April 2026

Dear Pharo Family and Friends,

As we close the first quarter of 2026, performance across the Foundation is mixed. We are making solid progress in most areas, but there are clear gaps to address. If this is to be a strong year, each of us needs to be clear on what we are doing and whether it will get us to our shared goals.

Education is moving forward: four central Pharo Schools roles in recruitment, over 600 Somaliland students registered for Pearson exams, the Assosa school stabilising, and Hargeisa International School construction progressing well. Ventures are advancing too, with the Ethiopia health venture in pre-operational execution, the edible oil business through its 100-day reset toward vertical integration, and Ken Tuna growing steadily.

We are honest about where we fall short: the Ready-Mix Concrete business is under pressure after losing a key customer, and the Nairobi Art School and Kigali Ventures Studio have not yet moved into execution. The Wajale post-mortem reinforced a principle we will hold to: we do not hide bad news. Q2 is about getting on top of the basics, keeping communication open and transparent, and getting what needs to be done, done.

Onwards! Tom Mason CEO, Pharo Foundation