First Holdco Plc · NSENG:FIRSTHOLDCO
First Holdco — 9M 2025 Earnings Presentation
33 slides from First Holdco's earnings presentation, November 2025
Slide 1: RECHARGED 9M 2025 Results Presentation
RECHARGED 9M 2025 Results Presentation November 2025
Slide 2: Disclaimer
Disclaimer This presentation is based on First HoldCo Plc’s (‘FirstHoldCo’ or the ‘Group’) Unaudited financial statements for the nine months ended September 30, 2025. The Group’s Financial statements represent First HoldCo Plc and its subsidiaries. FirstHoldCo has obtained some information from sou
Slide 3: Outline
Outline 04 Key Highlights 07 Financial Review 17 Digital Banking 21 Subsidiary Highlights 25 Appendix 3
Slide 4: Key Highlights
FirstHoldCo Key Highlights
Slide 5: 9M 2025 financial and operational highlights
9M 2025 financial and operational highlights Solid revenue growth driven by expansion in core Sustained strength in the business model reinforces banking activities value for stakeholders • Gross earnings up by 17.1% y-o-y to ₦2.6 trillion, affirming the robustness of our revenue • The Group’s flags
Slide 6: Key developments
Key developments Asset Quality & Forborne Loan Facilities NPL ratio improved following recoveries and progress The two foreign currency loans linked to the in the performing status of the loan book. Single Obligor Limit (SOL) breach to be resolved by year end. Assets are active and generating revenu
Slide 7: Financial Review
FirstHoldCo Financial Review
Slide 8: Resilient performance in core segments, with earnings moderated by normalisation of fair value gains
Resilient performance in core segments, with earnings moderated by normalisation of fair value gains Gross Earnings (₦’billion) Interest Income (₦’billion) Net-Interest Income (₦’billion) 17.1% 40.4% 71.7% 2,636.7 2,252.1 2,292.4 1,500.6 1,633.0 873.9 Earnings 9M 24 9M 25 9M 24 9M 25 9M 24 9M 25 Ope
Slide 9: Underlying metrics affirm fundamental strength, resilience, and scalability of operations
Underlying metrics affirm fundamental strength, resilience, and scalability of operations, despite short-term headwinds Post Tax ROaE (%) Post Tax ROaA (%) Earnings Yield (%) Net Interest Margin (%) 11.3 16.9 17.3 9.9 3.1 29.8 2.3 19.9 FY 24 9M 25 FY 24 9M 25 FY 24 9M 25 FY 24 9M 25 Cost to Income (
Slide 10: Stable upward trajectory underpinned by well-balanced and resilient income sources
Stable upward trajectory underpinned by well-balanced and resilient income sources Gross Earnings (₦’billion) Gross Earnings mix +17.1% 9M 25 13.0% 59.6% 27.3% 2,636.7 2,252.1 9M 24 27.5% 48.6% 24.0% Non-interest income¹ Interest income on loans and advances 9M 24 9M 25 Interest income on investment
Slide 11: Continued growth in fee income signals operational depth and income diversification
Continued growth in fee income signals operational depth and strength and income diversification Fees & Commission breakdown gross (₦’billion) 9M 25 68.8 26.6 49.2 22.5 37.0 17.0 39.4 260.5 9M 24 55.5 27.4 31.3 24.2 26.8 12.0 28.2 205.3 E-banking Account Maintenance LoC commission & fees Credit rela
Slide 12: Focus remains on sustaining cost discipline, efficiency, and value delivery
Focus remains on sustaining cost discipline, efficiency, and value delivery amidst current pressures OPEX drivers (₦’billion) 33.1 9M 24 Axis Title 9M 25 288.9 110.8 56.0 24.0 227.6 163.4 942.7 38.9 25.7 210.4 88.1 45.1 20.8 145.6 109.7 676.8 31.4 Staff cost Maintenance Depreciation & amortisation O
Slide 13: Robust deposit base anchored on stable and diversified funding mix
Robust deposit base anchored on stable and diversified funding mix FirstBank Nigeria low-cost deposits1 • YTD customer deposits increased by 4.2% to ₦17.9 trillion (FY 24: ₦17.2 trillion); Naira deposits increased by N1.2 trillion during the 91.9% 92.1% 93.8% 92.2% 91.4% 91.2% same period. • FirstBa
Slide 14: Cultured risk management approach underpins resilience in the loan portfolio
Cultured risk management approach underpins resilience in the loan portfolio FirstBank Nigeria Gross Loan per Sector (₦’trillion) 0.1% 9M 25 11.6% 24.4% 5.7% 18.0% 4.3% 3.9% 7.3% 24.9% 7.4 0.3% FY 24 15.9% 23.4% 8.7% 14.8% 4.7% 6.1% 6.9% 19.0% 7.1 Manufacturing O&G Upstream O&G Downstream O&G Servic
Slide 15: Ongoing recovery in Asset Quality
Ongoing recovery in Asset Quality • Our commitment to disciplined lending supports NPL Coverage (%) sustainable loan growth and reinforces the quality of our risk assets. 91.7 • NPLs on its path to recovery as the loan book is 86.6 being derisked to showcase prudent and proactive approach to risk mi
Slide 16: Capital accretion remains robust underpinned by organic growth and capital raise
Capital accretion remains robust underpinned by organic growth and further strengthened through completion of the capital raise exercise • Strength of core earnings continues to drive capital accretion, supporting Capital Adequacy Ratio strategic growth and stability. • The Group’s ability to tap di
Slide 17: Digital Banking
FirstHoldCo Digital Banking
Slide 18: Digital platforms and innovative capabilities contributing strongly to revenue streams
Digital platforms and innovative capabilities contributing strongly to revenue streams Electronic Banking revenue ₦’billion Cards • Core banking channels2 reached 26.4 million users in 9M 25 (9M 24: 24.6 million users) +16.1% +24.0% 77.0 68.8 Agent banking • Empowering Financial Inclusion in Nigeria
Slide 19: Unlocking revenue potential through innovative digital capabilities
Unlocking revenue potential through innovative digital capabilities Number of Subscribers (million) Volume of transactions processed (million) Value of transactions processed (₦’billion) CAGR +5.1% +5.2% +4.4% CAGR +0.7% -13.8% -7.7% CAGR +7.2% +9.9% -4.7% USSD 5,875 4,283 4,091 16.2 16.0 16.7 5,348
Slide 20: 9M 2025: Consistently expanding and strengthening digital presence
9M 2025: Consistently expanding and strengthening digital presence Branch of the Future >42m 171m 7 Digital Experience Customer Transactions processed Centres (DXCs) in key strategic locations Accounts1 16.7m through FirstMonie agents Subscribers FirstBank Branches2 >12.2m 9.7m Cards FirstMobile & >
Slide 21: Subsidiary Highlights
FirstHoldCo Subsidiary Highlights
Slide 22: Commercial Banking, Investment Banking and Asset Management Group (IBAM)
Commercial Banking, Investment Banking and Asset Management Group (IBAM) Commercial Banking Group Investment Banking and Asset Management (IBAM) Key financial highlights Key financial highlights Income statement Statement of Financial Position Income statement Statement of Financial Position ₦ billi
Slide 23: Excellence across all pillars of Investment Banking and Asset Management Business
Excellence across all pillars of Investment Banking and Asset Management Business LEADING CAPITAL MARKETS AND DEBT SOLUTIONS UNPARALLELED ASSET MANAGEMENT SOLUTIONS FIRSTCAP LIMITED FIRSTCAP LIMITED FIRSTCAP LIMITED Over ₦1.25 Trillion 2025 2025 2025 Assets Under Management ₦7.1 Billion VFD $27m Acq
Slide 24: Demonstrated proven track records in Trusteeship and Brokerage excellence
Demonstrated proven track records in Trusteeship and Brokerage excellence BEST EXECUTION BROKERAGE EXCEPTIONAL TRUSTEESHIP TRACK RECORD SERVICES GOLDEN FERTILIZERS LIMITED SAYED FARM 3 SUNBETH GLOBAL SERVICES TRISA NIGERIA LIMITED FIRSTHOLDCO RIGHTS ISSUE FIDELITY BANK RIGHTS ISSUE TRISA NIGERIA LIM
Slide 25: Appendix
FirstHoldCo Appendix
Slide 26: A well diversified financial services conglomerate with an established structure
A well diversified financial services conglomerate with an established structure that supports synergies INVESTMENT BANKING AND COMMERCIAL BANKING OTHERS ASSET MANAGEMENT GROUP First Bank of Nigeria Limited FirstCap Limited First Insurance Brokers Limited • FirstBank UK Limited • FBNQuest Funds Limi
Slide 27: Our global footprint
Our global footprint NIGERIA SIERRA LEONE First Bank of Nigeria Limited FirstBank Sierra Leone Limited Commercial Banking Commercial Banking First Pension Custodian Nig. Limited Pension Fund Custodian First Asset Management Limited SENEGAL Asset Management First Securities Limited FBNBank Senegal Li
Slide 28: Macroeconomic environment strengthens, a supportive backdrop for growth
Macroeconomic environment strengthens, a supportive backdrop for growth Improving macro fundamentals Modest trend in external reserves amidst decline in oil price 100 .0 2.5 34.80 90.0 33.20 34.19 32.70 80.0 2.0 28.92 70.0 1.6 26.72 60.0 1.5 1.5 1.5 24.23 1.3 1.3 1.3 40.9 1.4 42.3 22.04 22.79 22.22
Slide 29: Key regulatory and policy interventions
Key regulatory and policy interventions Q4 2024 Q1 2025 Q2 2025 Q3 2025 • CBN Increased the Monetary Policy • CBN retained the MPR at 27.5%. • CBN retains the MPR at 27.5% • CBN cuts MPR by 50 basis points to Rate from by 25 basis point from • The CRR and liquidity ratio were • The CBN directs banks
Slide 30: FirstHoldCo Capital raise roadmap
FirstHoldCo Capital raise roadmap FirstHoldCo recapitalisation plan (₦’billion) Ongoing 748 350 Completed 251 147 Current paid-up 1 capital Rights issue proceeds 2 (Net) Additional capital 3 to raise Final paid-up 4 capital • Phase 1 of the ₦350bn Private Placement has successfully commenced and we
Slide 31: Extending financial inclusion drive through Agency banking (FirstMonie)
Extending financial inclusion drive through Agency banking (FirstMonie) Geographic Dispersion of FirstMonie Agents as at 9M’25 FirstMonie FirstMonie maintains its market lead, solidifying the position as Nigeria's largest bank-led agency banking initiative 14% 2025 Empowering lives With >308,000 Age
Slide 32: Definitions
Definitions • Cost-to-income ratio computed as operating expenses divided by operating income • Cost of risk computed as credit impairment charges divided by the average opening and closing gross loans balances • Net-interest margin computed as net interest income divided by the average opening and
Slide 33: Contact Details
Contact Details Head, Investor Relations Tolulope Oluwole Tolulope.O.Oluwole@first-holdco.com +234 201 905 2720 Investor Relations Team investor.relations@first-holdco.com +234 201 905 1086; 1147 33