Financial Performance

For the year ended 31 December 2025, the Company reported net income of US$15.5 million. While lower than the previous year-which was bolstered by a significant one-time uplift in the value of our initial investment-the current year reflects a strong share of associate income from Rendeavour of US$16.4 million, demonstrating the underlying health of our core holding. Total assets grew to US$261.3 million, and shareholders' equity rose to US$260.6 million.

Our Investment in Rendeavour

Tapir's primary exposure remains its 10.04% stake in Rendeavour, Africa's largest urban land developer. Rendeavour's model of master-planning satellite cities is uniquely positioned to benefit from the rapid urbanization of the continent. With over 12,400 hectares of land assets across Kenya, DRC, Ghana, and Nigeria, Rendeavour provides the essential infrastructure to combat urban congestion and drive economic opportunity.

As of 31 December 2025, Rendeavour's investment properties reached a fair value of US$3.5 billion. We continue to account for this investment using the equity method, reflecting our significant influence over their financial and operating policies.

Outlook

Africa is experiencing one of the fastest rates of urbanisation globally, with its population projected to double by 2050 and over 60 per cent. expected to live in cities. This demographic shift is expected to drive increased demand for housing, infrastructure, and sustainable urban planning. The Directors believe that this rapid expansion represents both a challenge and a significant investment

opportunity, as most of Africa's future cities will be built within the next three decades.

Looking ahead, our strategy remains focused on identifying synergies across Africa. We will continue to evaluate further investments in Rendeavour and other development projects that align with our Investing Policy. The Board remains confident that our portfolio is well-positioned to capture the value created by Africa's demographic shift".

Enquiries:

About Tapir Holdings Ltd.

Tapir Holdings Ltd. is a strategic investment holding company incorporated in the British Virgin Islands. The Company is focused on long-term capital appreciation through investments in African infrastructure and urban development projects, currently anchored by a significant stake in Rendeavour Holding Limited.

Chairman's Report

Tapir Holdings Ltd. ("the Company" or "Tapir"), is a strategic investment holding company incorporated on 24 January 2024 as a company limited by shares in accordance with the laws of the British Virgin Islands with registered number 2140946. The Company's registered office is at Craigmuir Chambers, Road Town, Tortola VG1110, British Virgin Islands and it is domiciled in the British Virgin Islands.

The Company announced on 11 March 2026 the admission of its entire issued share capital consisting of 247,164,866 shares of nil par value to trading on AIM, a market operated by London Stock Exchange plc under the ticker symbol "TAPH". The Company's ISIN is VGG8676K1049 and its UK SEDOL is BW9KGQ2. The Shares remain admitted to trading on the Bermuda Stock Exchange ("BSX"), which is now the secondary listing with AIM as the primary listing for the shares.

For the year ended 31 December 2025 Tapir reported total income of US$3,478 (2024: US$118.2 million), expenses of US$0.9 million(2024: US$0.2 million) and share of associated income of US$16.4 million(2024: loss -US$1.7 million). The net income for the year ended 31 December 2025 amounted to US$15.5 million(2024: US$116.3 million). Other comprehensive income for the year ended 31 December 2025 amounted to US$1.9 million(2024: US$7.8 million).

As at 31 December 2025, the Company's cash position was approximately US$0.66 million (2024: US$0.55 million), which included a dividend received from Rendeavour Holding Limited ("Rendeavour") for the financial year ended 31 December 2025 in the amount of approximately US$0.3 million. In addition, during the period, the Company entered into a US$1.0 million unsecured loan agreement with Moongate Holdings Group Limited, a company associated with Lord Ashcroft.

Earnings per ordinary share for the year ended 31 December 2025 amounted to US$0.06 (2024: US$0.80).

As of 31 December 2025 total assets amounted to US$261.3 million (2024: US$212.0 million), liabilities amounted to US$0.8 million (2024: US$ nil) and total shareholders' equity amounted to US$260.6 million (2024:US$212.0 million).

The Company's sole investment is currently it's 10.04 percent equity stake (net of treasury shares) in Rendeavour Holding Limited, a Bermuda Company, comprising of 102,155 ordinary shares of US$0.001 par value, which were acquired by Tapir's wholly owned subsidiary, Tapir Venture Holdings Ltd. ("Tapir Venture") on 2 July 2024, for a total consideration of approximately US$87.5 million.

The 10.04 per cent. equity stake (net of treasury shares) purchased in Rendeavour was acquired by a combination of the subscription by Tapir Venture of new ordinary shares in Rendeavour and the purchase of interests held in Rendeavour by four separate shareholders. Further details of the acquisition of the 10.04 per cent. equity stake in Rendeavour are outlined in the Company's AIM admission document published on 6 March 2026.

Tapir accounts for its investment in Rendeavour using the equity method in accordance with IAS 28. Tapir considers it has significant influence over Rendeavour by reason of the Company's participation in the financial and operating policy decisions of Rendeavour without the power to control or jointly control those policies.

About Rendeavour

Rendeavour, is a private limited liability company incorporated in Bermuda and is a leading investor in East and West African urban development projects. Rendeavour is one of the largest diversified pan-African land platforms focused on providing high quality infrastructure, planning and urban management to create the foundation for satellite cities that reverse the current trend of unplanned development and urban congestion in Africa.

In East Africa, Rendeavour has majority ownership of companies that have land assets of over 4,000 hectares located in Kenya and over 4,400 hectares in the Democratic Republic of Congo. In West Africa, Rendeavour is the lead investor in two urban development projects in Ghana measuring over 1,650 hectares in total, and two in Nigeria measuring over 2,350 hectares in total.

The core business model of Rendeavour is to acquire large tracts of undeveloped land, hold for capital appreciation, masterplan, provide bulk infrastructure and either develop or sell the land to developers, corporates and individuals. Rendeavour also generates revenue from the provision of utilities (electricity, water, and sewerage) mostly to commercial and industrial clients and the sale of coffee.

Rendeavour holds its investments through a range of long-term leases, land held for investment purposes and other interests in land, in each case dependent on the nature of the project and local law and regulation. As is typical of long-term leasehold interests held by commercial real estate developers, Rendeavour generally expects that leases will come up for renewal and be renewed in the ordinary course.

As at 31 December 2025, Rendeavour had majority ownership of companies with interests in investment properties with an aggregate fair value of approximately USD$3.5 billion, as valued by independent external valuers for the Rendeavour Board of Directors, and reviewed and adopted by the Rendeavour Board of Directors in the accounts of the company for that year.

Rendeavour, as at 31 December 2025, recognized inventory property of USD$247 million, being investment property which the company has recategorized as it intends to develop and sell the property before or on completion of construction.

Investment Opportunity

Africa is experiencing one of the fastest rates of urbanization globally, with its population projected to double by 2050 and over 60 per cent. expected to live in cities. This demographic shift is expected to drive increased demand for housing, infrastructure, and sustainable urban planning. The Directors believe that this rapid expansion represents both a challenge and a significant investment opportunity, as most of Africa's future cities will be built within the next three decades.

Currently, the Company represents an opportunity to gain an exposure to its current sole investment Rendeavour, a leading investor in East and West African urban development projects, the overriding objective of such projects being to transform Africa's urban future through well-planned developments to create the foundation for satellite cities that reverse the current trend of unplanned development and urban congestion in Africa, and provide economic opportunity and job creation.

Going forward, the Company's investment strategy will include potential further investments in Rendeavour and also in other related and unrelated development projects or unquoted and quoted companies with suitable synergy across Africa. The Company will only review potential opportunities that have a clear strategic rationale and that are in line with the Company's Investing Policy. Further details of the Company's  Investing Objective and Investing Policy are provided in the Corporate Governance Statement below.

Investing Policy

The Investing Policy has been extracted without adjustment from the Company's Admission Document and is also set out on the Company's website.

Investment Objective

The Company will seek to provide shareholders with an attractive total return achieved primarily through capital appreciation of investments held by the Company.

Investing Policy

The Company will seek to achieve its investment objective through further investments in Rendeavour and in other related and unrelated development projects or unquoted companies with suitable synergy across Africa, with a view to becoming a holding company for regional operating entities which have as their primary purpose a commercial activity or an industrial activity, or a combination of such activities.

The Company will take into account the investment attractions detailed below when considering any new opportunities:

a.   synergies with the Company's existing investments;

b.   the need for an introduction of new business models and technology allowing costs to be reduced by process reengineering and elimination of inefficiencies, and elimination of unproductive capacity or activities;

c.   potential strength of customer portfolio and unexploited opportunities;

d.   potential strengthening of the per diem cost measurement and control environment to allow improved quality of earnings in a contractual recurring revenue model;

e.   potential to implement new operational service delivery model; and/or

f.    potential to strengthen employee expertise within the target's management structure and employee base.

There will be no prescribed minimum or maximum holding period for any investment, with the duration of any investment being determined by prevailing market conditions and the specific characteristics of each opportunity, and the opportunity for the Company to grow its portfolio companies and increase shareholder value.

Notwithstanding the above, to achieve its commercial purpose the Company expects that investments will be held for the medium to long-term. Any minority investments shall be those where the Company believes there is opportunity for it to participate in the financial and operating decisions of the investment with a view to contributing to long-term value. The Company does not place any limitations on the size of the investments it will seek.

There is no minimum or maximum number of investments which the Company may make, and the characteristics for the opportunity to contribute to long term value include where:

a.   the business has a focus on Africa;

b.   the business has high operational expertise or brand position creating barriers to entry of new competitors, and therefore has the ability to convert customers to longer term agreements;

c.   the business focuses on sectors in which the Board has expertise, including real estate, land and urban development;

d.   the business has room for financial improvement, and operational modification will likely achieve substantially improved performance and profitability;

e.   the business possesses recurring contractual revenues under multi-year, long term agreements with low annual erosion of the contract base;

f.    the business has positive cash flow potential with low recurring capital expenditure needs;

g.   the business operates within a fragmented competitive landscape where there is potential to execute consolidation of operations and acquisitions, to leverage of economies of scale and to apply service model replication across multiple clients;

h.   the business operates in sectors where regulatory compliance pressures and environmental change provide opportunities for outsourcing services to specialist providers, and

i.    the business operates in markets where there is opportunity to bundle related services to achieve operational efficiencies or scale, and improved profitability for the Company.

The Company may be both an active and a passive investor depending on the nature of the individual investment, with a strategic focus on those investments described above. Where control is acquired, the Company will seek to implement necessary management, process or other business changes needed to achieve the Company's objectives and business strategy.

With respect to investment financing:

a.   it is intended that the Company's existing cash resources will be used to meet general working capital requirements, to undertake due diligence on potential target acquisitions and to make further investments in accordance with the Company's Investing Policy described above;

b.   the Company may need to raise additional funds for its target acquisitions in the form of equity and/or debt. Equity fundraising for those purposes may be carried out on a non-pre-emptive basis, pursuant to the Company's Articles;

c.   save for investments made using equity-related instruments, the Company will not employ derivatives of any kind for investment purposes. Derivatives may be used for currency hedging purposes;

d.   the Company may raise debt finance if it believes it will enhance shareholder returns over the longer term. If, in the future, the Board does decide to introduce gearing, it will maintain this at a sustainable level; and

e.   the Company may hold cash on deposit and may invest in cash equivalent investments, which may include short-term investments in money market type funds and tradeable debt securities. There is no restriction on the amount of cash or cash equivalent investments that the Company may hold or where it is held.

The Company does not have a separate investment manager. Investment reviews will be made by the Investment Committee, which will undertake a comprehensive and thorough project and investment review process in which all material aspects of a potential project or business will be subject to rigorous due diligence, as appropriate. Further details of the Company's Investment Committee are set out above. The ultimate decision as to whether to proceed with an investment is a decision for the full Board, which is comprised of individuals with experience in the region and sector in which the Company intends to build its group, and who each have one vote on any resolution of the Board.

It is anticipated that returns to shareholders will be delivered primarily through an appreciation in the Company's share price as it develops as a commercial holding company rather than through capital distributions via regular dividends. Whilst there may be opportunities to spin out businesses in the form of distributions in specie to shareholders or make sales of specific investments and therefore contemplate returns via special dividends such opportunities would only be explored in exceptional and opportunistic circumstances where such action would be in the best interests of shareholders as the primary purpose of the Company is to hold and grow its investments as it seeks to become a recognized and established commercial operation in Africa.

Under the AIM Rules for Companies, any material changes to the Investing Policy will require the prior consent of the Company's shareholders at a general meeting. Any variation to the Company's investment objective and policy or restrictions will be made only following approval of the Board subject to compliance with the AIM Rules for Companies.

Investment Process

The Company has adopted the following processes in relation to its investment process:

Origination

The Board intends to source and identify potential future investment targets in line with its Investing Policy, to further its purpose as a holding company, alongside any further investment in Rendeavour.

Review and due diligence

In order to mitigate investment risk, the Board intends to carry out a thorough due diligence process in evaluating each potential investment including site visits, analysis of financial, legal and operational aspects of each investment opportunity, meetings with management, risk analysis (including climate risk and opportunities), review of corporate governance and anti-corruption and other compliance policies and procedures, and the seeking of third-party expert opinions, advice and valuation reports where the Board sees fit.

Approvals

The Investment Committee will consider each investment opportunity against the Company's Investing Policy and will decide whether or not to recommend to the Board that it proceeds with investment opportunities and will also be responsible for the ongoing review of existing investments. The decision whether to proceed with an investment will be a decision for the full Board.

The Board considers that as investments are made, or promising new investment opportunities arise, further funding of the Company, either through new equity and/or debt capital, may be required. Subject to the provisions of the Company's articles and BVI company law on issuing new shares, new shares may be used as consideration, in whole or in part, for investments or corporate transactions.

Value generation

It is anticipated that returns to shareholders will be delivered primarily through an appreciation in the Company's share price as it develops as a commercial holding company rather than through capital distributions via regular dividends.

Given the time frame to fully maximize the value of an investment, the Board expects that investments will be held for the medium to long term, although short-term disposals of assets cannot be ruled out in exceptional or opportunistic circumstances. It is anticipated that returns to shareholders will be delivered primarily through an appreciation in the Company's share price rather than capital distribution via regular dividends. In addition, there may be opportunities to spin out businesses in the form of distributions in specie to shareholders or make sales of specific investments and therefore contemplate returns via special dividends.