Quarter 1 - financial statement for 2026

1

• Statement of profit or loss and other comprehensive income 3

• Statement of financial position 5

• Statement of changes in equity 7

• Statement of cash flows 8

• Notes to the financial statements 9

2

Three Months Ended 31 March

The accompanying notes from page 9-22 form an integral part of these financial statements.

3

For Three Months Ended 31 March

The accompanying notes from page 9-22 form an integral part of these financial statements.

4

5

The financial statements were approved for issue by the Board of Directors on 21 April 2026 and signed on its behalf by:

FRC/2013/CISN/00000004945 FRC/2025/PRO/DIR/003/163876 FRC/2025/PRO/ANAN/001/574470

The accompanying notes from page 9-22 form an integral part of these financial statements.

6

For Three Months Ended 31 March

The accompanying notes from page 9-22 form an integral part of these financial statements.

7

The accompanying notes from page 9-22 form an integral part of these financial statements.

8

General information 10

Dealings in Unilever Nigeria Plc. Shares 10

Basis of preparation 10

Significant accounting policies 10

Estimates 10

Financial risk management 10

Segment reporting 12

Cost of Sales 12

Marketing and administrative expenses 12

Other income 13

Finance income 14

Finance cost 14

Income taxes 14

Property, plant and equipment 15

Inventories 18

Trade and other receivables 18

Cash and cash equivalents 19

Trade and other payables 19

Employees benefits 20

Cash flows from operating activities 20

Related party transactions 21

Share capital and premium 22

9

1. ‌General information

   Unilever Nigeria Plc. is incorporated in Nigeria as a public limited liability company under the Companies and Allied Matters Act (CAP C20) Laws of the Federation of Nigeria, 2004. The Company's shares are listed on the Nigerian Stock Exchange (NSE).

   The Company is principally involved in the manufacture and marketing of Foods, Beauty & Wellbeing (BW) and Personal Care (PC) products. It has manufacturing sites in Oregun, Lagos State and Agbara, Ogun State.

2. ‌Dealing in Unilever Nigeria Plc. Shares

   The Company has adopted a code of conduct regarding securities transactions by its directors on terms no less exacting than the required standard set out in the rules of the Nigerian Stock Exchange.

   Having made specific enquiry of all directors, Unilever Nigeria Plc directors have complied with the required standard set out in the rules of the Nigerian Stock Exchange and in the Unilever Nigeria Plc code of conduct regarding securities transactions by directors.

3. ‌Basis of preparation

   These interim financial statements for the the period ended 31 March 2026 have been prepared in accordance with IAS 34, 'Interim financial reporting'. The interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.

4. ‌Significant accounting policies

   The accounting policies adopted are consistent with those of the previous audited financial year.

5. ‌Estimates

   The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

   In preparing these condensed interim financial statements, the significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements for the year ended 31 December 2025.

6. ‌Financial risk management Financial risk factors

   Unilever's activities expose it to a variety of financial risks: market risk (foreign exchange risk), credit risk and liquidity risk. Unilever's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on Unilever's financial performance.

   Risk management is carried out by a Treasury Department under policies approved by the Board of Directors. Unilever's Treasury Department identifies, evaluates and manages financial risks in close co operation with Unilever's operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity. These policies are mostly Unilever Global Policies adopted for local use.

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

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   Unilever Nigeria Plc Unaudited Interim Financial Statements for the Three Months Ended 31 March 2026
   1. Financial risk factors

      1. Market risk

         1. Currency risk - Transactions in foreign currency

            Unilever is exposed to foreign exchange risk arising from various currency exposures. The currencies in which these transactions are primarily denominated are US dollars, Pound sterling, Euro and Rand. The currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates.

            The Company manages this risk mainly by hedging foreign exchange currency contracts.

         2. Cash flow and fair value interest rate risk

            Unilever's interest rate risk arises from bank overdrafts, bank loans, and third party loans . Overdrafts issued at variable rates expose Unilever to cash flow interest rate risk. Borrowings issued at fixed rates expose Unilever to fair value interest rate risk.

            Unilever analyses its interest rate exposure on a dynamic basis. Various scenarios are simulated taking into consideration refinancing, renewal of existing positions and alternative financing. Based on these scenarios, Unilever calculates the impact on profit and loss of a defined interest rate shift. For each simulation, the same interest rate shift is used for all currencies. The scenarios are run only for liabilities that represent the major interest-bearing positions.

      2. Credit risk

         Credit risk is the risk of financial loss to the Company if a customer or a counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company's receivables from customers

         Concentration of credit risk with respect to trade receivables is limited, due to the Company's customer base being diverse. Credit terms for customers are determined on individual basis. Credit risk relating to trade receivables is managed by reference to the customers' credit limit, inventory balance, cash position and secondary sales to final consumers.

         The carrying amounts of financial assets and contract assets represent the maximum credit exposure

      3. Liquidity risk

      Liquidity risk is the risk that Unilever will face difficulty in meeting obligations associated with its financial liabilities. Unilever's approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing management considers both normal and stressed conditions. A material and sustained shortfall in our cash flow could undermine Unilever's credibility, impair investor confidence and also restrict Unilever's ability to raise funds.

      Cash flow from operating activities provides the funds to service the financing of financial liabilities on a day-to-day basis. Unilever seeks to manage its liquidity requirements by maintaining relationships with different financial institutions through short-term and long-term credit facilities.

      Cash flow forecasting is performed in Unilever. Unilever's finance team monitors rolling forecasts of Unilever's liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that Unilever does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities. Such forecasting takes into consideration Unilever's debt financing plans, covenant compliance and compliance with gearing ratios.

      Where current liabilities exceed current assets, the Company seeks to manage its liquidity requirements by maintaining access to bank lending which are renewable annually.

      At the reporting date, Unilever held cash in bank was ₦41.3 billion (31 December 2025: ₦42.1 billion).

7. ‌Segment reporting

   The Chief Operating decision-maker has been identified as the Leadership Team (LT) of Unilever Nigeria Plc. The Leadership Team reviews Unilever's monthly financial and operational information in order to assess performance and allocate resources. Management has determined the operating segments based on these reports. The Leadership Team consider the business from a product category perspective. Unilever is segmented into Foods, Beauty & Wellbeing (BW) and Personal Care (PC).

   Foods - includes sale of savoury products. Personal Care - includes sale of oral care and deodorant products. Beauty & Wellbeing - includes sales of skin care products.

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   ‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Three Months Ended 31 March 2026

   There are no intersegmental sales and Nigeria is the company's primary geographical segment as it comprises 98% of the company's sales.

   3 months ended March 2026	Foods	Personal Care	Beauty & Wellbeing	Total
   	₦'000	₦'000	₦'000	₦'000
   Revenue	37,689,512	15,839,935	5,642,821	59,172,268
   Depreciation and amortisation	(492,247)	(206,879)	(73,699)	(772,825)
   Segmental operating profit	7,314,856	3,074,247	1,095,170	11,484,273
   Finance income	2,126,330	893,642	318,351	3,338,323
   Finance cost	(891,746)	(374,778)	(133,511)	(1,400,035)
   Profit before taxation				13,422,561
   3 months ended March 2025	Foods	Personal Care	Beauty & Wellbeing	Total
   	₦'000	₦'000	₦'000	₦'000
   Revenue	27,510,576	15,136,496	4,328,742	46,975,814
   Depreciation and amortisation	(476,740)	(262,306)	(75,014)	(814,060)
   Segmental operating profit	4,842,876	2,664,582	762,018	8,269,476
   Finance income	1,555,206	855,685	244,709	2,655,600
   Finance cost	(100,767)	(55,443)	(15,856)	(172,066)
   Profit before taxation				10,753,010

   Domestic (within Export (outside

   Revenue by geographical location	Nigeria) ₦'000	Nigeria) ₦'000	Total ₦'000
   3 months ended March 2026	58,129,952	1,042,316	59,172,268
   3 months ended March 2025	45,993,188	982,626	46,975,814

   The Company recognises revenue at a point in time when it transfers control over a product or service to a customer.

   The Company has 85 key distributors, and one key distributor accounted for more than 5% of the Company's revenue.

8. ‌Cost of sales

   	2026 ₦'000		2025 ₦'000
   Cost of goods sold	32,013,893		26,493,990
   Revaluation Loss	543,583		496,037
   Restructuring cost	-		1,132,811
   	32,557,476		28,122,838

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   Unilever Nigeria Plc Unaudited Interim Financial Statements for the Three Months Ended 31 March 2026
9. Marketing and administrative expenses

   	2026 ₦'000		2025 ₦'000
   Brand and marketing (Note 9.1)	6,596,438		3,552,389
   Overheads	5,093,521		4,143,321
   Royalties and service fees (Note 9.2)	1,887,412		1,392,889
   	13,577,371		9,088,599

   1. The 2025, the Company continued to invest in brand and marketing initiative as part of its strategic focus on strengthening market presence and customer engagement.

   2. Unilever Nigeria Plc had agreements with Unilever Global IP Limited and Unilever IP Holdings B.V. for Technology and Trademark licenses, wherein a royalty of 2% and 2.25% of net sales value for Technology and 0.5% for Trade Mark was payable by Unilever Nigeria Plc. These agreements executed with Unilever Global IP Limited and Unilever IP Holdings B.V. have been reviewed and approved by NOTAP.

Also, Unilever Nigeria has a central support and management services agreement with Unilever Europe Business Centre B.V for the provision of corporate strategic direction, and expert advice/support on legal, tax, finance, human resources and information technology matters. In consideration of this, a fee of 2% of profit before tax is payable as service fees.

13

Exchange loss difference on bank accounts 1,235,393 -

1. ‌Taxation

   The tax charge for the year has been computed after adjusting for certain items of expenditure and income, which are not deductible or chargeable for tax purposes, and comprises:

   Income statement	2026		2025
   Company income tax	₦'000 4,367,049		₦'000 3,277,586
   Tertiary education tax	606,181		351,224
   Nigeria Police trust fund	-		356
   	4,973,230		3,629,166
   Origination and reversal of temporary difference	1,429,436		1,571,399
   Tax charge to income statement	6,402,666		5,200,565

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   ‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Three Months Ended 31 March 2026
2. ‌Property, plant and equipment

   	Capital workin-progress	Leasehold land	Buildings	Plant and machinery	Furniture and equipment	Motor vehicles	Right - of -use Assets	Total
   Cost	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
   At 1 January 2025	249,203	433,640	13,019,034	27,221,428	2,045,354	2,876,697	515,853	46,361,209
   Additions	5,038,231	-	-	-	-	-	90,797	5,129,028
   Disposals	-	-	-	(1,344,208)	(3,083)	(63,631)	-	(1,410,922)
   Reclassification between classes	(1,128,358)	-	63,974	252,620	367,210	444,554	-	-
   At 31 December 2025	4,159,076	433,640	13,083,008	26,129,840	2,409,481	3,257,620	606,650	50,079,315
   Additions	462,993	-	-	-	-	-	-	462,993
   Disposals	-	-	-	-	-	(38,919)	(77,167)	(116,086)
   Transfers	(4,377,123)	-	22,575	3,122,303	364,845	867,400	-	-
   At 31 March 2026	244,946	433,640	13,105,583	29,252,143	2,774,326	4,086,101	529,483	50,426,222
   Accumulated Depreciation / impairment
   At 1 January 2025	-	61,207	4,786,470	16,231,766	1,265,197	1,402,686	237,115	23,984,441
   Depreciation charge for the year	-	4,461	370,477	1,542,482	211,968	612,607	280,906	3,022,901
   Disposals	-	-	-	(1,317,042)	(3,083)	(56,000)	-	(1,376,125)
   Impairment (Note 14 (v))	-	-	-	38,177	-	-	-	38,177
   At 31 December 2025	-	65,668	5,156,947	16,495,383	1,474,082	1,959,293	518,021	25,669,394
   Depreciation charge for the period	-	1,115	115,860	398,738	58,008	178,741	20,267	772,729
   On disposals	-	-	-	-	-	(38,919)	(77,167)	(116,086)
   At 31 March 2026	-	66,783	5,272,807	16,894,121	1,532,090	2,099,115	461,121	26,326,037
   Net book value:
   At 1 January 2025	249,203	372,433	8,232,564	10,989,662	780,157	1,474,011	278,738	22,376,768
   At 31 December 2025	4,159,076	367,972	7,926,061	9,634,457	935,399	1,298,327	88,629	24,409,921
   At 31 March 2026	244,946	366,857	7,832,776	12,358,022	1,242,236	1,986,986	68,362	24,100,185

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   Unilever Nigeria Plc Unaudited Interim Financial Statements for the Three Months Ended 31 March 2026
3. ‌Investment Property

   	Factory Building		Total
   Cost:	₦'000		₦'000
   At 1 January 2025	326,318		326,318
   Reclassification from property, plant and equipment	-		-
   At 31 December 2025	326,318		326,318
   Additions	-		-
   At 31 March 2026	326,318		326,318
   Accumulated depreciation and impairment:
   At 1 January 2025	(133,788)		(133,788)
   Charge for the year	(16,607)		(16,607)
   At 31 December 2025	(150,395)		(150,395)
   Charge for the period	(4,152)		(4,152)
   At 31 March 2026	(154,547)		(154,547)
   Carrying amount:
   At 31 December 2025	175,923		175,923
   At 31 March 2026	171,771		171,771

   Investment Property primarily comprises of factory buildings owned by Unilever Nigeria Plc, which were utilized for the Home Care and Skin Cleansing business categories now discontinued.

   Subsequent to the company's exit from the Home Care and Skin Cleansing categories, the factory buildings have been leased to a third party for a duration of 10 years, with annual rental payments.

   Income from operating leases, where the company serves as the lessor, are recognized in the income statement using a straight-line basis over the entire lease term.

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   Unilever Nigeria Plc Unaudited Interim Financial Statements for the Three Months Ended 31 March 2026
4. Other financial assets 31 March 31 December

   Non current		2026 ₦'000	2025 ₦'000
   Non current net investment in lease (See note 16.a)		374,597	367,501
   Other non current receivables (See note 16.2b)		1,286,255	1,306,412
   Less impairment		(473,691)	(468,071)
   		1,187,161	1,205,842
   		31 March	31 December
   Current	2026	2025
   	₦'000	₦'000
   Promissory note on export expansion grant (See note 16.a(1))	-	216,056
   Current net investment in lease	50,684	57,780
   	50,684	273,836

   1. a The Company entered into Finance Lease contract for its Plant and Machinery with third party. These plants and machineries were previously used in the Home Care business categories. The lease term is for a period of 10 years after which ownership transfers to the lessee.
   2. a(1) In February 2023, the Federal Government of Nigeria (FGN) through its Debt Management Office (DMO) issued Unilever Nigeria Plc promissory note with a value of N216 million and maturity date of 7th February 2026. The promissory note is in full settlement of the Export Expansion Grant (EEG) claim for 2006 - 2016. 16.2b In March 2023, Unilever Nigeria Plc in line with its sustainability strategy entered into a collaborative agreement with Wecyclers Nigeria Ltd. (a for-profit social enterprise that promotes environmental sustainability, socioeconomic development, and community health by providing recycling services in densely populated urban neighbour hoods in developing countries) to improve the community environment and health/well-being through effective waste collection and management.

      The Company provided Wecyclers with an outcome-based loan and grant aimed at promoting waste recovery and recycling rates across several states in Nigeria.

      The loan is for a period of five (5) years with a single repayment of principal of the loan and interest at the end of maturity i.e. five (5) years.

      17

      
      
      ‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Three Months Ended 31 March 2026
5. ‌Inventories

1. (iii) Deposit for imports represents foreign currencies purchased for funding letters of credit in respect of imported raw materials.

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   ‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Three Months Ended 31 March 2026
2. Cash and cash equivalents 31 March 2026 31 December 2025

   ₦'000 ₦'000

   Cash at bank and in hand 41,326,029 42,113,517

   Fixed deposit 72,500,000 68,000,000

   Restricted cash 638,044 638,044

   Cash and bank balances 114,464,073 110,751,561

3. ‌Trade and other payables 31 March 2026 31 December 2025

   ₦'000 ₦'000

   Trade payables 23,697,384 28,603,099

   Amount due to related companies (Note 25) 7,466,095 5,535,218

   Dividend payable (Note 21.1) 1,439,217 1,442,534

   Accrued liabilities 5,332,949 5,780,328

   Accrued brand and marketing expenses 1,468,214 2,106,919

   Accrued shipping and freight charges 2,070,565 2,087,570

   Non trade payables 1,117,342 858,158

   Statutory deductions 1,830,652 1,205,688

   44,422,418 47,619,514
   1. Dividend payable 31 March 2026 31 December 2025

      ₦'000 ₦'000

      As at 1 January 1,442,533 3,975,301

      Dividend paid - (9,064,848)

      Withholding tax payable - (988,912)

      Cash paid to registrar in maintaining statutory minimum balance (3,316) 276,771

      Dividend claimed by shareholders - (2,809,538)

      Dividend declared - 10,053,759

      1,439,217 1,442,533

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      ‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Three Months Ended 31 March 2026
4. Employee benefit

   The amounts recognised in the statement of financial position are determined as follows:

   	31 March		31 December
   	2026		2025
   Present value of funded retirement benefit obligations	₦'000 (1,425,197)		₦'000 (1,438,761)
   Fair value of plan assets	1,568,314		1,576,587
   Retirement benefit surplus	143,117		137,826
   Present value of unfunded retirement benefit obligations	(754,599)		(731,341)
   Long service award obligations	(1,173,077)		(1,109,693)
   Net liability in the statement of financial position	(1,784,559)		(1,703,208)

5. ‌Loans and borrowings

   In March 2023, Unilever Nigeria Plc entered into a collaborative agreement with Wecyclers Outcomes Partnership Limited, United Kingdom for provision of funds in form of loan, which will be extended to Wecyclers Nigeria Limited to facilitate one of its sustainability goals of increasing waste recovery and recycling rates across several states in Nigeria

6. ‌Cash flows from operating activities

   	31 March 2026 ₦'000		31 March 2025 ₦'000
   Profit before tax	13,422,561		10,753,010
   Adjustment for non-cash items:
   - Depreciation of property, plant and equipment	772,729		813,964
   -(Gain)/loss on disposal of property,plant and equipment	(5,838)		7,631
   - Amortisation of intangible assets	96		96
   - Depreciation of investment properties	4,152		4,152
   - Net impairment write-back/ charge on receivables	26,171		(140,092)
   - Interest on call deposits and bank accounts	(3,338,323)		(2,265,341)
   - Interest expense on trade obligations with banks	19,104		(111,714)
   - Employee benefit charge	31,877		60,288
   - Interest on lease liabilities	(2,349)		64
   - Net change in retirement benefit obligations	(5,291)		92,539
   - Foreign exchange (gain)/loss	(107,000)		-
   - Long service award obligations	76,231		59,803
   	10,894,120		9,274,400
   Changes in working capital:
   - (Increase) in trade and other receivables	(2,678,057)		(1,904,753)
   - (Increase) in advance and prepayments	(3,673,670)		(5,789,590)
   - Decrease in other financial assets	241,833		-
   - Decrease in deferred income	(423,561)		-
   - (Increase)/decrease in inventory	(323,481)		5,418,540
   -(Decrease)/increase in trade and other payables	(3,197,097)		2,650,561
   Cash flows generated from operating activities	840,087		9,649,158

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   Unilever Nigeria Plc Unaudited Interim Financial Statements for the Three Months Ended 31 March 2026
7. ‌Related party transactions

1. Sale of finished goods to related parties

   	31 March 2026 ₦'000		31 March 2025 ₦'000
   Unilever Cote D'Ivoire	-		802,167
   Unilever Asia Private Limited	1,042,316		180,459
   	1,042,316		982,626

2. Outstanding related party balances as at:

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Balance as at 31 December 2025 and 31 March 2026 5,745,005 2,872,503 56,812,810

The share capital of the Company is Two Billion, Eight Hundred and Seventy-Two Million, Five Hundred and Two Thousand, Seven Hundred and Eight Naira, Fifty Kobo (N2,872,502,708.50) divided into Five Billion, Seven Hundred and Forty-Five Million, Five Thousand, Four Hundred and Seventeen (5,745,005,417) Ordinary shares of 50 Kobo each.

Unilever Nigeria Plc. as at 31 March 2026 is compliant with the Free float requirement for the Main Board of the Nigerian Stock Exchange.

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