1 Top Management and Board of Directors; 2 Peer Comparison & Ranking of NB; 3 Currency Synopsis: Nigerian Naira (NGN) Top Management and Board of Directors Top Management Top Management [Three top executives with tenure > 17 yrs] Name Designation Since Appointment Uaboi Agbebaku Company Secretary 17 Yrs, 12 Mos Nicolaas Vervelde Chief Executive Officer - Kolawole Jamodu Non-Executive Chairman - Board Of Directors Board Of Directors [Nine directors with tenure > 11 yrs] Name Designation Since Appointment Mark P. Rutten Director 11 Yrs, 12 Mos Frank Nweke Non-Executive Director 14 Yrs, 12 Mos Thomas de Man Non-Executive Director 22 Yrs, 12 Mos Atedo Peterside Non-Executive Director 17 Yrs, 12 Mos Olusegun Adebanji Non-Executive Director 18 Yrs, 12 Mos Sijbe Hiemstra Non-Executive Director 14 Yrs, 12 Mos Obadiah Mailafia Director - Paul Hamers Non-Executive Director - Ishmael Yamson Non-Executive Director - Peer Comparison & Ranking of NB BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: Nigerian Breweries vs Nigerian Market Out of 125 stocks in the Nigerian Market, Nigerian Breweries is ranked thirteenth(13) by P/Sales, Thirty-eighth(38) by Total Debt/Equity, Sixty-third(63) by Price/Net Tangible Assets and Eighty-fourth(84) by Premium to 52-Wk Low. Nigerian Avg NB NB Rank P/Sales 2.3x 2.3x 13 Total Debt/Equity (the lower the better) - 0.4x 38 Price/Net Tangible Assets 6.3x 6.9x 63 Premium to 52-Wk Low (%) 69.6 155.5 84 EBITDA Margin% 18.7 (7.7) 97 Discount to 52-Wk High (%) 3.1 3.9 111 Net Profit $ 70 M (99.7 M) 136 Negative values are shown in brackets. Stock in Index and Stock in Sector Description NB All Shares Index % of All Shares Index Food/beverage/tobacco sector % of Food/beverage/tobacco sector Net Profit $ -99,682,420 1.9 B -5.3 -126,007,170 79.1 Revenue $ 746.1 M 10 B 7.4 1.4 B 55.0 Total Assets $ 783.1 M 92.9 B 0.8 1.7 B 47.4 MCap $ 1.7 B 18.3 B 9.2 6.1 B 27.7 Relative Valuation Indicators: Stock vs Index and Stock vs Sector Description NB All Shares Index Avg. Food/beverage/tobacco sector Avg. Price/Earnings -6.6 7.8 -106.2 Price/Net Tangible Assets 6.91 1.98 14.79 Total Debt/Equity (the lower the better) 0.36x - 0.56x MARKET SHARE Nigerian Breweries has a position of market dominance in the Food/Beverage/Tobacco sector. Nigerian Breweries vs Food/Beverage/Tobacco sector [Food/Beverage/Tobacco sector Total in Brackets] Revenue of NGN1,084.4 billion ($746.1 million)[74.0% of aggregate sector revenue of NGN1,972.6 billion; up from 71.7% in the previous year.] GLOBAL RANK [out of 46,387 stocks] AND RANK OF NIGERIAN BREWERIES IN THE MIDDLE EAST & AFRICA REGION [out of 1,952 stocks] Description Value Global Rank In MEA Region MCap ($) 1.7B 7,208 243 Total Assets ($) 779.7M 12,021 507 Revenue ($) 742.8M 8,349 254 Net Profit ($) (99.2M) 39,956 1,751 Return on Equity % (31.2) 35,523 1,643 Net Profit Margin % (13.4) 31,951 1,487 PV1000 (1Year) $* 2,595 1,990 113 $* Change (1Year) % 13.0 13,651 661 * 1 year ago $1 = NGN 1,547.99 Dec 24, 2025: $ 1 equals NGN 1,453.49 RANK OF NIGERIAN BREWERIES IN THE ALL SHARES INDEX [out of 80 stocks], IN THE NIGERIAN MARKET [out of 121 stocks] AND IN THE FOOD/BEVERAGE/TOBACCO SECTOR [out of 11 stocks] Description Value In All Shares Index In Nigerian Market In Food/beverage/tobacco sector Total Assets (NGN) 1,138.3B 9 18 1 Return on Equity % (31.2) 60 99 5 Net Profit Margin % (13.4) 63 100 7 Price to Book 6.9 45 72 2 PV1000 (1Year) NGN 2,437 22 31 7 LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best] Nigerian Breweries is ranked number 1 out of 11 listed food/beverage/tobacco companies in the Nigeria with a market capitalization of NGN2,453.6 billion ($1.7 billion). Within its sector it has a relatively low Price/Sales of 2.3. Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1. Currency Synopsis: Nigerian Naira (NGN) % Change of NGN vs Currency Basket Period-Based In the past three years the Nigerian Naira fell 69.3% against the US Dollars. However, in the past year the Nigerian Naira rose 6.3% against the US Dollars. Last Country 1-day % 1-week % 1-Year % 3-Yrs % NGN1=0.001USD United States Of America 0.4 - 6.3 -69.3 NGN1=0.005CNY China 0.3 -0.1 2.4 -69.1 NGN1=0.108JPY Japan 0.1 1.0 6.2 -63.6 NGN1=0.001EUR European Union 0.4 -0.2 -6.1 -72.3 NGN1=1.02KRW South Korea 0.6 0.7 8.7 -64.5 NGN1=0.001SGD Singapore 0.2 -0.2 0.8 -70.8 NGN1=0.001NZD New Zealand -0.2 -0.8 3.1 -67.1 NGN1=0.001GBP United Kingdom 0.3 -0.6 -1.0 -72.6 NGN1=0.001AUD Australia -0.1 -0.8 -1.0 -69.3 NGN1=0.005HKD Hong Kong 0.5 - 6.4 -69.3 NGN1=0.001CHF Switzerland 0.1 -0.7 -6.5 -73.9 NGN1=0.001CAD Canada 0.3 -0.2 1.6 -69.1 NGN1=0.006SEK Sweden - -1.2 -11.4 -73.0 NGN1=0.007NOK Norway - -1.1 -5.8 -68.6 NGN1=0.012MXN Mexico 0.2 -0.2 -5.2 -71.8 1 Financials as Reported Q3 2025, Past 10 Years Financials as Reported Q3 2025, Past 10 Years Financials as reported (Quarter ending 30 September 2025) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In NGN Thousand, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (Quarter ending 30 September 2025) Description NGN Thousand NGN Thousand Sep 30 2025 2024 Change % Net Revenue 308,237,703 231,104,345 Up 33.4 Cost of Sales -204,085,601 -180,875,687 Deterioration 12.8 Gross Profit 104,152,102 50,228,658 Up 107.4 Other Income 1,986,058 702,376 Up 182.8 Selling and Distribution Expenses -63,178,853 -45,977,114 Deterioration 37.4 Administrative Expenses -30,800,670 -13,984,766 Deterioration 120.2 Net (release)/charge of expected credit loss on financial assets -927,103 -63,529 Deterioration 1,359.3 Results from operating activities 11,231,534 -9,094,375 Recovery Finance income 469,199 151,030 Up 210.7 Net loss on foreign exchange transactions 2,935,131 -1,566,560 Recovery Impairment losses -6,080,120 Finance costs -11,327,520 -29,505,282 Improved 61.6 Net Finance costs -14,003,310 -77,564,433 Improved 81.9 Profit (loss) before tax -2,771,776 -86,658,808 Reduced 96.8 Income tax expenses -138,727 22,357,680 Deterioration Profit/(loss) after tax -2,910,503 -64,301,128 Improved 95.5 Profit/(Loss) for the year attributable to: Owners of the Company -2,910,503 -64,487,139 Reduced 95.5 Non-controlling interest 186,011 Profit/(loss) for the period -2,910,503 -64,301,128 Improved 95.5 Earnings per share Basic Earnings per share (kobo) -900.0 Kobo -62,800.0 Kobo Improved 98.6 Diluted earnings per share (kobo) -900.0 Kobo -62,800.0 Kobo Improved 98.6 BALANCE SHEET AS REPORTED (Quarter ending 30 September 2025) Description NGN Thousand NGN Thousand Sep 30, 2025 Dec 31, 2024 Change % ASSETS Property plant and equipment 564,022,828 535,270,542 Up 5.4 Right-of-use assets 8,445,774 8,995,840 Down 6.1 Intangible assets and goodwill 98,660,812 99,843,788 Down 1.2 Investments 150,000 150,000 Steady Deferred tax Asset 35,307,102 66,676,061 Down 47.0 Other receivables 3,748,397 2,635,656 Up 42.2 Non-current assets 710,334,913 713,571,887 Down 0.5 Inventories 224,120,694 181,259,479 Up 23.6 Trade and other receivables 100,969,014 52,719,715 Up 91.5 Prepayments 2,278,642 4,150,181 Down 45.1 Deposit for imports 2,708,200 35,022,710 Down 92.3 Cash and cash equivalents 69,246,859 150,587,526 Down 54.0 964,150 964,150 Steady Current assets 400,287,559 424,703,761 Down 5.7 Total assets 1,110,622,472 1,138,275,648 Down 2.4 EQUITY Share capital 15,491,513 15,491,513 Steady Share premium 615,903,127 615,903,127 Steady Share based payment reserve 754,810 1,436,397 Down 47.5 Retained earnings -85,567,979 -169,799,542 Improved 49.6 Equity attributable to owners of the company 546,581,471 463,031,495 Up 18.0 Non-controlling interest 912,238 Total Equity 546,581,471 463,943,733 Up 17.8 LIABILITIES Loans and borrowings 25,000,000 40,000,000 Down 37.5 Employee benefits 10,560,522 9,745,943 Up 8.4 Non-current liabilities 35,560,522 49,745,943 Down 28.5 Loans and borrowings 137,172,520 169,050,310 Down 18.9 Lease liabilities 2,812 Current tax liabilities 17,124,867 10,402,030 Up 64.6 Dividend payable 7,174,392 7,174,392 Steady Trade and other payables 362,691,041 435,568,129 Down 16.7 Provisions 3,852,011 1,922,651 Up 100.3 Liabilities directly associated with assets classified as held for sale 465,648 465,648 Steady Current liabilities 528,480,479 624,585,972 Down 15.4 Total liabilities 564,041,001 674,331,915 Down 16.4 Total equity and liabilities 1,110,622,472 1,138,275,648 Down 2.4 CASH FLOW AS REPORTED (Quarter ending 30 September 2025) Description NGN Thousand NGN Thousand Sep 30 2025 2024 Change % Profit/(Loss) for the period 85,507,343 -149,500,558 Recovery Adjustments for: Depreciation 50,680,737 38,301,078 Up 32.3 Amortization of intangible assets 1,633,758 1,229,121 Up 32.9 Finance income -1,322,956 -483,502 Deterioration 173.6 Interest expenses 39,151,627 72,043,780 Down 45.7 Loss /(Gain) on foreign exchange transactions 282,859 92,439,226 Down 99.7 Gratuity employee benefits and share based payment charges 1,767,548 2,507,628 Down 29.5 Loss on sale of property plant and equipment -1,199,577 -1,259,639 Improved 4.8 Changes in provisions 1,929,360 -411,296 Recovery Non cash items Income tax 43,518,443 -53,498,754 Recovery 221,949,142 1,367,084 Up 16,135.2 Changes in: Inventories -42,861,215 -47,165,476 Improved 9.1 Trade and other receivables -49,362,040 -15,276,236 Deterioration 223.1 Prepayments 1,871,539 1,276,948 Up 46.6 Trade and other payables -44,364,546 19,615,332 Deterioration Deposit for imports 32,314,510 -29,843,282 Recovery Cash generated from operating activities 119,547,390 -70,025,630 Recovery Income tax paid -5,426,647 -3,033,062 Deterioration 78.9 Gratuity paid -655,532 -579,490 Deterioration 13.1 Other long term employee benefits paid -1,056,094 -976,333 Deterioration 8.2 Share based payment -1,177,389 -1,263,640 Improved 6.8 VAT paid* -50,052,541 -35,225,060 Deterioration 42.1 Net cash from operating activities 61,179,187 -111,103,215 Recovery Cash flows from investing activities Finance income 1,322,956 483,502 Up 173.6 Proceeds from sale of property plant and equipment 1,331,922 1,290,999 Up 3.2 Acquisition of property plant and equipment -64,214,723 -56,933,297 Deterioration 12.8 Acquisition of right-of-use asset -338,086 -1,155,381 Improved 70.7 Acquisition of intangible assets -450,782 -2,610,023 Improved 82.7 Acquisition of subsidiaries & net of cash -2,188,018 -3,766,747 Improved 41.9 Net cash used in investing activities -64,536,731 -62,690,947 Deterioration 2.9 Cash flows from financing activities Proceeds from loans and borrowings 115,000,000 328,734,344 Down 65.0 Repayment of loans and borrowings -162,635,555 -103,521,198 Deterioration 57.1 Interest paid -30,819,662 -45,387,227 Improved 32.1 Lease Liability paid -2,576 -39,802 Improved 93.5 Dividends paid Net cash used in financing activities -78,457,793 179,786,117 Deterioration Net increase/(decrease) in cash and cash equivalents -81,815,337 -1,045,847 Deterioration 7,722.9 Effect of foreign exchange rate changes on cash and cash equivalents 474,670 Cash and cash equivalents as at 1st January 150,587,526 22,180,841 Up 578.9 Cash and cash equivalents as at 30th September 69,246,859 35,036,454 Up 97.6 Download NIGERIAN BREWERIES Financials Past 10 Years Description (December 31) 2024 2023 2022 2021 2020 Income Statement Revenue per share 66.35 54.68 42.32 EBIT (B) (83.5) (108.9) 25.8 34.8 29.9 Interest (B) 99.5 36.4 8.4 11.1 18.3 Profit before tax (B) (182.9) (145.2) 17.3 23.7 11.6 Tax (B) 38 38.9 (4.2) (11) (4.2) Net profit (B) (144.9) (106.3) 13.2 12.7 7.4 EPS (12.07) (12.8) 1.58 1.57 0.92 Balance Sheet Equity Share Capital (B) 463 63.3 179.8 171.8 161.1 Retained Earnings (B) (169.8) (26.3) 90.8 90.1 83.1 Total Debt (B) 169.1 205.3 119.9 31.4 91.4 Total Assets (B) 1,138.3 795.9 619.9 485.5 445.9 Current Asset (B) 424.7 227.6 155.4 120.2 93.2 Fixed Asset (B) 535.3 441.4 359 257.2 213.4 Working Capital (B) (199.9) (356.9) (252.3) (152.4) (117.3) Cash Flow Operating Cash Flow (B) 52 (74.7) 22.5 91.6 83.3 Investing Cash Flow (B) (140.6) (98.4) (99.3) (61) (37.2) Financing Cash Flow (B) 215.3 174.1 82.1 (44.2) (22.1) Net Cash Flow (B) 126.8 1 5.3 (13.6) 24 Description (December 31) 2019 2018 2017 2016 2015 Income Statement Revenue per share 40.56 40.56 43.26 39.7 EBIT (B) 35.5 37.3 57.3 53.3 70.4 Interest (B) 12.1 7.9 10.7 13.6 15.9 Profit before tax (B) 23.4 29.4 46.6 39.7 54.5 Tax (B) (7.2) (10) (13.6) 11.3 16.5 Net profit (B) 16.1 19.4 33 28.4 38.1 EPS 2.01 2.43 4.13 3.58 482 Balance Sheet Equity Share Capital (B) 167.7 166.7 178.2 165.8 172.2 Retained Earnings (B) 89.4 88.2 99.7 96.3 103 Total Debt (B) 55.7 42.6 8.5 17.9 22.2 Total Assets (B) 382.8 388.3 382.2 367.1 356.2 Current Asset (B) 72.5 86.3 87.5 74.6 57.5 Fixed Asset (B) 201.9 203.5 195.2 191.2 197.3 Working Capital (B) (55) (63.1) (68.6) (69.7) (82.6) Cash Flow Operating Cash Flow (B) 38.9 30.5 72.1 70.2 72.6 Investing Cash Flow (B) (30.1) (29.8) (32.1) (18.8) (32.4) Financing Cash Flow (B) (15.7) (2.8) (35.9) (26) (59.8) Net Cash Flow (B) (7) (2.1) 4.1 25.4 (19.6)