Unilever Nigeria PlcNSENG: UNILEVER

Quarter 2 - financial statement for 2026

Jul 21, 2026 at 12:07 PM UTC · Issued by Unilever Nigeria Plc

‌Unilever Nigeria Plc Unaudited Interim Financial Statements For the Six Months Ended 30 June 2026

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026 ‌Contents Page

Statement of profit or loss and other comprehensive income 3
Statement of financial position 6
Statement of changes in equity 8
Statement of cash flows 9
Notes to the financial statements 10

‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026 ‌Statement of profit or loss and other comprehensive income For three months ended 30 June 2026

	Note	30 June 2026 ₦'000	30 June 2025 ₦'000
Revenue	7	60,750,987	51,126,400
Cost of sales		(32,627,147)	(27,863,881)
Gross profit		28,123,840	23,262,519
Selling and distribution expenses		(2,896,520)	(1,292,110)
Marketing and administrative expenses		(12,811,990)	(11,914,095)
Impairment write-back on trade & other receivables		264,899	402,535
Other income		194,718	84,550
Operating profit		12,874,947	10,543,399
Finance income		3,174,872	3,169,047
Finance cost		(296,593)	(311,432)
Net finance income		2,878,279	2,857,615
Profit before taxation		15,753,226	13,401,014
Taxation		(7,175,282)	(4,548,131)
Profit for the period		8,577,944	8,852,883
Attributable to:
Equity holders		8,577,944	8,852,883
Earnings per share for profit attributable to equity holders:
Basic and diluted earnings per share (Naira)		1.49	1.54

The accompanying notes from page 10-25 form an integral part of these financial statements.

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026 Statement of profit or loss and other comprehensive income For six months ended 30 June 2026

	Note	30 June 2026 ₦'000	30 June 2025 ₦'000
Revenue	7	119,923,255	98,102,214
Cost of sales	8	(65,184,675)	(55,986,719)
Gross profit		54,738,580	42,115,495
Selling and distribution expenses		(4,771,072)	(3,003,993)
Marketing and administrative expenses	9	(26,389,309)	(21,002,694)
Impairment write-back on trade & other receivables	10	291,070	542,627
Other income	11	489,951	161,440
Operating profit		24,359,220	18,812,875
Finance income	12.1	6,513,195	5,824,647
Finance cost	12.2	(1,696,628)	(483,498)
Net finance income		4,816,567	5,341,149
Profit before taxation		29,175,787	24,154,024
Taxation	13	(13,577,949)	(9,748,708)
Profit for the period		15,597,838	14,405,316
Attributable to:
Equity holders		15,597,838	14,405,316
Earnings per share for profit attributable to equity holders:
Basic and diluted earnings per share (Naira)		2.72	2.51

The accompanying notes from page 10-25 form an integral part of these financial statements.

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026 Statement of profit or loss and other comprehensive income (Continued)

For three months ended 30 June 2026

	30 June 2026 ₦'000	30 June 2025 ₦'000
Other comprehensive income	-	-
Profit for the period	8,577,944	8,852,883
Total comprehensive income	8,577,944	8,852,883
Attributable to:
Owners of the Company	8,577,944	8,852,883

For Six Months Ended 30 June 2026
	30 June 2026	30 June 2025
	₦'000	₦'000
Other comprehensive income	-	-
Profit for the period	15,597,838	14,405,316
Total comprehensive income	15,597,838	14,405,316
Attributable to:
Owners of the Company	15,597,838	14,405,316

The accompanying notes from page 10-25 form an integral part of these financial statements.

‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026 ‌Statement of Financial Position

As at 30 June 2026

		30 June	31 December
		2026	2025
Assets	Note	₦'000	₦'000
Non-current assets
Property, plant and equipment	14	28,888,903	24,409,921
Intangible assets		1,733	1,926
Investment property	15	167,619	175,923
Other financial assets	16	1,192,260	1,205,842
Retirement benefit surplus	20	148,410	137,826
Prepayment	19	1,397,125	1,397,125
		31,796,050	27,328,563
Current assets
Inventories	17	26,636,725	23,100,479
Trade and other receivables	18	11,459,134	10,498,929
Advance and prepayments	19	10,145,406	8,225,957
Cash and cash equivalents	20	97,152,745	110,751,561
Other financial assets	16	50,684	273,836
		145,444,694	152,850,762
Total assets		177,240,744	180,179,325
Liabilities
Current liabilities
Current tax liabilities		11,449,761	20,233,664
Trade and other payables	21	55,512,449	47,619,514
Deferred income		-	423,561
		66,962,210	68,276,739
Non-current liabilities
Loans and borrowings	23	2,121,839	2,169,011
Unfunded retirement benefit obligations	22	781,688	731,341
Long service award obligations	22	1,226,352	1,109,693
Deferred tax liabilities		1,719,375	354,056
Lease liabilities		46,599	82,374
		5,895,853	4,446,475
Total liabilities		72,858,063	72,723,214

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026 Statement of Financial Position (continued)

As at 30 June 2026

Equity	Note	30 June 2026 ₦'000	31 December 2025 ₦'000
Ordinary share capital	26	2,872,503	2,872,503
Share premium	26	56,812,810	56,812,810
Retained earnings		44,697,368	47,770,798
Total equity		104,382,681	107,456,111
Total equity and liabilities		177,240,744	180,179,325

The financial statements were approved for issue by the Board of Directors on 17 July 2026 and signed on its behalf by:

Bolaji Balogun Tobi Adeniyi Modupe Femi-Okunbanjo Chairman Managing Director Finance Director FRC/2013/CISN/00000004945 FRC/2025/PRO/DIR/003/163876 FRC/2024/PRO/ICAN/002/756343

The accompanying notes from page 10-25 form an integral part of these financial statements.

‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026 ‌Statement of Changes in Equity For Six Months Ended 30 June 2026

	Share capital	Share premium		Retained earnings		Total
	₦'000	₦'000		₦'000		₦'000
Balance at 1 January 2025	2,872,503	56,812,810		25,420,767		85,106,080
Total comprehensive income for the period
Profit for the period	-	-		32,198,916		32,198,916
Other comprehensive income
Remeasurement on post
employment benefit obligations	-		-		305,782		305,782
Tax effect	-		-		(100,908)		(100,908)
	-		-		32,403,790		32,403,790
Transactions with owners
Dividend declared	-		-		(10,053,759)		(10,053,759)

Balance at 31 December 2025	2,872,503		56,812,810		47,770,798		107,456,111
Balance at 1 January 2026	2,872,503		56,812,810		47,770,798		107,456,111
Total comprehensive income for the period
Profit for the period	-		-		15,597,838		15,597,838
Other comprehensive income
Remeasurement on post employment benefit obligations, net of tax	-		-		-		-
	-		-		15,597,838		15,597,838
Transactions with owners
Dividend declared	-		-		(18,671,268)		(18,671,268)
	-		-		(18,671,268)		(18,671,268)
Balance at 30 June 2026	2,872,503		56,812,810		44,697,368		104,382,681

The accompanying notes from page 10-25 form an integral part of these financial statements.

‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026 ‌Statement of Cash Flows For Six Months Ended 30 June 2026

Cash flows from operating activities	Note	30 June 2026 ₦'000	30 June 2025 ₦'000
Cash generated from operations	24	25,941,943	27,936,651
Retirement benefits paid		(13,407)	(165,499)
Long service award obligations paid		(35,797)	(8,509)
Tax paid		(20,996,535)	(10,325,396)
Net cash flow generated from operating activities		4,896,204	17,437,247
Cash flows from investing activities
Interest received	12	6,513,195	4,809,843
Purchase of property, plant and equipment	14	(6,012,266)	(860,975)
Proceeds from sale of property, plant and equipment		5,838	19,768
Net cash flows generated from investing activities		506,767	3,968,636
Cash flows from financing activities
Loan repayment		(218,653)	(356,594)
Lease principal payment		(31,900)	-
Interest expense for employee benefit		(148,302)	(120,577)
Dividend paid		(18,671,268)	(7,181,257)
Net cash used in financing activities		(19,070,123)	(7,658,428)
Net increase in cash and cash equivalents		(13,667,152)	13,747,455
Impact of foreign exchange movement on cash balance		68,336	1,514,210
Cash and cash equivalents at the beginning of the period		110,751,561	68,439,134
Cash and cash equivalents at the end of the period	20	97,152,745	83,700,799

The accompanying notes from page 10-25 form an integral part of these financial statements.

‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026 ‌Notes to the financial statements Page

General information 11

Dealings in Unilever Nigeria Plc. Shares 11

Basis of preparation 11

Significant accounting policies 11

Estimates 11

Financial risk management 11

Segment reporting 13

Cost of Sales 14

Marketing and administrative expenses 15

Other income 15

Finance income 16

Finance cost 16

Income taxes 16

Property, plant and equipment 17

Inventories 21

Trade and other receivables 21

Advance and prepayments 21

Cash and cash equivalents 22

Trade and other payables 22

Retirement benefit obligations 23

Loans and borrowings 23

Cash flows from operating activities 23

Related party transactions 24

Share capital and premium 25

‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026

‌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 and is domiciled in Nigeria. The company's shares are listed on the Nigerian Stock Exchange (NSE).
The company is principally involved in the manufacture and marketing of Foods, Personal Care, Beauty & Well-being products. It has manufacturing sites in Oregun, Lagos State and Agbara, Ogun State.
‌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.
‌Basis of preparation
These interim financial statements for the period ended 30 June 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.
‌Significant accounting policies
The accounting policies adopted are consistent with those of the previous audited financial year.
‌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.
‌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 the Treasury Department under policies approved by the Board of Directors. Unilever's Treasury Department identifies, evaluates and manages financial risks in close cooperation 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.
11

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 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 and bank 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 an 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 its 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 this 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. The company'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 manages its liquidity requirements by maintaining access to bank lending which are renewable annually.
  At the reporting date, the Unilever Nigeria Plc. held cash and cash equivalents amounted to N97.2 billion (31 December 2025: N110.8 billion).
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  ‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026
‌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 sales of savoury products. Personal Care - includes sales of oral care and deodorant products. Beauty & Wellbeing - includes sales of skin care products.

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 30 June 2026	Foods	Personal Care	Beauty & Wellbeing	Total
	₦'000	₦'000	₦'000	₦'000
Revenue	39,362,737	15,130,807	6,257,443	60,750,987
Depreciation and amortisation	(492,728)	(189,402)	(78,328)	(760,458)
Segmental operating profit	8,342,139	3,206,670	1,326,139	12,874,947
Finance income	2,057,113	790,742	327,017	3,174,872
Finance cost	(192,173)	(73,870)	(30,550)	(296,593)
Profit before taxation				15,753,226
3 months ended 30 June			Beauty &
2025	Foods	Personal Care	Wellbeing	Total
	₦'000	₦'000	₦'000	₦'000
Revenue	31,170,544	14,449,664	5,506,192	51,126,400
Depreciation and amortisation	(384,311)	(178,154)	(67,888)	(630,353)
Segmental operating profit	6,428,058	2,979,842	1,135,499	10,543,399
Finance income	1,932,092	895,656	341,299	3,169,047
Finance cost	(189,873)	(88,019)	(33,540)	(311,432)
Profit before taxation				13,401,014

‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026

6 months ended 30 June 2026	Foods	Personal Care	Beauty & Wellbeing	Total
	₦'000	₦'000	₦'000	₦'000
Revenue	77,052,249	30,970,742	11,900,264	119,923,255
Depreciation and amortisation	(985,154)	(395,978)	(152,151)	(1,533,283)
Segmental operating profit	15,651,115	6,290,883	2,417,222	24,359,220
Finance income	4,184,812	1,682,063	646,320	6,513,195
Finance cost	(1,090,106)	(438,162)	(168,360)	(1,696,628)
Profit before taxation				29,175,787

6 months ended 30 June 2025 Foods Personal Care Beauty & Wellbeing Total

₦'000 ₦'000 ₦'000

Revenue	58,681,120	29,586,160	9,834,934	98,102,214
Depreciation and amortisation	(863,994)	(435,613)	(144,805)	(1,444,413)
Segmental operating profit	11,253,167	5,673,682	1,886,027	18,812,875
Finance income	3,484,089	1,756,626	583,932	5,824,647
Finance cost	(289,211)	(145,816)	(48,472)	(483,498)
Profit before taxation				24,154,024

Domestic (within Export (outside

Revenue by geographical location	Nigeria) ₦'000	Nigeria) ₦'000	Total ₦'000
3 months ended 30 June 2026	59,072,236	1,678,751	60,750,987
3 months ended 30 June 2025	50,644,501	481,899	51,126,400
6 months ended 30 June 2026	117,202,188	2,721,067	119,923,255
6 months ended 30 June 2025	96,637,689	1,464,525	98,102,214

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

As of 30 June 2026, the Company has 87 key distributors, and one key distributor accounted for about 5% of the Company's revenue.

‌8. Cost of sales
	2026	2025
Cost of goods sold	₦'000 64,337,918	₦'000 55,523,279
Revaluation loss/ (gain)	846,757	(156,274)
Restructuring cost	-	619,714
	65,184,675	55,986,719

‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026

‌Marketing and administrative expenses

	2026 ₦'000	2025 ₦'000
Brand and marketing (Note 9.1)	13,962,900	7,726,395
Overheads	9,063,570	9,843,725
Royalties and service fees (Note 9.2)	3,362,839	3,432,574
	26,389,309	21,002,694

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

‌10. Impairment on trade & other receivables
	2026	2025
Impairment write-back on trade & other receivables	₦'000 291,070	₦'000 542,627
	291,070	542,627

Impairment provision is driven by movement in trade and other receivables.

‌Other income

		2026 ₦'000	2025 ₦'000
Manufacturing Service Agreement	(Note 11.1)	252,481	117,197
Rental income		19,950	29,174
Others (Note 11.2)		1,464	15,069
Promissory note (Note 11.3)		216,056	-
		489,951	161,440

Subsequent to the disposal of the Tea business in October 2021, Unilever Nigeria entered into a Transitional Service Agreement ("the Agreement") with the new owner (Ekaterra Plant based Ltd, now Lipton Teas and infusions Plant Based Limited) until June 2023. Effective 1st July, 2023, Unilever Nigeria entered into a Manufacturing Services Agreement for production of Tea with Lipton Teas and Infusions Plant Based Ltd in exchange for a fee. The amount reported represents fees earned on production of Tea for Lipton Teas and Infusions Plant Based Ltd.
Included in others are sales of scrapped assets, insurance compensation on assets damaged by flood and other disasters.
In February 2023, the Federal Government of Nigeria (FGN) through its Debt Management Office (DMO) issued Unilever Nigeria Plc a promissory note with a value of ₦216 million and maturity date of 7th February 2026.
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‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026
The promissory note is in full settlement of the Export Expansion Grant (EEG) claim for 2006 - 2016 for which the value has now been received.

‌Net Finance income / (cost)

	2026 ₦'000	2025 ₦'000
Finance Income (Note 12.1)	6,513,195	5,824,647
Finance Cost (Note 12.2)	(1,696,628)	(483,498)
	4,816,567	5,341,149
12.1 Finance income
	2026	2025
Interest on call deposits and bank accounts	₦'000 6,513,195	₦'000 4,809,843
Foreign exchange gain on bank balances	-	1,014,804
	6,513,195	5,824,647
12.2 Finance cost
	2026	2025
Interest on third-party bank loans	₦'000 218,653	₦'000 356,594
Interest charge on employee benefit	148,302	120,577
Interest expense on lease liabilities	3,875	6,327
Foreign exchange loss on bank balances	1,325,798	-
	1,696,628	483,498
‌13. Taxation

The tax charge for the period 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 10,056,588	₦'000 7,540,928
Development levy	1,393,172	-
Tertiary education tax	-	791,846
Nigeria Police trust fund	-	777
Prior year under provision- current income tax	(296,022)	(2,110)
Prior year deferred tax	762,871	-
	11,916,609	8,331,441
Origination and reversal of temporary difference	1,661,340	1,417,267
Tax charge to income statement	13,577,949	9,748,708

‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026

‌Property, plant and equipment Capital work- Leasehold Plant and Furniture and Motor Right - of - use

	in-progress	land	Buildings	machinery	equipment	vehicles	Asset	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	6,012,266	-	-	-	-	-	-	6,012,266
Disposals	-	-	-	-	-	(38,919)	-	(38,919)
Transfers	(4,529,203)	-	22,575	3,274,383	364,845	867,400	-	-
Write off - adjustments					-	-	(77,167)	(77,167)
At 30 June 2026	5,642,139	433,640	13,105,583	29,404,223	2,774,326	4,086,101	529,483	55,975,495

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026 Plant Furniture Capital work- Leasehold and and Motor Right - of - use

	in-progress	land	Buildings	machinery	equipment	vehicles	Asset	Total
	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
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 year	-	2,230	209,144	787,139	121,900	375,552	37,318	1,533,283
On disposals	-	-	-	-	-	(38,919)	-	(38,919)
Write off - adjustments							(77,167)	(77,167)
At 30 June 2026	-	67,898	5,366,091	17,282,522	1,595,982	2,295,926	306,767	27,086,591
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 30 June 2026	5,642,139	365,742	7,739,492	12,121,701	1,178,344	1,790,175	51,311	28,888,903

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026

‌Investment Property

	Factory Building	Total
Cost:	₦'000	₦'000
At 1 January 2025	326,318	326,318
Additions	-	-
At 31 December 2025	326,318	326,318
Additions	-	-
At 30 June 2026	326,318	326,318
Accumulated depreciation and impairment:
At 1 January 2025	(133,788)	(133,788)
Reclassification from property, plant and equipment	-	-
Charge for the year	(16,607)	(16,607)
At 31 December 2025	(150,395)	(150,395)
Charge for the year	(8,304)	(8,304)
At 30 June 2026	(158,699)	(158,699)
Carrying amount:
At 31 December 2025	175,923	175,923
At 30 June 2026	167,619	167,619

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.

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026

Other financial assets 30 June 31 December

Non current	2026 ₦'000	2025 ₦'000
Non current net investment in lease (See note 16.1)	374,597	367,501
Other non current receivables (See note 16.2)	1,297,044	1,306,412
Less impairment	(479,381)	(468,071)
	1,192,260	1,205,842
	30 June	31 December

Current	2026 ₦'000	2025 ₦'000
Promissory note on export expansion grant (See note 16.3	-	216,056
Current net investment in lease	50,684	57,780
	50,684	273,836

The Company entered into Finance Lease contract for its Plant and Machinery with a third party. These plants and machinery 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.
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.
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.
20

‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026

‌Inventories

	30 June 2026	31 December 2025
	₦'000
Raw and packaging materials	18,161,214	15,617,218
Work in progress	349,393	219,306
Goods in transit	788,300	332,824
Finished goods	5,574,478	5,239,351
Engineering spares and other inventories	1,763,340	1,556,835
Right to recover returned goods	-	134,945
	26,636,725	23,100,479
‌18. Trade and other receivables
	30 June 2026	31 December 2025
	₦'000	₦'000
Trade receivables	7,034,281	2,974,103
Rebate accruals	(1,148,233)	(1,314,999)
Impairment	(184,503)	(180,174)
Trade receivables	5,701,545	1,478,930
Cash with registrar	2,145,166	885,278
Interest receivable	542,206	982,168
Other receivables	504,127	2,427,355
Due from related parties (Note 25 (ii))	2,566,090	4,725,198
	11,459,134	10,498,929
‌19. Advances and prepayments
	30 June 2026	31 December 2025
	₦'000	₦'000
Non current
Non-current prepayment (Note 19(i))	1,397,125	1,397,125
Current
Advance and prepayment (Note 19.(ii))	5,147,629	4,126,296
Deposit for imports (Note 19.(iii))	5,277,696	4,379,580
Less impairment	(279,919)	(279,919)
	10,145,406	8,225,957

19.(i) Non current prepayment represents advance payment for lease hold property located at Oregun, Lagos. The lease term is for 50 years and is expected commence in 2028. 19.(ii) Included in advances and prepayments, are advance payments made to suppliers. This aims to leverage favorable pricing opportunities for raw and packaging materials. 19.(iii) Deposit for imports represents foreign currencies purchased for funding letters of credit in respect of imported raw materials.

‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026 ‌20. Cash and cash equivalents

	30 June 2026	31 December 2025
Cash at bank and in hand	₦'000 37,805,526	₦'000 42,113,517
Fixed deposit	58,709,175	68,000,000
Restricted cash	638,044	638,044
Cash and bank balances	97,152,745	110,751,561
‌21. Trade and other payables
	30 June 2026	31 December 2025
Trade payables	₦'000 31,232,732	₦'000 28,603,099
Amount due to related companies (Note 25)	9,288,451	5,535,218
Dividend payable (Note 21.1)	2,702,422	1,442,534
Accrued liabilities	6,849,189	5,780,328
Accrued brand and marketing expenses	1,988,351	2,106,919
Accrued shipping and freight charges	1,848,784	2,087,570
	53,909,929	45,555,668
Other payables:
Non trade payables	764,965	858,158
Statutory deductions	837,555	1,205,688
	1,602,520	2,063,846
Total trade and other payables	55,512,449	47,619,514
21.1 Dividend payable
	30 June 2026	31 December 2025
	₦'000	₦'000
As at 1 January	1,442,533	3,975,301
Dividend paid	(16,836,719)	(9,064,848)
Withholding tax payable	(1,834,549)	(988,912)
Cash paid to registrar in maintaining statutory minimum
balance	-	276,771
Dividend unclaimed by shareholders	1,259,889	(2,809,538)
Dividend declared	18,671,268	10,053,759
As at period/year end	2,702,422	1,442,533

‌22

‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026

Employee benefit

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

	30 June	31 December
	2026	2025
Present value of funded retirement benefit obligations	₦'000 (1,412,113)	₦'000 (1,438,761)
Fair value of plan assets	1,560,523	1,576,587
Retirement benefit surplus	148,410	137,826
Present value of unfunded retirement benefit obligations	(781,688)	(731,341)
Long service award obligations	(1,226,352)	(1,109,693)
Net liability in the statement of financial position	(1,859,630)	(1,703,208)

‌Loans and borrowings

In March 2023, Unilever Nigeria Plc entered into a collaborative agreement with Wecyclers Outcomes Partnership Limited, United Kingdom for the 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

‌24. Cash flows from operating activities
	30 June 2026	30 June 2025
Profit before tax	₦'000 29,175,787	₦'000 24,154,024
Adjustment for non-cash items:
- Depreciation of property, plant and equipment	1,533,283	1,444,413
-(Gain)/loss on disposal of property,plant and equipment	(5,838)	7,631
- Amortisation of intangible assets	193	194
- Depreciation of investment properties	8,304	8,304
- Net impairment write-back/(charge) on receivables	291,070	(542,627)
- Interest on call deposits and bank accounts	(6,513,195)	(4,809,843)
- Employee benefit charge	148,302	120,577
- Interest expense on trade obligations with banks	218,653	356,594
- Interest on lease liabilities	(3,875)	19,550
- Net change in retirement benefit obligations	53,170	198,799
- Long service award obligations	152,459	87,087
- Foreign exchange loss on loan and borrowing	(47,172)	1,688
- Foreign exchange (gain)/loss	(68,336)	(1,688,303)
Changes in working capital:
- Increase in trade and other receivables	(1,251,275)	(2,132,064)
- (Increase)/Decrease in advance and prepayments	(1,682,715)	2,211,605
- Increase in inventory	(3,536,246)	(3,782,318)
- Decrease in deferred income	(423,561)	-
- Increase in trade and other payables	7,892,935	12,281,340
Cash flows generated from operating activities	25,941,943	27,936,651

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026 ‌25. Related party transactions

Sale of finished goods to related parties

	30 June 2026 ₦'000	30 June 2025 ₦'000
Unilever Cote D'Ivoire	-	975,552
Unilever Asia Private Limited	2,721,067	488,973
	2,721,067	1,464,525

Outstanding related party balances as at:

	30 June	31 December
	2026	2025
Receivables from related parties:	₦'000	₦'000
Unilever Ghana Limited	343,053	360,218
Unilever Cote D'Ivoire	-	1,648,214
Unilever Plc	22,447	22,447
Unilever Asia Private Limited	873,573	1,900,533
Unilever U.K. Central Resources Limited	1,455	-
Unilever Europe Business Center BV	-	292,937
West Africa Popular Foods Nigeria Limited	2,400	2,400
Unilever Ethiopia Plc	830,375	622,070
Unilever Kenya	496,252	280,900
Unilever Uganda Limited	196,628	90,972
Gross receivables	2,766,183	5,220,691
Less impairment	(200,093)	(495,493)
Amount due from related companies	2,566,090	4,725,198

‌Unilever Nigeria Plc Unaudited Interim Financial Statements for the Six Months Ended 30 June 2026

	30 June	31 December
	2026	2025
Payables to related parties:	₦'000	₦'000
Unilever Plc	1,320,896	377,995
Unilever Global IP Limited	1,858,397	981,328
Unilever Vietnam International Company Limited	-	3,185
Unilever Europe Business Center BV	425,330	-
Unilever IP Holdings B.V	3,046,641	1,730,694
Unilever Cote D'Ivoire	-	388,282
Unilever Uganda Limited	-	48,299
Unilever Ghana Limited	141,494	194,914
Unilever Kenya	369,181	1,140,318
Unilever South Africa	1,710,914	322,842
Unilever Supply Chain Company AG	189,670	195,633
Unilever Industries Private Ltd.	61,612	39,851
Unilever Europe IT Services	160,592	-
Unilever Global Services, Inc.	3,724	5,005
Unilever Ethiopia Manufacturing Plc	-	106,872
Total amount due to related parties	9,288,451	5,535,218
‌26. Share capital and share premium

Number of ordinary shares Ordinary shares Share premium (thousands) ₦'000 ₦'000

Balance as at 31 December 2025 and 30 June 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.

(a) Shareholding Pattern as at 30 June 2026 Number of ordinary Percentage

Shareholders	shares	Holdings
Unilever Overseas Holdings BV	4,364,161,812	75.96
Stanbic Nominees Limited	252,259,044	4.39
Free float	1,128,584,561	19.64
Total	5,745,005,417	100.00
Total Free Float	1,380,843,605	24.03

Compliance with Free float Requirements

Unilever Nigeria Plc. as at 30 June 2026 is compliant with the Free float requirement for the Main Board of the Nigerian Exchange Limited (NGX).

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