Transcorp Hotels PlcNSENG: TRANSCOHOT

Quarter 1 - financial statement for 2026

Apr 23, 2026 at 8:04 PM UTC · Issued by Transcorp Hotels Plc

TRANSCORP HOTELS PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

TRANSCORP HOTELS PLC.

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

CORPORATE INFORMATION

Dr. (Mrs). Awele Vivien Elumelu, OFR

Mrs. Uzoamaka Oshogwe

Dr. (Mrs.) Owen Omogiafo, OON

Ms. Bolanle Onagoruwa

Alhaji Garba Abubakar

Ms. Adesimbo Ukiri

Mr. Muyiwa Akinyemi

Chairman (Appointed 1 January 2026)

Managing Director/Chief Executive Officer

Non-Executive Director

Independent Non-Executive Director

Non-Executive Director

Independent Non-Executive Director (Appointed 1 April 2026)

Country of incorporation and Domicile Nigeria Directors:

Group Company Secretary: Atinuke Kolade

1 Aguiyi Ironsi Street, Maitama

Federal Capital Territory

Abuja, Nigeria.

Registered Office:

Holding Company: Transnational Corporation Plc.

Registration Number: RC 248514 Tax Identification Number: 04259425-0001

Africa Prudential Plc

220B Ikorodu Road

Palmgrove, Lagos.

Registrars:

United Bank for Africa Plc

UBA House

57 Marina, Lagos

Nigeria.

Principal Banker:

Zenith Bank Plc

Plot 84/87 Ajose Adeogun Street

Victoria Island, Lagos

Nigeria.

Deloitte & Touche

Chartered Accountants

Civic Towers, Plot GA 1 Ozumba Mbadiwe Avenue

Victoria Island, Lagos

Nigeria.

Auditors:

Investors Relations Manager:

Mrs. Oluwatobiloba Ojediran investorrelations@transcorphotelsplc.com

Investors Relations Portal: https://www.transcorphotels.com/investor-relations/

TRANSCORP HOTELS PLC.

UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2026

Group
	Jan- Mar 2026	Jan- Mar 2025
	N '000	N '000
	22,412,993	20,639,934
	(5,217,540)	(5,166,158)

	17,195,453	15,473,776

Profit for the period attributable to:

Owners of the Company

Non-controlling interests

Company

Note

Revenue

Cost of sales

Gross profit

Jan- Mar 2026

N '000

22,412,993

(5,217,540)

17,195,453

Jan- Mar 2025

N '000

20,639,209

(5,166,158)

15,473,051

Other operating income

Impairment (losses)/gains on financial assets Impairment losses on non-current assets

Operating expenses

Operating profit

13.

100,212

(66,077)

-(9,608,666)

7,620,922

129,923

(20,167)

-(8,686,251)

6,897,281

100,212

(71,087)

-(9,594,164)

7,630,414

129,911

(20,167)

-(8,680,438)

6,902,357

Finance costs

Finance income

Profit before tax

10.

(762,215)

219,747

7,078,454

(892,365)

151,997

6,156,913

(762,215)

219,747

7,087,946

(892,365)

151,997

6,161,989

Income tax 11.

Profit for the period

(1,417,591)

5,660,863

(1,110,573)

5,046,340

(1,417,591)

5,670,355

(1,110,573)

5,051,416

5,661,465

(602)

5,660,863

5,048,161

(1,821)

5,046,340

5,670,355

5,670,355

5,051,416

5,051,416 Other comprehensive income/(loss)

Fair value gain on equity instrument

Total other comprehensive income for the period

200,130

3,004

200,130

3,004

Total comprehensive income for the period

5,860,993

5,049,344

5,861,595

(602)

5,860,993

5,051,165

(1,821)

5,049,344

Attributable to:

Owners of the Company

Non-controlling interests*

	5,870,485 5,870,485	5,054,420 5,054,420
	-	-
	5,870,485	5,054,420

55 49
55 49

Earnings per share

Basic earnings per share (kobo)

Diluted earnings per share (kobo)

12.

The material accountig policy information on pages 7 to 8 and the notes on pages 9 to 30 form an integral part of the unaudited consolidated and separate financial statements.

TRANSCORP HOTELS PLC. UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2026

Group

Company

	Note	31 Mar 2026	31 Dec 2025	31 Mar 2026	31 Dec 2025
		N '000	N '000	N '000	N '000
Assets
Non-current assets
Property, plant and equipment	13.	125,305,650	124,857,235	110,726,430	110,277,904
Investment property	14.	-	-	2,816,000	2,816,000
Intangible assets	15.	305,313	238,450	284,035	217,172
Investment in subsidiaries	4.	-	-	21,220	21,220
Other investment	16.	3,889,210	3,689,079	3,889,210	3,689,079
Long term receivables	18.	1,575,000	1,631,250	11,672,050	11,726,400
		131,075,173	130,416,014	129,408,945	128,747,775
Current assets
Inventories	17.	743,357	629,339	743,357	629,339
Trade and other receivables	18.	19,036,700	10,996,634	18,983,065	10,989,428
Prepayments	19.	2,184,048	904,653	2,184,048	904,653
Cash and bank balances	20.	12,494,567	16,959,276	12,489,897	16,916,133
		34,458,672	29,489,902	34,400,367	29,439,553
Total assets		165,533,845	159,905,916	163,809,312	158,187,328

Equity and Liabilities
Equity
Share capital	21.	5,121,264	5,121,264	5,121,264	5,121,264
Share premium	21.	12,548,859	12,548,859	12,548,859	12,548,859
Other reserves		451,094	250,964	451,094	250,964
Retained earnings	23.	70,895,599	77,525,168	71,402,627	78,023,306
Equity attributable to Owners of the Company		89,016,816	95,446,255	89,523,844	95,944,393
Non-controlling interests	24.	(217,414)	(216,812)	-	-
Total equity		88,799,402	95,229,443	89,523,844	95,944,393

Liabilities
Non-current liabilities
Borrowings	25.	23,092,364	5,068,646	23,092,364	5,068,646
Deferred income	26.	92,397	202,701	92,397	202,701
Contract liabilities	27.	1,642,874	1,681,080	1,642,874	1,681,080
Deposit for shares	28.	2,410,000	2,410,000	-	-
Defined benefit liability	29.	443,371	359,212	443,371	359,212
Deferred tax liability	11.	18,956,904	18,177,938	18,956,904	18,177,938
		46,637,910	27,899,577	44,227,910	25,489,577
Current liabilities
Trade and other payables	30.	18,658,373	24,448,050	18,619,438	24,424,552
Current tax liabilities	11.	5,911,781	5,273,156	5,911,741	5,273,116
Contract liabilities	27.	1,220,790	1,077,889	1,220,790	1,077,889
Borrowings	25.	3,763,263	5,449,642	3,763,263	5,449,642
Deferred income	26.	444,000	444,000	444,000	444,000
Defined benefit liability	29.	98,326	84,159	98,326	84,159
		30,096,533	36,776,896	30,057,558	36,753,358
Total liabilities		76,734,443	64,676,473	74,285,468	62,242,935

Total equity and liabilities		165,533,845	159,905,916	163,809,312	158,187,328

The Unaudited Consolidated and Separate Financial Statements on pages 3 to 30 were approved by the Board of Directors on 23 April 2026 and were signed on its behalf by:

Dr. Awele Vivien Elumelu,OFR Chairman Mrs. Oluwatobiloba Ojediran Chief Finance Officer Mrs. Uzoamaka Oshogwe Managing Director/CEO FRC/2013/MDCAN/000000004705 FRC/2020/PRO/ICAN/001/00000020314 FRC/2013/PRO/DIR/003/00000004689

The material accountig policy information on pages 7 to 8 and the notes on pages 9 to 30 form an integral part of the unaudited consolidated and separate financial statements.

TRANSCORP HOTELS PLC.

UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF CHANGES IN EQUITY

AS AT 31 MARCH 2026

Group	Share capital	Share premium	Other reserves	Retained earnings	Total attributable to owners of the parent	Non-controlling interests	Total equity
	N '000	N '000	N '000	N '000	N '000	N '000	N '000


Balance at 1 January 2025	5,121,264	12,548,859	(186,679)	63,234,028	80,717,472	(198,323)	80,519,149
Profit/(loss) for the period	-	-	-	21,870,611	21,870,611	(18,489)	21,852,122
Other comprehensive income	-	-	437,643	-	437,643	-	437,643
Total comprehensive income for the period	-	-	437,643	21,870,611	22,308,254	(18,489)	22,289,765
Dividends declared	-	-	-	(7,579,471)	(7,579,471)	-	(7,579,471)
Total contributions by and distributions to Owners of Company	-	-	-	(7,579,471)	(7,579,471)	-	(7,579,471)
Balance at 31 December 2025	5,121,264	12,548,859	250,964	77,525,168	95,446,255	(216,812)	95,229,443

Balance as at 1 January 2026	5,121,264	12,548,859	250,964	77,525,168	95,446,255	(216,812)	95,229,443
Profit/(loss) for the period	-	-	-	5,661,465	5,661,465 200,130	(602)	5,660,863
Other comprehensive income	-	-	200,130	-	5,661,465 200,130	-	200,130
Total comprehensive income for the period	-	-	200,130	5,661,465	5,861,595	(602)	5,860,993
Dividends declared	-	-	-	(12,291,034)	(12,291,034)	-	(12,291,034)
Total contributions by and distributions to Owners of Company	-	-	-	(12,291,034)	(12,291,034)	-	(12,291,034)
Balance at 31 March 2026	5,121,264	12,548,859	451,094	70,895,599	89,016,816	(217,414)	88,799,402
Company
Company
Balance at 1 January 2025	5,121,264	12,548,859	(186,679)	62,765,636	80,249,080	-	80,249,080
Profit for the period	-	-		22,837,141	22,837,141	-	22,837,141
Other comprehensive income	-	-	437,643	-	437,643	-	437,643
Total comprehensive income for the period	-	-	437,643	22,837,141	23,274,784	-	23,274,784
Dividends declared	-	-	-	(7,579,471)	(7,579,471)	-	(7,579,471)
Total contributions by and distributions to Owners of Company	-	-	-	(7,579,471)	(7,579,471)	-	(7,579,471)
Balance at 31 December 2025	5,121,264	12,548,859	250,964	78,023,306	95,944,393	-	95,944,393

Balance at 1 January 2026	5,121,264	12,548,859	250,964	78,023,306	95,944,393	-	95,944,392
Profit for the period	-	-		5,670,355	5,670,355	-	5,670,355
Other comprehensive income	-	-	200,130	-	200,130	-	200,130
Total comprehensive income for the period	-	-	200,130	5,670,355	5,870,485	-	5,870,485
Dividends declared	-	-	-	(12,291,034)	(12,291,034)	-	(12,291,034)
Total contributions by and distributions to Owners of Company	-	-	-	(12,291,034)	(12,291,034)	-	(12,291,034)
Balance at 31 March 2026	5,121,264	12,548,859	451,094	71,402,627	89,523,844	-	89,523,843

The material accountig policy information on pages 7 to 8 and the notes on pages 9 to 30 form an integral part of the unaudited consolidated and separate financial statements.

UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2026

Group

Company

Note

N '000

Operating activities

31 Mar 2026 31 Mar 2025 31 Mar 2026 31 Mar 2025

N '000

Cash generated from operations

Income taxes paid

31. (6,445,613) 7,572,066 (6,407,140) 7,582,139

				-
Net cash from operating activities		(6,445,613)		7,572,066	(6,407,140)	7,582,139

Investing activities

Proceeds on disposal of subsidiary		56,250		56,250	56,250	56,250
Interest received		21,675		9,145	21,675	9,145
Proceeds from sale of property, plant and equipment		8,088		12,512	8,088	11,173
Purchase of property, plant and equipment	13.	(1,542,969)		(1,221,921)	(1,542,970)	(1,220,538)
Purchase of intangible asset	15.	(84,952)		-	(84,952)	-
Net cash used in investing activities		(1,541,908)	(1,144,014)		(1,541,909)	(1,143,970)

Financing activities

11. - - -

Proceeds from borrowings	25.	19,918,270	-	19,918,270	-
Repayment of borrowings	25.	(2,364,098)	(1,166,141)	(2,364,098)	(1,166,141)
Interest paid	25.	(275,375)	(677,552)	(275,375)	(677,552)
Dividends paid		(12,291,034)	-	(12,291,034)	-
Net cash used in financing activities		4,987,763	(1,843,693)	4,987,763	(1,843,693)

Net (decrease)/increase in cash and cash equivalents		(2,999,758)	4,584,359	(2,961,285)	4,594,476
Cash and cash equivalents at beginning of period		15,551,621	7,015,168	15,508,478	6,961,695
Effect of foreign exchange rate changes		(57,296)	(49,114)	(57,296)	(49,114)

Cash and cash equivalents at end of period	20.	12,494,567	11,550,413	12,489,897	11,507,057

The material accountig policy information on pages 7 to 8 and the notes on pages 9 to 30 form an integral part of the unaudited consolidated and separate financial statements.

1. Corporate information

Transcorp Hotels Plc is a public limited company incorporated and domiciled in Nigeria.

Transcorp Hotels Plc (the company or the parent) was incorporated under the Companies and Allied Matters Act on 12 July 1994 as a private limited liability company and is domiciled in Nigeria. Following a successful Initial Public Offer (IPO), the Company was on 15 January 2015 listed on the Nigerian Exchange Limited (formerly Nigerian Stock Exchange) and its shares are publicly traded.

The ultimate parent of the Company is Transnational Corporation Plc with 76.16% (2023:76.16%) shareholdings. The registered office is located at 1 Aguiyi Ironsi Street, Maitama, Federal Capital Territory, Abuja, Nigeria.

The Group is principally engaged in hospitality activities; rendering of hotel services by providing luxury accomodation, fully equipped meeting rooms, and leisure facilities to business travelers and tourists from all over the world.

In 2025, the Group commissioned the Transcorp Centre, a state-of-the -art facility with a 5,000-seater capacity, further enhancing its ability to host large-scale conferences, corporate events, and social gatherings. These offerings cater to both business travelers and tourists, reflecting the Group's commitment to excellence in service delivery and operational standards

Information on the Group's structure is provided in Note 4.

The unaudited consolidated and separate financial statements for the period ended 31 March 2026 were authorised for issue in accordance with a resolution of the Directors on 23 April 2026.

2. Material Accounting Policy Information

The material accounting policies applied in the preparation of these unaudited consolidated and separate financial statements are set out below.

2.1 Basis of preparation

The unaudited consolidated and separate financial statements have been prepared on the going concern basis in accordance with, and in compliance with,the IFRS® Accounting Standards and International Financial Reporting Interpretations Committee

("IFRIC") interpretations issued and effective at the time of preparing these consolidated and separate financial statements, the

Companies and Allied Matters Act of Nigeria, 2020 and the Financial Reporting Council of Nigeria (Amendment) Act, 2023.

The unaudited consolidated and separate financial statements have been prepared on the historical cost convention, unless otherwise stated in the accounting policies which follow and incorporate the material accounting policies set out below. The consolidated and separate financial statements are presented in Naira, which is the Group's and Company's functional currency.

All values are rounded to the nearest thousand (N'000), except when otherwise indicated. These accounting policies are consistent with the previous period.

The unaudited consolidated financial statements do not include all the information and disclosures required in the annual

financial statements, and should be read in conjunction with the Group's annual financial statements as at 31 December 2025.

Going Concern

Management believes that a going concern assumption is appropriate for the Group due to sufficient capital adequacy ratio and projected liquidity. This is based on historical experience that short-term obligations will be re-financed as required in the normal course of business.

As at 31 March 2026, the unaudited consolidated statement of financial position reflected an excess of current liabilities over current assets. The working capital deficit was primarily caused by the related parties payabels within current liabilities for which there is no immediate demand for repayment..

A cash flow forecast for the next 12 months prepared by management has indicated that the consolidated entity will have sufficient cash assets to be able to meet its debts as and when they are due.

Liquidity ratio and continuous evaluation of current ratio of the Group is carried out on an ongoing basis to ensure that there are no going concern threats to the operations of the Group.

2.2 Segmental Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating-decision

maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Managing Director/Chief Executive Officer (MD/CEO) of Transcorp Hotels Plc, that makes strategic decisions.

The basis of segmental reporting has been set out in Note 3.

2.3 Consolidation

The unaudited consolidated financial statements incorporate the financial statements of the Company and entities controlled by

the Company (its subsidiaries) made up to each reporting date (financial year end is 31 December). Control is achieved when the Company has:

•

Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)

•

Exposure, or rights, to variable returns from its involvement with the investee

•

The ability to use its power over the investee to affect its returns

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

When the Company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company's voting rights in an investee are sufficient to give it power, including:

•	The size of the Company's holding of voting rights relative to the size and dispersion of holding of the other vote holders

•

Potential voting rights held by the Company, other vote holders or other parties

•

Rights arising from other contractual arrangements

•

Any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the

relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders' meetings.

3. Segment information

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision-maker has been identified as the Managing Director/Chief Executive Officer (MD/CEO) of Transcorp Hotels Plc. The MD/CEO reviews the Group's internal reporting to assess performance and allocate resources. The MD/CEO has determined the operating segments based on these reports. Assessment of performance is based on operating profits of the operating segments that are reviewed by the MD/CEO and other Directors. Other information provided to the Board is measured in a manner consistent with that of the financial statements.

The Directors consider the business from an industry perspective and have identified one (1) operating segment which is the hospitality business as none of the subsidiaries consolidated qualify for segment analysis.

All businesses are situated in Nigeria. In addition, there are no inter-segmental sales as all sales are to external customers.

For the period ended 31 March 2026 Company Group

Segment by entity	Transcorp Hotels Plc	Other Segments	Transcorp Hotels Plc
	N '000	N '000	N '000
Rooms	15,757,958	-	15,757,958
Food & Beverage	5,576,746	-	5,576,746
Event centre hall rental	153,131		153,131
Shop rental	442,477	-	442,477
Service charge	223,331	-	223,331
Recreation Service	100,382	-	100,382
Secretarial Service	14,180	-	14,180
Other operating revenue	144,788	-	144,788
Total revenue from contracts with customers	22,412,993	-	22,412,993
For the period 31 March 2025

	N '000	N '000	N '000
Rooms	14,216,885	-	14,216,885
Food and beverages	5,620,326	-	5,620,326
Shop rental	433,365	-	433,365
Service charge	114,835	-	114,835
Recreation Service	119,034	-	119,034
Secretarial Service	33,955	-	33,955
Accommodation and experiences	-	725	725
Other operating revenue	100,809	-	100,809
Total revenue from contracts with customers	20,639,209	725	20,639,934

Segments by entity Company Transcorp Hotels Plc Other Segments Group Transcorp Hotels Plc

4. Interests in Subsidiaries including Consolidated Structure Entities

The following table lists the entities which are controlled by the Group, either directly or indirectly through other subsidiaries.

Name Principal activities

Country of incorporation % equity interest 2026 2025

Transcorp Hotels Port Harcourt Limited	Hospitality	Nigeria	100	100
Transcorp Hotels Ikoyi Limited	Hospitality	Nigeria	58	58
Aura by Transcorp Hotels Limited	Hospitality	Nigeria	60	60

Investment in subsidiaries

2026 2025

Name

N '000

Transcorp Hotels Port Harcourt Limited	20,000	20,000
Transcorp Hotels Ikoyi Limited	1,160	1,160
Aura by Transcorp Hotels Limited	60	60

21,220 21,220

The Holding Company

The immediate and ultimate holding company of Transcorp Hotels Plc is Transnational Corporation Plc which is based and listed in Nigeria and listed on Nigerian Exchange Limited.

Entity with significant influence over the Group

Ministry of Finance Incorporated owns 11.04% of the ordinary shares of Transcorp Hotels Plc (2025: 11.04%).

Non-controlling interest

Heirs Holdings Ltd owns 42% of the ordinary shares of Transcorp Hotels Ikoyi Limited (2025: 42%).
Transnational Corporation Plc. and Heirs Holdings Ltd own 20% each of the ordinary shares of Aura by Transcorp Hotels Ltd (2025: 20% each)

Group

Company

31 Mar 2026 31 Mar 2025 31 Mar 2026 31 Mar 2025

N '000

N '000 N '000 N '000

5. Revenue
Rooms*	15,757,958	14,216,885	15,757,958	14,216,885
Food and beverages	5,576,746	5,620,326	5,576,746	5,620,326
Event centre hall rental	153,131	-	153,131	-
Service Charge	223,331	114,835	223,331	114,835
Shop Rental	442,477	433,365	442,477	433,365
Accomodation and experiences	-	725	-	-
Recreation Service	100,382	119,034	100,382	119,034
Secretarial Service	14,180	33,955	14,180	33,955
Other operating revenue	144,788	100,809	144,788	100,809
Total revenue	22,412,993	20,639,934	22,412,993	20,639,209

*The Rooms Revenue, for prior period ended 31 March 2025, has been adjusted with the sum of N366mn, being discount accrued from Hilton loyalty programme, in line with IFRS 15. This is a reclassification from advertising expense line under operating expenses, hence it has a nil effect on the profit or loss position for the period.

Group

Company

31 Mar 2026 31 Mar 2025 31 Mar 2026 31 Mar 2025

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

6. Cost of sales
Rooms	1,793,967	2,045,767	1,793,967	2,045,767
Food and beverages	3,297,099	3,022,993	3,297,099	3,022,993
Other operating costs	126,474	97,398	126,474	97,398
Total cost of sales	5,217,540	5,166,158	5,217,540	5,166,158

Group

Company

31 Mar 2026 31 Mar 2025 31 Mar 2026 31 Mar 2025

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

7. Other operating income (net)
Net gain on disposal of property, plant and equipment	8,088	11,173	8,088	11,173
Key money (Note 27.2)	38,206	38,206	38,206	38,206
Deferred income (Note 26)	110,304	110,485	110,304	110,485
Net unrealised foreign exchange (loss)/gain	(57,296)	(49,114)	(57,296)	(49,114)
Other operating income	910	19,173	910	19,161
Total net other operating income	100,212	129,923	100,212	129,911

8. Impairment losses/(gains) on financial assets
	Group		Company
	31 Mar 2026	31 Mar 2025	31 Mar 2026	31 Mar 2025
	N '000	N '000	N '000	N '000
Trade receivables	59,649	20,167	18,541	20,167
Receivables from related parties	6,428	-	50,593	-
Receivables from related parties (long term receivables)	-	-	1,953	-
	66,077	20,167	71,087	20,167

Operating expenses
Group

Company

31 Mar 2026 31 Mar 2025 31 Mar 2026 31 Mar 2025

N '000

N '000 N '000 N '000

Advertising**	457,971	437,004	457,971	437,004
Amortisation (Note 15)	18,089	11,109	18,089	8,627
Auditors remuneration	65,440	23,794	55,426	23,794
Bank charges	348,994	276,274	348,994	276,268
Consulting and professional fees	17,833	38,879	17,377	38,805
Depreciation (Note 13)	1,094,554	674,352	1,094,443	673,949
Directors' remuneration	272,501	183,201	272,501	183,201
Employee costs	1,469,499	1,541,627	1,469,499	1,540,935
Energy cost	1,077,327	1,333,436	1,077,327	1,333,436
Group services and benefits	482,439	451,611	482,439	451,611
Insurance	321,341	260,714	321,341	260,714
IT expenses	121,757	121,206	121,757	120,877
Licenses, fees and rates	23,176	16,376	23,176	16,376
Management fees *	2,489,292	1,465,280	2,489,292	1,465,280
Medical expenses	19,178	15,008	19,178	15,008
Other expenses	503,448	622,303	502,249	622,007
Printing and Stationery	8,447	8,043	8,447	8,043
Repairs and maintenance	662,081	1,017,465	662,081	1,017,465
Security	25,971	45,151	23,249	43,620
Travel, logistics and accommodation	129,328	143,418	129,328	143,418
Total operating expenses	9,608,666	8,686,251	9,594,164	8,680,438

*Management fees are made up of base management fees payable to Hilton International at 1.5% of revenue, incentive fees based on an accelerated rate schedule applied on gross operating profit, and technical service fee payable to Transnational Corporation Plc at 5% of revenue.

The fees to Hilton are specified in the executed management agreement between Transcorp Hotels Plc and Hilton International for the provision of Hotel Management and other related services to the Company. Similarly, there exists a Technical Service Agreement between Transcorp Hotels Plc and Transnational Corporation Plc.

**The Advertising expenses, for prior period ended 31 March 2025, has been adjusted with the sum of N366mn, being discount accrued from Hilton loyalty programme, and reclassified to Room Revenue, hence it has a nil effect on the profit or loss position for the period.

Finance costs/ income
Group

Company

31 Mar 2026 31 Mar 2025 31 Mar 2026 31 Mar 2025

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

Finance costs

Interest on debts and borrowings	466,197	521,975	466,197	521,975
Interest on Intercompany loan payables	270,260 424,055 270,260 424,055
Other finance cost	25,758	23,141	25,758	23,141
	762,215	969,171	762,215	969,171
Less: Capitalised borrowing cost	-	(76,806)	-	(76,806)
Total finance costs	762,215	892,365	762,215	892,365

Group

Company

Finance income

31 Mar 2026 31 Mar 2025 31 Mar 2026 31 Mar 2025

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

Interest on bank deposits

Interest on intercompany loan receivables

21,675

198,072

9,145

142,852

21,675

198,072

9,145

142,852

Total finance income

219,747

151,997

219,747

151,997

11. Income Tax

The major components of income tax expense for the period ended 31 March 2026 and 2025 are:

Group				Company
31 Mar 2026			31 Mar 2025	31 Mar 2026 31 Mar 2025
N '000		N '000 N '000 N '000
Current Income Tax:
Current income tax	381,332	686,329	381,332	686,329
Capital gain tax	-	1,128	-	1,128
Tertiary education tax charge	257,293	206,330	257,293	206,330
	638,625	893,787	638,625	893,787

Deferred tax:	778,966	216,786	778,966	216,786
Originating and reversing temporary differences
Tax expense in the statement of profit or loss	1,417,591	1,110,573	1,417,591	1,110,573

Current tax payable

Group

Company 31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

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

As of 1 January

5,273,156

3,067,783

5,273,116

3,067,743

Income tax expense during the period

638,625

5,175,941

638,625

5,175,941

Payment during the period

5,911,781

(2,970,568)

5,273,156

5,911,741

(2,970,568)

5,273,116

The charge for taxation during the period has been computed in accordance with the provisions of the Nigeria Tax Act 2025.

11.1 Deferred tax

Deferred tax relates to the following:

Group Company

31 Mar 2026

N '000

31 Dec 2025

N '000

31 Mar 2026

N '000

31 Dec 2025

N '000

Deferred tax liability

18,956,904

18,177,938

18,956,904

18,177,938

Total Net Deferred Tax Liability

18,956,904

18,177,938

18,956,904

18,177,938

Group

Deferred tax relates to the following:

Statement of financial position Statement of profit or loss 31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Mar 2025

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

Property, plant and equipment	19,234,845	18,455,879	778,966	216,786
Expected credit losses on debt financial assets	(125,410)	(125,410)	-	-
Exchange difference	(87,004)	(87,004)	-	-
Deferred tax expense- profit or loss statement Add:	19,022,431	18,243,465	778,966	216,786

Net actuarial gain in OCI (65,527) (65,527) - -

Total deferred tax expense

Net deferred tax liabilities

778,966 216,786

18,956,904 18,177,938

TRANSCORP HOTELS PLC.

NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D

FOR THE PERIOD ENDED 31 MARCH 2026

Property, plant and equipment Investment Property

Expected credit losses on debt financial assets Exchange difference

Deferred tax expense- profit or loss statement

Net actuarial gain in OCI Total deferred tax expense Net deferred tax liabilities

Deferred tax relates to the following:

Company
Statement of financial position		Statement of profit or loss
31 Mar 2026	31 Dec 2025	31 Mar 2026	31 Mar 2025
N '000	N '000	N '000	N '000
19,184,445	18,405,479	778,966	216,786
50,400	50,400	-	-
(125,410)	(125,410)	-	-
(87,004)	(87,004)	-	-
		778,966	216,786
(65,527)	(65,527)	-	-
		778,966	216,786
18,956,904	18,177,938



Reconciliation of deferred tax liabilities, net
As of 1 January	18,177,938	12,361,948	18,177,938	12,361,948
Tax expense for the period	778,966	5,815,990	778,966	5,815,990
	18,956,904	18,177,938	18,956,904	18,177,938

Group		Company
31 Mar 2026	31 Dec 2025	31 Mar 2026	31 Dec 2025
N '000	N '000	N '000	N '000

12. Earnings per share (EPS)

Basic EPS is calculated by dividing the profit/loss for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.

Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.

Thousands Thousands Thousands Thousands

10,242,528 10,242,528 10,242,528 10,242,528

The following table reflects the income and share data used in the basic and diluted EPS calculations:

	Group		Company
	31 Mar 2026	31 Mar 2025	31 Mar 2026	31 Mar 2025
	N '000	N '000	N '000	N '000
Profit attributable to ordinary equity holders of the parent for basic earnings	5,661,465	5,048,161	5,670,355	5,051,416

Weighted number of shares at the end of the period

Basic Earnings per share (Kobo)	55	49	55	49

Diluted Earnings per share (Kobo)	55	49	55	49

There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorisation of these financial statements.

TRANSCORP HOTELS PLC. NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D FOR THE PERIOD ENDED 31 MARCH 2026

13. Property, plant and equipment

Group

Freehold Land Building Plant & Machinery Computer & Office Equipment Motor Vehicle Capital work in progress Total

N '000

N '000 N '000

N '000

Cost

1-January-2025	39,545,157	49,956,403	5,217,860	20,197,856	382,374	21,028,848	136,328,498
Additions	-	72,264	1,147,781	2,317,412	1,496,506	5,403,332	10,437,295
Interest cost capitalised in the period	-	-	-	-	-	101,148	101,148
Reclassification	-	7,733,709	4,887,637	1,844,441	-	(14,465,787)	-
Write Off*	-	-	-	-	-	(85,655)	(85,655)
Disposal	-	-	(7,570)	(141,559)	(61,448)	-	(210,577)
31-December-2025	39,545,157	57,762,376	11,245,708	24,218,150	1,817,432	11,981,886	146,570,709
Additions	-	-	-	165,949	896,550	480,470	1,542,969
Reclassification	-	87,598	825,072	2,088,905	-	(3,001,575)	-
31-March-2026	39,545,157	57,849,974	12,070,780	26,473,004	2,713,982	9,460,781	148,113,678

31-March-2026 - 10,295,618 2,941,513 9,086,454 484,443 - 22,808,028

Accumulated depreciation

1 January 2025	-	8,581,666	2,477,751	7,155,904	324,726	-	18,540,047
Depreciation for the period	-	1,344,936	337,036	1,595,872	93,698		3,371,542
Disposals	-	-	(7,570)	(140,452)	(50,093)	-	(198,115)
31-December-2025	-	9,926,602	2,807,217	8,611,324	368,331	-	21,713,474
Depreciation for the period	-	369,016	134,296	475,130	116,112	-	1,094,554

Net book value
At 31 March 2026	39,545,157	47,554,356	9,129,267	17,386,549	2,229,539	9,460,781	125,305,650

At 31 December 2025	39,545,157	47,835,774	8,438,491	15,606,826	1,449,101	11,981,886	124,857,235

In line with IAS 40 (Investment Property), the investment property occupied by Transcorp Hotels Port Harcourt Limited (subsidiary of the Group) has been reclassified to property, plant and equipment upon

consolidation.

TRANSCORP HOTELS PLC.

NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D

FOR THE PERIOD ENDED 31 MARCH 2026

13. Property, plant and equipment continued
Company
	Freehold Land	Building	Plant & Machinery	Computer & Office Equipment	Motor Vehicle	Capital work in progress	Total
N'000		N'000	N'000	N'000	N'000	N'000	N'000

1-January-2025 30,872,625 49,956,403 5,217,860 20,191,304 382,374 16,160,170 122,780,736
Additions Interest cost capitalised in the period Reclassification Write off Disposal	- 72,264 1,147,781 2,317,412 1,496,506 4,365,633 9,399,596 - - - - - 101,148 101,148 - 7,733,709 4,887,637 1,844,441 - (14,465,787) - - - - (85,655) (85,655) - - (7,570) (141,559) (61,448) - (210,577)
31-December-2025 30,872,625 57,762,376 11,245,708 24,211,598 1,817,432 6,075,509 131,985,248
Additions Reclassification Disposal	- - - 165,948 896,550 480,470 1,542,970 87,598 825,072 2,088,905 (3,001,575) - - - - - - - -
31-March-2026 30,872,625 57,849,974 12,070,780 26,466,451 2,713,982 3,554,404 133,528,217

Accumulated depreciation


1 January 2025	-	8,581,666	2,477,751	7,152,093	324,726	-	18,536,236
Depreciation for the period	-	1,344,936	337,036	1,593,553	93,698	-	3,369,223
Disposals	-	-	(7,570)	(140,452)	(50,093)	-	(198,115)
31-December-2025	-	9,926,602	2,807,217	8,605,194	368,331	-	21,707,344
Depreciation for the period		369,016	134,296	475,019	116,112	-	1,094,443
Disposals					-	-	-
31-March-2026	-	10,295,618	2,941,513	9,080,213	484,443	-	22,801,787
Net book value

At 31 March 2026 30,872,625 47,554,356 9,129,267 17,386,238 2,229,539 3,554,404 110,726,430

At 31 December 2025 30,872,625 47,835,774 8,438,491 15,606,404 1,449,101 6,075,509 110,277,904

Property, plant and equipment encumbered as security

As at 31 March 2026, there is negative pledge over the Group's property, plant and equipment and floating assets, given in relation to the Group's borrowings.

Impairment and reversal of impairment

No impairment loss nor reversal was recognised in the current period (2025: Nil).

Capital commitment

As at 31 March 2026, the Group had no commitments during the period.

Capital work in progress

Capital work in progress comprises mainly building under construction that are not yet in location or condition for use during the period.

TRANSCORP HOTELS PLC. NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D FOR THE PERIOD ENDED 31 MARCH 2026

14. Investment property

Group		Company
31 Mar 2026	31 Dec 2026	31 Mar 2026	31 Dec 2025
N '000	N '000	N '000	N '000

Opening balance at 1 January	-	- 2,816,000	1,843,000
Net gain from fair value remeasurement	-	- -	973,000
	-	- 2,816,000	2,816,000

15. Intangible assets
Computer Software

Group Company

	N'000	N'000
Cost
At 1 January 2025	459,085	409,227
Additions	128,110	128,110
At 31 December 2025	587,195	537,337
Additions	84,952	84,952
At 31 March 2026	672,147	622,289

Amortisation

At 1 January 2025	301,320	282,669
Amortisation	47,425	37,496
At 31 December 2025	348,745	320,165
Amortisation	18,089	18,089
At 31 March 2026	366,834	338,254

Net book value
At 31 March 2026	305,313	284,035

At 31 December 2025	238,450	217,172

Computer software consists of acquisition costs of software used in the day-to-day operations of the Group.

TRANSCORP HOTELS PLC.

NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D

FOR THE PERIOD ENDED 31 MARCH 2026

16. Other investment

Equity instrument (Unquoted)*

Investment in shares(Quoted)**

Other investment

200,130 384,004 200,130 384,004

3,889,210 3,689,079 3,889,210 3,689,079

Fair value gain on investment(measured through OCI)

Company

Group
31 Mar 2026	31 Dec 2025
N '000	N '000

300,075	300,075	300,075	300,075
3,389,005	2,005,000	3,389,005	2,005,000
-	1,000,000	-	1,000,000
3,689,080	3,305,075	3,689,080	3,305,075

31 Mar 2026 31 Dec 2025

N '000 N '000

*The equity instrument represents a purchase of 7.5% of the 2,000,000 ordinary share capital (equivalent to N300,075,000) of Jeolan International Ltd. The shares has been fully allotted.

Food and beverage Fuel

Guest supplies

Group Company
31 Mar 2026	31 Dec 2025 31 Mar 2026 31 Dec 2025
N '000	N '000 N '000 N '000
297,273	248,131 297,273 248,131
211,800	177,017 211,800 177,017
234,284	204,191 234,284 204,191
743,357	629,339 743,357 629,339

**Shares investment (77,359,050 units held) in United Bank for Africa Plc was purchased at an arm's length in the open market.

17. Inventories

18. Trade and other receivables

Group Company

N '000

31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

Financial Instruments:	3,472,767	3,495,984	3,472,761	3,495,978
Trade receivables	3,472,767	3,495,984	3,472,761	3,495,978
Receivables from subsidiaries*	-	-	10,217,383	10,213,529
Receivables from other related parties	11,991,862	4,020,117	12,476,718	4,543,446
Provision for impairment on trade receivables (Note 18.1, 18.2 & 18.3)	(137,387)	(76,208)	(789,003)	(717,914)

15,327,242 7,439,893 25,377,859 17,535,039

Non-Financial Instruments:	821,611	921,868	821,611	921,868
Deposits and advances	821,611	921,868	821,611	921,868
Withholding tax receivables	898,215	558,610	898,215	558,610
Receivables from Eco Travels and Tours Limited**	1,800,000	1,856,250	1,800,000	1,856,250
Other receivables	1,764,632	1,851,263	1,757,430	1,844,061
Total Trade and Other Receivables	20,611,700	12,627,884	30,655,115	22,715,828

Current	19,036,700	10,996,634	18,983,065	10,989,428
Non-current	1,575,000	1,631,250	11,672,050	11,726,400

Total Trade and Other Receivables 20,611,700 12,627,884 30,655,115 22,715,828

Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.

Deposits and advances include amounts paid in advance to suppliers for goods to be delivered in the near future. It also includes employee advances for operating expenses which will be retired after the related purchases.

Other receivables generally arise from transactions outside the provision of hospitality and related activities in the day-to-day operations of the Group. These include advances to contractors, advances to staff, etc. Interest may be charged at commercial rates where the terms of repayment exceed six months. Collateral is not normally obtained. All other receivables are due and payable within one year from the end of the reporting year.

*Receivables from subsidiaries are long term in nature and it relate to accumulation of capital investment and operating expense made on behalf of Transcorp Hotels Ikoyi Limited and Transcorp Hotels Port Harcourt Limited.

**Receivables from Eco Travels and Tours Limited relate to the sales consideration balance due from Eco travels and tours, following the completion of the disposal of Transcorp Hotels Calabar Limited.

Allowance for expected credit losses

Set out below is the movement in the allowance for expected credit losses of trade and other receivables:

Group Company

As at 1 January

Provsion for the period

31 Mar 2026	31 Dec 2025	31 Mar 2026	31 Dec 2025
N '000	N '000	N '000	N '000
71,311	51,691	71,311	51,691
23,441	19,620	18,541	19,620
89,852	71,311	89,852	71,311

Allowance for expected credit losses -subsidiaries
Set out below is the movement in the allowance for expected credit losses of receivables from related parties (long term):
Group
Company
31 Mar 2026 31 Dec 2025
N '000
N '000
As at 1 January
Provision for expected credit losses
- -
- -
- -
Allowance for expected credit losses - other related parties

Set out below is the movement in the allowance for expected credit losses of receivables from related parties:

31 Mar 2026 31 Dec 2025

N '000 N '000

118,379 85,833

1,953 32,546

120,332 118,379

Group

Company

N '000

N '000 N '000

31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025 As at 1 January

Provision for expected credit losses

4,898

42,637

47,535

41,107

(36,209)

4,898

528,226

50,593

578,819

553,589

(25,363)

528,226

19. Prepayments

Group

Company

N '000

31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

N '000 N '000

Maintenance contracts 614,506 507,871 614,506 507,871

Insurance and permits 1,254,144 176,654 1,254,144 176,654

Prepaid loan processing fees (BOI loans) 121,603 147,361 121,603 147,361

Other prepaid expenses 193,795 72,767 193,795 72,767

2,184,048 904,653 2,184,048 904,653

20. Cash and bank balances

Group

Company

N '000

N '000 N '000

31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

Cash on hand	33,384	40,702	33,384	40,702
Cash at banks	5,171,820	9,260,065	5,167,150	9,216,922
Short term deposit	7,289,363	7,658,509	7,289,363	7,658,509

12,494,567 16,959,276 12,489,897 16,916,133

Cash at banks earns interest at floating rates based on daily bank deposit rates.

For the purpose of the statement of cash flows, cash and cash equivalents comprise of the following as at 31st March:

Group

Company

N '000	N '000
5,205,204	9,300,767
7,289,363	7,658,509
12,494,567	16,959,276
-	(1,407,655)
12,494,567	15,551,621

N '000	N '000
5,200,534	9,257,624
7,289,363	7,658,509
12,489,897	16,916,133
-	(1,407,655)
12,489,897	15,508,478

Cash on hand and at bank Short term deposit

Bank overdrafts (Note 25)

Cash and cash equivalents 31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

TRANSCORP HOTELS PLC.

NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D

FOR THE PERIOD ENDED 31 MARCH 2026

21. Share Capital Group Company
31 Mar 2026		31 Dec 2025	31 Mar 2026	31 Dec 2025
	N'000	N'000	N'000	N'000
Authorised shares
10,242,528,411 (2024:10,242,528,411) ordinary shares of
50k each	5,121,264	5,121,264	5,121,264	5,121,264

Ordinary shares issued and fully paid

10,242,528,411 ordinary shares of 50k each

Share premium

At 1 January

At 31 March

5,121,264	5,121,264	5,121,264	5,121,264
12,548,859	12,548,859	12,548,859	12,548,859
12,548,859	12,548,859	12,548,859	12,548,859

(a) Compliance with Free Float Requirements and Shareholding pattern as at 31st March 2026 Shareholding Structure/Free Float Status Description 2026 2026 2025 2025 Units % Holding Units % Holding

Issued Share Capital 10,242,528,411 100% 10,242,528,411 100%

Substantial Shareholdings (5% and above)

Transnational Corporation Plc	7,800,070,016	76.16%	7,800,070,016	76.16%
Ministry of Finance Incorporated	1,131,165,000	11.04%	1,131,165,000	11.04%

Total Substantial Shareholdings	8,931,235,016	87.20%	8,931,235,016	87.20%
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests

Mr. Emmanuel Nnorom (Indirect - Representing Vine
Foods Ltd)*	-	0.00%	1,000,000	0.01%
Dr. (Mrs.) Owen Omogiafo (Direct)	350,000	0.00%	350,000	0.00%
Mr. Peter Elumelu (Direct)**	-	0.00%	93,097	0.00%
Mrs Uzoamaka Oshogwe (Direct)	192,000	0.00%	15,000	0.00%
Bolanle Onagoruwa (Direct)	162,031	0.00%	162,031	0.00%

Total Directors' Shareholdings	704,031	0.01%	1,620,128	0.01%
Other Influential Shareholdings				-

Nil - 0.00% - 0.00%

Total Other Influential Shareholdings	-	0.00%	-	0.00%
Free Float in Units and Percentage	1,310,589,364	12.79%	1,309,673,267	12.80%
Free Float in Value in absolute value	266,049,640,892		223,823,161,330

Declaration: Transcorp Hotels Plc with a free float value of N266,049,640,892 (Share price:N203) as at 31 March 2026, is compliant with The Nigerian Exchange Limited's (NGX) free float requirements for companies listed on the Main Board.

*Mr. Emmanuel Nnorom retired as a Non-Executive Director on December 31, 2025

**Mr. Peter Elumelu retired as a Non-Executive Director on December 12, 2025

According to the register of members as at 31 March 2026, the shareholding in the Company was as follows:

Range No. of Holders Holders % Units Unit %

1-999	6830	78.51%	915,690	0.01%
1,000 - 9,999	1383	15.90%	3,256,859	0.03%
10,000-99,999	393	4.52%	9,214,350	0.09%
100,000-999,999	74	0.85%	14,644,435	0.14%
1,000,000-9,999,999	10	0.11%	26,494,501	0.26%
10,000,000-99,999,999	2	0.02%	20,761,513	0.20%
100,000,000-999,999,999	5	0.06%	1,236,006,047	12.07%
Above 1,000,000,000	2	0.02%	8,931,235,016	87.20%
Total	8,699	100%	10,242,528,411	100%

TRANSCORP HOTELS PLC. NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D FOR THE PERIOD ENDED 31 MARCH 2026

22. Dividend distribution

Group Company

31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025 Cash dividends on ordinary shares approved and paid: 2025 Final Dividend-N1.20kobo per share (2024 Final Dividend for 2024-64kobo per share: 2025 interim

Dividend-10k per share) 12,291,034 7,579,471 12,291,034 7,579,471

12,291,034 7,579,471 12,291,034 7,579,471

23. Retained earnings
Group 31 Mar 2026 31 Dec 2025 N '000 N '000		Company 31 Mar 2026 31 Dec 2025 N '000 N '000 78,023,306 62,765,636
Balance brought forward	77,525,168 63,234,028
Profit for the year attributed to owners	5,661,465 21,870,611 5,670,355 22,837,141
Dividend	(12,291,034) (7,579,471) (12,291,034) (7,579,471)

70,895,599 77,525,168 71,402,627 78,023,306

24. Non-controlling interest

Group

31 Mar 2026 31 Dec 2025

N '000 N '000

Balance brought forward	(216,812) (198,323)
Non-controlling interest in Transcorp Hotels Ikoyi-42%	(558) (8,701)
Non-controlling interest in Aura by Transcorp Hotels-40%	(44) (9,788)

(217,414) (216,812)

TRANSCORP HOTELS PLC.

NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D

FOR THE PERIOD ENDED 31 MARCH 2026

25. Borrowings

			Group		Company
	Interest rate	Maturity	31 Mar 2026	31 Dec 2025	31 Mar 2026	31 Dec 2025
	%		N '000	N '000	N '000	N '000
N2 billion bank overdraft	24.5		-	1,407,655	-	1,407,655
N2 billion loan	16.75		-	1,038,365	-	1,038,365
N12.75 billion loan	10.0	31-May-29	6,768,620	7,274,810	6,768,620	7,274,810
N10 billion loan	10.0		-	797,458	-	797,458
N19.92 billion loan	0.2	17-Mar-31	20,087,007	-	20,087,007	-

26,855,627 10,518,288 26,855,627 10,518,288

N12.75 billion loan

N12.75 billion term loan with a tenor of 8 years and 24 months moratorium on principal and at interest rate of 10%. The loan is secured by an arrangement by Transnational Corporation Plc (the Parent Company).

N19.92 billion loan

N19.92 billion term loan with a tenor of 5 years and 6 months moratorium on principal and at interest rate of 22%. The loan is secured by a negative pledge.

Total interest-bearing loans and borrowings	26,855,627	10,518,288	26,855,627	10,518,288

Current	3,763,263	5,449,642	3,763,263	5,449,642
Non-current	23,092,364	5,068,646	23,092,364	5,068,646

TRANSCORP HOTELS PLC.

25. Borrowings continued

25.1 The analysis of interest repayment for the purpose of Cash Flow statement is as follows;

31 Mar 2026 31 Mar 2025 31 Mar 2026 31 Mar 2025

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

275,375

677,552

275,375

677,552

26. Deferred income

Company

Group

Group			Company
31 Mar 2026	31 Dec 2025		31 Mar 2026	31 Dec 2025

NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D FOR THE PERIOD ENDED 31 MARCH 2026

Loan liability	N '000	N '000	N '000	N '000
As at 1 January	9,110,633	14,504,611	9,110,633	14,504,611
Additions	19,918,270	-	19,918,270	-
Effective interest	456,223	1,611,689	456,223	1,611,689
Principal repayments	(2,364,098)	(5,555,070)	(2,364,098)	(5,555,070)
Interest repayments	(265,401)	(1,450,597)	(265,401)	(1,450,597)
	26,855,627	9,110,633	26,855,627	9,110,633
Overdraft	-	1,407,655	-	1,407,655
	26,855,627	10,518,288	26,855,627	10,518,288

Interest repayment on third party loans (Note 25)	265,401	629,399	265,401	629,399
Interest repayment on overdraft	9,974	48,153	9,974	48,153

		Group		Company
	31 Mar 2026	31 Dec 2025	31 Mar 2026	31 Dec 2025
	N '000	N '000	N '000	N '000
At 1 January	646,701	1,094,778	646,701	1,094,778
Released to the statement of profit or loss	(110,304)	(448,077)	(110,304)	(448,077)
	536,397	646,701	536,397	646,701

Current	444,000	444,000	444,000	444,000
Non-current	92,397	202,701	92,397	202,701
	536,397	646,701	536,397	646,701

The Company obtained a loan from the Bank of Industry (BOI) to procure equipment to upgrade the hotel rooms, kitchen, public area and equip a new multi-purpose banqueting conference centre. The interest rate of 10% on the loan was below the market loan rate between 13% to 15.5% at the time the loan was obtained. The fair value and the deferred income on the loan was recognized initially on the loan drawn-down date.The deferred income was subsequently amortized on a straight-line basis over the tenor of the loan. There were no unfulfilled conditions relating to the loan as at the reporting date. The opening deferred income was N647mn and N110mn was credited to other operating income in the statement of profit or loss for the period ended 31 March 2026.

TRANSCORP HOTELS PLC.

NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D

FOR THE PERIOD ENDED 31 MARCH 2026

27. Contract liabilities Group Company
	31 Mar 2026	31 Dec 2025	31 Mar 2026	31 Dec 2025
	N '000	N '000	N '000	N '000
Short-term advances for hospitality services (Note 27.1)	1,067,970	925,069	1,067,970	925,069
Key money from Hilton (Note 27.2)	1,795,694	1,833,900	1,795,694	1,833,900
	2,863,664	2,758,969	2,863,664	2,758,969
Current	1,220,790	1,077,889	1,220,790	1,077,889
Non current	1,642,874	1,681,080	1,642,874	1,681,080
	2,863,664	2,758,969	2,863,664	2,758,969

27.1 Short-term advances for hospitality services

This relates to consideration paid by customers before the Hotel transfers goods or services. Contract liabilities are recognised as revenue when the Hotel performs its obligations under the contract. The entire advances would be earned as revenue in 2026.

Group Company

31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

Reconciliation of Short-term advances	N '000	N '000	N '000	N '000
At 1 January	925,069	204,889	925,069	204,889
Deferred during the period	1,067,970	925,069	1,067,970	925,069
Recognised as revenue during the period	(925,069)	(204,889)	(925,069)	(204,889)
Recognised as revenue during the period	1,067,970	925,069	1,067,970	925,069

Current 1,067,970 925,069 1,067,970 925,069

27.2 Key money from Hilton
In 2017, the managers of Transcorp Hilton Hotel Abuja, Hilton Worldwide Manage Limited contributed $ 10 million towards the refurbishment of the hotel. The contribution is referred to as Key money. It does not attract any interest and is not repayable by the Company unless the contract is terminated before the end of the 20-year contract year. The Key money from Hilton International LLC will be notionally amortised over the contract year on a straight-line basis to other income. The outstanding balance of N1.80bn relates to the unamortised portion of the key money as at 31 March 2026.
	Group	Company
	31 Mar 2026	31 Dec 2025	31 Mar 2026	31 Dec 2025
Reconciliation of Key money from Hilton	N '000	N '000	N '000	N '000
At 1 January	1,833,900	1,986,725	1,833,900	1,986,725
Recognised as other operating income during the period	(38,206)	(152,825)	(38,206)	(152,825)
	1,795,694	1,833,900	1,795,694	1,833,900

28. Deposit for shares
Group	Company
31 Mar 2026	31 Dec 2025	31 Mar 2026	31 Dec 2025
N '000	N '000	N '000	N '000
2,410,000	2,410,000	-	-

Deposit for shares relates to Heirs Holdings Ltd's contribution to the development of Transcorp Hotels Ikoyi Limited (THIL). Based on the Memorandum of Understanding between Transcorp Hotels Plc and Heirs Holdings Ltd, THIL will issue shares to Heirs Holdings Ltd on completion of the construction and start of operation of the hotel.

TRANSCORP HOTELS PLC. NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D FOR THE PERIOD ENDED 31 MARCH 2026

29. Defined Benefit Plan - Other employee benefit

Transcorp Hotels Plc (the parent company) provides a long-service award benefit to employees who is in active employment for a determined lengths of service. The benefit is defined for different length of service in 8 bands of 5 years from 5 to 40 years with benefits escalating with the length of service. The plan is funded from the company's operations for each year that there are qualifying staff members.

The benefit typically exposes the Company to actuarial risks such as: foreign exchange risk, interest rate risk, longevity risk and attrition risk. The risk relating to benefits to be paid to the qualifying staff members is borne by the company and factored into the computation of the defined benefit obligation.

Amounts recognised in profit or loss in respect of these defined benefit plans are as follows:

Group and Company

31 Mar 2026 31 Mar 2025

	N '000 N '000
Current Service cost	98,326 9,994

Components of defined benefit costs recognised in profit or loss 98,326 9,994

Movements in the other reserves in the period were as follows:

Group and Company

31 Mar 2026 31 Dec 2025

N '000 N '000

Opening defined benefit obligation

133,040 186,679

- (53,639)

Remeasurement of the net defined benefit liability after tax

Closing other reserves 133,040 133,040

Group and Company

The amount included in the statement of financial position arising from the Group's obligations in respect of its defined benefit retirement benefit plans is as follows:

31 Mar 2026 31 Dec 2025

	N '000 N '000
Present value of defined benefit obligations	541,697 443,371 - -
Fair value of plan assets Funded status Restrictions on asset recognised
	541,697 443,371 - -

Net liability arising from defined benefit obligation 541,697 443,371

Current	98,326 84,159
Non-current	443,371 359,212

541,697 443,371

Movements in the present value of defined benefit obligations in the period were as follows:

Group and Company

31 Mar 2026 31 Dec 2025

N '000 N '000

Opening defined benefit obligation

443,371 466,751

98,326 19,764

- 79,991

- (80,058)

- (43,077)

Current Service cost

Interest cost Actuarial losses Benefits paid

Closing defined benefit obligation 541,697 443,371

30. Trade and other payables

Group

Company

Trade payables	6,891,005	5,862,342	6,890,542	5,861,880
Related party (Note 32)	16,802	5,724,345	-	5,707,542
Other payables (Note 30.1)	11,750,566	12,861,363	11,728,896	12,855,130

31 Mar 2026	31 Dec 2025	31 Mar 2026		31 Dec 2025
N '000	N '000		N '000	N '000

18,658,373 24,448,050 18,619,438 24,424,552

Terms and conditions of the above financial liabilities

Trade payables are non-interest bearing and are normally settled on 60-day terms.
Other payables are non-interest bearing and have an average term of six months.

Company

30.1 Other payables

Group

N '000

N '000 N '000

31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

VAT payable	1,012,379	1,200,331	1,012,617	1,200,570
Accrued liabilities	9,851,523	10,548,336	9,829,934	10,542,183
Unclaimed dividend	453,569	453,569	453,569	453,569
Security deposits from guests	161,578	161,578	161,578	161,578
WHT Payable	271,517	497,549	271,198	497,230

11,750,566 12,861,363 11,728,896 12,855,130

31. Cash generated from operations Group Company
	Note	31 Mar 2026	31 Mar 2025	31 Mar 2026	31 Mar 2025
Profit before tax		7,078,454	6,156,913	7,087,946	6,161,989
Adjustments to reconcile profit before tax to net cash
flows:
Depreciation of property, plant and equipment	13.	1,094,554	674,352	1,094,443	673,949
Amortisation of intangible assets	15.	18,089	11,110	18,089	8,627
Impairment allowance on financial assets	8.	66,077	20,167	71,087	20,167
Unrealised (gain) on foreign exchange	7.	57,296	49,114	57,296	49,114
Gain on disposal of property, plant and equipment	7.	(8,088)	(11,173)	(8,088)	(11,173)
Key money	27.2	(38,206)	(38,206)	(38,206)	(38,206)
Day 1 Gain Income	29.	(110,304)	(110,485)	(110,304)	(110,485)
Finance income	10.2	(219,747)	(151,997)	(219,747)	(151,997)
Finance cost	10.1	762,215	892,365	762,215	892,365
Working capital adjustments:
(Increase) in trade and other receivables		(7,990,079)	(3,085,558)	(7,948,660)	(3,086,543)
(Increase)/decrease in prepayments		(1,279,395)	(3,050,140)	(1,279,395)	(3,050,140)
(Increase)/decrease in inventories		(114,018)	(152,195)	(114,018)	(152,195)
Increase in contract liabilities		142,901	303,067	142,901	303,067
(Increase) in long term receivables		56,250	-	54,351	(19,480)
Increase in defined benefit liability	29.	98,326	9,994	98,326	9,994
Increase in trade and other payables		(6,059,938)	6,054,738	(6,075,376)	6,083,086

(6,445,613) 7,572,066 (6,407,140) 7,582,139

Related party disclosures
Relationships Entities
Holding company Transnational Corporation Plc
Subsidiaries Refer to note 4
Fellow Subsidiaries: Transcorp Power Plc
Transafam Power Limited
Related party balances
N '000

Group - 2026

55,906 72,185 11,991,862

(47,535)

11,944,327 16,803

Provision for impairment on related parties

Net balance

Group - 2025

N '000

Sales to related parties Interest payable/ (receivable) Amounts due from related parties Amounts due to related parties

Transnational Corporation Plc	24,662	(24,617)	5,786,251	16,802
Transafam Power Limited	4,512	(166,465)	3,127,106	-
Transcorp Power Plc	26,733	263,266	3,078,505	-

Transnational Corporation Plc	173,140	(124,472)	859,472	149,731
Transafam Power Limited	42,709	(579,248)	3,160,645	-
Transcorp Power Plc	196,220	1,927,697	-	5,574,614
		412,069	1,223,977	4,020,117	5,724,345
Provision for impairment on related parties				(4,898)
Net balance				4,015,219
Company - 2026
		Sales to related parties	Interest payable/ (receivable)	Amounts owed by related parties	Amounts owed to related parties
		N '000	N '000	N '000	N '000

Transnational Corporation Plc	24,662	(24,617)	5,786,251	-
Transafam Power Limited	4,512	(166,465)	3,127,106	-
Transcorp Power Limited	26,733	263,266	3,078,505	-

55,906 72,185 12,476,718 -

Provision for impairment on related parties (578,819)

Net balance 11,897,899

Company - 2025

Transnational Corporation Plc	173,140	(124,472)	859,472	132,928
Transafam Power Limited	42,709	(579,248)	3,160,645	-
Transcorp Power Limited	196,220	1,927,687	-	5,574,614
Aura by Transcorp Hotels Limited	-	-	523,329	-

412,069 1,223,967 4,543,446 5,707,542

Provision for impairment on related parties (528,226)

Net balance 4,015,220

TRANSCORP HOTELS PLC.

NOTES TO THE AUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D

FOR THE PERIOD ENDED 31 MARCH 2026

Transactions with subsidiaries

Group Company
31 Mar 2026	31 Dec 2025 31 Mar 2026 31 Dec 2025

At 1 January	-	-	10,213,529	9,143,284
Additions
Transcorp Hotels Port Harcourt Limited*	-	-	1,747	11,509
Transcorp Hotels Ikoyi Limited*	-	-	2,107	1,058,736
Gross carrying amount (Note 18)	-		10,217,383	10,213,529
Impairment	-	-	(120,332)	(118,379)

Net carrying amount - - 10,097,051 10,095,150

*Long term receivables from subsidiaries relate to accumulation of capital investment and operating expense made on behalf of Transcorp Hotels Ikoyi Limited and Transcorp Hotels Port Harcourt Limited. The classification as long term is based on the expectation that the entities will only be able to repay when they become operational, which will not be earlier than 3-5 years time.

33. Securities Trading Policy

The Company's Code of Conduct contains the Securities Trading Policy. It prohibits employees and Directors from insider trading, dealings and stock tipping during closed periods. The Capital Market, Board and Management are regularly notified of closed periods and no insider trading was recorded during the period under review.

34. Subsequent Events

There are no significant subsequent events which could have had a material effect on the state of affairs of the Group and Company as at 31 March 2026 that have not been adequately provided for or disclosed in these unaudited financial statements.

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