United Capital Plc · NSENG:UCAP
United Capital — Q3 2026 Earnings Presentation
47 slides from United Capital's earnings presentation, Oct 30, 2026
Slide 1: United Capital Plc Q3 2026 Investors & Analyst Call
United Capital Plc Q3 2026 Investors & Analyst Call FRIDAY, OCTOBER 30, 2026
Slide 2: Table of Contents
Table of Contents 03 OVERVIEW 29 FINANCIAL REVIEW 12 OPERATING ENVIRONMENT 39 OUTLOOK 18 BUSINESS MILESTONES 42 APPENDIX 2 Q 3 2 02 6 I N V ESTO RS & AN ALYSTS CAL L
Slide 3: Overview
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Slide 4: The Group at a Glance
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW The Group at a Glance INVESTMENT BANKING ASSET MANAGEMENT WEALTH MANAGEMENT TRUSTEES 6 Financial Advisory Portfolio Management Bespoke financial and Private Trusts Debt Capital Markets Investment Advisory DECADES OF
Slide 5: A Leading Financial Services Group
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW A Leading Financial Services Group A- A/A1 Bond Issuance Rating Agusto Rating GCR 1st by a Capital Market Operator in Nigeria ₦62.47bn Gross Earnings 50% YoY Growth ₦41.58bn STRONG PRESENCE Profit Before Tax IN NIGER
Slide 6: Our African Expansion Expedition
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Our African Expansion Expedition Our African expansion will be deliberate and structured, focusing on similar strategic themes and strong collaboration to dominate the investment management landscape in the region.
Slide 7: Core Values
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Core Values EXCELLENCE Quality Distinction Exceptionalism EXECUTION ENTERPRISE Ingenuity Responsiveness Determination Ownership & Accountability Hardwork OUR PURPOSE CULTURE CODE OUR CORPORATE GOALS United Capital i
Slide 8: Board of Directors
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Board of Directors UCH E I KE PET E R ASH AD E S U NN Y ANE NE AYOD EJ I AD I GUN Chairman Group Chief Executive Deputy Group Chief Group Executive Director & Non-Executive Director OLAD I PUP O FATOKUN O LU L E KE
Slide 9: Experienced Executive Team
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Experienced Executive Team PETE R AS PET ER H AD E ASHAD S U NN Y AN E NE AYODEJI AD IG UN Group Executive Director/ 9 Q3 2 02 6 IN V ESTO RS & AN ALYSTS CAL L
Slide 10: Experienced Business Leaders
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Experienced Business Leaders D R. G BAD EB O AD EN RE L E D R. O D IRI O GIN NI BAWO O RITS EJAFO R MICHAEL ABIODUN THO MAS AD ETOLA FAS UYI Managing Director, Managing Director/CEO, Managing Director/CEO, Managing
Slide 11: Experienced Management Team
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Experienced Management Team D R . L EO OKAFOR SH ED RACK O NAKPOMA OLUSEYE KOMOLAFE AYODEL E AKINWU NMI OLU RE MI TI NU OLU - GABRI E L RITA U NU IG BOJE OLU FEM I OLAYIWOLA Group Company Director, Resources Chief E
Slide 12: Q3 Operating Environment
02 Q3 OPERATING ENVIRONMENT 2025 Economic Review and 2026 0utlook
Slide 13: Nigeria Economic Environment
Nigeria Economic Environment Improving macroeconomic stability, easing inflationary pressures and broader market access are creating a more supportive environment for investment and capital flows. United Capital is strategically positioned to capture these opportunities through strong client partnersh
Slide 14: Equities and Fixed Income Markets
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Equities and Fixed Income Markets supporting growth across UCAP businesses NGX ALL-SHARE INDEX MARKET CAPITALISATION +61.43% YTD ₦163.10tn +64.13% YTD Sector YTD Performance OIL AND GAS INDUSTRIAL GOODS BANKING CONS
Slide 15: WAEMU Economic Environment
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW WAEMU Economic Environment Strong economic growth alongside moderating inflation in WAEMU region provides a supportive operating environment for UCAP. It also stimulates capital-market activity, corporate transaction
Slide 16: African Economic Environment
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIXX ENVIRONMENT MILESTONES REVIEW African Economic Environment Strong GDP growth across Africa supports UCAP’s cross-border expansion while diverse macroeconomic conditions create opportunities for selective market positioning Angola Ghana Kenya Et
Slide 17: Global Economy: Inflation Trends in Selected Key Economies
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Global Economy: Inflation Trends in Selected Key Economies Rising energy costs have intensified global inflationary pressures, potentially sustaining tighter financing conditions in the United States 4.20% Euro Area 3.8
Slide 18: Business Milestones
03 BUSINESS MILESTONES 2025 Economic Review and 2026 0utlook
Slide 19: UCAP Businesses Q3 Achievements at a Glance
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW UCAP Businesses Q3 Achievements at a Glance Q3 2026 business highlights ASSET MANAGEMENT INVESTMENT BANKING WEALTH MANAGEMENT AFRICAN OPERATIONS #1 by NAV #1 fixed Income Primary Markets Sponsor on FMDQ +100% New Mar
Slide 20: United Capital Investment Banking
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW United Capital Investment Banking #1 MARKET LEADERSHIP: FMDQ League Table (January - September 2026) #1 of 45 ₦825.84bn Bond listings and 13% 12th → 2nd Climb in CP quotations Fixed Income Primary Overall sponsor ra
Slide 21: United Capital Asset Management
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW United Capital Asset Management #1 by Q3 2026 Key Achievements Revenue Growth Profit Before Tax Consolidate Market NAV +51.3% +88.2% Leadership Year on year Year on year United Capital Balanced Fund & Fixed Income Fu
Slide 22: United Capital Trustees
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW United Capital Trustees Trustees’ Q3 2026 Achievements ₦9tn+ Trustee mandates Market Position Product Launch Bond Appointment Managing over ₦9 Successfully launched the Appointed Trustee on the trillion in mandates
Slide 23: United Capital Securities
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW United Capital Securities Our Securities Business Milestones Top 10 Market Share Revenue Growth Profit Before Tax Deal Mandates Stockbroking Firms on 2.71% +96% +88% Dangote IPO Joint Stockbrokers to the Nigerian Exc
Slide 24: United Capital Wealth Management
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW United Capital Wealth Management 9M 2026 Performance Highlights +100% Investment Planning AUM Equities), quarter on quarter +101.43% ¥ Our offshore preposition is scaling fast. UC Octus grew YTD (As at 30 September
Slide 25: UCEE Microfinance Bank
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW UCEE Microfinance Bank UCEE MFB: Landmark Achievements 73%+ Loan Portfolio Loan Deposit Shareholders’ Growth Disbursement Mobilisation Funds 9-Month PBT surpassed FY 2025 +72% +37.5% +54.8% +13% PBT by 73%, By Q3 202
Slide 26: UC Plus Advance
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW UC Plus Advance Q3 2026 Key Achievements Broader Strengthened Credit Risk Democratized Access to Transitioned Towards a lending Assessment &Infrastructure Investment Opportunities Diversified Lending Model Strengthen
Slide 27: Our Strategic Investment in Africa Is Delivering Results
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Our Strategic Investment in Africa Is Delivering Results Highlights We are building a Pan-African Financial Côte d’Ivoire Rwanda Services Platform for Growing Revenue & Market Share Lead Distributor for Dangote IPO
Slide 28: Sustainability Updates - Q3 2026
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Sustainability Updates- Q3-2026 Sustainability Portfolio Sustainability Milestones UC Children Investment Fund: IFRS S1 & S2 Adoption: All Four Pillars Strengthened Building long-term wealth for minors through In Q3
Slide 29: Financial Review
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Slide 30: Financial Highlights – 9M 2026
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Financial Highlights – 9M 2026 Gross Earnings Profit Before Tax Profit AfterTax ₦62.47bn ₦41.58bn ₦34.83bn 50% YoY 66% YoY 65% YoY 9M 2025 9M 2025 9M 2025 ₦41.54bn ₦25.01bn ₦21.17bn Total Assets Shareholders’ Fund ₦1.
Slide 31: Group Income Statement Highlights
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Group Income Statement Highlights KEY SEP 2025 SEP 2026 CHANGE Income Statement (₦’bn) METRICS (₦’bn) (₦’bn) YoY Steady Growth in Key Metrics 62.5 Gross Earnings 41.54 62.47 50% 55.6 Net Operating Income 37.60 55.58
Slide 32: Gross Earnings Breakdown – Diversified Earnings from Core Businesses
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Gross Earnings Breakdown – Diversified Earnings from Core Businesses Analysis of Gross Earnings (₦’ Billion) Breakdown of Gross Earnings – 9M 2026 22.0 20.9 16.5 11% 2025 Net Investment Income 2026 12.6 20% 35% 11.3
Slide 33: Financial Position – Highlights: Strong Base Supporting Growth
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Financial Position – Highlights: Strong Base Supporting Growth KEY DECEMBER SEPTEMBER Financial Position - Key Parameters (N' bn) METRICS 2025 (₦’bn) 2026 (₦’bn) 1,814 1761 Dec-25 Jun-26 Total Assets 1,761 1,814 994
Slide 34: Analysis of Assets – Strong and Diversified Earning Assets
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Analysis of Assets – Strong and Diversified Earning Assets September 2026 December 2025 3% 4% 4% 16% 4% Cash and Cash Equivalent Cash and Cash Equivalent 34% Investment Securities Investment Securities Loans & Advanc
Slide 35: Analysis of Funding Mix – Diversified Funding Mix
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Analysis of Funding Mix – Diversified Funding Mix September 2026 December 2025 December 2025 14% 15% Managed Funds Managed Funds 20% Borrowed Funds Borrowed Funds 23% 62% Others Others 66% Each Funding source is depi
Slide 36: Ratio Highlights – Steady and Improving Returns to Shareholders
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Ratio Highlights – Steady and Improving Returns to Shareholders 67% 56% 60% 42% 51% 37% 2025 2026 Cost to Income Ratio PAT Margin PBT Margin Return on Equity Return on Assets Earnings Per Share (₦) 2.58 24.00% 2.60%
Slide 37: History of Strong Profitability Driving Shareholder Value
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW History of Strong Profitability Driving Shareholder Value Gross Earnings (₦’bn) Profit After Tax (₦’bn) 35 62 59 28 46 24 43 27 11 11 18 10 2021 2022 2023 2024 2025 Sep-26 2021 2022 2023 2024 2025 Sep-26 Profit Before
Slide 38: Quality Assets Meeting Client Needs and Driving Sustainable Growth
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Quality Assets Meeting Client Needs and Driving Sustainable Growth Investment Securities (₦’bn) Managed Funds (₦’bn) 1,344 994 1,134 847 600 669 414 387 327 364 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Tota
Slide 39: Outlook
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Slide 40: Strategic Priorities
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Strategic Priorities To deliver sustained value to our stakeholders in 2026, we will execute against a set of clearly defined sragtegic pillars designed to strengthen our competitive posi- tioning and ensure long-ter
Slide 41: Strategic Focus
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Strategic Focus As we progress into the last quarter of the year, our focus will be tilted towards accelerating delivery of our strategic priorities, maximising emerging opportunities and positioning the Group for s
Slide 42: Thank You! Q&A
THANK YOU! Q &A
Slide 43: Appendix
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Slide 44: Disclaimer
OPERATING BUSINESS FINANCIAL OVERVIEW OUTLOOK APPENDIX ENVIRONMENT MILESTONES REVIEW Disclaimer Any forward-looking statements contained in this presentation represent the views of oral forward-looking statements in presentations (including this presentation) and management only as at the date hereo
Slide 45: Africa's Leading Financial Services Group
/ United Capital Africa's Leading Financial Services Group ASSET MANAGEMENT | TRUSTEESSERVICES | INVESTMENT BANKING CONSUMER FINANCE | SECURITIES TRADING | WEALTH MANAGEMENT MICROFINANCE BANKING Visit investnow.ng to get started DOWNLOAD THE INVESTNOW APP
Slide 46: Contact Us
CONTACT US UNITED CAPITAL ASSET MANAGEMENT UNITED CAPITAL SECURITIES assetmanagement@unitedcapitalplcgroup.com securities@unitedcapitalplcgroup.com UNITED CAPITAL INVESTMENT BANKING UNITED CAPITAL WEALTH MANAGEMENT investmentbanking@unitedcapitalplcgroup.com wealthmanagement@unitedcapitalplcgroup.co
Slide 47: One Group, Endless Possibilities
One Group, Endless Possibilities INVESTMENT BANKING ASSET MANAGEMENT TRUSTEESHIP SERVICES SECURITIES TRADING WEALTH MANAGEMENT CONSUMER FINANCE MICROFINANCE BANKING INVESTNOW DOWNLOAD THE INVESTNOW APP www.unitedcapitalgroup.com