Unilever Nigeria PlcNSENG: UNILEVER

Year end - financial statement for 2025

Jan 23, 2026 at 12:53 PM UTC · Issued by Unilever Nigeria Plc

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements For the Year ended 31 December 2025

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025 â€ŒContents 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

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025 â€ŒStatement of profit or loss and other comprehensive income For three month ended 31 December 2025

	Un-audited	Un-audited
	2025	2024
	â‚¦'000	â‚¦'000
Revenue	59,258,636	45,903,933
Cost of sales	(33,595,427)	(33,006,900)
Gross profit	25,663,209	12,897,033
Selling and distribution expenses	(1,587,884)	(1,661,398)
Marketing and administrative expenses	(12,933,218)	(4,611,511)
Impairment write back on trade & other receivables	258,953	717,250
Other income	789,072	136,298
Operating profit	12,190,132	7,477,672
Finance income	2,677,872	390,690
Finance cost	(477,239)	(88,239)
Net finance income	2,200,633	302,451
Profit before taxation	14,390,765	7,780,123
Taxation	(5,632,482)	(2,880,319)
Profit for the period	8,758,283	4,899,804
Attributable to:
Equity holders	8,758,283	4,899,804
Earnings per share for profit attributable to equity holders:
Basic and diluted earnings per share (Naira)	1.52	0.85

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

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025 Statement of profit or loss and other comprehensive income

For the year ended 31 December 2025

	Note	Un-audited 2025 â‚¦'000	Audited 2024 â‚¦'000
Revenue	7	214,668,726	149,522,596
Cost of sales	8	(125,040,455)	(94,373,870)
Gross profit		89,628,271	55,148,726
Selling and distribution expenses		(6,661,905)	(6,203,078)
Marketing and administrative expenses	9	(42,441,295)	(29,551,570)
Impairment write back/(charge) on trade & other receivables	10	1,093,899	(1,655,228)
Other income	11	1,033,880	621,918
Operating profit		42,652,850	18,360,768
Finance income	12	10,336,539	6,830,932
Finance cost	12.1	(1,187,641)	(2,542,147)
Net finance income		9,148,898	4,288,785
Profit before taxation		51,801,748	22,649,553
Taxation	13	(21,062,074)	(7,506,399)
Profit for the period		30,739,674	15,143,154
Attributable to:
Equity holders		30,739,674	15,143,154
Earnings per share for profit attributable to equity holders:
Basic and diluted earnings per share (Naira)		5.35	2.64

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

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025 Statement of profit or loss and other comprehensive income (Continued) For three months ended 31 December 2025 Items that will not be reclassified to profit or loss: Un-audited Un-audited 2025 2024

â‚¦'000 â‚¦'000

Remeasurement of post employment benefit obligations	305,782	(403,295)
Tax effect	(100,908)	133,087
Other comprehensive income/(loss)	204,874	(270,208)
Profit for the period	8,758,283	4,899,804
Total comprehensive income	8,963,157	4,629,596
Attributable to:
Owners of the Company	8,963,157	4,629,596
For year ended 31 December 2025
	Un-audited	Audited
	2025	2024
Other comprehensive income	â‚¦'000	â‚¦'000
Items that will not be reclassified to profit or loss:
Remeasurement of post employment benefit obligations	305,782	(354,363)
Tax effect	(100,908)	116,940
Other comprehensive income/(loss)	204,874	(237,423)
Profit for the period	30,739,674	15,143,154
Total comprehensive income	30,944,548	14,905,731
Attributable to:
Owners of the Company	30,944,548	14,905,731

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

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025 â€ŒStatement of Financial Position

As at 31 December 2025

		Un-audited	Audited
		31 December 2025	31 December 2024
	Note	â‚¦'000	â‚¦'000
Assets
Non-current assets
Property, plant and equipment	14	24,575,764	22,376,768
Intangible assets		1,926	2,311
Investment property	14.1	175,923	192,530
Other financial assets	14.2	1,205,842	1,569,634
Retirement benefit surplus	20	137,826	55,084
Prepayment	17	1,397,125	1,176,111
		27,494,406	25,372,438
Current assets
Inventories	15	22,873,274	30,799,580
Trade and other receivables	16	9,625,374	7,786,361
Advance and prepayments	17	8,225,957	9,198,499
Cash and cash equivalents	18	110,370,233	68,439,134
Other financial assets	14.2	273,836	50,684
		151,368,674	116,274,258
Total assets		178,863,080	141,646,696
Liabilities
Current liabilities
Trade and other payables	19	46,249,379	39,989,652
Deferred income		216,056	217,033
Current tax liabilities		19,759,510	10,640,990
		66,224,945	50,847,675
Non-current liabilities
Loans and borrowings	21	2,169,011	2,830,268
Unfunded retirement benefit obligations	20	731,341	877,350
Retirement benefit deficit	20	-	-
Long service award obligations	20	1,109,693	613,393
Deferred income		-	216,056
Deferred tax liabilities		2,362,368	942,864
Lease liabilities		268,853	213,010
		6,641,266	5,692,941
Total liabilities		72,866,211	56,540,616

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025 Statement of Financial Position (continued)

As at 31 December 2025

Equity	Note	31 December 2025 â‚¦'000	31 December 2024 â‚¦'000
Ordinary share capital	24	2,872,503	2,872,503
Share premium	24	56,812,810	56,812,810
Retained earnings		46,311,556	25,420,767
Total equity		105,996,869	85,106,080
Total equity and liabilities		178,863,080	141,646,696

The financial statements were approved for issue by the Board of Directors on 22 January 2026 and signed on its behalf by:

Bolaji Balogun Tobi Adeniyi Ibrahim Sodipe Chairman Managing Director Finance Director

FRC/2013/NIM/00000001568 FRC/2025/PRO/DIR/003/163876 FRC/2025/PRO/ANAN/001/574470

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

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025 â€ŒStatement of Changes in Equity

For the year ended 31 December 2025

	Share capital	Share premium		Retained earnings		Total
	â‚¦'000	â‚¦'000		â‚¦'000		â‚¦'000
Balance at 1 January 2024	2,872,503	56,812,810		14,823,790		74,509,103
Total comprehensive income for the period
Profit for the period	-	-		15,143,154		15,143,154
Other comprehensive income
Remeasurement on post
employment benefit obligations	-		-		(354,363)		(354,363)
Tax effect	-		-		116,940		116,940
	-		-		14,905,731		14,905,731
Transactions with owners
Dividend declared	-		-		(4,308,754)		(4,308,754)

Balance at 31 December 2024	2,872,503		56,812,810		25,420,767		85,106,080
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	-		-		30,739,674		30,739,674
Other comprehensive income
Remeasurement on post
employment benefit obligations	-		-		305,782		305,782
Tax effect					(100,908)		(100,908)
	-		-		30,944,548		30,944,548
Transactions with owners
Dividend declared	-		-		(10,053,759)		(10,053,759)
	-		-		(10,053,759)		(10,053,759)
At 31 December 2025	2,872,503		56,812,810		46,311,556		105,996,869

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

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025 â€ŒStatement of Cash Flows

For the year ended 31 December 2025

Cash flows from operating activities	Note	Un-audited 2025 â‚¦'000	Audited 2024 â‚¦'000
Cash generated from operations	22	57,791,970	16,140,204
Retirement benefits paid		(51,126)	(29,365)
Long service award obligations paid		(23,885)	(54,314)
Tax paid	13	(10,632,414)	(1,508,911)
Net cash flow generated from operating activities		47,084,545	14,547,614
Cash flows from investing activities
Interest received	12.1	10,278,957	3,283,215
Purchase of property, plant and equipment	14	(5,043,326)	(6,044,392)
Proceeds from sale of property, plant and equipment		34,797	98,509
Cash received from finance lease		-	44,460
Net cash generated from/(used in) investing
activities		5,270,428	(2,618,208)
Cash flows from financing activities
Lease principal payment		-	(127,569)
Interest payment on employee benefit		(241,154)	-
Interest payment on trade obligations with banks		(222,697)	(2,292,323)
Payment to defined benefit asset		-	(427,600)
Lease addition		55,843	-
Loan repayment		(508,807)	-
Lease interest payment	11	-	(22,686)
Dividend paid		(10,053,759)	(4,308,754)
Net cash used in financing activities		(10,970,574)	(7,178,932)
Net increase in cash and cash equivalents		41,384,399	4,750,474
Impact of foreign exchange movement on cash balance		546,700	6,990,020
Cash and cash equivalents at the beginning of the period		68,439,134	56,698,640
Cash and cash equivalents at the end of the period	18	110,370,233	68,439,134

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

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025 â€ŒNotes 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 12

Cost of Sales 14

Marketing and administrative expenses 15

Impairment on trade & other receivables 15

Other income 15

Finance income 16

Finance cost 16

Taxation 16

Property, plant and equipment 17

Inventories 21

Trade and other receivables 21

Advance and prepayment 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 26

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025

â€ŒGeneral 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.
â€ŒDealing 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.
â€ŒBasis of preparation
These interim financial statements for the the period ended 31 December 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.
â€ŒSignificant accounting policies
The accounting policies adopted are consistent with those of the previous audited financial year.
â€ŒEstimates
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.
â€ŒFinancial 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 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 2024. There have been no changes in the risk management structure since year end or in any risk management policy.
11

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 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 and Euro. 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 N110.4 billion (31 December 2024: N68.4 billion).
  â€Œ12
  
  Unilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025
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 Products (FP), 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 97% of the company's sales.

		Personal	Beauty &
Foods		Care	Wellbeing	Total
3 months ended 31 December 2025 â‚¦'000		â‚¦'000	â‚¦'000	â‚¦'000
Revenue	33,191,110	16,270,693	9,796,832	59,258,635
Depreciation and amortisation	(369,486)	(181,127)	(109,059)	(659,672)
Segmental operating profit	6,827,765	3,347,055	2,015,313	12,190,132
Finance income	1,499,891	735,266	442,715	2,677,872
Finance cost	(267,304)	(131,036)	(78,899)	(477,239)
Profit before taxation				14,390,765
		Personal	Beauty &
Foods		Care	Wellbeing	Total
3 months ended 31 December 2024 â‚¦'000		â‚¦'000	â‚¦'000	â‚¦'000
Revenue	31,429,450	9,300,257	5,174,226	45,903,933
Depreciation and amortisation	(522,232)	(154,533)	(85,975)	(762,740)
Segmental operating profit	5,119,804	1,514,995	842,873	7,477,672
Finance income	267,497	79,155	44,038	390,690
Finance cost	(60,415)	(17,877)	(9,947)	(88,239)
Profit before taxation				7,780,123

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025 Personal Beauty &

Foods		Care	Wellbeing	Total
Year ended 31 December 2025 â‚¦'000		â‚¦'000	â‚¦'000	â‚¦'000
Revenue	128,074,960	60,190,198	26,403,568	214,668,726
Depreciation and amortisation	(1,676,444)	(787,863)	(345,611)	(2,809,918)
Segmental operating profit	25,447,405	11,959,280	5,246,165	42,652,850
Finance income	6,166,952	2,898,225	1,271,362	10,336,539
Finance cost	(708,567)	(332,998)	(146,076)	(1,187,641)
Profit before taxation				51,801,748
Foods		Personal Care	Beauty & Wellbeing	Total
Year ended 31 December 2024 â‚¦'000		â‚¦'000	â‚¦'000	â‚¦'000
Revenue	92,603,440	43,970,844	12,948,312	149,522,596
Depreciation and amortisation	(1,706,311)	(810,207)	(238,586)	(2,755,104)
Segmental operating profit	11,371,327	5,399,441	1,590,000	18,360,768
Finance income	4,230,583	2,008,806	591,543	6,830,932
Finance cost	(1,574,421)	(747,582)	(220,144)	(2,542,147)
Profit before taxation				22,649,553

Domestic (within Nigeria) Export (outside Nigeria) Total

Turnover over by geographical
location	â‚¦'000	â‚¦'000	â‚¦'000
3 months ended 31 December 2025	58,324,451	934,185	59,258,636
3 months ended 31 December 2024	45,112,799	791,134	45,903,933
12 months ended 31 December 2025	212,121,388	2,547,338	214,668,726
12 months ended 31 December 2024	145,652,934	3,869,662	149,522,596

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 4% of the Company's revenue.

â€Œ8. Cost of sales	2025	2024
Cost of goods sold	â‚¦'000 124,027,628	â‚¦'000 98,738,812
Revaluation Loss/(Gain)	1,012,827	(4,364,942)
	125,040,455	94,373,870

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025

â€ŒMarketing and administrative expenses

	2025 â‚¦'000	2024 â‚¦'000
Brand and marketing (Note 9.1)	17,253,826	14,687,971
Overheads (Note 9.2)	18,892,337	10,887,709
Royalties and service fees (Note 9.3)	6,295,132	3,975,890
	42,441,295	29,551,570

The 2025 brand and marketing expenses is driven by increase in trade and consumer marketing spend across categories to support various projects and campaigns. This also include investment across brands to improve product visibility in trade.
The 2025 overheads is driven by inflation, and human capital investment.
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.

â€ŒImpairment on trade & other receivables

2025

â‚¦'000

2024

â‚¦'000

Impairment write-back/(loss) on trade & other receivables

1,093,899

(1,655,228)

1,093,899

(1,655,228)

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

â€Œ11. Other income
	2025	2024
Manufacturing Service Agreement (Note 11.1)	â‚¦'000 842,138	â‚¦'000 194,165
Rental income	43,761	66,155
Others	147,981	361,598
	1,033,880	621,918

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 fee earned on production of Tea for Lipton Teas and Infusions Plant Based Ltd.
Included in "Others" are sales of scrap assets, insurance compensation on assets damaged from flood, and other disasters.

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025 â€Œ12. Net Finance income / (cost)

	2025 â‚¦'000	2024 â‚¦'000
Finance Income (Note 12.1)	10,336,539	6,830,932
Finance Cost (Note 12.2)	(1,187,641)	(2,542,147)
	9,148,898	4,288,785
12.1 Finance income
	2025	2024
Interest on call deposits and bank accounts	â‚¦'000 10,278,957	â‚¦'000 3,283,215
Exchange difference on bank balances	-	3,440,257
Interest income on lease receivables	57,582	56,284
Interest income on loan receivables	-	51,176
	10,336,539	6,830,932
12.2 Finance cost
	2025	2024
Interest expense on lease liabilities	â‚¦'000 13,349	â‚¦'000 22,686
Interest on third-party bank loans	222,697	2,292,323
Interest charge on employee benefit	241,154	227,138
Exchange difference on bank balances	710,441	-
	1,187,641	2,542,147
â€Œ13. Taxation

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

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025

â€ŒProperty, plant and equipment Capital work- Leasehold Plant and Furniture and Motor Right - of -use

	in-progress	land	Buildings	machinery	equipment	vehicles	Assets	Total
Cost	â‚¦'000	â‚¦'000	â‚¦'000	â‚¦'000	â‚¦'000	â‚¦'000		â‚¦'000
At 1 January 2024	1,765,904	433,640	12,811,065	24,090,569	1,577,703	2,073,234	-	42,752,115
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	46,361,209
Additions	5,038,231	-	-	-	-	-	5,095	5,043,326
Disposals	-	-	-	(1,344,208)	(3,083)	(63,631)	-	(1,410,922)
Transfers	(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	520,948	49,993,613

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025

	Capital workin-progress	Leasehold land	Buildings	Plant and machinery	Furniture and equipment	Motor vehicles	Right - of -use Assets	Total
Cost	â‚¦'000	â‚¦'000	â‚¦'000	â‚¦'000	â‚¦'000	â‚¦'000	â‚¦'000	â‚¦'000
Accumulated Depreciation / impairment
At 1 January 2024	-	56,746	4,420,212	17,115,684	1,290,222	1,098,331	-	23,981,195
Depreciation charge for the year	-	4,461	366,172	1,424,126	109,909	494,847	237,115	2,636,630
Disposals	-	-	(180)	(2,425,867)	(134,934)	(190,492)	-	(2,751,473)
Impairment (Note 14 (vi))	-	-	266	117,823	-	-	-	118,089
At 31 December 2024	-	61,207	4,786,470	16,231,766	1,265,197	1,402,686	237,115	23,984,441
Depreciation charge for the period	-	4,461	370,477	1,580,659	211,968	612,607	29,361	2,809,533
On disposals	-	-	-	(1,317,042)	(3,083)	(56,000)		(1,376,125)
At 31 December 2025	-	65,668	5,156,947	16,495,383	1,474,082	1,959,293	266,476	25,417,849
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	22,376,768
At 31 December 2025	4,159,076	367,972	7,926,061	9,634,457	935,399	1,298,327	254,472	24,575,764

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025

â€ŒInvestment Property

	Factory Building	Total
Cost:	â‚¦'000	â‚¦'000
At 1 January 2024	326,318	326,318
Reclassification from property, plant and equipment	-	-
At 31 December 2024	326,318	326,318
Additions	-	-
At 31 December 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	(16,607)	(16,607)
Closing balance as at 31 December 2025	(150,395)	(150,395)
Carrying amount:
At 31 December 2024	192,530	192,530
At 31 December 2025	175,923	175,923

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.

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025

Other financial assets

Non current	31 December 2025	31 December 2024
	â‚¦'000	â‚¦'000
Loan receivable from Wecyclers (Note 14.2b)	1,306,412	1,297,839
Less impairment	(468,071)	(311,960)
	838,341	985,879
Non current net investment in lease (See note 14.2a)	367,501	367,699
Promissory note on export expansion grant (See note 14.2a(1))	-	216,056
	1,205,842	1,569,634
Current	31 December 2025	31 December 2024
	â‚¦'000	â‚¦'000
Current net investment in lease (See note 14.2b)	57,780	50,684
Promissory note on export expansion grant (See note

14.2a(1))	216,056		-
	273,836		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.

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025

â€ŒInventories

	31 December 2025	31 December 2024
	â‚¦'000	â‚¦'000
Raw and packaging materials	15,617,218	19,770,836
Work in progress	219,306	297,763
Finished goods	5,097,205	3,606,906
Goods in Transit	332,824	5,785,887
Engineering spares and other inventories	1,556,835	1,188,004
Right to recover returned goods	49,886	150,184
	22,873,274	30,799,580
â€Œ16. Trade and other receivables
	31 December 2025	31 December 2024
	â‚¦'000	â‚¦'000
Trade receivables: gross	3,133,172	4,208,308
Less: rebate accruals	(1,314,999)	(994,679)
Less: impairment	(180,174)	(1,150,131)
Trade receivables: net	1,637,999	2,063,498
Cash with registrar	885,278	917,678
Interest receivable	982,168	558,762
Other receivables	1,394,731	206,801
Due from related parties (Note 23 .2)	4,725,198	4,039,622
	9,625,374	7,786,361
â€Œ17. Advances and prepayments
	31 December 2025	31 December 2024
	â‚¦'000	â‚¦'000
Non current
Non-current prepayment (Note 17.1(i))	1,397,125	1,176,111
Current
Advance and prepayment (Note 17ii)	4,126,296	1,589,424
Deposit for imports (Note 17iii)	4,379,580	7,888,994
Less impairment	(279,919)	(279,919)
	8,225,957	9,198,499

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025 17.(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. 17.(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.(iii) Deposit for imports represents foreign currencies purchased for funding letters of credit in respect of imported raw materials.

â€Œ18. Cash and cash equivalents
	31 December 2025	31 December 2024
Cash at bank and in hand	â‚¦'000 41,691,555	â‚¦'000 41,574,390
Fixed deposit	68,040,634	23,624,382
Restricted cash	638,044	3,240,362
Cash and bank balances	110,370,233	68,439,134
â€Œ19. Trade and other payables
	31 December 2025	31 December 2024
Trade payables	â‚¦'000 28,561,813	â‚¦'000 16,571,346
Trade finance facility	-	3,241,867
Amount due to related companies (Note 23)	5,251,094	7,472,011
Dividend payable (Note 19.1)	1,442,534	3,975,301
Accrued liabilities	5,780,328	4,200,851
Accrued brand and marketing expenses	2,106,919	870,598
Accrued shipping and freight charges	2,087,570	1,404,828
	45,230,258	37,736,802
Other payables:
Non trade payables	858,162	1,200,052
Statutory deductions	160,959	1,052,798
	1,019,121	2,252,850
Total trade and other payables	46,249,379	39,989,652
19.1 Dividend payable
	31 December 2025	31 December 2024
	â‚¦'000	â‚¦'000
As at 1 January	3,975,301	3,689,040
Dividend paid	(9,064,848)	(3,882,027)
Withholding tax payable	(988,912)	(426,727)
Cash paid to registrar in maintaining statutory minimum
balance	656,189	-
Dividend unclaimed by shareholders	(3,188,956)	286,261
Dividend declared	10,053,759	4,308,754
As at period/year end	1,442,533	3,975,301

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025 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.

â€ŒEmployee benefit

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

	31 December	31 December
	2025	2024
Present value of funded retirement benefit obligations	â‚¦'000 (1,438,761)	â‚¦'000 (1,388,331)
Fair value of plan assets	1,576,587	1,443,415
Retirement benefit surplus	137,826	55,084
Present value of unfunded retirement benefit obligations	(731,341)	(877,350)
Long service award obligations	(1,109,693)	(613,393)
Net liability in the statement of financial position	(1,703,208)	(1,435,659)

â€ŒLoans 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.
â€Œ23

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025
Cash flows from operating activities

	31 December 2025	31 December 2024
	â‚¦'000	â‚¦'000
Profit before tax	51,801,748	22,649,553
Adjustment for non-cash items:
- Depreciation of property, plant and equipment	2,809,533	2,636,630
- Loss on disposal of property, plant and equipment		(74,105)
- Amortisation of intangible assets	385	385
- Depreciation of investment properties	16,607	16,727
- Net impairment write-back/ charge on receivables	(1,093,899)	1,655,228
- Impairment losses on property, plant and equipment	-	118,089
- Interest on call deposits and bank accounts	(10,278,957)	(3,283,215)
- Interest expense on trade obligations with banks	222,697	2,292,323
- Employee benefit charge	241,154	227,138
Interest on loan obligation	134,763	-
- Interest on lease liabilities	-	22,686
- Net change in retirement benefit obligations	655,798	-
- Foreign exchange (gain)/loss	(546,700)	(5,900,260)
- Foreign exchange loss on loan and borrowing	(287,213)	-
Changes in working capital:
- (Increase)/decrease in trade and other receivables (Note 18)	(745,114)	2,177,742
- (Increase)/decrease in advance and prepayments	751,528	3,655,967
- (Increase)/ decrease in deferred income	(217,033)	(10,645)
- Decrease in other financial assets	140,640	(380,262)
- Decrease in inventory	7,926,306	(17,778,220)
- Increase in trade and other payables	6,259,727	7,913,856
Cash flows generated from operating activities	57,791,970	16,140,204
â€Œ23. Related party transactions
23.1 Sale of finished goods to related parties
	31 December 2025	31 December 2024
	â‚¦'000	â‚¦'000
Unilever Cote D'Ivoire Limited	906,696	3,812,528
Unilever Asia Private Limited	1,572,501	191,935
Unilever Ghana Limited	68,140	24,724
	2,547,337	4,029,187

â€ŒUnilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025 23.2 Outstanding related party balances as at: 31 December 2025 31 December 2024

â‚¦'000 â‚¦'000

Receivables from related parties:

Unilever Ghana Limited	360,217	418,825
Unilever Cote D'Ivoire Limited	1,648,214	4,144,211
Unilever U.K. Central Resources Limited	-	40,210
Unilever South Africa	-	55,731
Unilever Asia Private Limited	1,900,533	271,491
Unilever Europe Business Center BV	292,937	-
West Africa Popular Foods Nigeria Limited	2,400	24,848
Unilever Foods & Refreshments Global BV	-	90,702
Unilever Ethiopia Plc	622,070	284,914
Unilever Kenya	280,900	80,224
Unilever Plc	22,447	-
Unilever Uganda Limited	90,972	42,956
Gross receivables	5,220,690	5,454,112
Less impairment	(495,493)	(1,414,490)
Amount due from related companies	4,725,197	4,039,622
	31 December 2025	31 December 2024
	â‚¦'000	â‚¦'000
Payables to related parties:
Unilever Plc	377,995	812,609
Unilever Poland Service	-	12,953
Unilever Turkey	-	57,420
Unilever Deutschland GmbH	-	1,074,433
Unilever Global IP Limited	981,328	511,708
Unilever IP Holdings B.V	1,730,694	1,243,706
Unilever Vietnam International Company Limited	3,185	24,699
Unilever UK Central Resources Limited	-	179,919
Unilever Europe Business Center BV	-	1,730,325
Unilever Cote D'Ivoire	388,282	265,718
Unilever Ghana Limited	194,914	163,134
Unilever Kenya	856,194	505,006
Unilever South Africa	322,842	29,186
Unilever Supply Chain Company AG	195,633	298,319
Unilever Industries Private Ltd.	39,851	103,914
Unilever Europe IT Services	-	451,949
Unilever Global Services, Inc.	5,006	7,012
Unilever Ethiopia Plc	106,872	-
Unilever Uganda Limited	48,299	-
Total amount due to related parties	5,251,094	7,472,011

â€Œ25

Unilever Nigeria Plc Unaudited Interim Financial Statements for the Year Ended 31 December 2025 24. Share capital and share premium Number of

	ordinary shares	Ordinary shares	Share premium
	(thousands)	â‚¦'000	â‚¦'000
Balance as at 31 December 2024	5,745,005	2,872,503	56,812,810
Balance as at 31 December 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 31 December 2025 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 %
Total Free Float	1,380,843,605	24.03

Compliance with Free float Requirements

Unilever Nigeria Plc. as at 31 December 2025 is compliant with the Free float requirement for the Main Board of the Nigerian Stock Exchange.

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