Quarter 3 - financial statement for 2025

1

‌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

2

For three months ended 30 September 2025

The accompanying notes from page 10-26 form an integral part of these financial statements.

3

For nine months ended 30 September 2025

The accompanying notes from page 10-26 form an integral part of these financial statements.

4

For three months ended 30 September 2025

The accompanying notes from page 10-26 form an integral part of these financial statements.

5

As at 30 September 2025

30

6

As at 30 September 2025

The financial statements were approved for issue by the Board of Directors on 27 October 2025 and signed on its behalf by:

Bolaji Balogun Tobi Adeniyi Ibrahim Sodipe

Chairman Managing Director Finance Director

FRC/2013/CISN/00000004945 FRC/2025/PRO/DIR/003/163876

The accompanying notes from page 10-26 form an integral part of these financial statements.

The Financial Reporting Council of Nigeria has formally granted a waiver permitting the Finance Director to sign the financial statements for period ended 30 September 2025 without the FRC number.

7

The accompanying notes from page 10-26 form an integral part of these financial statements.

8

The accompanying notes from page 10-26 form an integral part of these financial statements.

9

‌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 15

Finance cost 15

Income taxes 16

Property, plant and equipment 17

Inventories 21

Trade and other receivables 21

Advances and prepayments 21

Cash and cash equivalents 22

Trade and other payables 22

Retirement benefit obligations 23

Cash flows from operating activities 24

Related party transactions 24

Share capital and premium 26

10

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 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 and Well being 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 30 September 2025 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 2024, 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 2024.

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 the 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 2024. 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 Nine Months Ended 30 September 2025

   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 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. 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 N97.2 billion (31 December 2024: N68.4 billion).

      12

      
      
      Unilever Nigeria Plc Unaudited Interim Financial Statements for the Nine Months Ended 30 September 2025

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 Food, Beauty & Wellbeing (B&W) 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.

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

   			Beauty &
   Foods		Personal Care	Wellbeing	Total
   3 months ended 30 September 2025 ₦'000		₦'000	₦'000	₦'000
   Revenue	36,202,730	14,333,345	6,771,801	57,307,876
   Depreciation and amortisation	(445,891)	(176,537)	(83,405)	(705,833)
   Segmental operating profit	7,359,479	2,913,757	1,376,607	11,649,843
   Finance income	1,158,594	458,709	216,717	1,834,020
   Finance cost	(143,341)	(56,751)	(26,812)	(226,904)
   Profit before taxation				13,256,959
   			Beauty &
   Foods		Personal Care	Wellbeing	Total
   3 months ended 30 September 2024 ₦'000		₦'000	₦'000	₦'000
   Revenue	24,276,443	12,464,723	3,198,476	39,939,642
   Depreciation and amortisation	(366,995)	(184,765)	(48,721)	(600,481)
   Segmental operating profit	3,982,171	2,181,261	510,925	6,674,357
   Finance income	1,621,290	835,670	213,285	2,670,245
   Finance cost	(998,896)	(539,201)	(128,961)	(1,667,058)
   Profit before taxation				7,677,544

   13

   
   
   Unilever Nigeria Plc Unaudited Interim Financial Statements for the Nine Months Ended 30 September 2025

   			Beauty &
   Foods		Personal Care	Wellbeing	Total
   9 months ended 30 September 2025 ₦'000		₦'000	₦'000	₦'000
   Revenue	94,883,850	43,919,505	16,606,735	155,410,090
   Depreciation and amortisation	(1,312,808)	(607,668)	(229,770)	(2,150,246)
   Segmental operating profit	18,598,664	8,608,884	3,255,170	30,462,718
   Finance income	4,675,911	2,164,370	818,386	7,658,667
   Finance cost	(433,728)	(200,762)	(75,912)	(710,402)
   Profit before taxation				37,410,983
   			Beauty &
   Foods		Personal Care	Wellbeing	Total
   9 months ended 30 September 2024 ₦'000			₦'000	₦'000
   Revenue	61,403,655	34,670,587	7,774,087	103,848,328
   Depreciation and amortisation	(1,037,847)	(586,004)	(131,398)	(1,755,249)
   Segmental operating profit	5,990,283	3,382,317	758,407	10,131,008
   Finance income	4,004,591	2,261,128	507,006	6,772,726
   Finance cost	(1,740,200)	(982,576)	(220,320)	(2,943,096)
   Profit before taxation				13,960,638

   Domestic (within

   Nigeria)

   Export (outside

   Nigeria) Total

   Turnover over by geographical
   location	₦'000	₦'000	₦'000
   3 months ended 30 September 2025	57,159,248	148,628	57,307,876
   3 months ended 30 September 2024	37,485,771	2,453,871	39,939,642
   9 months ended 30 September 2025	153,796,937	1,613,153	155,410,090
   9 months ended 30 September 2024	100,610,275	3,238,053	103,848,328

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

   As of 30 September, the Company has 86 key distributors that contributed 92% of the gross sales value.

8. ‌Cost of sales‌

   	2025 ₦'000		2024 ₦'000
   Cost of goods sold	91,194,002		61,169,086
   Restructuring cost /(Writeback)	251,026		(213,603)
   	91,445,028		60,955,483

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   Unilever Nigeria Plc Unaudited Interim Financial Statements for the Nine Months Ended 30 September 2025

9. ‌Marketing and administrative expenses‌

   	2025 ₦'000		2024 ₦'000
   Brand and marketing	12,098,373		11,986,979
   Overheads	14,358,155		11,053,174
   Royalties and service fees (Note 9.1)	3,051,549		2,516,790
   	29,508,077		25,556,943

   1. Previously, Unilever Nigeria Plc had agreements with Unilever Plc (UK) for Technology and Trademark licenses, wherein a royalty of 2% of net sales value for Technology and 0.5% for Trademark was payable by Unilever Nigeria Plc. Effective February 2023, the exclusive intellectual property (IP) rights for these licenses were transferred to Unilever Global IP Limited and Unilever IP Holdings B.V. These new agreements executed with Unilever Global IP Limited and Unilever IP Holdings B.V. have

been reviewed by NOTAP, and the Trademark Licence agreement is pending their approval.

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. The agreement expired on 31 December 2022, renewal is in progress.

Movement in impairment write back/(loss) on trade and other receivables is driven by the movement of the provision on intercompany receivables.

‌12. Net Finance income / (cost)‌

15

Income tax expense is recognised based on management's estimate of the weighted average annual income tax rate expected for the period.

16

1. ‌Property, plant and equipment‌

   Capital work-in-		Leasehold land	Buildings	Plant and	Furniture and	Motor vehicles	Right - of -use	Total
   Cost	progress ₦'000	₦'000	₦'000	machinery ₦'000	equipment ₦'000	₦'000	Assets ₦'000	₦'000
   At 1 January 2024	1,765,904	433,640	12,811,065	24,090,569	1,577,703	2,073,234		42,752,116
   Additions	5,793,077	-	-	76,041	-	-	515,853	6,384,971
   Disposals	-	-	(351)	(2,428,449)	(136,785)	(210,292)	-	(2,775,877)
   Transfers between classes	(7,309,778)	-	208,320	5,483,267	604,436	1,013,755	-	-
   At 31 December 2024	249,203	433,640	13,019,034	27,221,428	2,045,354	2,876,697	515,853	46,361,210
   Balance as at 1 January 2025	249,203	433,640	13,019,034	27,221,428	2,045,354	2,876,697	515,853	46,361,210
   Additions	1,084,621	-	-	-	-	-	5,095	1,089,716
   Disposals	-	-	-	(1,317,042)	(2,841)	(63,631)		(1,383,514)
   Transfers	(1,107,897)	-	43,513	252,620	367,210	444,554		-
   At 30 September 2025	225,927	433,640	13,062,547	26,157,006	2,409,723	3,257,620	520,948	46,067,412

   17

   
   
   Unilever Nigeria Plc Unaudited Interim Financial Statements for the Nine Months Ended 30 September 2025

   Capital work-in-progress Accumulated Depreciation /		Leasehold land	Buildings	Plant and machinery	Furniture and equipment	Motor vehicles	Right - of -use Assets	Total
   impairment	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
   At 1 January 2024	-	56,746	4,420,212	17,115,684	1,290,222	1,098,331	-	23,981,197
   Depreciation charge for the year	-	4,461	366,172	1,424,126	109,909	494,847	237,115	2,636,630
   	-	-	266	117,823	-	-	-	118,089
   Disposals	-	-	(180)	(2,425,867)	(134,934)	(190,492)	-	(2,751,473)
   At 31 December 2024	-	61,207	4,786,470	16,231,766	1,265,197	1,402,686	237,115	23,984,443
   Depreciation charge for the period	-	3,345	277,687	1,238,630	165,545	462,086	2,664	2,149,957
   On disposals	-	-	-	(1,317,042)	(2,841)	(56,000)		(1,375,883)
   At 30 September 2025	-	64,552	5,064,157	16,153,354	1,427,901	1,808,772	239,779	24,758,517
   Net book value:
   At 1 January 2024	1,765,904	376,894	8,390,853	6,974,885	287,481	974,903	-	18,770,920
   At 31 December 2024	249,203	372,433	8,232,564	10,989,662	780,157	1,474,011	278,738	22,376,767
   At 30 September 2025	225,927	369,088	7,998,390	10,003,652	981,822	1,448,848	281,169	21,308,895

   18

   
   
   Unilever Nigeria Plc Unaudited Interim Financial Statements for the Nine Months Ended 30 September 2025

   1. ‌Investment Property

      	Factory Building		Total
      Cost:	₦'000		₦'000
      At 1 January 2024	-		-
      Reclassification from property, plant and equipment	326,318		326,318
      At 31 December 2024	326,318		326,318
      Additions	-		-
      At 30 September 2025	326,318		326,318
      Accumulated depreciation and impairment:
      At 1 January 2024	(117,061)		(117,061)
      Reclassification from property, plant and equipment			-
      Charge for the year	(16,727)		(16,727)
      Closing balance as at 31 December 2024	(133,788)		(133,788)
      Charge for the year	(12,455)		(12,455)
      Closing balance as at 30 September 2025	(146,243)		(146,243)
      Charge for the year	(12,455)		(12,455)
      Carrying amount:
      At 31 December 2024	192,530		192,530
      At 30 September 2025	180,075		180,075

      Investment Property primarily comprises factory buildings owned by the 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 Nine Months Ended 30 September 2025

   2. Other financial assets

      Non current	30 September 2025 ₦'000	31 December 2024 ₦'000
      Non current net investment in lease (See note 14.2a)	411,460	367,699
      Other non current receivables (See note 14.2b)	1,304,684	1,513,895
      Less impairment	(462,167)	(311,960)

      1,253,977 1,569,634

      Current

      30

      September

      2025

      31

      December

      2024

      ₦'000 ₦'000

      Promissory note on export expansion grant (See note 14.2a(1)) 216,056 -

      Current net investment in lease (See note 14.2a) 50,684 50,684

      266,740 50,684

      14.2a 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

      14.2a(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.

      14.2b 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.

      20

      
      
      Unilever Nigeria Plc Unaudited Interim Financial Statements for the Nine Months Ended 30 September 2025

2. ‌Inventories‌

30

17.1(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.

21

17.1(ii) Included in advances and prepayments, are advance payments made to suppliers. This aims to leverage favourable pricing opportunities for raw and packaging materials.

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

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19.2 In 2024, the company was involved in trade financing arrangements with some local banks where the banks agreed to pay amounts to foreign vendors in respect of invoices owed by the Company and receives settlement from the Company at a later date. The principal purpose of the arrangement was to facilitate efficient payment processing in view of the challenges being experienced with sourcing foreign currency in the Nigerian market. The arrangement enabled the Company to settle its foreign obligations in a timely manner to facilitate receipt of key input materials required in the production of finished goods. In 2025, the company has paid down these facilities due to the relative stability and improved availability of foreign currency.

1. ‌Employee benefit‌

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

   30

   September

   2025

   31 December

   2024

   ₦'000 ₦'000

   Present value of funded retirement benefit obligations (1,357,415) (1,388,331)

   Fair value of plan assets 1,419,523 1,443,415

   Retirement benefit surplus 62,108 55,084

   Present value of unfunded retirement benefit obligations (935,490) (877,350)

   Long service award obligations (723,698) (613,393) Net liability in the statement of financial position (1,597,080) (1,435,659)

2. ‌Loans and borrowings

   Loans and borrowings relate to investment in foreign currency from Wecyclers outcomes partnership for the innovative "Development Impact Bond" structured by French investment bank, Societe Generale, which will allow Wecyclers to expand plastic waste collection in Nigeria.

   ‌23

   
   
   Unilever Nigeria Plc Unaudited Interim Financial Statements for the Nine Months Ended 30 September 2025

3. Cash flows from operating activities

24

(ii) Outstanding related party balances as at:

30

September

2025

31 December

2024

₦'000 ₦'000

Receivables from related parties:

Unilever Ghana Limited 363,019 418,825

Unilever Cote D'Ivoire Limited 1,773,438 4,144,211

Unilever U.K. Central Resources Limited 40,210

Unilever South Africa 60,311 55,731

Unilever Asia Private Limited 711,443 271,491

Unilever Europe Business Center BV 292,937 -

West Africa Popular Foods Nigeria Limited 2,400 24,848

Unilever Ethiopia Plc 552,529 284,914

Unilever Kenya 508,978 80,224

Unilever Uganda Limited 458,849 42,956

Unilever Foods & Refreshments Global BV - 90,702

Gross receivables 4,723,904 5,454,112

Less impairment (542,618) (1,414,490)

Amount due from related companies 4,181,286 4,039,622

30

September

2025

31 December

2024

₦'000 ₦'000

Payables to related parties:

Unilever Plc 2,416,522 812,609

Unilever Poland Service - 12,953

Unilever Turkey - 57,420

Unilever Deutschland GmbH 1,165,913 1,074,433

Unilever Global IP Limited 1,692,302 511,708

Unilever IP Holdings B.V 3,194,901 1,243,706

Unilever Vietnam International Company Limited 38,527 24,699

Unilever UK Central Resouces Limited 84,476 179,919

Unilever Europe Business Center BV 3,710,765 1,730,325

Unilever Cote D'Ivoire 404,530 265,718

Unilever Ghana Limited 163,831 163,134

Unilever Kenya 632,159 505,006

Unilever South Africa 546,466 29,186

Unilever Supply Chain Company AG 222,670 298,319

Unilever Industries Private Ltd. 237,925 103,914

Unilever Europe IT Services 301,143 451,949

Unilever Global Services, Inc. 3,241 7,012

Unilever Ethiopia Plc 1,420 -

Unilever Uganda Limited 49,828 -

Total amount due to related parties 14,866,619 7,472,011

25

‌24. Share capital and share premium‌

Number of ordinary shares

Ordinary shares

Share premium

(thousands) ₦'000 ₦'000

Balance as at 31 December 2024 and 30 September

2025 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 September 2025

Number of ordinary

Percentage

Compliance with Free float Requirements

Unilever Nigeria Plc. as at 30 September 2025 is compliant with the Free float requirement for the Main Board of the Nigerian Stock Exchange.

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