Quarter 2 - financial statement for 2026

CORPORATE INFORMATION

Country of incorporation and domicile: Nigeria

Directors: Mr. Tony O. Elumelu, CFR Chairman

Mrs. Foluke K. Abdulrazaq, OON Vice Chairman / Independent Non-Executive Director Mrs. Owen Omogiafo, OON President/Group Chief Executive Officer

Mr. Victor Famuyibo Independent Non-Executive Director

Dr. Stanley Lawson Non-Executive Director

Mr. Oliver Andrews Independent Non-Executive Director

Mallam Ahmadu Sambo Independent Non-Executive Director

Dr. (Mrs) Toyin Sanni Non-Executive Director

Mr. Chiugo Ndubisi Non-Executive Director

Group Company Secretary: Ms. Atinuke Kolade

38 Glover Road Ikoyi

Lagos, Nigeria.

Registered office: 38 Glover Road Ikoyi

Lagos, Nigeria.

Registration number: RC 611238 Tax identification Number 01020694-0001

Registrars: Africa Prudential Plc 220B Ikorodu Road Palmgrove, Lagos.

Principal bankers: United Bank for Africa Plc Zenith Bank Plc

Fidelity Bank Plc

Auditors: Messrs. Deloitte & Touche Chartered Accountants

Civic Towers, Plot GA 1 Ozumba Mbadiwe Avenue

Victoria Island, Lagos Nigeria.

Investors Relations Manager: Mr. Festus Izevbizua

festus.izevbizua@transcorpgroup.com

Investors Relations Portal: https://transcorpgroup.com/investor-relations/

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors of Transnational Corporation Plc accept responsibility for the preparation of the unaudited consolidated and separate financial statements that give a true and fair view of the financial position of the Group as at 30 June 2026, and the results of its operations, cash flows and changes in equity for the period then ended, in compliance with IFRS Accounting Standards and in the manner required by the Companies and Allied Matters Act of Nigeria 2020, and the Financial Reporting Council of Nigeria (Amendment) Act, 2023.

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

1. properly selecting and applying accounting policies

2. presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

3. providing additional disclosures when compliance with the specific requirements in IFRS Accounting Standards are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group's financial position and financial performance.

Going Concern

The Directors have made an assessment of the Group's ability to continue as a going concern and have no reason to believe the Group will not remain a going concern in the year ahead.

The financial statements of the Group for the period ended 30 June 2026 were approved by the Directors on 22 July, 2026.

On behalf of the Directors of the Company

Mr. Chiugo Ndubisi

Director

FRC/2013/PRO/ICAN/001/00000001565

Mrs. Owen Omogiafo, OON

President/GCEO FRC/2019/PRO/DIR/003/00000019827

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

For the Quarter April to June 2026

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

Unaudited Consolidated and Separate Statement of Financial Position As at 30 June 2026

Mr. Festus Izevbizua

Mrs. Owen Omogiafo, OON

The Unaudited financial statements were approved and authorised for issue by the Board of Directors on 22 July 2026 and were signed on its behalf by

Mr. Chiugo Ndubisi

Director

FRC/2013/PRO/ICAN/001/00000001565

President/Group Chief Executive Officer FRC/2019/PRO/DIR/003/00000019827

Group Chief Finance Officer FRC/2013/PRO/ICAN/001/00000001628

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

For the Period Ended 30 June 2026

Company

Share

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

For the Period Ended 30 June 2026

For the Period Ended 30 June 2026

1. General information

   Transnational Corporation Plc, ("the Company" or "Transcorp"), was incorporated on 16 November, 2004 as a private limited liability Company domiciled in Nigeria in accordance with the requirements of the Companies and Allied Matters Act. Following a successful initial public offer (IPO), the Company was in December 2006, listed on the Nigerian Exchange Limited (Formerly Nigerian Stock Exchange). The shares of the Company have continued to be traded on the floor of the Exchange. The Company is domiciled in Nigeria and the address of its registered office is 38 Glover Road, Ikoyi, Lagos, Nigeria.

   The Company maintains controlling interests in the following companies. The Company, together with the subsidiaries are known as the Transcorp Group, ("the Group")

   • Transcorp Power Plc

   • Trans Afam Power Limited

   • Transcorp Hotels Plc

   • Transcorp Energy Limited

   • Aura by Transcorp Hotels

   • Transcorp Properties Limited

   • Transcorp OPL 281 Limited

   • Transcorp Hotels Ikoyi Limited

   • Transcorp Hotels Port Harcourt Limited

   • Terago Commodities Limited

   The Company's business is investment and operation of portfolio companies in the hospitality, power, agro-allied and energy sectors.

   1. Principal Activities

      The Group's remains focused on investing and operating portfolio companies in the Hospitality, Power, and Energy sectors. Through its subsidiaries and affiliates, the Company continues to provide a range of services and goods within these industries.

2. Summary of Material Accounting Policies Basis of preparation

   The condensed unaudited consolidated and separate financial statements have been prepared in accordance with the Companies and Allied Matters Act (CAMA) 2020, IAS 34 Interim Financial Reporting,International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS and the Financial Reporting Council of Nigeria (Amendment) Act 2023. The financial statements have been prepared on a historical cost basis except for financial assets at fair value though other comprehensive income, financial assets and liabilities and investment property - measured at fair value.

   The condensed unaudited consolidated and separate financial statements are presented in Naira and all values are rounded to the nearest thousand (N'000), except when otherwise indicated

   The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated and separate financial statements are disclosed in note 3.

   The preparation of financial statements, in conformity with generally accepted accounting principles under IFRS, requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on the Directors' best knowledge of the amounts, events or actions, actual results ultimately may differ from those estimates.

   1. Going Concern

      The Directors have at the time of approving the financial statements, a reasonable expectation that the Group 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 the financial statements.

   2. Segment 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 President/Group CEO for Transnational Corporation Plc and the Managing Directors/CEOs of respective Subsidiary Companies.

   3. Basis of consolidation

      The condensed consolidated and separate financial statements comprise the financial statements of the Company and its subsidiaries as at 30 June, 2026. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group 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

        Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

      • The contractual arrangement(s) with the other vote holders of the investee

      • Rights arising from other contractual arrangements

      • The Group's voting rights and potential voting rights

        The Group re-assesses 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. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. The assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the Consolidated and Separate financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

        Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group's accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full upon consolidation.

        A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.

        If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.

   4. Business conbinations and goodwill

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date at fair value, and the amount of any non- controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree's identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses.

The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.

When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.

Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

The Group classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities respectively.

1. Fair value estimation

   Assets and liabilities which are measured or disclosed in the financial statements are categorised within the fair value hierarchy described as follows, based on the lowest level input that is significant to the fair value measurement as a whole.

   • (Level 1): Quoted prices (unadjusted) in active markets for identical assets or liabilities.

   • (Level 2): Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as

     prices) or indirectly (that is, derived from prices).

   • (Level 3): Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

   For purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

   The following table presents the Group's financial assets that are measured at fair value.

   At 30 June 2026

   Assets Level 1 Level 2 Level 3 Total

   Financial assets at fair value through other comprehensive income
   Group Equity securities at fair value through OCI	51,154,361	-	-	51,154,361
   Company
   Equity securities at fair value through OCI	26,093,291	-	-	26,093,291

   At 31 December 2025

   Assets Level 1 Level 2 Level 3 Total

   Financial assets at fair value through other comprehensive income

   Group
   Equity securities at fair value through OCI	46,171,728	-	-	46,171,728
   Company Equity securities at fair value through OCI	24,137,226	-	-	24,137,226

   There were no transfers between levels 1 and 2 during the period.

   (a) Financial instruments in level 1

   The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily equity investments listed on the Nigerian Exchange Limited (NGX) classified as equity securities at fair value through other comprehensive income.

2. Segment analysis

   The Group

   The chief operating decision-maker has been identified as the President/Group CEO of Transnational Corporation Plc. The President/Group CEO reviews the Group's internal reporting in order to assess performance and allocate resources. The President/Group CEO has determined the operating segments based on these reports. The Board considers the business from an industry perspective and has identified 5 operating segments.

   1. Hospitality

      The hospitality business is made up of its direct subsidiary Transcorp Hotels Plc. and indirect subsidiaries, Transcorp Hotels Ikoyi Limited, Transcorp Hotels Port Harcourt Limited and Aura by Transcorp Hotels. These entities render hospitality services to customers.

   2. Agro-allied

      This relates to a subsidiary Teragro Commodities Limited. The subsidiary is engaged in the manufacturing/processing of fruit concentrates from fruits from which the Group derives revenue.

   3. Power

      This relates to a subsidiaries Transcorp Power Plc (TPP) and TransAfam Power Limited (TAPL). The subsidiaries are engaged in generation and sale of electric power.

   4. Energy

      Two subsidiaries make up the energy segment namely Transcorp Energy Limited and Transcorp OPL 281 Limited. The companies are into the exploration, refining and marketing of petroleum products. The subsidiaries are in the start-up phase and have not started generating revenue.

   5. Corporate Centre

      This segment is the parent Company, Transnational Corporation Plc and the other non-operational subsidiaries.

      The President/Group CEO is the Chief Operating Decision Maker (CODM) and monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. Also, the Group's financing (including finance costs, finance income and other income) and income taxes are managed on a Group basis and are not allocated to operating segments. Transfer prices between operating segments are on an arm's length basis in a manner similar to transactions with third parties.

      Sales between segments are carried out at arm's length. The revenue from external parties reported to the group is measured in a manner consistent with that in the income statement.

      Total segment assets are included in the reconciliation to the total statement of financial position assets.

      At 30 June 2026

      Hospitality Energy Agro-allied Power

      Corporate

      centre

      Intersegment

      elimination Total

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

      Revenue 44,428,832 - - 228,962,076 37,546,507 (69,407,656) 241,529,759

      Cost of sales (10,448,868) - - (153,198,818) - 31,861,149 (131,786,537)

      Other income 241,551 87,393 - 319,960 81,579 (72,737) 657,746

      Finance Income 1,989,837 - - 1,412,152 842,833 (2,136,709) 2,108,113

      Finance cost (3,062,506) - - (2,091,858) (3,393,274) 2,136,709 (6,410,929)

      Impairment (66,077) - - 2,042,140 (14,129) - 1,961,934

      Depreciation (2,253,667) - - (162,752) (43,499) - (2,459,918)

      Amortisation (37,034) (1,439,831) (1,476,865)

      FX (Loss)/gain (35,741) (1,325,000) (3,038) - (1,363,779)

      Administrative expenses Profit/(loss) before taxation

      (17,064,199) (152,733) (18,299,868) (4,881,959) 13,523,434 (26,875,325)

      13,692,128 (1,505,171) - 57,658,032 30,135,020 (24,095,810) 75,884,199

      Segmental assets 197,483,117 19,414,060 16,753 833,436,623 174,900,933 (125,678,299) 1,099,573,187

      Segmental liabilities (104,423,955) (34,690,897) (19,945) (637,755,731) (47,051,616) 92,211,386 (731,730,758)

      Net assets 93,059,162 (15,276,837) (3,192) 195,680,892 127,849,317 (33,466,913) 367,842,429

      As at 30 June 2025

      Hospitality Energy Agro-allied Power

      Corporate

      centre

      Intersegment

      elimination Total

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

      Revenue 46,932,519 - - 243,085,482 35,823,932 (46,804,468) 279,037,465

      Cost of sales (11,360,308) - - (158,628,450) - 21,230,536 (148,758,222)

      Other income 348,020 - - - 1,529,052 613 1,877,685

      Finance Income 426,014 3,479,006 1,309,573 (101,148) 5,113,445

      Finance cost (1,945,262) - - (7,980,915) (4,337,962) 101,148 (14,162,991)

      Impairment (20,167) (4,674,324) (167,425) - (4,861,916)

      Depreciation (1,511,544) - - (63,231) (43,875) - (1,618,650)

      Amortisation (22,219) - - - - - (22,219) FX (Loss)/gain 41,310 - - 2,726,608 - - 2,767,918

      Administrative

      expenses (20,660,055) - - (16,216,447) (3,995,635) 7,196,465

      Profit/(loss) before

      (33,675,672)

      taxation 12,228,308 - - 61,727,729 30,117,660 (18,376,853) 85,696,844

      Segmental assets 153,459,831 18,270,399 16,753 720,114,240 145,808,638 (130,352,808) 907,317,053

      Segmental liabilities (70,785,413) (26,205,225) (19,945) (573,433,347) (47,936,115) 96,650,605 (621,729,440)

      Net assets 82,674,418 (7,934,826) (3,192) 146,680,893 97,872,523 (33,702,203) 285,587,613

      Revenues from transactions with other operating segments relates to dividend income from Transcorp Hotels Plc and Transcorp Power Plc to the Company, and management fees from subsidiaries.

      The totals presented for the Group's operating segments reconciled to the key financial figures as presented in its financial statements as follows:

      30 June	30 June
      2026	2025
      N'000	N'000
      310,937,415	325,841,934
      (69,407,656)	(46,804,469)
      241,529,759	279,037,465

      Revenue

      Total revenue for reportable segments Elimination of inter-segment revenue (i) External revenue

      30 June	30 June
      2026	2025
      N'000	N'000
      99,980,009	104,073,696
      (24,095,810)	(18,376,852)
      75,884,199	85,696,844

      Profit or loss

      Total profit/(loss) for reportable segments Elimination of inter-segment profits (ii) Consolidated profit or (loss) before taxation

      30 June	31 December
      2026	2025
      1,225,251,486	1,117,989,724
      (125,678,299)	(115,647,102)
      1,099,573,187	1,002,342,622
      823,942,144	730,633,311
      (92,211,386)	(81,676,095)
      731,730,758	648,957,216

      Assets

      Total assets of reportable segments Consolidation eliminations (iii) Consolidated total assets

      Liabilities

      Total liabilities of reportable segments Consolidation eliminations (iv) Consolidated total liabilities

      The nature of differences between the measurements of the reportable segment's assets/liabilities and the assets/liabilities of the Group is as follows:

      1. Elimination of inter-segment revenue relates to dividend income and management fees from Transcorp Power Plc, Transafam Power Limited and Transcorp Hotels Plc to Transnational Corporation Plc.

      2. Elimination of inter-segment profits relates to dividend income between the segments and other income arising from transactions with non-controlling interests.

      3. Investments of Transnational Corporation Plc in its subsidiaries and investment of Transcorp Hotels Plc in Transcorp Hotels Port Harcourt Limited, Transcorp Hotels Ikoyi Limited and Aura by Transcorp Hotels respectively account for the consolidation eliminations of total assets of reportable segments. Inter-segment receivables were also eliminated to arrive at the consolidated total assets.

      4. Inter-segment payables, dividend payable to segments within the Group and management fees payable and interest payable towithin the group account for the consolidation eliminations in total liabilities of the reportable segments.

   Entity-wide information

   30 June	30 June
   2026	2025
   N'000	N'000
   30,329,009	30,689,331
   11,777,566	13,672,173
   929,589	896,896
   388,965	926,900
   441,140	260,900
   562,564	486,319
   46,504,119	48,548,355
   150,587,807	183,547,591
   9,000	9,000
   241,529,759	279,037,465

   The following is an analysis of the Group's revenue from continuing operations from its major products and services. Analysis of revenue by category:

   Rooms

   Food and beverage Shop rental

   Event centre hall rental Service charge

   Other operating revenue Capacity charge

   Energy sent out Ancillary services

   Total

   30 June	30 June
   2026	2025
   N'000	N'000
   176,228,451	206,452,329
   65,301,308	72,585,136
   241,529,759	279,037,465

   Revenue by Geographical Location

   Revenue from within Nigeria Revenue from outside Nigeria

   For the Period Ended 30 June 2026

3. Property, plant and equipment (PPE)

   Group

   Building &

   Plant &

   Computer &

   Capital work in

   Land

   improvements

   machinery office equipment Motor vehicles

   progress Total

   Cost N'000 N'000 N'000 N'000 N'000 N'000 N'000

   Balance as at 1 January 2025 42,193,553 54,609,259 210,299,997 21,187,788 1,013,551 41,131,429 370,428,018

   Additions - 110,895 2,239,745 2,491,135 1,631,140 14,893,687 21,366,602

   Interest cost capitalised in the year - - - - - 101,148 101,148

   Write-off - - (3,693,991) - (134,634) (85,655) (3,914,280)

   Reclassification - 7,733,709 20,287,117 1,869,888 - (29,890,714) -

   Adjustment * - - - - - (907,322.00) (907,322)

   Disposals - (31,421) (7,570) (150,799) (61,448) - (251,238)

   Balance as at 31 December 2025 42,193,553 62,422,442 229,125,298 25,398,013 2,448,609 25,242,573 386,822,928

   Balance as at 1 January 2026 42,193,553 62,422,442 229,125,298 25,398,013 2,448,609 25,242,573 386,822,928

   Additions 68,145 21,410 441,275 1,144,467 4,238,776 5,914,073

   Reclassification** - 87,598 825,072 2,088,905 - (3,009,134) -

   Adjustments - - - - - - -

   Disposals - - - (3,929) - (3,929)

   Balance as at 30 June 2026 42,193,553 62,578,185 229,971,780 27,924,264 3,593,076 26,472,214 392,733,072

   Depreciation and Impairment losses

   Balance as at 1 January 2025 - 9,204,058 42,205,892 7,826,055 700,618 - 59,936,622

   Depreciation for the period - 1,440,165 8,378,008 1,737,712 180,345 - 11,736,230

   Write off - - (2,256,435) - (8,975) - (2,265,410)

   Impairment - - 4,885,620 - - - 4,885,620

   Disposal - (28,809) (7,570) (146,967) (50,093) - (233,439)

   Balance as at 31 December 2025 - 10,615,414 53,205,515 9,416,800 821,895 - 74,059,623

   Balance as at 1 January 2026 - 10,615,414 53,205,515 9,416,800 821,895 - 74,059,623

   Depreciation for the period - 785,055 4,354,614 1,073,139 376,484 - 6,589,292

   Disposals - - - (3,929) - - (3,929)

   Write off - - - - - -

   Balance as at 30 June 2026 - 11,400,469 57,560,129 10,486,010 1,198,379 - 80,644,986

   Net book value

   At 30 June 2026 42,193,553 51,177,716 172,411,651 17,438,254 2,394,697 26,472,214 312,088,086

   At 31 December 2025 42,193,553 51,807,028 175,919,783 15,981,213 1,626,714 25,242,573 312,763,305

   *The adjustment in 2025 relates to certain costs in Capital work in progress which were expensed during the year as it did not meet the recognition criteria for Property, Plant and Equipment (PPE) under applicable accounting standards.

   **The Capital Work in Progress balance includes an amount of ₦7.5 million that was not completely cleared from the opening balance of the prior year.

   5	Property, plant and equipment (continued)
   	Company	Building &	Plant &	Computer &		Capital work in
   		improvements	Machinery office equipment		Motor vehicles	progress	Total
   	Cost	N'000	N'000	N'000	N'000	N'000	N'000
   	Balance as at 1 January 2025	43,743	24,139	158,523	7,298	-	233,703
   	Additions	1,892	498	13,772	-	503,163	519,325
   	Reclassification	-	-	-	-		-
   	Disposals	(31,421)	-	(7,197)	-		(38,618)
   	Balance as at 31 December 2025	14,214	24,637	165,098	7,298	503,163	714,410
   	Balance as at 1 January 2026	14,214	24,637	165,098	7,298	503,163	- 714,410
   	Additions	-	-	82,414	-	17,577	99,991
   	Disposals	-	-	-	-	-	-
   	Balance as at 30 June 2026	14,214	24,637	247,512	7,298	520,740	814,402
   	Depreciation and impairment losses						-
   	Balance as at 1 January 2025	38,506	10,884	107,414	7,298	-	164,101
   	Depreciation for the period	3,645	2,346	23,518	-	-	29,509
   	Disposals	(28,809)	-	(4,694)	-	-	(33,503)
   	Balance as at 31 December 2025	13,342	13,230	126,238	7,298	-	160,107
   	Balance as at 1 January 2026	13,342	13,230	126,238	7,298	-	- 160,108
   	Depreciation for the period Disposals	454	1,178	13,487		-	15,119 -
   	Balance as at 30 June 2026	13,796	14,408	139,725	7,298	-	175,227
   	Net book value At 30 June 2026	418	10,229	107,787	-	520,740	639,174
   	At 31 December 2025	872	11,407	38,860	-	503,163	554,303

   	Group		Company
   	30 June	30 June	30 June	30 June
   Depreciation is allocated as follows;	2026	2025	2026	2025
   	N'000	N'000	N'000	N'000
   Cost of sales	4,129,374	4,035,145	-	-
   Administrative expenses	2,459,918	1,647,029	15,119	15,496
   	6,589,292	5,682,174	15,119	15,496
   All depreciation expenses for the company are charged to administrative expenses.
   Right of use assets
   Cost			Group N'000	Company N'000
   Balance as at 1 January 2025 Additions			462,151 -	462,151 -
   Balance as at 31 December 2025			462,151	462,151
   Balance as at 1 January 2026 Additions			462,151 -	462,151 -
   Balance as at 30 June 2026			462,151	462,151
   Depreciation and Impairment losses Balance as at 1 January 2025			343,904	343,904
   Depreciation for the period			56,759	56,759
   Balance as at 31 December 2025			400,663	400,663
   Balance as at 1 January 2026			400,663	400,663
   Depreciation for the period			28,380	28,380
   Balance as at 30 June 2026			429,043	429,043
   Net book value At 30 June 2026			33,108	33,108
   At 31 December 2025			61,488	61,488

   Group					Company
   			Exploration and
   	Computer	Oil Prospecting	evaluation		Computer	Oil Prospecting
   Goodwill	software	License	expenditure	Total	software	License	Total
   N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
   29,971,031	459,085	11,577,562	11,444,422	53,452,100	12,966	5,075,818	5,088,784
   -	128,110	-	-	128,110	-	-	-
   -	-	-	-	-	-	-	-
   29,971,031	587,195	11,577,562	11,444,422	53,580,210	12,966	5,075,818	5,088,784
   29,971,031	587,195	11,577,562	11,444,422	53,580,210	12,966	5,075,818	5,088,784
   -	84,952	5,759,325	-	5,844,277	-	-	-
   -	-	-	-	-	-	-	-
   29,971,031	672,147	17,336,887	11,444,422	59,424,487	12,966	5,075,818	5,088,784
   (1,011,644)	(301,320)	(5,780,435)	-	(7,093,399) -	12,966 -	- -	12,966 -
   -	(47,425)	(5,765,216)	-	(5,812,641)	-	-	-
   (1,011,644)	(348,745)	(11,545,651)	-	(12,906,040)	12,966	-	12,966
   (1,011,644)	(348,745)	(11,545,651)	-	(12,906,040)	12,966	-	12,966
   -	(37,034)	(1,439,831)	-	(1,476,865)	-	-	-
   -	-	-		-	-	-	-
   (1,011,644)	(385,779)	(12,985,482)	-	(14,382,905)	12,966	-	12,966
   28,959,387	286,368	4,351,405	11,444,422	45,041,582	-	5,075,818	5,075,818
   28,959,387	238,450	31,911	11,444,422	40,674,170	-	5,075,818	5,075,818

4. Intangible assets

   Cost

   At 1 January 2025 Addition

   Dispoal

   As at 31 December 2025

   At 1 January 2025 Addition

   Disposal

   At 30 June 2026

   Accumulated amortisation & Imapairment

   At 1 January 2025 Impairment charge Amortisation charge

   As at 31 December 2025

   At 1 January 2025 Amortisation charge Impairment charge

   At 30 June 2026

   Net book value At 30 June 2026

   At 31 December 2025

   Goodwill is not amortised but tested for impairment annually.

   For the Period Ended 30 June 2026

   Group		Company
   30 June	31 December	30 June	31 December
   2026	2025	2026	2025
   N'000	N'000	N'000	N'000
   17,000,000	6,900,000	17,000,000	6,900,000
   -	10,100,000	-	10,100,000
   17,000,000	17,000,000	17,000,000	17,000,000

5. Investment properties

   At 1 January

   Net gain from fair value remeasurement

   Company
   30 June	31 December
   2026	2025
   N'000	N'000
   25,470,755	25,470,755
   47,500	47,500
   26,670,798	26,670,798
   50,920	50,920
   52,239,973	52,239,973

6. Investment in subsidiaries

   Transcorp Hotels Plc

   Trans Afam Nigeria Limited Transcorp Power Plc Other subsidiaries

   1. Material partly-owned subsidiaries

Proportion of equity interest held by non-controlling interests:

Subsidiary

Country of incorporation

% Ownership interest held by non-controlling interest

1. Inventories

   Engineering spares Guest supplies Fuel

   Group		Company
   30 June	31 December	30 June	31 December
   2026	2025	2026	2025
   N'000	N'000	N'000	N'000
   673,194,348	576,880,602	42,535,396	33,031,751
   -	-	-	-
   673,194,348	576,880,602	42,535,396	33,031,751
   (35,109,524)	(33,150,671)	(1,956,501)	(1,945,454)
   638,084,824	543,729,931	40,578,895	31,086,297
   636,566,074 1,518,750	542,098,681 1,631,250	40,578,895 -	31,086,297 -
   638,084,824	543,729,931	40,578,895	31,086,297

2. Trade and other receivables

   Trade receivables and Other receivables Related Parties

   Less: provision for impairment (note 11.2)

   1. Current Non-current

      Group		Company
      30 June	31 December	30 June	31 December
      2026	2025	2026	2025
      N'000	N'000	N'000	N'000
      33,150,671 1,961,934 (3,081)	18,563,925 12,805,370 1,781,376	1,945,453 14,129 (3,081)	1,909,830 35,623 -
      35,109,524	33,150,671	1,956,501	1,945,453

   2. Movement in impairment allowance

      Opening balance

      Addition during the period/year Writeback/write off during the period

      Group		Company
      30 June	31 December	30 June	31 December
      2026	2025	2026	2025
      N'000	N'000	N'000	N'000
      5,789,451	1,338,148	2,393,446	101,717
      18,010	109,355	5,277	-
      5,807,461	1,447,503	2,398,723	101,717
      18,010	17,454	18,010	17,454
      5,789,451	1,430,049	2,380,713	84,263

3. Prepayments and Other Assets

   Prepayments

   Other prepaid expenses

   Non-current Current

   Group		Company
   30 June	31 December	30 June	31 December
   2026	2025	2026	2025
   N'000	N'000	N'000	N'000
   46,171,728	18,217,915	24,137,226	16,428,215
   -	-	-	-
   11,000,000	20,377,722	5,000,000.00	3,377,722
   (6,017,367)	7,576,091	(3,043,935)	4,331,289
   51,154,361	46,171,728	26,093,291	24,137,226
   - 51,154,361	- 46,171,728	- 26,093,291	- 24,137,226

4. Investment in financial assets

   Equity investments at fair value through other comprehensive income

   At 1 January

   Additions during the year

   Reclassified from other investment (note 32)

   Movement in other comprehensive income for current period

   Total investment in financial assets

   Split between non-current and current portions

   Current

   Non-current assets

   Group		Company
   30 June	31 December	30 June	31 December
   2026	2025	2026	2025
   N'000	N'000	N'000	N'000
   35,485	42,176	28	1,474
   9,602,302	13,231,502	1,067,520	66,577
   11,124,971	8,611,274	989,303	952,765
   20,762,758	21,884,952	2,056,851	1,020,816

5. Cash and cash equivalents

   Cash on hand Cash at banks Short term deposit

   Cash and bank balance

   Group		Company
   30 June	31 December	30 June	31 December
   2026	2025	2026	2025
   N'000	N'000	N'000	N'000
   271,569,720	279,651,163	-	-
   115,421,449	83,983,784	36,337,146	4,139,865
   88,298	88,298	-	-
   1,628,245	2,452,904	2,787,570	2,258,306
   3,399,318	2,233,610	2,945,749	1,780,041
   161,578	161,578	-	-
   392,268,608	368,571,337	42,070,465	8,178,212

6. Trade and other payables

   Trade Creditors

   Accruals and other liabilities Dividend payable

   Other payable Unclaimed Dividend Advance Deposit

   Group		Company
   30 June	30 June	30 June	30 June
   2026	2025	2026	2025
   N'000	N'000	N'000	N'000
   21,880,737	16,275,812	1,692,755	372,219
   796,786	-	171,992	-
   -	1,444	-	615
   -	-	-	-
   -	734,997	-	369,223
   22,677,523 -(1,160,093)	17,012,253 1,553,390 1,959,462	1,864,746 - -	742,057 1,553,390 -
   21,517,430	20,525,105	1,864,746	2,295,447

7. Taxation

   Income tax

   Development Levy Police levy

   Underprovision of tax Education tax

   Tax on franked investment income Deferred tax

   Development Levy- With effect from 1 January 2026, the Nigeria Tax Act, 2025 (NTA 2025) introduced a Development Levy at the rate of 4% on assessable profits of companies. The Development Levy was established to consolidate the former Education Tax and Police Levy into a single unified levy.

   Accordingly, the Development Levy replaces the Education Tax previously charged under the Tertiary Education Trust Fund (Establishment, etc.) Act as well as the Police Levy previously applicable under relevant tax regulations. The levy is charged on the same profit base as companies income tax and is payable to the Nigeria Revenue Service (NRS).

   For the period ended 30 June 2026, the Development Levy has been computed in accordance with the provisions of the NTA, 2025 and has been recognised as part of the Company's tax charge for the year.

   Group		Company
   30 June	31 December	30 June	31 December
   2026	2025	2026	2025
   N'000	N'000	N'000	N'000
   91,960,046 22,677,520	56,922,272 38,813,725	2,758,254 1,864,746	1,005,584 2,482,233
   (3,272,948)	(3,775,951)	(602,980)	(729,563)
   111,364,618	91,960,046	4,020,020	2,758,254

   The movement in tax payable is as follows:

   At 1 January

   Provision for the period Payment during the period

   Group		Company
   30 June	31 December	30 June	31 December
   2026	2025	2026	2025
   N'000	N'000	N'000	N'000
   10,035,711	40,280,149	0	28,687,112
   		-	-
   10,035,711	40,280,149	-	28,687,112

8. Borrowings

   Falling due within one year

   106,622,430	35,183,170	-	5,563,355
   106,622,430	35,183,170	-	5,563,355
   116,658,141	75,463,319	-	34,250,467
   Group		Company
   30 June	31 December	30 June	31 December
   2026	2025	2026	2025
   N'000	N'000	N'000	N'000
   75,463,319	88,512,242	34,250,467	34,814,522
   106,544,473	23,526,569	-	-
   6,410,929	18,528,701	3,393,274	6,290,229
   (63,919,072)	(38,294,853)	(34,425,352)	(1,915,941)
   (7,841,508)	(16,809,340)	(3,218,389)	(4,938,342)

   Falling due after one year

   17.1

   Total

   As at 1 January Additions Effective interest

   Principal repayments Interest repayments

   116,658,141 75,463,319 - 34,250,467

   Group		Company
   30 June	31 December	30 June	31 December
   2026	2025	2026	2025
   N'000	N'000	N'000	N'000
   2,410,000 82,180,000	2,410,000 82,180,000	- -	- -
   84,590,000	84,590,000	-	-

9. Deposit for shares

   Deposit for shares-THIL Deposit for shares-TAPL

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

   Deposit for shares - TAPL relates to other parties contribution to Trans Afam Power Limited (TAPL) towards the acquisition cost for the Afam Power Genco.

   Group		Company
   30 June	30 June	30 June	30 June
   2026	2025	2026	2025
   N'000	N'000	N'000	N'000
   30,329,009	30,689,331	-	-
   11,777,566	13,672,173	-	-
   929,589	896,896	-	-
   388,965	926,900	-	-
   441,140	260,900	-	-
   562,564	486,319	7,511,557	10,250,000
   -	-	24,657,825	18,377,569
   46,504,119	48,548,355	-	-
   150,587,807	183,547,591	-	-
   -	-	5,377,125	7,196,363
   9,000	9,000	-	-
   241,529,759	279,037,465	37,546,507	35,823,932

10. Revenue

    The group derives the following types of revenue:

    Rooms*

    Food and beverage Shop rental

    Event centre hall rental Service charge

    Other operating revenue Dividend income Capacity charge

    Energy sent out

    Management fees from subsidiaries Ancillary services

    *The Rooms Revenue, for prior period ended 30 June 2025, has been adjusted with the sum of N641mn, being discount accrued from Hilton loyalty programme in Transcorp Hotels Plc, 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
    30 June	30 June	30 June	30 June
    2026	2025	2026	2025
    N'000	N'000	N'000	N'000
    6,581,831	4,029,561	-	-
    1,674,441	1,204,189	-	-
    3,620,606	7,123,923	-	-
    96,486,951	120,406,556	-	-
    10,546,495	4,744,225	-	-
    5,740,909	4,134,347	-	-
    4,129,374	4,035,145	-	-
    981,814	1,027,091	-	-
    2,024,116	2,053,185	-	-
    131,786,537	148,758,222	-	-

11. Cost of sales

    Rooms Staff costs

    Food and beverage Natural gas and fuel costs Other direct expenses Repairs and maintenance Depreciation

    Insurance

    Other operating cost

    Group		Company
    30 June	30 June	30 June	30 June
    2026	2025	2026	2025
    N'000	N'000	N'000	N'000
    760	1,448,138	760	1,448,138
    10,816	12,299	-	664
    -	-	-	-
    -	-	-	-
    32,502	25,000	32,502	25,000
    613,668	392,248	48,317	55,250
    657,746	1,877,685	81,579	1,529,052

12. Other income

    Dividend income on equity securities Profit on fixed asset disposal

    Gain on sales of investment Foreign exchange gain/(loss) Rental Income

    Other income*

    *Included in other income is the insurance claim of N115 million on burnt motor vehiche and scrap assets sold of N205 million.

    Group		Company
    30 June	30 June	30 June	30 June
    2026	2025	2026	2025
    N'000	N'000	N'000	N'000
    (6,017,367)	747,389	(3,043,935)	712,682

13. Fair value on equity securities

    Included in other comprehensive income

    Fair value (Loss)/gain on equity securities

    Group		Company
    30 June	30 June	30 June	30 June
    2026	2025	2026	2025
    N'000	N'000	N'000	N'000
    4,886,288	4,417,477	702,948	587,735
    2,459,918	1,618,650	15,119	15,496
    28,380	28,379	28,380	28,379
    1,476,865	22,219	-	-
    249,354	171,760	56,081	36,978
    6,467,819	6,851,234	1,780,594	1,546,902
    514,605	617,420	207,551	112,161
    1,203,936	924,710	417,150	421,124
    1,673,241	2,157,180	14,383	19,763
    1,032,491	1,142,061	116,076	161,672
    924,823	1,002,851	-	-
    656,221	595,188	11,711	42,538
    2,467,871	2,720,698	44,515	39,848
    1,109,902	897,288	467,035	313,730
    243,143	104,866	195,385	57,502
    972,038	660,304	29,989	15,760
    4,445,213	11,384,255	838,541	639,922
    30,812,108	35,316,540	4,925,458	4,039,510

14. Administrative and general expenses

    Staff costs Depreciation of PPE

    Depreciation of right of use asset Amortisation

    Auditors' remuneration Management and incentive fees Professional fees

    Director's remuneration Repairs and maintenance Advertising*

    Group service benefits

    Insurance

    Eletricity and diesel cost Travel and accommodation Licenses and fees

    Bank charges

    Other operating expenses

    *The Advertising expenses, for prior period ended 30 June 2025, has been adjusted with the sum of N641mn, being discount accrued from Hilton loyalty programme in Transcorp Hotels Plc, and reclassified to Room Revenue, hence it has a nil effect on the profit or loss position for the period.

    Group		Company
    30 June	30 June	30 June	30 June
    2026	2025	2026	2025
    N'000	N'000	N'000	N'000
    2,108,113	5,113,445	842,833	1,309,573
    2,108,113	5,113,445	842,833	1,309,573
    6,410,929 -	14,264,139 (101,148)	3,393,274 -	4,337,962 -
    6,410,929	14,162,991	3,393,274	4,337,962

15. Finance costs and income

    1. Finance income:

       Interest income on loan

    2. Finance costs:

       Interest expense on loans Interest capitalised

       Interest expense on loans

       Finance (income)/cost - net 4,302,816 9,049,546 2,550,441 3,028,389

       Group		Company
       30 June	30 June	30 June	30 June
       2026	2025	2026	2025
       N'000	N'000	N'000	N'000
       (1,363,779)	2,767,918	(3,038)	-

16. Net foreign exchange (loss)/gain

    Foreign exchange (Loss)/gain

17. Earnings per share

    Group		Company
    30 June	30 June	30 June	30 June
    2026	2025	2026	2025
    N'000	N'000	N'000	N'000
    32,855,212	41,442,272	28,270,274	27,822,213
    10,161,998	10,161,998	10,161,998	10,161,998
    323	408	278	274
    323	408	278	274

    Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year excluding ordinary shares purchased by the Company and held as treasury shares.

    Profit attributable to shareholders

    Weighted average number of ordinary shares in issue Basic earnings per share (Kobo)

    Diluted earnings per share (Kobo)

    Group		Company
    30 June	31 December	30 June	31 December
    2026	2025	2026	2025
    N'000	N'000	N'000	N'000
    5,080,999	5,080,999	5,080,999	5,080,999
    -	-	-	-
    5,080,999	5,080,999	5,080,999	5,080,999

18. Share capital

    1. Authorised:

       At 1 January (10,161,997,573 ordinary shares of 50kobo each) Transfer to share reconstruction reserve

       At period/year end

       Group		Company
       30 June	31 December	30 June	31 December
       2026	2025	2026	2025
       N'000	N'000	N'000	N'000
       5,080,999	5,080,999	5,080,999	5,080,999

       Allotted, called up and fully paid:

       Ordinary shares of 50 kobo each

       As at 30 September, 2024 the number of shares was 40,647,990,293 ordinary shares of 50 kobo each. In October 2024, the Company reconstructed its shares capital by consolidation of the total number of issued shares at a ratio of 1 to 4 ordinary shares at the par value of 50 Kobo per share. There is now a share reconstruction reserve for excess shares of 30,485,992,719 from the reconstruction exercise.

       Group and Company
       30 June	31 December
       2026	2025
       N'000	N'000
       6,249,871	6,249,871
       6,249,871	6,249,871

    2. Share premium

       At 1 January

       At 30 June 2026

       Group		Company
       30 June	31 December	30 June	31 December
       2026	2025	2026	2025
       N'000	N'000	N'000	N'000
       15,242,997	15,242,997	15,242,997	15,242,997

    3. Share reconstruction Reserve

       Share Reconstruction (30,485,992,719 of 50 kobo each)

       On 28 October 2024, the company reconstructured its ordinary share of 50 kobo by issuing 1 share for every 4 shares to the existing shareholders

       Group		Company
       30 June 2026 N'000 20,237,753 (4,666,338)	31 December 2025 N'000 14,112,173 6,125,580	30 June 2026 N'000 18,677,612 (3,043,935)	31 December 2025 N'000 14,346,323 4,331,289
       15,571,415	20,237,753	15,633,677	18,677,612

    4. Other reserves

       At 1 January

       Other Comprehensive Income during the period At 30 June 2026

       Group		Company
       30 June	31 December	30 June	31 December
       2026	2025	2026	2025
       N'000	N'000	N'000	N'000
       181,182,532	105,555,760	73,630,695	34,514,637
       32,855,212	85,788,771	28,270,274	49,278,057
       -	(10,161,999)	-	(10,161,999)
       (16,259,196)	-	(16,259,196)	-
       197,778,548	181,182,532	85,641,773	73,630,695

    5. Retained Earnings

       At 1 January Profit for the year

       Adjustment to the opening balance Dividend paid

       At 30 June 2026

       Group		Company
       30 June	30 June	30 June	30 June
       2026	2025	2026	2025
       N'000	N'000	N'000	N'000
       75,884,199	85,696,844	30,135,020	30,117,660
       6,589,292 -1,476,865 28,380	5,682,174 (31,500,000) 22,219 28,380	15,119 - -28,380	7,706 - -28,380
       (10,816)	(12,299)	-	(12,299)
       (115,000)	-	-	-
       (205,000)	-	-	-
       (1,961,934)	4,861,916	14,129	116,666
       (3,081)	-	(3,081)	-
       (760)	(1,448,138)	(760)	(1,448,138)
       6,410,929	14,162,991	3,393,274	2,285,016
       (2,108,113)	(5,113,445)	(842,833)	(632,504)
       -	(1,553,390)	-	(918,878)
       (1,363,779)	2,767,918	3,038	(10,858)
       (112,643,962)	(133,540,832)	(9,503,643)	(3,413,479)
       (4,359,958) (1,991,462)	(6,428,815) (597,817)	(2,297,006) -	(51,739)
       632,332	123,762	-	-
       151,686	29,325	-	-
       (183,930)	(197,197)	(32,500)	6,035,986
       23,697,271	46,927,896	33,892,253	(11,305,749)
       (10,076,841)	(20,088,508)	54,801,390	20,797,770

19. Cash generated from operating activities

    Note

    Profit before tax

    Adjustment for:

    Depreciation of PP&E 5

    Prior year adjustment

    Amortization of intangible assets 6

    Depreciation of right of use asset 5

    Profit on disposal of property, plant & equipment 21

    Insurance claim received 21

    Proceed from Scrap assets 21

    Impairment allowance on financial assets 11.2

    Writeback/write off during the period 11.2

    Dividend Income on equity securities 21

    Finance cost 24.2

    Finance income 24.1

    Adjustment for tax on franked income 16

    Unrealised foreign exchange loss/(gain) 25

    Changes in working capital:

    (Increase) in trade and other receivables (Increase) in prepayment and other asset (Increase) in inventories

    Increase in Contract Liabilities

    Increase in Define benefits 36

    (Decrease) in Deferred Income (Decrease)/Increase in trade and other payables

    Net cash generated from/(used in) operations

20. Contingent liabilities

    There was no material litigation in the ordinary course of business as at the financial position date. The directors are of the opinion that all known liabilities which are relevant in assessing the state of affairs of the Company have been taken into consideration in the preparation of these financial statements.

21. Securities Trading Policy

    In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Nigerian Exchange Limited 2015 (Issuers Rule) Transnational Corporation Plc (the Company) maintains effective Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Company's shares. The Policy is regularly reviewed and updated by the Board. The Company has made specific inquiries of all the directors and other insiders and is not aware of any infringement of the policy during the period

22. Events after reporting period

    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 30 June 2026 that have not been adequately provided for or disclosed in these financial statements.

    Group		Company
    30 June	31 December	30 June	31 December
    2026	2025	2026	2025
    N'000	N'000	N'000	N'000
    1,800,450	1,800,450	400,100	400,100
    -	11,000,000	-	5,000,000
    1,800,450	12,800,450	400,100	5,400,100

23. Other Investment

    Other Investments

    Deposit for shares - United Bank for Africa Plc *

    *The deposit for UBA rights as at 31 December 2025 have been allotted and the balance has been classified as investment in financial assets see note 13.

    Group		Company
    30 June	31 December	30 June	31 December
    2026	2025	2026	2025
    N'000	N'000	N'000	N'000
    12,800,450	22,178,172	5,400,100	3,777,822
    -	11,000,000	-	5,000,000
    (11,000,000)	(20,377,722)	(5,000,000)	(3,377,722)
    1,800,450	12,800,450	400,100	5,400,100

    Movement in other investment

    Opening Balance Addition during the year

    Reclassified to Investment in financial asset (note 13)

    Group
    30 June	31 December
    2026	2025
    N'000	N'000
    125,391,254	93,951,248
    21,511,557	50,121,099
    (17,633,183)	(20,185,243)
    (1,351,029)	1,504,150
    127,918,599	125,391,254

24. Non-controlling interest

    As at 1 January Profit for the period Dividend paid

    Other comprehensive income

    Below is analysis of Non-controlling interest share of profit after tax

    Transcorp Energy Limited

    N'000

    Transcorp Hotel Plc Transcorp Power Plc

    N'000

    N'000

    TransAfam Power Limited

    N'000

    Total

    N'000

    Net (loss)/profit after tax (37,831) 10,537,453 38,495,356 2,664,668 51,659,646

    Non-Controlling Interest share holding 1.00% 23.84% 49.01% 5.00%

    Share of profit (378) 2,512,129 18,866,573 133,233 21,511,557

    Other comprehensive income - -416,699 (2,553,853) (894) (2,971,446)

    Non-Controlling Interest share holding 1.00% 23.84% 49.01% 5.00%

    Share of profit - (99,341) (1,251,643) (45) (1,351,029)

    Group
    30 June	31 December
    2026	2025
    N'000	N'000
    1,633,813	925,069
    1,757,488	1,833,900
    3,391,301	2,758,969

25. Contract liabilities

    Short-term advances for hospitality services (note 34.1) Key money from Hilton (note 34.2)

    1,786,633 1,604,668	1,077,889 1,681,080
    3,391,301	2,758,969

    Current Non current

    1. 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.

    2. 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 period. The Key money from Hilton International LLC will be notionally amortised over the contract period on a straight-line basis to other income. The outstanding balance of N1.795bn relates to the unamortised portion of the key money as at 30 June 2026.

       Group		Company
       30 June	31 December	30 June	31 December
       2026	2025	2026	2025
       N'000	N'000	N'000	N'000
       679,201	1,119,778	32,500	25,000
       1,063	65,000	-	65,000
       (184,992)	(505,577)	(32,500)	(57,500)
       495,272	679,201	-	32,500

26. Defered Income

    At 1 January

    Addition during the period

    Released to the statement of profit or loss

    445,063 50,209	476,500 202,701	- -	32,500 -
    495,272	679,201	-	32,500

    Current Non current

    Transcorp Hotel Plc obtained loans from Bank of Industry (BOI) for the sum of N10billion in 2019 and 12.751billion in 2021. The purpose of the loans were to procure equipment to upgrade the hotel rooms, kitchen, public area and equip a new multi-purpose banqueting conference centre. The interest rate on the loan 10% was below the market loan rate. 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 N0.679 bilion was credited to other operating income in the statement of profit or loss for the period ended 30 June 2026

27. Defined Benefit Liability

    Transcorp Hotels Plc 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.

    Group
    30 June	31 December
    2026	2025
    N'000	N'000
    595,057	443,372
    -	-
    595,057	443,372
    -	-
    595,057	443,372
    98,326	84,159
    496,731	359,213
    595,057	443,372

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

    Present value of defined benefit obligations Fair value of plan assets

    Funded status

    Restrictions on asset recognised

    Net liability arising from defined benefit obligation

    Current Non-current

28. Compliance with Free Float Requirements and Shareholding pattern

Declaration:

1. Transcorp Plc with a free float percentage of 54.44% as at 30 June 2026, is compliant with The Exchange's free float requirements for companies listed on the Main Board.

2. Transcorp Plc with a free float value of N229,574,623,850.50 as at 30 June 2026, is compliant with The Exchange's free float requirements for companies listed on the Main Board.

Share Price at end of reporting period was N41.50 (31 December 2025:N45.40)