Transcorp Power PlcNSENG: TRANSPOWER

Quarter 1 - financial statement for 2026

Apr 24, 2026 at 7:38 PM UTC · Issued by Transcorp Power Plc

TRANSCORP POWER PLC

Unaudited Interim Financial Statements For the year ended 31 March 2026

Table of Contents

Corporate Information Error! Bookmark not defined.

Statement of Directors' Responsibilities 6

Statement of Profit or Loss and Other Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Statement of Cashflow 10

Note to the financial statements 11

Corporate Information
Company Registration No.	RC 1067143
Tax Identification number	14640316-0001
Registered Office	38 Glover Road
	Ikoyi, Lagos
	Nigeria.
Plant address	Transcorp Power Plc.
	KM 20 Warri/Patani Expressway Ughelli
	Delta State, Nigeria
Board of Directors	Mr. Emmanuel Nnorom Engr. Peter Ikenga	Chairman Managing Director/Chief Executive
		Officer
	Dr. (Mrs.) Owen Omogiafo, OON	Non-Executive Director
	Engr. Vincent Ozoude Engr. Charles Odita	Non-Executive Director Independent Non-Executive Director
	Ms. Faith Tuedor-Matthews, OFR	Independent Non-Executive Director
	Mr. Christopher Ezeafulukwe	Non-Executive Director
Auditors	Messrs. Deloitte & Touche
	Chartered Accountants
	Civic Towers Plot GA 1 Ozumba Mbadiwe Avenue
	Victoria Island, Lagos
	Nigeria
Principal Banker	United Bank for Africa Plc
	57 Marina Street,
	Lagos Island Lagos,
	Fidelity Bank Plc
	Adeyemo Alakija, Lagos

Registrar Africa Prudential Plc

220B, PalmGrove, Ikorodu Road, Lagos,

Investors Relation Dr. Evans Okpogoro evans.okpogoro@transcorppower.com Investors Relation Portal https://transcorppower.com/tpp/investor-relations/ Company Secretary Atinuke Kolade 38 Glover Road

Ikoyi, Lagos, Nigeria.

Incorporation and address

The Company is the successor company from the merger of Transcorp Ughelli Power Limited and Ughelli Power Plc. Transcorp Ughelli Power Limited was incorporated in Nigeria on 24 September 2012 under the Companies and Allied Matters Act, of Nigeria as a private limited liability company for the purpose of acquiring 100% shareholding in Ughelli Power Plc from the Federal Government of Nigeria on 1 November 2013

On 1 October 2015, Transcorp Ughelli Power Limited merged with its subsidiary, Ughelli Power Plc with a resultant change in name to Transcorp Power Limited, and cancellation of the share capital of Ughelli Power Plc. No new company was formed.

On 19 December 2023, the Company held an Extra-ordinary General Meeting (EGM) and passed a resolution to convert the company from a private limited liability company to a public limited liability company, and the consequent change of name from Transcorp Power Limited to Transcorp Power Plc on 10 January 2024. At the same meeting, the Company increased its share capital from ₦42,733,641.50 divided into 85,467,283 ordinary shares of ₦0.50 each to ₦3,750,000,000.00 divided into 7,500,000,000 ordinary shares of ₦0.50 each by the creation of an additional 7,414,532,717 ordinary shares of ₦0.50 each. It was also approved that the shares of the company be listed on the main Board of the Nigerian Exchange Limited (NGX).

The address of the Company's registered office is:

38 Glover Road Ikoyi, Lagos Nigeria.

Principal activities

The Company is mainly engaged in the generation and sale of electric power.

Shareholders Major Shareholders

According to the register of members, the following shareholders of the Company held 5% or more of the issued Ordinary share capital as at 31 March 2026

SHAREHOLDERS WITH 5% AND ABOVE
	Q1 2026		FY 2025
Shareholder	Shareholding (Units)	%	Shareholding (Units)	%
Transnational Corporation Plc	3,824,435,342	50.99	3,824,435,342	50.99
Rich Point Limited	1,905,557,684	25.41	2,376,320,946	31.68
UBA Nom Rich Point Limited - Main	446,612,377	6.22	-	-
Woodrock Energy Resources Limited	429,259,257	5.72	440,259,257	5.87

Shareholding Analysis Shareholding structure and Free Float

The company met the free float requirement as at 31 March 2026 with 824,388,655 shares (10.79%) valued at N252,262,928,430 as on that date.

TRANSCORP POWER PLC
FREE FLOAT COMPUTATION
Company Name:	TRANSCORP POWER PLC		TRANSCORP POWER PLC
Year End:	31/12/2025		31/03/2026
Reporting Period:	Q4 2025		Q1 2026
Share Price at end of reporting period:	N307.00		N306.90
	Units	Percentage (In relation to Issued Share Capital)	Units	Percentage (In relation to Issued Share Capital)
Issued Share Capital	7,500,000,000	100%	7,500,000,000	100%
Details of Substantial Shareholdings (5% and above)
TRANSNATIONAL CORPORATION PLC	3,824,435,342	50.99	3,824,435,342	50.99
RICH POINT LIMITED	2,376,320,946	31.68	1,905,557,684	25.41
UBA NOM RICH POINT LIMITED - MAIN	-	-	466,612,377.00	6.22
WOODROCK ENERGY RESOURCES LIMITED	440,259,257	5.87	429,259,257	5.72
Total Substantial Shareholdings	6,641,015,545	88.54	6,625,864,660	88.34
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests
MR EMMANUEL NNOROM	17,354,867	0.23	17,354,867	0.23
MR EMMANUEL NNOROM (Indirect)	3,641,000	0.05	3,641,000	0.05
ENGR. PETER IKENGA	325,159	0.00	325,159	0.00
DR MRS OWEN OMOGIAFO, OON	18,355,867	0.24	18,355,867	0.24
MR ADIM JIBUNOH	51,000	0.00	-	-
ENGR. VINCENT OZOUDE	51,000	0.00	51,000	0.00
ENGR. CHARLES ODITA	20,000	0.00	20,000	0.00
MR. CHRISTOPHER EZEAFULUKWE	9,947,792	0.13	9,947,792	0.13
MS FAITH TUEDOR- MATTHEWS, OFR	-	-	-	-
Total Directors' Shareholdings	49,746,685	0.65	49,695,685	0.65
Total Other Influential Shareholdings
Free Float in Units and Percentage	809,237,760	10.79	824,388,655	10.79
Free Float in Value	₦248,435,992,320		₦252,262,928,430

Statement of Directors' Responsibilities

The Directors of Transcorp Power Plc are responsible for the preparation of the unaudited financial statements that give a true and fair view of the financial position of the Company as at 31 March 2026 and the results of its operations, cash flows and changes in equity for the year then ended, in compliance with IFRS Accounting Standards and in the manner required by the Companies and Allied Matters Act 2020, and the Financial Reporting Council of Nigeria (Amendment) Act, 2023.

In preparing the financial statements, the Directors are responsible for:

properly selecting and applying accounting policies.
presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information.
providing additional disclosures when compliance with the specific requirements in with IFRS Accounting Standards are insufficient to enable users to understand the impact of transactions, other events and conditions on the company's financial position and financial performance.

Going Concern

The Directors have made an assessment of the Company's ability to continue as a going concern and have no

reason to believe the Company will not remain a going concern in the year ahead.

The unadited financial statements of the Company for the period ended 31 March 2026 were approved by the Directors on the 24th April, 2026

On behalf of the Directors of the Company.

Peter Ikenga Emmanuel Nnorom Managing Director/Chief Executive Officer Chairman FRC/2021/PRO/DIR/003/00000023699 FRC/2014/PRO/DIR/003/00000007402 Statement of Profit or Loss and Other Comprehensive Income For the Period ended 31 March 2026

Continuing operations	Notes	31 March 2026 N'000	31 March 2025 N'000
Revenue from contracts with customers	7	94,591,667	105,442,163
Cost of sales	8	(44,659,459)	(50,411,583)
Gross profit		49,932,208	55,030,580
Other operating income	9	314,556	-
Impairment loss on financial assets	12	(2,225,925)	(3,033,254)
Administrative expenses	11	(11,494,233)	(7,452,734)
Operating profit		36,526,606	44,544,592
Finance income	10.1	800,469	1,744,365
Finance cost	10.2	2,459,609	(2,755,909)
Other gain	10.3	(193,155)	(250,442)
Profit before income tax	10.4	39,593,529	43,282,606
Income tax expense	13	(9,898,382)	(10,645,446)
Profit for the year from continuing
operations		29,695,147	32,637,160
Discontinued Operations
Loss for the year from discontinued
operations		-	-
Profit for the year		29,695,147	32,637,160
Items that will not be reclassified
subsequently to profit or loss:
Fair value gain/(loss) on investments in equity instruments designated as at
FVTOCI	22	1,862,277	-
Total comprehensive income for the year		31,557,424	32,637,161
Earnings Per Share
From Continued Operations
Basic earnings per share (N)	14	3.96	4.35
Diluted earnings per share (N)	14	3.96	4.35

The accompanying notes are an integral part of these financial statements.

Statement of Financial Position
As at period ended 31 March 2026
		31 March	31 December
		2026	2025
	Notes	N'000	N'000
Assets
Non-current assets
Property, plant and equipment	15	53,234,958	54,496,047
Intangible asset	16	9,701,191	9,701,191
Investments	22	27,098,961	25,236,685
		90,035,110	89,433,923
Current assets
Inventories	17	4,294,502	3,433,468
Trade and other receivables	18	508,685,435	468,392,053
Cash and cash equivalents	19	10,402,469	2,219,513
Total current assets		523,382,406	474,045,034
Total assets		613,417,515	563,478,957
Equity and liabilities
Equity
Share capital	24	3,750,000	3,750,000
Share premium	25	44,385,019	44,385,019
Revaluation Reserve		4,718,218	2,855,941
Retained earnings	26	162,102,966	132,407,818
Total equity	214,956,203		183,398,778
Liabilities
Non-current liabilities
Borrowings	21.1	35,119,929		24,551,169
Deferred tax liabilities	13.3	3,469,167		3,469,167
		38,589,096		28,020,336
Current liabilities
Trade and other payables	20	266,045,200		261,993,417
Current tax payable	13.1	93,827,016		83,928,634
Borrowings	21.2	-		6,137,792
		359,872,214		352,059,843
Total liabilities		398,461,312		380,080,179
Total equity and liabilities		613,417,515		563,478,957

The Unaudited financial statements and accompanying notes were approved by the Board of Directors on April 24, 2026 and signed on its behalf by:

Emmanuel Nnorom Chairman, Board of Directors		Evans Okpogoro Chief Finance Officer	Peter Ikenga MD/CEO
FRC/2014/PRO/DIR/003/000 00007402		FRC/2021/PRO/ICAN/001/00000023056	FRC/2021/PRO/DIR/003/000000 23699

The accompanying notes are an integral part of these financial statements.

Statement of Changes in Equity For the period ended 31 March 2026

	Share capital	Share premium	Revaluation	Retained earnings
	(Note 24)	(Note 25)	Reserve	(Note 26)	Total
	N'000	N'000	N'000	N'000	N'000
Balance at 1 January 2025
Other comprehensive	3,750,000	44,385,019	-	78,490,595	126,625,614
income for the year			2,855,941		2,855,941
Profit for the year	-	-	-	91,417,223	91,417,223
Dividends (Note 29)	-	-	-	(37,500,000)	(37,500,000)
Balance at 31 December 2025	3,750,000	44,385,019	2,855,941	132,407,818	183,398,778

Profit for the year	-	-	-	29,695,147	29,695,147
Other comprehensive income for the year	-	-	1,862,278	-	1,862,278
Dividends (Note 29)	-	-	-	-	-
	-	-	1,862,278	29,695,147	31,557,424
Balance at 31 March 2026	3,750,000	44,385,019	4,718,219	162,102,965	214,956,203

The accompanying notes are an integral part of these financial statements.

Statement of Cashflow For the period ended 31 March 2026
		31 March 2026	31 March 2025	31 December 2025
	Notes	N'000	N'000	N'000
Cash generated from operations
Profit before tax		39,593,530	43,282,607	120,017,673
Adjustment to reconcile profit before
tax to net cash flows:
Depreciation of property, plant and equipment	15.0	1,367,997	1,380,276	5,532,630
Finance income	10.0	(800,469)	(1,744,365)	(5,782,004)
Finance cost	10.0	(2,459,609)	2,755,909	10,707,468
Impairment loss on financial assets	12.0	2,225,925	3,033,254	11,565,900
Impairment loss on Gas Turbines		-	-	812,243
Effect of Foreign exchange gain	10.3		(250,442)	(1,542,527)
Write of property, plant and
equipment Adjustment to Property, Plant and	15.0	-	-	1,563,215
Equipment	15.0	-	(50,403)	907,322
Working capital adjustments:
Increase in trade and other
receivables		(40,293,383)	(54,316,634)	(176,198,871)
Increase in inventories		(861,033)	(741,180)	(1,065,967)
Increase in trade and other payables		2,244,681	23,051,235	91,088,942
Net cash flows from operating
activities		1,017,638	16,400,256	57,606,024
Tax paid	13.1	-	(205,664)	(1,305,665)
Total Net cash flows from operating
activities		1,017,638	16,194,592	56,300,359
Investing activities
Purchase of property, plant and
equipment	15.0	(106,906)	(76,002)	(2,702,375)
Investment in shares	22.0	-	-	(5,000,000)
Interest income	10.0	800,469	1,744,365	411,423
Net cash used in investing activities		693,563	1,668,363	(7,290,952)

Financing activities
Dividend paid	29.0	-	(26,250,000)	(37,500,000)
Proceeds from borrowings	21.2	35,000,000	23,526,569	23,526,5698
Repayments of loan interest	21.2	(4,357,718)	(4,082,672)	(10,342,063)
Repayments of Principal	21.2	(24,170,527)	(14,528,440)	(30,810,091)
Net cash used in financing activities		6,471,754	(21,334,543)	(55,125,586)
Net movement in cash and cash
equivalents Cash and cash equivalents at the		8,182,956	(3,471,587)	(6,116,179)
beginning of the year		2,378,159	8,335,248	8,335,248
Effect of Forex on cash balance			-	444
Cash and cash equivalents at the end
of the year	19.0	10,402,469	4,863,661	2,219,513

The accompanying notes are an integral part of these financial statements.

Note to the financial statements

General information
Transcorp Power Plc ("the Company") was incorporated in Nigeria on 24 September 2012 under the Companies and Allied Matters Act as amended as a private limited liability company as Transcorp Power Limited and is domiciled in Nigeria. It changed name to Transcorp Power Plc in January 2024. Transcorp Power Plc is a subsidiary of Transnational Corporation Plc (Transcorp).
The company's principal activity is the generation and sales of electric power.
The financial statements are presented in Nigerian Naira (NGN) and all values are rounded to the
nearest thousand (N'000), except when otherwise indicated.
Basis of preparation
The financial statements have been prepared in compliance with IFRS Accounting Standards and interpretations issued by the International Accounting Standards Board (IASB) and in the manner required by the Companies and Allied Matters Act (CAMA) 2020 and the Financial Reporting Council (Amendment) Act 2023. Further standards may be issued by the International Accounting Standards Board (IASB) and may be subject to interpretations issued by the International Financial Reporting Interpretation Committee (IFRIC).
The financial statements have been prepared on the historical cost basis, except for the revaluation of financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies below.
Financial period
These financial statements cover the financial year from 1 January 2026 to 31 March 2026, with comparative figures for the period ended 31 March 2025 and financial year ended 31 December 2025.
Going Concern
The Directors have at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing financial statements.
Composition of financial statements
The financial statements are drawn up in Naira, the functional currency of Transcorp Power Plc.
The financial statements are prepared in accordance with IFRS Accounting Standards and comprise:
- Statement of profit or loss and other comprehensive income
- Statement of financial position
- Statement of changes in equity
- Statement of cash flows
- Notes to the financial statements.
Principal activities
The Company is mainly engaged in the generation and sale of electric power.

Revenue from contracts with customers Disaggregated revenue information

Set out below is the disaggregation of the Company's revenue from contracts with customers:

	31 March 2026 N'000	31 March 2025 N'000
Capacity charge	21,365,803	28,101,784
Energy delivered	73,221,364	77,335,879
Ancillary services	4,500	4,500
Total revenue from contracts with customers	94,591,667	105,442,163
Timing of revenue recognition Services transferred over time	94,591,667	105,442,163
Total revenue from contracts with	94,591,667	105,442,163
customers
Revenue generated from:
Local customers	58,236,339	77,166,976
International customers	36,355,328	28,275,186
Total revenue from contracts with	94,591,667	105,442,163
customers

There is no other revenue item outside IFRS 15.

Ancillary services include earnings from Blackstart operations and frequency control services provided.

Cost of Sales 31 March 2025 31 March 2025 N'000 N'000
Natural gas and fuel costs 41,081,306 47,184,236 Salaries and wages 404,611 287,375
Repairs and maintenance. 1,121,553 1,200,197
Depreciation (Note 11.1) 1,346,497 1,363,838
Insurance 176,842 93,080
Other direct expenses 528,650 282,857
Total cost of sales 44,659,459 50,411,583
Other operating income Other operating income
Other income 314,556 -
314,556 -
31 March 2026 31 March 2025

Finance income and finance costs N'000 N'000 Finance income

Interest income 800,469 1,744,365

800,469 1,744,365

The interest income relates to interest on demand deposits and interest from intercompany loans.

2,459,609		(2,755,909)
(193,155)		(250,442)
2,266,454		(3,006,351)
3,066,923		(1,261,986)
39,593,530		43,282,607

1,367,997		1,380,276
193,155		250,442
(2,459,609)		2,755,909
(800,469)		(1,744,365)
32,100		24,075
111,875		113,865

Finance costs
Interest expense on loans
Other gain
Foreign exchange gain/(loss)
Net finance cost
Profit before income tax The PBT was arrived at after charging/(crediting):
Depreciation
Foreign Exchange Gain Interest expense Interest income Auditors' remuneration
Director's' remuneration

Administrative expenses

32,100		24,075
51,397		11,570
21,500		16,438
111,875		113,865
1,851,067		2,057,734
186		1,062
3,335,211		3,681,102
4,348,522		-
934,574		779,320
301,041		333,988
4,750		3,000
52,976		82,238
40,760		49,678
241,291		168,454
9,792		7,119
15,189		30,063
142,002		93,027
11,494,233		7,452,734

Auditors' remuneration Bank charges Depreciation. (Note 11.1) Directors' remuneration

Corporate Social Responsibility

Insurance. Management fees

Operating, maintenance and

commercial cost

Other operating expenses Professional fees

Rates & Utilities

Repairs and maintenance Security services

Staff costs Pension cost

Subscriptions and fees Travel and accommodation

Note to the financial statements (cont'd) 11 Administrative expenses (cont'd)

Corporate Social Responsibility relates to various social responsibilities carried out during the period.
Management fees relate to the management services that the parent company, Transnational Corporation Plc provided during the period to the Company.
Included in staff cost is N111.83 million (Q1 2025 N67.2 million) paid to teachers of Transcorp Power Plc. Staff School. The staff school is seen by management as part of the Corporate Social Responsibility of the Company and the net expenses are included in other operating expenses. Also included in the other operating expenses are entertainment, feeding/canteen expenses, medical expenses, printing and stationery, ICT expenses, community related expenses and listing expenses.

11.1	Total depreciation included in the statement of profit or loss
			31 March 2026	31 March 2025
			N'000	N'000
	Depreciation- Cost of sales	(Note 8)	1,346,497	1,363,838
	Depreciation- Administrative expenses	(Note 11)	21,500	16,438
	Total depreciation expense		1,367,997	1,380,276
12	Impairment loss on financial assets
	Total impairment loss on financial assets		2,225,925	3,933,254

Income tax

The major components of income tax expense for the period ended 31 March 2026 and 2024 are:

	31 March 2026 N'000	31 March 2025 N'000
Current income tax	9,898,382	10,420,805
Total income tax for the period	9,898,382	10,420,805
Deferred tax:
Relating to origination and reversal of temporary differences	-	-
Income tax expense reported in the statement of
profit or loss	9,898,382	10,420,805

Note to the financial statements (cont'd

		31 March	31 December
		2026	2025
13.1	The movement in tax payable is as follows:	N'000	N'000
	Balance as at 1 January	83,928,634	52,848,904
	Total Income tax for the period	9,898,382	32,385,395
	Tax paid during the period	-	(1,305,665)
	31 March & 31 December	93,827,016	83,928,634

Corporate tax is calculated at 30 percent of the estimated taxable profit for the period. The charge for taxation in these financial statements in accordance with the relevant legislation, the provisions of the 2025 Tax Law take effect from 1 January 2026.

Basic and diluted earnings per share

Basic earnings per share are calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares in issue during the year. There were no potentially dilutive ordinary shares at either period end; hence the basic and diluted earnings per share have the same value.

	31 March 2026	31 March 2025
Profit for the year attributable to shareholders (in ₦'000)	29,695,147	32,637,161
Weighted average number of shares in issue (unit '000)	7,500,000	7,500,000
Basic earnings per share (N)	3.96	4.35

The denominator for the purposes of calculating basic earnings per share is based on issued and fully paid ordinary shares of N0.50 each.

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

Transcorp Power Plc Unaudited Interim Financial Statements For the period ended 31 March 2026 Note to the financial statements (cont'd)

15	Property, plant and equipment	Land	Building		Furniture and fittings		Plant and machinery		Motor vehicles		Capital Spares		Work in progress	Total
		N'000	N'000		N'000		N'000		N'000		N'000		N'000	N'000
	Cost 1 January 2025	842,460	1,788,698		518,903		83,628,926		378,209		2,962,799		6,930,412	97,050,407
	Additions	-	36,737		128,541		153,796		134,634		174,100		2,074,567	2,702,375
	Reclassification	-	-		25,447		5,455,109		-		-		(5,480,556)	-
	Adjustment Note 15.1	-	-		-		-		-		-		(907,322)	(907,322)
	Write off	-	-		-		(3,693,991)		(134,634)		-		-	(3,828,625)
	31 December 2025	842,460		1,825,435		672,891		85,543,840		378,209		3,136,899	2,617,101 95,016,835
	1 January 2026	842,460	1,825,435		672,891		85,543,840		378,209		3,136,899		2,617,101	97,050,407
	Additions	-	68,146		59,123		-		137,448		(5,310)		(152,499)	106,906
	Reclassification	-	-		-		-		-		-		-	-
	Adjustment	-	-		-		-		-		-		-	-
	Write off	-	-		-		-		-		-		-	-
	31 March 2026	842,460		1,893,580		732,014		85,543,840		515,657		3,131,589	2,464,603	95,123,742
	Accumulated depreciation 1 January 2025	-	363,238		370,024		35,488,385		219,678		-		-	36,441,325
	Depreciation for the year	-	36,054		68,399		5,370,904		57,273		-		-	5.532,630
	Write off	-	-		-		(2,256,435)		(8,975)		-		-	(2,265,410)
	Impairment	-	-		-		812,243		-		-		-	812,243
	31 December 2025	-		399,292		438,423		39,415,097		267,976		-	-	40,520,788
	1 January 2026	-	399,292		438,423		39,415,097		267,976		-		-	40,520,788
	Depreciation for the year	-	9,294		19,816		1,324,520		14,266		-		-	1,367,996
	Write off	-	-		-		-		-		-		-	-
	Impairment	-	-		-		-		-		-		-	-
	31 March 2026	-		408,586		458,239		40,739,617		282,342		-	-	41,888,784
	Carrying amounts:
	31 December 2025	842,460	1,426,143		234,468		46,128,743		110,233		3,136,899		2,617,101	54,496,047
	31 March 2026	842,460		1,484,994		273,775		44,804,222		233,315		3,131,589	2,464,603		53,234,958

15.1: The adjustment relates to certain costs in Capital Work in Progress which were expensed during the year as it did not meet the recognition criteria for PPE under applicable accounting standards. Note to the financial statements (cont'd)

16 Intangible asset Goodwill	31 March 2026 N'000	31 December 2025 N'000
Balance at 1 January	9,701,191	9,701,191
Adjustments	-	-
Balance at 31 March	9,701,191	9,701,191

Goodwill arose from the excess of the consideration over acquisition-date fair values of identifiable asset i.e. purchase of Ughelli Power Plc on 1 November 2013.

In assessing goodwill impairment at 31 March 2026 and 30 December 2025, the Company compared the aggregate recoverable amount of the asset to the carrying amounts. Recoverable amount has been determined based on the value in use using five-year cash flow forecast approved by directors that made maximum use of observable markets for inputs and outputs. For periods beyond the forecast period, cash flows were extrapolated using growth rates that do not exceed the long-term average for the business.

The company has done goodwill assessment and there is a significant headroom from the assessment as such, there is no possible impairment that can arise on the goodwill.

			31 December
17	Inventories	31 March 2026	2025
	General stores	N'000 3,963,811	N'000 3,227,557
	Stationery	53,041	44,795
	Lubricant	277,750	161,116
		4,294,502	3,433,468

General stores, stationery and lubricants are carried as inventories and recognised in profit or loss as consumed. The cost of inventories recognised as an expense and included in 'cost of sales' amounted to N700 million (Q1 2025: N706 million). The impairment provision on inventory is based on specific identification of damaged items that are assessed as unlikely to be usable effectively for intended purposes. There was no inventory written down during the year.

Note to the financial statements (cont'd)

Trade and other receivables 31 March 2026 31 December 2025 N'000 N'000
Trade receivables (Note 18.1) 479,878,356 419,683,495
Due from related companies (Note 18.2) 3,918,995 12,434,334
Prepayments 1,299,068 173,216
Due to related companies - 219,140
Unbilled invoice - 15,929,014
Advances to suppliers 23,289,383 20,040,763
Other receivables (Note 18.3) 299,635 85,307
508,685,435 468,565,269
1. Trade receivables

31 March 2026 31 December 2025 N'000 N'000

Trade receivables		509,716,912	447,296,127
Less: provision for impairment loss on trade receivables	22	(29,838,556)	(27,612,632)
		479,878,356	419,683,495
Trade receivables		479,878,356	419,683,495

a Interest clause in the Power Purchase Agreement
The Company is entitled to interest on electricity bills that are not paid within the contractual period as stipulated in the Power Purchase Agreement (PPA) signed with the Company's major customer (NBET) on 21 February 2013. The Company started selling electricity to NBET in 2015 and has not recognised any interest since then.
The reconciliation is still on going and no firm commitment has been received from the government on the payment. Based on the Company calculations, the interest component amounted to ₦126 billion (2024: ₦72.2billion). The Board of Directors decided not to recognize but to disclose the interest income in the financial statements in line with the general industry practice.
Due from related 31 March 2026 31 December 2025 companies N'000 N'000
Receivables from related parties Less: provision for
(Note 23.1)
5,415,007 13,930,347
impairment loss (1,496,013) (1,496,013)
3,918,995 12,434,334
The unbilled invoice in FY 2025 is the accrued revenue of about N15bn representing the December 2025 revenue which had not been invoiced to the customers. Invoices are raised when the Final Settlement Statement is issued by the Market Operator. This invoice has now been issued ot the customer as at date. There was no outstanding invoice to customers in Q1 2026.

Note to the financial statements (cont'd)

		31 December
19 Cash and cash equivalents	31 March 2026 N'000	2025 N'000
Cash in hand	-	-
Cash at bank	1,441,656	2,219,513
Demand deposits	8,960,813	-
	10,402,469	2,219,513
Cash and cash equivalents	10,402,469	2,219,513

Cash and cash equivalents comprise cash and bank balances. The carrying amount of these assets approximate their fair value. There is no impairment of cash balance because the cash is in reputable financial institutions.

			31 December
20	Trade and other payables	31 March 2026 N '000	2025 N '000
	Trade payables	211,392,393	212,982,853
	Other payables	18,329,851	13,710,255
	Other Accruals	17,859,265	10,222,487
	Due to related parties	18,415,817	24,953,410
	Withholding tax	(40,436)	35,472
	PAYE tax deductions	12	642
	Dividend payable	88,298	88,298
		266,045,200	261,993,417

20.1 The trade payables relate to gas suppliers' payables and the other payables are vendors that supplied various materials and provided services to the company. 21 Financial assets and financial liabilities

21.1	Financial liabilities
			31 March	31 December
		Maturity	2026	2025
			N'000	N'000
	UBA Term loan	2025 - 2030	-	30.688,961
	Fidelity term loan	2025 - 2030	35,119,929	-
	Total interest-
	bearing loans and borrowings		35,119,929	30.688,961
	Non-current		35,119,929	24,551,169
	Current		-	6,137,792
			35,119,929	30,688,961

Note to the financial statements (cont'd) Qualitative description of interest-bearing loans and borrowing Term loans

The Company previously obtained various term loan facilities from United Bank for Africa (UBA), repayable in instalments with maturities ranging between 2023 and 2030, and bearing interest rates of 24.5% per annum.

Security on loans

The securities to the is lenders over the Company's borrowings include the irrevocable domiciliation of the company's operational proceeds with the lender and the assignment of rights over all material contracts,

	31 March	31 December
22 Investments	2026	2025
	N'000	N'000
Investment in shares	27,098,961	25,236,685
Investment in bonds securities	-	-
	27,098,961	25,236,685

The investment in shares includes: 5% shareholding in Afam Power Plc, 15% shareholding of Jeolan International Limited. Jeolan owns 60% of Abuja Electricity Distribution Company (AEDC), purchase of United Bank of Africa (UBA) shares and an equity investment in Tenoil Petroleum and Energy Services Ltd resulting to 31,521 units of shares, translating to 0.31% ownership.

Related party transactions and balances

The Company is a subsidiary of Transnational Corporation Plc which is domiciled in Nigeria. The parent company, Transnational Corporation Plc provided management services during the period to the Company and other intercompany related expenses/transaction.

Balances with related parties during the year

Receivables from related parties	Nature of relationship	31 March 2026	31 December 2025
		N'000	N'000
Transnational Corporation Plc	Parent company	(7,244,584)	(8,553,326)
Transcorp Hotel Plc, Abuja	Subsidiary of the group	(3,078,522)	5,574,613
Transcorp OPL 281 Limited	Subsidiary of the group	-	-
Trans-Afam Power Limited	Subsidiary of the group	5,415,007	8,355,734
Afam Three Fast Power	Subsidiary of the group	(8,092,712)	(16,400,084)
Teragro Commodities Limited	Subsidiary of the group	-	-
		13,000,811	11,023,063

Note to the financial statements (cont'd)

Share capital 31 March 2026

31 December 2025 N'000 N'000 Allotted, called up, issued and fully paid:

At 1 January 3,750,000 3,750,000

7,500,000,000 ordinary shares at 50k each	3,750,000	3,750,000
		31
	31 March	December
25 Share premium	2026 N'000	2025 N'000
Balance as at 1 January	44,385,019	44,385,019
Scrip issued	-	-
New Shares as a bonus issue	-	-
Balance as at 31 December	44,385,019	44,385,019
26 Retained earnings
The movement in retained earnings during the year is as follows:		31
	31 March	December
	2026	2025
Balance as at 1 January	N'000 132,407,819	N'000 78,490,595
Profit for the period	29,695,147	91,417,224
Interim & final dividend	-	(37,500,000)
Balance as at 31 March	162,102,966	132,407,819
27 Particulars of employees

The table below shows the number of employees (excluding directors), who earned emoluments in the year and were within the bands stated.

Employees	31 March 2026 Number	31 December 2025 Number
Less than N1,000,000	-	-
N1,000,001 - N2,000,000	4	3
N2,000,001 - N5,000,000	68	79
Above N5,000,000	145	132
	217	214

Key Management Personnel

The key management personnel of the company consist of the Executive management staff and board of directors.

Note to the financial statements (cont'd) 28 Capital commitments and contingent liabilities

The Directors have disclosed that all known liabilities and commitments which are relevant in assessing the state of affairs of the Company have been taken into consideration in the preparation of these financial statements.

As at March 31, 2026, the Company had bank guarantees (N18 billion) issued to gas suppliers, gas transporters, and the Nigerian System Operator/Market Operator (NSO-MO) in respect of transmission charges. These guarantees were provided in line with the terms of various contractual agreements. None of the guarantees were called during the year, and the Company does not anticipate any material outflow arising from these arrangements (either as a gas supplier, gas transporter or transmission provider).

Legal claim contingency

The Company is involved in some legal actions in the ordinary course of business which are not material. The Company has been advised by its legal counsel that it is only possible, but not probable, that the action will succeed. Accordingly, no provision for any liability has been made in these financial statements.

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