FirstHoldCo Sustains Strong Q1 Momentum As Gross Earnings Hit N942bn … Profit Rises To N321bn; FY Revenue Tops N3.4tn

FIRST HOLDCO PLC SUSTAINS SOLID REVENUE MOMENTUM;

INCREASES GROSS EARNINGS & PROFITABILITY TO ₦942.0 BILLION & N321.1 BILLION RESPECTIVELY

FOR THE UNAUDITED FIRST QUARTER ENDED MARCH 31, 2026.

First HoldCo Plc. (“FirstHoldCo” or the “Group”) today announces its unaudited results for the first quarter ended March 31, 2026.

Financial Highlights

Income statement (₦’billion)	Q1 2026	Q1 2025	Δ
Gross earnings	942.0	742.7	+26.8%
Interest income	704.5	625.3	+12.7%
Net Interest Income	438.8	365.2	+20.1%
Non-Interest Income¹	219.2	104.0	+110.7%
Operating income²	658.0	469.2	+40.2%
Impairment charges for losses	40.4	37.3	+8.3%
Operating expenses	297.6	245.3	+21.3%
Profit before tax	321.1	186.5	+72.2%
Profit for the year³	267.8	171.1	+56.5%
Statement of Financial Position (₦’billion)	Q1 2026	FY 2025	Δ
Total Assets	26,878.9	27,250.9	-1.4%
Customer loans & advances (Net)	9,438.9	8,966.3	+5.3%
Customer deposits	18,380.4	18,883.0	-2.7%
Key Metrics	Q1 2026	FY 2025
Post-tax return on average equity⁴	31.6%	4.6%
Post-tax return on average assets⁵	4.0%	0.5%
Net Interest Margin⁶	10.1%	11.1%
Earnings yield⁷	16.3%	17.3%
Cost of funds⁸	4.7%	4.8%
Cost to income⁹	45.2%	52.3%¹¹
Non-Performing Loan (NPL) Ratio	13.4%	12.0%
NPL Coverage¹⁰	89.4%	98.7%

*For footnoted information, refer to Page 7

Wale Oyedeji, the Group Managing Director while commenting on the results stated that:

“FirstHoldCo has begun 2026 on a strong footing, delivering a Q1 performance that validates the resilience of our franchise and the disciplined execution of our strategy. In a market defined by volatility, our results underscore that our business is not only enduring but strengthening—built to perform through cycles and to compound value for shareholders.”

In the first quarter of 2026, gross earnings increased by 26.8% year-on-year to ₦942.0 billion, while profit before tax rose by 72.2% to ₦321.1 billion—among the strongest quarterly PBT outcomes in the Nigerian banking industry. This strong rebound follows the deliberate actions taken in 2025 to comprehensively de-risk our balance sheet, including adequately provisioning for systemic impaired and non-performing loans. With these legacy issues addressed decisively, we have strengthened the quality of our earnings and positioned the Group on a much stronger foundation for sustained growth.

Our Q1 results reflect our continued focus on enhancing revenue generation, improving operational efficiency, elevating governance standards, and applying rigorous risk management and capital allocation discipline. We are pleased by the sustained strength of our core banking franchise, the increased contribution from non-interest income streams, and meaningful progress in our digital transformation and financial inclusion programmes—collectively supporting a more resilient and diversified earnings profile.

Beyond the headline numbers, we remain committed to preserving balance sheet strength, deepening prudent risk management, and upholding the highest standards of corporate governance. We also continue to demonstrate industry leadership in resolving legacy delinquent borrower exposures, with notable progress in asset recoveries, particularly from oil & gas obligors. In Q1, 2026, approximately ₦19 billion recoveries were recorded, reinforcing our confidence in further recoveries over time. These actions protect asset quality, sustain a strong capital position, and reinforce our capacity to fund growth responsibly across both banking and non-banking platforms.

Looking ahead, this strong start to the year reinforces our confidence in the earnings power of the FirstHoldCo franchise and our ability to generate enduring value for all stakeholders. We will sustain momentum by continuing to grow quality earnings, capturing emerging opportunities in Nigeria’s evolving financial services landscape, and translating our scale, governance, and execution discipline into superior shareholder returns in 2026 and beyond.”

Business Groups:

Commercial Banking

Gross earnings of ₦1 billion up 23.8% y-o-y (Mar 2025: ₦724.5 billion)
Net interest income of ₦3 billion, up 21.3% y-o-y (Mar 2025: ₦356.5 billion)
Non-interest income of ₦2 billion, up 93.8% y-o-y (Mar 2025: ₦97.1 billion)
Operating expenses of ₦7 billion, up 21.2% y-o-y (Mar 2025: ₦241.4 billion)
Profit before tax of ₦8 billion, up 71.0% y-o-y (Mar 2025: ₦167.2 billion)
Profit after tax of ₦7 billion, up 56.7% y-o-y (Mar 2025: ₦151.0 billion)
Total assets of ₦1 trillion, down 2.0% y-t-d (Dec 2025: ₦26.7 trillion)
Customers’ loans and advances (net) of ₦4 trillion, up 5.3% y-t-d (Dec 2025: ₦9.0 trillion)
Customers’ deposits of ₦4 trillion, down 2.6% y-t-d (Dec 2025: ₦18.9 trillion)

Investment Banking & Asset Management (IBAM)

Gross earnings of ₦22.9 billion, up 36.9% y-o-y (Mar 2025: ₦16.8 billion)
Profit before tax of ₦14.8 billion, down -7.3% y-o-y (Mar 2025: ₦16.0 billion)
Total assets of ₦548.9 billion, up 2.5% y-t-d (Dec 2025: ₦535.3 billion)

– ENDS –

Conference call

FirstHoldCo will host a question-and-answer teleconference call with analysts and investors on the Unaudited Q1 March 31, 2026 results on Friday, May 08, 2026, at 3:00pm Lagos / 3:00pm UK / 10:00am New York / 4:00pm Johannesburg & Cape Town.

The results conference call can be accessed by clicking here to register.

Participants are advised to register for the call at least ten minutes before its start time. For those who are unable to listen to the live call, a recording will be posted on the Company’s website.

An investor presentation will be available ahead of the call on the FirstHoldCo website.

Unaudited Q1 2026 Financial Statements

Please click here to view the unaudited Q1 2026 financial statements on our website.

For further information please contact:

Tolulope Oluwole (Head, Investor Relations)

+234 201 905 2720

[email protected]

– Notes to Editors –

First Holdco Plc. (ISIN: NGFBNH000009) is a diversified financial services group in Nigeria. First Holdco Plc, (formerly FBN Holdings Plc) was incorporated in Nigeria on 14 October 2010, following the business reorganisation of the FirstBank Group into a holding company structure. The Company was listed on the Nigerian Exchange (NGX) (previously Nigerian Stock Exchange, NSE) under the ‘Other Financial services’ sector on 26 November 2012 and currently has paid-up share capital of 44,453,693,133 ordinary shares of 50 kobo each (N22,226,846,567). More information can be found on our website www.first-holdco.com.

The subsidiaries of FirstHoldCo offer a broad range of products and services across Commercial banking in 10 countries (Lagos, Nigeria; London, United Kingdom; Paris, France; Beijing, China; Kinshasa, Democratic Republic of Congo; Accra, Ghana; Banjul, Gambia; Conakry, Guinea; Freetown, Sierra Leone; and Dakar, Senegal), Investment Banking and Asset Management as well as Insurance brokerage.

Commercial Banking comprises First Bank of Nigeria Limited, FirstBank UK Limited, FirstBank DRC Limited bank subsidiaries in West Africa¹², a representative office in Beijing and in Paris as well as First Pension Custodian Nigeria Limited. This group provides both individual and corporate clients/customers with financial intermediation services. This business segment includes the group’s local, international, and representative offices with operations in 10 countries offering commercial banking services.

Investment Banking & Asset Management comprises First Asset Management Limited, FirstCap Limited, First Securities Brokers Limited and First Trustees Limited. These are all direct subsidiaries and wholly owned by the holding company. The group creates value by offering investment and risk management products, managing funds, administering assets, and trading securities. It caters to the diverse advisory, funding and investment needs of clients spanning Federal and State Governments, corporates, and high-net-worth individuals (HNIs).

Footnotes

Non-interest income is net of fee and commission expenses
Operating income defined as net interest income plus non-interest income
Profit for the year includes discontinued operations
Post-tax return on average equity computed as profit after tax attributable to shareholders divided by the average opening and closing balances attributable to equity holders.
Post-tax return on average assets computed as profit after tax divided by the average opening and closing balances of its total assets.
Net-interest margin computed as net interest income divided by the average opening and closing balances of interest earning assets (Less financial assets at fair value through profit and loss plus unlisted debts).
Earnings yield computed as Interest income divided by the average opening and closing balances of interest earning assets (Less financial assets at fair value through profit and loss plus unlisted debts).
Cost of funds computed as interest expense divided by average interest-bearing liabilities.
Cost to income ratio computed as operating expenses divided by operating income.
NPL coverage computed as total allowance for impairment plus regulatory risk reserve divided by total stage 3 loans.
As at Q1 2025.
Comprising locations in Ghana, Gambia, Guinea, Sierra Leone, and Senegal.

Cautionary note regarding forward looking statements

This release contains forward-looking statements which reflect management’s expectations regarding the Group’s future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as “anticipate”, “believe”, “expects”, “intend”, “estimate”, “project”, “target”, “risks”, “goals” and similar terms and phrases have been used to identify the forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to the Group’s management. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking statements. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally. Forward-looking statements therefore speak only as of the date they are made.

FirstHoldCo cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and undue reliance should not be placed on the forward-looking statements. For additional information with respect to certain risks or factors, reference should be made to the Group’s continuous disclosure materials filed from time to time with the Nigerian Stock Exchange. The Group disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

FIRST HOLDCO PLC GROWS GROSS EARNINGS TO ₦3.4 TRILLION FOR THE FULL YEAR ENDED DECEMBER 31, 2025

First HoldCo Plc. (“FirstHoldCo” or the “Group”) today announces its audited results for the financial year ended December 31, 2025.

Financial Highlights

Income statement (₦’billion)	FY 2025	FY 2024	Δ
Gross earnings	3,435.4	3,212.6	+6.9%
Interest income	2,994.1	2,397.4	+24.9%
Net Interest Income	1,916.9	1,401.3	+36.8%
Non-Interest Income¹	377.4	755.1	-50.0%
Operating income²	2,294.4	2,156.4	+6.4%
Impairment charges for losses	826.3	426.3	+93.8%
Operating expenses	1,233.8	934.2	+32.1%
Profit before tax	235.0	796.5	-70.5%
Profit for the year³	139.5	677.0	-79.4%
Statement of Financial Position (₦’billion)
Total Assets	27,250.9	26,524.2	+2.7%
Customer loans & advances (Net)	8,966.3	8,767.9	+2.3%
Customer deposits	18,883.0	17,170.7	+10.0%
Key Metrics
Post-tax return on average equity⁴	4.6%	29.8%
Post-tax return on average assets⁵	0.5%	3.1%
Net Interest Margin⁶	11.1%	9.9%
Earnings yield⁷	17.3%	16.9%
Cost of funds⁸	4.8%	5.6%
Cost to income⁹	53.8%	43.3%
Non-Performing Loan (NPL) Ratio	12.0%	10.2%
NPL Coverage¹⁰	98.7%	54.8%

*For footnoted information, refer to Page 9

Wale Oyedeji, the Group Managing Director while commenting on the results stated that:

“2025 was a defining year for FirstHoldCo, characterised by disciplined execution, resilient core earnings and a comprehensive reset of our balance sheet for sustainable performance and high-quality growth. Gross earnings grew by 6.9% to ₦3.4 trillion, underpinned by strong net interest income growth of 36.8% and continued momentum in our digital and transactional franchises.

Importantly, we comprehensively de-risked the Group’s balance sheet by adequately providing for systemic impaired and non-performing exposures. This decisive action, aligned with …-forbearance landscape, enhances transparency and positions the Group on a far stronger foundation for future growth, improved asset quality and higher-quality earnings.

We also strengthened our capital position through focused capital-raising initiatives to ensure FirstBank meets minimum regulatory capital requirements of N500 billion. Additionally, and under our ₦350 billion capital raise programme, we have successfully secured ₦128.7 billion to date. We remain firmly on track and continue to engage proactively with regulators and the market to deliver a further enhanced well-capitalised platform that can enhance growth and increase value creation.

The Group continues to demonstrate steadfast leadership in the industry-wide resolution of legacy delinquent borrower exposures. We have recorded notable progress in recoveries, particularly from upstream borrowers with significant oil reserve-backed collateral, reinforcing our commitment to disciplined risk management and balance sheet strength.

Alongside these actions, we continued to invest in governance, technology and inclusion—deepening customer engagement, expanding access, and strengthening execution across the Group.

Looking ahead, our priorities are unequivocal: improve earnings quality, drive efficiency, strengthen asset quality & Capital and scale our non-banking businesses—underpinned by rigorous risk and capital discipline. With a cleaner balance sheet and a defined capital pathway, FirstHoldCo is positioned to accelerate sustainable growth and translate performance into consistent shareholder returns. This is an enduring franchise, of scale, trust and systemic relevance, and we are firmly committed to compounding value and returning more to shareholders.”

Group financial review

In 2025, the Group demonstrated robust top-line performance, achieving a 6.9% year-on-year increase in gross earnings to ₦3.4 trillion. This growth was driven by strong core banking activities and a well-diversified income base.

Interest income increased by 24.9% to ₦3.0 trillion, attributable to proactive asset repricing and enhanced yields. Net interest income experienced substantial growth of 36.8%, reaching ₦1.9 trillion and resulting in a net interest margin of 11.1%. Non-interest income remained strong, with net fees and commission income rising by 20.2% to ₦294.5 billion, supported by greater digital transaction volumes, transfer and intermediation fees, and letter of credit commissions and fees. The Group’s earnings profile is sustained by a diversified and resilient income-generating model.

Operating expenses rose by 32.1% to ₦1.2 trillion, primarily due to inflationary trends and foreign exchange pressures. The increase was largely attributable to higher personnel costs, elevated regulatory fees, enhanced advertising and corporate promotion initiatives designed to drive business growth, strengthen global and enterprise-wide brand visibility, and boost customer engagement, along with greater administrative and miscellaneous charges. Consequently, the cost-to-income ratio climbed to 53.8%.

Profit before tax decreased by 70.5% to ₦235.0 billion, primarily as a result of a 93.8% rise in impairment charges and the normalisation of foreign exchange gains recorded in prior years. Despite these challenges, the Group demonstrated robust underlying performance, with normalised pre-provision profit rising by 36.6% to ₦1.07 trillion. This improvement underscores the Group’s fundamental earning strength and resilience.

Total assets grew 2.7% y-o-y to ₦27.3 trillion (Dec 2024: ₦26.5 trillion). This demonstrates an expansion in the asset position and interest earning asset as cash and balances with central Banks, loans to banks & customers and investment securities now constituting 89.8% of total assets versus 86.8% in the prior year.

Asset quality continues to be a primary area of focus for the Group. The non-performing loan (NPL) ratio rose to 12.0% (2024: 10.2%) due to a notable increase in impairment charges, largely attributable to significant industry-wide exposure within the oil and gas sector, consistent with similar treatments by other major syndicate banks. Notably, the underlying collateral values remain more than adequate to cover exposures, offering robust downside protection, while anticipated customer repayments are expected to contribute positively to profit recovery. The coverage ratio improved significantly to 98.7% (2024: 54.8%), reflecting enhanced balance sheet resilience. Overall, the Group is further reinforcing its credit risk management framework, intensifying recovery initiatives, and strategically repositioning the loan portfolio toward greater sustainability and resilience.

The Group upheld a solid and highly liquid balance sheet, as evidenced by a 10.0% rise in customer deposits to ₦18.9 trillion. This growth was bolstered by a high-quality CASA mix of 93.1%¹¹, signalling ongoing customer trust and a stable funding platform. Meanwhile, loans and advances experienced a modest 2.3% increase, reaching ₦9.0 trillion, consistent with the Group’s prudent and disciplined approach to risk.

The Group enhanced its capital base, with share premium increasing significantly to ₦458.4 billion following a successful capital raise. Total shareholders’ funds also rose from ₦2.8 trillion to ₦3.3 trillion. Overall, the Group is making strong progress in rebuilding its capital, supported by sustained revenue growth, disciplined earnings retention, decisive capital raising efforts, and ongoing loan recoveries.