Quarter 1 - financial statement for 2026

Earnings per share

Basic Earnings per Share (Kobo)

61.10

Consolidated statements of profit or loss and other comprehensive income

For the quarter ended 31 March 2026

3 months to

March 2026

N'000

3 months to

March 2025

%

Change

N'000

Revenue

15,325,390

Cost of sales

(11,618,038)

Gross profit

3,707,352

8,295,760

85%

(6,592,856)

-76%

1,702,904

118%

Other income

43,456

22,007

97%

Selling and distribution expenses

(1,038,962)

Administrative expenses

(1,200,915)

Results from operating activities

1,510,932

(441,334)

-135%

(674,501)

-78%

609,076

148%

Finance costs

(760,349)

Net finance costs

(760,349)

(370,347)

-105%

(370,347)

-105%

Profit before taxation

750,582

Tax expense

(31,865)

Profit for the period

718,717

238,728

214.4%

(41,479)

23.2%

197,250

264.4%

Total comprehensive profit

718,717

197,250

264.4%

Attributable to:

Owners of the Company

718,717

718,717

197,250

264.4%

197,250

264.4%

16.77

264.4%

R.T BRISCOE (NIGERIA) PLC

Consolidated statements of financial position As at 31 March 2026

31/Mar/26

31/Dec/25

% Change

N'000

N'000

Non-current assets

Property, plant and equipment

4,932,196

4,772,949

3%

Intangible assets

1,075

1,075

0%

Investment

50,000

50,000

0%

Other receivables

1,734,052

1,658,865

5%

Total non-current assets

6,717,324

6,482,888

3.6%

Current assets

Inventories

2,363,472

2,588,872

-9%

Inventories under development

914,855

908,109

1%

Trade and other receivables

8,353,597

7,392,068

13%

Prepayments

47,675

58,255

-18%

Cash and Cash Equivalents

1,559,279

1,858,120

-16%

Total current assets

13,238,878

12,805,424

3%

Total assets

19,956,201

19,288,311

3%

Current liabilities

Trade and other payables

4,763,319

5,064,428

-6%

Current tax liabilities

99,029

229,079

-57%

Bank overdraft

14,471,141

14,228,914

2%

Borrowings

5,507,495

5,366,370

3%

Total current liabilities

24,840,984

24,888,790

0%

Net current liabilities

(11,602,106)

(12,083,368)

-4%

Non-current Liabilities

Deferred tax liabilities

39,382

36,986

6%

Defined Benefits Obligations

18,057

23,472

-23%

Total non-current liabities

57,439

60,458

-5%

Net liabilities

(4,942,221)

(5,660,937)

-13%

Equity

Share capital

588,177

588,177

0%

Share premium account

409,862

409,862

0%

Revaluation Reserve

3,150,405

3,150,405

0%

Retained earnings

(9,090,665)

(9,809,381)

-7%

Attributable to:

Owners of the Company

(4,942,221)

(5,660,937)

-13%

Total equity

(4,942,221)

(5,660,937)

-13%

31/Mar/25

N '000

R.T BRISCOE (NIGERIA) PLC

Consolidated statements of cash flows

For the quarter ended 31 March 2026

31/Mar/26

N '000

Cash flows from operating activities

Profit for the year

718,717

Adjustments for:

Finance income

-

Adjustment for impairment of trade receivable

-

Finance expense

760,349

Employee benefit plan charged

-

Depreciation

38,539

Adjustments on depreciation

-

Amortisation of Intangible assets

-

Return on planned asset

-

Profit on sale of PPE

-

Income Tax

31,865

1,549,470

Changes in:

Other receivables

(75,187)

Inventories

225,400

Inventories under development

(6,746)

Trade and other receivables

(961,529)

Prepayments / Other Current Assets

10,580

Trade and other payables

(466,045)

Cash generated from (used in) operating activities

275,943

Defined employee benefits paid

-

Tax paid

-

Net Cash generated from (used in) operating activitie

275,943

Cash flows from investing activities

Proceeds from sale of property, plant and equipment

-

Investment in RTB Savings & Fund

-

Acquisition of property, plant and equipment

(197,787)

Net cash used in investing activities

(197,787)

Cash flows from financing activities

Interest on loans

(760,349)

Interest income

-

Movement in LPO financing facility

141,125

Net cash used in financing activities

(619,224)

Net increase / (decrease) in cash and cash equivalents

(541,068)

Cash and cash equivalents at 1 January

(12,370,794)

Cash and cash equivalents at 31 March

(12,911,862)

-

-

47,538

-

17,671

-

-

-

-

41,479

303,938

-

299,773

66,859

546,854

(49,270)

(3,025,525)

(1,857,371)

-

-

(1,857,372)

-

-

(31,350)

(31,350)

(47,538)

-

1,440,400

1,392,862

(495,861)

(12,459,752)

(12,955,613)

Consolidated statement of changes in equity

For the quarter ended 31 March 2026

Share

Capital

Share

premium

Revaluation

reserve

Retained Owners of the Controlling

Earnings company Interest Total Equity

N'000

N'000

N'000

N'000 N'000 N'000 N'000

588,177

409,862

3,174,364

(12,650,822) (8,478,419) - (8,478,419)

Profit for the year

-

-

-

2,802,422

2,802,422

-

2,802,422

Release of Revaluation surplus on property, plant

and equipment disposal

(23,959)

23,957

Adjustment to unwind revaluation surplus on

assets disposed in Pys

2,396

2,396

2,396

Re-measurement loss on defined benefit plans

12,666

12,666

12,666

Other comprehensive income

-

-

-

-

-

-

-

Total comprehensive income for the period

-

-

(23,959)

2,841,441

2,817,482

-

2,817,482

Transactions with owners, recorded directly in

equity

-

-

-

-

-

-

-

Acquisition of NCI without a change in control

-

-

-

-

-

-

-

Balance at 31 December 2025

588,177

409,862

3,150,405

(9,809,381)

(5,660,937)

-

(5,660,937)

Balance at 1 January 2026

588,177

409,862

3,150,405

(9,809,381)

(5,660,937)

-

(5,660,937)

Profit for the period

-

-

-

718,717

718,717

-

718,717

Other comprehensive income for the period

-

-

-

-

-

-

-

Total comprehensive profit

-

-

-

718,717

718,717

-

718,717

Balance at 31 March 2026

588,177

409,862

3,150,405

(9,090,665)

(4,942,220)

-

(4,942,220)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 31 MARCH 2026

1

Reporting entity

R.T. Briscoe (Nigeria) PLC (the 'Company') is domiciled in Nigeria. The Company was incorporated in Nigeria as a limited liability company on 9 March 1957 and became a public limited liability company in 1973. The Company's registered office is at 18, Fatai Atere Way, Matori, Oshodi, Lagos State. This financial statements comprise the Company and its subsidiaries (collectively 'the Group' and individually 'Group companies'). The Group is primarily engaged in the sales and servicing of Toyota and Ford motor vehicles, technical equipment, including forklifts, industrial compressors, mining and drilling equipment and generating sets, facility management, property development and leasing of property.

2

Basis of preparation

(a)

Statement of compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and in the manner required by the Companies and Allied Matters Act Cap C20, laws of the federation of Nigeria, 2004 and the Financial Reporting Council (FRC) of Nigeria Act, 2011. They were authorised for issue by the Board of Directors on 28th April 2026.

(b)

Basis of measurement

The consolidated financial statements have been prepared on the historical cost basis except for defined benefit liability measured at the present value of the defined benefit obligation, inventories measured at the lower of cost and net realisable value and property plant and equipment (land and building) measured at fair value as described in note 4 to the financial statements. Financial assets and liabilities are measured initially at fair value/less transaction cost and subsequently measured at amortised cost.

(c)

Functional and presentation currency

These consolidated financial statements have been presented in Nigerian Naira, which is the Company's functional currency. All amounts have been rounded to the nearest thousands, except when otherwise indicated.

(d)

Use of judgments and estimates

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. In preparing these condensed interim financial statements, the significant judgements made by management in applying the group's accounting policies and the key sources of estimation were the same as those that applied to the consolidated financial statements for the year ended 31 December 2025.

3

Significant accounting policies

The accounting policies adopted are consistent with those for the year ended 31 December 2025.

4

Securities Trading Policy

The Board has a Securities Trading Policy which is applicable to all employees, directors, audit committee members and connected employees of auditors, consultants and contractors of the company and its subsidiaries. The terms of the policy are no less exacting than the standard set in the Listing Rules of The

Nigerian Stock Exchange. A copy of the policy is on the company's website.

5

Free Float

The free float of the company is in full compliance with the minimum free float requirements of the Nigerian Stock Exchange for the Main Board. The free float analysis of the issued and paid-up share capital of the company as at March 31, 2026 and April 28, 2026 when the consolidated financial statements

for the quarter ended 31st March 2026 were approved is as follows:

Ordinary shares

held as at 31 March 2026

% held as at 31 March 2026

Ordinary shares

held as at 28 April 2026

% held as at 28 April 2026

Units

439,121,474

37.33

439,121,474

37.33

2,841,054

0.24

2,841,054

0.24

13,255,923

1.13

13,255,923

1.13

721,133,605

61.30

721,133,605

61.30

1,176,352,056

100

1,176,352,056

100

Value (NGN)

4,237,522,224

37.33

3,969,658,125

37.33

27,416,171

0.24

25,683,128

0.24

127,919,657

1.13

119,833,544

1.13

6,958,939,288

61.30

6,519,047,789

61.30

11,351,797,340

100

10,634,222,586

100

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 31 MARCH 2026

6

Financial Risk Management

The group's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the group's financial performance.

This interim financial statements do not include all financial risk management information and disclosures required in an annual financial statements; they should be read in conjunction with the company's annual financial statements as at 31 December 2025. There have been no changes in the risk management structure since year end or in any risk management policy.

7

a

Basis of segmentation

The Group has the following strategic divisions, which are its reportable segments. These divisions offer different products and services, and are managed separately because they require different technology and marketing strategies.

The following summary describes the operations of each reportable segment

Reportable segments

Operations

Motor Vehicles

Sale of Toyota Vehicles

Industrial equipment

Sale and marketing of industrial equipment

Aftersales service

Servicing and maintenance of Toyota and Ford vehicles, Industrial and Material Handling Equipment

Property development

Facility Management, Development, sale and leasing of property.

The Group Chief Executive Officer (CEO) reviews the internal management reports of each division at least quarterly.

b

Information about reportable segments

Revenue

An analysis of revenue is as follows:

Motor vehicles and accessories

Industrial equipment

Aftersales services and parts

Property development & facility management

31/03/2026

N'000

13,680,995

641,939

808,572

193,884

15,325,390

31/03/2025

N'000

6,741,451

612,812

682,214

259,283

8,295,760

8

Other income

Rental income

Gain on foreign exchange translation

Other sundry income

31/03/2026

N'000

12,401

25,754

5,301

43,456

31/03/2025

N'000

11,876

-

10,131

22,007

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 31 MARCH 2026

9

Finance costs

Interest on bank overdrafts and loans

Interest on LPO financing facilities

Bank Charges

31/03/2026

31/03/2025

N'000

N'000

234,661

322,809

507,209

40,388

18,479

7,150

760,349

370,347

10

Cash and cash equivalents

For the purpose of the statement of cash flows, cash and cash equivalents include cash on hand and in banks, short term investments with an original maturity of three months or less, net of outstanding bank overdrafts and short term loans. Cash and cash equivalents at the end of the reporting period as shown in the statement of cash flows can be reconciled to the

related items in the statement of financial position as follows:

Cash in hand

Bank balance

31/03/2026

31/12/2025

N'000

N'000

25,344

24,039

1,533,935

1,834,081

1,559,279

1,858,120

(14,471,141)

(14,228,914)

(12,911,862)

(12,370,794)

11

Trade and other receivables

Trade receivables

WHT & VAT receivables

Staff advances

Deposit made to Suppliers

Other receivables (Sundry Debtors)

Allowance for Impairments

31/03/2026

31/12/2025

N'000

N'000

6,369,513

3,657,786

4,295,211

4,141,225

73,989

29,360

-

1,857,743

350,914

366,751

(1,001,978)

(1,001,932)

10,087,649

9,050,933

12

Trade and other payables

31/03/2026

N'000

500,179

31/12/2025

N'000

1,217,778

956,551

37,635

10,647

10,647

13,996

12,411

3,281,946

3,785,957

4,263,140

3,846,650

4,763,318

5,064,428

Other payables:

Due to related parties

Dividend payable

Pension payable

Accruals and other payables (Note 12.1)

12.1

Accruals and other payables

Payable on facility management

Service charges due from FM mandates

Long service award

Accrued expenses

Other payables

642,926

363,530

267,305

353,330

136,175

136,175

1,804,972

1,146,487

430,568

1,786,435

3,281,946

3,785,957

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 31 MARCH 2026

13

Bank Overdrafts

31/03/2026

N'000

31/12/2025

N'000

Unsecured - at amortised cost

Bank overdrafts

14

Borrowings

31/03/2026

N'000

5,507,495

5,507,495

31/12/2025

N'000

5,366,370

5,366,370