Lafarge Africa PlcNSENG: WAPCO

Unaudited Condensed Financial Statements

May 4, 2026 at 11:41 AM UTC · Issued by Lafarge Africa Plc

Lafarge Africa Plc

31 March 2026

Lafarge Africa Plc

Contents

Directors' and Other Corporate Information 3

Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income 4

Consolidated and Separate Statements of Financial Position 5

Consolidated and Separate Statements of Changes in Equity 6

Consolidated and Separate Statements of Cash Flows 8

Notes to the Consolidated and Separate Financial Statements

Lafarge Africa Plc

Directors' and Other Corporate Information

Company registration number

RC 1858

TIN- 01057508-0001

Directors

Mr. Gbenga Oyebode, MFR

Mr. Lolu Alade-Akinyemi

Mr. Xuanqian Wang (Chinese)

Mrs. Elenda Osima-Dokubo

Mrs. Adenike Ogunlesi

Mrs. Oyinkansade Adewale, FCA

Mrs. Olusola Oworu

Mr. Gang Xu (Chinese)

Mr. Jiajun Wang (Chinese)

Mr. Qian Chen (Chinese)

Mr. Lin Zhang (Chinese)

Chairman

Group Managing Director/CEO

Executive Director

Non-Executive Director

Independent Non-Executive Director

Non-Executive Director

Chief Financial Officer

Mr. Zhigang Ke (Chinese)

Company Secretary

Mrs. Adewunmi Alode

Company Registered Office

Lafarge Africa Plc

27B, Gerrard Road,

Ikoyi,

Lagos

Registrar

Cardinal Stone (Registrars) Limited

[formerly City Securities (Registrars) Limited]

335/337 Herbert Macaulay Road,

Yaba,

Lagos

Independent Auditor

Ernst & Young Professional Services

57, UBA House Marina Rd

Lagos-Island

Lagos

Principal Bankers

Access Bank Plc

Citibank Nigeria Limited

Citibank Europe Limited

Ecobank Nigeria Plc

First Bank of Nigeria Ltd

First City Monument Bank

Guaranty Trust Bank Plc

Standard Chartered Bank Nigeria Ltd

Stanbic IBTC Bank Plc

United Bank for Africa Plc

Union Bank of Nigeria Plc

Zenith Bank Plc

Lafarge Africa Plc
Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income for the period ended 31 March 2026
		Group		Company
		3months ended 31/03/2026	3months ended 31/03/2025	3months ended 31/03/2026	3months ended 31/03/2025
	Notes	N'000	N'000	N'000	N'000
Revenue	3	334,882,138	248,350,575	315,403,972	229,240,057
Cost of sales (Production)	4	(129,391,862)	(125,374,479)	(115,592,039)	(112,029,728)
Gross profit	205,490,276		122,976,096	199,811,933	117,210,329
Selling and distribution costs	5	(41,335,254)	(38,937,667)	(39,927,464)	(36,876,383)
Administrative expenses	6	(22,635,476)	(12,928,621)	(22,583,181)	(12,874,863)
Other income	7	207,503	494,929	207,503	486,923
Impairment (expense)/reversal on receivables	8	(459,332)	54,661	(368,147)	(49,635)
Operating profit	141,267,717		71,659,398	137,140,645	67,896,371
Finance income	9 (a)	12,547,871	1,841,556	12,519,958	1,803,267
Finance costs	9 (b)	(4,693,680)	(388,005)	(4,597,102)	(412,746)
Profit before tax	149,121,908		73,112,949	145,063,501	69,286,892
Income tax expense	10	(51,167,534)	(24,469,355)	(49,758,011)	(23,142,501)
Profit after tax for the period		97,954,375	48,643,594	95,305,490	46,144,391
Other comprehensive income:
Total comprehensive income for the period		97,954,375	48,643,594	95,305,490	46,144,391
Profit attributable to :
- Owners	97,954,375		48,643,594	95,305,490	46,144,391
Total comprehensive income for the period is attributable		97,954,375	48,643,594	95,305,490	46,144,391
- Owners		97,954,375	48,643,594	95,305,490	46,144,391
		97,954,375	48,643,594	95,305,490	46,144,391
Earnings per share attributable to the ordinary equity holders of the Company:
Basic earnings per share (Kobo)	20.1	608	302	592	286

Lafarge Africa Plc

Consolidated and Separate Statements of Financial Position as at 31 March 2026

Group Company

		31 March	31 December	31 March	31 December
		2026	2025	2026	2025
	Notes	N'000	N'000	N'000	N'000
ASSETS
Non-current assets
Property, plant and equipment	11	526,622,845	448,580,376	445,078,776	372,102,617
Intangible assets	12	1,694,654	1,625,889	65,139	23,741
Investments in subsidiaries	13.1	-	-	63,906,867	63,906,867
Other assets	15	165,371,874	198,315,151	158,221,376	190,676,440
Total non-current assets		693,689,373	648,521,416	667,272,158	626,709,665
Current assets
Inventories	16	110,637,089	112,116,985	91,048,323	92,785,849
Trade and other receivables	17	17,207,247	13,678,086	85,214,662	75,521,407
Other assets	15	56,000,846	22,983,588	53,729,389	21,276,608
Other financial assets	14	53,642,871	22,657,015	49,185,667	20,470,663
Cash and cash equivalents	18	441,442,088	388,067,308	421,371,901	368,617,585
Total current assets		678,930,141	559,502,982	700,549,942	578,672,112

Total assets		1,372,619,514	1,208,024,398	1,367,822,100	1,205,381,777
LIABILITIES
Non-current liabilities
Loans and borrowings	22	1,103,715	367,591	1,103,715	367,590
Employee benefit obligations	25	3,994,689	3,075,239	2,812,628	2,632,117
Provisions	23	18,100,560	16,211,119	15,833,069	10,039,652
Deferred tax liabilities	21	75,824,246	77,012,148	68,239,211	69,209,278
Total non-current liabilities		99,023,210	96,666,097	87,988,623	82,248,637
Current liabilities
Loans and borrowings	22	382,953	940,382	2,463,312	2,886,306
Trade and other payables	26	159,994,201	164,557,981	179,219,048	182,106,333
Contract liabilities	27	132,823,463	115,946,653	126,815,769	112,775,586
Provisions	23	2,446,661	3,604,655	1,464,892	2,612,588
Current tax liabilities	21	185,998,983	132,312,960	177,372,409	125,559,768
Total current liabilities		481,646,261	417,362,631	487,335,430	425,940,581

Total liabilities		580,669,471	514,028,728	575,324,053	508,189,218
EQUITY
Share capital	19	8,053,899	8,053,899	8,053,899	8,053,899
Share premium	20	435,148,731	435,148,731	435,148,731	435,148,731
Retained earnings		602,876,470	504,922,097	542,973,396	447,667,908

791,950,043	693,995,670	792,498,047	697,192,559
791,950,043	693,995,670	792,498,047	697,192,559

1,372,619,514	1,208,024,398	1,367,822,100	1,205,381,777

Other reserves arising on business combination and reorganisations

Capital and reserves attributable to owners

Total equity Total equity and liabilities

(254,129,057) (254,129,057) (193,677,979) (193,677,979)

These financial statements were approved and authorised for issue by the board of directors on 29 April 2026 and were signed on its behalf by:

Gbenga Oyebode, MFR	Lolu Alade-Akinyemi	Zhigang Ke
Chairman	Group Managing Director/CCEO	Chief Financial Officer
FRC/2013/PRO/NBA/004/00000002546	FRC/2020/PRO/ANAN/002/00000020157	FRC/2026/PRO/ANAN/001/096945

Lafarge Africa Plc

Consolidated Statement of Changes in Equity for the period ended 31 March 2026

Attributable to equity holders of the parent
Share capital	Share premium	Retained earnings	Other reserves arising on business combination and re- organisations	Total equity
N'000	N'000	N'000	N'000	N'000
8,053,899	435,148,731	315,567,088	(254,129,057)	504,640,661
-	-	48,643,594	-	48,643,594
-	-	48,643,594	-	48,643,594
8,053,899	435,148,731	364,210,682	(254,129,057)	553,284,255
-	-	224,476,718	-	224,476,718
-	-	(4,766)	-	(4,766)
-	-	224,471,952	-	224,471,952

Group

Balance as at 1 January 2025

Profit for the period ended 31 March 2025

Total comprehensive income for the period

Balance as at 31 March 2025

Profit for the period (1 April 2025 to 31 December 2025)

Other comprehensive income (Net of tax)

Total comprehensive income for the period

Transaction with owners:

Dividends declared

Total transaction with owners

Balance as at 31 December 2025

Balance as at 1 January 2026

Profit for the period ended 31 March 2026

Total comprehensive income for the period

		(83,760,538)		(83,760,538)
-	-	(83,760,538)	-	(83,760,538)

8,053,899	435,148,731	504,922,096	(254,129,057)	693,995,670
8,053,899	435,148,731	504,922,096	(254,129,057)	693,995,670
-	-	97,954,374	-	97,954,374
- 8,053,899	- 435,148,731	97,954,374 602,876,470	- (254,129,057)	97,954,374 791,950,043

Balance as at 31 March 2026

Lafarge Africa Plc

Consolidated Statement of Changes in Equity for the period ended 31 March 2026

Company Attributable to equity holders of the parent

Share capital

Share premium

Retained earnings

Other reserves arising on business combination and

re-organisations

Total equity

N'000

Balance as at 1 January 2026

Profit for the period ended 31 March 2026

Total comprehensive income for the period

Balance as at 1 January 2025

Profit for the period ended 31 March 2025

Total comprehensive income for the period

8,053,899	435,148,731	269,727,008	(193,677,979)	519,251,658
-	-	46,144,391	-	46,144,391
-	-	46,144,391	-	46,144,391

8,053,899	435,148,731	315,871,399	(193,677,979)	565,396,049
-	-	215,561,813	-	215,561,813
-	-	(4,766)	-	(4,766)
-	-	215,557,047	-	215,557,047

Balance as at 31 March 2025

Profit for the period (1 April 2025 to 31 December 2025)

Other comprehensive income (Net of tax)

Total comprehensive income for the period

Transaction with owners:

Dividends declared

Total transaction with owners

Balance as at 31 December 2025

-	-	(83,760,538)	-	(83,760,538)
-	-	(83,760,538)	-	(83,760,538)
8,053,899	435,148,731	447,667,908	(193,677,979)	697,192,559

8,053,899	435,148,731	447,667,908	(193,677,979)	697,192,559
-	-	95,305,489	-	95,305,489
-	-	95,305,489	-	95,305,489

8,053,899	435,148,731	542,973,396	(193,677,979)	792,498,047

Balance as at 31 March 2026

Lafarge Africa Plc

Consolidated and Separate Statements of Cash Flows for the period ended 31 March 2026

Group				Company
		31 March 2026	31 March 2025	31 March 2026	31 March 2025
	Notes	N'000	N'000	N'000	N'000
Cash flows from operating activities:
Profit before tax		149,121,908	73,112,949	145,063,501	69,286,892
Adjustments to reconcile Profit for the period to net cash flows:
Depreciation	11.2	10,219,386	7,793,758	9,323,024	7,075,619
Amortization of intangible assets	12	24,404	11,819	88,117	2,374
Other non-cash items	28.3	941,504	1,203,043	48,333	129,639
Net unrealized foreign exchange movement		4,418,924	1,076,338	4,206,964	1,145,243
Finance costs	9(b)	274,756	1,464,343	390,138	1,557,989
Finance income	9(a)	(12,547,871)	(1,841,556)	(12,519,958)	(1,803,267)
Provisions and net movement on employee benefits	28.2	(2,947,121)	(1,204,001)	(5,442,157)	(990,524)
Change in net working capital	28.1	(9,526,945)	(199,972,294)	(10,881,538)	(196,495,471)
Cash flow used in operations		139,978,946	(118,355,601)	130,276,424	(120,091,506)
Net cash flow used in operating activities		139,978,946	(118,355,601)	130,276,424	(120,091,506)
Cash flows from investing activities
Acquisition of property, plant and equipment	11.1	(88,760,872)	(10,265,071)	(80,927,079)	(7,499,906)
Interest income received		6,249,221	1,841,556	6,222,152	1,803,267
Net cash flow used in investing activities		(82,754,674)	(8,423,515)	(74,834,441)	(5,696,639)
Cash flows from financing activities
Interest paid		(274,756)	(1,464,343)	(390,138)	(1,557,989)
Proceeds from loans and borrowings	22.3	-	-	2,085,072	1,613,093
Repayment of lease liabilities	22.3	(532,192)	(139,797)	(532,192)	(139,797)
Repayment of loans and borrowings	22.3	-	(1,363,775)	-	(1,122,963)
Net cash flow used in financing activities		(806,948)	(2,967,915)	1,162,742	(1,207,656)
Net decrease in cash and cash equivalents		56,417,324	(129,747,031)	56,604,724	(126,995,801)
Cash and cash equivalents at the beginning of the period		384,974,560	235,230,231	365,646,460	224,508,490
Cash and cash equivalents at the beginning of the period	18.2
Effects of exchange rate changes on cash and cash equivalents		(2,241,116)	(2,372,222)	(2,241,116)	(2,765,759)
Cash and cash equivalents at the end of the period		439,150,768	103,110,978	420,010,069	94,746,930
Cash and cash equivalents at the end of the period	18.2

1	Business description

Lafarge Africa Pic (Lafarge Africa) was incorporated in Nigeria on 26 February 1959 and commenced business on 10 January 1961. The Company, formerly known as Lafarge Cement WAPCO Nigeria Pic, changed its name after a special resolution was passed by the shareholders at an Annual General Meeting held on Wednesday 9 July 2014. The change of name became effective with the acquisition of shares in Lafarge South Africa Holdings (Proprietary) Limited (LSAH), were subsequently disposed of in 2019, United Cement Company of Nigeria Limited (UNICEM), AshakaCem Ltd (AshakaCem) and Atlas Cement Company Limited (Atlas). The Company's corporate head office is situated at 27B Gerrard Road, Ikoyi, Lagos which is the same as the registered office.

Lafarge Africa is in the business of manufacturing and marketing of cement and other cementitious products such as Ready-Mix Concrete, Aggregates, Fly-Ash etc. On 15 July 2016, Lafarge S.A. France and Holcim Limited, Switzerland, two large global players, merged to form LafargeHolcim Group, based in Zug, Switzerland. Consequently Lafarge Africa is now a subsidiary company of LafargeHolcim (now Holcim Group, by virtue of a name change resolution passed by the shareholders at an Annual General Meeting held on 4 May 2021). Following the completion of the divestment by Holcim, Lafarge Africa Plc is now a subsidiary of Huaxin Building Materials Group Co. Ltd.

Holcim announced on 1 December 2024 that it had signed an agreement to sell its entire 83.81% in Lafarge Africa Plc to Huaxin Building Materials Group Co., Ltd. The transaction was approved by the Federal Competition and Consumer Protection Commission (FCCPC) on 25 July 2025.

The Group's subsidiaries are as stated below;

31 March 2026	31 December 2025	31 March 2025
AshakaCem Limited	AshakaCem Limited	AshakaCem Limited
Wapsila Nigeria Limited	Wapsila Nigeria Limited	Wapsila Nigeria Limited

These consolidated and separate financial statements cover the financial period from 1 January 2026 to 31 March 2026 ,with 31 March 2025 and 31 December 2025 as comparative for Statement of Profit or Loss and Other Comprehensive Income and Statement of Financial Position, respectively.

1.1 Shareholding structure

Description	31 March 2026		31 March 2025
Description	Units	Percentage	Units	Percentage
Issued Share Capital	16,107,795,721	100%	16,107,795,721	100%
Substantial Shareholdings (5% and above)
Names of Shareholders
Caricement BV	9,027,365,874	56.04%	9,027,365,874	56.04%
Associated Intl Cements Ltd U.K	-	-	4,473,044,718	27.77%
Davis Peak Holdings Limited (DPHL)	4,473,044,718	27.77%
Total Substantial Shareholdings	13,500,410,592	83.81%	13,500,410,592	83.81%

Details of Directors Shareholdings (direct and indirect), excluding directors' holding substantial interests
Name(s) of Directors
Mr. Gbenga Oyebode MFR	-	-	-	-
Mr. Lolu Alade-Akinyemi	-	-	-	-
Mr. Xuanqian Wang	-	-	-	-
Mrs. Elenda Osima-Dokubo	203,550	0.0015%	203,550	0.0015%
Mrs. Adenike Ogunlesi	-	-	-	-
Mr. Gang Xu	-	-	-	-
Mrs. Oyinkansade Adewale, FCA	-	-	-	-
Mr. Jiajun Wang	-	-	-	-
Mr. Qian Chen	-	-	-	-
Mr. Lin Zhang	-	-	-	-
Mrs. Olusola Oworu	-	-	-	-
Total Directors' Shareholdings	203,550	0.0015%	203,550	0.0015%
Details of Other Influential shareholdings, if any (E.g. Government, Promoters)
Name(s) of Entities/ Government	-	-	-	-
OSUN STATE GOVERNMENT	2,619,025	0.02%	5,093,271	0.03%
Total Other Influential Shareholdings
Free Float in Unit and Percentage	2,604,562,554	16.17%	2,602,088,308	16.16%
Free Float in Value (NGN)	N572,743,305,624.6		N192,034,117,130.4

Declaration:

Lafarge Africa Plc, with a free float value of N572,743,305,625 as at 31 March 2026, is compliant with The Exchange's free float requirements for companies listed on the Main Board.

(B)

Lafarge Africa Plc, with a free float value of N192,034,117,130 as at 31 March 2025 was compliant with The Exchange's free float requirements for companies listed on the Main Board as at 31 March 2025.

1.2

Securities Trading Policy

In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule), Lafarge Africa Plc maintains a Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Company's shares. The Policy undergoes periodic reviews by the Board and is updated accordingly. The Company has made specific inquiries of all its Directors and other insiders and is not aware of any infringement of the policy during the

period under review.

2	Summary of significant accounting policies

The Group financial statements of Lafarge Africa Plc for the period ended 31 March 2026 have been prepared in accordance with International Financial Reporting Standards ("IFRS") and interpretations issued by the IFRS Interpretations Committee (IFRIC) applicable to companies reporting under IFRS and the requirements of the Companies and Allied Matters Act (CAMA) 2020 and the Financial Reporting Council of Nigeria Act, 2023.

Lafarge Africa Plc Group has consistently applied the same accounting policies and methods of computation in its interim condensed consolidated and separate financial statements as in its annual financial statements. There were no new standards, interpretations and amendments, effective for the first time from 1 January 2026, which had a material effect on these financial statements.

2.1	Basis of preparation

i)	Compliance with IFRS
	These interim condensed consolidated and separate financial statements of Lafarge Africa Plc Group have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2025 annual report. The financial statements were prepared on a going concern basis.
	The financial statements comprise the consolidated and separate statements of profit or loss and other comprehensive income, the consolidated and separate statements of financial position, the consolidated and separate statement of changes in equity, the consolidated and separate statement of cash flows and the notes to the financial statements.

ii)	Basis of measurement
	The financial statements have been prepared in accordance with the going concern assumption under the historical cost concepts, except for the following:
	- non-derivative financial instruments - initially at fair value and subsequently at amortized cost using effective interest rate
	- derivative financial instruments - measured at fair value
	- defined benefit pension plans - plan assets measured at fair value
	- inventory - lower of cost and net realisable value
	- lease liabilities- measured at present value of future lease payments
	The historical financial information is presented in Naira and all values are rounded to the nearest thousand (N'000), except where otherwise indicated. The accounting policies are applicable to both the Company and Group.

3	Revenue
	Sale of goods
	The following is an analysis of revenue by product:

3.1	For the company, other products represent revenue earned from the sale of mortar, while other products represent revenue earned from sale of mortar and power for the Group
		Group		Company
		3months ended 31/03/2026	3months ended 31/03/2025	3months ended 31/03/2026	3months ended 31/03/2025
		N'000	N'000	N'000	N'000
4	Production cost of sales by nature
	Production variable costs (Note 4.1)	88,471,800	86,233,689	81,139,685	80,118,436
	Production fixed costs (Note 4.2)	19,151,830	21,544,251	14,819,788	15,971,089
	Maintenance fixed costs	12,235,136	10,061,724	10,956,033	9,083,729
	Depreciation (Note 11.2)	9,533,096	7,534,815	8,676,533	6,856,474
		129,391,862	125,374,479	115,592,039	112,029,728

4.1	Production variable costs
	Included in production variables costs are costs of fuel, power, raw materials and consumables.

4.2	Production fixed costs
	Included in production fixed costs are personnel expenses and electrical energy expenses.

Group		Company
3months ended 31/03/2026	3months ended 31/03/2025	3months ended 31/03/2026	3months ended 31/03/2025
N'000	N'000	N'000	N'000

Group

Company

3months

ended 31/03/2026

3months

ended 31/03/2025

3months

ended 31/03/2026

3months

ended 31/03/2025

N'000

334,882,138	248,350,575	315,403,972	229,240,057
327,632,560	242,666,636	308,203,961	223,594,409
6,949,569	5,402,923	6,949,569	5,402,923
300,009	281,016	250,442	242,725
334,882,138	248,350,575	315,403,972	229,240,057

Cement

Aggregates and concrete

Other products (Note 3.1)

5	Selling and distribution costs
	Distribution variable costs (Note 5.1)	33,149,091	32,204,592	32,198,032	30,555,419
	Distribution fixed costs	3,305,247	4,111,336	2,890,507	3,596,181
	Advertising expenses	1,546,840	532,724	1,546,840	532,724
	Campaign and innovation expenses	-	8,037	-	8,037
	Marketing staff salaries and other costs	3,334,076	2,080,978	3,292,085	2,184,022
		41,335,254	38,937,667	39,927,464	36,876,383
.1	Distribution variable costs
	Included in distribution variable costs are diesel/gasoline,outbound freight and outsourced activities.

	Group		Company
	3months ended 31/03/2026	3months ended 31/03/2025	3months ended 31/03/2026	3months ended 31/03/2025
	N'000	N'000	N'000	N'000
Administrative expenses by nature
Salaries and other staff related costs	5,213,619	3,591,118	5,209,975	3,591,119
Advance payment of taxes and levies	825,001	825,001	825,001	825,001
Office and general expenses	8,031,570	4,248,623	8,022,716	4,234,661
Depreciation (Note 11.2)	686,290	258,943	646,492	219,145
Amortisation of intangible assets	8,260	2,374	8,260	2,374
Technical service fees (Note 6.1)	7,870,737	4,002,563	7,870,737	4,002,563
	22,635,476	12,928,621	22,583,181	12,874,863
Technical Service fee
Technical service fees are computed based on the extant technical service agreement. The technical service fee agreement is computed as 3% of net sales, subject to 5% of Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA). The total technical service fees for the period ended 31 March 2026 for the Group and Company amounted to N7.9 billion and N7.9 billion, respectively (31 March 2025: N4 billion and N4 billion).

6 6.1

		Group		Company
		3months ended 31/03/2026	3months ended 31/03/2025	3months ended 31/03/2026	3months ended 31/03/2025
		N'000	N'000	N'000	N'000
7	Other income
	Gain on disposal of property, plant and equipment	-	76,847	-	76,847
	Government grants	-	5,653	-	-
	Sale of scraps and other miscellaneous income	207,503	412,429	207,503	410,076
		207,503	494,929	207,503	486,923

Group

Company

3months ended

31/03/2026

3months ended

31/03/2025

3months ended

31/03/2026

3months ended

31/03/2025

N'000

8	Impairment of receivables

(459,332)	54,661	(368,147)	(49,635)
(459,332)	54,661	(368,147)	(49,635)
Group		Company
3months ended 31/03/2026	3months ended 31/03/2025	3months ended 31/03/2026	3months ended 31/03/2025
N'000	N'000	N'000	N'000
12,143,832	1,841,556	12,116,763	1,803,267
404,039	-	403,195	-
12,547,871	1,841,556	12,519,958	1,803,267

Impairment (expense)/reversal on trade receivables

9	Finance income and costs
a)	Interest income under the effective interest method and other finance income:
	Interest income from short term fixed deposits and current accounts
	Realised foreign exchange gain (net)

		Group		Company
		3months ended 31/03/2026	3months ended 31/03/2025	3months ended 31/03/2026	3months ended 31/03/2025
		N'000	N'000	N'000	N'000
b)	Finance costs:
	Interest on borrowings	-	(1,106,812)	-	(1,204,144)
	Interest on lease (Note 22.3)	(56,899)	(86,375)	(196,046)	(86,375)
	Interest cost on employees' long service awards	(20,132)	(52,358)	-	(49,544)
	Interest cost on defined benefit obligations	(96,072)	(77,966)	(96,072)	(77,966)
	Bank charges**	(101,653)	(140,832)	(98,020)	(139,960)
	Finance costs per statement of cash flows	(274,756)	(1,464,343)	(390,138)	(1,557,989)
	Unrealised foreign exchange (loss)/gain	(4,418,924)	1,076,338	(4,206,964)	1,145,243
	Finance costs per Statement of Profit or Loss and Other Comprehensive Income	(4,693,680)	(388,005)	(4,597,102)	(412,746)
**Bank charges represent letters of credit charges and other bank account operational charges
10	Income tax expense
	This note provides an analysis of the Group and Company's income tax expense.
		Group		Company
		3months ended 31/03/2026	3months ended 31/03/2025	3months ended 31/03/2026	3months ended 31/03/2025
		N'000	N'000	N'000	N'000
	Current taxation
	Company income tax	46,204,482	24,294,975	44,761,375	22,075,691
	Development Levy	6,373,866	-	6,166,537	-
	Education tax	-	2,779,885	-	2,550,043
	Police fund levy (Note 10.3)	-	2,431	-	2,307
	Total current tax expense	52,578,348	27,077,291	50,927,912	24,628,041
	Deferred taxation
	Deferred income tax (credit)/expense to profit or loss	(1,410,814)	(2,607,936)	(1,169,901)	(1,485,540)
	Income tax expense	51,167,534	24,469,355	49,758,011	23,142,501

10.1	Effective tax rate

Group

Company

3months ended

31/03/2026

3months ended

31/03/2025

3months ended

31/03/2024

3months ended

31/03/2023

34.3%

33.5%

34.3%

33.4%

The effective tax rate is as follows: Effective tax rate

Lafarge Africa Plc

Notes to the Consolidated and Separate Financial Statements for the period ended 31 March 2026

11	Property, plant and equipment

Group	Leasehold Land	Buildings	Production Plant	Furniture	Motor Vehicles	Computer Equipment	Construction Work in Progress	**Right of use assets	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Cost:
As at 1 January 2026	15,867,515	152,261,792	464,458,578	2,264,070	34,144,144	3,296,548	77,067,706	40,788,553	790,148,907
Capital expenditure	-	-	-	-	-	-	88,760,872	-	88,760,872
Construction expenditure capitalised	-	398,301	185,401	-	1,500,263	107,144	(2,191,110)	-	-
Addition to right of use assets	-	-	-	-	-	-	-	770,062	770,062
Transfer to Intangible assets	(243,023)	-	-	-	-	-	-	-	(243,023)
As at 31 March 2026	15,624,492	152,660,093	464,643,979	2,264,070	35,644,407	3,403,692	163,637,468	41,558,616	879,436,818

Accumulated depreciation/Impairment

As at 1 January 2026

5,827,841

53,981,155

220,084,928

1,664,721

9,834,746

1,979,238

11,472,927

37,898,885

342,744,441

Charge for the year	5,226	1,445,558	6,938,175	35,468	1,258,852	60,815	-	475,294	10,219,386
Transfer to Intangible assets	(149,855)	-	-	-	-	-	-	-	(149,855)

As at 31 March 2026

5,683,212

55,426,713

227,023,103

1,700,189

11,093,598

2,040,053

11,472,927

38,374,179

352,813,973

Carrying amount
As at 31 March 2026	9,941,280	97,233,380	237,620,876	563,881	24,550,810	1,363,640	152,164,541	3,184,437	526,622,845
As at 31 December 2025	10,039,674	98,280,637	244,373,650	599,349	24,309,398	1,317,310	64,932,809	3,551,638	448,580,376

**See note 11.3 for details on right of use assets

Company

Leasehold

Land

Buildings

Production Plant

Furniture

Motor Vehicles

Computer Equipment

Construction Work in Progress

**Right of use

assets

Total

N'000

Cost:
As at 1 January 2026	9,049,385	133,040,384	421,785,149	1,688,356	30,614,552	2,906,794	37,836,301	40,115,567	677,036,488
Capital expenditure	-	-	-	-	-	-	80,157,017	770,062	80,927,079
Construction expenditure capitalised	-	398,301	185,401	-	1,500,263	107,144	(2,191,110)	-	-
Transfer to Intangible assets	(129,515)	-	-	-	-	-	-	-	(129,515)
As at 31 March 2026	8,919,870	133,438,685	421,970,550	1,688,356	32,114,815	3,013,938	115,802,208	40,885,630	757,834,052

Accumulated depreciation/Impairment
As at 1 January 2026	5,078,925	44,646,158	197,814,928	1,091,509	8,437,549	1,483,857	7,723,063	37,236,122	303,512,111
Charge for the year	5,226	1,249,710	6,357,948	35,165	1,141,037	60,815	-	473,124	9,323,024
Transfer to Intangible assets	(79,858)	-	-	-	-	-	-	-	(79,858)
As at 31 March 2026	5,004,292	45,895,868	204,172,876	1,126,674	9,578,586	1,544,672	7,723,063	37,709,246	312,755,277
Carrying amount
As at 31 March 2026	3,915,577	87,542,817	217,797,674	561,682	22,536,229	1,469,267	108,079,145	3,176,384	445,078,776
As at 31 December 2025	3,970,460	88,394,226	223,970,221	596,847	22,177,003	1,422,937	29,441,045	3,551,638	372,102,617
**See note 11.3 for details on right of use assets.

Lafarge Africa Plc
Notes to the Consolidated and Separate Financial Statements for the period ended 31 March 2026
11.1	Reconciliation of acquisition of property. plant and equipment in the statements of cash flows:
		Group		Company
		3months ended 3 31/03/2026	months ended 31/03/2025	3months ended 31/03/2026	3months ended 31/03/2025
		N'000	N'000	N'000	N'000
	Acquisition of property, plant and equipment	88,760,872	10,265,071	80,927,079	7,499,906
	Cash paid for additional property, plant and equipments during the year	88,760,872	10,265,071	80,927,079	7,499,906
11.2	Depreciation
	Depreciation for the period, including that charged on right of use assets, has been allocated as follows:
		Group		Company
		3months ended 3 31/03/2026	months ended 31/03/2025	3months ended 31/03/2026	3months ended 31/03/2025
		N'000	N'000	N'000	N'000
	Cost of sales (Note 4)	9,533,096	7,534,815	8,676,533	6,856,474
	Administrative expenses (Note 6)	686,290	258,943	646,491	219,145
		10,219,386	7,793,758	9,323,024	7,075,619

11.3	Right of Use Assets
	Group	Leasehold Land	Buildings	Production Plant	Motor Vehicles	Total
		N'000	N'000	N'000	N'000	N'000
	Cost:
	As at 1 January 2026	1,888,695	4,094,734	6,114,371	28,690,754	40,788,554
	Additions	-	-	-	770,062	770,062
	As at 31 March 2026	1,888,695	4,094,734	6,114,371	29,460,817	41,558,616

Accumulated depreciation:

As at 1 January 2026	241,490	4,754,983	6,106,277	26,796,135	37,898,885
Depreciation charge for the period	8,219	324,343	14,533	128,198	475,294
As at 31 March 2026	249,709	5,079,326	6,120,810	26,924,333	38,374,179

Net book value
As at 31 March 2026	1,638,986	(984,592)	(6,439)	2,536,483	3,184,437

As at 31 December 2025

1,647,205

(660,249)

8,094

2,556,588

3,551,638

Company	Leasehold Land	Buildings	Production Plant	Motor Vehicles	Total
	N'000	N'000	N'000	N'000	N'000
Cost:
As at 1 January 2026	1,873,791	4,077,710	5,469,282	28,694,785	40,115,568
Additions	-	-	-	770,062	770,062
As at 31 March 2026	1,873,791	4,077,710	5,469,282	29,464,847	40,885,630
Accumulated depreciation:
As at 1 January 2026	241,490	4,737,298	5,461,198	26,796,135	37,236,122
Depreciation charge for the period	8,219	322,173	14,533	128,198	473,124
As at 31 March 2026	249,709	5,059,471	5,475,732	26,924,333	37,709,246
Net book value
As at 31 March 2026	1,624,082	(981,761)	(6,450)	2,540,514	3,176,384

As at 31 December 2025	1,647,205	(660,249)	8,094	2,556,588	3,551,638
The Company leases several assets including cement depots and residential apartments. The average lease term of the contracts is 2 years.

12	Intangible assets

Group

Exploration and

evaluation assets

Computer

Software

Total

N'000

Cost

Balance as at 1 January 2026

Transfer from Property, Plant and Equipment

Balance as at 31 March 2026

1,959,014	4,823,864	6,782,878
243,023	-	243,023
2,202,037	4,823,864	7,025,901

Accumulated Amortisation

Balance at 31 December 2025

356,865

4,800,124

5,156,989

Balance as at 1 January 2026

Charge for the period

Transfer from Property, Plant and Equipment

Balance as at 31 March 2026

356,865	4,800,124	5,156,989
24,404	-	24,404
149,854	-	149,854
531,123	4,800,124	5,331,246

Net book value

Balance as at 31 March 2026

1,670,914	23,741	1,694,654

1,602,149	23,741	1,625,889

Balance as at 31 December 2025

		Company
Cost	Exploration and evaluation assets	Computer Software	Total
	N'000	N'000	N'000
Balance as at 1 January 2026		3,323,900	3,323,900
Transfer from Property, Plant and Equipment	129,514	-	129,514
Balance as at 31 March 2026	129,514	3,323,900	3,453,414

Accumulated Amortisation

Balance as at 1 January 2026

Charge for the period

Balance as at 31 March 2026

3,300,159		3,300,159
64,376	23,741	88,117
64,376	3,323,900	3,388,276

65,139	-	65,139

-	23,741	23,741

Net book value

Balance as at 31 March 2026

Balance as at 31 December 2025

Intangible assets represents mineral rights and computer software in the Group's operations.

13 Interests in other entities

13.1	Investments in subsidiaries
	The Group's principal subsidiaries at 31 March 2026 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The place of incorporation is also their principal place of business.

31 March 2026
Name of entity	Principal activities	Place of Incorporation	Proportion	Cost
			%	N'000

AshakaCem Limited	Cement	Nigeria	100	63,896,867
Wapsila Nigeria Limited	Power Generation and Sale	Nigeria	100	10,000
				63,906,867

31 December 2025
Name of entity	Principal Activities	Place of Incorporation	Proportion	Cost
			%	N'000

AshakaCem Limited	Cement	Nigeria	100	63,896,867
Wapsila Nigeria Limited	Power Generation and Sale	Nigeria	100	10,000
				63,906,867

14	Other financial assets - Current

Group

Company

31 March

2026

31 December

2025

31 March

2026

31 December

2025

N'000

Cash-backed Letters of credit	44,155,085	18,276,752	39,796,022	17,882,683
Accrued interest on short term investments	9,487,786	4,380,263	9,389,645	2,587,980
	53,642,871	22,657,015	49,185,667	20,470,663

15	Other assets
	Group		Company	Company
	31 March 2026	31 December 2025	31 March 2026	31 December 2025
	N'000	N'000	N'000	N'000

Non current	165,371,874	198,315,151	158,221,376	190,676,440
Current	56,000,846	22,983,588	53,729,389	21,276,608
	221,372,720	221,298,739	211,950,765	211,953,048

Advance payment to suppliers	21,940,706	17,941,704	20,629,103	17,066,194
Prepayment for gas	75,113,728	72,843,526	75,113,728	72,843,525
Prepaid rent	805,431	626,790	167,032	74,749
Prepaid others*	3,840,558	3,590,095	3,526,521	3,310,667
Advance payment to transporters	112,514,381	117,832,914	112,514,380	117,832,914
Advance payment of taxes and levies	-	825,000	-	825,000
Letters of credit (Note 15.1)	7,157,916	7,638,711	-	-
	221,372,720	221,298,739	211,950,765	211,953,048

*Prepaid others represents the cost of prepaid insurance and prepaid licence cost.

15.1	Letters of credit
	The balance represents funded letters of credit in respect of capital expenditure for which the transaction value still resides with the bank and is awaiting transmission to the foreign supplier. The balance has been classified as non-current due to uncertainty of the timing of the usage of the facility for the Ashaka debottlenecking project, which is currently on hold.

16	Inventories
	Group		Company
	31 March 2026	31 December 2025	31 March 2026	31 December 2025
	N'000	N'000	N'000	N'000

Raw materials	22,072,611	11,838,366	21,105,461	11,040,385
Work in progress	2,421,464	2,541,807	2,421,464	1,923,733
Semi finished & finished goods	18,085,499	27,170,422	10,575,711	19,699,798
Spare parts	48,966,813	50,008,912	42,132,355	43,233,757
Other supplies (Note 16.1)	19,090,702	20,557,478	14,813,332	16,888,176
	110,637,089	112,116,985	91,048,323	92,785,849

Other supplies

Other supplies consists of safety equipment, packaging materials, traditional fuel and production materials.

16.1

Traditional fuels

Packing materials

Alternative fuels

Group		Company
31 March 2026	31 December 2025	31 March 2026	31 December 2025
N'000	N'000	N'000	N'000
9,567,562	12,276,919	5,753,344	7,617,799
4,872,195	5,460,766	4,469,274	6,213,296
4,650,944	2,819,794	4,590,715	3,057,080
19,090,702	20,557,478	14,813,332	16,888,176

17	Trade and other receivables
	Group		Company
	31 March 2026	31 December 2025	31 March 2026	31 December 2025
	N'000	N'000	N'000	N'000

Trade receivables:
Third party sales	12,809,272	9,585,128	12,249,463	9,126,563
Due from Related party sales	-	-	8,863,381	8,848,552
	12,809,272	9,585,128	21,112,844	17,975,115
Impairment on trade receivables (Note 17.2)	(1,921,578)	(1,558,448)	(1,679,163)	(1,357,131)
Net trade receivables	10,887,694	8,026,680	19,433,681	16,617,984

Other receivables (Note 17.1)	6,439,297	5,674,948	6,007,371	5,398,029
Impairment on other receivables (Note 17.3)	(119,744)	(18,013)	(113,866)	(17,920)
Due from related parties (Note 17.3)	-	-	59,887,476	53,573,146
Impairment on due from related parties	-	(5,529)	-	(49,831)
Other short term receivables	6,319,553	5,651,406	65,780,981	58,903,424

Total trade and other receivables

17,207,247

13,678,086

85,214,662

75,521,407

17.1

Other receivables

Group

Company

31 March

2026

31 December

2025

31 March

2026

31 December

2025

N'000

WHT receivable	326,517	763,757	246,339	747,730
Untilized WHT credit note	635,925	52,377	635,925	52,377
VAT receivable	-	2,513,887	-	2,513,887
Receivables from registrar	1,274,608	1,274,608	1,274,608	1,274,608
Other receivables	57,272	997,562	55,507	740,320
Staff advances (Note 17.4)	4,144,975	72,758	3,794,993	69,108
	6,439,297	5,674,948	6,007,371	5,398,029

17.2	Movement in impairment allowance on trade receivables
	Group		Company
	31 March 2026	31 December 2025	31 March 2026	31 December 2025
	N'000	N'000	N'000	N'000

At 1 January	1,581,990	1,017,379	1,424,882	786,267
Trade receivables	363,130	624,238	322,032	635,831
Other receivables	96,202	(65,156)	46,115	(47,047)
Related parties	-	5,529	-	49,831
Charge to profit or loss	459,332	564,611	368,147	638,615
At Closing	2,041,322	1,581,990	1,793,029	1,424,882

17.3 Due from related parties

The balance for the Company includes Intra-group and Inter-company receivables from operations ranging from employee recharge costs to other back end expenses. The Intra-group receivables have been eliminated in arriving at the Group figures

17.4

Staff advances

Employee advances consist of annual housing, car, and leave allowances disbursed to employees upfront in January. These

advances are recovered and offset against the employees' services throughout the year.

Group

Company

31 March

2026

31 December

2025

31 March

2026

31 December

2025

N'000

18	Cash and cash equivalents

Restricted cash (Note 18.1)	2,291,320	3,205,328	1,361,831	3,053,936
Cash in hand and at bank (Note 18.2)	86,150,768	164,160,341	78,010,070	154,249,430
Short term deposits	353,000,000	220,814,219	342,000,000	211,397,030
Impairment on cash and cash equivalent	-	(112,579)	-	(82,811)
Cash and cash equivalents in the statement of financial position	441,442,088	388,067,308	421,371,901	368,617,585

18.1	Restricted cash
	Restricted cash represents unclaimed dividend.

18.2

Cash and cash equivalents in the statement of cash flows

31 March

2026

31 December

2025

31 March

2026

31 December

2025

N'000

Cash in hand and at bank	86,150,768	164,160,341	78,010,070	154,249,430
Short term deposits	353,000,000	220,814,219	342,000,000	211,397,030

Cash and cash equivalents in the statement

of cash flows

439,150,768

384,974,560

420,010,070

365,646,460

19	Share capital

	31 March	31 December	31 March	31 December
	2026 N'000	2025 N'000	2026 N'000	2025 N'000
Authorised:
16,107,795,721 ordinary shares of 50k each	8,053,899	8,053,899	8,053,899	8,053,899
Issued and fully paid
Ordinary shares of 50k each
			No of shares	Share capital
			'000	N'000

At 1 January 2026

Issued during the period

At 31 March 2026

16,107,796	8,053,899
-	-
16,107,796	8,053,899

At 1 January 2025

Issued during the year

At 31 December 2025

16,107,796	8,053,899
-	-
16,107,796	8,053,899

Lafarge Africa Plc

Notes to the Consolidated and Separate Financial Statements for the period ended 31 March 2026

20	Share premium

Share premium

N'000

At 1 January 2026

At 31 March 2026

435,148,731

At 31 December 2025 435,148,731

20.1	Earnings per share

Earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average

number of ordinary shares outstanding at the end of the reporting period.

Group

Company

3months ended

31/03/2026

3months ended

31/03/2025

3months ended

31/03/2026

3months ended

31/03/2025

Profit attributable to equity holders of the

Company N'000

97,954,375

48,643,594

95,305,490

46,144,391

Weighted average number of shares in issue

(Basic) ('000)

16,107,796

Basic earnings per share (Kobo)

608

302

592

286

21	Tax liabilities	Group		Company
		31 March 2026	31 December 2025	31 March 2026	31 December 2025
		N'000	N'000	N'000	N'000
	Deferred tax liabilities	75,824,246	77,012,148	68,239,211	69,209,278
	Current tax liabilities	185,998,983	132,312,960	177,372,409	125,559,768

22	Loans and borrowings
	Group		Company
	31 March 2026	31 December 2025	31 March 2026	31 December 2025
	N'000	N'000	N'000	N'000

Non-current	1,103,715	1,097,221	1,103,715	1,307,970
Current	382,953	210,752	2,463,312	1,945,926
Total loans and borrowings	1,486,668	1,307,973	3,567,027	3,253,896

Split into:
Power fund (Note 22.1)	-	210,752	-	-
Related party loan	-	-	2,085,072	1,945,926
Lease liabilities	1,486,668	1,097,221	1,481,955	1,307,970
Total loans and borrowings	1,486,668	1,307,973	3,567,027	3,253,896

22.1	Power fund

Lafarge Africa Plc accessed ₦5.3 billion from the unsecured CBN/BOI Power and Aviation Intervention Fund through Guaranty Trust Bank Plc (GTB). Principal and Interest are paid quarterly. The facility had a 10-year tenure with a fixed interest rate of 4% per annum and an effective interest rate of 15.23%. per annum. This has been fully repaid.

Ashaka also accessed an additional N6.4 billion from the unsecured CBN/BOI intervention fund in 2019 through Zenith Bank Plc. Principal repayment commenced in December 2019. The facility has a 7.5-years tenure and an interest rate of 5% per annum. This has been fully repaid.

Lafarge Africa Plc

Notes to the Consolidated and Separate Financial Statements for the period ended 31 March 2026

22.3	Movement in loans and borrowings	Group		Company
		31 March 2026	31 December 2025	31 March 2026	31 December 2025
		N'000	N'000	N'000	N'000
	At 1 January 2026	1,307,973	2,003,388	3,253,896	3,496,886
	Additions:		-
	Lease	653,988	-	649,277	-

Interest expensed	56,899	277,093	196,046	724,806
Interest paid on lease	(322,379)	(257,114)	(322,379)	(257,114)
Repayment of lease liabilities	(209,813)	(715,394)	(209,813)	(710,682)
End of the period	1,486,668	1,307,973	3,567,027	3,253,896

23	Provisions
	Group		Company
	31 March 2026	31 December 2025	31 March 2026	31 December 2025
	N'000	N'000	N'000	N'000

Non current (Note 23.1)	18,100,560	16,211,119	15,833,069	10,039,652
Current (Note 23.2)	2,446,661	3,604,655	1,464,892	2,612,588
End of the period	20,547,221	19,815,774	17,297,961	12,652,240

23.1	Site restoration cost	Group		Company
		31 March 2026	31 December 2025	31 March 2026	31 December 2025
		N'000	N'000	N'000	N'000
	At 1 January	2,771,650	2,771,650	1,832,140	1,832,140
	Provision made during the year	1,117,061	680,515	478,937	390,178
	Utilised	-	(513,289)	-	(398,610)
	Unwinding of discount (Note12.2)	-	880,089	-	403,560
	End of the period	3,888,711	3,818,965	2,311,077	2,227,268

Other Provision	Group		Company
	31 March 2026	31 December 2025	31 March 2026	31 December 2025
Litigation*	332,153	332,153	332,153	332,153
Non-company income tax provision**	13,879,696	12,060,001	13,189,839	7,480,231
	14,211,849	12,392,154	13,521,992	7,812,384

Total Non current - Provision

18,100,560

16,211,119

15,833,069

10,039,652

* The Group and the Company are engaged in lawsuits that have arisen in the normal course of business. Based on legal advice

received, it is considered probable that an outflow of resources will be required to settle these matters. Provision has been made in the consolidated and separate financial statements.

**Non-company income tax provisions represent estimated liabilities for potential tax exposures relating to taxes other than company income tax. These include, but are not limited to, Withholding Tax (WHT), Value Added Tax (VAT), Pay-As-You-Earn (PAYE) and other statutory employee-related contributions such as the Industrial Training Fund (ITF), National Housing Fund (NHF), Employee Compensation Fund (ECF), and pension contributions.

23.2	Employee related provision	Group		Company
		31 March 2026	31 December 2025	31 March 2026	31 December 2025
		N'000	N'000	N'000	N'000
	At 1 January	3,604,655	1,536,298	2,612,588	1,238,787
	Provision made during the year	3,301,798	8,865,475	2,809,280	7,878,138
	Payment in the period	(4,459,792)	(6,797,118)	(3,956,976)	(6,504,336)
	End of the period	2,446,661	3,604,655	1,464,893	2,612,588

24 Deferred income

There was no deferred income recognised by the group for the period.

Lafarge Africa Plc

Notes to the Consolidated and Separate Financial Statements for the period ended 31 March 2026

25	Employee benefit obligations

Non current

Employee long service award scheme

Staff gratuities

Group		Company
31 March 2026	31 December 2025	31 March 2026	31 December 2025
N'000	N'000	N'000	N'000
3,847,833	2,935,177	2,665,772	2,492,055
146,856	140,062	146,856	140,062
3,994,689	3,075,239	2,812,628	2,632,117

26	Trade and other payables

Group

Company

31 March

2026

31 December

2025

31 March

2026

31 December

2025

N'000

Trade payables	79,629,085	86,234,439	70,129,247	79,886,869
	79,629,085	86,234,439	70,129,247	79,886,869
Other payables:
Technical service fee - Huaxin	13,671,578	6,587,915	13,671,578	6,587,915
Payable to Holcim	13,556,109	13,556,109	13,556,109	13,556,109
Related party	-	-	32,386,747	23,327,537
Withholding tax payable	1,883,346	1,637,971	1,883,346	1,637,971
Value added tax payable	6,812,849	14,271,302	6,931,923	17,441,509
Accruals (Note 26.1)	25,259,658	36,250,268	23,777,384	34,341,782
Other liabilities (Note 26.2)	19,181,576	6,019,977	16,882,716	5,326,640
	80,365,116	78,323,542	109,089,802	102,219,463

159,994,201

164,557,981

179,219,049

182,106,332

26.1

Accruals

Group

Company

31 March

2026

31 December

2025

31 March

2026

31 December

2025

N'000

Freight/ logistics	242,264	225,580	245,990	225,580
Quarry/landed cost	219,486.4	204,372	365,265.0	334,959
Plant accruals*	17,919,430	31,814,906	17,435,731	31,522,061
Power	3,296,834	1,450,345	2,298,258	434,630
Others	3,581,644	2,555,064	3,432,139	1,824,552
	25,259,658	36,250,268	23,777,384	34,341,782
*Plant accruals relates to accruals for production plant operations costs, which includes costs for energy consumption, duties and freight on inbound materials, security services, and other operational support costs.

26.2	Other Liabilities
	Group		Company
	31 March 2026	31 December 2025	31 March 2026	31 December 2025
	N'000	N'000	N'000	N'000

Unclaimed dividend payable	3,205,328	3,205,328	3,053,936	3,053,936
Customers rebate provision	6,449,461	401,513	5,904,767	374,546
Capital expenditures payable	6,957,138	1,505,556	5,431,881	1,405,234
Pension and other retirement	2,569,649	907,580	2,492,132	492,924
	19,181,576	6,019,977	16,882,716	5,326,640

Lafarge Africa Plc

Notes to the Consolidated and Separate Financial Statements for the period ended 31 March 2026

27	Contract liabilities
	Group		Company
	31 March 2026	31 December 2025	31 March 2026	31 December 2025
	N'000	N'000	N'000	N'000

Contract liabilities**

132,823,463

115,946,653

126,815,769

112,775,586

**This represents advance payment from customers for the supply of cement and readymix products not yet delivered as at period end.

28	Additional cash flow information
		Group		Company
	3months ended 31/03/2026		3months ended 31/03/2025	3months ended 31/03/2026	3months ended 31/03/2025
		N'000	N'000	N'000	N'000
28.1	Working capital with adjustments after adjustment for non-cash movements:
	(Increase) / decrease in inventories	1,479,896	1,111,599	1,737,526	4,377,486
	(Increase) / decrease in trade and other receivables	(3,069,829)	(4,228,439)	(9,325,108)	(2,018,580)
	Decrease / (increase) in other assets	(73,981)	(30,392,772)	2,283	(32,195,333)
	(Increase) in other financial assets	(30,985,856)	(19,918,185)	(28,715,004)	(20,058,925)
	Decrease in trade and other payables	4,356,574	(1,533,764)	5,585,164	(5,997,586)
	Decrease in provision	1,889,441	-	5,793,417	-
	Increase / (Decrease) in contract liabilities	16,876,810	(145,010,733)	14,040,183	(140,602,534)
		(9,526,945)	(199,972,294)	(10,881,538)	(196,495,471)

28.2	Provisions and net movement on employee benefits
		Group		Company
	3months ended 31/03/2026		3months ended 31/03/2025	3months ended 31/03/2026	3months ended 31/03/2025
		N'000	N'000	N'000	N'000
	Employee Long Service Award - service cost	-	55,438	-	46,377
	Productivity bonus payment during the period	(4,459,792)	(2,660,229)	(3,956,976)	(1,960,732)
	Employee Long service award benefits paid	-	(111,881)	-	(45,270)
	Provision for productivity bonus for the period	1,512,671	1,512,671	(1,485,181)	969,101
		(2,947,121)	(1,204,001)	(5,442,157)	(990,524)
28.3	Other non cash items
		Group		Company
	3months ended 31/03/2026		3months ended 31/03/2025	3months ended 31/03/2026	3months ended 31/03/2025
		N'000	N'000	N'000	N'000
	Gain on sale of property, plant and equipment	-	(76,847)	-	(76,847)
	Impairment reversal on trade receivables (Note 8)	(459,332)	54,661	(368,147)	(49,635)
	Movement in site restoration provision	1,400,836	1,230,882	416,480	256,121
	Government grants (Note 7)	-	(5,653)	-	-
		941,504	1,203,043	48,333	129,639

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