Slide 1: 2025 FY Results Investors'/Analysts' Call
2025 FY RESULTS INVESTORS’ /ANALYSTS’ CALL Manoxyng OvectosCEO "HEINEKEN
Slide 2: Disclaimer
DISCLAIMER This presentation may contain forward-looking statements on the financial position and results of the activities of Nigerian Breweries Plc. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in
Slide 3: Agenda
2025 FY Review Nigerian Breweries at a glance Operational Overview AGENDA 2025 FY Financial Performance Review Financial Results Summary 2026 Outlook 2026 Operational Context Q&A
Slide 4: 2025 FY Review
2025 FY Review Thibaut Boidin Managing Director
Slide 5: Nigerian Breweries at a Glance
Nigerian Breweries at a Glance #1 in Lager, #1 in Malt, #2 in Stout 15 Sales regions 9 Breweries 21 Depots with National Coverage 7 Operational 1 Malting Plant ₦1,467bn ₦560bn 2,289 Net revenue Net assets Employees ₦205bn (0.01)x Operating profit * Net debt/EBITDA NB Breweries Market Capitalisation
Slide 6: Recovery Year
Recovery Year | 2025 marked a clear turnaround, outperforming both 2024 and 2023; strong execution translated strategy into measurable financial results REVENUE OPERATIONAL PROFITABILITY CASHFLOW REBOUND EXCELLENCE PIVOT STRENGTH REV OG +383bn vs LY OP OG +136bn vs LY NP OG +244bn vs LY FOCF OG +261
Slide 7: Global Brands
Global Brands | Elevating consumer experiences through premium activations built around relevant passion points- football, fashion and high energy events
Slide 8: Local Brands
Local Brands | Our mainstream brands accelerated growth through high-impact activations through football and festive campaigns
Slide 9: Operating Environment Outlook
Operating Environment Outlook | The macroeconomic outlook shows signs of improvement; however, operating conditions still remain challenging and volatile. Inflation FX High inflation and interest rates Though stable, exchange rate is continue to pressure costs, still high, impacting input costs. pri
Slide 10: 2025 FY Financial Performance Review
2025 FY Financial Performance Maria Karaseva Finance Director Review
Slide 11: 2025 Financial Summary
2025 Financial Summary | Building a sustainable growth model in Nigeria • In 2025, the Company made a rebound from what was a challenging year for the business in 2024 driven mainly by macroeconomic factors. • The year saw an improved but still volatile operating environment. Group revenue grew by 3
Slide 12: Operating Profit growth driven by competitive portfolio and strong cost savings
Operating Profit growth driven by competitive portfolio and strong cost savings. Improved stability in the foreign exchange market contributed to higher margins Significant Revenue Growth Gross and Operating Profit margin expansion Significant lower Finance costs +35% FY 2024 FY 2025 1.467 +77% 1.08
Slide 13: Operating Profit FY '25 vs '24
Operating Profit FY ‘25 vs ‘24 | Strong revenue growth and costs savings drive ~194% increase in operating profit despite continued inflationary pressure Operating profit bridge (₦ billion) Income Statement 194% Nigerian Breweries 383 90 FY 2025 Jan - Dec ₦'m 2025 2024 Var. (%) 65 Net Revenue 1,467,
Slide 14: FX debt and exposure to devaluation losses
FX debt and exposure to devaluation losses was driven by FX shortages in recent years. With increased FX purchases and rights issue proceeds we have eliminated our FX debt FX Rate Development NB FX Debt and WC Payables Development (EURm) 367 1481 Improved stability in the foreign exchange 221 211 20
Slide 15: Net Profit FY '25 vs '24
Net Profit FY ‘25 vs ‘24 | Net Profit strengthened by improved operating performance and recovery from high FX loss after the repayment of foreign loans Net profit bridge (₦ billion) Income Statement Nigerian Breweries 168% FY 2025 Jan - Dec ₦'m 158 100 2025 2024 Var. (%) Net Revenue 1,467,422 1,084
Slide 16: Profit Q4 '25 vs '24
Profit Q4 ‘25 vs ‘24 | Profit positively impacted by pricing, mix, and cost savings. Net Profit benefits from lower finance costs and strong operational results Nigerian Breweries Q4 2025 Oct - Dec ₦'m 3% 2025 2024 Var. (%) 48 5 30 Net Revenue 421,041 373,564 12.7% Operating profit bridge (₦ billion
Slide 17: Financial position - December 2025 vs prior periods
Financial position - December 2025 vs prior periods | Stronger financial position post right-issue further supported by improved operational performance Trend Trend Trend December December September Group Financial Position Sep 25 vs Dec 25 vs Dec 25 vs Comments 2025 2024 2024 Dec 24 Sep 24 Dec 24 (
Slide 18: Cash flow overview FY 2025
Cash flow overview FY 2025 | Optimal cash position despite the settlement of trade debts and other payables from the right issues proceed 288.9 18.5 Comments -79.7 The following drove cash and cash equivalents of ₦61.1bln for FY -123.3 2025: 61.1 • Cash flow from operations (₦289.4bln) mostly result
Slide 19: 2026 Outlook
2026 Outlook Thibaut Boidin Managing Director
Slide 20: 2026 Priorities
2026 Priorities | Focused on immediate actions to bring NB back to volume growth and sustain financial recovery Environment remains Focus on Executing Shaping our Operating Profit Volatile Growth Future • Low disposable income • Drive volume Growth • Leverage Scale and Capacity • High input cost ero
Slide 21: Q&A
Q&A Uzo Odenigbo Corporate Affairs Director
Slide 22: Thank you!
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