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, 10 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, 10 Mos Frank Nweke Non-Executive Director 14 Yrs, 10 Mos Thomas de Man Non-Executive Director 22 Yrs, 10 Mos Atedo Peterside Non-Executive Director 17 Yrs, 10 Mos Olusegun Adebanji Non-Executive Director 18 Yrs, 10 Mos Sijbe Hiemstra Non-Executive Director 14 Yrs, 10 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 126 stocks in the Nigerian Market, Nigerian Breweries is ranked tenth(10) by P/Sales, Thirty-eighth(38) by Total Debt/Equity, Sixty-fourth(64) by Price/Net Tangible Assets and Sixty-ninth(69) by Premium to 52-Wk Low. Nigerian Avg NB NB Rank P/Sales 2.2x 2.05x 10 Total Debt/Equity (the lower the better) - 0.4x 38 Price/Net Tangible Assets 6.2x 6.2x 64 Premium to 52-Wk Low (%) 76.3 165.2 69 Discount to 52-Wk High (%) 4.4 10.4 93 EBITDA Margin% 18.5 (7.7) 99 Net Profit $ 65.7 M (99.7 M) 141 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 $ 1.5 B 18.2 B 8.4 5.7 B 26.8 Relative Valuation Indicators: Stock vs Index and Stock vs Sector Description NB All Shares Index Avg. Food/beverage/tobacco sector Avg. Price/Earnings -5.9 8.6 -65.6 Price/Net Tangible Assets 6.25 1.95 13.24 Total Debt/Equity (the lower the better) 0.36x - 0.57x 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 ($746.1 million)[74.0% of aggregate sector revenue of NGN1,972.6 billion; up from 71.7% in the previous year.] GLOBAL RANK [out of 46,253 stocks] AND RANK OF NIGERIAN BREWERIES IN THE MIDDLE EAST & AFRICA REGION [out of 1,919 stocks] Description Value Global Rank In MEA Region MCap ($) 1.5B 7,650 264 Total Assets ($) 779.7M 12,003 504 Revenue ($) 742.8M 8,341 250 Net Profit ($) (99.2M) 40,044 1,745 Return on Equity % (31.2) 35,592 1,637 Net Profit Margin % (13.4) 31,989 1,480 PV1000 (1Year) $* 2,899 1,507 108 $* Change (1Year) % 13.0 13,721 667 * 1 year ago $1 = NGN 1,644.74 Oct 29, 2025: $ 1 equals NGN 1,453.49 RANK OF NIGERIAN BREWERIES IN THE ALL SHARES INDEX [out of 81 stocks], IN THE NIGERIAN MARKET [out of 122 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) 61 101 6 Net Profit Margin % (13.4) 64 102 8 Price to Book 6.2 48 75 3 PV1000 (1Year) NGN 2,566 32 45 8 LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best] Nigerian Breweries is ranked number 2 out of 12 listed food/beverage/tobacco companies in the Nigeria with a market capitalization of NGN2,218.2 billion ($1.5 billion). Within its sector it has a relatively low Price/Sales of 2. 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 70.0% against the US Dollars. However, in the past year the Nigerian Naira rose 12.8% against the US Dollars. Last Country 1-day % 1-week % 1-Year % 3-Yrs % NGN1=0.001USD United States Of America 0.3 0.7 12.8 -70.0 NGN1=0.005CNY China 0.1 0.5 12.4 -70.5 NGN1=0.104JPY Japan -0.4 0.9 11.7 -68.7 NGN1=0.001EUR European Union 0.1 0.3 4.8 -74.3 NGN1=0.984KRW South Korea 0.2 0.9 16.7 -69.6 NGN1=0.001SGD Singapore - 0.5 10.4 -72.4 NGN1=0.001NZD New Zealand -0.2 - 16.3 -69.6 NGN1=0.001GBP United Kingdom 0.7 1.6 10.0 -73.9 NGN1=0.001AUD Australia -0.2 -0.5 13.2 -70.4 NGN1=0.005HKD Hong Kong 0.3 0.8 12.9 -70.3 NGN1=0.001CHF Switzerland -0.1 0.6 3.4 -75.9 NGN1=0.001CAD Canada - 0.4 13.4 -69.0 NGN1=0.006SEK Sweden - 0.1 -0.7 -74.3 NGN1=0.007NOK Norway 0.1 - 2.6 -70.8 NGN1=0.013MXN Mexico 0.5 0.8 3.8 -72.1 1 Financials as Reported Q2 2025, Past 10 Years Financials as Reported Q2 2025, Past 10 Years Financials as reported (Q2/2025) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In NGN Thousand, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (Q2/2025) Description NGN Thousand NGN Thousand Jun 30 2025 2024 Change % Net Revenue 354,508,755 251,759,470 Up 40.8 Cost of Sales -210,076,231 -173,955,373 Deterioration 20.8 Gross Profit 144,432,524 77,804,097 Up 85.6 Other Income 759,150 2,074,076 Down 63.4 Selling and Distribution Expenses -64,413,088 -52,110,720 Deterioration 23.6 Administrative Expenses -13,594,407 -12,913,079 Deterioration 5.3 Net (release)/charge of expected credit loss on financial assets -551,948 -1,979,878 Improved 72.1 Results from operating activities 66,632,231 12,874,496 Up 417.6 Finance income 589,330 190,801 Up 208.9 Net loss on foreign exchange transactions 7,495,729 -39,428,090 Recovery Finance costs -12,463,111 -24,397,493 Improved 48.9 Net Finance costs -4,378,052 -63,634,782 Improved 93.1 Profit/(loss) before tax 62,254,179 -50,760,286 Recovery Income tax expenses -18,389,473 17,650,337 Deterioration Profit/(loss) after tax 43,864,706 -33,109,949 Recovery Profit/(Loss) for the year attributable to: Owners of the Company 43,864,706 -32,957,460 Recovery Non-controlling interest -152,489 Profit/(loss) for the period 43,864,706 -33,109,949 Recovery Earnings per share Basic Earnings per share (kobo) NGN1.42 -321.0 Kobo Recovery Diluted earnings per share (kobo) NGN1.42 -321.0 Kobo Recovery BALANCE SHEET AS REPORTED (Q2/2025) Description NGN Thousand NGN Thousand Jun 30, 2025 Dec 31, 2024 Change % ASSETS Property plant and equipment 551,047,298 535,270,542 Up 2.9 Right-of-use assets 8,494,645 8,995,840 Down 5.6 Intangible assets and goodwill 99,077,837 99,843,788 Down 0.8 Investments 150,000 150,000 Steady Deferred tax Asset 34,028,148 66,676,061 Down 49.0 Other receivables 3,259,891 2,635,656 Up 23.7 Non-current assets 696,057,819 713,571,887 Down 2.5 Inventories 211,498,339 181,259,479 Up 16.7 Trade and other receivables 119,261,363 52,719,715 Up 126.2 Prepayments 2,530,028 4,150,181 Down 39.0 Deposit for imports 3,504,913 35,022,710 Down 90.0 Cash and cash equivalents 77,702,083 150,587,526 Down 48.4 Assets held for sale 964,150 964,150 Steady Current assets 415,460,876 424,703,761 Down 2.2 Total assets 1,111,518,695 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 552,632 1,436,397 Down 61.5 Retained earnings -82,464,591 -169,799,542 Improved 51.4 Equity attributable to owners of the company 549,482,681 463,031,495 Up 18.7 Non-controlling interest 912,238 Total Equity 549,482,681 463,943,733 Up 18.4 LIABILITIES Loans and borrowings 30,000,000 40,000,000 Down 25.0 Employee benefits 10,198,390 9,745,943 Up 4.6 Non-current liabilities 40,198,390 49,745,943 Down 19.2 Loans and borrowings 152,025,438 169,050,310 Down 10.1 Lease liabilities 2,812 Current tax liabilities 20,229,392 10,402,030 Up 94.5 Dividend payable 7,174,392 7,174,392 Steady Trade and other payables 338,416,486 435,568,129 Down 22.3 Provisions 3,526,268 1,922,651 Up 83.4 Liabilities directly associated with assets classified as held for sale 465,648 465,648 Steady Current liabilities 521,837,624 624,585,972 Down 16.5 Total liabilities 562,036,014 674,331,915 Down 16.7 Total equity and liabilities 1,111,518,695 1,138,275,648 Down 2.4 CASH FLOW AS REPORTED (Q2/2025) Description NGN Thousand NGN Thousand Jun 30 2025 2024 Change % Profit for the year 88,417,846 -85,199,430 Recovery Adjustments for: Depreciation 33,239,096 24,873,083 Up 33.6 Amortization of intangible assets 965,186 812,319 Up 18.8 Finance income -853,757 -332,472 Deterioration 156.8 Interest expenses 27,824,107 42,538,498 Down 34.6 Loss /(Gain) on foreign exchange transactions -1,235,034 70,902,404 Deterioration Gratuity employee benefit and share based payment charges 1,141,454 1,154,907 Down 1.2 Loss/(Gain) on sale of property plant and equipment -35,409 -1,363,552 Improved 97.4 Changes in provisions 1,603,617 1,580,828 Up 1.4 Income tax expense 43,379,716 -31,141,074 Recovery 194,446,822 24,510,067 Up 693.3 Changes in: Inventories -30,238,860 -11,095,065 Deterioration 172.5 Trade and other receivables -67,165,883 -49,868,177 Deterioration 34.7 Prepayments 1,620,153 25,245 Up 6,317.7 Trade and other payables -85,055,464 -25,128,643 Deterioration 238.5 Deposit for imports 31,517,797 -25,451,354 Recovery Cash generated from operating activities 45,124,565 -87,007,927 Recovery Income tax paid -904,441 -1,500,887 Improved 39.7 Gratuity paid -433,232 -384,711 Deterioration 12.6 Other long term employee benefits paid -798,458 -721,946 Deterioration 10.6 Share based payment -1,177,389 -1,263,640 Improved 6.8 VAT paid* -34,627,718 -24,835,529 Deterioration 39.4 Net cash from operating activities 7,183,327 -115,714,640 Recovery Cash flows from investing activities Finance income 853,757 332,472 Up 156.8 Proceeds from sale of property plant and equipment 108,439 82,995 Up 30.7 Acquisition of property plant and equipment -31,103,081 -25,271,560 Deterioration 23.1 Acquisition of right-of-use asset -105,000 -914,041 Improved 88.5 Acquisition of subsidiaries & net of cash -1,995,133 -3,766,747 Improved 47.0 Acquisition of intangible assets -199,235 -2,021,694 Improved 90.1 Net cash used in investing activities -32,440,253 -30,267,760 Deterioration 7.2 Cash flows from financing activities Proceeds from loans and borrowings 89,053,339 347,737,338 Down 74.4 Repayment of loans and borrowings -116,835,976 -151,080,639 Improved 22.7 Interest paid -21,835,867 -22,351,650 Improved 2.3 Payment of Lease Liability -2,576 -24,504 Improved 89.5 Dividends paid Net cash used in financing activities -49,621,080 174,280,545 Deterioration Net increase/(decrease) in cash and cash equivalents -74,878,006 28,298,145 Deterioration Effect of foreign exchange rate changes on cash and cash equivalent 1,992,563 -24,288,513 Recovery Cash and cash equivalents as at 1st January 150,587,526 39,566,373 Up 280.6 Cash and cash equivalents as at 30th June 77,702,083 43,576,005 Up 78.3 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)