Uac Of Nigeria PlcNSENG: UACN

UACN FY 2025 Results presentation (April 8 2026)

Apr 8, 2026 at 12:41 PM UTC · Issued by UAC of Nigeria PLC

UAC of Nigeria PLC

8 April 2026

Fola Aiyesimoju - Group Managing Director

Funke Ijaiya-Oladipo - Group Finance Director

FY 2025 Results

Contents 3

Introduction	4
Operating context	6
FY 2025 highlights	10
FY 2025 financial performance	13
Outlook	20
Appendix 1: Segment performance highlights	24
Appendix 2: Additional financial information	28

Introduction

Introduction 5

UAC of Nigeria PLC ("UAC") concluded the acquisition of C.H.I. Limited ("CHI") in October 2025, with the acquisition meaningfully increasing UAC's scale and bolstering UAC's house of scalable quality brands.
- A detailed presentation on the CHI acquisition was presented on November 17, 2025 (Link to the Presentation).
The acquisition impacts year on year comparison in the following ways:
- CHI's financial results fully consolidated from Q4 2025.
- ₦15.3bn in one-off costs and ₦4.4bn in one-off gains (largely account for differences between unaudited and audited results).
For FY 2025, UAC recorded revenue of ₦340bn, 73% higher than the ₦197bn recorded in 2024.
Profit before tax ("PBT") was ₦16.4bn, 36% lower than the ₦25.5bn recorded in 2024.
- 2025 PBT was impacted by the net impact of one-off items totaling ₦10.9bn.
- Excluding these items, profit before tax for 2025 was ₦27.3bn, 68% higher than 2024 underlying profit.
In this presentation we will cover:
- Operating conditions
- Initiatives executed in 2025
- 2025 financial performance
- Outlook for 2026

Operating Context

Real GDP Growth

3.5%

3.0%

3.2%

3.5%

3.8%

3.1%

2.3%

2.5%

4.5%

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

4.2% 4.0% 4.1%

Exchange Rate ₦:$

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

2020

Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26

CBN rates Parallel

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Inflation Secondary Market Bond Yields (%)

40%

35%

30%

25%

20%

15%

10%

40%

33%

26%

19%

12%

Jul-24 Aug-24 Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25 Apr-25

May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25

Nov-25

Dec-25

2-Jul-24

2-Aug-24

2-Sep-24

2-Oct-24

2-Nov-24

2-Dec-24

2-Jan-25

2-Feb-25

2-Mar-25

2-Apr-25

2-May-25

2-Jun-25

2-Jul-25

2-Aug-25

2-Sep-25

2-Oct-25

2-Nov-25

2-Dec-25

Source: CBN, NBS, Cap IQ.

Inflation Rate MPR

3Y 5Y 7Y 10Y

100

2025

2024

2023

2022

2025

2024

2023

2022

110

100

140

138

201

250

262

Soya Bean

Maize

100

2025

2024

2023

2022

2025

2024

2023

2022

100

118

148

150

185

193

Titanium Dioxide

Resin

Animal Feed

Paints

Food

131

153

100

116

100

2022 2023 2024 2025

200

217

188

228

251

236

259

294

Sugar

Fat-filled Milk

Vegetable Oil

301

Flour

Premium Motor Spirit Prices (₦/litre)

1,189 1,258 1,262

1,038

971

1,049

672

166

206

2021

2022

2023

2024

Jan-25

Mar-25

Jun-25

Sep-25

Dec-25

N/Kg

Our Feeds businesses entered 2025 holding maize and soya procured at Q4 2024 prices, materially above market value. A ₦4.1 billion inventory write-down to net realisable value was recognised in this segment in Q4 2025.

Maize (₦/kg) Soya Bean (₦/kg)

654 639 625 619

605 592

620

1,006 1,021 1,029 1,039 1,033 1,038 1,049 1,051 1,054 1,058 1,065

540

560

475 475

434

498 500

466

450

458

364 388

1,000

860

960 990

920

845

760

850

387

388

340

347 310

620 600 610

620

463

Weighted Average Inventory Cost Market Price

FY 2025 Highlights

Drinking yoghurt leader

Juices, Nectars, Still drinks leader

Sausage roll leader

₦494bn

2025 revenue

₦34bn1

2025 operating profit

50+

SKUs

45 yrs

Heritage of CHI operations

Largest Sub-Saharan African aseptic carton packaging manufacturing site

₦8.5bn

Transaction highlights

Consideration to Seller

₦182.4bn

Transaction Expenses

Includes regulatory-related fees of

Hedge Costs

₦6.8bn

₦2.8bn and insurance fees of

₦1.2bn

1 - Underlying operating profit adjusted for acquisition related write down of N23bn recognized.

Talent	Filled key executive roles across the Group. Continued investment in talent through UAC Academy, launched in 2024, and advanced leadership programs in partnership with NUTM1 and Oxford university. Implementation of performance-based incentive schemes across key business units to strengthen accountability and align rewards with long-term value creation.
Portfolio Growth	Paints: added 136 new stores and retail touch points. Food: 2 products launched in the last 12 months. Paints: Launched 2 new products in 2025.
Technology	Completed upgrade of ERP (SAP S/4 HANA) and migration to achieve cost savings in cloud infrastructure. Developed proprietary tools to automate core business processes.
Financing	USD bridge facility fully refinanced into Naira on 17 December 2025, ahead of the committed three-month timeline. Transitioned into longer-tenor Naira debt has reduced currency exposure.

1 - Nigerian University of Technology and Management

FY 2025 Financial Performance

Dulux, Hempel, Capri-Sun and Debonairs Pizza are produced under license from the brand owners

EPS

Revenue Operating Profit

Profit Before

Tax

Free Cash Flow

Return on Invested Capital1

₦14.4bn

₦2.1bn

FY 2024

33%

FY 2024

6.8%

497 kobo

FY 2024

362 kobo

+68%

vs FY 2024

+73%

vs FY 2024

+73%

vs FY 2024

₦27.3bn2

₦32.6bn2

₦340bn

Invested capital (denominator) used for ROIC calculation excludes cash and cash equivalents, and investment in debt securities. The numerator (NOPAT) used was operating profit after tax. ROIC was adjusted
to reflect the full year's performance of C.H.I. Limited
Underlying EBIT excluding one-off acquisition related costs in 2025 of N8.5bn and bargain gain of N4.4bn; Underlying PBT excludes N15.3bn one-off costs (N8.5bn acquisition costs and N6.8bn hedging costs) and bargain gain

Revenue Bridge (in ₦'mn)

143,668

8,490

108

340,473

(8,692)

196,901

Increase in revenue due to 3 months contribution from CHI and topline growth from UFL.

2024 Revenue Packaged Food & Beverages

Paints QSR and Others Animal Feeds 2025 Revenue

In Naira millions	FY 2025 Reported	FY 2025 Underlying1	FY 2024	Δ% vs underlying
Revenue	340,473	340,473	196,901	73%
COGS	(262,131)	(262,131)	(150,594)	74%
Gross Profit	78,342	78,342	46,306	+69%
Gross Profit Margin	23%	23%	24%	(51 bps)
Operating Expense	(57,786)	(49,254)	(30,575)	69%
Other Income	7,941	3,490	3,135	11%
Opex/Sales	(17%)	(14%)	(16%)	106 bps
EBIT	28,498	32,578	18,865	+73%
EBIT Margin	8%	10%	10%	(1 bps)
Net Finance Income/(Cost)	(15,496)	(8,696)	(3,307)2	163%
Share of Profit from Associates	3,423	3,423	723	374%
Profit before tax	16,425	27,305	16,281	+68%
PBT Margin	5%	8%	8%	(25 bps)

Underlying excludes N8.5bn one-off acquisition-related costs, N6.8bn hedge costs and N4.4bn bargain gain.
Excludes one-off treasury gains of N9.3bn in 2024.

Net Assets Net Debt Capex Cash Cycle

Long-term Debt to

EBITDA1

₦66.4bn

Dec 2024

₦69.8bn

₦887.4mn

Dec 2024

₦293.9bn

₦5.2bn

Dec 2024

₦7.3bn

106 days

Dec 2024

111 days

0.4x

Dec 2024

3.2x

1. Ratios were adjusted for one off costs and reflects full year's reported EBITDA of C.H.I. Limited

Net (Debt)/Cash Position as at 31 December 2025 (in ₦ mn)

	Cash & Cash Equivalents	Short-Term Debt	Long-Term Debt	Total Debt	Net Cash/(Debt) (excl. Intra-Group)
HoldCo	3,630	(48,617)	(59,029)	(107,646)	(104,016)
Edibles and Feed	1,114	(3,614)	(1,109)	(4,722)	(3,608)
Paints	11,736	-	-	-	11,736
Packaged Food and Beverages	32,293	(130,979)	(97,270)	(228,249)	(195,955)
Quick Service Restaurants	2,137	(2,021)	(2,177)	(4,198)	(2,061)
Total	50,911	(185,231)	(159,584)	(344,815)	(293,904)

Outlook

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