Unaudited Financial Statements for 17 Months ended 31 December 2025

CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

FOR THE SEVENTEEN MONTHS ENDED

ELLAH LAKES PLC

FINANCIAL STATEMENTS FOR THE SEVENTEEN MONTHS ENDED 31 DECEMBER, 2025

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 seventeen months ended 31 December, 2025 that;

a.

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:

b.

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.

c

We:

i.

Are responsible for establishing and maintaining internal controls;

ii.

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;

iii

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;

d

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

i.

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

ii.

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

e

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:

ELLAH LAKES PLC

CONSOLIDATED UNAUDITED STATEMENT OF FINANCIAL POSITION

AS AT 31 DEC, 2025

31 December, 2025

₦'000

31 July 2025 Audited

₦'000

Assets

Non-Current assets

Property, plant and equipment

3

Biological assets

4

Goodwill

5

Other asset

6

25,040,053

33,378

57,689

1,614,542

26,745,662

24,506,498

14,615

57,689

13,664

24,592,466

Current assets

Receivables

7

Resricted cash

Cash and cash equivalents

8

138,365

483,213

2,926,385

3,547,963

75,502

483,213

5,900,296

6,459,011

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

- 8,929

7,076,000

372,262

88

7,439,420

8,279,283

- 10,738

7,076,000

447,424

88

7,512,773

8,391,029

839,293

570

839,863

877,686

570

878,256

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

(6,255,139)

14,927,789

22,014,343

1,929,087

8,203,178

710,788

2,498,641

(5,609,035)

14,927,789

22,660,448

Mr. Chuka Mordi

Chief Executive Officer

FRC/2014/CIBN/00000005906

Date:

Olushola Dehindilu

Finance Manager

FRC/2025/PRO/ICAN/001/111277

Date:

ELLAH LAKES PLC

CONSOLIDATED UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE SEVENTEEN MONTHS ENDED 31 DECEMEBR, 2025

3 months ended

to December 31,

2025

3 months ended to

Decemeber, 2024

17 months to 31

December, 2025

17 months to 31

Decemeber, 2024

₦'000

₦'000

₦'000

₦'000

79,250

18,966

146,658

19,746

(15,210)

-

(16,602)

-

64,041

18,966

130,056

19,746

180,591

66

268,495

16,182

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

(412,252)

(156,497)

(1,202,884)

(506,978)

(252,657)

(214,836)

(1,190,156)

(935,592)

(10,221)

(13,925)

(66,392)

(166,576)

(1,559)

-

(6,076)

(4,806)

-

12,899

191,990

150,470

(676,689)

(372,359)

(2,273,518)

(1,463,482)

(432,058)

(353,327)

(1,874,966)

(1,427,554)

(0.11)

(0.18)

(0.60)

(0.71)

Deposit for shares

Retained Earnings

₦'000

₦'000

2,498,641

(5,609,035)

- 214,047

(432,058)

CONSOLIDATED UNAUDITED STATEMENT OF CHANGES IN EQUITY

FOR THE SEVENTEEN MONTHS ENDED 31 DECEMBER, 2025

Share Capital

₦'000

1,929,087

-

-

1,929,087

Share Premium

₦'000

8,203,178

Other Equity

Reserve

₦'000

710,788

Revaluation Surplus

₦'000

14,927,789

5,663,088

2,540,090

-

-

-

710,788

-

-

-

14,927,789

Total

₦'000

22,660,448

(214,047)

(432,058)

-

-

22,014,343

2,498,641

(6,255,139)

21,848,499

2,463,883

(1,596,347)

(11,437)

(44,151)

22,660,448

3127040.749

(3,957,100)

(628,400)

(1,596,347)

(11,437)

(44,151)

2,498,641

(5,609,035)

-

-

-

710,788

-

-

14,927,789

ELLAH LAKES PLC

CONSOLIDATED UNAUDITED STATEMENT OF CASH FLOW

FOR THE SEVENTEEN MONTHS PERIOD ENDED 31 DECEMBER, 2025

Year to

31 December 2025

₦'000

Year to 31 July

2025

₦'000

Cashflows from operating activities

Profit/(loss) before taxation

Adjustment for:

Retained earning

Adjustment for prior PPE

Fair value gain in biological assets

Depreciation

Working capital:

Changes in biological assets

Changes in Inventory

Changes in receivables

Changes in payables

Net cash from/(used in) operating activities

Cash flows from investing activities:

Purchase of property, plant and equipment

Investment in Financial assets

Other asset

Net cash used in investing activities

(214,047)

(350,602)

-

1,559

(995,148)

(11,437)

-

(44,151)

4,624

(1,647,311)

(18,763)

-

(62,863)

(38,393)

(120,019)

(1,115,167)

570,506

96,264

(54,882)

(444,121)

167,767

(1,479,543)

(184,512)

-

(1,600,878)

(1,785,389)

-

(1,649,038)

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)

-

-

(75,162)

0

1,809

-

(73,354)

(2,973,910)

5,900,296

2,926,385

552,193

(628,400)

-

2,540,090

(713,320)

(210,576)

7,055,703

189,927

8,785,618

5,657,036

243,260

5,900,296

ELLAH LAKES

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

FOR THE SEVENTEEN MONTHS ENDED 31 DECEMEBR, 2025

1. Reporting Entity

9

Trade & Other Payables

Trade payable

Other Current Liabilities

5,683 5,683

833,609 872,002

839,293 877,686

10

Related Parties Liabilities

11

Director's Loan

12

Term Loans

Non-current (Note 12.1)

372,262 447,424

372,262 447,424

12.1

Non-Current

Secured Borrowing:

CBN/FCMB

372,262 447,424

372,262 447,424

17 Months to 31

December, 2025

₦'000

12 Months to 31

July 2025

₦'000

13

Taxation

Current tax (13.1)

Deferred tax (13.2)

-

570

-

-

-

570

13.1

Current tax payable

At 1 August

Tax for the period:

Income tax

Education tax

Payment

-

-

-

-

-

-

570

570

13.2

Deferred tax

At 1 August

Arising/(reversing) during the period

At 31 Oct

88

88

-

88

88

14

Issued and fully paid:

15

Reserves

Share premium reserves

Other reserves

Deposit for shares

8,203,178

8,203,178

710,788

710,788

2,498,641

2,498,641

11,412,606

11,412,606

16

Revaluation

Net land revaluation

14,927,789

14,927,789

14,927,789

14,927,789

3 months ended

December, 2025

₦'000

12 months to 31

July 2025

₦'000

17

Revenue

Sales

79,250 67,104

79,250 67,104

18

Cost of sales

Goods

15,210 1,115

15,210 1,115

19

Other income

Other income

Interest Received

8,749 11,668

171,842 26,974

180,591 38,642

19B

Gain on foreign exchange

20

Administrative expenses

Bank charges

Audit fee

Professional and legal fees

Regulatory charges and penalty

Advertisement

Telecommunication and postage

Maintenance costs

Printing and stationeries

Travels and hotel accommodation

IT and internet

Fuel

Meetings and Entertainment

Corporate Social Service

Medical Expenses

Motor Vehicles expenses

Dues and Subscription

Rents

Insurance

Security Expenses

Livestock expenses

Other expenses (Public offer expenses etc)

1,524

4,629

1,613

11,825

46,090

153,607

24,592

23

1,970

4,745

118

412

3,969

10,057

338

3,728

13,453

185,560

5,811

3,434

15,060

35,475

-

10,487

19,262

17,773

752

1,103

4,112

157

9,628

15,827

5,026

36,643

8,431

14,111

7,065

37,794

16,792

113,807

226,647

5,578

412,252

666,773

21

Personnel Expenses

Salaries and wages

Wages

Pension

222,187

720,947

13,557

65,174

16,913

-

252,657

786,121

22

Finance costs

Interests

10,221 51,471

10,221 51,471

23

Securities Trading Policy

In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule), Ellah Lakes Plc (the Company) is currently updating and finalizing its Securities Trading Policy as mandated by the Issuers Rule. The Policy when it becomes effective, applies to all Directors, Audit Committee, employees of the Company and any other person in possession of insider information from dealing in the Company's shares during the Non-Authorized Trading Period, in accordance with the Investment and

Security Act, 2007 and the Post Listing Rules of The Nigerian Stock Exchange.