First HoldCo Cash Flow Statement

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

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	229,827	132,684	670,799	308,203	134,403	149,709
Depreciation & Amortization	62,142	58,609	44,384	29,053	20,982	20,022
Other Amortization	16,702	15,959	17,598	13,825	7,068	8,258
Gain (Loss) on Sale of Assets	16,108	16,720	194	-7	-1,249	79
Gain (Loss) on Sale of Investments	5,650	128,607	-470,387	-708,127	-27,034	-82,068
Provision for Credit Losses	803,249	802,459	366,003	210,773	61,434	85,275
Change in Trading Asset Securities	-2,726,236	-961,556	952,445	236,600	83,218	-175,542
Change in Other Net Operating Assets	939,335	-1,007,711	737,275	-3,248,223	-1,011,785	-452,837
Other Operating Activities	-213,753	-1,007,176	-337,028	752,665	-111,782	-37,569
Net Cash from Discontinued Operations	-10,375	-5,857	15,048	2,615	-138	-68
Operating Cash Flow	-877,351	-1,827,262	1,996,331	-2,402,623	-845,058	-484,483
Capital Expenditures	-328,665	-381,484	-95,001	-43,637	-30,758	-22,491
Sale of Property, Plant and Equipment	-6,025	1,789	9,310	1,408	2,059	725
Investment in Securities	-1,706,019	-867,131	-1,480,838	-250,473	-260,937	-895,473
Income (Loss) Equity Investments	-	-	-	-	-175	258
Divestitures	25,326	31,284	-	-	-	-
Purchase / Sale of Intangibles	12,698	-9,699	-25,042	-32,081	-6,676	-11,798
Other Investing Activities	14,326	13,597	10,657	5,742	3,166	6,520
Investing Cash Flow	-1,988,359	-1,211,644	-1,580,914	-319,041	-293,146	-922,517
Long-Term Debt Issued	-	1,252,984	1,262,117	661,908	266,837	58,978
Long-Term Debt Repaid	-	-990,669	-1,710,987	-679,302	-27,370	-54,833
Net Debt Issued (Repaid)	-348,921	262,315	-448,870	-17,394	239,467	4,145
Issuance of Common Stock	126,958	229,276	-	-	-	-
Common Dividends Paid	-25,127	-25,127	-14,358	-17,947	-12,563	-16,153
Net Increase (Decrease) in Deposit Accounts	1,645,091	1,088,123	3,013,662	3,567,735	1,312,833	937,434
Financing Cash Flow	1,398,001	1,554,587	2,550,434	3,532,394	1,539,737	925,426
Foreign Exchange Rate Adjustments	37,546	39,912	57,239	9,405	6,457	3,142
Net Cash Flow	-1,430,163	-1,444,407	3,023,090	820,135	407,990	-478,432
Free Cash Flow	-1,206,016	-2,208,746	1,901,330	-2,446,260	-875,816	-506,974
Free Cash Flow Margin	-72.93%	-150.45%	109.90%	-268.13%	-164.73%	-101.17%
Free Cash Flow Per Share	-27.39	-52.73	52.68	-68.15	-24.40	-14.12
Cash Interest Paid	602,583	1,069,986	994,762	329,120	161,707	136,929
Cash Income Tax Paid	317,073	75,197	52,327	31,458	13,053	8,390

Source: S&P Global Market Intelligence. Banks template. Financial Sources.