Quarter 1 - financial statement for 2025

Eterna Plc

Unaudited Financial Statements for the First Quarter

Ended 31st March 2026

2026

N'000

2025

N'000

2026

N'000

2025

N'000

Revenue

1

Cost of sales

2.1 (64,799,106)

Gross Profit

5,712,345

Selling and distribution expenses

2.2

General and administrative expenses

2.3

Other income

6

Finance income

7

Note

70,511,451

73,272,285

70,511,451

73,272,285

(68,959,301)

(64,974,481)

(68,983,244)

4,312,984

5,536,970

4,289,041

(19,391)

(42,421)

(19,276)

(41,921)

(3,161,006)

(2,434,869)

(2,991,110)

(2,294,725)

46,620

63,913

43,952

55,853

Operating profit

2,578,567

1,899,607

2,570,535

2,008,249

10,040

-

10,040

-

(109,249)

-

(109,249)

-

(825,868)

(467,767)

(825,849)

(467,767)

Profit before tax

1,653,490

1,431,839

1,645,477

1,540,482

(268,550)

(744,604)

(268,550)

(744,604)

Profit for the quarter

1,384,941

687,235

1,376,927

795,878

Attributable to:

- Owners of the parent

- Non-controlling interests

1,384,941

-

1,384,941

687,235

-

687,235

1,376,927

-

1,376,927

795,878

-

795,878

Net foreign exchange loss

7.2

Finance cost

8

Taxation

9

Attributable to:

- Owners of the parent

- Non-controlling interests

Total comprehensive Income for the quarter

1,384,941

-

1,384,941

687,235

-

687,235

1,376,927

-

1,376,927

795,878

-

795,878

Earnings per share:

Basic

30

Diluted

30

1.06

1.06

0.53

0.53

1.06

1.06

0.61

0.61

Non-current assets

Property, plant and equipment

19

14,434,762

14,360,793

13,065,423

13,029,157

Intangible assets

19

263,856

-

263,856

-

Right of Use Assets

20

1,415,891

1,313,688

1,415,891

1,313,688

Other investments

22

575,382

575,382

575,382

575,382

Investment in subsidiaries

22

-

-

50,990

50,990

16,689,891

16,249,863

15,371,541

14,969,217

Group

Company

Note 31 March

31 December

31 March

31 December

2026

2025

2026

2025

N'000

N'000

N'000

N'000

Current assets

Inventory

23

37,808,714

57,980,280

37,733,599

57,923,122

Trade and other receivables

24

10,042,112

12,884,375

12,560,704

15,446,230

Prepayments

20

651,648

331,066

643,794

315,333

Cash and bank balances

25

5,224,409

4,749,415

5,151,701

4,673,674

53,726,883

75,945,136

56,089,797

78,358,359

Borrowings

26 9,056,898 9,456,898

Deferred tax liability

23 1,835,415 1,835,415

Decomissioning liability

27 232,968 235,707

11,125,281 11,528,021

9,056,898

9,456,898

1,994,359

1,994,359

205,730

208,318

11,256,986

11,659,575

Current liabilities

Trade and other payables

28

12,464,243

11,242,707

12,405,360

11,263,976

Borrowings

26

35,611,169

59,857,458

35,611,169

59,857,457

Tax payable

9

2,063,589

1,799,261

2,061,759

1,797,433

50,139,001

72,899,428

50,078,288

72,918,867

Equity attributable to shareholders

Share capital

29

652,072

652,072

652,072

652,072

Share premium

29

5,796,053

5,796,053

5,796,053

5,796,053

Retained earnings

2,704,369

1,319,429

3,677,937

2,301,009

9,152,494

7,767,554

10,126,062

8,749,134

Non -controlling interest

(4)

(4)

-

-

Total equity

9,152,490

7,767,550

10,126,062

8,749,134

Total equity and liabilities

70,416,774

92,194,999

71,461,336

93,327,576

Olumide Adeosun

Managing Director/Chief Executive Officer

FRC/2020/PRO/DIR/003/00000020356

Aliu Kamiyo

Chief Financial Officer

FRC/2022/PRO/ICAN/001/00000023899

Balance at 1st January 2025

Comprehensive income/(loss)

Profit for the year

Other Comprehensive income

Total comprehensive Income

Transaction with owners

Dividend paid

At 31 December 2025

652,072

5,796,053

(1,597,649)

-

4,850,476

(2)

4,850,474

-

-

2,917,078

-

2,917,078

(2)

2,917,076

-

-

2,917,078

-

2,917,078

(2)

2,917,076

-

-

-

652,072

5,796,053

-

1,319,429

-

-

7,767,554

-

(4)

-

7,767,550

Attributable to equity holders

of the parent

Group

Share Capital

Share premium

Retained Earnings

Other Reserves

Total amount attributable to equity holders

Non -controlling interest

Total Equity

N'000

N'000

N'000

N'000

N'000

N'000

N'000

Company

Share

Share

Retained

Other

Total

capital

premium

earnings

Reserves

Equity

N'000

N'000

N'000

N'000

N'000

Balance at 1 January 2025

Comprehensive income

Profit for the year

Other Comprehensive income

Total comprehensive Income

652,072

5,796,053

(937,213)

-

5,510,912

-

3,238,222

3,238,222

-

-

-

3,238,222

-

3,238,222

Balance at 1 January 2026

Comprehensive income

Profit for the period

Other Comprehensive income

Total comprehensive Income

652,072

5,796,053

1,319,429

7,767,554

(4)

7,767,550

-

-

1,384,941

1,384,941

-

1,384,941

-

-

1,384,941

-

1,384,941

-

1,384,941

Transaction with owners

Dividend Paid

At 31st March 2026

-

-

-

-

-

-

-

-

-

-

652,072

5,796,053

2,704,369

-

9,152,494

(4)

9,152,490

Transaction with owners

Dividend paid

At 31 December 2025

-

-

-

-

652,072

5,796,053

2,301,009

- 8,749,134

652,072

5,796,053

2,301,009

Balance at 1 January 2025

Comprehensive income

Profit for the period

Other Comprehensive Income

8,749,134

-

1,376,927

- Actuarial gains net of tax

Total comprehensive Income

-

-

-

-

-

-

-

1,376,927

-

1,376,927

Transaction with owners

Dividend Paid

At 31st March 2026

-

-

-

-

652,072

5,796,053

3,677,937

- 10,126,062

CASH FLOWS FROM OPERATING ACTIVITIES:

Profit before tax

Adjustments for non-cash items:

Depreciation

Amortisation of Intangible Assets

Amortisation of prepayments

Amortisation of right of use assets

Impairment charge/(reversal) on credit loss

Loss/(gain) on disposals of property, plant and equipment

Foreign Exchange loss

Property, plant & equipment and Intangible assets Written off

Finance Cost

Finance Income

Finance cost on Trading

Exchange gain/(losses) on borrowings

Gain on debt extingushment

Loss on inventory valuation

Change in the unwinding effects on Decommissioning cost

Cash flows from operating activities

Changes in working capital:

Decrease/(Increase) in inventory

Decrease/(increase) in debtors

(Increase) in prepayment

Increase/(decrease) in payables

Vat paid

Tax paid

Proceeds from sale of property, plant and equipment

Purchase of property, plant and equipment

Purchase of Intangible assets

Payments for Right of use assets

Loan to JUHI-2

Interest received

Net cash used in investing activities

25

5,224,409

4,749,415

5,151,701

4,673,674

Cash flows generated from operating activities

27,889,897

(19,604,817)

27,819,839

(19,898,398)

9

Net cash generated from/(used in) operating activities

27,885,675

(20,095,743)

27,815,617

(20,382,734)

CASH FLOWS FROM INVESTING ACTIVITIES:

Note

Group Company

31 March

2026

N'000

31 December

2025

N'000

31 March

2026

N'000

31 December

2025

N'000

19

308,388

1,185,435

274,587

1,066,687

19

9,772

124

9,772

124

21

45,369

92,639

45,369

92,639

20

91,375

346,644

91,375

346,644

7.1

-

18,695

-

18,695

2.3

3,637

195,899

2,609

195,899

7.2

109,249

-

109,249

-

19

14,477

60,712

14,223

60,647

8

825,868

2,594,597

825,849

2,594,597

7

(10,040)

(17,792)

(10,040)

(17,792)

26

865,140

2,685,958

865,159

2,685,958

26

-

(497,553)

-

(497,553)

26

-

(8,740,721)

-

(8,740,721)

2.3

-

2,082,588

-

2,082,588

27

2,739

39,410

2,588

31,475

3,919,464

7,320,186

3,876,217

7,617,878

23

20,171,566

(36,393,372)

20,189,523

(36,406,247)

24

2,862,295

5,527,912

2,905,559

4,841,995

21

(284,964)

(65,771)

(292,843)

(64,187)

28

1,221,536

4,006,227

1,141,384

4,112,163

23,970,433

(26,925,003)

23,943,622

(27,516,277)

-

(4,222)

-

(490,926)

-

(4,222)

-

(484,336)

19

11,056

234,483

13,270

234,483

19

(529,197)

(1,235,796)

(459,134)

(972,943)

19

(273,628)

-

(273,628)

-

20

(274,564)

(76,288)

(274,564)

(76,288)

24

(20,032)

(4,992)

(20,032)

(4,992)

7

10,040

17,792

10,040

17,792

(1,076,326)

(1,064,801)

(1,004,049)

(801,948)

Proceeds from borrowings

Repayment of borrowings

Repayment of Interest

26

17,740,105

26

(42,386,393)

26

(1,691,008)

143,715,591

(114,235,165)

(5,280,555)

17,740,105

(42,386,393)

(1,691,008)

143,715,591

(114,235,165)

(5,280,555)

Net cash generated (used in)/from financing activities

(26,337,295)

24,199,870

(26,337,295)

24,199,870

Net Change in Cash and Cash Equivalents

472,054

3,039,326

474,273

3,015,188

Cash & Cash Equivalents at the beginning of the year

4,749,415

1,635,936

4,673,674

1,572,091

Effect of foreign exchange rate changes

2,940

74,153

3,754

86,393

Cash & Cash Equivalents as at 31st December 2025

Company

2026

2025

65,438,416

58,657,294

4,907,820

14,346,080

165,215

268,912

70,511,451

73,272,285

65,438,416

58,657,294

4,907,820

14,346,080

165,215

268,912

70,511,451

73,272,285

2

Expenses by nature

Group

2026

2025

Company

2026

2025

2.1

Cost of sales

Fuel

Lubricants

Others

60,771,181

57,392,087

3,885,072

11,263,728

142,854

303,486

64,799,106

68,959,301

60,771,181

57,392,087

4,060,447

11,287,671

142,854

303,486

64,974,481

68,983,244

Group

2026

2025

Company

2026

2025

2.2

Selling and Distribution expenses

Marketing and sales commission

Sampling and analysis

16,406

41,921

16,406

41,921

2,985

500

2,870

-

19,391

42,421

19,276

41,921

Company

2026

2025

N'000

N'000 N'000 N'000

1

Revenue

Fuel

Lubricants

Others

Group

2026

2025

2.3

General and Administration expenses

Staff costs

Legal and Professional fees

Depreciation

Employee welfare

Travelling & Entertainment

Rental Expenses

Technical Supports Service fees

Amortisation of right of use assets

Repairs and Maintenance

Business Development

Other expenses

Stationery and communication

Bank Charges

Insurance, medical and security

Licence fees

Directors remuneration

Amortisation on Prepayments

Pension costs

Auditors' remuneration

Amortisation of Intangible assets

Loss on disposal of property, plant and equipment

Board Expenses

Donations and gifts

Training and staff Development

Group

2026

2025

819,691

706,773

58,667

68,490

308,388

265,261

7,693

7,363

166,496

70,493

15,471

45,354

528,836

-

91,375

107,399

447,378

387,358

70,650

72,172

48,808

61,945

16,062

12,200

55,454

135,537

159,855

174,663

177,239

210,298

54,069

35,417

45,369

-

23,554

20,489

15,000

15,000

9,772

-

3,637

2,359

12,915

11,629

4,000

-

20,627

24,671

3,161,006

2,434,869

765,997

675,120

58,480

68,302

274,587

239,280

7,195

7,150

162,971

66,008

15,471

45,354

528,836

-

91,375

107,399

386,724

333,053

69,330

72,092

47,108

57,626

15,384

12,074

55,416

135,361

155,558

169,540

173,687

200,997

54,069

35,417

45,369

-

21,632

18,893

12,500

12,500

9,772

-

2,609

2,359

12,915

11,629

4,000

-

20,129

24,571

2,991,110

2,294,725

Company

2026

2025

64,974,481

24,522,367

19,276

33,491

2,991,110

1,035,953

67,984,867

25,591,811

3

Cost of sales

Selling and Distribution expenses

General and Administration expenses

Group

2026

2025

64,799,106

24,522,387

19,391

33,491

3,161,006

1,103,056

67,979,503

25,658,934

4

Employees' remuneration and numbers

Group

2026

2025

Number

Number

Company

2026

2025

Number

Number

Administration

Operations

47

47

40

40

46

46

25

25

N'000

N'000 N'000 N'000

Sales and marketing 58

58 56 56

145

145 127 127

Senior Management

Management

Senior staff

13

13

12

12

120

120

145

145

12

10

12

9

103

75

127

94

The number of employees, other than directors, who earned over N3,000,000 in the year:

Group

2026

2025

Number

Number

N3,000,001 - N4,000,000

-

N4,000,001 - N5,000,000

82

82

Above 5,000,000

63

63

145

145

Company

2026

2025

Number

Number

-

26

73

14

54

54

127

94

Group

2026

2025

N'000

N'000

Salaries and wages

819,691

706,773

Employee welfare

7,693

7,363

Pension Costs

23,554

20,489

850,938

734,624

Company

2026

2025

N'000

N'000

765,997

675,120

7,195

7,150

21,632

18,893

794,823

701,162

5

Directors' remuneration

Fees for services as a director

Other emoluments as management

Group

2026

2025

54,069

35,417

56,587

54,464

110,656

89,881

Company

2026

2025

54,069

35,417

56,587

54,464

110,656

89,881

18,000

18,000

18,000

18,000

Company

2026

2025

10,040

-

10,040

-

10,040

0

10,039.87

0

Less than N500,001

N500,001 - N3,000,000

N8,000,001 - N12,000,000

More than N12,000,000

Number

Number

2026

2025

-

-

-

-

6

5

4

3

10

8

Number

Number

2026

2025

-

-

-

-

6

5

4

3

10

8

6

Other income

Other income

Rent income

Group

Company

2026

2025

2026

2025

12,904

25,049

10,235

16,989

33,717

38,864

33,717

38,864

46,620

63,913

43,952

55,853

7

Finance income

Interest income on short-term bank deposits

Group

2026

2025

7.2

Net Foreign Exchange (Loss)/Gain

Foreign exchange (loss)/gain

(109,249)

-

(109,249)

-

(109,249)

-

(109,249)

-

N'000

Group

N'000

N'000

Company

N'000

8

Finance cost 2026

2025

2026

2025

825,869

467,767

825,868

467,767

825,849

467,767

825,849

467,767

9

Taxation

Group

2026

2025

Company

2026

2025

Current taxes on income for the year

Development levy for the year

Tax expense on Income statement

Deferred Tax

Total tax expense

473,974

366,681

105,465

-

579,438

366,681

(310,889)

377,923

268,550

744,604

473,974

366,681

105,465

-

579,438

366,681

(310,889)

377,923

268,550

744,604

Opening balance

Tax paid

WHT utilised

Income tax charge

Closing balance

Group

2026

Dec'2025

1,799,261

1,671,917

(4,222)

(490,926)

-

(1,120,794)

268,550

1,739,064

2,063,589

1,799,261

Company

2026

Dec'2025

1,797,432

1,665,189

(4,222)

(484,336)

-

(1,120,794)

268,550

1,737,372

2,061,759

1,797,432

Current

Non-current

2,063,589

1,799,261

-

-

2,063,589

1,799,261

2,061,759

1,797,432

-

-

2,061,759

1,797,432

Property Plant and Equipment

Intangibles

Land

Buildings

Plant and Machinery

Capital Work-In-Progress

Office Equipment

Furniture & Fittings

Motor Vehicles

Total PPE

Computer Software

Total Intangible Assets

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

Naira

Cost

At 1 January 2025

2,457,578

4,567,438

7,489,300

2,494,827

445,456

391,355

2,450,442

20,296,396

150,981

150,981

Additions in the year

1,469.00

71,966

58,710

727,592

69,535

43,670

-

972,942

-

-

Reclassifications (Note 3)

-

-

-

-

-

-

-

-

Transfers (Note 19.4)

283,278.00

758,723

385,440

(1,934,998)

21,562

41,582

444,413

-

-

Asset Writen off (Note 19.3)

(2,314)

(12,669)

(239,679)

(399)

(5,436)

(39,829)

(300,326)

-

ARO re-estimation

(50,765)

(50,765)

Asset Disposed

(313,341)

(23,949)

-

(179,135)

(516,425)

At 31 December 2025

2,742,325

5,082,472

7,846,067

1,047,742

536,154

471,171

2,675,891

20,401,822

150,981

150,981

Additions in the year

54,238

74,418

309,518

21,205

11,463

120,000

590,842

-

-

Transfers (Note 19.4)

20,463

58,959

(364,055)

4,054

6,951

-

273,628

273,628

Asset Writen off (Note 19.3)

(1,393)

(7,250)

(5,276)

(558)

(14,477)

-

Asset Disposed

(6,200)

(19,157)

(25,357)

-

-

At 31st March 2026

2,742,325

5,149,580

7,972,194

993,205

556,137

489,027

2,776,734

20,952,830

424,609

424,609

Accumulated Depreciation,

Amortisation and Impairment

At 1 January 2025

(1,191,511)

(3,513,616)

-

(326,781)

(309,875)

(1,110,886)

(6,452,669)

(132,433)

(132,433)

Charge for the year

(255,937)

(283,054)

-

(70,818)

(37,413)

(419,465)

(1,066,687)

(18,548)

(18,548)

Asset Writen off (Note 19.3)

2,314

12,669

399

5,436

39,829

60,647

-

-

Asset Disposed

42,198

4,103

-

39,742

86,043

-

At 31 December 2025

-

(1,402,936)

(3,779,898)

-

(397,200)

(341,852)

(1,450,780)

(7,372,666)

(150,981)

(150,981)

Charge for the year

(71,417)

(71,268)

(19,482)

(3,502)

(99,146)

(264,815)

(9,772)

(9,772)

Asset Writen off (Note 19.3)

1,139

7,250

5,276

558

14,223

-

Asset Disposed

4,005

5,473

9,478

-

-

At 31st March 2026

-

(1,469,209)

(3,843,916)

-

(411,406)

(344,796)

(1,544,453)

(7,613,780)

(160,753)

(160,753)

Net Book Value

At 31 December 5

2,742,325

3,679,536

4,066,169

1,047,742

138,954

129,319

1,225,111

13,029,156

-

-

At 31st March 2026

2,742,325

3,680,371

4,128,278

993,205

144,731

144,231

1,232,281

13,065,423

263,856

263,856

Group

31 Mar 2026

31 Dec 2025

56,666

64,305

80,987

85,000

(45,369)

(92,639)

92,284

56,666

559,364

274,400

92,284

56,666

651,648

331,066

Company

31 Mar 2026

31 Dec 2025

56,666

64,305

80,987

85,000

(45,369)

(92,639)

92,284

56,666

551,510

258,667

92,284

56,666

643,794

315,333

N'000

N'000 N'000 N'000

20

Right of Use Assets

Opening Balance

Additional lease

Depreciation

Group

31 Mar 2026

31 Dec 2025

1,313,688

1,584,044

193,578

76,288

(91,375)

(346,644)

1,415,891

1,313,688

Company

31 Mar 2026

31 Dec 2025

1,313,688

1,584,044

193,578

76,288

(91,375)

(346,644)

1,415,891

1,313,688

21

Prepayments

22

Investments

Company

31 Mar 2026

31 Dec 2025

Prepaid rent

Additions

Amortisation

Other short term prepayment

Total prepaid rents

Total prepayments

99.98% in Eterna Industries Limited

100% in Eterna Marine and Services Limited

49,990

49,990

1,000

1,000

50,990

50,990

Company

31 Mar 2026

31 Dec 2025

575,382

575,382

575,382

575,382

575,382

575,382

575,382

575,382

Group

31 Mar 2026

31 Dec 2025

2,737,176

2,171,140

34,917,264

55,690,290

154,273

118,850

37,808,714

57,980,280

Company

31 Mar 2026

31 Dec 2025

Raw materials

Finished goods

Consumables

2,737,176

2,171,140

34,916,559

55,690,290

79,863

61,692

37,733,599

57,923,122

Other Investments

JUHI 2 Project

Group

31 Mar 2026

31 Dec 2025

23

Inventory

Inventory is carried at the lower of cost or net realisable value. Cost is determined using weighted average method. The cost of finished goods and work in progress comprises

of raw materials, importation logistics cost, direct labour, other direct costs and other production overheads.

Net realisable value is the estimated selling price in the ordinary course of business less applicable variable selling expenses.

24

Trade and other receivables

Group

31 Mar 2026

31 Dec 2025

Company

31 Mar 2026

31 Dec 2025

Trade receivables

Less: Impairment of trade receivables

Trade receivables - net

Due to Group Companies

Due from related parties

Bridging claims

Other receivables

Loan to Juhi 2

Financial asset

4,723,154

6,542,037

(2,606,822)

(2,606,822)

2,116,332

3,935,215

-

-

-

1,500

1,926,582

1,926,582

388,591

201,245

265,595

245,563

4,697,100

6,310,105

4,723,154

6,542,037

(2,606,822)

(2,606,822)

2,116,333

3,935,215

2,570,468

2,603,878

-

1,500

1,926,582

1,926,582

400,198

201,245

265,595

245,563

7,279,177

8,913,983

N'000

N'000 N'000 N'000

Advances

WHT receivables

VAT receivables

Non-financial asset

1,246,879

3,449,957

1,292,048

1,169,633

2,806,085

1,954,680

5,345,012

6,574,270

1,247,609

3,451,692

1,292,048

1,169,633

2,741,869

1,910,922

5,281,527

6,532,247

10,042,112

12,884,375

12,560,704

15,446,230

25

Cash and Cash Equivalents

Cash and bank

Short term deposits with Financial institutions

Cash and bank balances

Group

31 Mar 2026

31 Dec 2025

5,191,101

4,716,107

33,308

33,308

5,224,409

4,749,415

Company

31 Mar 2026

31 Dec 2025

5,118,393

4,640,366

33,308

33,308

5,151,701

4,673,674

5,224,409

4,749,415

5,151,701

4,673,674

26

Borrowings

Current

Opening balance

Additions

Interest on trading cost

Repayment

Group

31 Mar 2026

31 Dec 2025

69,314,354

49,072,203

17,740,105

143,715,591

1,691,008

5,280,555

(44,077,401)

(128,753,995)

44,668,067

69,314,354

Company

31 Mar 2026

31 Dec 2025

69,314,354

49,072,203

17,740,105

143,715,591

1,691,008

5,280,555

(44,077,401)

(128,753,995)

44,668,067

69,314,354

-

-

44,668,067

69,314,354

-

-

44,668,067

69,314,354

35,611,169

59,857,457

35,611,169

59,857,457

9,056,898

9,456,898

9,056,898

9,456,898

27

Decomissioning Liability

Balance as at 1 January

Changes in estimated cash flows

Accretion expenses

Group

31 Mar 2026

31 Dec 2025

235,707

250,032

(2,739)

(71,110)

-

56,786

232,968

235,707

Company

31 Mar 2026

31 Dec 2025

208,318

227,608

(2,588)

(50,765)

-

31,475

205,730

208,318

28

Trade and other payables

Group

31 Mar 2026

31 Dec 2025

Company

31 Mar 2026

31 Dec 2025

Trade creditors

Bridging Allowance

Other payables

Due to Related Parties

Financial Liabilities

5,416,378

3,639,865

423,377

423,377

2,126,238

2,007,974

1,165,581

2,359,964

9,131,573

8,431,180

5,416,062

3,642,425

423,377

423,377

2,127,872

2,080,612

1,165,581

2,359,964

9,132,892

8,506,378

Advance received

VAT payables

Tax related liabilities

Accrued payables

Non-financial liabilities

1,510,292

723,125

476,906

-

338,439

907,773

1,007,033

1,180,629

3,332,670

2,811,527

1,510,292

723,125

412,802

-

342,341

853,844

1,007,033

1,180,629

3,272,468

2,757,598

12,464,243

11,242,707

12,405,360

11,263,976

31 Mar 2026

31 Dec 2025

Authorised:

1,600,000 thousands Ordinary shares of 50k each

800,000

800,000

N'000

N'000 N'000 N'000

29

Share Capital

Issued, alloted and fully paid:

1,304,145 thousand Ordinary shares of 50k each

652,072

652,072

Issued and fully alloted:

1,304,145 thousand Ordinary shares of 50k each

652,072

652,072

Number of shares

Ordinary

shares

Share premium

Total

At 1 January 2026

Capitalised during the period

Issue of new shares

At 31 March 2026

1,304,145

652,072

5,796,053

6,448,125

-

-

-

-

-

-

-

-

1,304,145

652,072

5,796,053

6,448,125

30

Earnings per share

(a)

Basic

Basic earnings per share is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares in issue during the year.

31 Mar 2026

31 Dec 2025

31 Mar 2026

31 Dec 2025

Profit/(loss) for the year attributable

to shareholders (in N'000)

Weighted average number of ordinary shares in issue

Basic earnings per share (in N'000)

1,384,941

3,228,052

1,304,145

1,304,145

1.06

2.48

1,376,927

3,228,052

1,304,145

1,304,145

1.06

2.48

Group

Company

31 Mar 2026

31 Dec 2025

31 Mar 2026

31 Dec 2025

1,157,705

3,228,052

1,304,145

1,304,145

Profit/(loss) for the year attributable to shareholders (in N'000)

1,384,941

3,228,052

Weighted average number of ordinary shares in issue

1,304,145

1,304,145

Adjustments for :

- Share options

-

Weighted average number of ordinary shares for diluted earnings per share (thousands)

1,304,145

1,304,145

1,304,145

1,304,145

1.06

2.48

0.89

2.48

Profit/(loss) before tax

Taxation

(9,332,123)

1,012,252

(9,332,123)

1,012,252

The five-year financial summary is included for the purposes of the Companies and Allied Matters Act.

Group

Mar 2026

Dec 2025

Dec 2024

Dec 2023

Dec 2022

Financial performance

Revenue

70,511,451

302,369,941

313,615,914

183,375,434

116,472,441

1,653,490

7,273,551

4,483,846

(7,878,667)

2,097,874

(268,550)

(4,356,473)

(3,135,222)

(1,453,456)

(1,085,622)

Profit/(loss) for the year

1,384,941

2,917,078

1,348,624

Non - controlling interest

-

(2)

-

44

Total comprehensive Income/(loss) for the year

1,384,941

2,917,078

1,348,624

Basic earnings per share (kobo)

1.06

2.24

2.48

(7.16)

0.78

Diluted earnings per share (kobo)

1.06

2.24

2.48

(7.16)

0.78

Financial position

Share capital

Share premium

Non -controlling interest

Retained Earnings

Total equity

652,072

652,072

652,072

652,072

652,072

5,796,053

5,796,053

5,796,053

5,796,053

5,796,053

(4)

(4)

(4)

(2)

(2)

2,704,369 1,319,429 (1,597,649) (2,845,284) 6,682,461

9,152,490 7,767,550 4,850,472 3,602,839 13,130,584

Property, plant and equipment

Other non-current assets

Net Current Assets/(liabilities)

Non-current liabilities

Net assets

14,698,618

14,410,211

15,034,790

12,195,086

12,241,840

1,991,273

1,839,652

2,967,907

2,131,747

2,400,278

3,587,882

3,045,708

(1,169,099)

(9,136,226)

48,668

(11,125,281)

(11,528,021)

(11,983,125)

(1,587,768)

(1,560,203)

9,152,490 7,767,550 4,850,472 3,602,839 13,130,584