First HoldCo Plc's performance for the half-year ended June 30, 2025 H1/Q2 Result

First HoldCo Plc – Restructuring for Resilience Amid Capital and Governance Shifts Strategic Divestment and Ownership Realignment: Unwinding the SPV Structure First HoldCo’s plan to dispose of shares held via a Special Purpose Vehicle (SPV) marks a significant step in its broader capital restructuring and compliance drive , aimed at aligning with the Central Bank of Nigeria’s (CBN) revised capital requirements. The recent transfer of a 25% stake to RC Investment Management Ltd., an SPV tied to Renaissance Capital, is being positioned as temporary , with a stated intention to divest these shares on-market.

WaneInvestmentHouse made no meaningful changes to valuation assumptions.

Investment Note: EFCC Case Against Dr. Oba Otudeko and Others Struck Out – Implications for FBN Holdings & Honeywell Flour Mills Summary: On July 17, 2025, the Federal High Court in Ikoyi struck out the 13-count criminal charge filed by the EFCC against Dr. Oba Otudeko (former Chairman of Honeywell Flour Mills and FBN Holdings) and three others. The dismissal followed a peaceful resolution and full repayment of the disputed ₦12.3 billion loan.

Subject: Dividend Suspension and High Oil Exposure Pressure First Holdco’s Valuation Amid Regulatory Scrutiny Investor sentiment turned sharply negative on First Holdco Plc last week, as the Central Bank of Nigeria's (CBN) directive suspending dividend payments for banks under regulatory forbearance and single obligor breaches triggered broad selloffs across the financial services sector. First Holdco—among those affected—saw its stock fall from a weekly open of N28.20 to close at N26.95 , with trading volumes reflecting aggressive repositioning by investors.

WaneInvestmentHouse has increased revenue growth from 25.1% to 33.9%.

WaneInvestmentHouse has decreased revenue growth from 31.0% to 25.1%.