Quarter 2 - financial statement for 2026

Financial Highlight 3

Statement of Profit or Loss and Other 4

Comprehensive Income

Statement of Financial Position 5

Statement of Changes in Equity 6-7

Statement of Cash Flows 8

Notes to the Financial Statements 9-31

Value Added Statement 32

Free Float 33

CUTIX PLC

FINANCIAL HIGHLIGHT

FOR THE PERIOD ENDED 31ST OCTOBER 2025

GROUP

Unaudited Period Ended 01/05/2025-31/10/2025

Unaudited Period Ended 01/05/2024 -

31/10/2024

Increase/ (Decrease)

CUTIX PLC

CONSOLIDATED AND SEPARATE STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31ST OCTOBER 2025

Group Company

Notes

Revenue 6

Cost of Sales 7

Gross Profit

Selling and

Distribution 8

Administrative

Expenses 9

Operating Profit/(Loss)

Other Income 10

Finance Cost 11

Profit Before Tax12

Income Tax Expens 13

Profit for the Period

Other Comprehensive Income

The notes to the financial statements form Total Comprehensive Income for Total Comprehensive Income for th

Earnings per Share (Kobo) - Basic

Earnings per Share (Kobo) - Adjusted

CUTIX PLC

CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION AS AT 31ST OCT, 2025

The Financial Statements on pages 3 to 8 and Notes to the Financial Statement on pages 9 to 33 were approved by the Board of Directors on OCT 27, 2025 and signed on its behalf by:

CUTIX PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31ST OCTOBER 2025

As At 31st October, 2025 3,522,644 105,681 3,628,325

Unclaimed Dividend Refund - -

As At 31st October 2024 1,761,322 2,279,314 4,040,636

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31ST OCTOBER 2025

CUTIX PLC

CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31ST OCTOBER 2025

Unaudited Audited

31-10-2025 30/4/2025

N'000 N'000

7,911,708 17,119,719

Group Company

Cashflow from Operating Activities

Cash Receipts from Customers

Cash Paid to Suppliers and Employees Value Added Tax - Input

Value Added Tax - (Output)

Cash Generated from Operations

Note

(8,252,469) (13,781,299)

58,226

(1,205,676)

Income Taxes paid through WHT

Tax Paid 13.2

Net cash generated /(used) from Operating Activities

Cashflow from Investing Activities

Purchase of Property, Plant and Equipment 14

Sales proceed from disposal of Assetss

Net Cash used for Investing Activities Cashflow from financing Activities Dividend paid

Unclaimed Dividend written back Refund Unclaimed Dividend account Finance Costs

Long Term Borrowing 25

Short Term Borrowing 26

Net Cash (used)/ generated in Financing Activities

Net Increase in Cash and Cash Equivalents

Cash and Cash Equivalents at beginning of year 21.1

Cash and Cash Equivalents at end of year21.1

(13,552) (27,573)

(200,919) (479,195)

CUTIX PLC

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST OCTOBER 2025

1. The Company

   1. Legal Form

      Cutix Plc was incorporated on November 4, 1982 as a private limited liability Company. The Company was initially quoted in the second tier of the Nigerian Stock Exchange on August 12, 1987 and later migrated to the first tier of the Stock Exchange on February 18, 2008. The address of Company is 17, Osita Onyejianya Street, Umuanuka, Otolo Nnewi, Anambra State.

   2. Principal Activity

The principal activities of the Company is manufacturing and marketing of electrical, automobile and telecommunication wires, cables and related products.

1. Basis of Preparation of Account s

   1. Statement of Compliance

      The consolidated and separate financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued the International Accounting Standards Board (IASB). It is also prepared in compliance with Companies and Allied Matters Act, 2020 (as amended) and Financial Reporting Council of Nigeria, Act No. 6, 2011 (as amended).

   2. Basis of Measurement

      The consolidated and separate financial statements have been prepared under the historical cost convention, except for the areas as indicated below:-

      • Available for sale financial assets are measured at fair value,

      • Financial instruments are measured at fair value,

      • Loans and advances are stated at Amortised cost,

      • Inventory is measured at net realisable value,

      • Land and buildings are carried at cost or revalued amount,

      • Investment properties are measured at fair value, and

      • Defined benefit asset is recognised at the net total of the plan assets plus unrecognised past service cost and unrecognised actuarial loss, less unrecognised actuarial gains and the present value of the defined benefit obligation.

      Judgments made by management in the application of IFRS that have significant effect on the consolidated and separate financial statements and estimates that may have significant risk of material adjustment in the next year are discussed.

   3. Functional and Presentation CurrencyThe consolidated and separate financial statements are drawn up in Naira (N) which is the functional currency of Cutix Plc and the figures are rounded to the nearest thousands except stated otherwise.

   4. Composition of Financial Statements

      The Company has been preparing its financial statements prepared under IFRS comprises of:

      • Statement of profit or loss and other comprehensive Income

      • Statement of financial position

      • Statement of changes in equity

      • Statement of cash flows

      • Notes to the financial statements

   5. Financial Period

      These financial statements cover the financial period ended 31st July 2025, with comparative amounts for the financial period ended 31st July 2024.

   6. Going Concern Considerations

      The business entity will continue to operate in the foreseeable future without the need or intention on the part of management to liquidate the entity or to significantly curtail its operational activities as the Company has consistently been making profits. The Directors believe that there is no intention or threat from any source to curtail significantly its lines of business in the foreseeable future.

   7. Critical Estimates and Judgments

      The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment 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. Management believes that the underlying assumptions are appropriate and that the Company's financial statements therefore present the financial position and results fairly.

      The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

2. Significant Accounting Policies

   The significant accounting polices set out below have been applied consistently to all periods presented in these financial statements.

   1. Property, Plant and Equipment

      Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Such cost includes the cost of replacing component parts of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Company derecognises the replaced part, and recognises the new part with its own associated useful life and depreciation.

      Likewise, when a major inspection is performed, its costs are recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. Land is carried at cost, less any recognised impairment loss.When the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount.

      1. Subsequent Costs

         Cost arising subsequent to the acquisition of an asset 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 of the item can be measured reliably. All other repairs and maintenance costs are charged to the income statement during the financial year in which they are incurred.

      2. De-recognition

         Items of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected from its use. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in income statement in the year the asset is derecognised.

      3. Depreciation of Property, Plant and Equipment

         Depreciation is calculated on a straight-line basis to write-off assets over their estimated useful lives. Land and assets under construction (work-in-progress) are not depreciated.

         Depreciation starts when an asset is ready for use and ends when derecognised or classified as held for sale. Depreciation does not cease when the asset becomes idle or retired from use unless the asset is fully depreciated.

         AssetUseful life Land Lease period

         Buildings & Infrastructure 15 to 40 years

         Shops 5 to 30 years

         Borehole & Tanks 10 years

         Furniture & Fittings 10 years

         Generating Sets 5 years

         Machine Components 4 years

         Plant, Machinery & Equipment 10 years

         Motor Vehicles 4 years

         Computer Equipment 2 years

      4. Asset Useful Lives and Residual Values

         Property, plant and equipment are depreciated over their useful lives taking into account residual values where appropriate. The actual useful lives of the assets and residual values are assessed annually. In reassessing asset useful lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

      5. Provision for Dismantling/Restoration Cost

         The provisions are computed by reference to estimates of future anticipated dismantling costs and the corresponding amounts added to the asset under property, plant and equipment for assets measure using the cost model. For assets measured using the revaluation model, subsequent changes in the liability are recognised in revaluation reserves through OCI to the extent of any credit balances existing in the revaluation surplus reserve in respect of that asset. The present values are determined using pre-tax rate which reflects current market assessments of the time value of money and the risk specific to the obligation.

         Provisions are recognised whenever a legal or constructive obligation arising from past events, the outflow of resources to settle the liability can be estimated reliably. Provisions are discounted if the effect is material. However, no provision was made in the financial statements.

      6. Related Parties (IAS 24)

         Related parties include the parent Company and other related entities. Directors, their close family members and any employee who is able to exert a significant influence on the operating policies of the Company are also considered to be related parties. Key management personnel are also regarded as related parties. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity.

   2. Intangible Assets

      I Recognition and Measurement

      Software acquired is stated at cost less accumulated amortisation and accumulated impairment losses.Subsequent expenditure on software assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred.

      ii Amortisation is recognised in profit or loss on a straight line basis over the estimated useful life of the software from the date it is available for use. The estimated useful life for the current and comparative years of significant items of intangible assets, Odoo ERP is five (5) years.

      1. Derecognition of Intangible Assets

         An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset are recognised in profit or loss when the asset is derecognised.

      2. Subsequent Expenditure

         Subsequent expenditure on computer software and development cost are capitalised only when there is future economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred.

      3. Amortisation

         Amortisation is calculated over the cost of the asset, or other amount substituted for cost, less its residual value. Amortisation is recognised in income statement on a straight line basis over the estimated useful lives of intangible assets from the date that they are available for use, since this must closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Amortisation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate.

      4. Non-Current Assets held for Sale

         Non-current assets are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. Immediately before classification as held for sale, the assets, or components of a disposal Group, are re-measured in accordance with the Company's accounting policies. Thereafter the assets, or disposal Group, are measured at the lower of their carrying amount and fair value less costs to sell.

         Impairment losses on initial classification as held for sale and subsequent gains or losses on re-measurement are recognised in profit or loss. Gains are not recognised in excess of any cumulative impairment loss.

   3. Taxation

      The income tax expense represents the estimated sum of the tax currently payable and deferred tax.

      1. Current Tax

         The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the statement of profit or loss and other comprehensive income 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 by the end of the reporting period.

      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.

         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 the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable 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 based on tax laws and rates that have been enacted at the reporting date. Deferred tax is charged or credited in profit or loss, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off.

      3. Tax Exposure

         In determining the amount of current and deferred tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgments about future events. New information may become available that causes the Company to change its judgment regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made.

   4. Inventory

      Inventories are valued at the lower of cost and net realisable value. Cost is generally determined on a weighted average basis. Costs that are incurred in bringing each product to its present location and condition are accounted for as follows:

      1. Raw Materials: Purchase cost on a weighted average cost basis.

      2. Finished Goods and Work-in-Progress: Cost of direct materials and labour and a proportion of manufacturing overheads based on normal operating capacity.

      3. Other Inventories and Spares: The cost of other inventories is based on weighted average. Spare parts are valued at the lower of cost and net realisable value. Value reduction and usage of spare parts are charged to statement of profit or loss and other comprehensive income.

      Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

      The production costs comprise direct materials, direct labour and an appropriate of manufacturing fixed and variable overheads. Allowance is made for obsolete, slow moving or defective items where appropriate.

      1. Treatment of Goods in Transit

         Goods in transit are recognised in the books as soon as significant risk and rewards of ownership is transferred to the customer (date of shipment).

   5. Receivables

      1. Trade Receivables

         Trade receivables are carried at the original amount due from customers, which is considered to be fair value, less allowances for doubtful accounts. Allowance for doubtful accounts is based on a periodic review of all outstanding amounts, where significant doubt about collectability exists, including an analysis of historical bad debt, customer concentrations, customer credit-worthiness, current economic trends and changes in our customer payment terms. Significant debt balances are provided for based on the criteria mentioned above and non-significant debts are tested collectively for impairment. Bad debts are written off when identified as uncollectible, and are included within other operating expenses. Subsequent recoveries of amounts previously provided for are credited to the statement of profit or loss and other comprehensive income.

   6. Financial Instruments

      Financial assets within the scope of IAS 39 are classified as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity, investments and available for sale. The classification is determined by management at initial recognition and depends on the purpose for which the investments were acquired.

      Financial instruments carried at the financial position date include the loans and receivables, accounts receivable, cash and cash equivalents, borrowings and accounts payables. Financial instruments are recognised initially at fair value plus, for instruments not at fair value through profit or loss, any directly attributable transaction costs. Subsequent to initial recognition financial instruments are measured as described below.

      1. Financial Assets

         The classification of financial assets depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. The financial assets carried at statement of financial position date are classified as 'loans and receivables'.

         Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market other than those that the Company intends to sell in the short term or that it has designated as fair value through profit or loss or available for sale. The Company does not use derivative financial instruments.

         Loans and Receivables

         Loans and receivables include loans to staff and are initially measured at cost but subsequently at Amortised cost using the effective interest rate method less impairment. Loans are subject to regular and thorough review as to their collectability and as to available collateral. In the event that any loan is deemed not fully recoverable, impairment is made to reflect the shortfall between the carrying amount and the present value of the expected cash flows. Interest income on loans receivable is recognised by applying the effective interest rate. The long term portion of loans receivable is included on the statement of financial position under long-term loans receivable and the current portion under current portion of long-term loans receivable. However, where the impact of measuring these loans at Amortised cost is not significant, the receivables are carried at cost.

         Financial Assets Measured at Amortised Costs:-Trade and Other Receivables

         Financial assets measured at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Financial assets measured at amortised cost (including [trade and other receivables, and cash and bank balances) are measured at amortised cost using the effective interest method, less any impairment.

         Cash and Cash Equivalents

         Cash and cash equivalents includes cash in hand, cash balances with banks, other short term highly liquid investments with original maturity of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown as borrowings in current liabilities.

         Impairment of Financial Assets Measured at Amortised Cost:-

         Trade and Other Receivables

         Financial assets measured at amortised cost are assessed for indicators of impairment at the end of each reporting period on a collective basis even if they were assessed not to be impaired individually. The amount of the impairment loss is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted (if significant) at the financial asset's original effective interest rate. The carrying amount is reduced through the use of an allowance account. Any uncollectible amount is written off against the allowance account while subsequent recoveries of amounts previously written off are credited against the allowance account. Previously recognised impairment loss is reversed in subsequent periods through profit or loss to the extent that the carrying amount at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

      2. De-recognition of Financial Assets

         Financial assets are derecognised when the contractual rights to the cash flows from the asset expire, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. On de-recognition of a financial asset in its entirety, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.

      3. Financial Liabilities

         The Company's financial liabilities at statement of financial position date include Borrowings and Trade payables (excluding VAT and employee related payables). These financial liabilities are subsequently measured at Amortised cost using the effective interest rate method. Financial liabilities are included in current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the statement of financial position date. However, where the impact of measuring trade payable at amortised cost is insignificant, trade payables are carried at cost.

         Trade Payables

         Trade payables are stated at their original invoiced value. If there is an agreement that interest or premium be paid, it will be calculated and added to the initial amount.

         Borrowings

         Borrowings, inclusive of transaction cost, are recognised initially at fair value. Borrowings are subsequently stated at Amortised costs using the effective interest rate method, any difference between proceeds and the redemption value is recognised in the income statement over the period of the borrowing using the effective interest rate method. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the statement of financial position date.

         Borrowing Costs

         Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset. Other borrowing costs are expensed in the period in which they are incurred.

      4. Impairment of Financial Assets

         All financial assets, except for those at fair value through profit or loss, are assessed for indicators of impairment at each reporting date.

   7. Leases

      The Company has adopted IFRS 16, "Leases" as issued by the IASB in July 2014 with a date of transition of 1 January 2019, which resulted in changes in accounting policies. As permitted by the transitional provision of the standard, the Company may choose the modified retrospective approach to the application of IFRS 16. This approach allows the Company not to restate comparative financial information. The major impact of the adoption of this standard is that the Company will be required to capitalize all leases (i.e. recognize a right-of-use asset and a lease liability) with the exemption of certain short-term leases and leases of low-value assets. However, this standard does not change the accounting for leases of the Company in the year under review.

      Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

      Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's general policy on borrowing costs. Contingent rentals are recognised as expenses in the periods in which they are incurred.

      Other leases are classified as operating leases and are not recognised on the Company's statement of financial position. Payments made under operating leases are recognised in the profit or loss on a straight line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease.

      Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

   8. Application of new and revised International Financial Reporting Standards (IFRS) and Interpretations to Standards

      The following new standard, amendment to standard and interpretation are effective for the period under review.

      1. IFRS 16 - Leases

         IFRS 16 replaces IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases - Incentives and SIC - 27: Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customers ('lease') and the supplier ('lessor'). IFRS 16 eliminates the classification of leases as operating leases or finance leases as required by IAS 17 and introduces a single lessee accounting model. Applying that model, a lessee is required to recognize:

         • Assets and Liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value; and

         • Depreciation of lease assets separately from interest on lease liabilities in the profit or loss.

           For the lessor, IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17. Accordingly, a lessor continues to classify its leases as operating leases or finance leases, and to account for those types of leases differently.

      2. Amendments to IFRS 9 Prepayment Features with Negative Compensation the amendments to IFRS 9 clarify that for the purpose of assessing whether a prepayment feature meets the Solely Payment of Principal and Interest (SPPI) condition, the party exercising the option may pay or receive reasonable compensation for the prepayment irrespective of the reason for prepayment. In other words, prepayment features with negative compensation do not automatically fail SPPI. The amendments have no impact on the Company's accounts.

      3. Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures

         The amendment clarifies that IFRS 9, including its impairment requirements, applies to long term interests. Furthermore, in applying IFRS 9 to long term interests, an entity does not take into account adjustments to their carrying amount required by IAS 28 (i.e., adjustments to the carrying amount of long term interests arising from the allocation of losses of the investee or assessment of impairment in accordance with IAS 28). The amendments have no impact on the Company's accounts.

   9. Annual Improvements to IFRS Standards 2015 - 2017 Cycle

      1. IAS 12 Income Taxes

         The amendments clarify that an entity should recognize the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognised the transactions that generated the distributable profits. This is the case irrespective of whether different tax rates apply to distributed and undistributable profits.The amendments have no impact on the financial statements.

      2. IAS 23 Borrowing Costs

         The amendments clarify that if any specific borrowing remains outstanding after the related asset are ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings. The amendments have no impact on the financial statements.

      3. IFRS 3 Business Combinations

         The amendments to IFRS 3 clarify that when an entity obtains control of a business that is a joint operation, the entity applies the requirements for a business combination achieved in stages, including re-measuring its Previously Held Interest (PHI) in the joint operation at fair value. The PHI to be remeasured includes any unrecognised assets, liabilities and goodwill relating to the joint operation. The amendments have no impact on the financial statements.

      4. IFRS 11 Joint Arrangements

         The amendments to IFRS 11 clarify that when a party that participates in, but such a joint operation, the entity does not re-measure its PHI in the joint operation. All the amendments are effective for annual periods beginning on or after 1st January 2019 and generally require prospective application. Earlier application is permitted.

         The Directors of the Company do not anticipate that the application of the amendments in the future will have an impact on the financial statements.

   10. Amendments to IAS 19 Employee Benefits Plan Amendment, Curtailment or Settlement

       The amendments clarify that the past service cost (or of the gain or loss on settlement) is calculated by measuring the defined benefit liability (asset) using updated assumptions and comparing benefits offered and plan assets before and after the plan amendment (or curtailment or settlement) but ignoring the effect of the assets ceiling (that may arise when the defined benefit plan is in a surplus position). IAS 19 is now clear that the change in the effect of the asset ceiling that may result from the plan amendment (or curtailment or settlement) is determined in a second step and is recognised in the normal manner in other comprehensive income.

       The paragraphs that relate to measuring the current service cost and the net interest on the net defined benefit liability (asset) have also been amended. An entity will now be required to use the updated assumptions from this measurement to determine current service cost and net interest for the remainder of the reporting period after the change to the plan. In the case of the net interest, the amendments make it clear that for the period post plan amendment, the net interest is calculated by multiplying the net defined benefit liability (asset) as remeasured under IAS 19 with the discount rate used in the remeasurement (also taking into account the effect of contributions and benefit payments on the net defined benefit liability (asset).

       The amendments are applied prospectively. They apply only to plan amendments, curtailments or settlements that occur on or after the beginning of the annual period in which the amendments to IAS 19 are first applied. The amendments to IAS 19 must be applied to annual periods beginning on or after 1st January 2019, but they can be applied earlier if an entity elects to do so.

       The Directors of the Company does not anticipate that the application of these amendments in the future will have an impact on the Company's financial statements.

   11. IFRIC 23 Uncertainty over Income Tax Treatments

       The interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12. The interpretation does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The interpretation has not impact on the Company's accounts.

   12. New Standards, Amendments and Interpretation not yet Effective

       Certain new standards, amendments to standards and interpretations have been published that are not yet effective for the financial period ended 31st October 2023 and have not been early adopted by the Company. The Company's assessment of the impact of these new standards and interpretations is as stated below:

       1. IFRS 17 - Insurance Contracts effective for Annual Periods beginning 1st January 2022

          The new Standards establish the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersede IFRS 4 Insurance Contracts. The Standard outlines a

          General Model, which is modified for insurance contracts with direct participation features, described as the Variable Fee Approach. The General Model is simplified if certain criteria are met by measuring the liability for remaining coverage using the Premium Allocation Approach. The General Model will use current assumptions to estimate the amount, timing and uncertainty of future cash flows and it will explicitly measure the cost of that uncertainty, it takes into account market interest rates and the impact of policy holders' options and guarantees. The implementation of the Standards is likely to bring significant changes to an entity's processes and systems, and will require much greater coordination between many functions of the business, including finance, actuarial and Information Technology.

       2. The Conceptual Framework for Financial Reporting (revised)

          The revised Conceptual Framework for Financial Reporting (the Conceptual Framework) is not a standard, and none of the concepts override those in any standard or any requirements in a standard. The purpose of the Conceptual Framework is to assist the Board in developing standards, to help preparers develop consistent accounting policies if there is no applicable standards in place and to assist all parties to understand and interpret the standards. It is effective for annual periods beginning on or after 1st January 2020.

   13. Measurement of Fair Values

A number of the Company's accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. Significant valuation issues are reported to the Audit Committee.

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

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices)

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). in some cases, if the inputs used to measure the fair value of an asset or a liability is categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Company recognises transfers between levels of the fair value hierarch at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair value is included in Financial Instruments - Financial Risk Management and Fair Values (Note 30).

Restructuring provisions are only recognised when general recognition criteria for provisions are fulfilled. Additionally, the company needs to have in place a detailed formal plan about the business or part of the business concerned, the location and number of employees affected, a detailed estimate of the associated costs and appropriate timeline. The people affected have a valid expectation that the restructuring is being carried out or the implementation has been initiated already.

Transactions in foreign currencies are initially recorded by the company at the functional currency rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange ruling at the reporting date.

All differences are taken to the income statement with the exception of all monetary items that form part of a net investment in a foreign operation. These are recognised in other comprehensive income until the disposal of the net investment, at which time they are reclassified to profit or loss. Tax charges and Credits attributable to exchange differences on those monetary items are also recorded in other comprehensive income.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on transaction of non-monetary items is recognised in line with the gain or loss of the item that gave rise to the transaction difference (translation differences on items whose gain or loss recognised in other comprehensive income or profit or loss is also recognised in other comprehensive income or profit or loss respectively).

Employment of Disabled Persons

It is the policy of the company that there should be no discrimination in considering applications for employment including those for disabled persons. As at 31 July 2025, there were three disabled persons in the employment of the company.

Segment results that are reported to the chief operating decision maker include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly of head office expenses, and tax assets and liabilities.

A segment is a distinguishable component of the company that is engaged either in providing related products or services (business segment) or in providing products or services within a particular economic environment (geographical segment) which is subject to result and returns that are different from those of other segments. Segment information is required to be presented in respect of the company's business and geographical segment where applicable. Nigeria is the company's primary geographical segment as all the company's income is derived in Nigeria.

No new standards or amendments to existing standards, effective in 2025, will have a significant impact on the Company's financial statements.

• Amendments to IFRS 10 and IAS 28 - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture.

• Amendments to IAS 1 - Classification of Liabilities as Current or Non-current.

• Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting Policies.

• Amendments to IAS 8 - Definition of Accounting Estimates.

• Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction.

• IFRS S1 general requirement for disclosure for sustainability information.

• IFRS S2 climate related disclosure.

CUTIX PLC

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31ST OCTOBER 2025

Audited Apr

30, 2025

N'000

Group Company

6 Months Ended 31/10/2025

6 Months Ended 31/10/2024

Audited Apr 30, 2025

6 Months Ended 31/10/2025

6 Months Ended 31/10/2024

1. Revenue N'000

   Analysis of the Company's Revenue is as follows:

   Cables and Wire Sales 5,497,250

   Metal Product Sales 234,895

   Armored Cable Sales 1,570,892 Distribution Board

   Feeder Pillers/Busbar Chamber 326

   Distribution Box

   884

Switch Panels/Control Switch 118,103 Isolators

Change Over Switch

N'000 N'000 N'000

6,064,840 11,809,067 5,497,250

3,211 54,232 234,895

1,742,124 3,898,083 1,570,892

93 1,396

552 1,744

1,192 391

4,613 4,613

- 2,828

2,712 716

N'000

11,809,067

54,232

3,898,083

6,064,840

3,211

1,742,124

7,819,337 15,773,070 7,303,037 7,810,175 15,761,382

6 Months Ended 31/10/2025

Group

6 Months Ended 31/10/2024

Audited Apr 30, 2025

6 Months Ended 31/10/2025

Company 6 Months Ended 31/10/2024

1. Expenses by Nature - Cost of Sales

   Depreciation Expenses - Production Insurance - Production Maintenance - Production

   Power Charges Production Supplies Production Wages Raw Material Costs

   N'000 N'000

   132,081

   15,201

   80,561

   56,984

   354,481

   140,930

   5,186,756

   36,714

   N'000

   116,169 141,297

   15,851 43,020

   91,118 86,050

   38,128 63,192

   422,740 892,236

   128,824 274,065

   5,603,255 10,979,615

   N'000

   131,204

   15,201

   80,561

   56,984

   354,481

   139,458

   5,133,895

   N'000

   115,293 139,543

   15,851 43,026

   91,112 86,039

   37,128 61,718

   422,715 892,210

   127,647 270,724

   5,598,520 10,974,418

   Motor Vehicle - COS

   31,983 72,156

   36,714 31,983 72,156

   6,003,707

   6,448,068 12,551,631

   5,948,498

   6,440,249

   12,539,834

2. Expenses by Nature - Selling and Distribution Expenses

   94,410

   165,024

   29,324

   110,830

   Distribution Expenses 101,458 29,818 95,420 86,438

   Advertisement and Promotions 86,340110,830 165,317 86,340

   187,798 140,648 260,737 172,777 140,154 259,434

   					Audited Apr 30, 2025
   N'000	N'000	N'000	N'000	N'000	N'000
   -	-	-	-	-
   5,256	3,006	5,500	5,000	2,750	5,000
   2,500	2,089	2,533	2,500	2,089	2,533
   13,605	13,621	35,899	13,559	13,599	35,797
   1,209	14,408	15,816	1,208	14,390	15,786
   3,258	28,165	6,013	3,258	28,165	6,013
   3,623	22,328	48,385	3,623	22,328	48,385
   7,877	10,975	22,453	7,877	10,975	22,453
   3,885	3,539	5,917	3,855	3,539	5,917
   11,211	6,580	23,659	11,211	6,580	23,321
   -	-		-	-
   74,843	79,156	173,171	74,839	79,146	173,157
   21,404	19,608	41,119	21,404	19,608	40,916
   4,759	3,829	12,027	4,759	3,829	12,027
   17,809	3,251	15,840	17,809	3,251	15,827
   14,184	9,535	24,649	14,184	9,535	24,599
   22,998	21,331	44,580	22,998	21,138	44,331
   391	10,124	10,665	391	10,124	10,665
   8,507	8,000	44,321	8,507	8,000	44,321
   -	27,737	126,590	-	27,737	126,590
   236,099	180,112	388,758	234,420	175,120	380,035
   8,242	10,963	37,636	8,242	10,963	37,049
   18,116	13,077	32,098	18,116	13,077	32,098
   91,378	98,764	246,667	91,368	98,700	246,570
   2,122	3,228	7,201	2,086	3,209	7,155
   -	13870.433		-	13870.433
   15,094	17,478	31,044	15,094	17,478	31,044
   588,366	624,774	1,402,541	586,303	619,200	1,391,589
   6 Months	6 Months		6 Months	6 Months
   Ended	Ended	Audited Apr	Ended	Ended	Audited Apr
   31/10/2025	31/10/2024	30, 2025	31/10/2025	31/10/2024	30, 2025
   N'000	N'000	N'000	N'000	N'000	N'000

   Group Company

3. Expenses by Nature - Administrative Expens

   6 Months Ended 31/10/2025

   6 Months Ended 31/10/2024

   Audited Apr 30, 2025

   6 Months Ended 31/10/2025

   6 Months Ended 31/10/2024

   Amortisation Charge Audit Fees

   Bad Debt Bank Charges

   Communication Expenses Corporate Social Responsibility Depreciation

   Directors' Emolument Entertainment Expenses Insurance Office Licensing & Fees Medical and Welfare

   Pension (Management Contribution) Printing and Stationeries Professional Services

   Rent and Rates

   Repairs and Maintenance Research and Development Retirement Benefits Security Expenses

   Staff Salaries

   Subscriptions and Periodicals Training and Development Transport and Traveling Utility Expenses

   share Capital Increase Vehicle Operating Expenses

   ..
   			-				-
   	-			20,141	-			20,141
   	2,114	309,283		471,468	2,000	309,283		471,403
   2,114		309,283		491,609	2,000 309,283			491,544

4. Other Income

   Profit/(Loss) on sale of Property, Plant Foreign Exchange Difference

   Sales of Scrap

   Exchange gain relates to both realised and unrealised difference on translation of foreign denominated balances as at the

   6 Months	6 Months		6 Months	6 Months
   Ended	Ended	Audited Apr	Ended	Ended	Audited Apr
   31/10/2025	31/10/2024	30, 2025	31/10/2025	31/10/2024	30, 2025
   N'000	N'000	N'000	N'000	N'000	N'000
   65,663	59,734	150,851	65,663	59,734	150,851
   312,360	67,409	140,354	312,360	67,409	140,354
   81,156	23,967	149,054	81,156	23,967	149,054
   459,179	151,110	440,259	459,179	151,110	440,259
   t after chargin	g/(crediting):
   724	686	1,455	724	686	1,455
   11,958	10,289	20,997	11,958	10,289	20,997
   5,256	2,875	5,500	5,000	2,750	5,000
   459,179	151,110	440,259	459,179	151,110	440,259
   134,827	137,620	189,682	134,827	137,620	187,928
   -	-	-	-	-	-
   -	-	-
   2,114	309,283	471,468	59,051	309,283	471,403
   -	-	20,141	-	-	20,141
   94,856	249,842	483,084	94,856	249,842	483,084
   53,688	-	53,688	53,688	-	53,688
   	-	81	-	-	81
   	-	40,824	-	-	40,824
   148,544	249,842	577,677	148,544	249,842	577,677

   Group Company

5. Finance Cost

   Interest on Term Loans Interest on Commercial Papers Interest on Overdraft

6. Profit for the Period before Taxation

   (Loss)/Profit before Taxation has been arrived a

   Directors' Fees Directors Remuneration

   Audit Fees Finance Cost

   Depreciation of Property, Plant and Amortisation

   And after Crediting:

   Other Income Exchange Gain

7. Tax Expense

   1. IncomeTax recognised in Profit or Loss

      Current Tax

      Current Tax expense for Current year:

      Income Tax

      Development Levy/Education Tax NPTF Levy

      Deferred Tax (Note 13.3) Balance Per Income Statement

   2. Current Liabilities in the Statement of Financial Position

Group Company

Group Company

33%

33%

34%

32%

33%

33%

Effective Tax Rate

The charge for Taxation has been computed in accordance with the provisions of the Companies Income Tax Act, CAP C21,

CUTIX PLC

NOTES TO THE FINANCIAL STATEMENTS (Continued) AS AT 31ST OCT, 2025

14 Property, Plant and Equipment

NOTES TO THE FINANCIAL STATEMENTS (Continued) AS AT 31ST OCT, 2025

Property, Plant and Equipment

CUTIX PLC

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31ST OCTOBER 2025

Total

1. Intangible Assets Software

   N'000 7,589
   7,589
   7,589 -
   -
   - - - Total N'000 7,589
   7,589
   7,589 -
   -
   -
   - -

   Group N'000

   Cost:

   Balance at 1st May 2025 7,589

   Balance at 31st OCT , 2025 7,589

   Amortisation

   Balance at 1st May 2025 7,589

   Amotisation for the Period -

   Balance at 31st OCT , 2025 -

   Balance at 31st OCT , 2025 -

   As at 31st OCT 2024 -

   As at 30th April 2025 -

   Software

   Company N'000

   Cost:

   Balance at 1st May 2025 7,589

   Balance at 31st OCT , 2025 7,589

   Amortization

   Balance at 1st May 2025 7,589

   Amotisation for the Period -

   Balance at 31st OCT , 2025 -

   Balance at 31st OCT , 2025 -

   As at 31st OCT 2024 -

   As at 30 April 2025 -

   10/31/2025

   Audited 30/04/2025

   10/31/2025

   Audited 30/04/2025

   Group Company

2. Prepayments

   10/31/2024

   10/31/2024

   	N'000		N'000	N'000	N'000	N'000	N'000
   Prepayments		900	7,365	2,296	900	7,365	2,296

   179,228 179,228 179,228

   (143,383) (116,498) (143,383)

   35,845 62,730 35,845

   	179,228
   	-
   -	-

   900 7,365 2,296 900 7,365 2,296

3. Investment

   Investment in Subsidiary Amortization

   As at 31st oct, 2025

   Company

   Name of Subsidiary Principal activity and operation 10/31/2025

   %

   Adswitch Plc Switch gears 100%

   Group Company

   		Audited				Audited
   10/31/2025	10/31/2024	30/04/2025		10/31/2025	10/31/2024	30/04/2025
   N'000	N'000	N'000		N'000	N'000	N'000
   1,615,317	1,198,878	1,256,764		1,581,240	1,186,778	1,225,223
   772,237	625,133	662,453		770,885	623,710	607,861
   3,080,688	2,104,271	2,472,235		3,069,492	2,101,297	2,460,727
   373,781	256,298	357,754		373,170	256,298	357,144
   7,012	7,928	6,981		7,012	7,857	6,981
   6,333	11,204	6,407		6,333	11,204	6,407
   5,855,368 4,203,712 4,762,594				5,808,133 4,187,144 4,664,343

4. Inventories Raw materials Work in progress Finished goods

Technical stock and spares Consumables

Advert and promotion

Advert and Promotion represents the value of promotional items in the inventory

676,467 1,684,881 1,235,551 663,997 1,714,341 1,270,669

19.1 Deposit for Stock, Machine/Spares

These are advance payments for raw materials, spare parts and machinery.

Group Company

The carrying amount are approximately equal to their Fair Value.

21.2 Reconciliation of Net Income to Net Cash Provided by Operating Activities:

10/31/2025

N'000

Audited 10/31/2024 30/04/2025

N'000

N'000

644,592

-

915,130 2,049,766

- -

Audited 10/31/2025 10/31/2024 30/04/2025

N'000 N'000 N'000

597,457

919,855 2,062,072

Group Company

Profit before finance costs

(838,730) 728,537 2,170,683

(888,978) 735,840 2,190,970

Cash Generated from Operations

1. Trade and other Payables

   Trade Payables Accruals

   Value Added Tax/WHT payable Other Payables

2. Share Capital

Issued and fully paid

7,045,288,104

Ordinary Shares of 50k each

1,761,322

1,761,322 3,522,644

- 224,448 56,112 - 224,448 56,112

4,765,156 1,517,288 2,113,485

4,765,156 1,517,288 2,088,607

26.1 The commercial papers include Pubic CP of N3 billion of 270 days issued in June 2025 to mature March 2026 and those privately obtained from various individuals and Co-operative societies for period of 90 days renewable at interest rates ranging from 8% to 22%.

N20,000 - N40,000 -

N40,001 - N60,000 -

Above N60,001 8

Number of Directors who had no emol None

The number of persons employed as as at 31st Oct 2025 and the staff costs were as follows:

Managerial Intermediate staff Junior staff

The related staff costs amounted to N253,457,000(2024: N205,759,000)

(v) Key Management Compensation

Key Management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity.

Defined Contribution Plan

19,608.09 40,916 21,404 19,608.09 40,916

29,281 30,583 63,369

1. Dividends Paid and Proposed Dividends on Ordinary Shares declared Dividend for 2025: 10Kobo per Share

   (2024: 15 Kobo per Share)

   528,397

2. Earnings Per Share

   1. Basic

   		Audited				Audited
   10/31/2025	10/31/2024	30/04/2025		10/31/2025	10/31/2024	30/04/2025
   7,045,288	3,522,644	7,045,288		7,045,288	3,522,644	7,045,288
   126,640	518,903	1,031,830		94,721	518,903	1,044,136
   1.80	14.73	14.65		1.34	14.73	14.82
   1.80	7.37	14.65		1.34	7.37	14.82

   Basic Earnings per Share is calculated by dividing the Profit attributable to Equity Shareholders of the Company by the weighted average number of Ordinary Shares in issue during the year.

   Weighted average number of Shares in issue ('000)

   Profit attributable to Ordinary Equity

   Shareholders (N'000)

   Basic Earnings Per Share (Kobo) Earnings Per Share (Kobo) - Adjusted

3. Financial Instruments and Risk Management

   1. Capital Risk Management

      The company manages its Capital to ensure that the company will be able to continue as going concern while maximising the return to stakeholders through the optimisation equity. The Company's Capital Management strategy remained unchanged for the period under review

      The Capital Structure of the Company consists of Equity attributable to Equity Shareholders of the Company, comprising Issued Capital and Retained Earnings.

      The Company is not subject to any externally imposed Capital requirements.

      			Audited				Audited
      Gearing ratio	10/31/2025	10/31/2024	30/04/2025		10/31/2025	10/31/2024	30/04/2025
      The Gearing Ratio at the year end is as follows:	N'000	N'000	N'000		N'000	N'000	N'000
      Debt (i)	4,765,156	2,014,397	2,169,597		4,765,156	2,014,397	2,144,719

      (175,519) (198,783) (140,898)

      4,589,636 1,815,614 2,028,699

      3,628,325 4,040,637 4,252,864

      126% 45% 48%

      (136,949) (198,783) (121,551)

      4,628,207 1,815,614 2,023,168

      3,668,567

      4,340,240

      126% 44% 47%

      4,120,432

      Less: Cash and Bank balances

      Net debt

      Equity (ii)

      Net debt to equity ratio

      1. Debt is defined as both current and non-current Borrowings.

      2. Equity includes all Capital and Reserves of the Company that are managed as Capital.

         Audited 30/04/2025

10/31/2024 10/31/2024

206,232

N'000

N'000 N'000

800,945 1,913,124 1,392,220

373,886 185,902 594,310

1,343,285 1,735,423 2,329,249

198,783

N'000

Trade and other Receivables

1,684,881

1,714,341

Financial Liabilities

Financial Liabilities at Amortised cost:

Bank overdraft

Credit Risk is the Risk that a counterparty will default on its contractual obligations leading to a Financial loss. The Company is exposed to Credit Risk from its operating activities (primarily trade and other Receivables) and investing activities (deposits with banks). The company does not have significant portion of Receivables and bank balance concentrated in the hands of a single entity or a group of entities with common control. There are no collaterals held for these balances.

• Trade and other Receivables

  The Company's Receivables consist of a number of customers across the country. Credit evaluation is usually performed on the Financial condition of accounts receivable. The company has a policy of only dealing with creditworthy counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the Board and Management periodically.

• Bank Balances

Credit Risk from balances with banks and Financial institutions is managed in a manner that would reduce the Risk of loss to the company. Surplus funds are spread amongst reputable commercial banks and are limited. The limits are set to minimise the concentration of Risks and therefore mitigate Financial loss through potential counterparty's liquidation.

The carrying amount of Financial Assets represents the company's maximum exposure, which at the reporting date, was as follows: