Pz Cussons Nigeria PlcNSENG: PZ

P z cussons nigeria plc.- year end - financial statement for 2026

Jun 30, 2026 at 4:41 PM UTC · Issued by PZ Cussons Nigeria Plc

PZ Cussons Nigeria Plc Unaudited Condensed Interim Financial Statements For year ended 31 May 2026

Unaudited interim/condensed financial statements for the year ended 31 May 2026

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

Unaudited interim/condensed financial statements for the year ended 31 May 2026

Corporate information Board of Directors

Mrs. Ifueko M.Omoigui Okauru, MFR - Chairman, Independent Non-Executive Director

Mr. Dimitris Kostianis - Chief Executive Officer (Resigned w.e.f 31 May 2026)

Mr. Oghale Elueni - Chief Executive Officer (Appointed w.e.f 1 June 2026) Mr. Oludare Ebenezer Elusakin - Chief Financial Officer (Appointed w.e.f 1 June 2026) Ms. Joyce F. Coker - Executive Director (Resigned w.e.f 17 April 2026)

Mr. Kareem Moustafa - Non-Executive Director

Mallam Ballama Manu - Independent Non-Executive Director

Mrs. Oluwatoyin Odutayo - Independent Non-Executive Director Dr Suleyman Abdu Ndanusa, OON - Independent Non-Executive Director Mr. Richard Walker - Non-Executive Director

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

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

	Year ended	Year ended
	31 May 2026 ₦'000	31 May 2025 ₦'000	% Change
Revenue	260,456,428	212,634,336	22
Operating Profit	77,059,303	18,922,533	307
Profit before taxation	77,318,310	16,660,555	364
Taxation	(28,219,199)	(6,593,836)	328
Profit after tax	49,099,111	10,066,719	388
Non-controlling interest	2,277,428	859,089	165
Profit attributable to equity holders of parent company	46,821,683	9,207,630	409
	49,099,111	10,066,719	388
	Year ended	Year ended,
	31 May 2026 ₦'000	31 May 2025 ₦'000
Share capital	1,985,238	1,985,238	-
Total equity	70,571,142	(17,341,157)	507
EPS per 50k share
Basic and diluted earnings per share (Naira)	11.8	2.3	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

4th Qtr		4th Qtr
endeded 31	Year to date,	endeded 31	Year to date,
May 2026	31 May 2026	May 2025	31 May 2025
₦'000	₦'000	₦'000	₦'000
63,236,204	260,456,428	58,222,205	212,634,336
(43,995,635)	(187,191,170)	(42,669,158)	(154,926,172)
19,240,568	73,265,258	15,553,047	57,708,164
(7,526,420)	(26,514,466)	(4,948,049)	(17,895,551)
(174,963)	(278,864)	(45,956)	(203,559)
(8,483,481)	(21,070,800)	(2,064,808)	(14,701,674)
(677,280)	11,835,354	(7,753,575)	(7,784,240)
6,430,585	39,822,822	531,180	1,799,393
8,809,008	77,059,303	1,271,840	18,922,533
526,974	1,224,444	533,468	1,370,783
(217,108)	(965,436)	(117,567)	(3,632,761)
309,866	259,008	415,901	(2,261,978)
9,118,875	77,318,310	1,687,742	16,660,555
866,579	(28,219,199)	(2,910,390)	(6,593,836)
9,985,454	49,099,111	(1,222,648)	10,066,719
9,985,454	49,099,111	(1,222,648)	10,066,719
9,496,935	46,821,683	(1,470,591)	9,207,630
488,519	2,277,428	247,943	859,089
9,985,454	49,099,111	(1,222,648)	10,066,719
2.4	11.8	(0.4)	2.3

Selling and distribution expenses Impairment of trade receivables Administrative expenses

Foreign exchange (loss)/profit

Other income 20

Operating profit

Interest income Interest cost

Net interest expense

Profit before tax Income tax expense Profit for the year

Total comprehensive income for the year Attributable to

Equity holders of the parent company

Non-controlling interest

Basic and diluted earnings 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

4th Qtr		4th Qtr
endeded 31	Year to date,	endeded 31	Year to date,
May 2026	31 May 2026	May 2025	31 May 2025
₦'000	₦'000	₦'000	₦'000
32,953,822	151,550,256	30,244,708	126,086,639
(20,731,791)	(102,935,999)	(20,820,956)	(87,244,715)
12,222,031	48,614,257	9,423,752	38,841,924
(5,155,789)	(18,900,027)	(3,246,646)	(12,353,306)
(163,961)	(223,745)	4,658	(87,377)
(7,775,089)	(19,795,475)	(1,506,573)	(13,440,560)
(439,804)	9,749,433	(6,171,377)	(5,659,351)
6,569,982	40,019,538	374,822	1,768,997
5,257,369	59,463,981	(1,121,364)	9,070,327
569,991	1,445,232	637,053	1,771,297
-	-	(2)	(46,494)
569,991	1,445,232	637,051	1,724,803
5,827,360	60,909,213	(484,313)	10,795,130
2,204,796	(20,916,181)	(1,762,631)	(4,196,314)
8,032,157	39,993,033	(2,246,944)	6,598,816
8,032,157	39,993,033	(2,246,944)	6,598,816
8,032,157	39,993,033	(2,246,944)	6,598,816
-	-	-	-
-	-	(2,246,944)	6,598,816
8,032,157	39,993,033	(2,246,944)	6,598,816
2.0	10.1	(0.6)	1.7

Selling and distribution expenses Impairment of trade receivables Administrative expenses

Foreign exchange (loss)/profit

Other income 20

Operating profit

Interest income Interest cost

Net interest income

Profit before tax Income tax expense Profit 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 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 31 May 2026

		The Gro	up	The Com	pany
		31 May 2026	31 May 2025	31 May 2026	31 May 2025
	Notes	₦'000	₦'000	₦'000	₦'000
Assets
Non-current assets
Property, plant and equipment	2a	20,366,273	18,063,354	18,006,838	16,212,238
Right-of-use assets	2b	-	11,516	-	1,321
Intangibe Assets	2c	105,962	211,924	105,962	211,924
Investments in subsidiaries	3	-	-	504,406	504,406
Investment property	4	851,100	879,714	851,100	879,714
Deferred Taxation	17	7,306,501	27,777,193	1,226,505	16,805,439
Lease receivables	21	2,495,556	2,540,788	2,495,556	2,540,788
		31,125,392	49,484,490	23,190,367	37,155,830
Current assets
Inventories	6	61,270,581	53,497,584	35,608,961	33,769,517
Trade and other receivables	7	25,365,280	12,335,805	27,266,562	20,601,123
Loan receivables	5	-	-	3,000,000	3,263,234
Other assets	8	946,530	927,926	862,689	899,223
Deposits for imports	9a	354,690	10,920,180	355,449	10,913,889
Deliverable forwards	9b	1,726	63,088	966	5,188
Cash and cash equivalents	10	41,322,172	40,659,864	38,159,619	38,166,207
		129,260,979	118,404,447	105,254,247	107,618,381
Assets held for sale	24	740,544	1,013,414	740,544	1,013,414
Total assets		161,126,914	168,902,351	129,185,158	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*		53,106,801	14,293,613	53,106,801	14,293,613
Retained earnings		8,048,982	(38,772,701)	6,786,988	(33,206,044)
Equity attributable to equity holders of
the company		70,019,290	(15,615,581)	68,757,296	(10,048,924)
Non controlling interest		551,852	(1,725,576)	-	-
Total equity		70,571,142	(17,341,157)	68,757,296	(10,048,924)
Liabilities
Non-current liabilities
Deferred income	14b	7,591	384,322	7,591	384,322
Provisions	18	562,179	495,545	-	-
		569,770	879,867	7,591	384,322
Current liabilities
Trade and other payables	13	76,461,760	105,147,429	56,388,945	84,492,939
Borrowings	15	5,900,000	71,267,620	-	63,867,620
Lease liability	2b	-	11,516	-	1,321
Deferred income	14b	447,424	536,057	447,424	536,057
Contract liabilities	14a	1,631,033	2,394,584	641,215	1,186,496
Current taxation payable	16	5,402,830	5,893,251	2,942,686	5,367,794
Provisions	18	142,956	113,184	-	-
		89,986,002	185,363,641	60,420,270	155,452,227
Total liabilities		90,555,772	186,243,508	60,427,861	155,836,549
Net equity and liabilities		161,126,914	168,902,351	129,185,158	145,787,625

* This relates to capital contributions following debt waivers by parent company in 2024(N14.3 Billion) and in 2026(N38.8 Billion).

Mr. Oghale Elueni

The 4th quarter (Q4, 2025/26) unaudited financial statements were approved and authorised for issue by the Board of Directors on 30 June 2026 and signed on its behalf by:

Mr. Ebenezer Elusakin

Chief Executive Officer Chief Financial Officer

FRC/2026/PRO/DIR/003/287223 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

	Share capital	Share premium	Retained earnings	Non 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	-	-	46,821,683	2,277,428		49,099,111
Total comprehensive income for the period	-	-	46,821,683	2,277,428		49,099,111
Transactions with owners:
Capital contribution by parent company					38,813,188	38,813,188
Total transaction with owners -		-	-	-	38,813,188	38,813,188

At 31 May 2026 1,985,238		6,878,269	8,048,982	551,852	53,106,801	70,571,142

* Other reserves relates to capital contributions following debt waivers by parent company in 2024(N14.3 Billion) and in 2026(N38.8 Billion)

Statement of changes in equity

Company Attributable to owners of the company

	Share capital	Share premium	Retained earnings	Non controlling interest	Other reserves*	Total
	₦'000	₦'000	₦'000	₦'000	₦'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	-	-	39,993,033	-	-	39,993,033
Total comprehensive income for the year	-	-	39,993,033	-	-	39,993,033
Transactions with owners: Capital contribution by parent company					38,813,188	38,813,188
Total transaction with owners	-	-	-	-	38,813,188	38,813,188

At 31 May 2026	1,985,238	6,878,269	6,786,988	-	53,106,801	68,757,296

* Other reserves relates to capital contributions following debt waivers by parent company in 2024(N14.3 Billion) and in 2026(N38.8 Billion)

Consolidated and separate statement of cash flows

The Group

The Company

		Year Ended	Year Ended 31	Year Ended 31	Year Ended
		31 May 2026	May 2025	May 2026	31 May 2025
	Notes	₦'000	₦'000	₦'000	₦'000
Cash flows from operating activities
Cash generated from operations	19	34,137,005	41,033,907	31,689,745	16,432,467
Taxation		(8,081,093)	(370,894)	(7,691,566)	-
Net cash flow generated from operating activities		26,055,912	40,663,013	23,998,178	16,432,467
Cash flows from investing activities
Interest received		1,224,444	1,323,264	1,445,232	1,723,778
Loan receivables		-	-	-	458,901
Purchase of property, plant and equipment	2a	(5,070,345)	(4,992,405)	(4,281,813)	(4,441,093)
Loan advanced		-	-	-	-
Loan repayment		-	-	-	-
Proceeds from sale of property, plant and equipment		32,950,000	6,778	32,950,000	2,648
Net cash used in investing activities		29,104,099	(3,662,363)	30,113,419	(2,255,766)
Cash flows from financing activities
Borrowing from related parties	15	(1,500,000)	2,900,000	-	-
Repayment of borrowing	15a	(57,794,136)	(24,731,616)	(57,794,136)	(1,108,447)
Interest Expense		(965,436)	(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		(60,259,573)	(25,461,539)	(57,794,136)	(1,121,079)
Net increase in cash, cash equivalents and bank overdrafts		(5,099,562)	11,539,111	(3,682,538)	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		5,761,871	251,415	3,675,950	213,853
Cash and cash equivalents at the end of the year		41,322,172	40,659,864	38,159,619	38,166,207

PZ Cussons Nigeria Plc Unaudited interim/condensed financial statements for the year ended 31 May 2026

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 31 May 2026 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 twelve months ended 31 May 2026 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 31 May 2026. 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.

2a. Property, plant and equipment

Group

2025/26

Cost	Leasehold land and buildings	Plant and Machinery	Office & IT equipments	Motor vehicles	Capital Work 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	-	-	-	-	5,070,345	5,070,345
Transfers	701,715	3,409,111	365,306	1,077,876	(5,554,008)	-
Disposals	(76,048)	(84,887)	(4,539)	-	-	(165,474)
At 31 May 2026 Depreciation	12,633,551	30,940,504	5,236,189	2,196,107	1,441,613	52,447,964
At 1 June 2025	3,686,938	21,728,915	3,769,449	294,437	-	29,479,739
Charge for the year	341,679	1,337,700	391,004	383,863	-	2,454,246
Impairments	-	264,102	-	-	-	264,102
Disposals	(27,546)	(84,488)	(4,362)	-	-	(116,396)
At 31 May 2026	4,001,071	23,246,229	4,156,091	678,300	-	32,081,691
Net book values At 31 May 2026	8,632,480	7,694,275	1,080,098	1,517,807	1,441,613	20,366,273
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 Depreciation	12,007,884	27,616,280	4,875,422	1,118,231	1,925,276	47,543,093
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

Company

2025/26

Cost	Leasehold land and buildings	Plant and Machinery	Office & IT equipments	Motor vehicles	Capital Work 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	-	-	-	-	4,281,813	4,281,813
Transfers	656,144	2,975,277	427,064	778,374	(4,836,858)	-
Disposals	(76,048)	-	(4,539)	-	-	(80,587)
At 31 May 2026 Depreciation	11,416,113	28,696,774	4,765,859	1,555,012	1,370,231	47,803,988
At 1 June 2025	3,514,321	20,220,387	3,449,073	206,744	-	27,390,525
Charge for the year	313,513	1,241,484	344,756	274,279	-	2,174,032
Impairments	-	264,501	-	-	-	264,501
Disposals	(27,546)	-	(4,362)	-	-	(31,908)
At 31 May 2026	3,800,288	21,726,372	3,789,467	481,023	-	29,797,150
Net book values At 31 May 2026	7,615,825	6,970,402	976,392	1,073,988	1,370,231	18,006,838
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 Depreciation	10,836,017	25,721,497	4,343,335	776,638	1,925,276	43,602,763
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
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

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

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	2025/26	2024/25	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 had a motor vehicle lease arrangement which has ran out. The leases of motor vehicle were mainly for 3 years with an option to renew. The interest amount in the lease arrangement was not disclosed as it was immaterial and not considered to have a significant impact on the financial statements.

2c. Intangible asset

The Group The Company

	2025/26	2024/25
Cost	₦'000	₦'000
Opening Balance	1,059,618	1,059,618
Additions	-	-
Closing Balance	1,059,618	1,059,618
Accumulated Amortizations
Opening Balance	847,694	741,732
Charge for the year	105,962	105,963
Closing charge	953,656	847,694
Carrying amount
	105,962	211,924

2025/26	2024/25
₦'000	₦'000
1,059,618	1,059,618
-	-
1,059,618	1,059,618
847,694	741,732
105,962	105,963
953,656	847,694

105,962	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	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

	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	28,614	60,428
Transfers to Assets held for sale	-	(612,011)
Closing charge	639,271	610,657
Carrying amount
	851,100	879,714

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
28,614	60,428
-	(612,011)
639,271	610,657

851,100	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. 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 at an interest rate of 12% per annum.

The Group The Company

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

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

	2025/26 ₦'000	2024/25 ₦'000
Raw materials and consumables	19,740,119	21,041,881
Finished goods and goods for resale	21,544,902	19,448,826
Engineering spares and other stocks	2,335,924	2,147,836
Goods in transit	17,649,636	10,859,041
Total	61,270,581	53,497,584

2025/26 ₦'000	2024/25 ₦'000
19,247,675	18,544,812
10,183,834	10,928,632
2,308,493	1,914,057
3,868,959	2,382,016
35,608,961	33,769,517

7a. Trade and other receivables

Group Company

Receivables due within one year:	2025/26 ₦'000	2024/25 ₦'000
Trade receivables Less: provision for impairment of trade receivables	13,445,141 (389,130)	7,128,899 (243,532)
Net trade receivables	13,056,011	6,885,367
Receivables from subsidiary companies	-	-
Receivables from related party companies	2,275,700	1,502,793
WHT credit note receivable	1,423,836	1,221,990
Other receivables	8,609,733	2,725,655
Total	25,365,280	12,335,805

2025/26 ₦'000	2024/25 ₦'000
9,573,044 (284,332)	4,743,497 (71,511)
9,288,712	4,671,986
6,091,243	11,213,054
2,179,849	1,485,846
1,193,444	1,012,838
8,513,315	2,217,399
27,266,562	20,601,123

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

The Group The Company

	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	(145,598)	(203,559)
Receivables written off during the year	-	354,003
Closing	(389,130)	(243,532)

2025/26	2024/25
₦'000	₦'000
(71,511)	(306,784)
(212,821)	(87,377)
-	322,650
(284,332)	(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

2025/26

N'000

862,689

83,841

2024/25

N'000

840,272

87,654

Total

946,530

927,926

The Group The Company

2025/26	2024/25
N'000	N'000
862,689	811,569
-	87,654
862,689	899,223

The Group The Company

	2025/26	2024/25
	N'000	N'000
Non-Current	-	-
Current	946,530	927,926
Total	946,530	927,926

2025/26	2024/25
N'000	N'000
-	-
862,689	899,223
862,689	899,223

9a. Deposits for imports

The Group The Company

Deposits for Letters of credits

2025/26

N'000

354,690

2024/25

N'000

10,920,180

354,690

10,920,180

2025/26	2024/25
N'000	N'000
355,449	10,913,889
355,449	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

2025/26

N'000

1,726

2024/25

N'000

63,088

1,726

63,088

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

	2025/26	2024/25
	N'000	N'000
Cash at bank	40,966,971	39,216,396
Restricted cash*	355,201	1,443,468
Cash and cash equivalents	41,322,172	40,659,864

2025/26	2024/25
N'000	N'000
37,804,418	36,722,739
355,201	1,443,468
38,159,619	38,166,207

* Restricted cash relates to cash at Bank and short-term deposits with FBN Quest. 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	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	2024/25
	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 31 May 2026 (31 May 2025: 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 and Harefield Indusrial Nigeria Limited

13. Trade and other payables

Group Company

	2025/26 ₦'000	2024/25 ₦'000
Trade payables	11,276,220	8,205,534
Unclaimed Dividend	1,443,463	1,512,916
Accruals*	15,898,175	12,317,487
Amounts owed to related parties	43,777,500	80,262,675
Sundry creditors*	4,066,401	2,848,817
Total	76,461,760	105,147,429

2025/26 ₦'000	2024/25 ₦'000
10,594,606	7,190,776
1,443,463	1,512,916
10,634,105	8,872,867
30,252,628	64,642,014
3,464,142	2,274,366
56,388,945	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 were reclassified to Sundry creditors in 2024/25

Notes to the condensed interim financial statements

14a Contract liabilities

Group Company

2025/26

₦'000

2024/25

₦'000

Advance from customers(Contract liabilities)

1,631,033

2,394,584

1,631,033

2,394,584

2025/26

₦'000

2024/25

₦'000

641,215

1,186,496

641,215

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

2025/26

₦'000

2024/25

₦'000

1,631,033

2,394,584

Total

1,631,033

2,394,584

2025/26

₦'000

2024/25

₦'000

641,215

1,186,496

641,215

1,186,496

14b Deferred Income

Group Company

Rent income received in advance

2025/26

₦'000

455,015

2024/25

₦'000

920,379

Total

455,015

920,379

2025/26	2024/25
₦'000	₦'000
455,015	920,379
455,015	920,379

Non current payables relates to rent received from third parties with respect to Investment properties.

Group Company

Non-Current Current

2025/26

₦'000

2024/25

₦'000

7,591

447,424

384,322

536,057

Total

455,015

920,379

2025/26

₦'000

2024/25

₦'000

7,591

447,424

384,322

536,057

455,015

920,379

15 Borrowings

Group Company

2025/26

₦'000

2024/25

₦'000

Borrowing from foreign related company - PZCIL, UK

Borrowing from related company - Harefield Ind Nigeria Ltd (Current) Borrowing from related company - Nutricima Ltd (Current)

4,000,000

1,900,000

63,867,620

5,000,000

2,400,000

Total

5,900,000

71,267,620

2025/26 ₦'000	2024/25 ₦'000
-	63,867,620
-	-
-	-
-	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

	2025/26	2024/25
	₦'000	₦'000
Opening Balance	63,867,620	59,833,113
Additions	-	-
Foreign currency revaluation adjustment	(6,073,483)	4,034,507
Payment	(57,794,136)	-
Closing Balance	-	63,867,620

2025/26 ₦'000	2024/25 ₦'000
63,867,620	59,833,113
-	-
(6,073,483)	4,034,507
(57,794,136)	-
-	63,867,620

In the 2026 financial year, the entire $40.26 million was repaid amounting to N57.8 billiion.

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

	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	-	-

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	2025/26 ₦'000	2024/25 ₦'000
At 1 June	5,893,251	2,448,803
Charge for the year & CGT	7,748,507	4,705,212
Prior year adjustment	(157,835)	(115,982)
WHT Utilsed during the year	-	(773,888)
Payment during the year	(8,081,093)	(370,894)
Closing balance	5,402,830	5,893,251

2025/26 ₦'000	2024/25 ₦'000
5,367,794	1,898,064
5,337,247	4,228,642
(70,788)	(129,377)
-	(629,535)
(7,691,566)	-
2,942,686	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	-	20,470,692	20,470,692
At 31 May 2026	520,662	(7,827,163)	(7,306,501)
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	-	15,578,934	15,578,934
At 31 May 2026	3,555,425	(4,781,929)	(1,226,505)
		The Group	The Company
		N'000	N'000
Deferred tax assets Deferred tax Liabilities		(7,306,501) -	(1,226,505) -
		(7,306,501)	(1,226,505)
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

2025/26

N'000

2024/25

N'000

608,729

304,172

(207,766)

324,453

316,133

(31,856)

Closing Balance

705,135

608,729

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

Greater than 12 months

142,956

562,179

113,184

495,545

Total

705,135

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

	Year Ended 31	Year Ended 31
	May 2026	May 2025
	₦'000	₦'000
Cash flows from operating activities
Profit before taxation	77,318,310	16,660,555
Adjustment to reconcile net income to cash provided:
Depreciation of property, plant & equipment	2,454,246	1,733,058
Depreciation - right of use assets	11,516	96,121
Depreciation of investment property	28,614	60,428
Amortization charge	105,962	105,962
Impairment of trade receivables	278,864	-
Impairment of property, plant & equipment	264,102	155,908
(Profit) on disposal of fixed assets	(38,665,909)	(6,532)
Effect of foreign exchange rate changes in cash	(5,761,871)	(251,415)
Effect of foreign exchange rate changes in on borrowing	(6,073,483)	4,034,507
Interest expense	965,436	3,632,761
Interest income	(1,224,444)	(1,370,783)
	29,701,344	24,850,570
Changes in assets and liabilities in:
Trade and other receivables	(6,484,242)	4,672,299
Other assets	254,265	800,322
Deposit for imports	10,565,490	2,781,745
Deliverable forwards	61,362	4,455,347
Deferred Income	(465,364)	(407,505)
Contract liabilities	(763,551)	1,701,917
Warranty provisions	96,406	284,276
Inventories	(7,772,997)	(12,652,136)
Trade and other payables	8,944,291	14,547,072
Cash flows from operating activities	34,137,005	41,033,907

Year Ended 31	Year Ended 31
May 2026	May 2025
₦'000	₦'000
60,909,213	10,795,130
2,174,032	1,538,698
1,321	65,097
28,614	60,428
105,962	105,962
223,745	-
264,501	143,956
(38,648,235)	(998)
(3,675,950)	(213,853)
(6,073,483)	4,034,507
-	46,494
(1,445,232)	(1,771,297)
13,864,488	14,804,124
(120,207)	(6,159,508)
309,403	801,692
10,558,440	(3,700,350)
4,222	1,598,214
(465,364)	(407,505)
(545,281)	533,049
-
(1,839,444)	(5,558,345)
9,923,486	14,521,096
31,689,745	16,432,467

Other incomes

Rental income

Profit on disposal of fixed asset* Scrap sales & Sundry Income

Group Company

Q4, 2025/26

₦'000 871,952

38,665,909

284,961

39,822,822

Q4, 2025/26	Q4, 2024/25
₦'000	₦'000
1,094,890	1,113,965
38,648,235	998
276,413	654,034
40,019,538	1,768,997

Q4, 2024/25

₦'000 938,248

6,532

854,613

1,799,393

* This arose from the sale of 3 properties from among those disclosed as Assets held for sales as at 31 May 2025 as well as properties and facilities previously used PZ Wilmar Ltd, a joint venture entity. The PZ Cussons Group divested PZ Wilmar Ltd, a joint venture entity during the year.

Lease receivable
Opening Balance Additions Interest earned Payment
Closing Balance
Group
2024/25
₦'000 2,493,369
-393,213
(345,795)
2,540,788
Company
2,540,788
-
2,540,788
2,495,556

2,495,556

2025/26

₦'000 2,540,788

335,142

(380,374)

2,495,556

2025/26	2024/25
₦'000	₦'000
2,540,788	2,493,369
-	-
335,142	393,213
(380,374)	(345,795)
2,495,556	2,540,788

2,495,556

2,540,788

2,495,556

2,540,788

Non-current portion Current portion

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
There are no significant subsequent events, which could have had a material effect on the financial statements of the Group as at 31 May 2026 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 were reclassified and presented as 'Asset held for sales' at a carrying amount of N1.013 billion as at 31 May 2025. During the year, some of these properties were disposed.

Group Company

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

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 the year ended 31 May 2026

Notes to the condensed interim financial statements

Free Float Computation

25 Shareholding Structure/Free Float Status

31-May-26			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%
Total Substantial Shareholdings	2,909,349,788	73%	3,123,739,298		79%
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%
Chief A, Idigbe,SAN, PhD	208,940	0% -
Total Directors' Shareholdings	272,542	0%		63,602	0%
Other Influential Shareholdings
AMCON & PFA CardinalStone Account CPM	-98,636,694	2%		69,085,514	2%
Total Other Influential Shareholdings	98,636,694	2%		69,085,514	2%

Free Float in Units and Percentage	962,218,021	24%		777,588,631	20%
Free Float in Value	₦ 94,297,366,058			₦ 27,526,637,537

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 Nigeria Plc with a free float value of N94,297,366,058(24%) as at 31 May 2026, is compliant with The Exchange's free float requirements for companies listed on the Main Board.

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