1 Peer Comparison & Ranking of NB; 2 Currency Synopsis: Nigerian Naira (NGN) Peer Comparison & Ranking of NB BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: Nigerian Breweries vs Nigerian Market Out of 126 stocks in the Nigerian Market, Nigerian Breweries is ranked tenth(10) by P/Sales, Thirty-eighth(38) by Total Debt/Equity, Fifty-sixth(56) by Price/Net Tangible Assets and Sixty-fourth(64) by Premium to 52-Wk Low. Nigerian Avg NB NB Rank P/Sales 2.7x 2.4x 10 Total Debt/Equity (the lower the better) - 0.4x 38 Price/Net Tangible Assets 7.03x 7.2x 56 Premium to 52-Wk Low (%) 86.5 165.97 64 Discount to 52-Wk High (%) 2.4 5.6 83 EBITDA Margin% 18.5 (7.7) 97 Net Profit $ 74 M (106.6 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 $ -106,637,008 2 B -5.3 -121,426,689 87.8 Revenue $ 798.1 M 10.4 B 7.7 1.3 B 62.2 Total Assets $ 837.8 M 97.3 B 0.9 1.6 B 52.7 MCap $ 1.9 B 23 B 8.2 7.1 B 26.5 Relative Valuation Indicators: Stock vs Index and Stock vs Sector Description NB All Shares Index Avg. Food/beverage/tobacco sector Avg. Price/Earnings -6.8 9.5 -119.1 Price/Net Tangible Assets 7.19 2.31 16.46 Total Debt/Equity (the lower the better) 0.36x - 0.53x 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 ($798.1 million)[74.0% of aggregate sector revenue of NGN1,743.2 billion; up from 71.7% in the previous year.] GLOBAL RANK [out of 46,332 stocks] AND RANK OF NIGERIAN BREWERIES IN THE MIDDLE EAST & AFRICA REGION [out of 1,948 stocks] Description Value Global Rank In MEA Region MCap ($) 1.9B 7,222 244 Total Assets ($) 833.2M 11,579 498 Revenue ($) 793.8M 8,012 239 Net Profit ($) (106.1M) 39,857 1,745 Return on Equity % (31.2) 35,374 1,636 Net Profit Margin % (13.4) 31,822 1,481 PV1000 (1Year) $* 2,778 2,371 132 $* Change (1Year) % 13.0 13,638 658 * 1 year ago $1 = NGN 1,501.5 Feb 10, 2026: $ 1 equals NGN 1,358.7 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 7.2 42 66 2 PV1000 (1Year) NGN 2,521 30 46 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 NGN2,554.3 billion ($1.9 billion). Within its sector it has a relatively low Price/Sales of 2.4. 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 66.2% against the US Dollars. However, in the past year the Nigerian Naira rose 10.4% against the US Dollars. Last Country 1-day % 1-week % 1-Year % 3-Yrs % NGN1=0.001USD United States Of America 0.5 2.2 10.4 -66.2 NGN1=0.005CNY China 0.2 1.9 5.1 -65.5 NGN1=0.115JPY Japan -0.2 2.5 13.5 -60.3 NGN1=0.001EUR European Union -0.3 1.3 -3.7 -69.5 NGN1=1.07KRW South Korea -0.1 2.3 11.0 -61.0 NGN1=0.001SGD Singapore - 1.6 3.4 -67.8 NGN1=0.001NZD New Zealand -0.1 1.4 3.6 -64.9 NGN1=0.001GBP United Kingdom -0.1 1.9 0.4 -70.3 NGN1=0.001AUD Australia -0.6 0.3 -2.0 -67.3 NGN1=0.006HKD Hong Kong 0.5 2.3 10.8 -66.3 NGN1=0.001CHF Switzerland -0.7 0.5 -6.5 -72.1 NGN1=0.001CAD Canada - 1.4 4.7 -65.9 NGN1=0.007SEK Sweden -0.7 1.8 -9.5 -71.6 NGN1=0.007NOK Norway -0.5 1.0 -5.5 -68.7 NGN1=0.013MXN Mexico -0.4 0.8 -7.7 -69.8 1 Financials as Reported FY 2024, Past 10 Years Financials as Reported FY 2024, Past 10 Years Financials as reported (FY 2024 [year-ended 31 December 2024 ]) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In NGN Thousand, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (FY 2024 [year-ended 31 December 2024 ]) Description NGN Thousand NGN Thousand Dec 31 2024 2023 Change % CONTINUING OPERATIONS Revenue 1,084,435,998 599,643,031 Up 80.8 Cost of sales -764,520,390 -387,032,454 Deterioration 97.5 Gross profit 319,915,608 212,610,459 Up 50.5 Other income 4,028,939 2,957,510 Up 36.2 Selling and distribution expenses -203,238,705 -142,492,958 Deterioration 42.6 Administrative expenses -46,755,269 -28,641,677 Deterioration 63.2 Expected credit loss on financial assets -4,053,590 -469,923 Deterioration 762.6 Profit from operating activities 69,896,983 43,963,411 Up 59.0 Finance income 4,242,160 513,239 Up 726.5 Net loss on foreign exchange transactions -157,594,582 -153,332,605 Deterioration 2.8 Finance costs -99,462,019 -36,368,316 Deterioration 173.5 Net finance costs -252,814,441 -189,187,682 Deterioration 33.6 Loss before tax -182,917,458 -145,224,271 Deterioration 26.0 Income tax 38,033,964 38,916,714 Down 2.3 Loss after tax from continuing operations -144,883,494 -106,307,557 Deterioration 36.3 DISCONTINUED OPERATIONS Loss for the year from discontinued operations -112,754 Loss for the year -144,996,248 -106,307,557 Deterioration 36.4 Loss for the year attributable to: -144,887,239 -106,307,557 Deterioration 36.3 Owners of the Company Non-controlling interest -109,009 Loss for the year -144,996,248 -106,307,557 Deterioration 36.4 Loss per share Basic loss per share (kobo) -1,207.0 Kobo -1,280.0 Kobo Reduced 5.7 Diluted loss per share (kobo) -1,207.0 Kobo -1,280.0 Kobo Improved 5.7 BALANCE SHEET AS REPORTED (FY 2024 [year-ended 31 December 2024 ]) Description NGN Thousand NGN Thousand Dec 31 2024 2023 Change % ASSETS Property plant and equipment 535,270,542 441,433,475 Up 21.3 Right-of-use assets 8,995,840 8,945,331 Up 0.6 Intangible assets and goodwill 99,843,788 91,913,959 Up 8.6 Investments 150,000 150,000 Steady Deferred tax Asset 66,676,061 23,710,466 Up 181.2 Other receivables 2,635,656 2,152,592 Up 22.4 Non-current assets 713,571,887 568,305,823 Up 25.6 Inventories 181,259,479 122,035,547 Up 48.5 Trade and other receivables 52,719,715 46,788,739 Up 12.7 Prepayments 4,150,181 2,970,328 Up 39.7 Deposit for imports 35,022,710 16,206,296 Up 116.1 Cash and cash equivalents 150,587,526 39,566,373 Up 280.6 Assets held for sale 964,150 Current assets 424,703,761 227,567,283 Up 86.6 Total assets 1,138,275,648 795,873,106 Up 43.0 EQUITY Share capital 15,491,513 5,138,066 Up 201.5 Share premium 615,903,127 82,943,935 Up 642.6 Share based payment reserve 1,436,397 1,469,827 Down 2.3 Retained earnings -169,799,542 -26,267,451 Deterioration 546.4 Equity attributable to owners of the Company 463,031,495 63,284,377 Up 631.7 Non-controlling interest 912,238 Total equity 463,943,733 63,284,377 Up 633.1 LIABILITIES Loans and borrowings. 40,000,000 136,283,827 Down 70.6 Lease liabilities. 1,684 Employee benefits 9,745,943 11,837,931 Down 17.7 Non-current liabilities 49,745,943 148,123,442 Down 66.4 Loans and borrowings 169,050,310 205,318,151 Down 17.7 Lease liabilities 2,812 29,561 Down 90.5 Current tax liabilities 10,402,030 6,716,463 Up 54.9 Dividend payable 7,174,392 14,621,974 Down 50.9 Trade and other payables 435,568,129 355,288,752 Up 22.6 Provisions 1,922,651 2,490,386 Down 22.8 Liabilities directly associated with assets classified as held for sale 465,648 Current liabilities 624,585,972 584,465,287 Up 6.9 Total liabilities 674,331,915 732,588,729 Down 8.0 Total equity and liabilities 1,138,275,648 795,873,106 Up 43.0 CASH FLOW AS REPORTED (FY 2024 [year-ended 31 December 2024 ]) Description NGN Thousand NGN Thousand Dec 31 2024 2023 Change % Loss for the year -144,996,248 -106,307,557 Deterioration 36.4 Adjustments for: Depreciation 53,514,763 46,392,351 Up 15.4 Amortisation of intangible assets 1,808,676 1,639,085 Up 10.3 Finance income -4,242,160 -513,239 Deterioration 726.5 Interest expenses 99,462,019 36,368,316 Up 173.5 Loss /(Gain) on foreign exchange transactions 106,101,574 5,557,480 Up 1,809.2 Employee benefit charge 809,950 1,003,447 Down 19.3 Share based payment charge 1,230,212 663,641 Up 85.4 Gain on sale of property plant and equipment -1,296,306 -117,157 Deterioration 1,006.5 Gain on sale of subsidiaries / JVs / Associates -329,547 Changes in provisions -817,735 727,308 Deterioration Income tax expense -38,033,964 -38,916,714 Improved 2.3 Non cash items from disposal of subsidiary -380,536 73,540,781 -54,213,122 Recovery Changes in: Inventories -58,407,704 -38,518,237 Deterioration 51.6 Trade and other receivables -3,178,802 -6,209,409 Improved 48.8 Prepayments -1,179,853 -1,012,127 Deterioration 16.6 Trade and other payables 117,557,942 80,354,300 Up 46.3 Deposit for imports -18,816,414 -9,307,973 Deterioration 102.2 Cash (utilised by)/generated from operating activities 109,515,950 -28,906,568 Recovery Income tax paid -3,033,062 -9,322,347 Improved 67.5 Gratuity paid -1,049,661 -1,087,994 Improved 3.5 Other long term employee benefits paid -1,278,810 -1,301,776 Improved 1.8 Share Based Payment -1,263,642 -138,197 Deterioration 814.4 VAT paid* -50,849,287 -33,908,828 Deterioration 50.0 Net cash (utilised by)/generated from operating activities 52,041,488 -74,665,710 Recovery Cash flows from investing activities Finance income 4,242,160 513,239 Up 726.5 Proceeds from sale of property plant and equipment 1,307,165 312,036 Up 318.9 Acquisition of property plant and equipment -137,571,739 -98,741,992 Deterioration 39.3 Acquisition of subsidiaries & net of cash -3,766,747 Assets held for sale -163,928 Acquisition of right-of-use asset -1,687,125 -401,009 Deterioration 320.7 Acquisition of intangible assets -2,941,210 -127,942 Deterioration 2,198.9 Net cash used in investing activities -140,581,424 -98,445,668 Deterioration 42.8 Cash flows from financing activities Proceeds from loans and borrowings 371,280,282 533,946,588 Down 30.5 Repayment of loans and borrowings -598,272,078 -336,487,094 Deterioration 77.8 Interest paid -93,521,932 -18,777,537 Deterioration 398.1 Proceeds on issue of shares 543,312,639 Repayment of lease liabilities -39,803 -16,480 Deterioration 141.5 Cash received from Registrars 866,587 1,551,321 Down 44.1 Dividends paid -8,314,169 -6,067,868 Deterioration 37.0 Net cash from financing activities 215,311,526 174,148,930 Up 23.6 Net increase in cash and cash equivalents 126,771,590 1,037,552 Up 12,118.3 Effect of foreign exchange rate changes on cash and cash equivalent -15,750,437 16,347,980 Deterioration Cash and cash equivalents at 1st January 39,566,373 22,180,841 Up 78.4 Cash and cash equivalents at 31st December 150,587,526 39,566,373 Up 280.6 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)