Quarter 1 - financial statement for 2026

International Breweries Plc

Unaudited Condensed Financial Statements

for the 3 months ended 31st March 2026

International Breweries Plc

Unaudited Condensed Financial Statements

for the 3 months ended 31st March 2026

International Breweries Plc

Unaudited Condensed Financial Statements

for the 3 months ended 31st March 2026

Certification of the unaudited condensed financial statements

Futher to the provisions of section 405 of the Companies and Allied Matters Act, 2020, we the Managing Director/CEO and Finance Director of International Breweries Plc ("the company") respectively hereby certify as follows:

a)

That we have reviewed the Unaudited condensed financial statements of the Company for the period ended 31st March 2026.

b)

That the Unaudited condensed financial statements represents the true and correct financial position of our Company as at the said date of 31st March 2026.

c)

That the Unaudited condensed financial statements does not contain any untrue statement of material fact or omit to state a material fact, which would make the statement misleading.

d)

That the Unaudited condensed financial statements fairly presents, in all material respects, the financial condition and results of

operation of the Company as of and for the period ended 31st March, 2026.

e)

That we are responsible for establishing and maintaining internal controls and affirm that the Company's internal controls were effective as of 31st March, 2026.

f)

That all significant deficiencies in the design or operation of internal controls which could adversely affect the Company's ability to

record, process, summarise and report financial data have been disclosed to the Independent Auditor and the Audit Committee.

Mr. Nicholas Kade

Managing Director

FRC/2026/PRO/DIR/003/163405

24 April, 2026

Ms. Chinyere Ezeugwu

Finance Director

FRC/2013/ICAN/00000000781

24 April, 2026

International Breweries Plc

Unaudited Condensed Financial Statements

for the 3 months ended 31st March 2026

Statement of directors' responsibilities

The Companies and Allied Matters Act requires the directors to prepare financial statements for each financial year that give a true and fair view of the state of financial

affairs of the Company at the end of the year and of its Profit or Loss. The responsibility includes:

a)

ensuring that the Company keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Company and comply with the requirements of the Companies and Allied Matters Act;

b)

designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material

misstatements, whether due to fraud or error; and

c)

preparing the Company's financial statements using suitable accounting policies supported by reasonable and prudent judgements and estimates that are consistently

applied.

HRM Nnaemeka Alfred Achebe, CFR,MNI

Ms. Chinyere Ezeugwu

Mr. Nicholas Kade

Chairman

Finance Director

Managing Director

FRC/2013/NIM/00000001568

FRC/2013/ICAN/00000000781

FRC/2026/PRO/DIR/003/163405

24 April, 2026

24 April, 2026

24 April, 2026

International Breweries Plc

Unaudited Condensed Financial Statements

for the 3 months ended 31st March 2026

Statement of profit or loss

for the period ended 31st March 2026

Revenue

Cost of sales

Gross profit

Administrative, Marketing and distribution expenses

Impairment charge on financial assets

Other expense

Finance income

Finance cost

Net finance income

Profit before tax

Income tax expense

Profit for the period

Basic and diluted profit per share (Naira)

Note

3

4

4

5

6

6

13

31 March 2026

31 March 2025

N'000

N'000

178,706,926

173,627,556

(103,612,952)

(113,999,232)

75,093,975

59,628,324

(35,437,182)

(27,489,723)

(232,958)

(22,296)

245,504

(581,455)

39,669,339

31,534,850

4,217,698

5,488,702

(3,576,459)

(1,956,586)

641,239

3,532,115

40,310,577

35,066,965

(20,694,872)

(5,690,416)

19,615,705

29,376,549

0.12

0.17

International Breweries Plc

Unaudited Condensed Financial Statements

for the 3 months ended 31st March 2026

Statement of other comprehensive income

for the period ended 31st March 2026

31 March 2026

31 March 2025

N'000

N'000

19,615,705

29,376,549

Other comprehensive income:

Items that will be subsequently reclassified to profit or loss:

Other comprehensive profit for the period

-

-

19,615,705

29,376,549

0.12

0.17

International Breweries Plc

Unaudited Condensed Financial Statements

for the 3 months ended 31st March 2026

Statement of financial position

As at 31st March 2026

31 March

2026

December

2025

N'000

N'000

18,816,133

33,404,374

342,032,551

339,531,845

50,492,755

44,445,565

7,355,017

8,025,918

418,696,457

425,407,702

95,830,596

97,740,985

108,642,346

61,145,378

206,267

206,267

161,487,955

155,243,514

366,167,164

314,336,144

784,863,621

739,743,846

2,298,955

2,135,323

34,021,048

42,202,159

36,320,003

44,337,482

13,771,158

7,406,692

196,576,162

184,462,639

18,752,842

3,709,283

229,100,162

195,578,614

265,420,165

239,916,096

16,259,625

16,259,625

673,192,574

673,192,574

1,360,756

1,360,756

47,544

47,544

(171,417,044)

(191,032,749)

519,443,455

499,827,750

784,863,621

739,743,846

Note

9

9

ASSETS

Non-current assets

Deferred tax assets

Property, plant and equipment

Right of use assets

Intangible assets

Current assets

Inventories

Trade and other receivables

Restricted cash

Cash and cash equivalents

LIABILITIES

Non-current liabilities

Employee benefit obligations

Lease liabilities

Current liabilities

Current tax liabilities

Trade and other payables

Lease liabilities

EQUITY

Share capital

Share premium

Other reserves

Employee benefit reserves

Retained losses

Total equity

International Breweries Plc

Unaudited Condensed Financial Statements

for the 3 months ended 31st March 2026

Statement of changes in equity

for the period ended 31st March 2026

Share capital

Share Premium

Other reserves

Employee benefit

reserves

Retained (losses)/

earnings

Total equity

N'000

N'000

N'000

N'000

N'000

N'000

16,259,625

673,192,574

1,360,756

47,544

(191,032,749)

499,827,750

-

-

-

-

19,615,705

19,615,705

-

-

-

-

19,615,705

19,615,705

16,259,625

673,192,574

1,360,756

47,544

(171,417,044)

519,443,455

16,259,625

673,192,574

1,360,756

47,544

(241,946,422)

448,914,077

Profit for the period

Total comprehensive profit for the period

Balance at 31st March 2026

Profit for the period

Total comprehensive profit for the period

-

-

-

-

29,376,549

29,376,549

-

-

-

-

29,376,549

29,376,549

16,259,625

673,192,574

1,360,756

47,544

(212,569,873)

478,290,626

International Breweries Plc

Unaudited Condensed Financial Statements

for the 3 months ended 31st March 2026

31 March

2026

31 March

2025

Cash flows from operating activities

Cash generated from operations

Employee benefits paid

Net cash inflow/(outflow) from operating activities

Note

N'000

N'000

14

28,185,448

(11,739,690)

465,601

(173,775)

28,651,049

(11,913,465)

Cash flows from investing activities

Acquisition of property, plant and equipment

(20,352,068)

(23,176,071)

Proceed from investment in debt securities

-

(1,651,913)

Interest received

6

4,217,698

5,488,702

Net cash outflow from investing activities

(16,134,370)

(19,339,282)

Cash flows from financing activities

Lease payment

(5,017,756)

(4,138,239)

Interest paid

(221,677)

(381,874)

Net cash outflow from financing activities

(5,239,433)

(4,520,113)

Net decrease in cash and cash equivalents

7,277,246

(35,772,859)

Cash and cash equivalents at the beginning of the period

155,449,781

109,244,574

Exchange loss on foreign currency cash and cash equivalent

(1,032,805)

-

Cash and cash equivalents at the end of the period

9

161,694,222

73,471,715

International Breweries Plc

Unaudited Condensed Financial Statements

for the 3 months ended 31st March 2026

1

General information

These financial statements are the financial statements of International Breweries Plc ("the Company"). The Company was incorporated in Nigeria as a private limited liability company on 22 December 1971 under the Companies and Allied Matters Act, and is domiciled in Nigeria. The Company became a public limited liability company on 26 April, 1994.

The address of its registered office is: Plot 5A Abuja Street, Banana Island, Ikoyi,

Lagos, Nigeria

The principal activities of the Company are brewing, packaging and marketing of beer, alcoholic flavoured/ non-alcoholic beverages and soft drinks.

The parent company is AB InBev Nigeria Holdings BV, the ultimate parent company is Anheuser-Busch InBev SA/NV.

2

Summary of accounting policies

2.1

Introduction to summary of significant accounting policies

2.2

Basis of preparation

The condensed financial statements for the period ended 31 March 2026 have been prepared in accordance with IFRS Accounting Standards and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. Additional information required by national regulations is included where appropriate. They do not include all the information required for a full annual financial statements, and should be read in combination with the year end audited financial statement of International Breweries Plc for the year ended 31st December, 2025.

All values are rounded to the nearest thousand, except when otherwise indicated. The financial statements are presented in thousands of Naira.

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.

2.3

Going concern

The Financial statements have been prepared on a going concern basis. The Directors have no doubt that the Company will be in existence after 12 months from the reporting date. The Directors do not intend to cease operations or stop any of the production lines.

2.4

Changes in accounting policy and disclosures

The Company has applied the accounting policies in these condensed financial statements consistently with those applied in the financial statements for the period ended 31st March 2026.

No new accounting policy in the year under review has significant impact on the financial statements that requires disclosure.

International Breweries Plc

Unaudited Condensed Financial Statements

for the 3 months ended 31st March 2026

31 March 2026

31 March 2025

N'000

N'000

3

Revenue

178,706,926

173,627,556

4

Breakdown of Expense

Materials consumed and allocated overheads

Employee benefit expenses

Technical management fees

Depreciation and Ammortization

Business running costs

Advertising, promotion, and distribution expenses

31 March 2026

31 March 2025

N'000

N'000

82,534,088

98,233,285

8,507,873

6,301,177

4,575,200

2,876,691

18,566,846

15,288,419

4,285,611

3,774,447

20,580,517

15,014,938

139,050,136

141,488,956

5

Other expense & income

Sundry (expense)/income

Royalty received

Net foreign exchange loss - realised

Net foreign exchange gain/(loss) - unrealised

Write off of PPE

31 March 2026

31 March 2025

N'000

N'000

152,616

(45,107)

170,523

96,920

(254,247)

(3,586,681)

907,589

3,113,199

(730,978)

(159,785)

245,504

(581,455)

6

Finance income and costs

Finance costs

Interest expense

Interest expense on lease liabilities

Net finance costs

(221,677)

(381,874)

(3,354,782)

(1,574,713)

641,239

3,532,115

7

Property, plant and equipment

Acquisitions:

During the 3 months ended 31st March 2026, the company acquired plant, property and equipment with a total cost of

N20.3billion (3 months ended 31st March 2025: N23.1 billion)

Capital commitments:

As at 31st March 2026, the company's commitment for plant, property and equipment was N13 billion ( 31st March

2025: N13.7 billion)

8

Borrowings

31 March 2026

31 March 2025

N'000

N'000

Finance income

Interest income

4,217,698

5,488,702

International Breweries Plc

Unaudited Condensed Financial Statements

for the 3 months ended 31st March 2026

The company classifies its cash on hand and in bank as cash and cash equivalents.

*Restricted cash is collateral deposit held by the bank till the maturity date of forward contracts.

Share capital

31 March

2026

31 December

2025

N'000

N'000

Issued and fully paid:

Ordinary shares

16,259,625

16,259,625

9

Cash and cash equivalents

31 March

2026

31 December

2025

N'000

N'000

47,287,955

82,472,801

114,200,000

72,770,713

206,267

206,267

161,694,222

155,449,781

Cash at bank

Short-term investment

Restricted cash*

31 March

2026

31 December

2025

Unit

Percentage

Unit

Percentage

Issued Share Capital

168,291,591,406

100%

168,291,591,406

100%

Substantial Shareholdings (5% and above)

AB INBEV NIGERIA HOLDINGS BV (THE "COMPANY")

161,580,471,272

96.01%

161,580,471,272

78.44%

BRAUHAASE INTERNATIONAL MANAGEMENT GMBH

2,377,579,013

1.41%

2,377,579,013

8.85%

Total Substantial Shareholdings

163,958,050,285

97.42%

163,958,050,285

87.29%

Directors' Shareholdings (direct and indirect), excluding directors with substantial interests

Nnaemeka Alfred Achebe

40,732,127

0.02%

40,732,127

0.02%

Chinyere Ezeugwu

204,836

0.00%

-

Chijioke Ugochukwu

96,010

0.00%

-

Mr. Michael Onochie Ajukwu

45,000,000

1.89%

45,000,000.00

1.89%

Total Directors' Shareholdings

86,032,973

0.02%

86,032,973

0.02%

Other Influential Shareholdings

0

0.00%

Free Float in Units and Percentage

4,247,508,148

2.52%

4,247,508,148

2.52%

Free Float in Value

₦ 23,573,670,221.40

₦ 23,573,670,221.40

Declaration:

International Breweries Plc is compliant with the free float requirement for companies listed on the Main Board.

11

Share premium

31 March

2026

31 December

2025

N'000

N'000

673,192,574

673,192,574

12

Fair Value

13

Earnings per share

3 Months

31 March 2026

3 Months

31 March 2025

19,615,705

29,376,549

168,291,591

168,291,591

0.12

0.17

International Breweries Plc

Unaudited Condensed Financial Statements

for the 3 months ended 31st March 2026

14

Cash generated from operating activities

14.1

Reconciliation of cash generated from operations

31 March

2026

31 March

2025

N'000

N'000

40,310,577

35,066,965

Adjustment for non cash items:

Depreciation and Impairment

Depreciation - Right of Use

Increase in employee benefit reserve

Interest received

Interest expense

Interest expense on lease liability

Impairment loss on financial assets

Write off of property plant and equipment

Unrealised exchange (gain)/loss

Exchange loss on foreign currency cash and cash equivalent

16,088,615

12,507,623

2,478,231

2,780,796

53,047

-

(4,217,698)

(5,488,702)

221,677

381,874

3,354,782

1,574,713

232,958

22,296

4,867,298

-

(907,589)

-

1,032,805

-

Changes in working capital:

Decrease/(increase) in trade and other receivables

Increase/(decrease) in inventories

(Decrease)/increase in trade and other payables

Net cash generated from operations

(49,353,168)

(12,786,612)

1,910,389

(31,052,828)

12,113,523

(14,745,814)

28,185,448

(11,739,690)

15

Related Party Transactions

The Company's related parties include the ultimate parent company, AB InBev, SAB-Miller Finance BV and SAB-Miller Plc a subsidiary of AB InBev; its group entities; the directors, their close

family members and employees who are able to exert a significant influence on the company's operating policies. These may also include key management personnel having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly.

All outstanding balances with these related parties are priced on arm's length basis and are to be settled within the agreed periods. None of the balances are secured and do not bear interest.

16

Events after the reporting period

17

Securities Dealing Policy

International Breweries Plc has in place a Securities Trading Policy " The Policy" which guides the Board and Employees when effecting transactions in the Company's shares. The Policy provides

for periods for Dealing in Shares and other Securities, established communication protocols on periods when transactions are not permitted to be effected on the Company's Shares (Closed

Period) as well as disclosure requirements when effecting such transactions.

Insiders covered in this Policy have not notified the Company of any dealing in the Company's Securities within this period and the Company is not aware of any breach of this Policy within the

period.