BUA
UNAUDiTED
RESU LTS
31st December, 2025
EARNINGS PRESS RELEASE
Regulated Information
BUA Foods Delivers a Defining Year of Growth, Scale, and Value Creation Profit After Tax up by 91% to ₦508 BillionLagos, 29th January 2026 - BUA Foods Plc ("BUA Foods", or "the Company") announced its results for the
unaudited full year financials for the period ended 31 December 2025.
Key Financial HighlightsGroup % Change | |||
In thousands of naira | FY 2025 | FY 2024 | Δ |
Revenue | 1,804,175,140 | 1,527,919,069 | 18% |
Cost of Sales | 1,132,013,894 | 987,104,025 | 15% |
Gross Profit | 672,161,246 | 540,815,044 | 24% |
Gross Profit Margin (%) | 37.3% | 35.4% | 186bps |
Selling and distribution expenses | (68,726,151) | (40,262,215) | 71% |
Administrative expenses | (40,455,735) | (28,555,840) | 42% |
Total operating expenses | (109,181,886) | (68,818,055) | 59% |
Other income | 2,375,653 | 1,111,942 | 114% |
Operating Profit | 565,355,013 | 472,102,791 | 19% |
OPEX to Income margin Operating profit margin | 6% 31.3% | 5% 31% | 100bps 30bps |
Finance cost - net | (14,393,740) | (187,779,794) | 92.3% |
Profit before income tax | 534,869,204 | 284,322,997 | 88% |
PBT Margin (%) | 29.6% | 18.6% | 1100bps |
Income Taxes | 27,134,469 | 18,325,185 | 48% |
Profit for the period | 507,734,735 | 265,997,812 | 91% |
Earnings Per share (Kobo) | 28.21 | 14.78 | 91% |
Return on Equity (%) | 72% | 62% | 1000bps |
Return on Assets (%) | 37% | 24% | 1300bps |
Total assets | 1,386,252,494 | 1,095,504,241 | 27% |
Total equity | 702,791,380 | 429,056,645 | 64% |
Total liabilities | 683,461,115 | 666,447,596 | 3% |
Commenting on the results, Ayodele Abioye, the Managing Director, said:
"The 2025 financial year reflected strong operational execution and a solid financial performance for BUA Foods Plc. The Group recorded revenue of ₦1.8 trillion, representing an 18% year-on-year increase, driven by robust volume growth across core product categories, effective pricing initiatives, and an enhanced product mix.
Profitability improved significantly during the year, with Profit After Tax increasing by 91% and EBITDA reaching ₦575 billion, reflecting sustained operational efficiencies, margin expansion, and prudent cost management.
Looking ahead, BUA Foods remains focused on margin preservation within a competitive operating environment while advancing its ongoing business expansion projects. The Board and Management remain confident in the Company's strong fundamentals and its ability to deliver sustainable long-term value to shareholders."
Key Highlights of Group performance and financial review of FY 2025 unaudited results.
Revenue (₦'Billion) PBT (₦'Billion)+18%
1528 1804+88%
284 535Total Assets (₦'Billion) EPS (₦:K)
+27%
1096 1386+91%
14.78 28.21Revenue grew by 18% year-on-year to ₦1.80 trillion in FY 2025 (FY 2024: ₦1.53 trillion). This was due to a year-on-year increase in all our reporting segments: 3% in Sugar to ₦756.7 billion (FY 2024:
₦735.5 billion), 27% in Flour to ₦746.8 billion (FY 2024: ₦589.5 billion), 3% in Pasta to ₦202.7 billion (FY 2024: ₦197.6 billion), and 1612% in Rice to ₦98.1 billion (FY 2024: ₦5.7 billion).
Cost of sales increased by (+15%) to ₦1,132 billion in FY 2025 (FY 2024: ₦987.10 billion) driven primarily by an increase in raw materials and energy cost.Gross profit increased by 24% to ₦672.16 billion in FY 2025 (FY 2024: ₦540.82 billion). In alignment with the increase, gross profit margin also appreciated by 186bps to 37.3% in FY 2025 (FY 2024: 35.4%).
Selling and distribution expenses increased by 71% to ₦68.73 billion in FY 2025 (FY 2024: ₦40.26 billion) due to an increase in logistics expenses within the period.
Administrative expenses also increased by 42% to ₦40.46 billion in FY 2025 (FY 2024: ₦28.56 billion).
Total operating expenses increased 59% to ₦109.18 billion in FY 2025 (FY 2024: ₦68.82 billion) on the back of an increase in both administration and selling & distribution costs along the supply chain to customers.
EBITDA increased by 19.6% to ₦575.15 billion in FY 2025 (FY 2024: ₦480.72 billion), driven by growth in gross profit. Also, EBITDA margin appreciated by 42bps to 31.9% in FY 2025 (FY 2024: 31.5%).
Operating profit grew by 19% to ₦565.36 billion in FY 2025 (FY 2024: ₦472.10 billion) benefiting from top line growth driven by strategic pricing policies. Also, Operating profit margin appreciated by 30bps to 31.3% in FY 2025 (FY 2024: 31%). Finance Cost (Net) dropped significantly by 92.3% to ₦14.39 billion in FY 2025 (FY 2024: ₦187.78 billion) due to non-additional borrowing within the reporting period under review.Profit before tax increased significantly by 88% to ₦534.87 billion in FY 2025 (FY 2024: ₦284.32 billion), as profit before tax margin also increased by 1100bps to 29.6% in FY 2025 (FY 2024: 18.6%)
Profit after tax soared by 91% to ₦507.73 billion in FY 2025 (FY 2024: ₦265.99 billion). In correlation, the Earning per Share (EPS) grew by 91% to N28.21 in FY 2025 from N14.78 in the corresponding period.
Total assets increased by 27% to ₦1.386 trillion as of FY 2025 (FY 2024: ₦1.096 trillion) driven largely by trade transactions and production capacity expansions.
Total liabilities increased marginally by 3% to ₦683.4 billion as of FY 2025 (FY 2024: ₦666.4 billion).
Total equity increased by 64% to ₦702.79 billion as of FY 2025 (FY 2024: ₦429.06 billion) largely driven by a significant growth of 65% in retained earnings to ₦694.7 billion as of FY 2025 (FY 2024:
₦420.9 billion).
Operating segment performance
Sugar division
The Sugar division contributed 42% to revenue in FY 2025 (FY 2024: 48%). Sugar Revenue grew by 3% to ₦756.7 billion in FY 2025 (FY 2024: ₦735.5 billion). The increase in revenue is due majorly to general increase in demand for our Sugar product within the period under review.
Flour division
The Flour division contributed 41% to revenue in FY 2025 (FY 2024: 39%). Revenue increased by 27% to ₦746.8 billion in FY 2025 (FY 2024: ₦589.5 billion). The growth in revenue is due to both increased volume and our strategic pricing mechanisms during the period under review.
Pasta division
The Pasta division contributed 11% to revenue in FY 2025 (FY 2024: 13%). Revenue increased by 3% to ₦202.7 billion in FY 2025 (FY 2024: ₦197.3 billion). The increase in sales volume recorded was due to high demand for our Pasta products within the period under review. Contribution margin increased to 37% from 36% for the same period last year.
Rice division
The Rice division contributed 6% to the revenue in FY 2025. Revenue increased significantly to
₦98.1 billion in FY 2025 (FY 2024: ₦5.7 billion), due to steady milling operations in the division.
For further information, please
Contact: Michael Ehimah
Acting Chief Financial Officer
E: michael.ehimah@buafoodsplc.com
M: +234 802 313 4993
Oluwasegun BakareHead, Investor Relations
E: Oluwasegun.Bakare@buafoodsplc.com
M: +234 708 826 3652
BUA Foods Investor Relations: IR@buafoodsplc.comDefinition of terms
Gross profit refers to revenue minus cost of sales. Gross profit margin corresponds to gross profit as a % of revenue. Operating expenses corresponds to Selling and distribution expenses, Administrative expenses and Other operating expenses. EBITDA refers to earnings before interest, tax, depreciation and amortization. EBITDA margin corresponds to EBITDA as a % of revenue. Operating profit refers to gross profit minus operating expenses plus other operating income. Operating profit Margin corresponds to EBIT as a % of revenue. Profit before Tax corresponds to EBIT minus net finance (cost)/income and plus share of profit of associates and joint venture using the equity method. Profit before tax margin corresponds to profit before tax as a % of revenue. Return on equity corresponds to net profit reported to average total equity. Return on assets corresponds to net profit reported to average total assets. Earnings per share is profit after tax from continuing operations reported to weighted average number of shares.About BUA Foods Plc
BUA Foods Plc (NGX: BUAFOODS) is a leading food business with well diversified and scalable operations producing sugar, flour, pasta, rice and edible oils. The Company owns strategically located plants across Nigeria, in addition to a cordial alliance with local stakeholders in host communities. Additionally, BUA Foods is a resilient business built on a strong brand proposition and is an operator that has a well-known reputation for delivering high-quality products.
BUA Foods continues to invest in modern technology for efficient food production, innovatively expandingwith strategic partners across the value chain. The Company is also well positioned to leverage significant export potentials across West Africa and the larger African continent.
Headquartered and listed in Nigeria, BUA Foods is one of the most capitalized companies on the NGX Exchange and a leading consumer goods firm by market value.
For more information visit https://www.buafoodsplc.com/overview/
Disclaimer
This announcement contains or will contain forward-looking statements which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as "anticipate", "believe", "expects", "intend" "estimate", "project", "target", "risks", "goals" and similar terms and phrases have been used to identify the forward- looking statements. These statements reflect management's current beliefs and are based on information currently available to management. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking statements. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally. BUA Foods Plc cautions readers that several factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and undue reliance should not be placed on the forward-looking statements. For additional information with respect to certain of these risks or factors, reference should be made to the Company's disclosure materials filed from time to time with the Securities & Exchange Commission in Nigeria. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise.