Consolidated plc- quarter 5 - financial statement for 2025

McNICHOLS CONSOLIDATED PIC

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2025

Prepared by:

GBENGA BADEJO & CO

{CHARTERED ACCOUNTANTS)

McNICHOLS CONSOLIDATED PLC

Financial Statements

For the year ended 3st December. 2025

Contents

Corporate Information Results ai a fIanfe

f¿eponing

Management's Annu9l Assessment of. anal Report on r temal Control over financial

Certification of Managemenl assessrfienl un Inlernal ConlroJ over Firanclal Repoltirig

Report of the Audit Committee

Report of lhe Independent Auditors to the Members

Statement of Profit or Loss and Other comprehensive Income Statemenl of F nancial Poslllon

Stalement of Changes in Equity

Noles to the financial Statements Other National Disc osures

Page(s)

1

2

3

4

6 - 10

1 - 12

13

14-15

16

17

1 B - 48

49 - 50

McNICHOLS CONSOLIDATED PLC

Corporate Information

BOARD OF DIRECTORS:

Mr. Olusegun Lays Ie

Mr. Ch maraoke Ekpe venerable Onyebuchi Agube i Mrs. Hilrla Nkor

MI. Nzeakui Aiuluriah

Mrs. t.anie Onlyltan

COMPANY SECRETARIES

REGISTERED OFFICE

RSGISWARS

INDEPENDEN T AUDITORS

BANKERS

REGISTRATION I UMBER

No -Executive Direcl0f tic Chai man

Managing Director/Chief Execurve Officer

Non-Executive Directed

|ndependent Non-Executive Director lndeper Jei›t Non-Execuiivu Dire«ioi Independent Non-Executive D iector

S.E. Nomiioja & to.

(Chartered Secielai ies & Adnifiislralors) 12B Fagba C esent, Off Acme Road Agiding0i ‹keja

No. 7 Jemlnal Laatu Street Arepo. Near Journalist Estate

KM 32 Lagns-lhadcn Expressway

Og‹in Stale.

Gbenga Badeto & Co.

‹Chartered Accountants›

lO1 EA AjLimODI iOfliHO]D 5 lfBPt

OW Acme Road lkeja

Lagos.

Access Bank Plc

m

Fidelity Bank Plc

United Banx foF Africa Pl0

Wema Bank Plc

Zenilh Bank Plc

RR: S0g201

fdil G0StS Operating profrt ProLi after tax

94 63*»

5 37^i›

98.134

.87%

l 98%

€cltlCHOLSCONSOLlDATCD PLC

Annuel Report end financial 9tate-ents

For fha yecr endad 31st Decetriber, 20z5

jñansgernent's Annual Asseysm•nt of, and Report on Internal Control ovar Financial Reportlng

We. be undersigned. as tHe Chairma and Managing Director ol McN‹rhols Consolidated Plc. neroly corlify. la the besl of our knovladge and belief. tne foJJo'wing:

1. Responslbilhy foe lniemsl Control:

   We are resqpns1ble for esusbfishing and maintaining adequate infornal conIr0I Ovof financial £OQQflILIg fOf MeNichols Consol,dgted Plc. ino|t,o,nq Ihe d%‹qn. 'mplemenlalion. and m•tInIenr+nce ol sob'h conkols.

   2, Accassrnent of internal Control!

   We love {›erfurrned an assassrnunt uf lie effectiveness of UcNichcls Consolldaed Plc's nlem0l control over Fnwicu! reporting as at December 31. 2025.

   1. F•a=w=ork Ue•d:

      wu used 1i›e framework established ay me Committee or Sponsoring Organpecons (COSO] in "Internal Cunlrol - Integrated Framework” to assess ciur inemaI confold.

   2. 9tev»e it of Effectivaneea:

   Based on our aaseaBment, we conclude that M°Nrchols Consolidated Rc*s internal central over financial 'rpoflin9 was e8ettve as at Oecnaiber 3.4 , 2O2.5.

   S. Material Weakneeaes:

   We nre ml awRrr nf ariy material weaknesses .n inti•rr'aI U‹›tiir I nver FiiJ0ilcic1 reporling ns pt Decamher 3t. 2025.

   8. Disclosure of Corttrole:

   We have disdused to Ihe comaar y's auJiiurs all significant dufiranci6s and material weaknosses in tho design or operahon of internal confroTs ovor |inariooI repon1ng thBi wa are 8waro of. and have laken slaps lo

   7. No Material Misstatements:

   Ihe financial pas limb tesulls or npnrgiir›nn and msh flmvs o

   ichols PI ›n err;or0nr‹;e

   wilh generally accepled 8ri:otinliny pramif+]es {GAAP} ,grid me ln'err*alinnai Finenciel Rep‹›rting Sl8noerds

   ilKRS

   FRC2016’I

   Cha rman

   We believe thai tne financial slal6nlents fur It›e financial yaar ended December 31, 2025. fairly present, in all

   fI4cNICHOLS CONSOLIDATED PLC

   Annual Repc›rt and Flnencisl Statements For lhe year ended 31at December, 2025

   Cortlfice¥on of Monagemenl aesesument on Internal Control over Flnanctal Reporting

   I, Mr. China arnnke Ekpe. jlru Managing D ro‹'trr1 ar ‹I IUr. Arlebrtyo Teniitope, (th+ Finnrice Manager) uf MtNlchols Consolidated Plc both certi+y Iha:

   ol’ We have reviewed Ihis annual r.epon an4 financi.at sleiemonts of McNicho.Is Consolidated Plc f0r the yaor endod J1v‹ December, 202a.

   1. Based on our knowledge, th s report does nol cunlain any uniiue statement of a material fam ur uml to elRte a n›aIenal fnul ne‹:ossary o make the slat+menIn mude, in light uf the c›rcumsIancas under whsuch statomer›s we.re make. not minleoJing wih r+spnct In the period covered by ills rdpurt:

   2. Based on our knowledge. the financial 8fetemonls. and other financial i»formeti n included in this. rep0rt. faNy present in all rriaferiaJ respects the finanoaJ condit+on. results of operauons and ca8h hows of lie entity as of. and for, the periods presanled in Iris ruport;

   n I, as th+ k1aiIa5inq Direriur.° Ci+«rf Fx+r:»hve Offk:er (MD/CECi) arid my lualn:

   1. Are responsible for estabiisrHng arid rnainIairiii›g internal controls.

   2. Heve designed such Internal contro|S and procedurs8, or cause0 such inlomsl conIn›ls and procedures la be designed under our supervisor, o ensure I.hat material information relatinga the entity, is made known to us by olhers withiti thuse eofium. particularly dur'ing the periud ill vvMich lhis rejJo‹1 is being

   3. Have designed 'sUch internal conrod systun›. ‹;r rnuaed stud iNte/nal control syslen to be desr/ned under our supervls nn, to grovlde reasonable assu‹ar›ca regarding the reliability uf financial reporting and the preperehon of financial stnlements fur exlemal purposes in accordnnca wlth generally accepted aocounlin¿ Principles.

   4. Havé evaluated the elfecliveness ul inu emity's internal co‹Jtrols and procedures as of a dale within 90 days priur to I11+ ropurt and presenlud in ‹he rel:'on attr coHt:!uuons a0eut lho effoclivaness of lhe Internal r‹mIrols 8nd procecUres, as of II+e enrJ ‹JI ttr pri‹io‹l revered by this repon based on such eva1uauon

   e) I, as lhe Managing Director/ Chief Executive Officer (MD/CEC) and my team have disclosed. based on our mosl recent evslualon of intemnl conrot syslem. Io the unlily’s auditors and ft e audil commitlee of lie entily's board of diracjt›rs:

   l. All sipnlflcant deficiencies end ‹netcri0l weak.ncsscs 'i the design or opera0on of the internal controi sytem whic» are reasoi ably lfkely to adversely affect the enl ty's ability Io record, process, summarize and repon financial information; and

2. Any fraud. wholher o‹ not material, ha involves manngeroent or othor empbyees who have a significanl role in the entir/s internet control syslenJ.

f} I as th Managing Director/ C0lef E xucukve Ollie er IMD*CEOI and my leant leave Jdantiiled, in lhe eport whelher or nnl lhere w«re siqnific*0nt -hariges in inlernal rnnlrcils or aher facts l|naf could significanlly affec( inlemal controls subse9uenl lu ttte dale uf Iheir +vaIuatiur 'rirluJn›q any curreCtivu actions with regard la significant defitencAs and malerial weaknesas.

Chjmeraoke kpe ”

FRC.'20 0'PRO/DIR/003/ 0000014307

Maiwging D rector FnonceMangge

n,‹o as‹^^a=rn 3nx

REPOR I OF THE AUDIT C OMM JT TF.E

TO THE MEMBE R S OF M :NICHOLS CONSOLE DATE D PLC

GBC

REPORT OP YHE INDEPEtiDENTAlJDlTOR6 TO THE MEMBERS DP McNMHOLB CON6OMDAYED PLC

'¥e have audited the flnandoI state‹oents of Cmso¥dated Pk, wNch comprise., the statement. of prof!tor bss and other catipre enelve lmome. Ihe sbement of flnendat poaltbn as qt3s Decentr›r. 202S, the statement of cash ñowe f‹z- the yaa andad, the aipnNcant wcounIing poâc‹ee and over eXplsnatory notes. Thete finandal statemenls are em out on pagas 13 u› 50 aod have been prepared uslng Ite notes la the #nencf¥*tatarrnrits.eelout on pages TB to 48.

Consolidated Plc as at 31st Oec‹¥tibâr, 2025 and of tt›e company's financial performance and cgsfi 4ows Ibr the orided on thai date, end comply with jfte.felwantsañtbnâ of tha Companies.and AIlbd.Mullers M CAP C20.LFN 2g20.end tñe applicebla'kitemBi‹m% Fmaricial Reporting St8ndgrda as’'édoptad by*tha. F¥›andaI Rspo1Ing Ca ndl of NQ.

An audlt Invoices perIo‹tning procedures so. as to. oblain audit evidanca. aIx›ut. One amounts and dbdoéuree• In the I'foence1 Kents. the procedures sewed ‹bperon the auditor's judgement lrcIudi:1g b›e aasa9ement bf Ihe nsks of material misstaterner.t df the Freoosl slaIsrner té, w elf'cr awe la frnuo ur sftor. In wklng try..aeeeasrnenta, 0›e auator ca›dder« ¥›e btemal conbola that .w faIevnnt la

.Key Audit MMers.

Key 3udl! rnett8r6 are thos6 rh6tIe/S ki8t, IO Our ..|udg0rfIatI, vN 'e 04 rt BI &g0i PMO h our autiii of lh fin8nCI8|:stBtem0nI8 G/ the.I/ 0 I }/08I'. Th880 m0tt ir8 w8t8,addraaa8d. tn.the c0ñf8Xt.oI ear oudl!:of the financial.statements as.a whole; .and.:in forming our oplr i thereon,:añd we do'rot provide.a cepefate 0pinDn or these.maftas. For eadi matier eeb•/, or de6c@bon of hoa Our audit add‹ec‹w› W mal sr”fs provkled in nag donbu‹L.

We have.fuNlle‹l tha responsibilities daecñbed in.the Auditoia' respbneib4'itios lar the audit of the finandal

peñbrmance'oi proseduret designed to @pond to. our assessment of bee risks of material missteiemen of the financid statemeñIs• Tha results' cf- our audit procadure8, lTjc4Jding the procedures. perbrrred to s‹ctress the matters below, pnMde the basis. ‹br sur audit oplnlon on the acoxnpariylng flnanrJal siatemenis.

:a Oznespnndent £km Reanda Interns'tonel. a•IntsmalJorei ne‹r<›•t oflndependmtA xourand€otsdtmg Ftrms.

GBC

REPORT OF THE INDEPE/aDcNt AuDfT0A8 YO THE SEMB

OF BcNK 4Ok6 C.0N0OLgtATED PLC -(centlnucd}

*€‹'ri aden. Film oi *••n& I‹i 6ci”n!. An int*'ri•ctfmaINetwork of tvIepo•deirt A xountin$ and Coinultlng films

REPORT OF THE INDEPENDENT MDjTORs TO THE MEMBE ig

OF McNICHOL5 CONgOMDATED PLC - (c0n6nucd)

Racpotis&iflflec of the DTrecters 1or the Fk›a‹+slab 6tata nents.

The dlractcre are. responsible fbr la othe- Infatuation. The olhar )rtformatlon iximplesa the. Directors' RePo‹t Corporate Governance Report, Chekman'a S‹atenenL 9aier«ent »f Da‹›‹ mrs' Reset. Repoft of tbe.Audit.Commrltea, V&ue./dded Statement.and Fee Year Financial Sonrnary as required by the.Companies and AU Matters AcL CAF- C20. Laws’of the Feda‹al Repriblic bf Nigeria 2020, Stich we. obt8tned prior to the dale"of lh1s repod,”end the Amuel Report, u'hlch is expected to be made avalIabb.to us after that date. Otlter Infonriafion"does not hcltxle the finanoal etatam@1. and o‹Jr Audios' report

In. connection wIh cxJr audli of tha finandal statements, our ›wpone&iIIty b to reed tin other ir‹Itxmn0ua and, In doing so, consider what?ier the olher infarmation is matedally in‹onsIsant with the financial abatements or our kuon'Iedge obIair›ed in 0a.eudit or othe+wbe epPears to be materldly mastateY.

If bacsd'on the work •e’have pe‹fa nad on the other Infomatbrt obtebed prior to tba date oftNs Atxtllois'

rrdtefbl mBstatcinent, whetfier due to fraud Or bm›r, as well as selecllng. and applying ;agpropriaIe accounti polklss.âr›d meki-q aces.ng’estlmeIes blot are reasonable In the cifcurnsances.

We oor›ducted our audit h accordance. wII:h Jr›tsmagonal-.Saids.on Audiéng. ataudarda require tha!.'oe oamply wllh ethical requirements and pBn and perform. tha.audit to obtain reesonebla assurance

Out.oblecIJvee are to obtafn reaconai›‹e as‹u‹a«ce about'wñethec Iha finanolal'statemena’as e fihda ere

free Lom ,melz›r!eI rr4estatatt+eritw, elher due to loud cr erase, and N blue aA Auditors' report sha'.

c‹xxlid In accardance wtjh I5As • Iti Sb/ays de + r›iate‹taI mic›shiterrant when it ezisB”

Misstd ›mer4s ‹an añee.from f›a«d or. soar end are..considered rnaledal if, individual or ‹n W a‹a,

Ihey..vouN feusoi›abIy de e›4›ected to nñueo e. tñe-economic decisions of users Takana.

the9e financial statements.

the basTs al

'3ulte 3.17; Lozumâa' lcx;! Yel: 080962Z786S. 091 90t9721

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REPORT OF THE INDEPMDB'/Y M0fTOR6 TO THE MEMBERS

OF Mcl4ICHOL8 C0¥IBDMDATEd PLC.• (con nued}.

error, clesgn and pertbrm audit pro rea raq>zrafve to ihase rtsks, and obtain audit évi‹jenca thot is 9uf)K8ti 8tId a fete IO ft0Yid9 8 b0¥l8„ f0L 0Ur 9|flI1O. Th0. I1K6 'of not datocting a. malaria! miealatamenl resulting frorr fraud is higher gia?i for we resulang from error, .as. fraud may. hyolv

* .!^9^/, intentk›riaI onlleeiora, miarapresent8tlous, or the a rorrlde of inferno conboL

Obtain m unders1andhg. of irtnmal control. reloventB the audit in cider To design audit procedures k8t are appropriate in the drcurnétarbut not la the purpose of eXpreasir›g an opine on jfie bffenliveitese of tfte Company's intama c‹r›troI, Eveluae Ihe app opriataness of ac‹x›untlng pofclas Osad »nd the reesouabfeness of eccounfing estimated and related die<4osures made by jhe dtrectas.

Candu0a on thé epproPrlate ss of 0›e directois' use of the golng. concern baeis of âccounlJn§ ard baaad on Ihe.audIt a'riaafioe obtained, whether a material v aasts related to. events or condiliora that mey ced ugn¥icanl doubt.on.lt¥j Campany's.aMiily to.ax›finue.as: going, concern. If we conclude that.a

!+ !. . 8 . W dfB ' attention ”i0 our AJdft0t8' fepo/t to the related

di•closuree in..the ftnenciat etatemanls or, 8 such disckoizos ara k›6dequete’, to modify our open. Our

reporL

condueions are 88. ed. •^ ñe .audit pvidenca ‹XXainod up to #e daB of our Auditors' future.e'renb er condilions.may cause.The company ‹aceace to.continue as a golng oonnem.

However,

obf3in sr icJeot aggtopriate audit er'hence regarding the hriandal kformafion.of the.enjftiE3 pr §g$[ adJfitks withb› tho company to exPess an:opin@'ori the financial etalements. We-are responsible for Ihe di'ecfIon, supervioion''and @rformem›e of the comp8ny'8udt. Wa r8•tI6lrt 9o!e Wsporlsflfle Ottf audi!

Wb rommun ate wIth #›e oneclnrs regardlng, mong„atl •r maths, the planned 8cope and timing of the a@it and eignifida'nt audh findk›$e, Inck›ding.erIy.signi9cant defioendw in internal control thai wo identify durjiy ‹air audi.

t to on act!nd•Pe›xh ce. la More.applicable; related!cafaguards;

elgnrftcarice In ti›e. audit at tha

Iftece matters in our Audtcxs' report unleas. k›w or regulatory predudas pubic

** ^° atxxJt the met or when,’in extremely W dmJmst8rce6 of dolflg sci would 9bly be

axpe<1ad to ouMdgfi the public.inexcl benefits oi.such axtmun .

A Corresl:orI°lizn at Rean'la knematIsi•aI. u mternatlornl xmvort cf Inaepuxlent Accounting and Coniultlng rtnns.

pThodofaoAccounionls)

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Plot BE, Ajumobi Otor ur oje Sti eet. 0ffime Read,

Ik0jfi, ññ 05 YOU Abu • Liaison Otñcg:

Suite 3t7, rezumba CompTey, Area l0, Gark.i, Abuta.

7<•T: 0B09622 786S, 091690 t9711

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REPORT OF THE IHDEPENDENT AUDITORS TO THE IMEMBERS OF McNlCHOLS CONSOLIDATED PLC - (conlinued)

Report on othor legal and regulatory requirements

In accordance wlfh fhe requirement of schedule 6 of fhe Con uanies and Allleri Mallet s Act CAP G2g I.FK 1020, we confirm ihat:

'Ae ha'ze obBined all the infermafion and explanalions which to L1e bost of our knowledge and belief were' ncr:essay for tho purpose of our audit;

In ou* opinion Proper ooohs of account hav8 been kept by the Company, in so far as it appears frcm +ur

*can ination of thosu books; and

the Compar'y's Staemenf of Financial Position and Statement of Profil or Loss and Otner Comprehensive income are in agreement with the Books of Account.

the Engagement Partner on the audit resulting ir this independent audit@s nal tort is:-

Emmanuel loemokhai Ogiega, FCA

FRC/2D21/004/00000824269

G6enga Badejo & Co. ChñeWdAcovnbnM

Flat 8a, A]umobi Olorunoje Gtreet. Off Acme Road, By First Bank, Agidingbi,

ikeja. Lagos £tate.

Daed: 26th Starch, 2025

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Legos Ollie’.

f'Iot&A, AjumoN0 pS reat OPB one Re‹d,

ke]a Logos Stzte Abu}a'U•hon Oflke:

Td:080963378f›T,.0 S P7ll

REPORT OP THE MDEPENDMfT MDrfOR'8 LBsffEO A$BURANCE TO THE MEhIBGBA OF MCNICHOk9 6ON6OLDATED PLC

Raport on Mmñed Assurance End Perfom+ed .on Management'e Msaenment of internal Conboj

Ovor Financi& Rapo+ting

McNldlols Cansotdated Pk as. of 31 December 2025 Is.efIac0vo in accordance wth the wlaria established by ioternd Control - Integrated Frame¥/ork {2013) bsued ay the. Commftee of Sponsoring Organ1 s of the Tteedwey Commission Fthe COSO F—rk”) mdthe Securities end Exchange Commission Guktance on ImpbmentaMon of Sections 60 - 83 of Investments and Securities Act 2007.

Bee.od on ia pr!›oedures.pe+formed end eddeme obtdned, noPJng has comeB our attenacn fa.cause usB believe. ¥at Re. Grt›’ui›'s,Internala nIzoI’.afar fi.namiaI n¥portlzig as. of 31 D‹i.cerñber 2024 is.not effocivâ, In..aM material respanlé, In soaxdance wllh Ihe COSO FramewaX. and the SecutNos and EXdj’ange.Cgmmeiai0n Guidance.a Inn,pk•ricriBtiân”.of Séci›drd 60—63 é.FIwestr›wde.añd8ecuiiñes:Act2tXj7.

We cordu led our.engagement In 0c drdance wfIf ite/Tteâ0n8I Standard on Asszzfance En§6gemerif8 (ISAE) Joao (n c•a) @ Engepamer›tâ Other Than Audib or Rev!ewa of Hiatofica’! Financlel |nformation issued by the. International Auditing. and Assuran o Stenderds Board (IAASB) and th0 Flnancjal Rapoiting Comdf of Nige'rig .Guideca pn Assurance EnBagerneni Repart on Inp‹na1 Combat over Financial e orsng,

Wa have complied ¥te ndeperdonw and dher ethical repuiramenIs.of tha.International Cede.of Ethlcs for Pmfess&al Acoxiflents (molding..Vnatkx›al hdependencs andaW) I6suod by the bdemotlonal Ethics

Our-0rm. applies Intematior›eI 9tendard on Qua8ly Management.(GQM). 1, Qualify ent Jbr Firms Ihat. Perform AAlb or Reins of Final Btatemords, of Dlher Ace‹iranae or Related Sen/lcee Engagemanja,. bstled by Ue IAASB. Thls standard’ requ#es the f¥m to d0slgn, im‹PI0meht and operate e system of .quéjily.

ۖ Ing P0I8S or p ufBe Bg8IdMtg. tflglf8M with Bthica) r0qulremenb, fesstonel

.s ¥dards and applicable k›t/al and ragulalay raqutrunenb,

confusion.

Dther metter '

We her audited *he flnandal saIerrcnls. of McNklols i30nsolldater' Plc in cordance pm 1f›e jntematiana

^ ^ Editing, and our lego+I dated .27th Morch 20Z8 uxp•a6sed. ah .unmodified oplnDn oF INoae finalclzt âIatement&, Our conduslori Is.rot modified.in respect'of thie matter.

The Board. of D1rest‹Xs Of McNkhols Consolidatad Plc 1s responsible for malmainlng effedtve Internal control

^W 8 w›de! ‹sporthg, and for. ita .assessment.of’the..effectiveness .of inBrral conlrd ovor finer›cid reporting.

b'ased on’.air assurance engagemenL R NDA

A.@rrespgndgrTt Firm 9fltesnda TntemctIona’.An TInatfo cl rk of.Irdependant Accotintina end CozI4uh@ Flrmr

rlet w AWobi olorvrop StreeL

Araa 10. Garld, Alzu}z

The Financlal Reporblg Gounca of Nlgsrla Guldanca »n /sc«r«w EnpaB‹¥ erit Repat on kñemal Cmtiol afar Finandal Repoñing (dia Guidance$ requias Sjat we pleo and perform the assurance engagerrant a‹xI provide a flailed asaurenos report on f›e Group's internal caudal over fin8ndal relating besed on our assumes

flUITIfnd0 Of tD¥ W0flt W6 erformed 84 lhe basis fw0ur dnWii1i00

As prescribed in One Guidance, 0e prooedu‹ss we pertormad Induced obairilzig an understanding of Jntemel

the design and operating effectiveness of InamaI con«ol based on the assessed rls Our ergagemm alco imluded pe1'orming mjdj offer” procedures as we consdered necessary In the cifcumstsnoes. Wo be8eYe the

The procedures performed In a llmzed asswance engagement vary In nawe and Ilmlng fnxn, and are less In adant than for, a reasonable assurance engagemenL Go‹ae9»ently. &o lavel of assumnce obtained in a Embed acsulance engeperneot isa zslsnfldly lower than Ihe Franca that mould heve been obtained had a

A @III@ 8 IntemA) conlnd ovar finaijcigl rePol1ing ie a proca8a dae To provide rB8¥onable @Wfd regarding It‘e retlabgity of fifjenaM rePoning and Ihe praparallon of finandel statements tar external purpo6as in acc‹rdanra wilh generally accepted ac‹m›nting pdnciples. A oxnpany's lnBmal control over linencbt regodlr Indudes thee pdtdas and pz›‹x›dutes 0›at

T. perlain to fhe rnalr›tenance of reoxds that, in reasomible detall, accurae‹y and fo!fIy collect the mansions

and dispositions of the assets af Lw a›mPany;

II, be reasonable assurance that baraac0ona a‹e raco‹ded as necessary to permfl pteparatbn of financial sfats›nenb in eccodame wilh generafy accepted accoJuting prim@ca, and na rece pis and expenditures of the oxnpany ere bdng made only in aa‹ordanca wfth •uth‹x1zations of nzaoogernent end dlzectars of the

1. provreaso«abla aaau‹ar›ne regarding p‹avor4jon or Mrnely detacton of wautherisad acquisition, ‹a›e, or 4bjx›sitlan of the company's assets Bat caJld t›eva a material elfeQ on the 8nandal stetamenB.

   Ba‹ause of Itn lezent Mmitetk›ns, intemM ove fin8nciei ‹rtnji ‹»a/ na pwe»t »r detecl ell mbstatement8. Furlhernore, projedbus ot any valuation of effectlveneBs 1o futur• peflods are subject to jhe teks ecauce of ct›ar›ses h cordifbne, or that Ihe ‹degree of arnplianco

   Lagos Nigeria

   Datad: z6th thatch, Z020

   McNICHOLS CONSOLIDATED PL‹3

   STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

   FOR THE YEAR ENDED 31ST DECEMBER, 2025

   Year 2025 Year 2024

   Notes

   TUFflOVP'	7	6,205.050.274	5.801 91?.272
   Cost of Sales	2b	‹5,514385 021 ›	(5 331,26 1 65? }
   DiStri0ut›on. Markelin9 and Other Expenses	2o	(1{i9,773 130)	(149,958.584›
   Adrmnistrative Expenses	12b	(J96.630.151)	f216,708.G15›
   Othe Income	8	G 931846	4 506.604
   Operating Profit		333. 193 806		108.490 018
   Finane al income Financ‹aI Cosl	11 1	o1.184 799 (2,589 918)		4 S 939 396 f6,727 855)
   Profit Bofore Tax		30 T 788.686		151 700 555
   Inrome Tax Wzpense		‹4S,40C fi0!i
   Pfofil Afler Tax		346 382 OBI		1 US 763 046
   Def0rreâ Tax \ovement Olher Lomprchens‹ve Income for lhc year lnv0Slmenl Income	9	('J8,473 SGD) 3 348 341		‹31,120.301) 20 431 826
   Total Comprehensive Income for the year

   Profil for we yeai atfr›bulabIe io owners of the company

   31 T 257 455

     1 US 074 571 

   Earnings per shae for pofit aRñbutable to

   owners of the parenL

   0sicKobnj +8

   f0 30

   The nntes on pages 8 to 48 form an integral pan Of these ftnanrial 5l6tements

   hcNlCHOLS CONSOLIDATED PLC

   STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEf/IBER, 2025

   Year 2025			Year 2024
   	l4o{es
   Non•Current Assets
   Property. Plant and Equipment	16	680,071,562	300.713,6g9
   Investments	26		1.U024z0
   Total Non-Current Assets	0 071 562		1 71	119
   Current Assets
   Inventories	1fi	503,439,164	407,239,495
   Trarle a»b Other Receivables	17	300,122,22g	188.g03,940
   Cash and Cash Equivalents	20	3g9,622 729	30^,901,0fi2
   Resirlcted Cash	20	1C›.361.173	16,G83.803

   Total Cunent Assets

   1.23,545,205

   922,728,260

   Total AGsets		1.893.616.857	1,314.444,409
   Liabilities Current Liabilities Trade and Other Payables	24	695.175,105	424 903.059
   Loans and Borrowings	22		24,0b2,500
   Current Tnx Liabilities	14	45,40G,60fi	35,94G.509
   Total Current Liabllities		740 581 710	181,g12,069
   Non•Current Liabilities
   Loans and Borrowings	22
   	25	141,545,501	123.760,000
   Deferred Tax Liabilities	15	82,193,585	43,720.018

   Total Non-Curren1 Liabilities

   Equity

   Ordinary Snare Capital Share Premium Retained Earnings Total Equily

     221,739.086 

   358.396,365

   5 376.000

     365.323,496 929 2 6,060

   167,480,018

   558,396.S65

   ?,57G,000

     98,079.757 662.052.322

   Total Equity and Llabilities     1,314.444,409 

   Mc NICHOLS CONSOLIDATE D PLC

   STATEMENT OF FINANC IAL POSIT ION ICuri!in« d) AS AT 31ST DECEMBER, 202 S

   Adchayo Te nHfope Abefe F inance Manager

   McNICHOLS CONSOLIDATED PLC
   STATEMENT OF CHANGES IN EQUITY
   AS AT 31ST DECEMBER, 2025
   		Share	Retained
   Share Capital		Premium	Earnings	Total Equity
   Balance at 1sl January 2024 558396.565		5,576.000	27.676.012	591.646,'177
   Total Comprehensive income for
   tfie year		-	T T5,074,571	1 5,07'1,571
   Transactions wlth th4 owners
   Div dend dedared			(44,671.725)	(44,671,725)
   Bonus issue of ordinary shares
   At 31st December, 2024		3,376.000	9R,079,757	662.052.322
   Balance at 1st January, 2024 as
   previously reported	3X.39656F	5.37G,000	9g,079,757	£G2.0?2,322
   Deferrerl Tax		-	(509,7g3)	(509,793)
   Companies income Tax		-	1,167.80	1,167.80
   Adjusted balance on 1st
   January, 2025	550,396,S65	5,376,000	98,737,766	662,710,330
   Total Comprehensive Income for
   		-	3 1,257,455	3 t 1,257,4u5

   Transactions wlth tn4 Owners Dividend deoared

   At 3tst December, 2025

     (44.671.725)     (44,671,725)

   8 396 5       5,576.000     365,323.4 6    929.296,061 

   The noles on pages 18 lo 48 form an integral part of these financial sta|ements.

   16

   STATEMENT OF CASH FLOWS AS AT 31ST DECEMBER, 2025
   	Note	¥ear 2025	Year 2024
   Cash nows from operating acavities
   Cash generated from operations		301.788.68b	151.70^J.555
   Income tax expense		(45,406,605)
   Net Income		3' 6,382,U61	11 $.7b3.046
   Adjustments to reconc//e /›ef income to net casn
   provided by operating acliviies:
   Depreciation and amortisation		78.041,490	57.8^.5.127
   Changes In Cu ent Assets/Liabilities›
   Decrease in Inventories		(96,199,660)	(131.867.504)
   Increase In acaunt9 and other receivables		(111,26J,688)	(23.J77.293)
   Decrease in prepaid expenses		45,3G9	514.22
   lncrea e in accoUnt payables		25S.6 0.642	13fi,570.614
   Net Cash Provided by Operating Activities		472,G75,260	8 42 51
   Cash nows from lnvestlng activi8es
   Purchase of property, plant and equipment		f367,390,J5g)	(110.655.680)
   Adjustment of property, plant and equipment			12,298.126
   Discontinued Upeiation	3.318,941		20,'431.826
   Investment	1,002,42‹J		5,?97.580
   Net cash used in investing activities	{363,047,997)		(102.?28,349)
   Cash flows from financing activities
   Loans and borrowing			I24.‹J62.5‹J0j
   Persons	17.785,501		3b,760.000
   Dividend Paid	t44.671,725)		I4#.671,723j
   beta ned Earnings Adjustment	658,008
   Net cash flpw generated from financing
   activities	(2G.228,216)		T29..874.225)

   ox

   r

   ow

   0o

   mo

   o

   Net increa5e in casn and cash cqt‹iva ent

   Cash and cash equivalents at the beginning of tne

   year

   Cash and cash equivalents at the end of the year

   BJ.399.047

     326,584,855 

   20 40?. 83.902

     300.666.916 

   3Z6,584.855

   HcNICHOL9 CONSOMDATED PLC

   Notes to the Financial Statements

   For the year ended 31st December, 2025

   McNichob Consolidated Plc (-the C‹snpany") s a Company d‹sriiciled in Nigeria. The address of the G‹xnpany's reg ofMo is at 7 luminal Laak› 3beet, near JournaIst.Estate. Arapo, off Km 3Z Lagos

   |badan E¥prassway Oqs› StaIa, The Company u I›stna on the N›0e‹tan Exct›an0e fimaed: The.prinapaI

   acsvJies of tre Comply continue to be time manufactwirg, paoagn9, maNexng and distrib«ton of rood

   2

   International Financial Reportng Standards {IFRS):as issued by the tntnmatonal Accounting Standards. Baard. The finanaal statements have bean prepared unde the historical cost basis, exespt for the f0X0 i8g it0fTS WfiCh 8fe ITl0d5U/9d OU 60 84(6fTI0tiV0 b0SB OF 88Ch F0§0fhIg d0(£I’

   Lower of cast arcl net reâlisaDe value

   1. Funcéonal presentation.currency

      Nothirg has coms .to the. attention .of the ‹$radors to indicate. that McN›chols Consolidated Plc will nd

      remain a going concern for at least twelve mantt›s rom the.ate o approval of li›esa fir›awal statenants.

      ne Company has.apf ed lhe following eccouan0 pdcies. to. these financal stata»ents set out.bebw ñ

      an.oaex of tl›e s‹gniFicant aax›unting.policies, the ‹Kttails of whidl are avalabla on the pagas that fo£crar

      Finanoal instruments Property, pant and equipment Biological assets

      1nventones

      Impairment of Non-finanaal assals

      Empbyee benefits

      Provisions

      .Cc+ttirgent Jabiliras

      Statatr›ont of rash flo'ns

      Re'venue

      y8

      10 — Z2

      22 - 23

      23

      23

      23 -24

      24

      24 - 25

      25

      25

      25

      25 -.26

      HcNICHOL9 CONSOMDATED PLC

      Notes to the Financial Statements -(Continued)

      For the year ended 31st December, 2025

      27

      27

      27

      Drndands

      27

      (Ay n tal l›abu‹nents

      Finanoal assets:and financial liabilities are rcin the Company's statammt of financial position "when the CornqenY becomes a party to the cantractual provisions of the insfrurnenL With.the excephon of tmde recaivablas that do not contain e sipnrficant firmr›cing corr$›onent or for which the:Company died the practical expedient, finanaal instruments are initially measured at theJr fair velue. except in the case of firancial assets and finenoal âabilfhes recorded at FVPL. transaction costs are added to, or sublraded from, this emaurâ. TFade recéwebles that do not canton a a§nificant financing comment or for which the Company has apphed the practical expxlient ere measured at the transaction pnce determined under IFRS 15.

      1. Filialassets

         .All regular wey purchases or sales. of financial essets are recognised and derecogrrsed on a bade deme basts. Regular way purchases or-sBIes are purchases or.sales. of financial.assets tkat require delivery of assets witnin the time.vdme established by regulatktn or conventon in the merketpl8ce.

         Impairment of financiM âeeeta

         The amount of expected credit losses is updated at each raporhng date to reflect changes in credit risk sincn initial r‹xx›gnition of file raspectv.a financial instrurt›eriL The aXgedad cradt:k›sses off fnanoal 6SS0tS df6. 8@USt0d f0 faCt fh6 BI6 CifiC IO ID0. d0blOfS, g0lKitdl 0C0fjom€ C0IX!IhORS BID! OF

         assessment of both tke current as all esthe forecast direction of conditoris atethe reporLng:date.

         {i) 6lgnf0cant increase in cre‹0t ‹1sk

         assessment,

         In assessing whether the credit nsk .on a fin+tnc›aI instrumgnt has. increased.sigrrfi‹antIy siucé initi-al recogr‹iaon, fhe..Carney compares the nsk at a default. occurnng on the 1nancial. instnirriant at the reporting date with the nsk of:a default nccumrig on tfla financial instrument at tha .date of 'IniLal

         recognlt on. In making .hiis lhe :company conudars both qanfilai ye and qualitative

         infoimafon lnats ‹eesonabe and s»pportabte,. ›r›cuding nstorwl exPe‹ance are fonvard iooxin9

         information thdt iS 0Vd!l8bI6 flh0Ut UOdLtO C03t 0£ eff0It.

         Forward.- looking oformation coasted ind‹das me future Prasfecis of tl›e. market In WD the Company” s debtors. operate, ebteined kom economic expert reports. financial analysts, governmental bodies, rekn'ant think-tanks'and:other similar orgaiâsations, as wall as comderation of vamius edemal s.ources of actual and f focast economic iMfaTrietion that relate to the C‹xTipany‘s core operaLons.

         irrespective of the outcane of the abova assassmant, the Company prestznes that th crad‹t risk on a fiDdfICI0l 05S6t ABS I0U80S0d SlghifiCOOtlg SI CO Ill(II3I f0C0gRlfiC 'I W 0It C0BtfdOU6l Q0#ITX2D(S are ITK40 than 30 days. past due, unless the Company hss reasonable and supporlable information that

         39

         McNICHOLg CONSOLIDATED PLC

         Notes to the Financial Statements - (Continued) For the year ended 31st December, 2025

         Despite tke foregcsrg, the Comp+ny ass.umes that the credit nsk .on a firiarioal instrumdrit has not Increase.d s›gnrfi‹ant‹y sinca.inibai recognitio+I if the financal instriJnxint”is determirW to how k›w credrt nsk af Itie FeporLnq date. A finaroal |nstrumant is datamcned. to Java low credit risk F the dobtar has. a sDong capacity to meet its conlractu‹d cash jlow aFgations in fhe new tems; and adverse changes in econo‹f¥c and business conditions: in the anger term may, but will not necessarily educe the ability of the bonower to k‹ñl its contradual cash fbw

         penerafy not recovarable.

         The Company ccins›0efs tha 1odzxI as ‹x›nsatutmq an scant of default for ’interrml eredit nsk management purposes as histon‹>tI axparience indicates that financial assats. that meet erlher of the fol nq ‹r teria are

         • when thee.›s a breach.of finanoal coven,ants by the deo.for, or

         • ›nfoaaaon aevebPea inter‹ucy e.obta«›ea I am external sources ›rd›cates that tne debtor s unlaay to pay its creditors, inck›dir›g the Cdmpany, in full {›4thout takirg into. account any collateral held bj/ the Company). Irrespective of the above aralysis, the CorrpBny considers that defauk has po rred when a finencial asset Is more than 60 days past 0‹a unlass the Company has reasonable:and supporlable informason to demonstrate that.a:more Qing.;defauIt critenon is rmxe appropnafe:

         A ftnanciaI 'sset is credit- impaired when ‹xi”e m rñore-.events Ih8t have a..detrimental on the estmated

         ‹X›sewad,Is data about the fdlawing event.

         (a) SigflirlC6fll LtFl8D0ld4 dtffiCIJl(g Of tlW iS6IJ9f 0£ h0 b0 ,

         Q) abreach of cont‹acI, so as a default or past due event (see 0i› aove›,

         8

         ”

         have granted lo the borrower a concesuon(s) that the lerxler{s) wbuId not olherwise oonsider,

         (d) it Is becoming probable.that the.borror/er will enter benKruptcy or other financial reorgwisahon.

         The Company wntes oR a financial.asset when there is sufficient: ormahon ‹ndfcatrng Ihet the debtor is in s‹zvere

         finanual difficulty arid there is no. realistic prosp.set of fecoYery, e.g.. when all ac‹xiomic attempts to m.cover the

         re«›ve‹y

         unable to k›cate 6ebtor or deDtor passed awny leaving no. esseL whichever oaxJrs soora›r.

         Financal assats written off may still be s oiect to enfo‹cer«ent acLvities. under the Company ”s

         procedures, td‹ing into.account k›gaI aIv‹ce where apqropnate. Any recoveries made:are recognized in on or

         (v) Maaeureme+rt and racoqztition of expected credh loases

         The measurem6nt of eq›ected credit k›ssas.s. a Duncton of the probability of .default kas gwen.default (i.e..the magnitude of tha. loss f thare is. a. defauk) and. the exposure at defaulL TO assessment of tfa probabdity .of default and loss given default is based on historical data dusted by forward-k›oking infor‹»ation as desajJ›ed VV0 AS for tLI0 0X{ J 2 it d0fdUlf, f0f fihatICI8! 0SSetS, (his IS f@ 2S0tTd by lfT0 6S59tS* gfOSS CO fig

         at›ount at the reporting dale. For financial assets. the expected credit k›ss is estimated as the difference beMeen

         interest rate.

         all ox tradual cash fIo¥s that are due to the Company in accordance with the contract and:all the cash fIo¥s thet the C‹rripany expects to receive, dis‹x›unted 8t the original effective

         Impairment gain or loss. fi profit or loss for all financial insbuments: wilfi a ‹xirrespondinq adjustment. to their

         ‹>irryng az›ount thro‹Jqh a lass allo¥rarxa count. for Da;de las, the Corñpany ››plies a smplited

         zg›pfaach m c‹dctdal›ng ECLs.

         McNICHOLg CONSOLIDATED PLC

         Notes to the Financial Statements - (Continued) For the year ended 31st December, 2025

         {v) ¥deaeurement and recognition of expected cze‹ I Ir›sw• -(Congnued)

         Therefore, tfa Company doas not trade.changes in credit ns but instead recognises a lass allowarxa basad on

         lifetime ECLs at each reporting date.

         The Company defecognises a financial asset only when the cor4ractual rights to the cash flows from the asset

         .expra, or when it transfars the financial asset:.and srtbstantally all the risks and reu/ams of amership .of the asset to anosw.std.”Iftha company r›e‹0›er transfers nor rétains substant ly.all the risks and rewards„’of:o¥rnership and continues to confro1 fha. transferred asset the pany recognises Is reta‹red interest in tf›e assat and an 8SSOCidt0d li0bility fOF 6ITI0UIIN i( rfldg h0v0 to g0g. P th0 gaHy f9lainS SUbSti¥filly all (he fiSk6 BId Ie4/dIdS of ownership of a trwisferred financial esset. fhe Company continues to recognise the fir›endal asset and also recognbas. a collateratised borrowing for the.proceeds received. On derecognrfion of e financial asset measured et amortised.cosL the difference belween the assays carrying amount and tke sum of the consdembon’received

         .and receivable is reoognised”in p'rofk ar loss.

         Inft racognhlors and msaauremwtt

         Fir›ancjel liab tia are classified, at mitial recogratian, as financial liablities at. fair value through piofit or kas,

         loans.and bonow‹r›0s, payables, as appropriate.

         The Company's financial I sDliâas Muds trade and othtir. payables, loans and borrowings.

         IiB›ilñes measural subsequently at amortised cost are noL

         (ij con4ngent consdeation of an acquirer in a Ousmess combination,

      2. held-for-tiadin8, .or

(ie) designated .as at FVTPL, are measured subsequadly.at.amortised cost usir›g the. effective interest method

interest expense oyer the relevant penod: The effecWa inteiesl

The elective interest meflxis a metfod of calculating the amorLsed cost of a finmcial liability and of allocating

rate â .ihe are that exaaly rfn‹xxJnts estmatad fut‹xe cash payments fnd‹ding all fees and points paida ved ttat” an integral part of the effective ”interest rate, bansechon cosb arid othe‹ p‹er«iurns or ‹foco‹x›bj through the expeded Ft of the financial liability. or (wh‹re appropriate)a shorter peri‹x1, to the amortfsad cost of a financial IabI«y.

21

McNlCHOLS CONSOLIDATED PLC

Notes to the Financial Statements - (Continued)

For the year ended 31st December, 2025

Loans and bofrowlnga

Aflei ltilJaI F0cogniti0tt, interest4earing Irans and borrowrgs are subsequently n›easuted at amortised cosl using lhe EIR nlelhud Gains and losses are tecognise‹J m piofil ur loss whefi Ihe Iiab‹lilfes afE d›c'recogiised as well as through the effeclive ntereSt fFIR) nmorlisalion pfr›cess

Amortised cost is calculated by taking into account any discount or pre.mium on scquisrtc›n and fees or costs that aro an integral part ol Who EU. I he EU amortfsa8on is inclu0od as flnance costs in tho statement ot protit or loss.

Fhis category generally applies fo interest-beanng loans and borrowngs.

Derecognition of financial liabilities

The Company derecognised financial Iiab Iities when, and only when lhe Company's obIigaions are discharged caf›ueIIed or leave expired The different:e beIveen Ihe cariyir4g amount uf ltte financial IiaUilily derecogi1iSe‹4 and the cnnsidernlion paid and payable is re‹:ugnise‹1 in pfofi1 or loss When Ihe Company exchaljges with lhe existing 1ender we debt instrument into another one wth the substantiaJly different terms such exchange is accounted for as as extingu‹shment of the ong!nal financial liabilig and the recognition of a new financial liability. Similarly, lhe

Company accounts for substarital modlicabon of terms of an existing liability or part ot it as an e• ^9^IShmontof

the org nal financial liability and fhe recognition of a new' liability.

II is assumed thct the terms are substantially differenl if the discounted present value of lhe cash flows under the r›ew torms, including any teos paid not of any t0es roceved and discounted using the onginal effective rate is at lmast 10 per cont drfforeilt from the discounted preso2 value of the remaining cash flow's of tho ongmal tinancial liability. If be modifica8on is nol subsantral, the difference between: {1 ) the earning amount of the liability befoie lhe modification, an‹J (2j th+ piesant value uf the cash fluws after modification shuuld be iecogiised in p'ofil oi

|es as the modifimtion gain or less wtlhin Other gain's and lusses

Offsetong of financial instruments

Financial assets uid financial liabilities are offsel end tha it+i amounl is iepcred in if e stafemerit of financial posiliori if lher+ is a currently enforceable legal rigl I lo uffsel ltte recogrnsed arilounts arxJ ther+ is an irit+nliur to sefik' on a net hnsis. Io realise fhe assets and settle lhe liabilities

Ordinary shares ar+ classified as equity Incremental costs directly attributable lo the issue of uidinary shites and share opliDns are recognised as n dedHclion from eqriily, nel of any tax effec!s.

(B) Property, plant and equipment

T. Recognidon and measurement

plant

items of property. and oqu‹pment afe measured at cosl less accumt›Iated depreciation and accumuJated

impairment losses Cost includes +xpendifure II eat is directly attribr›lable lo the acquisition of the assel When parts cal are ileftt uf properly, pIafI arid ecjuipinenl have different useful lives, lJiey are accounted for as separate items (majorcomponents) of properly, planl an+1 equipment Ga1ns and lnsses on disposal oF an ilem of pioporty plant and equiPment are deierm ne0 by companng the proceeds from disposal with the carrying amount of property, plant and equipment. aild are recognised in profit or loss.

22

McNICHOLg CONSOLIDATED PLC

Notes to the Financial Statements - (Continued) For the year ended 31st December, 2025

1. Property, ptent and equipment -(Eon0nuad)

   Wie .last of reglâcirg a.,pen of en item of property, pIont and equipment is recognaed n Ihe carrying amount of the item if it ts probable thet Ihe Mure economic benefits emDxlied withrn the part wdl fbw to the Ccoipany and rts cost can be measured reliably. Tha carrymg am‹xJnt of the replaced part is derecogrzsed. The costs of the.day tn-day.servicing of.properly,.plant and equipment are recognised in proN or lrss as incurred.

   Depreciation is calciJated over the depreciable arroun which is the cost of an asset or other amount substraJted tar cnst, lass its residual. valixi. Depraciafirn is recognized in profit or bss on a straight-line basis m'er the estimated useful Iwes of each part of.an iterrt.of property, plant.an# equipment wh›ctj reflects the expeaat pattern of consumption of the future economic bener‹b ernboded in the asset.

   Theastmated useful lives forhe c0ist md romparaWa pen‹xIs are 8s fokows::

   • Brzldngs

   • Motor veh›des

   • Famrture and fittings

     20 y‹xtrs

     3 yaam

     4 yearn

     Depreoahon

     melho‹h.

     useful

     lives and residual

     vnluas are rev›evzed at each financial

     adjusted if apropnâJe. The altribulable cast of each assets ITansferred to. the relevant assat category irrznedately the asset Is available Jar use and aeprecated acaxdinqly. Larxt has unIimit‹x/ usaful Irfe so it is not depreoated.

     Investment.is rraasured at falr value m statement of fiuanaal posAon with changes recognized m fhe.staterr¥mt.of profit or loss.

     (D)

     (ij

     Inventory is maasured aI the lawer of cosi.and nat realisable. value. Tha-cost of inventory includes. eXpenbture in‹xrred it acquiring th inventory, production ‹r corr ers›on costs and other costs incurrad in bringing them to their 0XI3(iFIg k ¥tK/n 6IId C0ñdI(iOFI. iflCUfflXl IP b8Dg 0BCh gfOdlJCf IO ils £9S0ht l0CdtlOfl 6fTd.C0Rdiñ0fl IS

     Raw and packaging matenab and purchased finished goods — purchase cost on .a first- in, firsl - out base including bansportab‹x and cleanng cosb:

     23

     McNICHOLg CONSOLIDATED PLC

     Notes to the Financial Statements - (Continued)

     For the year ended 31st December, 2025

     (D} Invent‹x1es - {Continued)

     (ii) products in prrand manulactuFed finished goods-Weightañ avaraga east of direct matanat and laboix ptus

     arees‹r›abIe proportion of manufacture overhead based on normal levels of acl ty.

     (u) Ergineenng spsres—Pumhase’bost on e ‹sighted average cost basis induding bansportaticn and cleanng ‹x st.

     (w) Gords in bans4 Purchas+t cost incurred to dBte.

     Met realisable values the atirrated. selling pnce in the ardirwry o›urse of business. less the estrr›ated casts. of

     w+ «ruin» sw.

     Enginmng spaces are dassrfied as inventory and are.recogmsed in the profit or k›ss account as consumed.

     Allrnvan‹a is made.for.obsolete, slov rno'ang or.de,feet,he

     who, appropriate.

     (E)

     Impairment of Nou-financlal as9ets

     Tr›e carrying amo«r›ts of n›e Company’ s non-financial assets, other than inventories are re^ñewed at each

     ‹epoitirg date to determine whether there is wy indica0on of impaiin›en. If any. such ind›cat›on easts, lf›en lhe esset.’ s rea›Yerable. arrount u estimated.The recoverable 8mounl pf an asset or .cash-generating unit iS the greater of its.valu8 in use.end its fair veJue.less costs to sell.

     In assessing value in use. the estimated Mure cash Jlows are discounted to their present val‹Je use a pre-tax biscount rate that rejects.current market.assessments of the limb value at money ant the nsks specific.to’the. assat or cash ganeraLng unit (CGU). For the purpose of impairment testin'g, assets that .rannot Lo tested individudly ara grouped together into tthe-smallest gro g› of assets that generates cash infbws. from coñtinuing use that are Brgay inaeper›deni oF the cash inflows of othar assets or groups of assets {the —cash-generating. wiit, or CGUI)

     AFi IITtQ8IITN8011053 IS f0C0gfIZ0d T tfT0. CdIT'yItg'alTI0LtHt Of.6Tl a5S0t OF its WL/ 0XC80d5 tls OStfDTdtOd LOCO/0fDble.

     ur›ounLlmpamenitosses are recognized in prcdt or lass.

     Impairment losses recognized in respect of CGUs are allocated first to rcKtuce the carrying amount of any gill Placated to the units, and then to reduce the carrying emounls of the,other assets in the unit (group of units) on.e go rata base. In respect of other assets (ezdud›ng .Goodwill for which rnpairme t loss. is not reversed),

     has darea or no lonqar exists..Au impairment loss Is reversed if thara has been a chânpe in tfia estimates used to determine tha recoverable amount. Ari impairment lass is reversed only to the axtent that tha asset's carrying amount aes not aceed the calra amounl that would have been determined, net of aIxeca‹ion or

     A‹leliried contñbuton:plan is a post pbyment:benafit.p„lan urder which an entity peys Gxed contributions into e sapaiate entky and:will havano k›gaI.âr constructive obIgabon.to {i8j/ further amounts.

     Oblqatons 1or contribut¥›ris to defined contndution p›nsk›ri plans are recognised as an empkr/‹ t beiwfit mpensa in proIit.‹r Dss in the perio,d.dunng wNch.sefvlcas are renamed by ‹xr›ployees. Prod ‹x›ntrâ›ukoris are recognsed as an asset fa. .Ihé t›xtant fhat a msh refund .or e raluction In future payments is avaikzble. The Company has a Pension fund sct›e re.›n ope«¥ion.

     24

     McNlCHOLS CONSOLIDATED PLC

     Notes to the Financial Statements - (Continued)

     For the year ended 31st December, 2025

     1. Employee benefits - {Continued)

        • Ponsien fund scheme

          In line wit the proves ons of tho Pension Reform Act 2011, IJ1e Company instttulod a defined contribution pension scheme fof Stali Staff contributions To the scheme are fund00 through payroll deductions wI1iIe the Company’s conIfiU‹ili‹›rs are changed lu lhe prnfil arid loss acc0unl Th Cnmpai y's contribution is 10^D f0i all stirf while employees r:onlrihute 8% of Iheir monthly emolMmenl (basic housing and Iranspurt)

          Provisions

     2. ​

        A provision is recognised if, as a resiill of a past evenl lhe Company has c presenl |egaI nr construñive obligation lhat ran be estimated reliably, and it is probable Ihad on otjtflow of economic denefils all be requirem to setts tho obligation.

     3. Contingent liabilities

        A antingent Jiabifity is a possible obligation that anses from pest events and whose existence will be confirmed only by tho occurronce or non occurrence of one or more unearth n future events not holly within the canVol ot the company or a present obliga0on Ihat Qfises from pasl events bul is nol recognised because it is nol probable that an uulflow of resources embodying economic benefits will be required to set!Ie the obligaion, or lhe amouril of the obligation canI ol he measured will sufficenl reliability Contingenl liabiiities are unly disdosed and nol recognised as |iabi|ijie5 in the stolemenl of financial pnsilion If t›e likelihood of an outflow of resources is remote the possible obligation is neither a provision nor a contingent liability and no disclosure is made

     4. i(ems Cha( have nol resulcd i« oash fovmSuCh aS depfeialon s 3 o|fier non-cash itenistave bee« elninateJ for llle purpose of pt+paring Ihe stateniil Oividefids paid to ordiflary slareholdets are ‹ncluded in financing utilities Net finance cost iS mctHded in finanrng activities

        Revenue

     5. Revenue from centracts with customers IFRS 15

        • Sale of goods

          The Company is nito ma11ufaclurir›g, marketing and distribution of food products SuI0S Br0 reccgrizeJ wfjeil cunlrol of the products has transferred being when Ihe pfoctticls are shipped to Ihe cuslofnef Sales occur when the pro‹1ucts have been shipped to the specific location and either lhe Distnbutor has a‹:cepted the products in accordance wifh the sales cnntracl. or lhe Company has objective .evidence tial all Stena for acceptance have

          been satisñed.

        • Variable considerafion

          If lhe consideration in a cuntracl includ-esa var able amounl. Ihe Company est males lie an›oun of considetalion lo whir:h it will be enlitled in exr:hange fnr transf+rring Ihe gr›ods Io the customer The variahie rmnsx1eratinn is estimated at ccnIrz«;4 inceplion an0 constrained until i1 is highly prof›ah|e (hat a signifif;anl revenrle revers0i in lhe amount of cumulahve revenue recognised wilt not occur ten the associated uncertainty with the vanabie considerabon is subsequently resolved. Some contracts for tho snle of goods may provide customers v›'th a nght of return and trado incentives. The nghts of return and trade incentives give rise lo variaDle considersion.

          McNlCHOLS CONSOLIDATED PLC

          Notes to the Financial Statements - (Continued)

          For the year ended 31st December, 2025

        • R!e*‹• of return

          Cerlaii c ntia‹:Is provide a cusluriler witI1 a rrohl to return IIe goods vnlllii a specified peiio‹2 The Company uses the expected value n ethnd lu estin ale lhe goods Ihat will nol be returned because lhis method fesl pre‹J cl lhe amnunl of vanahie con'sideration to whir.h the Comgcny all be entitled The requirem.=.me in IFRS 1ñ on constrain ng eslirnates of vnnadle ansideration are elso applied in order to determine the amount of variable cor›sideraIl0n that can be ›nduded in Ihe transaction pnce for goods lhat are expected to be returned, instead of revenue, the Company recognises a refund Iiab‹liIy.

          The Company provirtes incentives to customers a'ho achieve certain targets or for purchasing certain products

        • Trade incentives

          from time to time. Incentives are cfedlted to the customer s accounl, available for purchase of products. The Company calculates actual inceni‹ve for each relevant penod. Ito Company does not offer trade incentives for periods further than the current reporting period.

        • Significant financing component

          Generally, the Company rer:eives short-term arhances frnm iIs r:ustomers Using the pra4ir•i expedieril in IFRS fl”a, the Company does n0I adjusl the promised dmorint Of r nsideration for the effec(s of a sjgnificcnt financing compoiient if it expects. at contract inception. that the penod between the transfer of the promised good or service to the customer and when the customer pays for that 'good or service will be one year or less.

          Contract balances

          A ie‹:eyabIe iepresef›ls the Company s fight Io an amuuill of cunsideraliari lhat is uricc rdiliuriaI {i e , only flue passage of limew req‹ ired befofe payrnef I of Ihe cons›deratiun is 0He) Refer to ary0uri(ing pofm:in of financial assets

        • CO ICI A680t

          A r:onIracI asael i°, lh+ iighl tu consider al on in exe:hai g+ fun g‹x›ds ut sefvices transferred lo If + cuSlurjet If Ilie finm{›any performs by Iransferiing goods Or services Ioa customer before IIJe elastomer pays consideration or before payment is due, a contract asset is recognued for the earned consideration that is condftinnal

        • Contract liebilitioe

          consirIeraCor

          A contact liability is the obliaation to transter goo0s or services to a customer tor whmh the Company has received consideration (or an amount ot considoratiei is due) from the customor. If a customer pays before Ihe Company transfers goods or services to fJ1e customer, a contiacr liadilily is recoonised

          when the payment is made oi the paynJenl is due (whic-hevei is earlier›. Conlracl liabilities are rec0gn‹sed as

          teverme when the Company performs uilder lhe cnnlract

        • Right of return assets

     less

     Righl of relum essel represents the Company’s right to recover lhe o‹xds ex{›ecterlto ñ'e returned by cuslomers

     The asset Is measured aT the former carrying amount of the ‹memory, sny expected cosls to recover lhe

     goods. inciuding any potential decreases in tho value of the returned goods

     The Company updates the measurement of fhe asset recorded for any revisions lo ils expected level ot returns.

     as well as any additional decieas0s iri flue value of Us returried pruducs

     McNICHOLg CONSOLIDATED PLC

     Notes to the Financial Statements - (Continued) For the year ended 31st December, 2025

     A ‹eknd labGty is the oNgalion to reNnd so»e or dl of ne consdeialion received (o‹ iece ie) fern tt›e

     custcimer anda measured. at the amount the..Coneeny ulti«›ately e›‹pects it will have to return to the.customer.

     The ‹mper‹y.updates.ietstñates..of refur febls ard the corresponding.charge in the t‹ansacson I›ri‹:e:at

     GB 9fId & FB g 0d.

     Advan‹xt payrnerds. represent payments m8de.to vendors for rnatenals and s+in/iras not.yet rendered or suppltert as at year end.

     1. Finance income and finance costs

        Net 5nar›ce cost inckldes interest .expense on Dorrowi«gs as web as inteest nc‹x»e on furds invested. Nel

     2. lncofi¥s tae

     Income tax expense. comprises.current and deferred .tex Current tax.as deleted tax are ecognised m Prof or

     lass excegt to the extent that 4 relates to items recognized directly in.equity or in ether comprehensive income.

     Currant taxs the expected tax payable ar r n'abIe an the taxable inaxne or loss tar ttia yaar, using tax rates

     statvtori›y enect‹a at the reporting date, arid any aqustment to tax payable n respect.of p‹evous.years. Deferred

     td4 iS fBCDg0lS0d i0 ICI Of ( Otd }/ dIffefeflC9S D0bY£¥X D Cdf 0g 8fTl0LtDb Of 05SDtS BDd I ibilifieS fOF

     fnancial n›Poning purposes and r›e amourss used for tata purposes. 0efa‹ed ax.is measured at one tax. rates that are mpected to be applaud to temporary drifererices when they reverse, based on the’laws that kave Dren statutorily eneded by lhe repoiting date.

     Def‹xTed tax assets and liabilities, are offset ñ there"is a legally enforceable right to offset current tax’IiWilities and

     assets and Ifiey relata to incorra taxas levied by the saue.faX authority on the same taxable entity,.or ondiffe‹ant tan entaes, em meY inrern in.ma. ctrreat..in Fabilibes an4 assets on a net hasG or that tax is ana

     IidbilitieS will b6 fedlt$8d simUllAn00uSly.

     The. Company presents basic.,earnings.per share (EPS) bata for its ordinary.shares...Base EP.Ss calaJlated by dviding the prolit-or loss all+ibutabIe to ordinary shareh rs:of the Gornpany by the we+ghted average number of ordnary sf›e‹es.outsand›ng dunr›g tt›e perod.

     Divldsnda

     (P}

     Dradends are r‹xognised 8s legally in the pen‹xI they âre declared. Dividerds. which iemairied undaimed ai+I treafdd In accoidanca wrth rities:and Exoianqé. Commssion rules andtregulâtions.

     27

     McNICHOLg CONSOLIDATED PLC

     Notes to the Financial Statements - (Continued) For the year ended 31st December, 2025

     related

     Related parts indude lhe Directors, their case family ‹re‹»bers and any ernpx›yee who is ale to exert a s n nt influence on the ope›al rug pd cies oI the Company. Key rnar›aee‹rent personnel are also regarded as paities. Key mañagerneñt per riaI.are those p‹xsor s having..‹s.tlhbrity and resp‹x›sibl‹ty for planmng. directing-and controlling the acttutiés of tfa .entity, diredly or irdirectiy, Muding.any director (wlwlher. executive

     or.dherwise) of that entiiy.

     IFR9.1.6 Leases

     IFRS t6 was issued in Jmuary 2016 ant it replaces IAS 17 Leases, IFRC. 4 Determinirg whether en

     Arrangement contains a Lease, STC-15 Operating Leases-lncenlwes and SIC-27 Evaluabng the Substance 'of

     Transactioris Invdving the Legal Fomi'oaf Lease.

     IFRS 18 sets out the principles for .the recognition, measuremant. presentation and dtsslasure ot laases and r9quires. lessees to account for all k›ases under a s rgla on-balance shaal model:similar to the accmJnting for finanoa l0ases under fAS 17. The standald induces iwo fecognition exemptions for Bssees —leasas of *km-yalue' 8S50tS (e.g. , {¥3fS0Fidl CQf@UtefS} 0td 6 lit-t9tttt leases f.e. , leases With zt l0050 t0rtTt Of J2 ItI0h(hS If l9M). At.

     the comment ›ment date of a lease, a In w4 recognise a IiabiIly to meke lease payments {i.e., the kase

     resuar›g

     liabil/) and an asset representing.the right to use the undedying asset,dunng the lease tern (.e., tha. rights-use assets. Lessees. will be requW to. separately re‹x›gnise the. interest axpensa on the lease liability. ant the depreciation eq›ense on the nght-of-‹use asseL. Laeés will De abo'requir‹to remeasure the laase Iiab£lt upon the occurrence oi ceame • w o a.g., a change in the: lease farm, a changa. in future payments

     ’from a change in an indax or rate used to datermine Rosa pay«›ensj lessee w‹ll generally'mx›gme.the

     W0UII Of ISO f£4Tt00SttfBTI0Tt Of (h0 l08S0 lidbilitg OS 6FI adjustment (0 CDO figh(—Of-IJS9 0SS0t.

     Lessor accounting under IFRS.1g’a t«m«iu urxtianged from today's acso..un0ng under tAS 17. Lessors usI1 continuo to classify ag kiases uslng the same classrfication pnnople as In IAS 17 and distinguish between trio types of Imses. operating. and firance k›eses. IFRS 16 also requires lessees 8nd lessors to make. more extensive gsdosures than under IAS 17. The preIimnary.assessment lrdicalas that IAs new sk¥ldard has no impact n our

     ‹:geretfons.

     IFR9 T7 Insurance oonbects

     The naw Standard establishes tfie.principles for the reo:›gnN‹›ri, meast›rwnem preseraafion and dsclosiae of insurance.contracts and; supersadas IFRS 4 Insurance Contracts. The .Standard ou0ir¥s a G‹maral &todel, wf»ch is modfed For insurance contracts wm arect pa‹1icipat›on féatures. 0escrt›cd as the Var e Fee Apgroaa›. ne Gere‹al Mode.is sir«pñied k ce‹tein criteria are ma by measu‹irg the.IiabJity for ret«âning co^ era0e usir›g me PreiTrum AJk›catow ppraech. The Genefa1 M‹x}et will Llse. current assumpaons to estimate the: amount. ting and uncertainty.of future rash fkra‹s and it.will explicitly measure tfxi cost of that mcertainty, it Iak+zs into account rral1‹et. Interact rates and .fhe. impact of poli Iders” Rons- and guarant es.” The. im'piemeñtabon of the Qandards lkely to bnng sqnilicanl changt›s to an ântity*s processes and systwus, and w£ reqiare much greater co.- ordination betsoen many funcL‹xis..of the business, induding financo; actuarial.ard IT. The Standards effective for annual reporting periods beginqing a+I ‹r after 1 Jac›uary 2a21, vcth early appl ¥'4ion permitted. It is

     ‹¥›f›xed retrospectively unless impracxc‹¥›le, in which cese the modfied relrospedive: mnn Fch or tt›e fair val«e epPraach is applied. For the purpase: of the.Itansition requireme«b, the date of initial apgIicatx›n is the start of the &nuaI req.oñing period in the enbty first applies It+â Standard,.and the:bans‹aon date is the begmning oi the.

     peri‹x1 immediately preceding.the dale of ini1lal plicat . Tke direct‹xs of the Company do not anticipate that!

     the application of the Standard in the future wM have an impact on the Campany s financial sta ments.

     McNICHOLS CONSOLIDATED PLC

     Notes to the Financial Statements - (Continued) For the year ended 31st December, 2025

     Amendment6 tO iAS 28: Long-term interests In associates and joint ventures

     The amendment clarifies that IFRS 9. inclnding its impairment requirements apples to long-term inlerests Arnendmente to fAS 28: Long-term intereets in associate and joint ventures l0ontinued)

     in applying

     Furthermore IFRS 9 to Jong-tefn› interests. an enti:y does not take irilo account adjustments lo ltieir

     air ing unouilt r+quired by IAS 28 (i e udjustnierita lo the ‹:anying amount of long-lerm itleresTs ai ising horn the allocation of IosSes rtf the rnveslee or asws munf nf im{›airment in accort1anca wilh IAS 28/ The ainendmgnls are effective for annual reporting periods beginning cm or after January 2019. Earlier application is perrrjltted Specific fransrhon provisions apply depending on whether Who first-time application ot the amendments atncides with that of lk RS g "Ihe proliminary assessmont iridicatos that this new standard has no impact on our operations.

     IFRIC 23 Uncertainty over home tax treatments

     IFRiC 23 sefs out how fo determine the accounting tax posiLon whe‹i there is uncarta‹nfy over income tax

     • delermirie wheIh+r urge+rIain lax t›nsitiuris are assessed separately or as a group, and

     • assess whether it is probable that a tax authority well accept an uncertain lax Leatment used, or propose‹i to bo used byanen|(yin(s ‹inst&xflngs

     If yos. the entky should dotermino its accounting tax position consistently with tho tax treatmont used or fanned to be used n its income 'ax filings.

     — If no. tle entilv should reflecl the effecl of uncertainty ui detefnioing its a‹:counting lax position The 1nterpfetaliori is effective for nnnual periods beginning on ur after 1 Jafiuary 20 9 Fnfilies can apply Ihe interpretation with erther full retrr›spectiye appliretion or modrfieJ relrospective application wifhoril reslatement of comparatives retrosPectiye|y or praspectively The directors of lhe Company have assessed the impacl of Ihis amondmont for iho penod under new and no impact was observed on the Company's tinancial slalements.

     Amendments to fFRS 9: Prepayment features with negative compansadon

     The amendments to IFRS J clarrh/ that for the purpose of assessing whether a prepayment feature meets theSHHIcondi8on, th6 Darty exercising tho option may pay or rocoivo reasonable compensation for be prepayment irrespective of the reason for prepayment. In olher words. prepaynenl features wlth negative compensation do not automatically fail SPPf. The amendment applies to annual periods beginnino on of after 1 January 2019. with earlier app|cation permitted There are specific If ansi(f‹in fDvisiuf s depending on when the amendments are firsl appIie‹1, relative IO lhe initial application of IN-RS 9 The application nf the amenrlmenls is nn significanl impa‹:t on the Company s manual slateni=nts

     Amendments to tAS 19: Ran amendment, curtatTment or settlement

     Tlte afitef+rln elula clarify ihal the pasl sefv›ce cost (or of II e gaits ur loss all seltI+ment) is calculated by measuring the defii1+d benefit liabilily (assel) usifig updaleJ as'stimplIof s and compai ifg benefit o|fei erl af d plan asaels hefore and after lhe plan amendment (or cuitai1menl Or seltlement) but ignonng lhe effect of lhe assel ceiling fthal may anse when Ihe defined benefit plan is in a surplus position)

     29

     McNiCHOLS CONSOLIDATED PLC

     Notes to the Financial Statements -(Continued) For the year ended 3tst December, 2025

     Amendments to IA9 19: Ran a c ateilment or aet0ement -(Corrgnued)

     2 19 is now ck+ar that the change in the. effect of the asset ceiling that may result from the plan amendment (or curtailment or saalement) is determin‹xt in a sncond slap. ant is reoogru ed in the normd manner in our comprehensive moons. Tha.paragraphs that relata to. maasurng the ctJrrant sawioa.cost arid the net interest ofi the net defined bajeFlt IiaDlity.(assat) hava also been amended..An entily wiF now be required to use be.updated assurrgtiens'fromthis easure«›ent to determine cui‹ent.s«vice cost md at mterest for the ie‹roinder of the reporting penod after the chmge to the plan In the of the net inteaf, the amerdrr›ents make.:1 Mr that for the, mod post plan arrandrnent, the.ri+tt interest is calculatal by multplying the. rat defined beneN that cy (asset) as rerneasuied under fAS 19.08 with the dsmount rate used In the rem .urerrant ( takk›g into aoxiunt the

     .gffect .oF contnbutiors and-Lanefit payments m fhe net defined benefit Iiat›ilIty (asset)). Tlié amendments nra

     ap{Xia1 prospectively. They 8pply only.la plan amendwnts, curlallrnents oF sealernents that occur on or after.the beginning of the annual penod in Mjicfi the arnend«›er›b lo IAS 19 are est aPNi‹xl.

     The amendments Io IAS 19 must be applied to annual periods'beginning on or after 1st January 2019, bul they can be .applied .mrt er if.an enb‹y ek›cts to do. so. The directors of tke Company l›ava msessed lhe impact of

     .aDpliodlon of the.amendments and hereby report that no signrfi‹>srlt impact was. s‹xn an the Coñgany's firmnctâl

     Amendments to lFRs 10 and lA9 28: 9ste or.contrfbu0on of aesets between en investor and Its:associate

     The amendments to. IFRS 10 arch R5 28 deal sdft set ens where there is a sab .or conlributian of assets bdween an investor and its assmate or joint venture. Speafically, the. amendments state that .gains or kisses resulting. from the loss.of Control of a subsdiary that class not /contain a business ina bansacton ath a'n associate

     :or a joint ventwe.that is.accounted for using.the..equity n›ebi‹xl, are re‹x›grised in the. parerit”s.profit or kiss only to the ax1ant of the unratatal investors' interests in that assocuae or joint venture.

     Similarly,.gains and foMaS resUlfirjg from th0 IWTt00SLIf£¥TI0Bt of inyaShTl0nlS retained in 8£Ig frXTn0r SLibSidk¥y

     interests in the new

     0t›at l›as become an associate o‹ a joirt venture treat is accounted for using true equiiy ‹nethodj to far vat we

     recognised in the former parent's proN or lass”onty to Ihe extert of tt›e unreJéted ir›vestc+s’

     The:effeclve date of the amendments has yet to Lo set by tñe IASB; however, earlier application of the amendments is permitted Taxi directors of the.Company do not anticipate tfat the appl on of the:amendrnents:in the Mure will kava as›gntfomt rnpad on the, C‹xnpany's fir›zmcieI statements:

     ne prapar&on oF financial statements. n confarmity with lFRSs. requires rn8r›agement to make judgements,. esfimales’and dSSLlITIgh0£IS that Bñ6c! lha:application Qf accoLinkng policies dDd the £eg0ftPd MMIS. of (S. liabiñies, incorr›e and experees. Actuel resut nay diffe‹ from these estimates. The management of the C‹xnpany "rewses fts estimates and assumpbous on a regular basis to ensure that they are relevpnt regarding the past

     Revaions to eccountirs esamates are recognised in the.period In which the estimates are re aed ar›d in Mure perods affected. The accounting for certain provisaus, axtBin firxincial instruments and the d sure. of tnancial assets, contingent assets and fiebihias at the date of the financial.statements is judgrrantat. The items, stBjed.to’judgmenL wa detaik'd in the,.comisponding natal to the finanael statements. In paiticular, information

     .about signet are of asLmation uncertanly and ortic‹zl ju‹;Igemants ›n applying accounting pgl›oas that have

     Ifie most skiwcant.etfec.on tha.amount recognised in the.financial statements ara i$scussed below”

     McNICHOLS CONSOLIDATED PLC

     Notes to the Financial Statements - (Continued) For the year ended 31st December, 2025

     Significant accounting judgements, estimated and assumptions - {Continued)

     1. Cñticsl accounting judgements

        In the poor:ess of applyig the Cornpaiy’s accoui1tii›g policies rnsiagemenl has made fhe following judgenei1ts. which have the most s›gnificanI efferl ur Ihe amo‹inIs recognised in Ihe financial slalemenls.

        • Determining method to estimate vanable consideration and assessing the constraint.

          ertaiil cuntracls for the sale of pt oducts iricloñe a right of return lhal @ves rise io vanable consiflef ation

          In estimating the variable consideration, theCompany s required to use either lhe expected value method or the most likely amount method based on which method better predicts the amount of considerañon to which rt will be enltlJed. The Company determined that the expected value method is tea appropnate mefhod to use ›n esfimating the variable consideration for the sale of goods witlt fiohts of retu‹n, given he large number of customer contracts

          lhal have similar characterislics

          Before including any amounl of vanable consiJeration in the lransactir›n pnre. the fi0mp0ny r:insiders Other Ihe amount of vanable considerat on is anstrained The Company determined that the es0males of variable consideration are not constrained based on its fiistoncal expenencc. business forecast and the current economic conditions. In addition, the uncertainty on tho vanablo consideration will bo rosolvod ithin a short Uma framo.

        • Determining the liriling of satisfaclinn of sales of gor›ds

          The Company concluded Ihat revenue fnr swigs nf g0txls is Io he recosniserl as a poinl in lime, when the uJstmer

          obtains control of the gooas The Company assesses when control is Transferred using Ihe indica|ors below

        • The Company has a Dresenl nght to payment for the gcods;

        • The Company has transferred physical possession of the asset.

        • The cusIoni+r has llle sqnificanl risks aMd rewaf ds of owne‹slip of his° gcods and

        • The mistomer has accepterl Ihe asset

     key Sources Of Estimation Uncertainty

     Esdmated useNl lives and residual valuee of property, plant and equipment

     The Cunipariy’ s management clelermiries the estimaterJ useful lives and related depfecialiun chatge for its itents

     of properly, plam and equipment on an annual hasis The Company has r:arried ouaI review of the resirlual values

     future penods.

     and useful liyes of property, plant and equipment as at 31 December 2025 and that has not highlighted any requirement for an adlustment to the residual values and remaining useful lifes of the assets tor the currenl or

     Impairment testing

     Inipair/neit exisls when› the cariyii›g value of an a»el Uf CdSh gereralin-g unit exceed ils iscoveiable am0unl whir:h is Ihe higher of its fair value less cosls of disposal af4d ils value in use The fair value less oosts of disposal calculation is based on availabie uriobservabJe inputs Um are developed besed upon the best inforrralion aval|abIe under the circumstances. witch migljl inCude the Company's owo data less incremental costs of disposing of the asset.

     31

     McNiCHOLS CONSOLIDATED PLC

     Notes to the Financial Statements -(Continued)

     For the year ended 3tst December, 2025

     ne val‹a.in Rae calcuBt›on is based on a Oscovnled cash flow (DCF} moal. ne w..h flows are dev from me

     budget for the next fit years and do not indude rest uctun e.activities that the.Con›f›a›y is not yet corrim

     to or sign4icant future.nvestments thai will enhance Ihe performance of the.ad of the CGu being levied. The. recoverable amount is.sertsrtrve to the discount rale.used for the DCF model as mill as the expected Mure cash-ml ›ws and Jhe grcxvlh mte usad for exbapdation purjx›ses.

     Pro¥Jslon lot expected cfsdlt losces {ECL) of trade receive es

     The Company uses a prosaion mama to cakuBte ECLs for trade receuaBes. The provisorates are based on days. pest dv fér. grouPings of venous customer:”segments. that havé similar kiss. patterns(i.e., by. geography, product type, custazar type and raang. and coverage by letters of aedit and other forms of oadl insurance} Tke provison matm is inrlialty based on the Company's hstoucal. absented detauk ratas. The. Company iziII calitxate the.mafrlX to adjust the histoncat aedit loss axpenence, wifh forward-Doking Information.

     For instance, if'fo‹ecast economic condto’»s f.e., gross domestic pr‹dud) are expected to deteriorate over the oext. year ai ich can lead to an increased nurr ›er of defaults in tta manufacturing sedor. the hrstoncal default mtes are adjusted. At every reporbrig date, the historical:obsenred default rates are updated.and changes in the fornardk›oIung estimates are analysed. Tke assessment of the correlatk›n beta+ien histon‹al absented default ratas, forañast e;ccxlorric..conditions and ECLs is a significant estimate. The.. amount of EELs is sensiWe.. to. changes In ciraJrnstancas and af forecast econ‹rriic conditons. The Company's hsiancat oeat ioss mpenence and foracesi of economic conditions may also not be representative oicusto«›ers ‹ club Oefeult in the future.

     Estimating vcfiabte consideragw for returns

     The Company ashmates vanable conslbeiatons to be includal in the transacton.pnce for Ifa sale of goods.with ngMs. of ratum and trade m‹antivas. The Company dBvelopéd a st8tistcd model tar forecasting sales” returns.. The moral .used the histon‹aI return dala of asch yaar to come up with expected Fehim pnrcantagw These percentages are apple to dete‹m tf›e expected vdue of lhe variable.c‹r›siderat on Any signncant ctw›ges in experience as cornpare‹t to histories return pattern w‹ll impact the expeoed n›tum percentages esbmated by the Company:The C‹xrgia s expected trade ir entices. are'ariaIysed on a per ‹:uslorner dasis. Eietermirzng"wheltar a customer will bB likely enbtied to bade. incentive will depend on Ihe ixzstomeis hstorical incmitve entitk›mant arid accumulated performance to date. The Cc+npu›y .applies a sta0stical m‹xIel for asbmating expected trade irxant res: The model uses tha histoncal purcfasing patterns and incentive eriIXIeriant.of aJstorners to dotermne fhe axpacted ina¥ltya percentages and Itie expected value d.the.vari6le consideration

     Any significant changes in experien6e as compared to histo›«a1 p‹xchasi patterns and i‹x›entive e‹ritIe‹rents of

     custerners will imgact.Ihe expected mcentive percentages.estimated by the Company.

     The Company updates its. assassmsot d ezpect‹x1 returns godica8y and the: relund liabilrbas w a‹tusted accorAngly. Estimates of mpected returns.ara. sensitive to changes in ofcumstances and the .Company's past experience.regard r›g returns.may not.be represantawa.of a›stomets' actual returns in flea. future.

     McNICHOLS CONSOLIDATED PLC

     Notes to the Financial Statements - (Continued) For the year ended 31st December, 2025

     Measurement of the expected credit 1086 allowance for financial asaet

     The neasuremenI of lh ' Oxpected wedil Inst allowance for financial assets measured at aniurlised cost is an area thai requires the use of complex models and significant asst›mplions about fiihJre eanomic rondilions end rredit behaviorlr Te g the likelihood of customers defaulting and the rest ling lossesl A number of significant Judgomonts are also roguired in appiyirg the accounting requirements tor meosunng ECL. such as

     fihnosing appropriate models and assumptions for Ihe measuremenl Of FCI.,

     Eslablish›ng he number and relative weightings of forward-lookitg scenanos for each lyue of product:market and I.be asseated ECL: and

     EslaUJisliing gioups of similar fif anoal assets fur lhe purposes of measuring ECL

     Provision for leger matters

     The Company makes provsions tor legal molters based on rts ludoement as to the probability of 1‹abiIitY ansing

     from such logal rriatt0fS.

     McNlCHOL 9 CONSOLIDATED PLC

     For the year ended 3‘lat oecember, 2025

     The Company 1s fouJseo on Ibbd an aeverage podix:Is. AX o{:eratioriaI aaivtles of i/ie axnpany are 1ccuse0 on Ihe rrauufacturng, sales and disD1bution of kxxf and Lewrage g«›ducts.

     milk

     Pzproducts

     Tho iridudes the prrducfion ard saRd cuslard products and Pancake kK›use foods. This indudes the poduction and safe of sugar products. chocoBle 4amuied Ixoducts. {co and milk prcdxb.

     InlamBlon regarding tfie results of each repoitabe segrnenl is induded fi Note 5b

     Year BI2S. Yeer Z0Z4 Year BIZ0 Yeer 20Z4 Yeer flI2S Year 2024 Year Z02S

     ReerMe
     lnlerel
     mcome
     Interest

     279.758,910 275.606,129 5:9#.29T,3-'I5 S,576.3tZ,943

     0epecia4Jon & 3.495.360 1,?50,J70 74.636.135 6z,s43, 83

     6.205,050'.374 5,801,919,772

     8.931,846 24.827,530 8,931.846 24.82T,530

     61.1fH,799 49.938,396' 6T.184.799 49.938,196

     {2,569,916) t2 371.967) f2.569,916) (2,37T,967}

     78,041.495

     9eportng

     tei‹re to

     13,409.638. 5,9T7,971 378,379,048 g4£,791,£84

     Thee ae no slgnncanl reciting gems let •een me ‹epmal¥e segmeci w ano ‹evenue ‹or tt›e year.

     Totat I or kms fa repurtabt• segrnenls

     other coyaate eq›enses and income

     391.708.686 151.709,555

     391 708 606 

     	ReYenué	AHeitie
     SOAti West	5,022.680:617	d.389.719,989
     	400.033,461	45g.@,107
     NonhCenmU	2B9, T17,835 316,804.432	59a.897,125 26t,483,108
     North West	70.519.340	90.4fi6,181
     North East	5 506 59’I	3 861,767
     	6.@5 L@0 274	5 801 919 272

     McNlCHOLS CONSOLIDATED PLC

     Notes to the Financial Statements - (Continued)

     For the year ended 31st December, 2025

     Turnover

     Revenue foi Ihe year which arose frutn sales of goods comp/lse

     7.1

     Fxpnrl

     Ail lhe company’s r eveMue was made williffi Nigefia

     Goods transferred at a point in lime: Tdal revenue

     Year 2026 Year 2024

     G,205,050.274 5,801.919,272

     For tho year ondcd 31sf December 202b

     Fpod Products Tetel

       270,758.530 5.934.291345 6.205.050.274 

     Disaggregation ot revenu usntitalrve disUosure

     The Company has assessed mat the disaggregati0n Of reyenUe dy operating Segments is appropriate in meeting this disc1osure requirement as this information is important in order to evaluate the financial performance of the ontrly. Tho Company determir as that the categonos usod in the investor presentations csn bo used to rrtoet tho objective of the d‹saggregation disclosure requifei1enl in paragraph 1 J4 of IFRS 15. whicft is to disaggregale revenue from conlracls jth customers ino categories tttat depicl how the nature. amount timlFl9 •nduncertainly of

     7.2 Performance obligations

     Intormaon aDout the Company's performance obligations are summanscd below:

     9ale pf goods

     The peifotmance obligation is satisfied upon delivery of the fodUcl aM paymerI in generally due wttiitt the customers credil days Surne contr acls pruviJe c:usl‹›mefs witha fighl of relurn and if c:entives which give fise to variable mnsi0eration subject to constraint

     McNlCHOLS CONSOLIDATED PLC

     Notes to the Financial Statements - (Continued) For the year ended 31st December, 2025

     Ob›er Income

     Sales of waste products. waste packaging matenals

     and scraps 8.931.84? 

     3.348.941

       4 508 60< 

     70.431 82G

     Af›‹›ve being income related t‹J sales of Eunisell lnleflinked Plc shares See nole 2o oi1 page 47

     Right of return

     In lino with adoption of lFkS 5. a roJund liability of 14.30.000.000 (2024: N 3O,00ti.000) has seon recognised for Ihe righl to recover returned goods asset of #1490.000 (2024: I4490 0€O has made an estimate based on historical rei’id of likely sales retui‹s by customers subsequent tu yodf end The 0mo‹Jnt of sevenJe recognised is a4juslerl for expelled returns A refJul liability (Nole 74ii ) and lhe nght lo r yer returned gnnds assel hav+ heel recugni eJ (Nnle 19)

     11 Net finance coet

     Finance income		6.1.104.799		9.9	3
     	Finance c‹›st		2.58 918	f6 727 859a
     	Nel finance cosl		58.594.880	43.210.537
     12	Profit before income tax
     (a)	Profit beforo inccmo tax is stated Qft0f W0rgl0g:
     		Notes	Yeer 2026	Year 2024
     		16	78.041,^.95	57,805.427
     	AudTfof ñ' Iemuneralion		1.3M 000	1.000,000
     	Other Professional fee		799.700
     	Directors' romunoration	13 ‹ c j	6,260,000	fi,049 GB
     	Personnel expenses	13 f a )	75.188,134
     	lntefesi off loans and bank charges	11	2.589,918	G,727,859

     McNlCHOLS CONSOLIDATED PLC

     Notes to the Financial Statements - (Continued)

     For the year ended 31st December, 2025

     13 Personnel expense6 - Continued

     Yeaf 2025 Year Z024

     (b) Employaos of the Company recoiled romuneralion in the following rangas:

     900,001

     1.000 OJT

     6M,000

     700,00u

     8€O,000

     500,000

     1.000.000

     0

     1 'f

     13

     7

     6

     24

         67   

     5

     5

     5

     20

     0

         42   

     The numDer of full-ume persons employed per funcson as at 31sl

     Demnbei was as follows

     Year 2025 Year 2024

     Number

     Number

     Prorltictinn

     Administ tion

     Sales and Otstnbution

     14

          8    

        6f   

     10

         6   

         42   

2. Directors remuneration