Beta Glass Plc.NSENG: BETAGLAS

Quarter 1 - financial statement for 2026

Apr 30, 2026 at 3:29 PM UTC · Issued by Beta Glass Plc.

NIS ISO 9001:2008 CERTIFIED

HEAD OFFICE

5th Floor, Churchgate Tower 2, Plot PC 31, Churchgate Street, Victoria Island, P.O. Box 7793, Marina, Lagos. Postal Code 101241, Nigeria

Tel: 234-01- 201 906 3200

DELTA PLANT

KM 17, Warri - Patani Road,

P.M.B. 48, Ughelli, Delta Nigeria Tel: +234-02-01-906-3208

+234-02-01-906-3209

GUINEA PLANT

KM 32, Lagos Badagry Express Road, Agbara Industrial Estate, Ogun State

P.O. Box 2515, Lagos, Nigeria. Tel: +234-02-01-906-3206

BETA GLASS PLC

(RC: 13215)

Unaudited Interim Financial Statements

For the Three Months Ended 31 March 2026

BETA GLASS PLC
Unaudited Interim Financial Statements For the Three Months Ended 31 March 2026
Table of contents	Page
Certification of Unaudited Interim Financial Statements	3
Interim statement of profit or loss and other comprehensive income	4
Interim statement of financial position	5
Interim statement of changes in equity	6
Interim statement of cash flows	7
Accounting Policies and Notes to the Interim Financial Statements	8

Unaicdited Interim Financial Statements Foi• the Three Months Ended 31 March eoe6

CeNification of Unaudited Interim Financial Statements

We hereby cei'tify that:

We, the undersigned, have reviewed the Unaudited Interim Financial Statements of Beta Glass Plc ("the Company") for the thl'cc months cndc 3i March zoz6.
Based on our knowledge as officcrs r›f the Company, the I ntcrini Financial Statements do not:
1. contain any untrue statement of material fact, or
2. omit to state a material fact, which would make the statement misleading in the light of the circumstances under which the statement i›'as made.
Based on oul' knowledge, the Interim Financial Statements and other financial information included in the quarterly report fairly represent in all material respects, the financial conditions and results of operations of the Company as of, and for the period presented in the report.
We, the il ndersigned:
1. are responsible for establishing and maintaining controls;
2. have designed stich internal controls to ensure that material information relating to the Company is made known to us by others within those entities particularly during the pei'iod in which the pei'iodic reports are being prepared;
3. have evaluated the effectiveness of the Company's internal controls as of date within go days pi'ior to the report.;
4. have presented in the report otir conclusions abotit the effectiveness of their internal controls based on their evaluation as of that date.
We have disclosed to the external auditors of the Company and the Audit Committee:
1. all significant deficiencies in the design or operation of the internal controls which is'ould adversely affect the Company's ability to record, process, summarize and repol4 financial data and have identified to the Compauy's Auditors any material weakness in internal controls, and
2. any fraud, is'het1ier or not material, that involves management or other employees who have significant role in the Company's internal controls.
There are no significant changes in internal controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and matei'ial weakness.

Mr-. Alexander Gendis Chief Executitve Officer e9th April eoz6

FRC/z >5/PRO/DIR/O 3/4>4526

Ms. Héléne aradisi Chief Financial Omcer z9th April eoz6

FRC/zoos/PRO/ANAN/ /+3 69o

INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED 31 MARCH 2026 For the period ended

		3 months	3 months
		31 March	31 March
	Notes	2026 N'000	2025 N'000
Revenue from contracts with customers	6	37,538,942	41,164,866
Cost of sales	7.1	(23,838,335)	(25,159,274)
Gross profit		13,700,607	16,005,592
Selling and distribution expenses	7.3	(127,838)	(113,018)
Administrative expenses	7.2	(1,940,045)	(1,526,219)
Credit loss reversal	22.4	45,717	-
Other income	8	1,099,055	683,715
Operating profit		12,777,496	15,050,070
Foreign exchange loss	9	(608,807)	(94,220)
Finance income	10.1	2,662,953	2,590,510
Finance cost	10.2	(2,939,612)	(2,328,830)
Finance income/(expenses) - net	10	(276,659)	261,680
Profit before taxation for the period		11,892,030	15,217,530
Income tax expense	11	(4,043,289)	(5,221,785)
Profit after tax for the period		7,848,741	9,995,745
Other comprehensive income for the year		-	-
Total comprehensive income for the period		7,848,741	9,995,745
Earnings per share (EPS)
Basic and diluted EPS (Naira)	12	13.08	16.66

The accompanying notes to the financial statements are an integral part of these financial statements.

Unaudited Intei•im Financial Statements for the Three Months Ended ;ji March roof›

INTERIM STATEMEm or riNANCinr roSiTION AS AT 3*SCH eoz6

Assets Non-cui•rent assets Property, plant and equipment Right-of-use assets

Intangible assets

Cui•i•ent assets

Inventories

Trade and other receivables Cash in hand and at bank

Total assets _ Liabilities Non-current liabilities

Borrowings

Deferred tax liabilities

Current liabihties Borrowings

Trade and other payables Current income tax Dividend payable

TotaI_liabi1ities

Equity

Issued share capital Share premium Other t'eserves Retained eai'nings

Total equity

Notes

i8 zi

*5.1

2 .2

3i March 31 December

BO26 2025

N'ooo N'ooo

66,s86.45O 68,8os.6 s

*7.83o

66.s86.45 68,823›45S

s.so6, 34 >3,*21,368

84›683,863 7>›>*7.67>

iz,g66,oz6 9.729.7 8

*>>. 55.9>3 1i5.o68.748

18g.44>.373 183› 9>.> 3

33›717,*7* 35›>59,192

11, O2›75* 11,9O 2›75*

45.619›9>3 47›i61›944

3.8zg.55 5,148.911

>>›594›>4> z6, 74›7>O

13.*54,66o 9,11*.37*

*>7›95 127›95

39›7O6.4* 4 ,46z,96o

85›3>6,333 87›624›9O4

*99.g83 zgg,g83

312,847 312,847

>›4>9›94> >›4>9›94>

IO1,O73,268 93›>>4›5>7

1O4.1i6,O4O g6,z67.°99

Total equity and liabil)ties _ i8g.44a.373 *83› 9>.2O3 The accompanying notes to the financial statements are an integral part of these financial statements.

The Unaudited Interim Financial Statements were approved and authorised for issue by the Board of Directors on z9th April zoz6 and were signed on its behalf by:

Mr Alexander Gendis Chief Executive Officer

FRC/zoz5/PRO/DIR/OOH/4>45>6

Ms Hélene Paradisi Chief Financial Officer

FRC/e 5/PRO/ANAN/OO1/*3169O

INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE THREE MONTHS ENDED 31 MARCH 2026

Issued Share capital		Share premium	Other reserves	Retained earnings	Total
N'000		N'000	N'000	N'000	N'000
At 1 January 2026 299,983		312,847	2,429,942	93,224,527	96,267,299
Profit for the period	-	-	-	7,848,741	7,848,741
Total comprehensive income for the
period - net of tax	-	-	-	7,848,741	7,848,740
Transactions with owners:
Dividend declared (Note 24)	-	-	-	-	-
Total transactions with owners	-	-	-	-	-
At 31 March 2026	299,983	312,847	2,429,942	101,073,268	104,116,040
At 1 January 2025	299,983	312,847	2,429,942	61,749,111	64,791,883
Profit for the period	-	-	-	9,995,745	9,995,745
Total comprehensive income for the
period - net of tax	-	-	-	9,995,745	9,995,745
Transactions with owners:
Dividend paid (Note 24)	-	-	-	-	-
Total transactions with owners	-	-	-	-	-
At 31 March 2025	299,983	312,847	2,429,942	71,744,856	74,787,628

The accompanying notes to the financial statements are an integral part of these financial statements.

Unaudited Interim Financial Statements for the Three Months Ended 31 March 2026

INTERIM STATEMENT OF CASHFLOWS FOR THE THREE MONTHS ENDED 31 MARCH 2026
		31 March	31 March
	Notes	2026 N'000	2025 N'000
Cash flows from operating activities
Cash (used in) /generated from operations	28	(931,236)	2,134,934
Net cash flows (used in) / generated from operating activities		(931,236)	2,134,934
Cash flows from investing activities
Acquisition of property, plant and equipment	19	(200,627)	(3,288,171)
Prepayment of right of use asset	20	-	(72,097)
Proceeds from disposal of property, plant and equipment		-	13,749
Interest received	10.1	91,796	41,155
Net cash flows used in investing activities		(108,831)	(3,305,364)
Cash flows from financing activities
Proceeds from short-term borrowings	18	734,717	2,312,553
Repayment of short-term borrowings	18	(3,282,885)	(13,166,753)
Proceeds from medium-term borrowings	18	-	19,179,000
Repayment of medium-term borrowings	18	(707,160)	-
Interest paid	18	(2,492,812)	(11,444,226)
Net cash flows used in financing activities		(5,748,140)	(3,119,426)
Net decrease in cash and cash equivalents		(6,788,207)	(4,289,856)
Effect of exchange rate changes on cash and cash equivalents		24,525	115,921
Cash and cash equivalents at 1 January		19,729,708	10,653,614
Cash and cash equivalents at 31 March		12,966,026	6,479,679

The accompanying notes to the financial statements are an integral part of these financial statements.

Unaudited Interim Financial Statements for the Three Months Ended 31 March 2026 Notes to the Unaudited Interim Financial Statements

General information
Beta Glass Plc ("the Company") manufactures, distributes and sells glass bottles and containers for the leading soft drinks, breweries, wine and spirit, pharmaceutical, food and cosmetics companies. The Company has manufacturing plants in Agbara, Ogun State and in Ughelli, Delta State. Beta Glass Plc exports to some countries including Ghana, Guinea, Liberia and Togo.
The Company is a public limited company, listed on the Nigerian Exchange Group (NGX) and incorporated and domiciled in Nigeria. The address of its registered office is 5th Floor, Churchgate Tower 2, Plot PC31, Churchgate Street, Victoria Island, Lagos State, Nigeria.
Beta Glass Plc is a subsidiary of Packaging Industries (Nigeria) Limited (the parent company), which holds 61.9% of the ordinary shares of the Company. Frigoglass Industries (Nigeria) Limited changed its name to Packaging Industries (Nigeria) Limited on 30 March 2026. The ultimate controlling party is Helios Investors V Holdco Limited (incorporated in the United Kingdom). All press releases, annual reports and other information are available at the website of Beta Glass Plc: https://www.betaglass.com.
Summary of material accounting policies
1. Basis of preparation

These financial statements are the stand alone financial statements of the Company.

The financial statements have been prepared in accordance with IFRS Accounting Standards as issued by International Accounting Standards Board and in accordance with requirements of Financial Reporting Council of Nigeria (Amendment) Act 2023 and provisions of Companies and Allied Matters Act (CAMA), 2020. These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all disclosures that would otherwise required in a complete set of financial statements and should be read in conjuction with 2025 annual report. 2025 annual report and audited financial statements can be accessed via this link: https://www.betaglass.com/investor-relations/financials/

Differences that may exist between the figures of the financial statements and those of the notes are due to rounding. Wherever it was

necessary, the comparative figures have been reclassified in order to be comparable with the current year's presentation.

The financial statements have been prepared on a historical cost basis except for inventories at lower of cost and net realisable value, zero depreciation for land, and financial assets and financial liabilities measured initially at fair value and subsequently at amortised cost.

The preparation of financial statements in conformity with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires the Directors to exercise judgement in the process of applying the Company's accounting policies. Changes in assumptions may have a significant impact on the financial statements in the period the assumptions changed. The Directors believe that the underlying assumptions are appropriate and that the Company's financial statements therefore present the financial position and results fairly. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 4.

The financial statements comprise the Statement of Financial Position, the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Changes in Equity, the Statement of Cash Flows and the Notes to the Unaudited interim financial statements.

The financial statements have been prepared in Naira and all values are rounded to the nearest thousand (N'000), except where otherwise indicated.

Unaudited Interim Financial Statements for the Three Months Ended 31 March 2026 Notes to the Unaudited Interim Financial Statements

Basis of preparation - continued
1. Going concern
  The Company's management has made an assessment of its ability to continue as a going concern and is satisfied that it has the resources to continue in business for the foreseeable future. Furthermore, the management is not aware of any material uncertainties that may cast significant doubt upon the Company's ability to continue as a going concern. Therefore, the financial statements continue to be prepared on the going concern basis.
2. Changes in accounting policies and disclosures
  New standards, amendments and interpretations adopted by the Company
  The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Company's annual financial statements for the year ended 31 December 2025, except for the adoption of new standards effective as of 1 January 2026.
  The Company has not early-adopted any standard, interpretation or amendment that has been issued but is not yet effective.
  Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7
  This amendment clarifies that a financial liability is derecognised on the 'settlement date', i.e. when the related obligation is discharged, cancelled, expired or when the liability otherwise qualifies for derecognition. It also introduces an accounting policy option to derecognise financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met. The amendment clarifies how to assess the contractual cashflow characteristics of financial assets that include environmental, social and governance (ESG)-linked features and other similar contingent features. It also clarifies the treatment of non-recourse assets and contractually linked instruments. The amendment requires additional disclosures in IFRS7 for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income.
  Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7
  In December 2024, the IASB Board issued Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). The amendments clarify the 'own use', but the guidance permitting hedge accounting have to be applied prospectively to new hedging relationships designated on or after the date of initial application. The amendments include:
  - Clarifying the application of the 'own-use' requirements
  - Permitting hedge accounting if these contracts are used as hedging instruments
  - Adding new disclosure requirements to enable investors to understand the effect of these contracts on a company's financial performance and cash flows.
  There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Company in the current or future reporting period and on foreseeable future transactions.
  Unaudited Interim Financial Statements for the Three Months Ended 31 Notes to the Unaudited Interim Financial Statements - Continued
Segment reporting
Operating segment is reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Board of Directors of Beta Glass Plc.
Foreign currency translation
1. Functional and presentation currency
  Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The functional currency and presentation currency of Beta Glass Plc is the Nigerian Naira (N).
2. Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at the reporting date at exchange rates of monetary assets and liabilities denominated in currencies other than the Company's functional currency are recognized in the foreign exchange gain or loss in the profit or loss account.
Foreign exchange gains and losses are presented in the statement of profit or loss as foreign exchange gain or loss.
Property, plant and equipment

All property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably. All other repairs and maintenance costs including costs of property, plant and equipment below N50,000 are charged to profit or loss during the financial period in which they are incurred.

Land and other Property, Plant and Equipment under construction are not depreciated. Depreciation on other assets is calculated using the straight line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows:

Land Nil

Building 3

Plant and machinery:

Factory equipment and tools
Quarry equipment and machinery
Glass moulds
Other plant and machinery Furnaces
Motor vehicles
Furniture, Fittings and equipment:
Office and house equipment
Household furniture and fittings
Computer equipment Assets under Construction

Nil

Property, plant and equipment - continued
The assets' residual values and useful lives and method of depreciation are reviewed and adjusted, if appropriate, at the end of each reporting date.
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the profit or loss when the asset is derecognised.
In the case where an asset's carrying amount is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount and the difference (impairment loss) is recorded as expense in profit or loss.
Gains and losses on disposal of property, plant and equipment are determined by the difference between the sales proceeds and the carrying amount of the asset. These gains and losses are included in the profit or loss.
Interest costs on borrowings that are directly attributable to the acquisition, construction, or production of qualifying property, plant, and equipment are capitalised during the period necessary to prepare the asset for its intended use. All other borrowing costs are recognised as an expense in profit or loss as incurred. No borrowing costs were capitalised in 2026 (2025: N1.94 billion, relating to the furnace rebuild).
Leases
The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Company as a lessee
The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
1. Right-of-use assets
  The Company recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
  - Buildings 1- 2 years
  If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
  The right-of-use assets are also subject to impairment. Refer to the accounting policies in Note 2.7 - Impairment of non-financial assets.
2. Short-term leases and leases of low-value assets
  The Company applies the short-term lease recognition exemption to its short-term lease for some warehouses and guesthouses (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). The Company has guesthouses leased to accommodate its workers at a proximate location to its plants, which are categorised as short-term leases assets. Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.
3. Lease liabilities
At the commencement date of the lease, the Company does not have any lease liabilities measured at the present value of lease payments to be made over the lease term. The lease agreement does not contain / include any exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease.
Intangible assets Computer software
Capitalized software licenses are acquired and carried at acquisition cost less accumulated amortization, less any accumulated impairment. They are amortized using the straight-line method over five (5) years. Computer software maintenance costs are recognized as expenses in the profit or loss as incurred.
Costs associated with maintaining computer software programmes are recognised as an expense as incurred.
Impairment of non-financial assets
Assets that have an indefinite useful life not subject to amortisation are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
1. Financial assets - initial recognition, classification and measurement
  Financial assets are recognized when the Company becomes a party to the contractual provisions of the instrument.
  Financial assets are classified at initial recognition as amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss.
  The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Company's business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price determined under IFRS 15. Refer to the accounting policies on revenue from contracts with customers.
  In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are 'solely payments of principal and interest (SPPI)' on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
  The Company's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.
2. Subsequent measurement
  For purposes of subsequent measurement, financial assets are classified in four categories:
  1. Financial assets at amortised cost (debt instruments);
  2. Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments);
  3. Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments);
  4. Financial assets at fair value through profit or loss.
    The Company's financial assets includes financial assets at amortised cost.
3. Financial assets at amortised cost (debt instruments)
  The Company measures financial assets at amortised cost if both of the following conditions are met:
  1. The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and
  2. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding
    Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.
    The Company's financial assets at amortised cost includes trade receivables, staff advances and receivables from related parties and cash and bank balances.
    The Company did not own any financial assets that can be classified as fair value through profit and loss or held for trading financial assets during the period presented in these financial statements.
4. Derecognition
  A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised
  (i.e. removed from the Company's statement of financial position) when:
  1. The rights to receive cash flows from the asset have expired, or
  2. The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a 'pass-through' arrangement; and either (i) the Company has transferred substantially all the risks and rewards of the asset, or (ii) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
    When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.
    Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.
5. Impairment of financial assets
  The Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms (if any).
  ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
  For trade receivables and contract assets, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
  The Company calculates ECLs based on a three probability-weighted scenarios to measure the expected cash shortfalls, discounted at an approximation to the EIR. A cash shortfall is the difference between the cash flows that are due to an entity in accordance with the contract and the cash flows that the entity expects to receive.
  The mechanics of the ECL calculations are outlined below and the key elements are as follows:
  PD - The Probability of Default is an estimate of the likelihood of default over a given time horizon.
  EAD - The Exposure at Default is an estimate of the exposure at a future default date, taking into account expected changes in the exposure after the reporting date, including repayments of principal and interest, whether scheduled by contract or otherwise.
  LGD - The Loss Given Default is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that the Company would expect to receive, including from the realisation of any collateral. It is usually expressed as a percentage of the EAD.
  When estimating the ECLs, the Company considers three scenarios (a base case, an upside, a downside). Each of these is associated with different PDs, EADs and LGDs. In its ECL models, the Company relies on a broad range of forward looking information as economic inputs, such as:
  - GDP growth
  - Oil price
  - Exchange rate
  - Inflation rate
6. Write-offs
  Financial assets are written off either partially or in their entirety only when the Company has stopped pursuing the recovery. If the amount to be written off is greater than the accumulated loss allowance, the difference is first treated as an addition to the allowance that is then applied against the gross carrying amount. Any subsequent recoveries are credited to profit or loss.
Financial liabilities
Financial liabilities are at amortized cost. These include trade and other payables and loan and borrowings.
Recognition and measurement
Trade payables are initially recognized at the amount required to be paid, less, when material, a discount to reduce the payables to fair value. Subsequently, trade payables are measured at amortized cost using the effective interest method.
Loan and borrowings are recognized initially at fair value, net of any transaction costs incurred, and subsequently at amortized cost using the effective interest method. These are classified as current liabilities if payment is due within twelve months. Otherwise, they are presented as non-current liabilities.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the profit or loss.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.
Inventories
Inventories are recorded at the lower of cost and net realisable value. The cost of inventory includes expenditure incurred in acquiring the inventory, production or conversion costs and other costs incurred in bringing them to their existing location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less any applicable selling expenses.
Raw and packaging materials is measured based on purchase cost including transportation and clearing costs on a weighted average basis. The cost of finished goods and work in progress is determined using weighted average cost of raw and packaging materials, direct labour, other direct costs and related production overheads (based on normal operating capacity), incurred in bringing inventory to its present location and condition.
The cost of engineering spares and other consumables is determined using the weighted average method. Goods in transit is based on purchase cost incurred to date.
Allowance is made for excessive, obsolete and slow moving items. Write-downs to net realizable value and inventory losses are expensed in the period in which the write-downs or losses occur.
Trade receivables
Trade receivables are recognized initially at fair value and subsequently measured at amortised cost using the effective interest method less provision for impairment. A provision for impairment for trade receivables is established when there is objective evidence that the Company will not be able to collect all the amounts due according to the original terms of the receivables. Trade receivable is impaired using a provision matrix to calculate Expected Credit Loss (ECL). The Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date.
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and on hand and short-term highly liquid deposits that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.
Borrowing cost
General and specific borrowing costs directly attributable to the acquisition, construction, or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale are added to the cost of those assets, until such a time as the assets are substantially ready for their intended use or sale.
The Company did not incur any borrowing costs in 2026 (2025: N1.94 billion). All other borrowing costs are recognized in profit or loss in the period in which they are incurred.
Corporate Income tax
1. Current income tax
  The tax for the period comprises current, education and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is recognised in other comprehensive income or directly in equity, respectively.
  The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the reporting date. The Company Income Tax (CIT) rate is 30%.
  Development levy is 4% (2025: Tertiary Education Tax was 3%) of assessable profit calculated for the purpose of Company Income Tax (CIT).
2. Deferred tax
  Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
  The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, in which case the deferred tax is also dealt with in other comprehensive income or equity.
  Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax liabilities on a net basis.
  Deferred tax assets and liabilities are presented as non-current in the statement of financial position.
Employee benefit obligation
The Company operates a defined contribution pension plans for its employees.
A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. The company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The company has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
Export expansion grant
Export expansion grants (EEG) from the Federal Government of Nigeria are recognized at fair value when there is a reasonable assurance that the grant will be received and the Company has complied with all attached conditions.
The following conditions must be met by the Company in order to receive the EEG:
- The Company must be registered with the Nigerian Export promotion Council (NEPC).
- The Company must have a minimum annual export turnover of N5 million and evidence of repatriation of proceeds of exports.
  NEPC.
- An eligible company shall be a manufacturer, producer or merchant of products of Nigerian origin for the export market (i.e. the products must be made in Nigeria).
- Qualifying export transactions must have the proceeds fully repatriated within 300 days, calculated from the date of export and as approved by the EEG Implementation Committee.
Revenue recognition from Contracts with customers

The Company is in the business of manufacturing and sales of glassware and glass bottles for soft drink, breweries, pharmaceutical and cosmetic companies among others.

Revenue from contracts with customers is recognised when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer.

Revenue comprises the fair value for the sale of goods and services net of value-added tax, rebates and discounts.

Revenue is measured at the fair value of the consideration received or receivable and represents amounts received or receivable for goods supplied stated net of discounts, returns and value-added taxes. Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

the Company has identified a sales contract with a customer;
the performance obligations within this contract have been identified
the transaction price has been determined;
this transaction price has been allocated to the performance obligations in the contract; and
revenue is recognised as or when each performance obligation is satisfied.

The sale of bottles is based on Ex-works prices agreed with the customers. Haulage services are provided to the customers through third party service providers as an option. The sale of bottles and haulage services for delivery of bottles are distinct and have no bearing on each other, and are negotiated separately. Further, the consideration to be paid in one contract does not depend on the price or performance of other contract. Goods or services promised in the separate contracts are not a single performance obligation. There are no other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated.

The company performs an obligation once the products or goods are transferred to the customer, that is ownership, legal title, physical possession, control related to the products has been transferred to the customer and the customer has accepted the products.

The Company considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of bottles, the Company considers the effects of variable consideration, the existence of significant financing components, non-cash consideration, and consideration payable to the customer (if any).

The consideration to be received is stated in the contract, i.e. invoice as the contract price, which is agreed, accepted and signed by the customer. Revenue comprises the fair value for sales of goods and services net of value-added tax, rebates and discounts. Rebates constitute a variable consideration and are allocated to a single performance obligation affected.

The transaction price as stated in the invoice relates to the performance of obligation by the entity when the goods have been delivered to the customers.

Revenue from the sales of goods is recognised when the ownership and control of the goods are transferred to the buyer. Where goods are picked up by customers, risk is transferred immediately. Where goods are delivered, revenue is recognised when order by the customer is delivered to the customers with the evidence of the delivery note acknowledged/signed by the customers.

Variable consideration

Rebates constitute a variable consideration and are allocated to a single performance obligation affected.

Significant financing component

For bottle sales transactions, the receipt of the consideration by the Company does not match the timing of the delivery of bottles to the customer (e.g., the consideration is paid after the bottles have been delivered). Using the practical expedient in IFRS 15, the Company does not adjust the promised amount of consideration for the effects of a significant financing component since it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less.

Consideration payable to a customer: No consideration is payable to customers in respect of sales of glass bottles.

Revenue recognition from Contracts with customers - continued Contract balances: Contract assets: There are no contract assets as all sales are unconditional. Trade receivables: A receivable represents the Company's right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Contract liabilities: A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Company performs under the contract.
Provisions
A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.
Dividend distribution

Dividend distribution to the Company's shareholders is recognised as a liability in the financial statements in the period in which the

dividends are approved by the Company's shareholders.

Financial instruments risk management
The Company's business activities expose it to a variety of financial risks: market risk (including foreign exchange, interest rate, and price), credit risk and liquidity risk. The objective of the Company's risk management programme is to minimise potential adverse impacts on the Company's financial performance.
Risk management is carried out in line with policies approved by the Board of Directors. The Board provides written principles for overall risk management, as well as set the overall risk appetite for the Company. Specific risk management approaches are defined for respective risks such as foreign exchange risk, interest rate risk, credit risk, and investment of excess liquidity. The Company's overall risk management program seeks to minimize potential adverse effects on the Company's financial performance.
Financial risk management is the responsibility of the Treasury Manager, which aims to effectively manage the financial risk of Beta Glass Plc, according to the policies approved by the Board of Directors. The Treasury Manager identifies and monitors financial risk. The Board provides principles for overall risk management, as well as policies covering specific areas such as foreign exchange, interest rates and credit risks, use of financial instruments and investment of excess liquidity.
The Company's financial instruments consist of trade and other receivables and trade and other payables, borrowings, cash in hand and at bank.
Risk Exposure arising from Measurement Management
Future commercial transactions, recognised financial assets and liabilities
Cash flow forecasting
Contractual agreements on exchange rates and holding of foreign currency bank account
Market Risk- Foreign exchange
not denominated in Naira units Sensitivity analysis
as a natural hedge
Market risk - interest rate
Borrowings at variable rates Sensitivity analysis Interest rate negotiations
Diversification of bank
Credit risk
Cash and cash equivalents, trade receivables, and held-to-maturity investments
Aging analysis Credit ratings
deposits, credit limits and letters of credit. Investment guidelines for and held-to-maturity investments.
Availability of committed credit
Liquidity risk
Market risk

Borrowings and other liabilities Rolling cash flow forecasts

lines and borrowing facilities.

Market risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate because of changes in market prices.Market risk comprises three types of risk: currency risk, price risk,such as equity price risk and commodity risk and interest rate risk. Financial instruments affected by market risk include deposits and loans and borrowings.

Market risk - continued

Foreign exchange risk

The Company is exposed to foreign exchange risks from some of its commercial transactions and recognised assets. The Company buys and imports some of the raw materials used for production, the payments for which are made in US Dollars. Receipts for sales of finished goods in Nigeria are in Naira whilst receipts for sales of finished goods to foreign countries are in US dollars. The Company makes payments and collects receipts primarily in Nigerian Naira. Periodically however, receipts and payments are made in other currencies, mostly in the US dollar and Euro.

Management's approach to managing foreign exchange risk is to hold foreign currency bank accounts which act as a natural hedge for these transactions.

The Company's exposure to Euro and US Dollar (USD) is as follows:

31 March 31 March 31 December 31 December

Financial assets	2026 EUR'000	2026 USD'000	2025 EUR'000	2025 USD'000
Cash in hand and at bank	2,603	3,133	2,533	5,989
Trade receivables	388	1,498	366	1,280
	2,991	4,631	2,899	7,269
Financial liabilities Borrowings	107	-	1,627	-
Trade payables	53	326	1,052	213
Related parties payable	-	-	1,700	485
	160	326	4,379	698
Net amount	2,831	4,305	(1,480)	6,571

Effects of changes in Naira exchange rate on the Company's results:

31 March 31 March 31 December 31 December

2026	2026	2025	2025
N'000	N'000	N'000	N'000

Effect on profit Effect on profit Effect on profit Effect on profit

before tax

15 percent strengthening of the Naira to EUR / USD 15 percent weakening of the Naira to EUR / USD

EUR USD EUR USD (677,051) (895,517) 374,434 (1,415,234)

677,051 895,517 (374,434) 1,415,234

The above analysis is based on foreign currency exchange rate variances that the Company considered to be reasonably possible at the end of the reporting period but it has no impact on equity. The analysis assumes that all other variables remain constant.

Price risk
The Company is not exposed to price risk as it does not hold any equity instruments or commodity trade at active exchange market.
1. Market risk - continued
Interest rate risk

Interest rate risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate because of changes in market interest rates. The Company's interest rate risk arises from borrowings. Borrowings are issued at floating rates exposing the Company to cash flow interest rate risk which is partially offset by cash held at variable rates. The Company's policy on managing interest rate risk is to negotiate favourable terms with the banks to reduce the impact of exposure to this risk and to obtain competitive rates for loans and for deposits. The Company had short-term and medium-term borrowings outstanding as at 31 December 2025 (N39.23 billion) and as at 31 December 2024 (N26.91 billion - short-term borrowings only). These borrowings bear both fixed and variable interest rates.

		Increase / Decrease in	Effect on profit
	Interest rate sensitivity	interest rate %	before tax
			N'000
	2026 Variable rate instrument (Dollar)	+2	10,428
	Variable rate instrument (Euro)	+2	(0)
	Variable rate instrument (Dollar)	-2	(10,428)
	Variable rate instrument (Euro)	-2	0
	2025 Variable rate instrument (Dollar)	+2	17,232
	Variable rate instrument (Euro)	+2	(4)
	Variable rate instrument (Dollar)	-2	(17,232)
	Variable rate instrument (Euro)	-2	4
3.2	Credit risk

Credit risk is the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company is exposed to credit risk from cash and cash equivalents as well as credit exposures to customers, including outstanding receivables and committed transactions.

The Company uses policies to ensure that sales of products are to customers with appropriate credit history. The granting of credit is controlled by credit limits and the application of certain terms of sale. The continuous credit worthiness of the existing customers is monitored periodically based on history of performance of the obligations and settlement of their debt. Appropriate provision for impairment losses is made for specific credit risks. At the year end, the Company considered that there were no material credit risks that had not been covered by Expected Credit Loss (ECL) provisions.

No credit limits on cash amounts were exceeded during the reporting period and management does not expect any losses from non-performance by these counterparties. None of the counterparties renegotiated their terms in the reporting period.

The maximum exposure to credit risk for trade receivables approximates the amount recognized on the statement of financial position. The Company does not hold any collateral as security.

Credit risk - continued

The table below analyses the Company's financial assets into relevant maturity groupings as at the reporting date.

31 March 2026 Neither past

Financial assets:	due nor impaired	Up to 30 days	31 - 90 days	91-120 days	Over 120 days	Total
	N'000	N'000	N'000		N'000	N'000
Cash at bank (Note 17)	12,965,522	-	-		-	12,965,522
Trade receivables (Note 16)	16,703,650	2,369,878	144,091	170,460	883,983	20,272,062
Receivables from related parties (Note 16)	56,748,126	901,981	1,585	-	13,470	57,665,162
Staff advances (Note 16)	212,933	-	-		-	212,933
86,630,231 3,271,859			145,676	170,460	897,453	91,115,679
31 December 2025 Neither past due nor Up to 30					Over 120
Financial assets:	impaired N'000	days N'000	31 - 90 days N'000	91-120 days	days N'000	Total N'000
Cash at bank (Note 17)	19,729,207	-	-		-	19,729,207
Trade receivables (Note 16)	10,725,666	4,121,166	606,091	-	970,420	16,423,343
(Note 16)	49,990,053	997,561	36,442	12,154	-	51,036,210
Staff advances (Note 16)	276,622	-	-		-	276,622
	80,721,548	5,118,727	642,533	12,154	970,420	87,465,382

Receivables from related parties and Staff advances are from counterparties with no risk of default.

Security

No security is held in respect of trade receivables, whether in the form of guarantees, deeds of undertaking, or letters of credit that could be called upon in the event of counterparty default. The Company operates a business-to-business sales model, with major customers comprising multinational entities. Credit is granted based on the customers' creditworthiness and historical performance.

Impairment of trade and related party receivables

The Company has trade receivables from sales of inventory and provision of haulages services, related party receivables and staff advances that are subject to expected credit loss model.

Cash and cash equivalents are also subject to impairment requirements of IFRS 9, the identified impairment loss was immaterial.

An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for different customers and the calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written off if past due for more than one year and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in table (maturity grouping) above.

The Company applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables and contract assets.

Financial instruments risk management - continued Expected credit loss measurement - other financial assets
The Company applies the general approach in computing expected credit losses (ECL) for intercompany receivables. The Company
recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The ECL is determined by projecting the probability of default (PD), loss given default (LGD) and exposure at default (EAD) for each future month and for each individual exposure. These three components are multiplied together and adjusted for the likelihood of survival (i.e. the exposure has not prepaid or defaulted in an earlier month). This effectively calculates an ECL for each future month, which is then discounted back to the reporting date and summed. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof.
The 12-month and Lifetime PDs are derived by mapping the internal rating grade of the obligors to the PD term structure of an external rating agency for all asset classes. The 12-month and lifetime EADs are determined based on the expected payment profile, which varies by product type. The assumptions underlying the ECL calculation - such as how the maturity profile of the PDs, etc. - are monitored and reviewed on a regular basis. There have been no significant changes in estimation techniques or significant assumptions made during the reporting period.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. Liquidity risk is managed by maintaining sufficient cash reserves to meet operational needs at all times so that the Company does not breach borrowing limit. The Company manages liquidity risk by effective working capital and cash flow management.

The Company invests its surplus cash in interest bearing accounts. At the reporting date, the Company had no fixed deposit investment in interest bearing account (December 2025: nil).

The table below summarises the maturity profile of the Company's financial liabilities based on contractual undiscounted cash flows.

Less than 3 3 months to More than 12 months 12 months months Total At 31 March 2026 N'000 N'000 N'000 N'000 Financial liabilities:

Trade payables 11,446,228 - 11,446,228

Accrued expenses and other payables 5,238,546 - 5,238,546 Liability arising from financial guarantee (Note 30) - - -Amounts due to related parties (Note 29.2) 1,039,580 - 1,039,580 Borrowings 4,146 10,764,806 45,850,251 56,619,203

17,728,500 10,764,806 45,850,251 74,343,557

Less than 3 3 months to More than 12

months 12 months months				Total
At 31 December 2025	N'000	N'000	N'000	N'000
Financial liabilities:
Trade payables	14,301,234	-	-	14,301,234
Accrued expenses and other payables	2,343,797	-	-	2,343,797
Liability arising from financial guarantee (Note 30)	2,389,124	-	-	2,389,124
Amounts due to related parties (Note 29.2)	5,427,478	-	-	5,427,478

Borrowings 2,552,513 13,919,402 45,850,251 62,322,166

27,014,146 13,919,402 45,850,251 86,783,799

Capital risk management

The objective in managing capital is to safeguard the Company's ability to continue as a going concern in order to maximise returns for shareholders and benefits for other stakeholders, as well as maintaining the optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, capital returned to shareholders, new shares issued, or debt raised.

Consistent with others in the industry, the Company monitors capital on a monthly basis using the gearing ratio. This ratio is calculated as net debt divided by total equity. Net debt is calculated as borrowings plus trade and other payable less cash in hand and at bank. Total equity is calculated as the sum of all equity components on the statement of financial position.

31 March 31 December

		2026	2025
Gearing ratio:		N'000	N'000
Borrowings		37,546,721	40,408,103
Trade and other payables		22,594,242	26,074,720
Less: Cash in hand and at bank		(12,966,026) (19,729,708)
Net Debt		47,174,937 46,753,115
Total equity		104,116,040 96,267,299
	Gearing %	45.3%	48.6%
3.6	Financial instruments which are carried at other than fair value

The carrying value of all financial assets and financial liabilities is a reasonable approximation of fair value. The approximation is due to the short term nature of the instruments. No further disclosure is required.

Critical accounting estimates and judgements
1. Significant judgements and key sources of estimation uncertainty
  The preparation of financial statements requires directors to use judgment in applying its accounting policies and estimates and assumptions about the future. Estimates and other judgments are continuously evaluated and are based on directors experience and other factors, including expectations about future events that are believed to be reasonable under the circumstances. Significant accounting judgments and estimates made in the preparation of the financial statements is shown below.
2. Significant accounting estimate Expected Credit Loss (ECL) on trade receivables
  The Company applies the simplified approach permitted under IFRS 9 to recognise lifetime expected credit losses on trade receivables. Judgement is applied in customers segmentation, assessing historical/default patterns, incorporating forward-looking information (inflation, FX, GDP and unemployment), and applying management overlays where macro-economic conditions introduce heightened uncertainty.
  The provision matrix is initially based on the Company's historical observed default rates. The Company will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions (i.e. gross domestic product) are expected to deteriorate over the next year which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed.
  The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Company's historical credit loss experience and forecast of economic conditions may also not be representative of customers' actual default in the future. The information about the ECLs on the Company's trade receivables is disclosed in Note 3.3.
  Expected Credit Loss (ECL) on inter-company receivable
  The Company applies the general (three-stage) ECL model under IFRS 9 for inter-company receivables. Receivables are classified into Stage 1, Stage 2, or Stage 3 based on changes in credit risk since initial recognition:
  - Stage 1: No significant increase in credit risk - 12-month ECL.
  - Stage 2: Significant increase in credit risk - lifetime ECL.
  - Stage 3: Credit-impaired - lifetime ECL on the net carrying amount.
    The assessment considers:
  - the financial condition of each related entity,
  - past repayment performance,
  - intra-group financial support,
  - and forward-looking macro-economic information (GDP, inflation, FX risk, and country-specific risk indicators).
  As at 31 March 2026, the majority of inter-company receivables were assessed to remain in Stage 1 as there was no significant increase in credit risk compared to initial recognition. The information about the ECLs on the Company's inter-company receivables is disclosed in Note 3.3.
3. Significant accounting judgement Export expansion grant and negotiable duty credit certificate
  The Export Expansion Grant (EEG) is a key incentive programme of the Federal Government of Nigeria designed to promote export-oriented activities and support the growth of the non-oil export sector. Having met the eligibility requirements and been duly registered under the scheme with the Nigerian Export Promotion Council (NEPC), the Company is entitled to a rebate on qualifying export sales, provided it can demonstrate that the proceeds from such sales are repatriated to Nigeria through an approved channel within 300 days of the export date.
  The rebate is recognised as a credit to cost of sales and as a receivable from the Federal Government of Nigeria (i.e. EEG receivable). As at 31 March 2026, EEG receivable stood at N3.55 billion (31 December 2025: N3.37 billion) as disclosed in Note 16.
  Although a significant portion of the EEG receivable has been outstanding for more than one year, no impairment has been recognised, as these amounts are considered sovereign-related receivables. Furthermore, the Federal Government of Nigeria has not communicated any intention or indication of unwillingness to settle these obligations. Accordingly, the outstanding balances continue to be classified as current assets.
  Deferred tax
  Deferred tax represents the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities recognised in the financial statements and their corresponding tax bases used in the computation of taxable profit. Deferred tax is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, except where the liability arises from goodwill or from the initial recognition of an asset or liability (other than in a business combination) in a transaction that, at the time of the transaction, affects neither accounting profit nor taxable profit. Deferred tax assets and liabilities have been measured based on management's estimates of the underlying transactions. Actual amounts recognised may differ from these estimates.

Segment information

IFRS 8 'Operating Segments' requires operating segments to be identified based on internal reports that are regularly reviewed by the entity's Chief Operating Decision Maker ("CODM"). The CODM has been identified as the Board of Directors, which comprises the executive directors and other key members of management. The Board of Directors is responsible for reviewing operating results, allocating resources, and assessing the performance of the Company.

The Company's reportable segment has been identified on a product basis as the manufacture and sale of glass bottles. Accordingly, Beta Glass Plc operates as a single-segment business for management and financial reporting purposes.

The following customers individually account for more than 10% of the total revenue of Beta Glass Plc:

	31 March 2026 N'000	%	31 March 2025 N'000	%
Customer 1	9,931,421	26%	10,345,955	25%
Customer 2	7,701,546	21%	7,935,548	19%
Customer 3	4,811,756	13%	7,288,847	18%
Customer 4	3,279,000	9%	5,304,930	13%

Revenue is generated from both domestic and international sales. An analysis of revenue based on customer location is presented below:

31 March

2026

31 March

2025

N'000

Local sales

35,584,063

94.8%

39,604,825

96.2%

Export sales 1,954,877 5.2% 1,560,041 3.8%

Total revenue 37,538,940 100.0% 41,164,866 100.0%

The Board of Directors assesses the performance of the operating segment based on operating profit.

31 March

2026

2025

Operating profit

N'000

12,777,496

N'000

15,050,070

Revenue from contracts with customers Disagregated revenue information 31 March 2026 31 March 2025
Type of goods: N'000 N'000
Sales of glassware and bottles 37,538,942 41,164,866
Geographical markets:
Local 35,584,065 39,604,825
Export 1,954,877 1,560,041
37,538,942 41,164,866
Revenue from the sale of glass bottles is recognised at a point in time, generally upon delivery of the bottles.
Included in sales of glassware and bottles are sales to related party of N9.93 billion (March 2025: N7.94billion). See Note 29.1 for further details.
Analysis of expenses by function

7.1	Cost of sales
		31 March 2026	31 March 2025
		N'000	N'000
	Materials consumed	7,653,669	9,946,286
	Depreciation of property, plant and equipment (Note 19)	2,603,619	1,558,609
	Technical know-how fees (Note 29.1)	1,210,631	1,327,567
	Factory salaries and wages (Note 7.4)	1,579,881	1,237,322
	Pension costs - defined contribution plans (Note 13c)	106,341	66,422
	Other personnel cost	714,941	689,597
	Fuel, gas and electricity	8,014,004	8,454,323

Other factory overheads 1,955,249 1,879,148

23,838,335 25,159,274

Materials consumed comprise direct materials used in production, net of export incentives, and are adjusted for movements in the cost of finished goods inventories.

Other factory overheads comprise repairs and maintenance of plant and machinery, buildings and motor vehicles, insurance premiums, and other factory-related overheads.

7.2 Administrative expenses
	31 March 2026	31 March 2025
	N'000	N'000
Depreciation (Note 19)	36,636	21,503
Amortisation charges (Note 14)	-	-
Depreciation charges - Right-of-use assets (Note 20)	17,830	18,376
Auditor's remuneration	18,046	13,037
Legal professional fees	-	2,100
Other Professional and regulatory fees	156,949	71,427
Salaries and wages (Note 7.4)	372,684	320,512
Pension costs - defined contribution plans (Note 13c)	21,990	17,546
Other personnel cost	168,396	119,262
Directors' remuneration	101,348	50,500
Accomodation, travel and logistics	217,519	139,584
Repairs and maintenance of vehicles	118,807	98,964
Rent and Rates	148,353	100,262
Information technology and communication expenses	434,267	397,084
Office operations & administrative support	33,716	36,079
Corporate Relations and Governance	43,810	74,991
Other administrative expenses	49,694	44,992
	1,940,045	1,526,219
Other administrative expenses include guest house and other expenses.
7.3 Selling and distribution expenses
	31 March 2026	31 March 2025
	N'000	N'000
Salaries and wages (Note 7.4)	45,658	35,117
Other selling and distribution expenses	82,180	77,901
	127,838	113,018
	31 March 2026	31 March 2025
Total Expenses by function	N'000	N'000
Cost of sales	23,838,335	25,159,274
Administrative expenses	1,940,045	1,526,219
Selling and distribution expenses	127,838	113,018
	25,906,218	26,798,511
7.4 Expenses by Nature - Salary and wages
	31 March 2026	31 March 2025
	N'000	N'000
Wages and salaries included in:
Cost of sales (Note 7.1)	1,579,881	1,237,322
Administrative expenses (Note 7.2)	372,684	320,512
Selling and distribution expense (Note 7.3)	45,658	35,117
	1,998,223	1,592,951

8	Other income
		31 March 2026	31 March 2025
		N'000	N'000
	Profit on disposal of property, plant and equipment	-	13,749
	Income on transport and others	1,015,201	601,674

Proceed from sale of scraps 83,854 68,292

1,099,055 683,715

Foreign exchange (fx) loss 31 March 2026 31 March 2025 N'000 N'000

Foreign exchange loss (608,807) (94,220)

Analysed as follows:

Net realised gain/(loss) (Note 9 (i))	(470,569)	63,254
Net realised gain/(loss) on borrowings (Note 9 (ii))	(16,248)	20,723
Net unrealised gain/(loss) (Note 9.1) (121,990) (178,197)
Net foreign exchange gain/(loss)	(608,807)	(94,220)

Net realised fx gain/(loss) arises from receipt of foreign trade receivables, payment of foreign trade payables and movements in domiciliary account balances.
Realised fx gain/(loss) on borrowings relates to the repayment of import finance facilities during the period.

Reconciliation of foreign exchange (fx) difference reported in the statement of cash flows

31 March 2026 31 March 2025 N'000 N'000

Unrealised fx gain/(loss) on domiciliary bank account 24,525 115,921 Unrealised fx gain/(loss) on loan - (252,636)

Net unrealised fx gain/(loss) on cash and borrowings		24,525	(136,715)
Unrealised fx gain/(loss) on other receivables & payables (146,515) (41,482)
Net Unrealised foreign exchange gain/(loss)		(121,990)	(178,197)
10 Finance income and cost
10.1 Finance income
		31 March 2026	31 March 2025
		N'000	N'000
Interest income - related party borrowings		2,571,157	2,549,355
Interest income - others 91,796 41,155 2,662,953 2,590,510
10.2	Finance cost
		31 March 2026	31 March 2025
		N'000	N'000
	Interest expense (Note 10.3)	(2,886,758)	(1,944,459)
	Other bank charges	(52,854)	(384,371)
		(2,939,612)	(2,328,830)
	Net finance income/(expense)	(276,659)	261,680

10.3 Interest expenses

Interest is recognised using the effective interest rate method (amortised cost).

31 March 2026 31 March 2025 N'000 N'000

Interest paid - Term loan 2,447,436 788,565

Interest accrued - Term loan 394,145 -

Interest paid - Overdraft - 44,232

Interest paid - IFF 41,032 243,649

Interest accrued IFF 4,145 868,013

2,886,758 1,944,459

11 Income tax expense
	31 March 2026	31 March 2025
	N'000	N'000
Income tax	3,567,608	4,565,259
Development levy	475,681	-
Education Tax	-	456,526
Income tax from back duty	-	200,000
Tax expense	4,043,289	5,221,785

The current tax charge has been computed at the applicable Companies Income Tax rate of 30% (2025: 30%), Development Levy of 4% (2025: 3%), and Police Trust Fund levy of nil (2025: 0.005%), applied to the profit for the year, after adjusting for items of income and expenditure that are not taxable or deductible for tax purposes. Non-deductible expenses include items such as donations and certain provisions that are not allowable deductions under tax legislation. Tax-exempt income includes items such as export profits and gains on disposal of assets, which are not subject to tax.

The tax on the Company's profit before tax differs from the theoretical amount that would arise using the basic tax rate of the Company as follows:

Effective tax reconciliation
	31 March 2026	31 March 2025
Profit before tax	N'000 11,892,030	N'000 15,217,530
Tax at the Nigerian Companies Income Tax rate of 30% (2024: 30%)	3,567,608	4,565,259
Tax effects of: Effect of education tax	475,681	456,526
Back duty tax provision	-	200,000
Tax charge for the year	4,043,289	5,221,785
Effective tax rate	34.0%	34.3%

12 Earnings per share

Basic earnings per share (EPS) is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding at the end of the reporting year.

31 March	31 March
2026	2025
N'000	N'000
Profit attributable to shareholders of the Company (N' 000)	7,848,741 9,995,745
Weighted average number of ordinary shares in issue ('000)	599,966 599,966
Basic Earnings per share (Naira)	13.08 16.66
Diluted earnings per share (EPS) is equal to basic EPS, as there are no potential securities convertible into ordinary shares.
13 Particulars of the Directors and employees
13.1 Headcount
The average number of employees, excluding Directors, employed by the Company during the period was as follows:
31 March	31 March
2026	2025
Number	Number
Executive Manager 3	3
Senior Manager 33	25
Manager 37	47
Supervisor 80	89
Specialist 220	214
Superintendent 148	156
Junior	284 268
	805 802

13.2 Salary range

The number of employees in Nigeria with gross emoluments excluding retirement benefits,within the bands stated below were:

		31 March 2026	31 March 2025
		Number	Number
N1,000,001 - N2,000,000		125	216
N2,000,001 - N3,000,000		168	103
Over N3,000,000		512 483
		805 802
13.3	Staff costs
	Staff costs for the above personnel (excluding Executive Directors):
		31 March 2026	31 March 2025
		N'000	N'000
	Wages and salaries (Note 7.4)	1,998,223	1,592,951
	Pension costs - defined contribution - Cost of Sales (Note 7.1)	106,341	66,422
	Pension costs - defined contribution - Administration (Note 7.2)	21,990	17,546
	Other personnel cost	883,337	808,859
		3,009,891	2,485,778

Intangible Assets Computer software 31 March 31 December 2026 2025 N'000 N'000 Cost
As at 1 January 60,708 60,708
Additions - -
As at Period end 60,708 60,708
Accumulated amortisation:
As at 1 January (60,708) (60,708)
Charge for the year - -
As at Period end (60,708) (60,708)
Net book vaue As at Period end - -
Amortisation of ₦0.00 million (December 2025: ₦0.00 million) was charged to administrative expenses.
Inventories

31 March 31 December 2026 2025 N'000 N'000

Raw materials - cost 5,394,489 6,263,710

Work in progress - cost 33,533 39,350

Finished goods - cost 10,657,776 8,645,522

Spare parts and other consumables - cost 7,876,185 7,219,519

Goods in transit 1,244,051 953,267

25,206,034 23,121,368 31 March 31 December Inventory write-down 2026 2025 N'000 N'000

As at 1 January 1,554,568 1,419,617

Charged to income statement - 1,716,359

Reversed amounts - (6,883)

Utilized (685,086) (1,574,525)

As at period end 869,482 1,554,568

As at 31 March 2026, inventories were written down to their net realizable value by N869.48 million (31 December 2025: N1,554.57 million). The provision for the year is recognized as an expense in the period in which it occurs and is included in the cost of sales in profit or loss.

Analysis of value of inventories charged to profit or loss is as follows:

31 March

2026

2025

Cost of inventories included in cost of sales

N'000

7,653,669

N'000

9,946,286

The amount represents the cost of raw materials and packaging materials consumed, net of export grants, and is included in cost of sales, as detailed in Note 7.1.

16 Trade and other receivables
		31 March 2026	31 December 2025
		N'000	N'000
Trade receivables		20,272,062	16,423,343
EEG receivable (Note 4.3)		3,553,504	3,371,072
Prepayments		3,281,711	1,383,808
Prepayment - Short term lease		84,585	112,711
Withholding tax receivable		901,519	901,519
Staff receivables		212,933	276,622
Loan receivable from related parties (Note 29.3)		45,132,259	42,561,102
Receivables from related parties (Note 29.3)		12,532,903	8,475,108
		85,971,476	73,505,285
Allowance for expected credit losses		(1,287,613)	(1,287,613)
		84,683,863	72,217,672
Other financial asset represents fixed deposit with more than 90 days maturity.
		31 March 2026	31 December 2025
Analysis of trade receivables: Trade receivables		N'000 33,096,504	N'000 25,215,850
less: Receivables from related parties		(12,824,442)	(8,792,507)
Net trade receivables (Note 16)		20,272,062	16,423,343
The related party trade receivable relates to Nigerian Bottling Company.
16.1 Reconciliation of loan receivable from related parties
		31 March 2026	31 December 2025
		N'000	N'000
As at 1 January		42,561,102	33,637,841
Accrued interest income		2,571,157	8,923,261
As at period end		45,132,259	42,561,102
16.2 Analysis of expected credit losses
Trade	Staff	Related Party
Receivable	Receivable	Receivable	Total
As at 31 March 2026 N'000	N'000	N'000	N'000
Gross 33,096,504	212,933	57,665,162	90,974,599
ECL (1,255,394)	(1,053)	(31,166)	(1,287,613)
Net 31,841,110	211,880	57,633,996	89,686,986
Trade	Staff	Related Party
Receivable	Receivable	Receivable	Total
As at 31 December 2025 N'000	N'000	N'000	N'000
Gross 25,215,850	276,622	51,036,210	76,528,682
ECL (1,255,394)	(1,053)	(31,166)	(1,287,613)
Net 23,960,456	275,569	51,005,044	75,241,069

Other receivables represent amounts due from insurance claims.

Trade receivables are non-interest bearing and are generally collectible within 30 to 90 days.

16.2 Analysis of expected credit losses - continued
Set out below is the movement in the allowance for expected credit losses:
16.2.1 Trade receivables
	31 March 2026	31 December 2025
	N'000	N'000
As at 1 January	1,255,394	1,927,295
Reversal of provision during the year	-	(671,901)
As at period end	1,255,394	1,255,394
16.2.2 Staff receivables
	31 March 2026	31 December 2025
	N'000	N'000
As at 1 January	1,053	1,053
As at period end	1,053	1,053
16.2.3 Related parties receivables
	31 March 2026	31 December 2025
	N'000	N'000
As at 1 January	31,166	25,385
Additional Provision during the year	-	5,781
As at period end	31,166	31,166

The related party receivables for which expected credit losses (ECL) have been assessed relate to amounts due from Packaging Industries (Nigeria) Limited, as disclosed in Note 29.3.

16.3 Trade and other receivables for cashflow purposes

		31 March	31 December
		2026	2025
		N'000	N'000
	Trade and other receivables	84,683,863	72,217,672
	Expected credit loss (ECL) debit /(credit) to income statement	-	666,120
	Movement in related party loan receivable	(2,571,157)	9,914,735
	Exchange difference excluding cash related difference	146,515	11,521
	WHT utilised for Company Income Tax	-	749,998
		82,259,221	83,560,046
17	Cash in hand and at bank
		31 March	31 December
		2026	2025
		N'000	N'000
	Cash in hand	516	513
	Cash at bank	12,965,522	19,729,207
		12,966,038	19,729,720
	Expected credit loss on short term-deposits (Note 17.1)	(12)	(12)
	Cash and short-term deposits	12,966,026	19,729,708

17.1 Expected credit loss on short-term deposits
	31 March 2026	31 December 2025
	N'000	N'000
As at 1 January	12	59,230
Reversal during the year	-	(59,218)
As at period end	12	12
18 Borrowings
	31 March 2026	31 December 2025
	N'000	N'000
Short-term borrowings	4,146	2,552,513
Medium-term borrowings - current	3,825,404	2,596,398
Medium-term borrowings - non-current	33,717,171	35,259,192
	37,546,721	40,408,103
Changes in short-term borrowings:
	31 March 2026	31 December 2025
	N'000	N'000
As at 1 January	2,552,513	26,910,912
Interest charged	4,145	443,694
Repayment of borrowings during the period	(3,282,885)	(30,188,760)
Interest paid	(4,344)	(11,384,577)
Foreign exchange movement	-	(84,250)
Additional borrowings during the period	734,717	16,855,494
As at period end	4,146	2,552,513

Short term borrowings represent Import Finance Facilities (IFFs) in foreign currencies from banks for the importation of raw materials and plant and equipment at variable interest rates ranging from 9.0% to 10.98% (2025: 9% to 10.98%). The borrowings are typically payable within 30 to 90 days.

Changes in medium-term borrowings:
	31 March 2026	31 December 2025
	N'000	N'000
As at 1 January	37,855,590	-
Additional borrowings during the period	-	36,315,704
Interest charged	2,841,581	8,105,794
Repayment of borrowings during the period	(707,160)	-
Interest paid	(2,447,436)	(6,565,908)
As at period end	37,542,575	37,855,590
Current	3,825,404	2,596,398
Non-current	33,717,171	35,259,192
Borrowings as at period end	37,542,575	37,855,590

The medium-term borrowings were utilised in 2025 to refinance existing short-term borrowings of ₦17.7 billion as part of a loan restructuring arrangement, and to finance furnace rebuild amounting to ₦19 billion. The facilities have a tenure of five (5) years, including a one-year moratorium on principal repayments. Interest is payable at floating rates, ranging from the Monetary Policy Rate (MPR) less a fixed margin of 2.5% to MPR plus a fixed margin of 2.75%.

BETA GLASS PLC Unaudited Interim Financial Statements for the Three Months Ended 31 March 2026 Notes to the Unaudited Interim Financial Statements - Continued

19 Property, plant and equipment
			Plant and	Furniture, Fittings and	Motor		Assets under
	Land	Building	Machinery	Equipment	Vehicles	Furnaces	Construction	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Cost: As at 1 January 2026	168,540	6,091,637	57,155,363	884,169	1,917,289	36,368,540	2,677,285	105,262,823
Additions		9,675	115,449	26,486	-	246,014	23,456	421,080
Disposals	-	-	-	-	-	-	-	-
Write off	-	-	-	-	-	-	-	-
Reclassifications	-	95,085	390,687	34,680	-	-	(520,452)	-
As at 31 March 2026	168,540	6,196,397	57,661,499	945,335	1,917,289	36,614,554	2,180,289	105,683,903
Accumulated depreciation: As at 1 January 2026	-	1,408,716	23,647,549	402,771	1,157,850	9,840,312	-	36,457,198
Charge for the period	-	52,590	1,374,152	36,635	65,758	1,111,120	-	2,640,255
On disposals	-	-	-	-	-	-	-	-
Write off	-	-	-	-	-	-	-	-
As at 31 March 2026	-	1,461,306	25,021,701	439,406	1,223,608	10,951,432	-	39,097,453
Net book value:
As at 31 March 2026	168,540	4,735,091	32,639,798	505,929	693,681	25,663,122	2,180,289	66,586,450

Assets under construction represent value of plant and machinery in progress. On completion, the assets will be capitalized and subsequently depreciated. None of the Property, Plant and Equipment are specifically pledged as security or collateral. Of the ₦442 million additions to Property, Plant, and Equipment (PPE) during the period, ₦220 million relates to amounts payable to PPE suppliers as at the reporting date.
Depreciation expenses charged as follows:	N'000
Cost of Sales (Note 7.1)	2,603,619
Administrative expenses (Note 7.2)	36,636
Total	2,640,255

BETA GLASS PLC Unaudited Interim Financial Statements for the Three Months Ended 31 March 2026 Notes to the Unaudited Interim Financial Statements - Continued

19 Property, plant and equipment	Land	Building	Plant and Machinery	Furniture, Fittings and Equipment	Motor Vehicles	Furnaces	Assets under Construction	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Cost: As at 1 January 2025	168,540	5,074,479	40,178,135	535,975	1,660,284	13,685,381	3,320,678	64,623,472
Additions	-	865,816	16,688,303	315,277	298,850	22,716,612	-	40,884,858
Disposals	-	-	(159,032)	(11,177)	(41,845)	(33,453)	-	(245,507)
Write off	-	-	-	-	-	-	-	-
Reclassification**	-	151,342	447,957	44,094	-	-	(643,393)	-
As at 31 December 2025	168,540	6,091,637	57,155,363	884,169	1,917,290	36,368,541	2,677,285	105,262,823
Accumulated depreciation: As at 1 January 2025	-	1,228,197	19,104,424	300,428	951,660	7,033,330	-	28,618,039
Charge for the year	-	180,519	4,702,156	109,930	248,035	2,840,435	-	8,081,075
On disposals	-	-	(159,031)	(7,587)	(41,845)	(33,453)	-	(241,916)
Write off	-		-	-	-	-	-	-
As at 31 December 2025	-	1,408,716	23,647,549	402,770	1,157,850	9,840,312	-	36,457,198
Net book value:
As at 31 December 2025	168,540	4,682,921	33,507,814	481,399	759,440	26,528,229	2,677,285	68,805,625

Assets under construction represent value of plant and machinery in progress. On completion, the assets will be capitalized and subsequently depreciated. None of the Property, Plant and Equipment are specifically pledged as security or collateral.

** Reclassification represents assets that were capitalized from Assets under Construction during the year.

Depreciation expenses charged as follows:

N'000

Cost of Sales 7,971,145

Administrative expenses 109,930

Total 8,081,075

Company as a lessee

The Company has lease contracts for rented guest houses. Leases of guest houses generally have lease terms between 1 and 2 years.

The Company has certain leases of warehouses and guest houses with lease terms of 12 months or less. The Company applies the 'short-term lease' recognition exemptions for these leases.

Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:

Buildings 31 March 31 December 2026 2025

N'000 N'000

As at 1 January 17,830 17,221

Additions - 73,542

Depreciation expense (17,830) (72,933)

As at period end - 17,830

There were no lease liabilities as at 31 March 2026 (December 2025: Nil) as all lease payments are prepaid.

31 March 2026 31 March 2025 N'000 N'000

Depreciation expense on right-of-use assets 17,830 72,933

Expense relating to short-term leases (included in Admin and Selling expenses) 437,589 437,589

Total amount recognised in profit or loss 455,419 510,522

The Company had no cash outflows for leases as of 31 March 2026 (December 2025: N73.54 million).

	31 March 2026	31 December 2025
	N'000	N'000
The movement in deferred tax is as follows:
As at 1 January	11,902,752	4,619,910
Changes during the period: - charge recognised in tax expense in profit or loss (Note 11)	-	7,282,842
As at period end	11,902,752	11,902,752
	31 March 2026	31 December 2025
Deferred tax assets	N'000 (862,113)	N'000 (862,113)
Deferred tax liabilities	12,764,865	12,764,865
Net deferred tax liabilities	11,902,752	11,902,752
Deferred tax relates to the following:

Statement of Financial Position Statement of Profit or loss 31 March 31 December 31 March 31 December

		2026	2025	2026	2025
		N'000	N'000	N'000	N'000
	Accelerated depreciation for deferred tax purpose	12,764,865	12,764,865	-	(6,305,722)
	Cash and Trade receivables - unrealised exchange gain	476,699	476,699	-	4,413,475
	Trade and other payables - unrealised exchange loss	(148,995)	(148,995)	-	(5,356,387)
	Trade and other receivables - impairment loss	(432,929)	(432,929)	-	(322,622)
	Inventory - write down and other provisions	(756,888)	(756,888)	-	288,414
		11,902,752	11,902,752	-	(7,282,842)
22	Trade and other payables
				31 March 2026	31 December 2025
				N'000	N'000
	Trade payables			11,446,228	14,301,234
	Contract liabilities *			1,527,132	1,378,282
	Social security and transaction taxes			3,342,756	2,578,212
	Liability arising from financial guarantee (Note 30)			-	45,717
	Accrued expenses and other payables			5,238,546	2,343,797
	Amounts due to related parties (Note 29b)			1,039,580	5,427,478
				22,594,242	26,074,720
* Contract liabilities represent short-term deposits received from customers for the supply of glass bottles.
Movement in contract liabilities:					31 March 2026	31 December 2025
					N'000	N'000
As at 1 January					1,378,282	838,355
Customer down payment during the year					1,527,132	1,378,282
Revenue recognised during the year					(1,378,282)	(838,355)
As at period end					1,527,132	1,378,282

Social security and transaction taxes include Value Added Tax, Withholding taxes, Pay As You Earns taxes and Pension liabilities. Accrued expenses and other payables represent energy expenses accrued, accrued transport income, employee bonus accrued and raw
material purchases accrual, etc. as at the period end. All trade payables are due within twelve (12) months.

	31 March 2026	31 December 2025
	N'000	N'000
Trade payables	11,446,228	14,301,234
Accrued expenses and other payables	5,238,546	2,343,797
Liability arising from financial guarantee (Note 22.4)	-	45,717
Amounts due to related parties (Note 29.2)	1,039,580	5,427,478
	17,724,354	22,118,226
22.4 Liability arising from financial guarantee
Set out below is the movement in liability arising from financial guarantee:
	31 March 2026	31 December 2025
	N'000	N'000
As at 1 January	45,717	325,893
Reversal of provision during the period	(45,717)	(280,176)
As at period end	-	45,717
23 Current income tax
The movement in current income tax is as follows:
	31 March 2026	31 December 2025
	N'000	N'000
As at 1 January	9,111,371	5,701,684
Provision for the year (Note 11)	4,043,289	8,204,671
Prior year under provision and back duty	-	1,808,765
Payment during the year	-	(5,853,750)
Withholding tax credit utilised	-	(749,999)
As at period end	13,154,660	9,111,371
24 Dividend payable
	31 March 2026	31 December 2025
	N'000	N'000
As at 1 January	127,958	189,035
Dividend declared during the year	-	1,769,901
Dividend paid during the period/year (Note 27)	-	(1,639,807)
Dividend payable reclassified to related party	-	(130,094)
Unclaimed dividend (refunded)/returned	-	(90,833)
Unclaimed dividend returned	-	29,756
As at period end	127,958	127,958
Dividend per share (Naira)	0.00	2.95

Unclaimed dividends returned relate to dividends declared but not claimed for a period of 15 months or more. In accordance with Section 432 of the Companies and Allied Matters Act (CAMA) 2020, unclaimed dividends outstanding for over 12 years become statute-barred and are transferred to retained earnings. However, the Federal Government of Nigeria (FGN), through the Finance Act 2020, established the Unclaimed Funds Trust Fund (the "Trust Fund") to warehouse unclaimed dividends that have remained unclaimed for a period of not less than six years from the date of declaration. Pursuant to this, the Securities and Exchange Commission (SEC) issued a directive on 20 June 2025 requiring the transfer of such unclaimed dividends to the Trust Fund. In compliance with this directive, the sum of ₦90.83 million was transferred to the Unclaimed Funds Trust Fund in 2025.

25.1 Share capital allotted, called up and fully paid
				31 March 31 December 2026 2025
Allotted, called up and fully paid:				N'000 N'000 299,983 299,983
599,966,400 ordinary shares of N50k each				299,983 299,983
Shareholders with 5% and above shareholdings as at 31 March 2026
		31 March 2026		31 December 2025
		Number of shares	%	Number of shares %
Packaging Industries (Nigeria) Limited	371,269,358	61.88%	371,269,358	61.88%
Emerald Nigeria Intermediate Holdings B.V.	48,999,757	8.17%	48,999,757	8.17%
Stanbic IBTC Nominees Nigeria Limited	35,668,009	5.95%	35,668,009	5.95%
Others	144,029,276	24.01%	144,029,276	24.01%
	599,966,400	100%	599,966,400	100%

Frigoglass Industries (Nigeria) Limited changed its name to Packaging Industries (Nigeria) Limited with effect from 30 March 2026. In addition, Frigoinvest Nigeria Holdings B.V. changed its name to Emerald Nigeria Intermediate Holdings B.V. on 13 April 2026.

Shareholding Structure/Free Float Status

Description

31 March 2026

31 March 2025

	Units	Percentage (In relation to Issued Share Capital)	Units	Percentage (In relation to Issued Share Capital)
Issued Share Capital Details of Substantial Shareholdings (5% and above) [Name(s) of Shareholders]	599,966,400	100%	599,966,400	100%
Packaging Industries Nigeria Limited	371,269,358	61.88%	371,269,358	61.88%
Emerald Nigeria Intermediate Holdings B.V.	48,999,757	8.17%	48,999,757	8.17%
Total Substantial Shareholdings	420,269,115	70.05%	420,269,115	70.05%
Details of Directors Shareholdings (direct and indirect), excluding directors holding substantial interests
Dr. Vitus Chidiebere Ezinwa	-	-	-	-
Mr. Alexander Gendis	-	-	-	-
Ms. Olufunmilola Adefope	-	-	-	-
Mr. Nitin Kaul	-	-	-	-
Ms. Olusola Carrena	-	-	-	-
Mrs Clare Omatseye	-	-	-	-
Ms. Doyin Akinyanju	-	-	-	-
Mrs. Oyinkansade Adewale	-	-	-	-
Mr. Mobolaji Osunsanya	-	-	-	-
Mr. Omoboyede Olusanya	-	-	-	-
Mr. Denis Simonin	-	-	-	-
Total Directors' Shareholdings	-	0.00%	-	0.00%
Details of Other Influential shareholdings Delta State Ministry of Finance INC.	26,709,740	4.45%	26,709,740	4.45%
Total of Other Influential Shareholdings	26,709,740	4.45%	26,709,740	4.45%
Free Float in Unit and Percentage	152,987,545	25.50%	152,987,545	25.50%
Free Float in Value NGN 76,264,291,182.50 NGN 15,275,806,368.25 Share price as at 31 March NGN 498.50 NGN 99.85

Declaration:

Beta Glass Plc, with a free-float percentage of 25.50% as at 31 March 2026 (unchanged from 31 March 2025), remains compliant with

The Exchange's free-float requirements applicable to companies listed on the Main Board.

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