Quarter 3 - financial statement for 2025

FOR THE NINE MONTHS ENDED 30 SEPTEMBER, 2025

Contents Page

Corporate Information 3

Financial Highlights 4

Condensed condolidated and separate statement of financial position 5

Condensed consolidated and separate statement of profit or loss and other comprehensive income 6

Condensed consolidated statement of changes in equity 7

Condensed consolidated and separate statement of cash flows 8

Notes to the condensed consolidated and separate interim financial statements 9

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

TIN01335257-0001

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 Financial Highlights

In thousands of naira

As at 30th September, 2025

These financial statements were approved by the Board of Directors on 27 October, 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 third quarter ended 30 September 2025

For the nine months ended 30 September, 2025

GROUP

QUARTER TO DATE YEAR TO DATE

COMPANY

QUARTER TO DATE YEAR TO DATE

3 Mths to 30

3 Mths to 30

9 Mths to 30

9 Mths to 30

3 Mths to 30

3 Mths to 30

9 Mths to 30

9 Mths to 30

6

Condensed Consolidated and Separate Statement of Changes in Equity

For the nine months ended 30 September, 2025

In thousands of naira

Condensed Consolidated and Separate Statement of Cash Flows

For the nine months ended 30 September, 2025

Notes to the condensed consolidated and separate interim financial statements

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 nine months ended 30 September, 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 September, 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 nine months ended 30 September, 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 nine months ended September 30, 2025. The condensed consolidated and separate financial statements were authorised for issue by the Board of Directors on 27th October, 2025.

   2. Basis of measurement

      The condensed consolidated and separate interim financial statements for the nine months ended 30th September, 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 carried at fair value

   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 September 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 nine months ended 30 September, 2025

1. Revenue

   (a) Revenue stream for the period comprises:	Recognition		GROUP 9 Mths to 30	GROUP 9 Mths to 30		COMPANY 9 Mths to 30		COMPANY 9 Mths to 30
   In thousands of naira	policy		Sep 2025	Sep 2024		Sep 2025		Sep 2024
   (i) Revenue from contract with customers
   - Sale of paints and allied products*	At a point in time		9,044,074	7,472,246		9,044,074		7,472,246
   - Contract services	Over time		271,646	30,257		0		30,257
   			9,315,720	7,502,503		9,044,074		7,502,503
   *Revenue from sale of paints and allied products for the year comprises:			GROUP	GROUP		COMPANY		COMPANY
   In thousands of naira			9 Mths to 30 Sep 2025	9 Mths to 30 Sep 2024		9 Mths to 30 Sep 2025		9 Mths to 30 Sep 2024
   Revenue (net of value added tax)			11,351,731	9,186,730		11,080,085		6,039,507
   Discounts and rebates			(2,036,011)	(1,714,484)		(2,036,011)		(1,112,354)
   			9,315,720	7,472,246		9,044,074		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 nine months ended 30 September, 2025

Notes to the condensed consolidated and separate interim financial statements

For the nine months ended 30 September, 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 nine months ended 30 September, 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	9 Mths to 30 Sep 2025 454,209	9 Mths to 30 Sep 2024 104,057	9 Mths to 30 Sep 2025 436,063		9 Mths to 30 Sep 2024 60,796
      WHT credit notes impaired	0		-
      Nigeria Police Trust Fund Levy (NPTF)	0		-
      Tertiary education tax	42,232	3,218	42,232		3,218
      Income tax expense	496,441	107,275	478,295		64,014

      (b) Reconciliation of effective tax rate:		GROUP	GROUP				COMPANY		COMPANY
      In thousands of naira	%	9 Mths to 30 9 Sep 2025	Mths to 30 Sep 2024				9 Mths to 30 Sep 2025		9 Mths to 30 Sep 2024
      Profit for the period		968,010	202,114				929,449		227,961
      Taxation		496,441	107,275				478,295		107,275
      Profit before taxation		1,464,451	309,389				1,407,744		335,236
      Income tax using the Company's domestic ra	31	453,585	100,571				436,401		100,571
      Tertiary education tax	3	42,857	6,705				42,232		6,705
      Tax expense	34	496,441	107,275				478,295		107,275
      (c) The movement in the tax payable during the year	was as follows	:
      i. Current tax liabilities
      In thousands of naira					9 Mths to 30 Sep 2025	9 Mths to 30 Sep 2024	9 Mths to 30 Sep 2025		9 Mths to 30 Sep 2024
      Balance as at 1 January					485,792	184,330	485,792		184,330
      Current period charge					496,441	511,767	478,295		511,767
      Minimum tax charge					-		-		0
      Cash payments					(424,807)	(80,394)	(424,807)		(80,394)
      WHT credit notes					(93,429)	(129,911)	(93,429)		(129,911)
      Balance as at period end (A)					464,042	485,792	445,851		485,792

      Notes to the condensed consolidated and separate interim financial statements

      For the nine months ended 30 September, 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 September 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 September 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 334 kobo and 321 Kobo (30 September 2024: 70 kobo and 79 kobo) is based on the Group profit and Company profit for the period of ₦968 million and N929million (30 September 2024: ₦202 million and N227million) 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 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		-	39,575	68,524	35,564	-	7,067	274,007	(0)	424,737
   	Swift Painting										-
   	Transfer		-	-	-	-	182,405	-	(182,405)	-	-
   	Reclasification to intangible assets		-	-	-	-	-	-	-		-
   	Disposals		-	-	-	-		-	-	-	-
   	Balance at 30 September 2025		390,000	1,512,204	1,800,021	242,558	334,300	238,964	274,007	(0)	4,792,054
   	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)	-	65,590	84,166	25,322	175,957	16,634	(158,295)	-	209,374
   	Disposals		-	-	-	-	-	-		-	-
   	Balance at 30 September 2025		78,081	639,830	628,358	112,450	320,369	179,326	5,708	-	1,964,122
   	Carrying amounts At 30th September, 2025		311,919	872,374	1,171,663	130,108	13,931	59,638	268,299	(0)	2,827,914
   	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 - 39,575.00 68,524 35,564 - 7,067 274,007 (0) 424,737

      Transfer - - - - 182,405 - (182,405) - -

      Reclasification to intangible assets - - - - - - - -Disposals - - - - - - - -Balance at 30 September, 2025 390,000 1,512,204 1,784,976 242,558 326,275 238,081 274,007 (0) 4,768,101

      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) - 65,590 82,198 25,322 175,957 16,634 (158,295) - 207,406

      Disposals - - - - - - - -Balance at 30 September, 2025 78,081 638,755 615,970 112,434 319,827 178,929 5,708 - 1,949,704

      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 September, 2025 311,919 873,449 1,169,006 130,124 6,448 59,152 268,299 (0) 2,818,397

   2. Assets pledged as security

      No asset of the Company was pledged as security for loan as at 30 September, 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 motor vehicles under finance leases.

14 Intangible assets

In thousands of naira Note

GROUP

Cost

Computer Software

Intangible assets under development

Total

Balance at 1 January 2024 109,600 - 109,600

Additions 33,862 - 33,862

Reclassification from property, plant & equipment - -

Disposals -

Balance at 31 December 2024 143,462 - 143,462

Balance at 1 January 2025 143,462 - 143,462

Additions 4,000 - 4,000

Reclassification from property, plant & equipment 14(a) - - -

Balance at 30 September 2025 147,462 - 147,462

Accumulated amortisation

Balance at 1 January 2024 91,998 - 91,998

Charge for the year 9(a) 10,749 - 10,749

Transfers -

Disposals -

Balance at 31 December 2024 102,747 - 102,747

-

Balance at 1 January 2025 102,747 - 102,747

Charge for the period 9(a) 11,607 - 11,607

Balance at 30 September 2025 114,354 - 114,354

Carrying amounts

At 31 December 2024 40,715 - 40,715

At 31 December 2025 40,715 - 40,715

At 30 September, 2025 33,109 - 33,109

Intangible assets amortisation charged to profit or loss for the period amounts to ₦11.6million (31 December 2024: ₦10.8.million) and is included as part of administrative expenses.

Unaudited interim financial Statements for the third quarter ended 30 September 2025

Notes to the condensed consolidated and separate interim financial statements

For the nine months ended 30 September, 2025

Investment property comprises the Company's land and building at Abuja (hereinafter referred to as Berger Paints Plaza). The Company completed and commissioned the Berger Paints Plaza in November 2013. The Berger Paints Plaza is made up of 2,196 square meters of trade shops and offices available for commercial rent. The property has been leased to third parties and is managed on behalf of the Company by Gauge Construction Servicing Limited.

Each of the leases contains an initial non-cancellable period of one (1) year. No contingent rents are charged. Rental income generated from investment property recognised during the period was Nil (31 December 2024: Nil).

Direct operating expenses (included in repairs and maintenance expenses) arising from investment property that generated rental income during the period was Nil (31 December 2024: Nil)

Depreciation of ₦15.7 million (30 September 2024: ₦15.7 million) charged on investment property for the period was included in admin expenses

1. Inventories

   In thousands of naira

   	30 September	31 December	30 September		31 December
   	2025	2024	2025		2024
   Raw and packaging materials	1,612,940	2,651,882	1,612,940		2,651,882
   Finished products	863,416	638,254	863,416		638,254
   Product-in-process	9,515	4,126	9,515		4,126
   Consumable spare parts	82,692	55,648	82,692		55,648
   Goods in transit	0		0		-
   	2,568,563	3,349,910	2,568,563		3,349,910
   Impairment - finished goods	(40,006)	(27,904)	(40,006)		(27,904)
   Inventory provision - Raw Material	(36,228)	(19,867)	(36,228)		(19,867)
   	2,492,329	3,302,139	2,492,329		3,302,139

   Inventory to the value of ₦2.5 billion and N2.5 billion in the consolidated and seperate financial statement (31 December 2024 :₦3.3 billion and N3.3billion ) were carried at net realisable value.

   Notes to the condensed consolidated and separate interim financial statements

   For the nine months ended 30 September, 2025

2. Trade and other receivables comprises:

   		GROUP	GROUP	COMPANY		COMPANY
   	Trade and other receivables comprises:
   		30 September	31 December	30 September		31 December
   (a)	In thousands of naira	2025	2024	2025		2024
   	Trade receivables	400,159	267,394	217,881		241,763
   	Lease receivable	83,688	83,688	83,688		83,688
   	Staff debtors	3,604	3,692	3,604		3,692
   	Deposit with Company registrar	89,796	89,796	89,796		89,796
   	Contract assets	451	451	451		451
   	Other receivables	58,146	22,896	58,146		22,896
   	WHT receivable		2,213			2,213
   	Receivable from related party	0	-	99,741		56,054
   	Total trade and other receivables	635,844	470,130	553,307		500,553
   	Impairment allowance	(105,702)	(109,457)	(105,702)		(109,457)
   	Carrying amount as at period ended	526,269	360,673	447,605		391,096
   		30 September	31 December	30 September		31 December
   	In thousands of naira	2025	2024	2025		2024
   	Balance at 1 January under IAS 39	109,457	172,451	109,457		172,451
   	Adjustment on initial application of IFRS 9	0		-		0
   	Balance at 1 January	109,457	105,679	109,457		105,679
   	Net impairment loss recognised	(3,755)	3,778	(3,755)		3,778
   	Bad debt written off					-
   	Balance at 31 December 2024	105,702	109,457	105,702		109,457

3. Deposit for imports

The deposit for imports represents amounts deposited with banks to fund letters of credit. These letters of credit are meant to finance the importation of raw materials. The total value of deposit for imports as at 30 September, 2025 amounted to ₦0 (31 December 2024: ₦0).

There were no non-current prepayments and advances made at period-end (31 December 2024: Nil).

Notes to the condensed consolidated and separate interim financial statements

For the nine months ended 30 September, 2025

(a) Reconciliation of changes in prepayments and advances included in statement of cash flows is as follows:

In thousands of naira

Changes in prepayments and advances per statement of cash flows (212,587) (88,410) (210,998) (88,410)

Notes to the condensed consolidated and separate interim financial statements

For the nine months ended 30 September, 2025

23 Trade and other payables

1. Trade and other payables comprises:

   In thousands of naira 30 September		31 December	30 September	31 December
   2025		2024	2025	2024
   Trade payables	320,112	881,472	259,649	881,472
   Customer deposits for paints	509,862	420,390	509,862	418,774
   Value Added Tax payable	103,598	21,939	103,598	21,012
   Withholding Tax payable	7,127	62,684	7,127	62,232
   PAYE payable	89,865	35,707	89,865	35,696
   Pension payable (Note (b))	12,117	19,799	12,117	19,799
   Other non-income taxes	35,059	24,153	35,059	24,153
   Contract liabilities	-	-	-	-
   Accruals	653,337	373,313	653,337	362,199
   Other payables	12,078 1,743,155	12,053 1,851,510	12,078 1,682,692	12,053 1,837,390

2. Pension payable

   In thousands of naira 30 September

   2025

   31 December

   2024

   30 September

   2025

   31 December

   2024

   Balance at 1 January 19,799 7,655 19,799 17,182

   Charge for the year 8,907 69,152 8,907 19,206

   Remittances (16,589) (59,625) (16,589) (16,589)

   Balance at period end 12,117 19,799 12,117 19,799

3. Reconciliation of changes in trade and other payables included in statement of cash flows

1. Government grant arises as a result of the benefit received from below-market-interest rate government assisted loans, obtained from the Bank of Industry. In year 2023, the Group obtained bank of industry loan to augment working capital and for the procurement of plant and machinery for the company's paint manufacturing business. The grant will be amortised on a systematic basis over the average useful life of the asset items

   	Notes to the condensed consolidated and separate interim financial statements For the nine months ended 30 September, 2025
   		Group		Company
   		2025	2024	2025	2024
   		N'000	N'000	N'000	N'000
   25	Loans and borrowings Bank of Industry	220,430	345,218	220,430	337,960
   	FDC -Finance lease	265,361		265,361
   		485,792	345,218	485,792	337,960
   	Analysis of loans and borrowings
   	Non current borrowings	219,989	219,989	219,989	219,989
   	Current borrowings	265,803	117,971	265,803	117,971

   Bank of Industry Loan

   Term loan obtained to finance the procurement of plant and machinery for the company's paint manufacturing business. The applicable rate is 9% per annum. The loan is repayable over a period of 72 months (including a moratorium of 12 months between October 2023 to September 2024).

   i

   ii The loan was obtained to augment working capital for the procurement of raw material. The applicable interest rate is 12% per annum. The loan is repayable over a period of 36 months (including a moratorium of 12 months including October 2023 to September 2024).

   Finance lease

   i The lease was obtained to finance the procurement of motor vehicles for the company's business operations. The applicable interest rate is 28% per annum. The lease is repayable over a period of 24 months.

   For the period ended 30 September 2025, interest expense of ₦35.9million (31 December 2024: ₦32.1million) which accrued on the facility, was recognised in the profit or loss.

2. Movement in loans and borrowings

This represents the dividend proposed for the preceding year, but declared in the current period