Regulated information
Ellah Lakes Plc Releases Q1 2026 Unaudited Results for the Three Months Ended 31 March 2026 Lagos, Nigeria - 04 May 2026 - Ellah Lakes Plc ("Ellah Lakes" or "the Company"), Nigeria's integratedagro-industrial company, today publishes its unaudited financial results for the three months ended 31 March 2026.
The first quarter reflects continued progress in Ellah Lakes' transition from asset development into commercial execution, with revenue growth beginning to translate more meaningfully into improved operating performance. The Company recorded stronger sales activity during the period, supported by growing commercial output from its operating platform and continued focus on disciplined execution.
Ellah Lakes continued to focus on scaling output, improving efficiency, and converting its agricultural asset base into stronger commercial performance. The quarter's results show early evidence of this transition, with revenue increasing significantly year-on-year and operating loss narrowing compared with the prior-year quarter.
Business Update-
Delivering Stronger Commercial Momentum
During the first quarter, Ellah Lakes recorded ₦359.49 million in revenue, driven by initial harvests and sales of Crude Palm Oil (CPO). This reflects stronger commercial activity and improved pace of revenue generation as operations continue to scale.
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Strengthening Processing Capacity and Operational Scale
Ellah Lakes remains focused on improving output, increasing processing throughput, and deepening value-chain integration. The Company's CPO mill is now fully operational, strengthening its ability to process output internally and retain more value across the palm oil value chain.
Financial HighlightsQ1 2026
Q1 2025
Y-O-Y ∆%
₦'000
₦'000
Revenue
359,488
19,606
+1,733.6%
Gross Profit
285,347
19,606
+1,355.4%
Operating profit/(loss)
(273,422)
(514,184)
N/A
Earnings per Share (Naira)
(0.07)
(0.19)
N/A
31 Mar 2026
17 Months to Dec
2025 (Audited)
∆%
₦'000
₦'000
Total Assets
26,101,625
28,257,351
-7.6%
Total Liabilities
7,807,571
7,826,935
-0.2%
Total Equity
18,294,054
20,430,416
-10.5%
Debt-to-Assets
29.9%
27.7%
+221 bps
Debt-to-Equity
42.7%
38.3%
+437 bps
Asset-to-Equity
142.7%
138.3%
+437 bps
Commenting on the results, Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc said: "The first quarter represents another important step in Ellah Lakes' transition into commercial execution. The stronger revenue momentum recorded during the period was supported by improved production stability, better operational uptime and more disciplined sales execution.
Importantly, we also narrowed our operating loss year-on-year, reflecting the benefit of higher gross profit and continued cost discipline. These results provide an encouraging early indication that the business is gaining operating momentum.
Our CPO mill is now operational, piggery operations continue to scale, and we are advancing the next stage of our processing roadmap through the planned installation of a 40 tonnes-per-day Palm Kernel Oil (PKO) mill In Q2 2026. In parallel, we are strengthening our operating systems and exploring technical partnerships to improve asset utilisation and execution as the business scales. Our focus remains on disciplined execution, prudent capital stewardship and long-term value creation for shareholders."
Financial Review - Revenue: Total Q1 revenue increased to ₦359.49 million (Q1 2025: ₦19.61million) driven by stronger Crude Palm Oil (CPO) sales.
- Gross Profit: Gross profit rose to ₦285.35 million (Q1 2025: ₦19.61 million), supported by revenue growth during the quarter. In the prior-year period, gross profit was in line with revenue as no cost of sales was recognised, reflecting the early stage of commercial activity at the time. In Q1 2026, the Company recorded ₦74.14 million in cost of sales as operations continued to scale, with gross margin at 79.4%.
- Operating Profit/(Loss): Operating loss narrowed by 46.8% to ₦273.42 million (Q1 2025: ₦514.18 million). The improvement reflects the impact of higher gross profit, lower administrative expenses, and continued operating discipline during the quarter.
- Operating Costs: The Company maintained a relatively controlled operating cost base during the quarter, with total cost increasing by 10.1% to ₦587.67 million (Q1 2025: ₦533.79 million). This was significantly below the rate of revenue growth and supported the improvement in operating performance. The 14.7% decline in administrative expenses helped moderate the overall cost increase during the quarter, while personnel expenses rose by 23.8% as the Company continued to build operating capacity for its scale-up phase.
-
Total Assets: Total Assets stood at ₦26.10 billion as at 31 March 2026 (31 December 2025: ₦28.26
billion). The movement mainly reflects a reduction in current assets, particularly cash and cash equivalents, while non-current assets remained broadly stable, increasing marginally by 0.2% to
₦25.03 billion. The Company's core asset base continues to be anchored by property, plant and equipment of ₦24.76 billion, alongside biological assets and goodwill, supporting its ongoing transition into scaled commercial activity.
- Liabilities and Borrowings: Total liabilities remained broadly stable at ₦7.81 billion (31 December 2025: ₦7.83 billion). The liability base is largely made up of shareholder and director-related funding support of ₦7.08 billion, underscoring continued stakeholder support during the Company's scale-up phase. Interest-bearing borrowings reduced by 12.0% to ₦344.67 million (31 December 2025: ₦391.67 million), reflecting continued repayment of the Company's secured borrowing obligations.
- Total Equity: Total equity stood at ₦18.29 billion (31 December 2025: ₦20.43 billion). The movement was mainly driven by the increase in accumulated losses during the quarter, while the Company's core capital accounts remained unchanged. Ellah Lakes' equity base continues to be supported by its long-term asset position.
- Leverage: Debt-to-assets increased to 29.9% as at 31 March 2026 (31 December 2025: 27.7%), while debt-to-equity rose to 42.7% (31 December 2025: 38.3%). The movement reflects the change in the Company's balance sheet during the quarter. Management remains focused on maintaining
funding discipline, reducing secured borrowings where appropriate, and improving cash conversion as the business scales revenue and processing activity.
OutlookEllah Lakes enters the next phase with stronger evidence of commercial momentum, following a quarter in which revenue growth supported improved gross profit and a narrower operating loss. Management remains focused on scaling output, improving yields and deepening value-chain integration as the Company converts its asset base into stronger operating performance.
A key priority is the next step in the Company's processing value chain. In Q2, Ellah Lakes expects to sign the construction agreement for a new 40 tonnes-per-day PKO processing mill, with the facility targeted to become operational in Q4 2026. Once completed, the mill will broaden processing capacity, deepen value across the palm value chain and support a more diversified operating base. In parallel, the Company is pursuing strategic technical partnerships to strengthen asset utilisation, improve operational efficiency, enhance process control and reduce ramp-up risk. The Board will also continue to prioritise oversight of major projects, prudent risk management, funding discipline and clearer shareholder communication as the business moves further into an execution-heavy phase.
Ellah Lakes remains committed to building a scalable agro-industrial platform anchored on operational integration, disciplined execution and long-term value creation.
Olushola Dehinsilu Finance Manager
Contact Information
Ellah Lakes Plc Geraldine Ofoluwa Investor Relations
Email: geraldine.ofoluwa@ellahlakes.com
Investor Relations Advisers Værdi Investor Relations Oluyemisi Lanre-Phillips Olakunle Israel
Email: TeamEllahLakes@vaerdi.org
Consolidated Unaudited Statement of Profit or Loss and Other Comprehensive Income3 months ended 31 Mar 2026 ₦'000 | 3 months ended 31 Mar 2025 ₦'000 | |
Revenue | 359,488 | 19,606 |
Cost of sales | (74,141) | - |
Gross profit/(loss) | 285,347 | 19,606 |
Other income/(loss) | 28,897 | - |
Administrative expenses | (280,473) | (328,660) |
Personnel expenses | (252,251) | (203,828) |
Finance cost | (7,050) | (341) |
Depreciation | (47,892) | (961) |
Gain/(loss) on foreign exchange | - | - |
Total expenses / net expense line | (587,666) | (533,790) |
Operating profit/(loss) | (273,422) | (514,184) |
Earnings per share (EPS) | (0.07) | (0.19) |
31 Mar 2026 | 17 months to Dec 2025 (Audited) | |
Assets | ₦'000 | ₦'000 |
Non-Current Assets | ||
Property, plant and equipment | 24,762,051 | 24,702,036 |
Biological assets | 191,767 | 191,767 |
Goodwill | 57,689 | 57,689 |
Other asset | 13,664 | 13,664 |
Total non-current assets | 25,025,171 | 24,965,156 |
Current Assets | ||
Receivables | 231,103 | 230,339 |
Inventory | - | 5,306 |
Restricted cash | 1,980 | 1,980 |
Cash and cash equivalents | 843,371 | 3,054,570 |
Total current assets | 1,076,454 | 3,292,195 |
Total assets | 26,101,625 | 28,257,351 |
Liabilities | ||
Current Liabilities | ||
Trade and other payables | 348,955 | 358,611 |
Current tax payable | 570 | 570 |
Total current liabilities | 349,525 | 359,181 |
Non-Current Liabilities | ||
Payables to related parties | 37,292 | - |
Directors' Loan | 7,076,000 | 7,076,000 |
Borrowings | 344,667 | 391,667 |
Deferred tax | 88 | 88 |
Total non-current liabilities | 7,458,047 | 7,467,754 |
Total liabilities | 7,807,571 | 7,826,935 |
Equity |
31 Mar 2026 | 17 months to Dec 2025 (Audited) | |
Share Capital | 1,929,087 | 1,929,087 |
Share premium | 8,203,178 | 8,203,178 |
Reserves | 710,788 | 710,788 |
Deposit for Shares | 2,498,641 | 2,498,641 |
Retained earnings/(loss) | (9,975,429) | (7,839,067) |
Revaluation surplus | 14,927,789 | 14,927,789 |
Total equity | 18,294,054 | 20,430,416 |
Total liabilities and equity | 26,101,625 | 28,257,351 |
Share Capital ₦'000 | Share Premium ₦'000 | Deposit for shares ₦'000 | Retained Earnings ₦'000 | Other Equity Reserve ₦'000 | Revaluation Surplus ₦'000 | Total ₦'000 | |
For the 3 months ended 31 March, 2026 | |||||||
At Jan 1, 2026 | 1,929,087 | 8,203,178 | 2,498,641 | (7,839,067) | 710,788 | 14,927,789 | 20,430,416 |
Adjustment to retained earning | (1,862,940) | (1,862,940) | |||||
Disposal/ Allotment | |||||||
Profit/(loss) for the period | - | - | (273,422) | - | - | (273,422) | |
Addition during the year | - | - | - | ||||
Other comprehensive income | - | - | - | ||||
At 31 March, 2026 | 1,929,087 | 8,203,178 | 2,498,641 | (9,975,429) | 710,788 | 14,927,789 | 18,294,054 |
For the period ended 31 December, 2025 | |||||||
At 1 August 2024 | 1,376,893 | 5,663,088 | 3,127,041 | (3,957,100) | 710,788 | 14,927,789 | 21,848,499 |
Addition during the year | 552,193 | 2,540,090 | - | - | - | 3,092,283 | |
Disposal/ Allotment | - | - | (628,400) | - | - | - | (628,400) |
Profit/(loss) for the period | 0 | - | 0 | (3,839,656) | - | - | (3,839,656) |
Adjustment to retained earning | - | - | - | (25,312) | - | - | (25,312) |
Other comprehensive income | - | - | - | (16,999) | - | - | (16,999) |
At 31 Dec 2025 | 1,929,087 | 8,203,178 | 2,498,641 | (7,839,067) | 710,788 | 14,927,789 | 20,430,416 |
Year to 31 Mar 2026 | Year to 31 Dec 2025 | |
Cashflows from operating activities | ₦'000 | ₦'000 |
Profit/(loss) before taxation | (273,422) | (3,839,656) |
Adjustment for: | ||
Retained earning | (1,862,940) | (25,312) |
Adjustment for prior PPE | - | - |
Fair value gain in biological assets | - | (16,999) |
Depreciation | 47,892 | 194,781 |
Subtotal after adjustments | (2,088,470) | (3,687,186) |
Working capital: | ||
Changes in biological assets | - | 393,354 |
Changes in Inventory | 5,306 | 90,958 |
Changes in receivables | (764) | (209,718) |
Changes in payables | (9,656) | (963,197) |
Subtotal working capital changes | (5,115) | (688,603) |
Net cash from/(used in) operating activities | (2,093,585) | (4,375,789) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (107,907) | (2,034,733) |
Investment in financial assets | 0 | - |
Other asset | - | - |
Net cash used in investing activities | (107,907) | (2,034,733) |
Cash flows from financing activities: | ||
Inflow from share capital | - | 552,193 |
Deposit for shares | (0) | (628,400) |
Inflow from revaluation surplus | - | - |
Share premium | - | 2,540,090 |
Year to 31 Mar 2026 | Year to 31 Dec 2025 | |
Change in short-term borrowings | (47,000) | (525,320) |
Change in long-term borrowings | 0 | (454,333) |
Change in related parties loan | 37,292 | 7,066,442 |
Restricted cash | 0 | 671,159 |
Net cash used in financing activities | (9,708) | 9,221,831 |
Net increase/(decrease) in cash and cash equivalents | (2,211,200) | 2,811,310 |
Cash and cash equivalents at beginning of the period | 3,054,570 | 243,260 |
Cash and cash equivalents at end of the period | 843,371 | 3,054,570 |
About Ellah Lakes Plc
Ellah Lakes Plc is a rapidly growing indigenous agribusiness company leading Nigeria's agricultural transformation. Established in 1980 as a fish farming enterprise, the Company underwent a strategic shift in 2019 following the acquisition of Telluria Limited. It repositioned itself as a vertically integrated agro-industrial player focused on crop cultivation, processing and sustainable value creation. Headquartered in Benin City, Edo State, Ellah Lakes is dedicated to the production and processing of high-demand staple crops such as oil palm, cassava, maize and soybean. The Company has successfully transitioned from traditional farming methods to a multi-vertical operation that integrates crop production, edible oils, animal feed, biofuels and agro-processing. Its' long-term vision is to become the leading indigenous agribusiness in West Africa.
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@Ellahlakesplc Ellahlakes Ellahlakes
Forward-looking statements
Certain statements in this document may constitute forward-looking information or forward-looking statements under applicable Nigerian securities law (collectively "forward-looking statements"). Forward-looking statements are statements that relate to future events, including the Company's future performance, opportunities, or business prospects. Any statements that express or involve discussions with respect to expectations, forecasts, assumptions, objectives, beliefs, projections, plans, guidance, predictions, future events or performance (often, but not always, identified by words such as "believes", "seeks", "anticipates", "expects", "continues", "may", "projects", "estimates", "forecasts", "pending", "intends", "plans", "could", "might", "should", "will", "would have" or similar words suggesting future outcomes) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements. Undue reliance should not be placed on these forward-looking statements because the Company cannot assure that the forward-looking statements will prove to be correct. As forward-looking information address future conditions and events, they could involve risks and uncertainties including, but are not limited to, risk with respect to general economic conditions, regulations and taxes, civil unrest, corporate restructuring and related costs, capital and operating expenses, pricing and availability of financing and currency exchange rate fluctuations. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.