First Holdco Plc · NSENG:FIRSTHOLDCO
First Holdco — FY2025 & Q1 2026 Earnings Presentation
46 slides from First Holdco's earnings presentation, May 2026
Slide 1: FY 2025 & Q1 2026 Results Presentation
FY 2025 & Q1 2026 Results Presentation May 2026
Slide 2: Presentation Outline
PRESENTATION OUTLINE 04 Key Highlights 12 Financial review 22 Digital banking 26 ESG 29 Subsidiary highlights 34 Appendix
Slide 3: Disclaimer
DISCLAIMER This presentation is based on First HoldCo Plc’s (‘FirstHoldCo’ or the ‘Group’) audited financial statements for the year ended December 31, 2025 and Unaudited financial statements for the quarter ended March 31, 2026. The Group’s Financial statements represent First HoldCo Plc and its su
Slide 4: Key Highlights
Key Highlights
Slide 5: Key financial highlights: Strong Q1 2026 PBT at ₦321bn (+72% YoY)
Key financial highlights: Strong Q1 2026 PBT at ₦321bn (+72% YoY) FY 2025 Q1 2026 Gross earnings ₦3.4tn, +6.9% YoY Gross earnings ₦942.0bn, +26.8% YoY Net interest income ₦1.9tn, +36.8% YoY Net interest income ₦438.8bn, +20.1% YoY Net fees and commissions ₦294.5bn, +20.2% YoY Net fees and commission
Slide 6: Path to Recovery: Revenue Momentum, Earnings Retention, Capital Raise, Loan Recoveries
End of forbearance temporary impact on asset quality and capital Asset quality Capital adequacy Impairment charge is up on systemic O&G exposures, now Regulatory Risk Reserve trigger temporary CAR breach: adequately provisioned Commercial Banking Group to be normalised within 120 days Driven by regu
Slide 7: Profitability (₦ billion)
Pre-provision operating profit of ₦1.06tr; FY25 impairment reflects industry-wide exposure and regulatory alignment Profitability (₦’billion) Balance sheet exposure reclassification with a clear strategic intent to maintaining transparency -1,233.8 PPOP reflective of the and resilience of the loan G
Slide 8: Strong underlying performance in recent years
Strong underlying performance in recent years Gross Earnings (₦’billion) Interest Income (₦’billion) Non-Interest Income (₦’billion) CAGR1 61.5% CAGR 75.7% CAGR 16.7% 815.2 3,435.4 2,994.1 237.2 551.9 377.4 FY 22 FY 23 FY 24 FY 25 FY 22 FY 23 FY 24 FY 25 FY 22 FY 23 FY 24 FY 25 Operating Income (₦’b
Slide 9: Other key developments: Governance deepened and momentum strengthened across the Group
Other key developments: Governance deepened and momentum strengthened across the Group B- Stable A+ Stable B Stable Governance and leadership Franchise momentum Strengthened governance and leadership oversight with the appointment of a new Group company secretary. PAPSS1 integration positioning the
Slide 10: Strategic Priorities to 2029
Strategic Priorities to 2029 - Accelerating transformation and execution to deliver greater shareholder value Accelerate non-banking business Strengthen digital ecosystem Unlock new value creation channels growth capabilities Drive cross-border payments and Re-enter underwriting sector and expand Ex
Slide 11: Solid foundation built; well positioned to capture market opportunities and lead
Solid foundation built; well positioned to capture market opportunities and lead Systemic exposures Underlying earnings FirstBank secures N500 Strengthened addressed through power intact with billion capital floor as governance framework increased reclassification strong pre-provision the Group is p
Slide 12: Financial Review
Financial Review
Slide 13: Top-line momentum reaccelerated in Q1 2026
Top-line momentum reaccelerated in Q1 2026 with key ratios reflective of underlying strength Income statement (₦ billion) 2024 2025 YoY Q1 2025 Q1 2026 YoY Gross earnings 3,212.6 3,435.4 +6.9% 742.7 942.0 +26.8% Interest income 2,397.4 2,994.1 +24.9% 625.3 704.5 +12.7% Non-interest income 755.1 377.
Slide 14: Sustained upward earnings trajectory and resilient income sources
Sustained upward earnings trajectory underpinned by well-balanced and resilient income sources Gross Earnings (₦’billion) Gross Earnings mix +6.9% Q1 26 +26.8% 25.2% 54.3% 20.5% 3,435.4 942.0 3,212.6 FY 25 742.7 12.8% 57.8% 29.3% FY 24 25.4% 48.2% 26.5% FY 24 FY 25 Q1 25 Q1 26 Non-interest income¹ I
Slide 15: Interest income growth highlights income generating power
Interest income growth highlights the Group’s income generating power and its robust asset base Interest Income Earning Assets (₦’trillion) CAGR 75.7% +12.7% 704.5 2,994.1 17.4 625.3 17.3 17.4 2,397.4 1.5 1.3 1.6 936.7 551.9 11.0 9.2 9.0 9.5 0.5 FY 22 FY 23 FY 24 FY 25 Q1 25 Q1 26 6.9 6.5 Proactivel
Slide 16: Revenue diversification signals a healthy foundation for income growth
Revenue diversification signals a healthy foundation for sustainable income growth Non-interest Income (₦’billon) Fees & Commission breakdown gross (₦’billion) -50.0% (normalised¹: +22.5%) +110.7% (normalised¹: +72.4%) FY 25 89.5 27.1 54.2 34.9 65.8 13.4 72.7 357.5 755.1 219.2 377.4 104.0 FY 24 77.0
Slide 17: Operating expenses and cost-to-income normalising in Q1 2026
Operating expenses reflect inflationary & currency pressure, business growth and personnel considerations; Cost-to-income normalising in Q1 2026 OPEX drivers (₦’billion) Cost to Income Ratio 35.8 FY 25 343.1 151.3 74.6 51.4 45.5 353.2 178.9 1,233.8 53.8 45.2 43.3 FY 24 36.5 308.5 134.8 62.0 20.7 192
Slide 18: Earnings diversified across non-banking and international subsidiaries
Earnings diversified across non-banking and international subsidiaries Assets Loans Deposits PBT 28.6% 31.1% 33.2% International subsidiaries(1) 62.0% Commercial Banking Group(2) 73.7% 96.1% 100.0% 100.0% 3.9% 0.0% 0.0% Non- 26.3% Commercial Banking Subsidiaries(3) 1 International Subsidiaries inclu
Slide 19: Deposit strength underpins reliable funding and liquidity support
Deposit strength underpins reliable funding and liquidity support FirstBank Nigeria low-cost deposits1 Cost of funds (%) 93.8% 93.1% 93.8% 5.6% 4.8% 4.7% FY 24 FY 25 Q1 26 FY 24 FY 25 Q1 26 Customer Deposits (₦’billion) Q1 26 4,248 5,833 3,867 4,432 18,380 FY 25 4,631 5,775 3,269 5,208 18,883 FY 24
Slide 20: Enhanced risk oversight reinforces resilience in the loan book
Enhanced risk oversight reinforces resilience in the loan book FirstBank Nigeria Loan Currency Mix FirstBank Nigeria Gross Loan per Sector (₦’trillion) Q1 26 11.9% 14.3% 16.6% 14.9% 3.8% 7.4% 4.9% 7.1% 4.0% 15.1% 7.1 49.3% 54.3% 56.4% FY 25 9.3% 14.3% 12.1% 17.8% 4.5% 5.1% 5.1% 7.6% 3.8% 20.6% 6.8 F
Slide 21: Intensifying remedial/recovery measures on delinquent assets
Intensifying remedial/recovery measures on delinquent assets; underlying collateral values exceed exposures NPL Coverage (%) NPL Ratio (%) 13.4 98.7 12.0 89.4 10.2 54.8 FY 24 FY 25 Q1 26 FY 24 FY 25 Q1 26 Impairment (₦’billion) 826.30 40.4 426.30 FY 24 FY 25 Q1 26
Slide 22: Digital Banking
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Slide 23: Digital platforms and innovative capabilities contributing strongly to revenue
Digital platforms and innovative capabilities contributing strongly to revenue streams Electronic Banking revenue ₦’billion Banking Channels Agent banking +14.0% +5.0% Core banking channels1 Empowering Financial Inclusion in reached 27 million users in Nigeria with a ground-breaking Q1 26 (Q1 25: 25
Slide 24: Maximising revenue opportunities through cutting-edge digital solutions
Maximising revenue opportunities through cutting-edge digital solutions Mobile & Internet - Value of transactions processed (₦’billion) Number of Subscribers (million) +19.0% -3.4% FY 2025: 10.0m | Q1 2026: 10.3m FY 2024: 8.8m | Q1 2025: 9.2m CAGR +33.5% 79,198 Volume of transactions processed (₦’mi
Slide 25: Innovative digital lending capabilities
Innovative digital lending capabilities Empowering lives and driving inclusion FirstAdvance FirstCredit AgentCredit ₦120B ₦71B ₦132B Annual transaction value Annual transaction value Annual transaction value More than ₦120 billion lent in FY 2025 More than ₦71 billion accessed in FY More than ₦132 b
Slide 26: ESG
ESG
Slide 27: Responsible lending, inclusivity & climate action remain key tenets of our ESG approach
Responsible lending, inclusivity & climate action remain key tenets of our ESG approach Sustainable Finance Development Climate Action • 1,238 corporate transactions screened for ESG risk and • 10% climate financed lending valued at over N 2,09 trillion Driving sustainable finance • 6 locations and
Slide 28: Committed to corporate governance & ESG thought leadership
Committed to corporate governance & ESG thought leadership Memberships & Partnerships Reporting ESG Governance IFRS S1 and S2 Sustainability Reporting : FirstBank Sustainability Governance Structure Co-Chair Labour Committee • United Nations Global Compact Local Network • Voluntary adoption of IFRS
Slide 29: Subsidiary Highlights
Subsidiary Highlights ra =k y ~\ : IS J 2s % = 7 \ ae 2 See
Slide 30: Commercial Banking, Investment Banking and Asset Management Group (IBAM)
Commercial Banking, Investment Banking and Asset Management Group (IBAM) FY 2025: Commercial Banking Group (CBG) Q1 2026: CBG FY 2025: IBAM Q1 2026: IBAM N billion FY 25 FY 24 y-o-y Q1 26 Q1 25 y-o-y ₦’billion FY 25 FY 24 y-o-y Q1 26 Q125 y-o-y Gross earnings Gross earnings 72.8 104.2 (30.1%) 22.9 1
Slide 31: Excellence across all pillars of Investment Banking Business
Excellence across all pillars of Investment Banking Business FirstCap - relaunched in 2024 and established as a leading capital markets and debt FirstAsset - unparalleled asset management solutions solutions provider 2025 Key Milestones 2025 2025 2025 2025 N50 Billion Dangote N100 Billion Dangote N1
Slide 32: Excellence across all pillars of Investment Banking Business
Excellence across all pillars of Investment Banking Business FirstTrustees - Exceptional trusteeship track record FirstSecuritiesBrokers - Strong execution capabilities in Brokerage Services 2025 Key Milestones Unrivalled expertise with over 40 years of Trusteeship service Top 3 Equities Broker 44%
Slide 33: FirstInsuranceBrokers: Scaling Profitably a Diversified Brokerage Franchise
FirstInsuranceBrokers: Scaling Profitably a Diversified, Future-Ready Brokerage Franchise Operating model strengthened by key initiatives 2025 Key Milestones Establishment of a dedicated Medical Insurance (Health & Benefits) Unit 41% 5Y-CAGR Development of InsurTech partnerships to drive retail expa
Slide 34: Appendix
Appendix
Slide 35: Key regulatory and policy interventions
Key regulatory and policy interventions • CBN retains the MPR at 27.5% • The CBN directs banks under forbearance to halt dividend payments, defer bonuses to senior management and suspend new investments in foreign subsidiaries • The CBN in partnership with the Nigeria Inter-Bank Settlement System (N
Slide 36: Evolving macroeconomic environment
Evolving macroeconomic environment Inflation, MPR & GDP Growth Exchange rate 2143 2094 34.19 32.70 34.80 1991 1979 33.20 1925 1934 1859 1838 28.92 27.0 27.0 1789 1794 1729 27.5 27.5 1680 1687 1660 1573 1595 1598 26.3 27.3 27.5 26.5 1437 1627 1470 1535 1537 1529 1387 22.8 24.23 1475 22.22 20.98 1435
Slide 37: Major milestones
Major milestones • Changed name to FirstHoldCo Plc. • Adopted a Group holding company • 2025 Sectoral leadership (FirstHoldCo) structure (FBNHoldings). by Pearl awards and Best Retail • Best retail bank in Asian Banker Bank(FirstBank) in Nigeria by the • Launched FirsBank • First Nigerian bank to hi
Slide 38: 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 39: Our Digital Ecosystem
Our Digital Ecosystem FirstMobile (10m+ downloads) Brand New First Securities Brokers app FirstMobile has sustained its market leadership as a digital powerhouse and Your trusted companion for managing trustworthy transaction partner in the stocks and investments... ecosystem. Simplicity New add-on
Slide 40: Our Digital Ecosystem
Our Digital Ecosystem FirstDirect (100k+ downloads) FirstMonie Wallet Trusted innovative platform for corporate Fast, safe and convenient mobile payments and cashflow management. money service from first bank. Trade Module deployed for Form M & A and Send and receive money, buy airtime, NXP with dir
Slide 41: Our Digital Ecosystem
Our Digital Ecosystem *894# USSD banking ATM One of the most impactful digital channels One of the country’s largest ATM fleets. especially for customers in low-connectivity environments. Large scale and reach of ATM network to support nationwide accessibility. Strategic role in expanding financial
Slide 42: 5-Year Financial Summary: Balance Sheet
5-Year Financial Summary: Balance Sheet ₦’mn 2025 2024 2023 2022 2021 Cash and cash balances with central bank 5,074,239 4,415,186 2,572,363 1,790,863 1,586,769 Loans and advances to banks 3,458,348 3,302,480 2,053,230 1,223,061 1,015,122 Loans and advances to customers 8,966,321 8,767,888 6,359,294
Slide 43: 5-Year Financial Summary: Income Statement
5-Year Financial Summary: Income Statement ₦’mn 2025 2024 2023 2022 2021 Gross earnings 3,435,361 3,212,649 1,561,773 815,166 757,296 Net operating income 2,994,145 2,156,386 1,137,303 600,291 592,813 Operating expenses (1,233,816) (934,160) (557,027) (373,945) (334,182) Group’s share of associate r
Slide 44: FirstBank MREIF Home Loan: A Game changer for home ownership
FirstBank MREIF Home Loan: A Game changer for home ownership MREIF Home Loan Bridging housing deficit Powered by FirstBank in Rare opportunity to acquire partnership with the Ministry of residential property, bridge housing Finance Incorporated (MOFI), the deficit and empower citizens with investmen
Slide 45: Contact details
Contact details Head, Investor Relations Tolulope Oluwole Tolulope.O.Oluwole@firstbankgroup.com +234 201 905 2720 Investor Relations Team investor.relations@first-holdco.com +234 201 905 1086; 1147
Slide 46: Thank you
Thank you www.first-Holdco.com
First HoldCo — FY2025 & Q1 2026 Earnings Presentation on 6ix