Spear Reit Balance Sheet

Financials in millions ZAR. Fiscal year is March - February.

Millions ZAR. Fiscal year is Mar - Feb.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2017 - 2020
Period Ending	Aug '25 Aug 31, 2025	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022	Feb '21 Feb 28, 2021	2017 - 2020
Property, Plant & Equipment	5,599	5,433	4,181	3,794	4,408	4,498	Upgrade
Cash & Equivalents	800.88	73.86	25.05	19.53	29.21	32.34	Upgrade
Accounts Receivable	18.2	15.95	21.31	15.85	15.51	14.22	Upgrade
Other Receivables	-	0.55	-	-	-	-	Upgrade
Loans Receivable Current	-	0.05	0.22	0.07	-	22.91	Upgrade
Restricted Cash	-	-	-	-	0.54	-	Upgrade
Other Current Assets	104.84	117.49	445.84	426.18	71.82	5.68	Upgrade
Deferred Long-Term Tax Assets	0.44	0.44	0.43	0.78	1.23	6.18	Upgrade
Other Long-Term Assets	-	-	-	-	4.29	4.38	Upgrade
Total Assets	6,523	5,641	4,673	4,257	4,530	4,584	Upgrade
Current Portion of Long-Term Debt	253.51	513.44	240.44	375.61	-	407.02	Upgrade
Current Portion of Leases	15.07	16.35	12.67	14.73	4.69	1.69	Upgrade
Long-Term Debt	1,337	1,064	1,248	1,175	1,780	1,698	Upgrade
Accounts Payable	115.97	14.64	13.78	11.13	3.37	22.82	Upgrade
Accrued Expenses	-	12.45	16.01	16.03	14.25	7.47	Upgrade
Current Income Taxes Payable	-	-	0.1	0.06	0.15	0.31	Upgrade
Other Current Liabilities	-	98.81	66.66	56.37	54.01	54.77	Upgrade
Total Liabilities	1,722	1,719	1,597	1,649	1,857	2,193	Upgrade
Common Stock	3,689	2,936	2,389	2,102	2,169	1,923	Upgrade
Retained Earnings	1,082	955.55	661.33	475.51	460.85	422.89	Upgrade
Comprehensive Income & Other	18.16	17.21	12.75	16.76	20.41	26.01	Upgrade
Total Common Equity	4,788	3,909	3,063	2,594	2,650	2,372	Upgrade
Minority Interest	13.11	13.11	13.11	13.11	23.26	19.04	Upgrade
Shareholders' Equity	4,801	3,922	3,076	2,608	2,673	2,391	Upgrade
Total Liabilities & Equity	6,523	5,641	4,673	4,257	4,530	4,584	Upgrade
Total Debt	1,606	1,593	1,501	1,566	1,785	2,107	Upgrade
Net Cash (Debt)	-804.85	-1,519	-1,476	-1,546	-1,756	-2,075	Upgrade
Net Cash Per Share	-2.37	-5.19	-6.44	-6.56	-8.11	-9.98	Upgrade
Filing Date Shares Outstanding	395.76	320.4	260.09	226.07	234.43	205.73	Upgrade
Total Common Shares Outstanding	395.76	320.4	260.09	226.07	234.43	205.73	Upgrade
Book Value Per Share	12.10	12.20	11.78	11.48	11.30	11.53	Upgrade
Tangible Book Value	4,788	3,909	3,063	2,594	2,650	2,372	Upgrade
Tangible Book Value Per Share	12.10	12.20	11.78	11.48	11.30	11.53	Upgrade

Updated Aug 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.