Q3 Result– Strong Earnings Rebound Driven by Upstream Gains & Finance Income Despite Revenue Contraction

OANDO PLC 9M 2025 RESULTS: STRATEGIC TURNAROUND GAINS TRACTION AMID REVENUE PRESSURE AND BALANCE SHEET REPAIR MOMENTUM Strategic Context Oando Plc delivered a materially improved financial performance through Q3 and the first nine months of 2025, supported by operational recovery in the upstream business, strengthened asset integration following the NAOC acquisition, and a meaningful shift in business mix toward production and export-led growth. The Group continued to navigate a structurally shifting energy landscape marked by the rise of domestic refining capacity, notably from the Dangote Refinery, which reshaped fuel import dynamics and pressured trading revenue.

WaneInvestmentHouse has increased shares outstanding growth rate from -0.1% to 0.0%.

Subject: Oando Plc Charts Ambitious ₦500bn Capital Raise to Power Strategic Growth Oando Plc has unveiled bold plans to raise up to ₦500 billion through a combination of equity and debt instruments , a move poised to reshape its balance sheet and unlock new strategic opportunities. The proposal, subject to shareholder approval at its upcoming 46th Annual General Meeting , underscores the company’s renewed focus on financial strengthening and aggressive market positioning.

Three-months 2025 performance highlights Group highlights • Revenue grew by 2% year-on-year to ₦933 billion (Q1 2024: ₦915 billion), supported by higher upstream volumes and FX revaluation gains. • Gross profit increased by 172% to ₦85 billion (Q1 2024: ₦31 billion), reflecting stronger E&P margins.

Oando PLC delivered a surprising profit after tax of ₦113.1 billion in the first quarter of 2025, nearly doubling its Q1 2024 earnings of ₦59.3 billion, despite recording an operating loss of ₦120.3 billion. The performance was primarily supported by a significant tax credit of ₦165.6 billion and a sharp turnaround in net finance income , which helped cushion the impact of an unexpected operational setback.

WaneInvestmentHouse has increased revenue growth from -10.4% to 10.4%, decreased future PE multiple from 7.0x to 6.0x and increased discount rate from 10.0% to 29.0%.

Subject: Oando PLC Delivers Strong Bottom-Line Growth in FY 2024, Driven by Higher Revenue and Operating Income Oando PLC has reported a significant turnaround in its financial performance for the year ended 31 December 2024, showcasing substantial growth across key profitability metrics, both at the Group and Company levels. Key Highlights: Robust Revenue Growth: Group revenue rose sharply by 44% year-on-year to ₦4.09 trillion (2023: ₦2.85 trillion), driven primarily by increased customer contracts and improved market dynamics.

WaneInvestmentHouse has decreased revenue growth from 1.0% to -4.1%.

WaneInvestmentHouse has decreased revenue growth from 8.9% to 1.0%, decreased profit margin from 45.0% to 4.3% and increased future PE multiple from 0.7x to 7.0x.

WaneInvestmentHouse has decreased revenue growth from -21.0% to 8.9%, increased profit margin from 34.0% to 45.0% and decreased future PE multiple from 1.2x to 0.7x.

WaneInvestmentHouse made no meaningful changes to valuation assumptions.

WaneInvestmentHouse has decreased revenue growth from 10.3% to -21.0%, increased profit margin from 2.3% to 34.0% and decreased future PE multiple from 12.8x to 1.2x.

WaneInvestmentHouse made no meaningful changes to valuation assumptions.

WaneInvestmentHouse has increased revenue growth from 8.5% to 10.3%.

WaneInvestmentHouse has decreased revenue growth from 11.8% to 8.5%.

WaneInvestmentHouse has decreased revenue growth from 31.3% to 11.8%.