimately owned and controlled by the same parties both before and after the transaction, and as control is not transitory, the Directors consider the reorganisation to be outside the scope of IFRS 3 because it meets the definition of a business combination of entities under common control.

Consequently, in accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” (“IAS 8”), the Directors have applied judgement to develop and apply an appropriate accounting policy for the transaction. The transfer of the economic interests in LML (being the share capital, assets and liabilities) from Lango Real Estate Limited (Mauritius) to Lango Real Estate Limited is a transfer of the ongoing business. This forms the economic substance of the transaction.

In applying the IAS 8 hierarchy, the Directors do not consider that it would be appropriate for the Company to elect to apply the acquisition method as set out in IFRS 3 since the transaction does not result in any change of economic substance. Accordingly, the Directors are of the view that the Company's consolidated financial statements should reflect the economic substance of the arrangement, being the continuation of the business and as such Lango Real Estate Limited (United Kingdom) continues to reflect the operations of the entities in the group for both the current and prior years. The financial information presented for periods prior to the transaction is that of the business. Any difference in share capital is reflected as an adjustment to equity.

Presentation of the consolidated financial statements

The results and balances of the Group for the year ended 31 December 2024 have been presented as comparative of the Group to the year ended 31 December 2025 as if the Company was the parent of the Group from the beginning of the prior year presented. This approach reflects the rationale that, although Lango Real Estate Limited (United Kingdom) (the “Company”) was only incorporated and parent of the Group as from December 2024, the Group's business operations were ongoing throughout. The continuation accounting presentation has therefore been applied to ensure the consolidated financial statements reflect the economic substance and continuity of the Group's activities.

Accordingly, the share capital and equity structure presented for both the current and comparative periods is that of Lango Real Estate Limited (United Kingdom). The financial statements have been prepared as if Lango Real Estate Limited (United Kingdom) had always been the parent entity of the Group, even though the Company became the parent of the Group in December 2024.

More details on the restructuring and its impact on the equity of the Group are disclosed in note 19.

(iii)     Material uncertainty relating to going concern

Directors are required to assess the Group and Company's ability to continue as a going concern when approving the financial statements. This assessment covers a period of at least 12 months from the date of approval of these financial statements.

In performing this assessment, the Directors have prepared both a base case and a severe but plausible downside scenario, considering the Group and Company's expected liquidity and covenant position. The review included analysis of trading performance before and after year-end, a review of the Group's risk register, consultations with independent property valuers, and consideration of relevant operational and economic indicators.

The Group and Company have secured financing facilities with covenants requiring compliance with specified financial ratios, including loan-to-value (LTV), Net Asset Value (NAV), and interest cover ratios (ICR).

In assessing going concern, the Directors have identified the following key risks:

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

The base case forecast assumes successful refinancing of the $180 million of debt maturing on 10 April 2026 (Tranches 2 and 3 under the Lango Common Terms Agreement). The short-term maturity reflects a strategic decision by management, agreed with lenders, to allow for a broader portfolio restructuring following the acquisition of four assets during the year. The Group intends to refinance these tranches on terms broadly consistent with those agreed for Tranche 1 in 2024.

The Group successfully refinanced Tranche 1 in January 2024 for a four-year term at reduced rates, and debt associated with newly acquired assets was also renewed during 2024. Based on this track record and ongoing discussions, the Directors expect that all debt maturing within the assessment period will be refinanced or extended.

The base case includes receipt of $85 million capital from the Investor. The funding had been delayed due to process being followed to novate the Investor's commitment to Lango Real Estate Limited (UK) following the Group restructure in December 2024. The completion of the novation process is subject to the Investor's internal governance process and the timing of the novation and receipt of funds therefore remains outside the Group's control.

The forecast assumes that these funds will be used primarily to reduce debt, lower interest costs, improve LTV ratios, and enhance liquidity. If the funding is not received, the Group may need to pursue alternative financing arrangements, which may not be available on acceptable terms.

Under the Shareholders' Agreement, the Group is required to pursue a listing on a recognised exchange by 30 June 2026. The Board has flexibility to extend this timeline, with independent adviser support, to a final deadline of 30 June 2028. While the timing and success of the IPO are dependent on market conditions, the Board has developed a detailed roadmap to listing and has already exercised an extension based on external advice. The Directors remain confident that the listing will be completed within the permitted timeframe.

Base Case Scenario

The base case reflects the Directors' best expectations going forward and incorporates board-approved forecasts for the relevant period, adjusted for current business changes.

Key assumptions other than those discussed above include:

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

The Company continues to use derivative financial instruments and has targeted hedges exceeding 85% of the debt portfolio, which over the short to medium term is expected to reduce Group finance costs as described in the Chief Financial Officer's statement.

Severe but Plausible Downside Scenario

In the severe but plausible downside scenario the base case assumptions are used with the following adjustments:

The Directors, based on the considerations highlighted above and the recently finalised Group reorganisation, believe that the funds will be received from the cornerstone investor within the timelines assumed under the base case scenario and that continued support from existing lenders will enable the Group to meet its obligations as they fall due.

Accordingly, the Directors have concluded that it remains appropriate to prepare the annual consolidated financial statements on a going concern basis. The Group and Company met all lender covenants as at 31 December 2025.

However, the matters set out above indicate the existence of a material uncertainty related to events or conditions that may cast significant doubt on the Group's and the Company's ability to continue as a going concern and therefore that the Group and Company may be unable to realise their assets and discharge their liabilities in the normal course of business. The financial statements do not include any adjustments that might be necessary if the Group or the Company were unable to continue as a going concern.

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

(iv)     Termination payment adjustments on convertible loan notes

Lango has discharged its obligation to pay the Termination Payment of the asset management agreement by issuing:

Tranche B is a convertible loan note with a gross amount of $11.6m, classified as a financial liability measured at Fair Value Through Profit or Loss (FVTPL). The settlement occurs only through equity issuance, with no cash outflow required. The settlement outcomes vary depending on receipt of committed funding by defined milestone dates.

The terms of the Tranche B convertible loan notes were amended in 2025 and the contractual settlement conditions are as follows:

Based on investor approval processes and delays, management assessed probabilities as:

These probabilities reflect management's judgement of funding timelines and external approvals.

A probability-weighted expected value approach was applied under IFRS 13 to determine fair value.

•     Formula: FV = Σ (probability x settlement amount x discount factor).

Discount rate used was a proxy based on the Group's weighted average property investment discount rate, reflecting market-participant assumptions and non-performance risk. Sensitivity analysis confirmed that reasonable changes in discount rate would not materially affect fair value.

Fair value of Tranche B as at 31 December 2025 was estimated to be $3.3m. This liability continues to be recognised at FVTPL until settlement or cancellation, with changes in fair value recognised in profit or loss. More details are disclosed in note 23.

Key judgements relate to:

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

5.     Gross property income

Income derived is formalised in lease agreements maintained with tenants and include an annual escalation percentage to cover future inflationary increases.

The gross property income attributable to each geographical market for retail and office is as follows:

The following table sets out a maturity analysis of leases receivable, showing the undiscounted lease payments to be received under operating lease after the reporting date:

Lango Real Estate Limited

Consolidated Financial Statements for the year ended 31 December 2025

Parent Company Financial Statements for the year ended 31 December 2025

6.     Property related expenses

Property related expenses relate to expenses directly incurred in relation to the upkeep of the investment properties and discharging landlord duties as stipulated in the lease agreements.

7.     Administrative and other expenses

Administrative and other expenses include mainly asset management fees, professional fees and are made up of the following: