Pz Cussons Nigeria PlcNSENG: PZ

P z cussons nigeria plc.- quarter 2 - financial statement for 2026

Dec 23, 2025 at 1:53 PM UTC · Issued by PZ Cussons Nigeria Plc

PZ Cussons Nigeria Plc Unaudited Condensed Interim Financial Statements For half year and quarter ended 30 November 2025

Contents Page

Corporate information 1

Financial highlights 2

Consolidated statement of comprehensive income (Group) 3

Consolidated statement of comprehensive income (Company) 4

Consolidated statement of financial position 5

Statement of changes in equity 6-7

Statement of cash flows 8

Notes to the consolidated financial statements 9-21

Corporate information Board of Directors

Mrs. Ifueko M.Omoigui Okauru, MFR - Chairman, Independent Non-Executive Director Mr. Dimitris Kostianis - Chief Executive Officer

Ms. Joyce F. Coker - Executive Director

Mr. Kareem Moustafa - Non-Executive Director

Mallam Ballama Manu - Independent Non-Executive Director

Mrs. Oluwatoyin Odutayo - Independent Non-Executive Director

Dr Suleyman Abdu Ndanusa - Independent Non-Executive Director

Mr. Richard Walker - Non-Executive Director

Dr Anthony Ikemefuna Idigbe, SAN - Independent Non-Executive Director

Chief Financial Officer

Mr. Oludare Ebenezer Elusakin

Company Secretary

Alsec Nominees Limited

Registered Office

45/47 Town Planning Way Ilupeju Industrial Estate

P.M.B. 21132

Ikeja

Registration Number

RC 693

Registrars

First Registrars and Investors Service Limited Plot 2, Abebe Village Road

Iganmu Complex

P.M.B. 12692

Lagos

Independent Auditors PricewaterhouseCoopers Chartered Accountants FF Millenium Towers Ligali Ayorinde street Victoria Island, Lagos

Financial highlights

Group

	Half year endeded 30	Half year endeded 30
	Nov 2025 ₦'000	Nov 2024 ₦'000	% Change
Revenue	127,902,602	96,461,397	33
Operating Profit/(Loss)	37,954,084	(3,324,950)	1,241
Profit/(Loss) before taxation	37,911,849	(5,523,303)	786
Taxation	(16,483,586)	(1,483,340)	1,011
Profit/(Loss) after tax	21,428,263	(7,006,643)	406
Non-controlling interest	909,049	(356,324)	355
Profit/(Loss) attributable to equity holders of parent company	20,519,213	(6,650,319)	409
	21,428,263	(7,006,643)	406
	Half year
	endeded 30	Year ended,
	Nov 2025	31 May 2025
	₦'000	₦'000
Share capital	1,985,238	1,985,238	-
Total equity	4,087,106	(17,341,157)	124
EPS per 50k share
Basic and diluted earnings per share (Naira)	5.17	(1.67)	409
Based on 3,970,477,045 ordinary shares of 50k each

Statement of profit or loss and other comprehensive income

Revenue Cost of sales Gross profit

Note

Group

2nd Qtr ended	Year to date	2nd Qtr ended	Year to date
30 Nov 2025	30 Nov 2025	30 Nov 2024	30 Nov 2024
₦'000	₦'000	₦'000	₦'000
68,888,097	127,902,602	56,471,956	96,461,397
(50,515,184)	(93,628,011)	(41,695,929)	(69,454,689)
18,372,913	34,274,591	14,776,027	27,006,708
(5,973,754)	(11,630,485)	(4,314,135)	(7,962,620)
(65,794)	(86,311)	(108,730)	(106,552)
(3,650,127)	(8,022,791)	(4,435,011)	(8,084,423)
5,069,593	8,635,574	(5,870,062)	(15,148,076)
2,608,418	14,783,507	726,890	970,015
16,361,249	37,954,084	774,978	(3,324,950)
262,403	431,475	286,834	533,926
(252,921)	(473,709)	(1,363,611)	(2,732,280)
9,483	(42,235)	(1,076,777)	(2,198,354)
16,370,732	37,911,849	(301,799)	(5,523,303)
(8,428,761)	(16,483,586)	(2,057,168)	(1,483,340)
7,941,971	21,428,263	(2,358,967)	(7,006,643)
7,941,971	21,428,263	(2,358,967)	(7,006,643)
7,469,979	20,519,213	(2,040,727)	(6,650,319)
471,993	909,049	(318,240)	(356,324)
7,941,971	21,428,263	(2,358,967)	(7,006,643)
1.9	5.17	(0.5)	(1.67)

Selling and distribution expenses Impairment of trade receivables Administrative expenses

Foreign exchange profit/(loss)

Other income 20

Operating profit/(loss)

Interest income Interest cost

Net interest expense

Profit/(Loss) before tax Income tax (expense)/credit Profit/(Loss) for the year

Total comprehensive income/(expense) for the year Attributable to

Equity holders of the parent company

Non-controlling interest

Basic and diluted earnings/(loss) per share (Naira)

The accompanying notes on pages 9 to 21 form an integral part of these financial statements.

Statement of profit or loss and other comprehensive income

Revenue Cost of sales Gross profit

Note

Company

2nd Qtr ended	Year to date	2nd Qtr ended	Year to date
30 Nov 2025	30 Nov 2025	30 Nov 2024	30 Nov 2024
₦'000	₦'000	₦'000	₦'000
44,151,099	80,131,269	37,658,565	61,901,952
(31,316,074)	(56,360,204)	(26,421,696)	(42,996,227)
12,835,025	23,771,065	11,236,869	18,905,726
(4,331,606)	(8,334,954)	(3,076,970)	(5,595,143)
(7,966)	(28,483)	(34,269)	(41,050)
(3,540,936)	(7,713,540)	(4,159,604)	(7,647,140)
4,157,515	7,150,458	(4,192,255)	(11,618,215)
2,631,848	14,862,301	694,516	981,570
11,743,879	29,706,847	468,287	(5,014,252)
333,495	566,619	399,553	764,687
-	-	15,617	(45,762)
333,495	566,619	415,171	718,925
12,077,375	30,273,466	883,458	(4,295,327)
(6,022,621)	(12,479,950)	(1,969,971)	(1,286,589)
6,054,754	17,793,516	(1,086,513)	(5,581,916)
6,054,754	17,793,516	(1,086,513)	(5,581,916)
6,054,754	17,793,516	(1,086,513)	(5,581,916)
-	-	-	-
6,054,754	17,793,516	(1,086,513)	(5,581,916)
1.5	4.48	(0.3)	(1.41)

Selling and distribution expenses Impairment of trade receivables Administrative expenses

Foreign exchange profit

Other income 20

Operating profit/(loss)

Interest income Interest cost

Net interest income

Profit/(loss) before tax Income tax (expense)/credit Profit/(loss) for the year

Total comprehensive income/(expense) for the year Attributable to

Equity holders of the parent company

Non-controlling interest

Basic and diluted earnings/(Loss) per share (Naira)

The accompanying notes on pages 9 to 21 form an integral part of these financial statements.

Consolidated and separate statement of financial position as at 30 November 2025

		The Gro	up	The Com	pany
		30 Nov 2025	31 May 2025	30 Nov 2025	31 May 2025
	Notes	₦'000	₦'000	₦'000	₦'000
Assets
Non-current assets
Property, plant and equipment	2a	17,986,751	18,063,354	16,167,518	16,212,238
Right-of-use assets	2b	-	11,516	-	1,321
Intangibe Assets	2c	158,943	211,924	158,943	211,924
Investments in subsidiaries	3	-	-	504,406	504,406
Investment property	4	866,349	879,714	866,349	879,714
Deferred Taxation	17	18,491,114	27,777,193	10,381,117	16,805,439
Lease receivables	21	2,708,857	2,540,788	2,708,857	2,540,788
Loan receivables	5	-	-	-	-
		40,212,013	49,484,490	30,787,189	37,155,830
Current assets
Inventories	6	66,275,193	53,497,584	40,650,080	33,769,517
Trade and other receivables	7	24,868,878	12,335,805	31,185,594	20,601,123
Loan receivables	5	-	-	3,000,000	3,263,234
Other assets	8	873,981	927,926	859,599	899,223
Deposits for imports	9a	919,567	10,920,180	919,567	10,913,889
Deliverable forwards	9b	1,726	63,088	966	5,188
Cash and cash equivalents	10	45,525,697	40,659,864	43,380,163	38,166,207
		138,465,041	118,404,447	119,995,969	107,618,381
Assets held for sale	24	740,544	1,013,414	740,544	1,013,414
Total assets		179,417,599	168,902,351	151,523,702	145,787,625
Equity
Ordinary share capital	11	1,985,238	1,985,238	1,985,238	1,985,238
Share premium		6,878,269	6,878,269	6,878,269	6,878,269
Other reserves		14,293,613	14,293,613	14,293,613	14,293,613
Retained earnings		(18,253,488)	(38,772,701)	(15,412,529)	(33,206,044)
Equity attributable to equity holders of
the company		4,903,632	(15,615,581)	7,744,591	(10,048,924)
Non controlling interest		(816,527)	(1,725,576)	-	-
Total equity		4,087,106	(17,341,157)	7,744,591	(10,048,924)
Liabilities
Non-current liabilities
Deferred income	14b	133,897	384,322	133,897	384,322
Provisions	18	518,264	495,545	-	-
		652,161	879,867	133,897	384,322
Current liabilities
Trade and other payables	13	109,945,314	105,147,429	90,086,113	84,492,939
Borrowings	15	55,566,032	71,267,620	46,066,032	63,867,620
Lease liability	2b	-	11,516	-	1,321
Deferred income	14b	464,787	536,057	464,787	536,057
Contract liabilities	14a	1,067,918	2,394,584	695,575	1,186,496
Current taxation payable	16	7,523,762	5,893,251	6,332,707	5,367,794
Provisions	18	110,518	113,184	-	-
		174,678,332	185,363,641	143,645,214	155,452,227
Total liabilities		175,330,493	186,243,508	143,779,111	155,836,549
Net equity and liabilities		179,417,599	168,902,351	151,523,702	145,787,625

The 2nd quarter (Q2, 2025/26) unaudited financial statements were approved and authorised for issue by the Board of Directors on 22 December 2025 and signed on its behalf by:

Mr. Dimitris Kostianis Mr. Ebenezer Elusakin

Chief Executive Officer Chief Financial Officer

FRC/2023/PRO/DIR/003/204573 FRC/2024/PRO/ICAN/001/236689

The notes on pages 9 to 20 are an integral part of these financial statements

Consolidated and separate statement of changes in equity

The Group Attributable to owners of the company

Non

	Share capital	Share premium	Retained earnings	controlling interest	Other reserves	Total
	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
At 1 June 2024	1,985,238	6,878,269	(48,079,290)	(2,584,665)	14,293,613	(27,506,835)
Profit for the year	-	-	9,207,630	859,089		10,066,719
Total comprehensive income for the year	-	-	9,207,630	859,089		10,066,719
Transactions with owners:
Unclaimed dividend forfeited	-	-	98,959	-		98,959 -
Total transaction with owners	-	-	98,959	-		98,959
At 31 May 2025	1,985,238	6,878,269	(38,772,701)	(1,725,576)	14,293,613	(17,341,157)
At 1 June 2025	1,985,238	6,878,269	(38,772,701)	(1,725,576)	14,293,613	(17,341,157)
Profit for the period	-	-	20,519,213	909,049		21,428,263
Total comprehensive income for the period	-	-	20,519,213	909,049		21,428,263
Transactions with owners:
Unclaimed dividend forfeited	-	-	-	-		-
Total transaction with owners	-	-	-	-		-
At 30 Nov 2025	1,985,238	6,878,269	(18,253,488)	(816,527)	14,293,613	4,087,106
At 30 Nov 2024	1,985,238	6,878,269	(40,435,996)	(2,940,989)	-	(34,513,478)

Statement of changes in equity

Company Attributable to owners of the company

Non

	Share capital	Share premium	Retained earnings	controllin interes		g t Other reserves		Total
	₦'000	₦'000	₦'000	₦'00		0 ₦'000		₦'000
At 1 June 2024	1,985,238	6,878,269	(39,903,819)			-	14,293,613	(16,746,699)
Profit for the year	-	-	6,598,816			-	-	6,598,816
Total comprehensive income for the year	-	-	6,598,816		-		-	6,598,816
Transactions with owners:
Unclaimed dividend forfeited	-	-	98,959			-	-	98,959
Total transaction with owners	-	-	98,959			-	-	98,959
At 31 May 2025	1,985,238	6,878,269	(33,206,044)		-		14,293,613	(10,048,924)
At 1 June 2025	1,985,238	6,878,269	(33,206,044)			-	14,293,613	(10,048,924)
Profit for the year	-	-	17,793,516			-	-	17,793,516
Total comprehensive income for the year	-	-	17,793,516	-			-	17,793,516
Transactions with owners: Unclaimed dividend forfeited	-	-	-			-	-	-
Total transaction with owners	-	-	-			-	-	-
At 30 Nov 2025	1,985,238	6,878,269	(15,412,529)		-		14,293,613	7,744,591
At 30 Nov 2024	1,985,238	6,878,269	(31,192,122)		-		-	(22,328,615)

Consolidated and separate statement of cash flows

The Group

The Company

		Half year ended 30 Nov	Year Ended 31	Half year ended 30 Nov	Year Ended
		2025	May 2025	2025	31 May 2025
	Notes	₦'000	₦'000	₦'000	₦'000
Cash flows from operating activities
Cash generated from operations	19	3,942,220	41,033,907	6,774,007	16,432,467
Taxation		(5,409,161)	(370,894)	(5,019,927)	-
Net cash flow generated from operating activities		(1,466,941)	40,663,013	1,754,080	16,432,467
Cash flows from investing activities
Interest received		431,475	1,323,264	566,619	1,723,778
Loan receivables		-	-	-	458,901
Purchase of property, plant and equipment	2a	(1,142,336)	(4,992,405)	(1,038,972)	(4,441,093)
Proceeds from sale of property, plant and equipment		14,583,359	6,778	14,583,359	2,648
Net cash used in investing activities		13,872,497	(3,662,363)	14,111,006	(2,255,766)
Cash flows from financing activities
Borrowing from related parties	15	2,100,000	2,900,000	-	-
Repayment of borrowing		(13,359,609)	(24,731,616)	(13,359,609)	(1,108,447)
Interest Expense		(473,709)	(3,632,761)	-	(46,494)
Unclaimed dividend forfeited(Statute barred)		-	98,959	-	98,959
Lease payment		-	(96,121)	-	(65,097)
Net cash flow used in financing activities		(11,733,319)	(25,461,539)	(13,359,609)	(1,121,079)
Net increase in cash, cash equivalents and bank overdrafts		672,238	11,539,111	2,505,476	13,055,622
Cash and cash equivalents at the beginning of the year		40,659,864	28,869,338	38,166,207	24,896,732
Foreign exchange gains on cash and cash equivalents		4,193,595	251,415	2,708,480	213,853
Cash and cash equivalents at the end of the year		45,525,697	40,659,864	43,380,163	38,166,207

Unaudited interim/condensed financial statements for half year and quarter ended 30 November 2025

Notes to the condensed interim financial statements 1 General information The Group

PZ Cussons Nigeria Plc is a Company incorporated in Nigeria on 4 December 1948 under the name of P.B. Nicholas and Company Limited. The name was changed to Alagbon Industries Limited in 1953 and to Associated Industries Limited in 1960. The Company became a public Company in 1972 and was granted a listing on the Nigerian Stock Exchange. The name was changed to Paterson Zochonis Industries Limited on 24 November 1976 and in compliance with the Companies and Allied Matters Act, it changed its name to Paterson Zochonis Industries Plc on 22 November 1990. On 21 September, 2006, the Company adopted its present name of PZ Cussons Nigeria Plc.

The principal activities of the Group are the manufacturing, distribution and sale of a wide range of consumer products and home appliances through owned distribtion centres or facilities. These products are leading brand names throughout the country in detergents, soaps, cosmetics, refrigerators, freezers and air-conditioners. The Group also help facilitates the distribution of the products of Harefield Industrial Nigeria Limited, a related entity.

The address of the registered office is 45/47 Town Planning Way, Ilupeju, Lagos.

The condensed interim consolidated and separate financial statements are presented in Nigerian Naira which is the functional currency of the primary economic environment in which the Group operates. The financial statements have been rounded to the nearest thousands.

These consolidated and separate financial statements comprises that of the Group and the stand alone financial statements of the parent company.

Significant accounting policies

The Group and Company's interim financial statements for the quarter ended 30 November 2025 have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IASB"), and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB (together "IFRS Standards") and requirements of the Companies and Allied Matters Act (CAMA),2020 and the Financial Reporting Council (FRC) of Nigeria Act, 2011.

Basis of preparation

These condensed consolidated and separate interim financial statements for the three months ended 30 November 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting, and should be read in conjunction with the Group and Company's last annual consolidated and separate financial statements as at and for the year ended 31 May 2025 ("last annual consolidated and separate financial statements"). They do not include all the information required for a complete set of financial statements prepared in accordance with IFRS Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group and Company's financial position and performance since last annual consolidated and separate financial statements.

Basis of consolidation

The Group condensed interim financial statements incorporate the financial statements of the Company and its subsidiaries over whom it has control, made up to 30 November 2025. Control is achieved where the investor; (i) has power over the investee entity (ii) is exposed, or has rights, to variable returns from the investee entity as a result of its involvement, and (iii) can exercise some power over the investee to affect its returns.

The Company reassesses whether or not it still controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

Notes to the condensed interim financial statements

2a. Property, plant and equipment

		Group
2025/26
	Leasehold land	Plant and	Office & IT	Motor	Capital Work
Cost	and buildings	Machinery	equipments	vehicles	in progress	Total
	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
At 1 June 2025	12,007,884	27,616,280	4,875,422	1,118,231	1,925,276	47,543,093
Additions	-	-	-	-	1,142,336	1,142,336
Transfers	107,749	1,790,101	18,670	370,540	(2,287,060)	-
Disposals	-	-	(2,290)	(91,958)	-	(94,248)
At 30 Nov 2025	12,115,633	29,406,381	4,891,802	1,396,813	780,552	48,591,181
Depreciation
At 1 June 2025	3,686,938	21,728,915	3,769,449	294,437	-	29,479,739
Charge for the year	138,293	671,186	164,652	159,717	-	1,133,848
Reclassifications	-	(127,080)	127,080	-	-	-
Impairments	-	(4,951)	-	-	-	(4,951)
On Disposals	-	-	(2,290)	(1,916)	-	(4,206)
At 30 Nov 2025	3,825,231	22,268,070	4,058,891	452,238	-	30,604,430
Net book values
At 30 Nov 2025	8,290,402	7,138,311	832,911	944,574	780,552	17,986,751
2024/25
	Leasehold land	Plant and	Office & IT	Motor	Capital Work
Cost	and buildings	Machinery	equipments	vehicles	in progress	Total
	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
At 1 June 2024	11,662,100	26,135,202	4,044,366	491,575	389,072	42,722,315
Additions	-	-	-	-	4,992,405	4,992,405
Transfers	375,418	1,607,193	846,935	626,655	(3,456,201)	-
Reclassifications	(970)	965	5	1	-	1
Reclassifications to assets held for sale	(28,664)	-	-	-	-	(28,664)
Disposals	-	(127,080)	(15,884)	-	-	(142,964)
At 31 May 2025	12,007,884	27,616,280	4,875,422	1,118,231	1,925,276	47,543,093
Depreciation
At 1 June 2024	3,455,812	20,605,052	3,550,009	134,658	-	27,745,531
Charge for the year	241,651	1,096,500	235,127	159,779	-	1,733,057
Reclassifications to assets held for sale	(12,039)	-	-	-	-	(12,039)
Impairments	1,514	154,443	(49)	-	-	155,908
On Disposals	-	(127,080)	(15,638)	-	-	(142,718)
At 31 May 2025	3,686,938	21,728,915	3,769,449	294,437	-	29,479,739
Net book values
At 31 May 2025	8,320,946	5,887,365	1,105,973	823,794	1,925,276	18,063,354

Notes to the condensed interim financial statements

Company

2025/26
	Leasehold land	Plant and	Office & IT	Motor	Capital Work
Cost	and buildings	Machinery	equipments	vehicles	in progress	Total
	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
At 1 June 2025	10,836,017	25,721,497	4,343,335	776,638	1,925,276	43,602,763
Additions	-	-	-	-	1,038,972	1,038,972
Transfers	107,749	1,790,101	18,670	278,582	(2,195,102)	-
Disposals			(2,290)	(91,958)	-	(94,248)
At 30 Nov 2025	10,943,766	27,511,598	4,359,714	963,262	769,147	44,547,487
Depreciation
At 1 June 2025	3,514,321	20,220,387	3,449,073	206,744	-	27,390,525
Charge for the year	124,265	614,909	146,100	113,327	-	998,601
Impairments		(4,951)				(4,951)
On disposals			(2,290)	(1,916)		(4,206)
At 30 Nov 2025	3,638,586	20,830,345	3,592,883	318,155	-	28,379,969
Net book values
At 30 Nov 2025	7,305,180	6,681,253	766,831	645,107	769,147	16,167,518
2024/25
	Leasehold land	Plant and	Office & IT	Motor	Capital Work
Cost	and buildings	Machinery	equipments	vehicles	in progress	Total
	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
At 1 June 2024	10,489,266	24,283,182	3,683,671	357,784	389,071	39,202,974
Additions	-	-	-	-	4,441,093	4,441,093
Transfers	375,415	1,438,315	672,304	418,854	(2,904,888)	-
Reclassifications to assets held for sale	(28,664)	-	-	-	-	(28,664)
Disposals	-	-	(12,640)	-	-	(12,640)
At 31 May 2025	10,836,017	25,721,497	4,343,335	776,638	1,925,276	43,602,763
Depreciation
At 1 June 2024	3,311,252	19,085,234	3,252,631	81,784	-	25,730,901
Charge for the year	213,594	992,662	207,481	124,960	-	1,538,697
Reclassifications to assets held for sale	(12,039)	-	-	-	-	(12,039)
Impairments	1,514	142,491	(49)	-	-	143,956
On disposals	-	-	(10,990)	-	-	(10,990)
At 31 May 2025	3,514,321	20,220,387	3,449,073	206,744	-	27,390,525
Net book values
At 31 May 2025	7,321,696	5,501,110	894,262	569,894	1,925,276	16,212,238

Notes to the condensed interim financial statements 2b. Right-of-use asset The Group The Company

	Q2, 2025/26	2024/25
Cost	₦'000	₦'000
Opening Balance	795,847	795,847
Additions	-	-
Opening Balance	795,847	795,847

Q2, 2025/26	2024/25
₦'000	₦'000
585,298	585,298
-	-
585,298	585,298

Accumulated Amortizations

Opening Balance

Charge for the year

784,331

11,516

688,210

96,121

Closing charge

795,847

784,331

583,977

1,321

518,880

65,097

585,298

583,977

Carrying amount

11,516 1,321 The Group The Company

Lease liability	Q2, 2025/26	2024/25	Q2, 2025/26	2024/25
	₦'000	₦'000	₦'000	₦'000
Opening balance	11,516	107,637	1,321	66,418
Additions	-			-
Payments	(11,516)	(96,121)	(1,321)	(65,097)
Closing charge	-	11,516	-	1,321

Non Current

Current

11,516

1,321

Total

11,516

1,321

The Group has a motor vehicle lease arrangement which has ran out. The leases of motor vehicle are mainly for 3 years with an option to renew. The interest amount in the lease arrangement was not disclosed as it is immaterial and not considered to have a significant impact on the financial statements.

2c. Intangible asset The Group The Company

Cost Opening Balance Additions	Q2, 2025/26 ₦'000 1,059,618	2024/25 ₦'000 1,059,618
Opening Balance	1,059,618	1,059,618
Accumulated Amortizations	847,694 52,981	741,732 105,963
Opening Balance Charge for the year
Closing charge	900,675	847,694
Carrying amount
	158,943	211,924

Q2, 2025/26	2024/25
₦'000	₦'000
1,059,618	1,059,618
1,059,618	1,059,618
847,694	741,732
52,981	105,963
900,675	847,694

158,943	211,924

The Group's intangible asset is non-current and has finite useful life. It is amortised over 10 years in line with its accounting policy. The intangible asset represents cost of Enterprise Resource programme package (SAP) deployed.

Notes to the condensed interim financial statements The Company

3. Investments in subsidiaries	Q2,2025/26	2024/25
	N'000	N'000
The Company
At 31 May	504,406	504,406
Additions	-	-
Total	504,406	504,406

There are no restrictions in transfer of funds within the entities in the group
Principal investments	Investment	Proportion Proportion of of shares shares held by
	Amount	held NCI
	N'000	% %
HPZ Limited	504,406	74.99 25.01
Total	504,406	74.99 25.01
4. Investment property
	The Group	The Company

	Q2, 2025/26	2024/25
Cost	₦'000	₦'000
Opening Balance	1,490,371	3,099,171
Transfers to Assets held for sale	-	(1,608,800)
Opening Balance	1,490,371	1,490,371
Accumulated Amortizations
Opening Balance	610,657	1,162,240
Charge for the year	13,366	60,428
Transfers to Assets held for sale		(612,011)
Closing charge	624,023	610,657
Carrying amount
	866,349	879,714

Q2, 2025/26	2024/25
₦'000	₦'000
1,490,371	3,099,171
-	(1,608,800)
1,490,371	1,490,371
610,657	1,162,240
13,366	60,428
	(612,011)
624,023	610,657

866,349	879,714

In line with IAS 40, the Group continues to recognise certain assets as investment properties. These properties are not currently used by the business, and some of them have been leased in the short term. However, some of these properties have been reclassifed and recognised as 'Assets held for sales' following confirmed intention to sell them; and their availability for immediate sale and disposal within 12 months is highly probable. The fair value of the investment properties is estimated at N13.91 billion as 31 May 2025(31 May 2024: N27.56 billion)

Notes to the condensed interim financial statements 5. Loan receivables

The loan receivables relates to short-term advances amounting to N14.5 billion at an interest rate of 12% per annum.

The Group The Company

	Q2, 2025/26	2024/25
	₦'000	₦'000
Opening Balance	-	-
Addition	-	-
Interest earned	-	-
Repayment	-	-
Closing balance	-	-

Q2, 2025/26 ₦'000	2024/25 ₦'000
3,263,234	3,722,135
	14,500,000
92,141	572,452
(355,374)	(15,531,353)
3,000,000	3,263,234

Non- Current

Current

Total

3,000,000

3,263,234

3,000,000

3,263,234

6. Inventories The Group The Company

	Q2, 2025/26 ₦'000	2024/25 ₦'000
Raw materials and consumables	26,856,518	21,041,881
Finished goods and goods for resale	24,346,792	19,448,826
Engineering spares and other stocks	2,241,526	2,147,836
Goods in transit	12,830,357	10,859,041
Total	66,275,193	53,497,584

Q2, 2025/26 ₦'000	2024/25 ₦'000
22,627,150	18,544,812
12,917,146	10,928,632
2,135,417	1,914,057
2,970,367	2,382,016
40,650,080	33,769,517

7a. Trade and other receivables Group Company

Receivables due within one year:	Q2, 2025/26 ₦'000	2024/25 ₦'000
Trade receivables Less: provision for impairment of trade receivables	15,482,606 (259,925)	7,128,899 (243,532)
Net trade receivables	15,222,680	6,885,367
Receivables from subsidiary companies	-	-
Receivables from related party companies	4,632,156	1,502,793
WHT credit note receivable	1,302,089	1,221,990
Other receivables	3,711,953	2,725,655
Total	24,868,878	12,335,805

Q2, 2025/26 ₦'000	2024/25 ₦'000
10,391,100 (89,070)	4,743,497 (71,511)
10,302,030	4,671,986
12,071,528	11,213,054
4,531,720	1,485,846
1,104,598	1,012,838
3,175,719	2,217,399
31,185,594	20,601,123

Notes to the condensed interim financial statements 7b. Trade and other receivables continued

The Group The Company

	Q2, 2025/26	2024/25
	₦'000	₦'000
Movements in the provision for impairment of trade
receivables are as follows:
Opening	(243,532)	(393,976)
Provision for receivables impairment	(16,393.3)	(203,559)
Receivables written off during the year	-	354,003
Closing	(259,925)	(243,532)

Q2, 2025/26	2024/25
₦'000	₦'000
(71,511)	(306,784)
(17,559)	(87,377)
-	322,650
(89,070)	(71,511)

All trade receivables are denominated in Nigerian Naira.

The credit risk of customers is assessed at a subsidiary and Group level, taking into account their financial positions, past experiences and other factors. Individual customer credit limits are applied based on these factors.

The credit period taken on sales ranges from 15 to 30 days due to the differing nature of trade receivables in the Group's segments.

8. Other current assets

Prepayments

Advance to Distributors & Suppliers

Q2, 2025/26

N'000

888,621

(14,641)

2024/25

N'000

840,272

87,654

873,981

927,926

The Group The Company

Q2, 2025/26	2024/25
N'000	N'000
874,270	811,569
(14,671)	87,654
859,599	899,223

The Group The Company

Non-Current Current

Q2, 2025/26

N'000

-873,981

2024/25

N'000

-927,926

Total

873,981

927,926

Q2, 2025/26	2024/25
N'000	N'000
-	-
859,599	899,223
859,599	899,223

9a. Deposits for imports

The Group The Company

Deposits for Letters of credits

Q2, 2025/26

N'000

919,567

2024/25

N'000

10,920,180

919,567

10,920,180

Q2, 2025/26	2024/25
N'000	N'000
919,567	10,913,889
919,567	10,913,889

Deposits for letters of credit represents committed cash no longer available for another purpose other than that for which it has been designated for. They represent naira deposits for foreign currencies purchased for the funding of letters of credit, all related to settlement of invoices emanating from importation of raw materials, spare parts and machinery.

9b. Deliverable forwards

The Group The Company

Deliverable forwards

Q2, 2025/26

N'000

1,726

2024/25

N'000

63,088

1,726

63,088

Q2, 2025/26	2024/25
N'000	N'000
966	5,188
966	5,188

Deliverable forwards represent Naira deposits for foreign currencies purchased for funding of forwards, all related to settlement of invoices emanating from importation of raw materials, spare parts and machinery. The deliverable forwards was measured at cost.

10. Cash and cash equivalents

The Group The Company

	Q2, 2025/26	2024/25
	N'000	N'000
Cash at bank	45,170,496	39,216,396
Restricted cash*	355,201	1,443,468
Cash and cash equivalents	45,525,697	40,659,864

Q2, 2025/26	2024/25
N'000	N'000
43,024,962	36,722,739
355,201	1,443,468
43,380,163	38,166,207

* Restricted cash relates to cash at Bank and short-term deposits with FBN. This amount represents unclaimed dividends refunds received from First Registrar and it is repayable on demand. The sum of N1.02 billion was transferred during the quarter to the FIRS dedicated account based on SEC directives in line with the Finance Act

Notes to the condensed interim financial statements

11. Ordinary share capital

Group and company	Q2, 2025/26
Group and company	Number in thousands	Amount N'000
Ordinary shares of 50k each	3,970,478	1,985,238
Total issued share capital	3,970,478	1,985,238
Allotted, called up and fully paid: Ordinary shares of 50k each	3,970,478	1,985,238
Total called up share capital	3,970,478	1,985,238

Group and company Full Year 2024/2025

	Number in thousands	Amount N'000
Ordinary shares of 50k each	3,970,478	1,985,238
Total issued share capital	3,970,478	1,985,238
Allotted, called up and fully paid: Ordinary shares of 50k each	3,970,478	1,985,238
Total called up share capital	3,970,478	1,985,238
12. Related party transactions
12.1 Group and Company

The Group and Company are controlled by PZ Cussons (Holdings) Limited, incorporated in the UK, which owns 73.27% (2025: 73.27%) of the group and company's shares. The remaining 26.73% (2025: 26.73%) of the shares are widely held. The Group's parent is PZ Cussons (Holdings) Limited (incorporated in the UK).

All intercompany trading balances are settled in cash. There was no provision for doubtful related party receivables at 30 Nov 2025 (30 Nov 2024: Nil); and no charges to the income statement in respect of doubtful related party receivables for the years then ended.

The Company controls a subsidiary called HPZ Ltd which is domiciled in Nigeria (Note 3). Other related entities are PZ Cussons (International) Limited (UK), Seven Scent Limited (UK), PZ Cussons Singapore Private Limited, PT PZ Cussons Indonesia, PZ Cussons (Thailand) Limited, PZ Cussons Ghana Limited, PZ Cussons (East Africa) Limited, Harefield Indusrial Nigeria Limited and PZ Wilmar Limited.

13. Trade and other payables

Group Company

	Q2, 2025/26 ₦'000	2024/25 ₦'000
Trade payables	9,676,366	8,205,534
Unclaimed Dividend	1,451,940	1,512,916
Accruals*	16,624,205	12,317,487
Amounts owed to related parties	78,624,926	80,262,675
Sundry creditors	3,567,877	2,848,817
Total	109,945,314	105,147,429

Q2, 2025/26 ₦'000	2024/25 ₦'000
8,587,096	7,190,776
1,451,940	1,512,916
12,996,681	8,872,867
63,609,056	64,642,014
3,441,339	2,274,366
90,086,113	84,492,939

Trade and other payables comprise amounts outstanding for trade purchases and ongoing costs. The Directors consider the carrying amount of trade and other payables to approximates their fair value.

*VAT payable in both Group and company amounting to N2.3 billion and N1.9 billion respectively have been reclassified to Sundry creditors in 2024/25

Notes to the condensed interim financial statements

14a Contract liabilities

Group Company

Q2, 2025/26

₦'000

2024/25

₦'000

Advance from customers(Contract liabilities)

1,067,918

2,394,584

1,067,918

2,394,584

Q2, 2025/26

₦'000

2024/25

₦'000

695,575

1,186,496

695,575

1,186,496

Contract liabilities relates to income received from customers for which goods are yet to be supplied. Revenue is recognised when control of the goods has transferred to the customer, being at the point the goods are received or collected by the customer. When the customer initially purchases the goods, the transaction price received at that point by the Group is recognised as contract liability until the goods have been received by the customer

Group Company

Non-Current Current

Q2, 2025/26

₦'000

2024/25

₦'000

1,067,918

2,394,584

1,067,918

2,394,584

Q2, 2025/26

₦'000

2024/25

₦'000

695,575

1,186,496

695,575

1,186,496

14b Deferred Income

Group Company

Rent income received in advance

Q2, 2025/26

₦'000

598,684

2024/25

₦'000

920,379

598,684

920,379

Q2, 2025/26	2024/25
₦'000	₦'000
598,684	920,379
598,684	920,379

Non current payables relates to rent received from third parties with respect to PZ Cussons Nigeria Plc warehouses.

Group Company

Non-Current Current

Q2, 2025/26

₦'000

2024/25

₦'000

133,897

464,787

384,322

536,057

598,684

920,379

Q2, 2025/26

₦'000

2024/25

₦'000

133,897

464,787

384,322

536,057

598,684

920,379

15 Borrowings

Group Company

	Q2, 2025/26 ₦'000	2024/25 ₦'000
Borrowing from foreign related company -
PZCIL, UK	46,066,032	63,867,620
Borrowing from related company - Harefield
Ind Nigeria Ltd (Current)	7,100,000	5,000,000
Borrowing from related company - Nutricima
Ltd (Current)	2,400,000	2,400,000
Trade obligaton with banks(Current)	-	-
	55,566,032	71,267,620

Q2, 2025/26 ₦'000	2024/25 ₦'000
46,066,032	63,867,620
-	-
-	-
-	-
46,066,032	63,867,620

15a Borrowing from parent company

Borrowing relates to loan received from ultimate parent company - PZ Cussons (Holding) Limited, UK, in July 2022 based on agreement signed in June 2022. The facility amount is $40.26 million and it is non-interest bearing.

Group Company

	Q1, 2025/26	2024/25
	₦'000	₦'000
Opening Balance	63,867,620	59,833,113
Additions	-	-
Foreign currency revaluation adjustment	(4,441,978)	4,034,507
Payment	(13,359,609)	-
Closing Balance	46,066,032	63,867,620

Q1, 2025/26 ₦'000	2024/25 ₦'000
63,867,620	59,833,113
-	-
(4,441,978)	4,034,507
(13,359,609)	-
46,066,032	63,867,620

15b Trade obligaton with banks

The Company was involved in trade financing arrangements with some local banks where the banks agreed to pay amounts to foreign vendors in respect of invoices owed by the Company and received settlement from the Company at a later date. The principal purpose of the arrangements was to facilitate efficient payment processing in view of the challenges experienced with sourcing foreign currency in the Nigerian market. The arrangement enabled the Company to settle its foreign obligations in a timely manner to facilitate receipt of key input materials required in the production of finished goods. The facilities have been fully settled as at end of the 2025 financial year

Group Company

	Q2, 2025/26	2024/25
	₦'000	₦'000
Opening Balance	-	24,731,616
Additions	-	-
Accrued interest and interest charged	-	2,789,743
Payments	-	(27,521,359)
Closing Balance	-	-

Q2, 2025/26 ₦'000	2024/25 ₦'000
-	1,108,447
-	-
-	45,771
-	(1,154,218)
-	-

Notes to the condensed interim financial statements

16. Taxation

Group

Company

Current tax payable	Q2,2025/26 ₦'000	2024/25 ₦'000
At 1 June	5,893,251	2,448,803
Charge for the year & CGT	7,197,507	4,705,212
Prior year adjustment	(157,835)	(115,982)
WHT Utilsed during the year	-	(773,888)
Payment during the year	(5,409,161)	(370,894)
Closing balance	7,523,762	5,893,251

Q2,2025/26 ₦'000	2024/25 ₦'000
5,367,794	1,898,064
6,055,628	4,228,642
(70,788)	(129,377)
-	(629,535)
(5,019,927)	-
6,332,707	5,367,794

17. Deferred taxation			-
The Group	Property plant
	and equipment	Provisions	Total
	N'000	N'000	N'000
At 1 June 2024	(896,732)	(28,885,068)	(29,781,800)
Charge to income statement	1,417,394	587,213	2,004,607
At 31 May 2025	520,662	(28,297,855)	(27,777,193)
Charge to income statement	-	9,286,079	9,286,079
At 31 Nov 2025	520,662	(19,011,776)	(18,491,114)
The Company	Property plant
	and equipment	Provisions	Total
	N'000	N'000	N'000
At 1 June 2024	2,508,152	(19,410,639)	(16,902,488)
Charge to income statement	1,047,273	(950,224)	97,049
At 31 May 2025	3,555,425	(20,360,863)	(16,805,439)
Charge to income statement	-	6,424,322	6,424,322
At 31 Nov 2025	3,555,425	(13,936,541)	(10,381,117)
		The Group	The Company
		N'000	N'000
Deferred tax assets Deferred tax Liabilities		(18,491,114) -	(10,381,117) -
		(18,491,114)	(10,381,117)
There was no offset of deferred tax assets and deferred tax liabilities.
18. Provisions

The Group

Warranty provisions Opening Balance

Charged to the income statement

Utilised in the year

Q2, 2025/26

N'000

Full Year 2025

N'000

608,729

154,577

(134,524)

324,453

316,133

(31,856)

Closing Balance

628,782

608,729

The ageing of the provisions are as follows: Within 12 months

Greater than 12 months

110,518

518,264

113,184

495,545

Total

628,782

608,729

Warranty provisions

The Group generally offers 1 to 3 years warranties for its electrical products and components. The related provision for future warranty claims is based on historical warranty claim information, as well as recent trends. Factors that could impact the estimated claim information include the success of the Group's productivity and quality initiatives, as well as spare parts and labour costs.

Notes to the condensed interim financial statements

Cash generated from operating activities

Group Company

	Half Year
	Ended 30 Nov	Year Ended 31
	2025	May 2025
	₦'000	₦'000
Cash flows from operating activities
Profit before taxation	37,911,849	16,660,555
Adjustment to reconcile net income to cash provided:
Depreciation of property, plant & equipment	1,133,848	1,733,058
Depreciation - right of use assets	11,516	96,121
Depreciation of investment property	13,366	60,428
Amortization charge	52,981	105,962
Impairment of trade receivables	86,311	-
Impairment of property, plant & equipment	(4,951)	155,908
(Profit)/loss on disposal of fixed assets	(14,220,447)	(6,532)
Unclaimed dividend forfeited	-	-
Effect of foreign exchange rate changes in cash	(4,193,595)	(251,415)
Effect of foreign exchange rate changes in on borrowing	(4,441,978)	4,034,507
Interest expense	473,709	3,632,761
Interest income	(431,475)	(1,370,783)
	16,391,134	24,850,570
Changes in assets and liabilities in:
Trade and other receivables	(12,701,142)	4,672,299
Other assets	326,815	800,322
Deposit for imports	10,000,613	2,781,745
Deliverable forwards	61,362	4,455,347
Deferred Income	(321,695)	(407,505)
Contract liabilities	(1,326,666)	1,701,917
Warranty provisions	20,053	284,276
Inventories	(12,777,609)	(12,652,136)
Borrowings	-	-
Trade and other payables	4,269,354	14,547,072
Cash flows from operating activities	3,942,220	41,033,907

Half Year
Ended 30 Nov	Year Ended 31
2025	May 2025
₦'000	₦'000
30,273,466	10,795,130
998,601	1,538,698
1,321	65,097
13,366	60,428
52,981	105,962
28,483	-
(4,951)	143,956
(14,220,447)	(998)
-	-
(2,708,480)	(213,853)
(4,441,978)	4,034,507
-	46,494
(566,619)	(1,771,297)
9,425,742	14,804,124
(10,752,540)	(6,159,508)
312,493	801,692
9,994,322	(3,700,350)
4,222	1,598,214
(321,695)	(407,505)
(490,921)	533,049
-
(6,880,563)	(5,558,345)
-	-
5,482,946	14,521,096
6,774,007	16,432,467

Other incomes

Group Company

	Q2, 2025/26	Q2, 2024/25
	₦'000	₦'000
Rental income	412,753	243,125
Profit on disposal of fixed asset*	14,220,447	-
Scrap sales & Sundry Income	150,308	-
	14,783,507	243,125

Q2, 2025/26	Q2, 2024/25
₦'000	₦'000
524,222	287,054
14,220,447	-
117,632	-
14,862,301	287,054

* This arose from the sale of 5 properties from among those disclosed as Assets held for sales as at 31 May 2025

Lease receivable

	Q2, 2025/26	2024/25
	₦'000	₦'000
Opening Balance	2,540,788	2,493,369
Additions	-	-
Interest earned	168,070	393,213
Payment	-	(345,795)
Closing Balance	2,708,857	2,540,788

Non-current portion	2,708,857	2,540,788
Current portion		-
	2,708,857	2,540,788

Group

Q2, 2025/26	2024/25
₦'000	₦'000
2,540,788	2,493,369
-	-
168,070	393,213
-	(345,795)
2,708,857	2,540,788

Company

2,708,857

2,540,788

2,708,857

2,540,788

In order to optimise the use of the assets, PZ Cussons Nigeria Plc entered into an agreement with UGEE Chemicals Limited (UGEE) in April 2024 to lease the Detergent Tower and assets related to them. UGEE is an existing detergent manufacturer and wishes to expand their capacity. The lease agreement contains both finance and operating lease components. Ownership of certain leased assets will be transferred to the lessee free of cost at the end of the lease, these assets are classified as a finance lease; the remainder of the assets remain under PZ ownership and are classified as an operating lease.

The lease has been accounted for as a finance lease in line with the provisions of IFRS 16. The lease term is for a period of 10 years after which ownership transfers to the lessee. Set out above is the carrying amount of the net investment in lease and the movements during the year:

Notes to the condensed interim financial statements

Events after reporting date
On Thursday, 11 December 2025, the company's parent's company (PZ Cussons Plc, UK) announced it's decision to retain their African businesses which includes Nigeria. It has choosen instead to strengthen its operations in Nigeria, Ghana, and Kenya, citing improving economic conditions and powerful long-term demographic trends across the continent.
There are no significant subsequent events, which could have had a material effect on the financial statements of the Group as at 30 Nov 2025 that have not been adequately provided for or disclosed in the financial statements.
Securities Trading Policy
In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of The Exchange 2015 (Issuers' Rule), PZ Cussons Nigeria Plc maintains a Security Trading Policy (Policy) which guides Directors, Audit Committee members, employees and all individuals categorized as insiders in relation to their dealings in the Company's shares. The Policy undergoes periodic review 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.

Assets held for sale

At the close of the 2025 financial year, the management committed to a plan to sell some none core depot facilities across the country. Accordingly, these properties has been reclassified and presented as 'Asset held for sales' at a carrying amount of N1.013 billion as at 31 May 2025. The sales are expected to be concluded within the next 12 months.

Group Company

	Q2, 2025/26	2024/25
Opening balance	₦'000 1,013,414	₦'000 -
Transfer from PPE		16,625
Transfers from investment properties Disposals	(272,870)	996,789 -
Closing balance	740,544	1,013,414

Q2, 2025/26	2024/25
₦'000	₦'000
1,013,414	-
-	16,625
-	996,789
(272,870)	-
740,544	1,013,414

PZ Cussons Nigeria Plc Unaudited interim/condensed financial statements for half year and quarter ended 30 November 2025

Notes to the condensed interim financial statements

Free Float Computation

24 Shareholding Structure/Free Float Status

30-Nov-25			31-May-25
Description	Unit	Percentage	Unit	Percentage
Issued Share Capital	3,970,477,045	100%	3,970,477,045	100%
Substantial Shareholdings (5% and above)
PZ Cussons(Holdings) Limited, UK	2,909,349,788	73%	2,909,349,788	73%
CardinalStone Account CPM	214,389,510	5%	214,389,510	5%
Total Substantial Shareholdings	3,123,739,298	78.67%	3,123,739,298	78.67%
Directors' Shareholdings (direct and indirect),
excluding directors with substantial interests
Ms. Joyce Coker	3,889	0%	3,889	0%
Mrs. I.M.O Okauru, MFR	59,713	0%	59,713	0%
Total Directors' Shareholdings	63,602	0.00%	63,602	0.00%
Other Influential Shareholdings
AMCON & PFA	69,085,514	2%	69,085,514	2%
Total Other Influential Shareholdings	69,085,514	2%	69,085,514	2%

Free Float in Units and Percentage	777,588,631	20%	777,588,631	20%
Free Float in Value	₦ 31,103,545,240		₦ 22,938,864,615

Declaration:

PZ Cussons Nigeria Plc with a free float percentage of 20% as at 31 May 2025, is compliant with The Exchange's free float requirements for companies listed on the Main Board.
PZ Cussons Nig Plc with a free float value of N33,866,965,800 as at 30 November 2025, is compliant with The Exchange's free float requirements for companies listed on the Main Board.

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