Quarter 1 - financial statement for 2026

Certification 2

Consolidated Unaudited Statement of Financial Position 3

Consolidated Unaudited Statement of Profit or Loss 4

Consolidated Unaudited Statement of Changes in Equity 5

Consolidated Unaudited Statement of Cash Flows 6

Notes to the Consolidated Unaudited Financial Statements 7

1

ELLAH LAKES PLC

FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED 31 MARCH, 2026 CERTIFICATION PURSUANT TO SECTION 88 (2) OF INVESTMENT AND SECURITIES ACT 2025

We the undersigned hereby certify the following with regards to our financial reports for

the first quarter ended 31 March, 2026 that;

1. We have reviewed the report;

   To the Best of our knowledge , the report does not contain:

   i. Any untrue statement of a material fact, or

   ii Omit to state a material fact, which would make the statement misleading in the light of the circumstances under which such a statements were made:

2. To the best of our our knowledge , the Group financial statements and other financial information included in the report fairly present in all material respects the financial condition and result of operations of the company and of the Group for the period presented in the report.

1. We:

   1. Are responsible for establishing and maintaining internal controls;

   2. Have designed such internal controls to ensure that material information relating to the group is made known to officers by others within the entity, particularly during the period in which the periodic reports are being prepared;

      ii Have evaluated the effectiveness of the Group's internal controls within 90 days prior to the report;

      iv Have presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date;

2. We are not aware of and have disclosed as such to the Audit Committee:

   1. All significant deficiencies in the design or operation of internal controls which would adversely affect the Group's ability to record, process, summarise and report financial data and have identified for the Company's audit committee any material weakness in internal controls, and

   2. Any fraud, whether material or not, that involves management or other employees who have significant role in the company's internal controls;

3. We have identified in the report whether or not there were significant changes in internal controls or other factors could that significantly affect internal controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weakness.

   Certified by:

   Mr. Chuka Mordi

   Chief Executive Officer

   FRC/2014/CIBN/00000005906

   Date:

   Olushola Dehindilu

   Finance Manager

   FRC/2025/PRO/ICAN/001/111277

   Date:

   2

   ELLAH LAKES PLC

   CONSOLIDATED UNAUDITED STATEMENT OF FINANCIAL POSITION

   AS AT 31 MARCH, 2026

   31 March, 2026

   ₦'000

   17 Months to Dec 2025 (Audited)

   ₦'000

   Notes

   Assets
   Non-Current assets
   Property, plant and equipment	3
   Biological assets	4
   Goodwill	5
   Other asset	6

   24,762,051

   191,767

   57,689

   13,664

   25,025,171

   24,702,036

   191,767

   57,689

   13,664

   24,965,156

   Current assets
   Receivables	7
   Inventory	8
   Resricted cash	7
   Cash and cash equivalents	8

   231,103

   -

   1,980

   843,371

   1,076,454

   230,339

   5,306

   1,980

   3,054,570

   3,292,195

   Total assets
   Liabilities
   Current liabilities
   Trade and other payables	9
   Current tax payable	13.1

   Non-current liabilities
   Payables to related parties	10
   Directors' Loan	11
   Borrowings	12.0
   Deferred tax	13.2

   37,292

   7,076,000

   344,667

   88

   7,458,047

   7,807,571

   -

   7,076,000

   391,667

   88

   7,467,754

   7,826,935

   26,101,625 28,257,351

   348,955

   570

   349,525

   358,611

   570

   359,181

   Total liabilities
   Equity
   Share Capital	14
   Share premium	15
   Reserves	15
   Deposit For Shares
   Retained earnings/(loss)
   Revaluation surplus	16
   Total equity

   1,929,087

   8,203,178

   710,788

   2,498,641

   (9,975,429)

   14,927,789

   18,294,054

   1,929,087

   8,203,178

   710,788

   2,498,641

   (7,839,067)

   14,927,789

   20,430,416

   Total liabilities and equity 26,101,625 28,257,351

   These Group financial Statements were approved by the Board of Directors on Jan, ……. and signed on it behalf by:

   Mr. Chuka Mordi

   Chief Executive Officer

   FRC/2014/CIBN/00000005906

   Date:

   Olushola Dehindilu

   Finance Manager

   FRC/2025/PRO/ICAN/001/111277

   Date:

   3

   ELLAH LAKES PLC

   CONSOLIDATED UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

   FOR THE FIRST QUARTER ENDED 31 MARCH, 2026

   3 months ended to March 31, 2026	3 months ended to March 31, 2025	17 months to 31 December, 2025 (Audited)	12 months to 31 July, 2024 (Audited)
   ₦'000	₦'000	₦'000	₦'000
   359,488	19,606	146,658	780
   (74,141)	-	(16,602)	-
   285,347	19,606	130,056	780
   28,897	-	280,828	15,933

   Notes

   Revenue	17
   Cost of sales	18
   Gross profit/(loss)
   Other income/(loss)	19

   Administrative expenses	20
   Personnel expenses	21
   Finance cost	22
   Depreciation	3
   Gain/(loss) on foreign exchange

   (280,473)	(328,660)	(2,796,797)	(297,242)
   (252,251)	(203,828)	(1,189,423)	(591,451)
   (7,050)	(341)	(68,020)	(147,622)
   (47,892)	(961)	(194,781)	(3,845)
   -	-	(1,519)	129,508
   (587,666)	(533,790)	(4,250,540)	(910,651)

   (273,422)	(514,184)	(3,839,656)	(893,939)
   (0.07)	(0.19)	(1.00)	(0.23)

   Operating profit/(loss)

   Earnings per share (EPS)

   4

   ELLAH LAKES PLC

   Revaluation Surplus

   ₦'000

   14,927,789

   CONSOLIDATED UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE 3 MONTHS ENDED 31 MARCH, 2026

   Share Capital

   ₦'000

   1,929,087

   Share Premium

   ₦'000

   8,203,178

   Deposit for shares

   Retained Earnings

   Other Equity Reserve

   For the period ended 31 December, 2025

   At Jan 1, 2026

   ₦'000 ₦'000 ₦'000

   2,498,641 (7,839,067) 710,788

   Adjustment to retained earning (1,862,940)

   Total

   ₦'000

   20,430,416

   (1,862,940)

   -

   -

   1,929,087

   -

   -

   8,203,178

   -

   -

   -

   710,788

   -

   -

   -

   14,927,789

   (273,422)

   -

   -

   18,294,054

   Disposal/ Allotment

   Profit/(loss) for the period Addition during the year Other comprehensive income

   At 31 March, 2026

   For the period ended 31 July 2025

   At 1 August 2024 Addition during the year Disposal/ Allotment Profit/(loss) for the period

   Adjustment to retained earning

   Other comprehensive income

   At 31 Dec 2025

   (273,422)

   2,498,641 (9,975,429)

   1,376,893		5,663,088		3127040.749	(3,957,100)	710,788	14,927,789	21,848,499
   552,193		2,540,090		-		-	-	3,092,283
   -		-		(628,400)	-	-	-	(628,400)
   0		-		0	(3,839,656)	-	-	(3,839,656)
   -		-		-	(25,312)	-	-	(25,312)
   -		-		-	(16,999)	-	-	(16,999)
   1,929,087	#	8,203,178	#	2,498,641	(7,839,067)	710,788	14,927,789	20,430,416

   5

   ELLAH LAKES PLC
   CONSOLIDATED UNAUDITED STATEMENT OF CASH FLOW
   FOR THE SEVENTEEN MONTHS PERIOD ENDED 31 MARCH, 2026
   H
   	Year to 31 March 2026		Year to 31 December 2025
   	₦'000		₦'000
   Cashflows from operating activities
   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
   	(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)
   	(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 shares capital

   Deposit for shares

   Inflow from Revaluation Surplus

   Share premium

   Change in short term Borrowings

   Change in long term Borrowings

   Change in related parties loan

   Restricted cash

   Net cash used in financing activities

   Net increase/(decrease) in cash and cash equivalents

   Cash and cash equivalents at beginning of the period

   Cash and cash equivalents at end of the period

   -
   (0)
   -
   -
   (47,000)
   0
   37,292
   0
   (9,708)
   (2,211,200)
   3,054,570
   843,371

   552,193
   (628,400)
   -
   2,540,090
   (525,320)
   (454,333)
   7,066,442
   671,159
   9,221,831
   2,811,310
   243,260
   3,054,570

   6

   ELLAH LAKES

   NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

   FOR THE THREE MONTHS ENDED 31 MARCH, 2026

   1. Reporting Entity

   Ellah Lakes Plc is a public limited company incorporated on 22 August 1980 with Corporate Affairs Commission as a private limited liability company with registration number RC 299748. It was converted to public limited company on 16 June 1992. Its office is now situated at 10 , Muritala Mohammed Way, Benin City, Edo State.

   2. Recent Events in the Company

   i. The company has changed the Benin Office Address to 10, Muritala Mohammed Way, Benin City, Edo State.

   3. Property, plant and equipment
   FOR3 MONTHS TO 31 MARCH, 2026
   	Land	Building & Pens (WIP)	Furniture & Fittings	Office Equipment	IT & Equipment	Motor Vehicles	Bearer plants (Oil palm)	Plant and machinery (others)	Plant and Total machinery (MILL)
   	₦'000	₦'000	₦'000			₦'000			₦'000 ₦'000
   Cost:
   At 31 DECEMBER, 2025	22,647,000	192,138	6,136	29,958	-	160,109	1,154,835	-	722,217 24,912,393
   Additions	50,000	40,150		55	-	-		-	17,702 107,907
   Disposal
   At 31 MARCH, 2026	22,697,000	232,288	6,136	30,013	-	160,109	1,154,835	-	739,919 25,020,300
   Depreciation:
   At 31 DECEMEBR, 2025	-	26,880	726	6,877	-	25,035	24,059	-	126,780 210,357
   Charge for the period	-	5,510	181	364	0	4,127	6,015	-	31,695 47,892
   Reclassification									-
   On Disposal	-	-							- -
   At 31 MARCH, 2026	-	32,390	907	7,241	-	29,162	30,074	-	158,475 258,249
   Net Book Value at 31 Mar 2026	22,697,000	199,899	5,229	22,772	-	130,947	1,124,761	-	581,444 24,762,051

   FOR AUDITED 17 MONTHS TO 31 DECEMEBER, 2025
   At 1 Aug 2024	22,647,000	8,341	130	3,124	-	11,109	-	-	207,956 22,877,660
   Additions	-	8,626	6,006	26,834	-	149,000	1,164,930	-	679,337 2,034,733
   Disposal									-
   Reclassification	-	175,171	-			-	(10,095)		(165,076) -
   At 31 Dec 2025	22,647,000	192,138	6,136	29,958	0	160,109	1,154,835	0	722,217 24,912,393
   Depreciation:
   At 1 Aug 2024	-	4,841	0	2208	-	8,527	-	-	- 15,576
   Charge for the period	-	22,039	726	4669	-	16,508	24,059		126780 194,781
   On Disposal	-		-			-			- -
   At 31 Dec 2025	-	26,880	726	6,877	-	25,035	24,059	-	126,780 210,357
   Net Book Value at 31 Dec 2025	22,647,000	165,258	5,410	23,081	-	135,074	1,130,776	-	595,437 24,702,036

   7

   4	Biological assets
   	3-months period as at 31 Mar, 2026

   Palm Plantations	Livestock	Others	Total
   ₦'000	₦'000	₦'000	₦'000

   Cost:

   Balance at 1 Jan 2026

   Additions

   Balance at 31 Mar., 2026

   Amortisation/depreciation:

   Balance brought forward

   Charge for the period

   on disposal

   Balance carried forward

   Carrying Cost at 31 March, 2026

   31 Dec 2025 Audited

   Cost:

   Balance 1 August 2024

   Additions

   Disposal

   Balance 31 Dec 2025

   Amortisation/depreciation:

   Balance brought forward

   Charge for the period

   on disposal

   Balance carried forward

   Carrying Cost at 31 Dec 2025

   5	Goodwill
   	Goodwill on acquisition

   6	Other assets
   	Others
   	New Project preaquisition cost

   150,000

   150,000,000

   41,767

   -

   191,767

   -

   -

   -

   -

   -		-
   -		-
   -		-
   -	-	-

   150,000,000

   41,767

   -

   191,767

   -		41,767	-	41,767
   150,000		-		150,000
   -		-	-	-
   150,000		41,767	-	191,767

   -

   -

   -

   -

   -		-
   -		-
   -		-
   -	-	-

   150,000

   41,767

   -

   191,767

   3 months to 31 Mar., 2026

   ₦'000

   Audited 17 months to 31 Dec., 2025

   ₦'000

   41,767	-	191,767
   		-

   57,689

   57,689

   57,689

   57,689

   13,664

   -

   13,664

   13,664

   -

   13,664

   8

   3 months to 31 Mar.,

   ₦'000

   Audited 17 months to 31

   ₦'000

   7	Receivables
   	Prepaid Expenses
   	Others
   	Prepaid fueling

   59,449

   166,692

   4,963

   231,103

   32,269

   162,546

   35,524

   230,339

   Resricted cash- DSRA	1,980
   This represents
   Cash and cash equivalents
   Short term deposits	200,000
   Cash at Bank (Naira Account)	192,750
   Cash at Bank (Dom Accounts	450,387
   Cash in hand	234 843,371

   1,980

   8

   1. The Balances in Dom Accounts were valued at the ruling rate

-3,054,570

-

-3,054,570

0 5,306

9

570 570

3,858,173,594 ordinary shares@ ₦0.50 each 1,929,087 1,929,087

10

- 1,519

11