Slide 1: H1 2026 Results Presentation
H1 2026 Results Presentation June 2026
Slide 2: Presentation Outline
PRESENTATION OUTLINE 04 Key Highlights 11 Financial review 21 Digital banking 25 Subsidiary highlights 29 ESG 31 Appendix
Slide 3: Disclaimer
DISCLAIMER This presentation is based on First HoldCo Plc’s (‘FirstHoldCo’ or the ‘Group’) Unaudited financial statements for the half year ended June 30, 2026. The Group’s Financial statements represent First HoldCo Plc and its subsidiaries. FirstHoldCo has obtained some information from sources it
Slide 4: Key Highlights
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Slide 5: H1 2026 key highlights
H1 2026 key highlights Capital position restored CAR of 16.7%, above the 15.0% regulatory requirement, supported by earnings, recoveries and fresh equity. Liquidity ratio of 16.7% 52.2%. CAR Balance sheet reset delivered Impairment charges down 37.4%; recorded recoveries from legacy exposures. ₦91.9
Slide 6: H1 2026 financial overview
H1 2026 financial overview: strengthened fundamentals, greater operating efficiency and solid earnings expansion Earnings momentum Quality returns delivered GROSS EARNINGS OPERATING INCOME NET INTEREST MARGIN COST OF FUNDS ₦1.93tn ₦1.38tn 9.5% 4.3% ▲ +16.7% YoY ▲ +25.8% YoY ▼ vs 10.4% H1'25 ▼ 4.8% H
Slide 7: Positive asset quality momentum. Restored capital strength. Clear pathway to growth
Positive asset quality momentum. Restored capital strength. Clear pathway to growth ON TRACK STABILISED Capital adequacy Asset quality ▲ Capital strength restored; well within the 120-day window—reinforcing ▲ Legacy oil & gas exposures adequately provisioned resilience and execution discipline. ▲ Im
Slide 8: FirstHoldCo enters H2 2026 with a clearer shareholder-value pathway
FirstHoldCo enters H2 2026 with a clearer, more credible shareholder-value pathway FIVE PILLARS OF THE H2 2026 VALUE PATHWAY 01 02 03 04 05 GROUP FRANCHISE STRENGTH EARNINGS QUALITY CAPITAL & EFFICIENCY ASSET QUALITY TRANSFORMATION Further improvements in Group-wide transformation Systemically impor
Slide 9: Positioned to compound shareholder value: A disciplined growth agenda to 2029
Positioned to compound shareholder value: A disciplined growth agenda to 2029 Unlock Accelerate Strengthen New value creation channels Non-banking business growth Digital ecosystem capabilities Drive cross-border payments and Re-enter underwriting sector and expand Expand into high-impact African ma
Slide 10: Financial Review
Financial Review
Slide 11: Momentum across income lines
Momentum across income lines Income statement (₦ billion) H1 2025 H1 2026 YoY Gross earnings 1,656.8 1,932.8 +16.7% Interest income 1,437.4 1,398.1 -2.7% Non-interest income 189.4 497.1 +162.5% Operating income 1,094.2 1,376.2 +25.8% Operating expense 552.8 608.1 +10.0% Profit before tax 356.1 653.5
Slide 12: Quality earnings coupled with a strong growth momentum
Quality earnings coupled with a strong growth momentum Gross Earnings (₦’billion) Gross Earnings mix +16.7% H1 26 1,932.8 27.6% 50.9% 21.4% 1,656.8 H1 25 13.2% 59.9% 26.9% H1 25 H1 26 Non-interest income¹ Interest income on loans and advances Interest income on investment securities 1 Non-interest i
Slide 13: Strong earning assets growth supports resilient net interest performance
Strong earning assets growth supports resilient net interest performance Interest Income (₦’billion) Earning Assets (₦’trillion) (2.7%) 19.8 1,437.4 1,398.1 17.4 17.3 1.2 1.5 1.3 11.0 9.6 H1 25 H1 26 9.2 9.0 0.5 6.9 0.2 Net interest income (₦’billion) 0.3 6.5 0.3 1.1 (2.8%) 3.8 8.8 1.5 6.1 6.6 0.6 9
Slide 14: Diversified, transaction-led income is improving the quality of earnings
Diversified, transaction-led income is improving the quality and scalability of earnings Non-interest Income (₦’billon) Fees & Commission breakdown gross (₦’billion) +162.5% 214.7 (normalised¹: +101.5%) 168.6 497.1 63.4 189.4 31.0 7.5 H1 25 H1 26 6.1 25.5 23.5 21.8 Net Fees & Commission Income (₦’bi
Slide 15: Improved operating efficiency supported by revenue momentum and cost management
Improved operating efficiency supported by revenue momentum and disciplined cost management OPEX drivers (₦’billion) Cost to Income Ratio 50.5 22.5 H1 26 608.1 180.3 80.1 43.3 27.5 15.0 98.7 140.7 44.2 25.7 H1 25 552.8 170.9 61.3 35.5 11.0 118.9 108.2 21.3 Staff cost Maintenance Depreciation & amort
Slide 16: Earnings quality: sustainable core and recurring income
Earnings quality: sustainable core and recurring income Profitability -608.1 1,376.2 -116.1 768.1 652.0 Operating OPEX Pre-provision Impairment Operating profit Income operating profit Operating income mix Net fees and commission 29.8% 35.9% Trading and 36% mark-to-market 64% gains Other operating 3
Slide 17: Deposit growth and a stronger CASA mix provide resilient funding and liquidity
Deposit growth and a stronger CASA mix provide resilient funding and liquidity FirstBank Nigeria low-cost deposits1 Cost of funds (%) 93.8% 93.1% 95.0% 5.6% 4.8% 4.3% FY 24 FY 25 H1 26 FY 24 FY 25 H1 26 Customer Deposits (₦’billion) H1 26 4,559 6,076 2,824 8,476 21,934 FY 25 4,631 5,775 3,269 5,208
Slide 18: Enhanced loan portfolio quality supports sustainable, risk-adjusted growth
Enhanced loan portfolio quality supports sustainable, risk-adjusted growth FirstBank Nigeria Loan Currency Mix FirstBank Nigeria Gross Loan per Sector (₦’trillion) H1 26 15.2% 15.2% 11.7% 15.8% 6.6% 7.3% 5.0% 7.0% 4.4% 11.8% 6.8 49.3% 54.3% 60.2% FY 25 14.3% 14.3% 12.1% 17.8% 4.5% 5.1% 5.1% 7.6% 3.8
Slide 19: Asset quality remains a core execution priority
Asset quality remains a core execution priority, with focus on lowering non-performing loans, strengthening coverage and accelerating recoveries NPL Coverage (%) NPL Ratio (%) 12.0 98.7 13.9 78.9 54.8 10.2 12.9 38.8 FY 24 FY 25 H1 25 H1 26 FY 24 FY 25 H1 25 H1 26 Impairment (₦’billion) 185.4 826.30
Slide 20: Digital Banking
Digital Banking
Slide 21: Digital platforms and innovation driving growth
Digital platforms and innovation driving growth Electronic Banking revenue ₦’billion H1 26 (₦’billion) CAGR +12.0% +16.5% 81.9 51.0 71.9 43.8 63.7 56.8 55.4 2021 2022 2023 2024 2025 H1 25 H1 26 Core Banking Channels Cards, ATM & POS channels Agent banking >322,000 agents nationwide as at H1 26, 27 m
Slide 22: Maximising revenue opportunities through cutting-edge digital solutions
Maximising revenue opportunities through cutting-edge digital solutions Mobile & Internet – Revenue (₦’billion) CAGR +27.0% Number of subscribers (million) – Mobile & Internet H1 26 (₦’billion) +11.8% H1 2025–H1 2026 15.8 9.4m ▸ 10.5m ▲ 13.0 8.5 7.6 9.8 FY 2024–FY 2025 8.8m ▸ 10.0m ▲ FY 23 FY 24 FY
Slide 23: Digital lending: scaling access with disciplined credit quality
Digital lending: scaling access with disciplined credit quality FirstAdvance FirstCredit AgentCredit ₦120bn ₦71bn ₦132bn Annual transaction value, FY 2025 Annual transaction value, FY 2025 Annual transaction value, FY 2025 ₦’billions 40.6 65.7 36.0 79.5 49.7 45.9 H1 25 H1 26 H1 25 H1 26 H1 25 H1 26
Slide 24: Subsidiary Highlights
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Slide 25: Commercial Banking remains the earnings engine as IBAM broadens the platform
Commercial Banking remains the earnings engine as IBAM broadens the platform Commercial Banking Group (CBG) Investment Banking & Asset Management (IBAM) Group ₦ billion H1 26 H1 25 y-o-y ₦ billion H1 26 H1 25 y-o-y Gross earnings 1,844.6 1,610.9 +14.5% Gross earnings 46.0 43.5 5.7% Operating income
Slide 26: ESG
ESG
Slide 27: H1 2026: Strong ESG tenets; environment, inclusion, community and governance
H1 2026: Strong ESG tenets; environment, inclusion, community and governance Sustainable Finance & Climate Financial Inclusion & Diversity • ₦2.76tn screened for ESG risk across 1,395 corporate transactions • >322,000 Firstmonie agents supporting >100,000 jobs created • $200mn Development Finance In
Slide 28: Appendix
Appendix
Slide 29: Key regulatory and policy interventions
Key regulatory and policy interventions ● CBN cut MPR by 50bps to 27.0%. ● 25% Capital Gains Tax on equity proceeds reinvested in fixed income (NTA). ● PENCOM raised minimum capital to ₦20bn (+1% above ₦500bn AUM). Q3 2025 ● NIIRA signed into law — insurance overhaul, higher capital & policyholder p
Slide 30: Evolving macroeconomic environment
Evolving macroeconomic environment Inflation, MPR & GDP growth (%) Exchange rate (NGN per USD / GBP / EUR) 34.2 27.3 27.5 27.5 27.5 27.0 27.0 26.5 1,859 1,830 26.3 26.5 1,573 1,577 15.9 1,627 1,535 1,537 1,529 1,475 1,470 1,435 1,387 1,379 1 3.2 3.5 3.8 3.1 4.2 4.0 4.1 3.9 4.4 Q2 24 Q3 24 Q4 24 Q1 2
Slide 31: 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 32: Strong digital footprint
Strong digital footprint Mobile Money ATM Network Biometric Naira MasterCard Real-time Alerts Automation Tap and Go Open Banking Cards & Contactless Agile Speed Scale Smart Innovation Seamless FirstDirect Frictionless Digital Banking Connected Next-Gen Secure Growth Instant Fibani AI Chatbot Cashles
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
Slide 34: Thank you
Thank you www.first-Holdco.com