VFD Group Income 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Other Revenue	71,208	62,882	34,007	12,143
Revenue	71,208	62,882	34,007	12,143
Revenue Growth (YoY)	13.24%	84.91%	180.07%	-
Cost of Revenue	2,507	1,885	735.01	-
Gross Profit	68,701	60,997	33,272	12,143
Selling, General & Admin	8,102	6,856	5,208	2,597
Other Operating Expenses	12,560	11,052	6,347	6,472
Operating Expenses	24,382	21,876	12,669	10,107
Operating Income	44,319	39,121	20,604	2,035
Interest Expense	-40,182	-37,588	-25,333	-
Earnings From Equity Investments	108.65	34.39	375.14	334.81
Currency Exchange Gain (Loss)	1,324	2,115	2,130	1,088
Other Non Operating Income (Expenses)	4,032	957.53	715.86	-
EBT Excluding Unusual Items	9,601	4,640	-1,509	3,458
Gain (Loss) on Sale of Investments	-511.35	859.66	28.05	2,719
Gain (Loss) on Sale of Assets	4.43	568.77	71.44	181.23
Asset Writedown	2,222	5,622	229.93	2,223
Other Unusual Items	-	-440.99	158.64	-
Pretax Income	11,317	11,250	-1,021	8,582
Income Tax Expense	1,635	2,557	-270.59	1,746
Earnings From Continuing Operations	9,682	8,693	-750.44	6,836
Minority Interest in Earnings	-2,613	-2,428	-1,712	-1,476
Net Income	7,069	6,265	-2,463	5,360
Net Income to Common	7,069	6,265	-2,463	5,360
Net Income Growth	12.84%	-	-	-
Shares Outstanding (Basic)	7,601	7,285	5,702	5,701
Shares Outstanding (Diluted)	7,601	7,285	5,702	5,701
Shares Change (YoY)	4.35%	27.76%	0.02%	-
EPS (Basic)	0.93	0.86	-0.43	0.94
EPS (Diluted)	0.93	0.86	-0.43	0.94
EPS Growth	8.14%	-	-	-
Free Cash Flow	74,446	-46,028	-13,530	20,774
Free Cash Flow Per Share	9.79	-6.32	-2.37	3.64
Dividend Per Share	-	0.417	-	-
Gross Margin	96.48%	97.00%	97.84%	100.00%
Operating Margin	62.24%	62.21%	60.59%	16.76%
Profit Margin	9.93%	9.96%	-7.24%	44.14%
Free Cash Flow Margin	104.55%	-73.20%	-39.79%	171.08%
EBITDA	47,410	41,175	21,565	2,703
EBITDA Margin	66.58%	65.48%	63.41%	22.26%
D&A For EBITDA	3,092	2,055	961.3	667.32
EBIT	44,319	39,121	20,604	2,035
EBIT Margin	62.24%	62.21%	60.59%	16.76%
Effective Tax Rate	14.45%	22.73%	-	20.34%
Advertising Expenses	1,612	1,548	1,817	-

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