First HoldCo Cash Flow Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	38,044	670,799	308,203	134,403	149,709
Depreciation & Amortization	76,295	44,384	29,053	20,982	20,022
Other Amortization	-	17,598	13,825	7,068	8,258
Gain (Loss) on Sale of Assets	14,281	194	-7	-1,249	79
Gain (Loss) on Sale of Investments	117,508	-470,387	-708,127	-27,034	-82,068
Provision for Credit Losses	720,846	366,003	210,773	61,434	85,275
Change in Trading Asset Securities	-1,427,044	952,445	236,600	83,218	-175,542
Change in Other Net Operating Assets	-689,351	737,275	-3,248,223	-1,011,785	-452,837
Other Operating Activities	166,106	-347,502	743,640	-111,782	-37,569
Net Cash from Discontinued Operations	-5,857	15,048	2,615	-138	-68
Operating Cash Flow	-989,172	1,996,331	-2,402,623	-845,058	-484,483
Capital Expenditures	-171,603	-95,001	-43,637	-30,758	-22,491
Sale of Property, Plant and Equipment	11,879	9,310	1,408	2,059	725
Investment in Securities	-1,342,762	-1,480,838	-250,473	-260,937	-895,473
Income (Loss) Equity Investments	-	10,474	9,025	-175	258
Divestitures	2,131	-	-	-	-
Purchase / Sale of Intangibles	-49,936	-25,042	-32,081	-6,676	-11,798
Other Investing Activities	14,240	10,657	5,742	3,166	6,520
Investing Cash Flow	-1,536,051	-1,580,914	-319,041	-293,146	-922,517
Long-Term Debt Issued	1,082,488	1,262,117	661,908	266,837	58,978
Long-Term Debt Repaid	-1,500,809	-1,710,987	-679,302	-27,370	-54,833
Net Debt Issued (Repaid)	-418,321	-448,870	-17,394	239,467	4,145
Issuance of Common Stock	229,275	-	-	-	-
Common Dividends Paid	-25,127	-14,358	-17,947	-12,563	-16,153
Net Increase (Decrease) in Deposit Accounts	998,155	3,013,662	3,567,735	1,312,833	937,434
Financing Cash Flow	783,982	2,550,434	3,532,394	1,539,737	925,426
Foreign Exchange Rate Adjustments	-118	57,239	9,405	6,457	3,142
Net Cash Flow	-1,741,359	3,023,090	820,135	407,990	-478,432
Free Cash Flow	-1,160,775	1,901,330	-2,446,260	-875,816	-506,974
Free Cash Flow Margin	-77.39%	109.90%	-268.13%	-164.73%	-101.17%
Free Cash Flow Per Share	-27.71	52.97	-68.15	-24.40	-14.12
Cash Interest Paid	-	994,762	329,120	161,707	136,929
Cash Income Tax Paid	-	52,327	31,458	13,053	8,390

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.