Quarter 2 - financial statement for 2025

FOR THE SIX MONTHS ENDED 30 JUNE, 2025

Corporate Information 3

Shareholding Structure and Free Float Status 4

Financial Highlights 5

Condensed condolidated and separate statement of financial position 6

Condensed consolidated and separate statement of profit or loss and other comprehensive income 7

Condensed consolidated statement of changes in equity 8

Condensed consolidated and separate statement of cash flows 9

Notes to the condensed consolidated and separate interim financial statements 10

Board of Directors:

Abi Ayida

- Chairman

Adekunle Olowokande -

Raj Mangtani (Indian) -

Ogechi Iheanacho -

Erejuwa Gbadebo -

Aisha Umar -

Alaba Fagun -

Registered Office: 102, Oba Akran Avenue,

Ikeja, Industrial Estate

P.M.B. 21052, Ikeja, Lagos.

Contact Details Mobile: +234 810 216 4586

Non - Executive Director Non - Executive Director Non - Executive Director

Independent Non - Executive Director Independent Non - Executive Director Group Managing Director

Email: customercare@bergerpaintnig.com Website: https://www.bergerpaintsnig.com

Social Media Accounts

Facebook: https://www.facebook.com/BergerPaintsNigeriaPlc

LinkedIn: https://www.linkedin.com/company/berger-paints-nigeria-plc Twitter: https://www.twitter.com/BergerPaintsNg

Instagram: https://www.instagram.com/bergerpaintsnigeriaplc

You Tube: https://www.youtube.com/channel/UCD_T-Wid299NWbfHxA4rGXg

Investors Relation Berger Paints Nigeria Plc. has a dedicated investors' portal on its corporate website which can be accessed via this link: https://bergerpaintsnig.com/investor/

The Company's Investors' Relations Officer can also be reached through

electronic mail at: investors@bergerpaintnig.com; or telephone on:

+234 9037757191 for any investment related enquiry.

NSE Trading

Information Trading Name: Berger Paints Nig. Plc. (Berger) Ticker Symbol: Berger

Sector: Industrial Goods

Sub Sector: Building Materials Market Classification: Main Board

Registration

Number: RC: 1837

TIN 01335257-0001

FRC Registration

Number: FRC/2012/0000000000295

Registrars: Meristem Registrars Limited

213, Herbert Macaulay Way, Adekunle, Yaba, Lagos.

P.O. Box 51585, Falomo, Ikoyi, Lagos Tel: 8920491, 8920492, 01-2809250-3

Email: info@meristemregistrars.com Website: https://www.meristemregistrars.com

Independent

Auditor: PKF Professional Services 205A Ikorodu - Ososun Road Obanikoro

Lagos

Tel: +234 903 000 1351

Bankers: Access Bank Plc Keystone Bank Limited Ecobank Nigeria Limited Polaris Bank Limited

Fidelity Bank Plc Union Bank of Nigeria Plc

First Bank of Nigeria Limited United Bank for Africa Plc First City Monument Bank Limited Wema Bank Plc

Guaranty Trust Holding Company Plc Zenith Bank Plc Sterling Bank Plc Providus Bank

Company Name: Board Listed: year End: Reporting Period:

Berger Paint Nigeria PLC Main Board

31 December 30-Jun-25

Share Price at end of reporting period: N30 (31 December 2024: N20)

Declaration: Berger Paints PLC with a free float value of N5,982,066,030 (68.80%) as at 30 June, 2025 (31 December 2024: N3,988,044,020(68.80%) is compliant with the Nigerian Exchange's free float requirements for companies listed on the Main Board.

Olajide Oyewole LLP (DLA Piper Africa, Nigeria) Company Secretary/Legal Adviser

FRC/2025/COY/772566

Plot 5 Block 14, Bashorun Okusanya Avenue, Lekki Peninsula Scheme 1, Lagos 101007, Nigeria

Company Financial Highlights

In thousands of naira

As at 30th June, 2025

These financial statements were approved by the Board of Directors on 22 July, 2025 and signed on its behalf by:

Abi Ayida (FRC/2019/IODN/00000019260)

Chairman

Alaba Fagun (FRC/2023/PRO/DIR/003/234540)

Director

Additionally certified by:

Nkechi Ojeyokan (FRC/2021 /001/00000022533)

Chief Finance Officer

The significant accounting policies and accompanying notes form an integral part of these financial statements.

Berger Paints Nigeria Plc Unaudited interim financial statements

for the second quarter ended 30 June 2025

For the six months ended 30 June, 2025

GROUP

QUARTER TO DATE YEAR TO DATE

COMPANY

QUARTER TO DATE YEAR TO DATE

3 Mths to 30

3 Mths to 30

6 Mths to 30

6 Mths to 30

3 Mths to 30

3 Mths to 30

6 Mths to 30

6 Mths to 30

7

For the six months ended 30 June, 2025

In thousands of naira

For the six months ended 30 June, 2025

1. General Information

   Berger Paints Nigeria Plc ("the Company") was incorporated in Nigeria as a private limited liability Company in 1959 and was converted to a public liability Company in 1973. Its registered office address is at 102, Oba Akran Avenue, Ikeja Industrial Estate, Ikeja, Lagos. The Company is listed on the Nigerian Exchange. The principal activities of the Company continues to be the manufacturing, sale and distribution of paints and allied products throughout the country and lease of investment property as a lessor.

   Swift Painting Nigeria Limited was incorporated as a private limited liability company in 2022 and commenced business operations on 1 January 2023. Swift Painting is a subsidiary of Berger Paint Nigeria Plc and it is wholly own by Berger Paints Nigeria Plc. The principal activity of the subsidiary is rendering of professional painting services with the use of modern technology. They also provides technical support, trained applicators, mechanized tools and advanced products for cleaner and better paint results in homes, offices and factories.

   The condensed consolidated interim financial statements for the Group for the six months ended 30 June, 2025 comprise the results and the financial position of the Company and its subsidiary (together referred to as "the Group").

   The Condensed separate interim financial statements for the company for the six months ended 30 June, 2025 comprise those of the Company only.

2. Basis of preparation

   1. Statement of compliance

      The condensed consolidated and separate interim financial statements for the six months ended 30 June, 2025 have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards), and in the manner required by the Companies and Allied Matters Act (CAMA), 2020 and the Financial Reporting Council of Nigeria Act, 2023 . Berger Paints Nigeria Plc has consistently applied the same accounting policies and methods of computation in its condensed consolidated and separate interim financial statements as in its 2024 annual financial statements except for the application of new standards. None of the new standards, interpretations and amendments, effective from 1 January 2025, had a material effect on the condensed consolidated and separate interim financial statements for the six months ended June 30, 2025. The condensed consolidated and separate financial statements were authorised for issue by the Board of Directors on 22 July, 2025.

   2. Basis of measurement

      The condensed consolidated and separate interim financial statements for the six months ended 30th June, 2025 have been prepared in accordance with the going concern assumption under the historical cost concept except for the following:

      • Government grant (recognised as deferred income) measured at fair value.

      • Inventories: Lower of cost and net realisable value.

        Historical cost is generally based on the fair value of the consideration given in exchange for assets.

        Fair values

        Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. in estimating the vair value of an asset or liability, the group takes into account the characteristics of the asset or liability that market participants would take into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure in these condensed consolidated interim financial statements is determined on such a basis, except for leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 or value in use in IAS 36. Derivatives are

   3. Basis of Consolidation

      The Group Condensed interim financial statements incorporate the financial statements of the Parent Company and entities controlled by the Company and its subsidiary made up to 30 June 2025. Control is achieved where the investor; (i) has power over the investee entity (ii) is exposed, or has rights, to variable returns from the investee entity as a result of its involvement, and (iii) can exercise some power over the investee to affect its returns.

      The Company reassesses whether or not it still controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

      The financial statements of subsidiary are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiary align with the policies adopted by the Group.

      Income and expenses of the subsidiary acquired or disposed off during the period are included in the consolidated statement of profit or loss and consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners' of the Company.

      1. i Investments in subsidiaries

         In the Company's separate financial statements, investments in subsidiaries are carried at cost less any impairment that has been recognised in profit or loss. The cost of an investment in a subsidiary is the aggregate of:

         • the fair value, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the company; plus

         • any costs directly attributable to the purchase of the subsidiary.

      Investments in subsidiaries are eliminated on consolidation in the Group financial statements. Management performs an assessment at the end of each reporting period to determine whether there is any indication that the Investment in the subsidiaries may be impaired.

      (c)ii Receivables from subsidiaries

      Receivables from subsidiaries include long term receivables which are deemed to be net investments in subsidiaries.

      (c)iii Transactions eliminated on consolidation

      All intra-group balances and any gain and losses arising from intra-group transactions are eliminated in preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

      (c)iv Changes in the Group's ownership interests in existing subsidiary

      Changes in the Group's interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions. When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests.

      All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9, or when applicable, the cost on initial recognition of an investment in an associate or a joint venture.

   4. Functional and presentation currency

      These financial statements are presented in Naira, which is the Group's functional currency. All financial information presented in Naira has been rounded to the nearest thousand except where otherwise indicated.

   5. Use of judgment and accounting estimates

      In the preparation of these consolidated and separate financial statements, management has made judgments, estimates and assumptions that affect the application of the Group's accounting policy and the reported amounts of assets, liabilities, income and expenses. Actual result may differ from these estimates.

      Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are

      recognised in the period in which the estimates are revised and in any future periods affected.

   6. Measurement of fair values

A number of the Group's accounting policies and disclosures require the determination of fair values, for both financial and non-financial assets and liabilities.

When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques.

Notes to the condensed consolidated and separate interim financial statements

For the six months ended 30 June, 2025

1. Revenue

   (a) Revenue stream for the period comprises:	Recognition		GROUP 6 Mths to 30	GROUP 6 Mths to 30		COMPANY 6 Mths to 30		COMPANY 6 Mths to 30
   In thousands of naira	policy		June 2025	June 2024		June 2025		June 2024
   (i) Revenue from contract with customers
   - Sale of paints and allied products*	At a point in time		6,035,973	4,927,153		6,035,973		4,927,153
   - Contract services	Over time		123,172	91,741		0		30,257
   			6,159,145	5,018,894		6,035,973		4,957,405
   *Revenue from sale of paints and allied products for the year comprises:			GROUP	GROUP		COMPANY		COMPANY
   In thousands of naira			6 Mths to 30 June 2025	6 Mths to 30 June 2024		6 Mths to 30 June 2025		6 Mths to 30 June 2024
   Revenue (net of value added tax)			7,559,105	6,039,507		7,435,933		6,039,507
   Discounts and rebates			(1,399,960)	(1,112,354)		(1,399,960)		(1,112,354)
   			6,159,145	4,927,153		6,035,973		4,927,153

   Nigeria is the Company's primary geographical segment as all sales in the current and prior year were made in the country.

2. Other income

*This represents income earned from leases of an insignificant portion of the Company's building properties to third parties.

Notes to the condensed consolidated and separate interim financial statements

For the six months ended 30 June, 2025

Notes to the condensed consolidated and separate interim financial statements

For the six months ended 30 June, 2025

10 Personnel expenses

(a) Personnel expenses, excluding remuneration of the executive directors during the perod comprises:

Notes to the condensed consolidated and separate interim financial statements

For the six months ended 30 June, 2025

1. Taxation

   1. The tax charge for the year has been computed after adjusting for certain items of expenditure and income which are not deductible or chargeable for tax purposes, and comprises:

      In thousands of naira Current tax expense: Company income tax	6 Mths to 30 June 2025 293,402	6 Mths to 30 June 2024 39,952	6 Mths to 30 June 2025 287,084		6 Mths to 30 June 2024 62,843
      WHT credit notes impaired	0		-
      Nigeria Police Trust Fund Levy (NPTF)	0		-
      Tertiary education tax	27,782	1,236	27,782		1,171
      Income tax expense	321,184	41,188	314,866		64,014

      (b) Reconciliation of effective tax rate:		GROUP	GROUP				COMPANY		COMPANY
      In thousands of naira	%	6 Mths to 30 6 June 2025	Mths to 30 June 2024				6 Mths to 30 June 2025		6 Mths to 30 June 2024
      Profit for the period		624,636	87,522				611,210		82,940
      Taxation		321,184	41,188				314,866		39,031
      Profit before taxation		945,820	128,710				926,076		121,971
      Income tax using the Company's domestic ra	30	292,809	38,613				287,084		36,591
      Tertiary education tax	3	28,375	2,574				27,782		2,439
      Tax expense	33	321,184	41,187				314,866		39,031
      (c) The movement in the tax payable during the year	was as follows	:
      i. Current tax liabilities
      In thousands of naira					6 Mths to 30 June 2025	6 Mths to 30 June 2024	6 Mths to 30 June 2025		6 Mths to 30 June 2024
      Balance as at 1 January					485,792	184,330	485,792		184,330
      Current period charge					321,184	41,188	314,866		511,767
      Minimum tax charge					-		-		0
      Cash payments					(282,150)	(80,394)	(282,150)		(80,394)
      WHT credit notes					(18,533)	113,942	(18,533)		(129,911)
      Balance as at period end (A)					506,695	259,066	499,975		485,792

      Notes to the condensed consolidated and separate interim financial statements

      For the six months ended 30 June, 2025

      (e) Movement in deferred taxation
      In thousands of naira
      		Tax
      		Impact of
      		IFRS 9 Recognised		Deferred		Deferred
      	Balance at	transition in profit		tax		tax
      	1 January	Adjustment or loss	Net	assets		liabilities
      GROUP
      30 June 2025
      Property, plant and equipment	538,300	-	538,300	-		538,300
      Allowance on trade receivable		-	-	-		-
      Right of use assets	-	- -	-	-		-
      Provision for gratuity discontinued	-	-	-	-		-
      Provision for slow moving inventories	1,134	-	1,134	-		1,134
      Unrealised exchange losses/(gain)	492	-	492	-		492
      Available-for-sale financial assets - net	-	- -	-	-		-
      			-
      Net tax (assets)/ liabilities	539,926	- -	539,926	-		539,926
      GROUP
      31 December 2024
      Property, plant and equipment	601,980	- (63,680)	538,300	-		538,300
      Allowance on trade receivable	(33,966)	- 33,966		-		-
      Right of use assets	-	- 1,847	-	-		-
      Provision for gratuity discontinued	(713)	- -	1,134	-		1,134
      Provision for slow moving inventories	(7,088)	- 7,088		-		-
      Unrealised exchange losses/(gain)	(26,465)	- 6,177	492	-		492
      Available-for-sale financial assets - net	-	- -	-	-		-
      			-
      Net tax (assets)/ liabilities	533,748	- (14,602)	539,926	-		539,925
      COMPANY
      30 June 2025
      Property, plant and equipment	538,300	- -	538,300	-		538,300
      Allowance on trade receivable	-	- -	-	-
      Right of use assets	-	- -	-	-
      Provision for gratuity discontinued	1,134	- -	1,134	-		1,134
      Provision for slow moving inventories	-	- -	-	-
      Unrealised exchange losses/(gain)	492	- -	492	-		492
      Net tax (assets)/ liabilities	539,926	- -	539,926	-		539,926
      COMPANY
      31 December 2024
      Property, plant and equipment	601,980	- (63,680)	538,300	-		538,300
      Allowance on trade receivable	(33,966)	- 33,966	-	-		-
      Right of use assets	-	- 1,847	-	-		-
      Provision for gratuity discontinued	(713)	- -	1,134	-		1,134
      Provision for slow moving inventories	(7,088)	- 7,088	-	-		-
      Unrealised exchange
      losses/(gain)	(26,465)	- 6,177	492	-		492
      Net tax (assets)/ liabilities	533,748	- (14,602)	539,926	-		539,926

2. Basic and diluted earnings per share

   Basic earnings per share of 216 kobo and 211 Kobo (30 June 2024: 30 kobo and 29 kobo) is based on the Group profit and Company profit for the period of ₦624.6 million and N611.2million (30 June 2024: ₦87.5 million and N82.9million) and on 289,823,447 (2024: 289,823,447) ordinary shares of 50 kobo each, being the weighted average number of ordinary shares in issue during the Basic earnings per share is the same as diluted earnings per share.

   13	Property Plant and equipment GROUP
   (a)		The movement on these accounts was as follows:
   	In thousands of naira
   									Motor
   			Leasehold		Plants and Furniture		Motor	Computer	Vehicles	Capital work-in
   		Note	Land	Buildings	Machinery and fittings		Vehicles	Equipment	under Lease	progress	TOTAL
   			N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
   	Cost
   	Balance at 1 January 2024		390,000	1,313,360	1,629,585	102,676	145,952	181,950	182,405	134,153	4,080,081
   	Adjustments					(2,442)		2,442
   	Additions		-	159,269	-		5,943	47,505	-	97,625	310,342
   	Transfer		-	-	-	-	-	-	-	(231,778)	(231,778)
   	Reclasification to tangible assets		-	-	124,763	107,015	-	-	-	-	231,778
   	Disposals/write-off		-	-	(22,851)	(255)	-	-	-	-	(23,106)
   	Balance at 31 December 2024		390,000	1,472,629	1,731,497	206,994	151,895	231,897	182,405	-	4,367,317
   	Balance at 1 January 2025		390,000	1,472,629	1,731,497	206,994	151,895	231,897	182,405	-	4,367,317
   	Additions		-	676	41,830	34,172	182,405	6,817	(182,405)	(0)	83,495
   	Swift Painting										-
   	Transfer		-	-	-	-	-	-	-	-	-
   	Reclasification to intangible assets		-	-	-	-	-	-	-		-
   	Disposals		-	-	-	-		-	-	-	-
   	Balance at 30 June 2025		390,000	1,473,305	1,773,327	241,166	334,300	238,714	-	(0)	4,450,812
   	Accumulated depreciation
   	Balance at 1 January 2024		78,081	499,135	481,414	61,418	124,345	138,977	131,699	-	1,515,069
   	Charge for the year	9(b)	-	75,105	85,629	25,953	20,067	23,715	32,304	-	262,773
   	Disposals		-	-	(22,851)	(243)			-	-	(23,094)
   	Balance at 31 December 2024		78,081	574,240	544,192	87,128	144,412	162,692	164,003	-	1,754,748
   	Balance at 1 January 2025		78,081	574,240	544,192	87,128	144,412	162,692	164,003	-	1,754,748
   	Charge for the period	9(b)	-	43,573	62,910	16,375	171,855	11,014	(164,003)	-	141,724
   	Disposals		-	-	-	-	-	-		-	-
   	Balance at 30 June 2025		78,081	617,813	607,102	103,503	316,267	173,706	-	-	1,896,472
   	Carrying amounts At 30th June, 2025		311,919	855,492	1,166,225	137,663	18,033	65,008	-	(0)	2,554,322
   	At 31 December 2024		311,919	898,389	1,187,305	119,866	7,483	69,205	18,402	-	2,612,530

   COMPANY

   1. The movement on these accounts was as follows:

      In thousands of naira

      Leasehold

      Plants and

      Furniture

      Motor

      Computer

      Motor Vehicles

      Capital work-

      Note

      Land Buildings

      Machinery

      and fittings

      Vehicles

      Equipment

      under Lease

      in progress TOTAL

      N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

      Cost

      Balance at 1 January 2024 390,000 1,313,360 1,614,540 102,676 137,927 181,067 182,350 134,153.00 4,056,073

      Additions - 159,269 0 104,318 5,943 49,947 55 (134,153) 185,379

      Transfer - - 124,763.00 - - - - - 124,763

      Reclasification to intangible assets - - (22,851.00) - - - - - (22,851.00) Disposals/write-off - - - - - - - - -Balance at 31 December 2024 390,000 1,472,629 1,716,452 206,994 143,870 231,014 182,405 - 4,343,364

      Balance at 1 January 2025 390,000 1,472,629 1,716,452 206,994 143,870 231,014 182,405 - 4,343,364

      Additions - 676.00 41,830 34,172 182,405 6,817 (182,405) (0) 83,495

      Transfer - - - - - - - - -Reclasification to intangible assets - - - - - - - -Disposals - - - - - - - -Balance at 30 June, 2025 390,000 1,473,305 1,758,282 241,166 326,275 237,831 0 (0) 4,426,859

      Accumulated depreciation

      Balance at 1 January 2024 78,081 498,060 473,762 61,418 123,803 138,580 164,003 - 1,537,707

      Charge for the year 9(b) - 75,105 60,010 25,694 20,067 23,715 - 204,591

      Transfer (a)1) 0 0 0 0

      Disposals - - - - 0 - - 0

      Balance at 31 December 2024 78,081 573,165 533,772 87,112 143,870 162,295 164,003 - 1,742,298

      Balance at 1 January 2025 78,081 573,165 533,772 87,112 143,870 162,295 164,003 - 1,742,298

      Charge for the period 9(b) - 43,573 61,611 16,375 171,855 11,014 (164,003) - 140,425

      Disposals - - - - - - - -Balance at 30 June, 2025 78,081 616,738 595,383 103,487 315,725 173,309 0 - 1,882,723

      Carrying amounts

      At 31st December 2024 311,919 899,464 1,182,680 119,882 0 68,719 18,402 - 2,601,060

      At 30 June, 2025 311,919 856,567 1,162,899 137,679 10,550 64,522 0 (0) 2,544,136

   2. Assets pledged as security

      No asset of the Company was pledged as security for loan as at 30 June, 2025 (December 2024: Nil)

   3. Impairment of property, plant and equipment

No impairment loss was recognised for the period (December 2024: Nil).

(f) Right of use assets

Right of use assets comprises leasehold land and motor vehicles under finance leases.