External broker reports(aggregated public sources), CardinalStone

CardinalStone

External broker reports(aggregated public sources)

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

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Nigerian Exchange Group / Equity Bottom-Up

<ul><li>NGXGROUP delivered its strongest quarterly revenue on record in Q3’25, driven primarily by exceptional growth in transaction fees.</li><li>This surge also underpinned the impressive 73.9% QoQ jump in PAT in Q3’25. Given the strength of the third-quarter performance, we have revised estimates for FY’25 revenue and PAT estimates upward.</li><li>In the coming year, we expect continual recovery in foreign participation in the local equities market. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NGXGROUP delivered its strongest quarterly revenue on record in Q3’25, driven primarily by exceptional growth in transaction fees.This surge also underpinned the impressive 73.9% QoQ jump in PAT in Q3’25. Given the strength of the third-quarter performance, we have revised estimates for FY’25 revenue and PAT estimates upward.In the coming year, we expect continual recovery in foreign participation in the local equities market. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NGXGROUP - Transaction Volumes to Drive Earnings

<ul><li>The Nigerian Exchange Group (NGX: NGX - TP: N65.38) delivered a solid performance in 9M'25, above our expectations, with Profit After Tax (PAT) rising 82.7% YoY to N7.9 billion.</li><li>The outperformance was inspired by the stellar Q3'25 financial result, where Profit Before Tax (PBT) rose by c.2.0x QoQ to N5.8 billion.</li><li>Specifically, there was a marked improved in revenue, which grew by 56.7% QoQ in Q3’25 on the back of the 61.5% surge in transaction fees.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Nigerian Exchange Group (NGX: NGX - TP: N65.38) delivered a solid performance in 9M'25, above our expectations, with Profit After Tax (PAT) rising 82.7% YoY to N7.9 billion.The outperformance was inspired by the stellar Q3'25 financial result, where Profit Before Tax (PBT) rose by c.2.0x QoQ to N5.8 billion.Specifically, there was a marked improved in revenue, which grew by 56.7% QoQ in Q3’25 on the back of the 61.5% surge in transaction fees.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NGXGROUP - Stellar Q3'25 Results Inspires 9M'25 Outperformance

Nigeria

Nigerian Exchange Group PLC provides platform for raising capital. The Company offers listing and trading securities, licensing, market data solutions, ancillary technology, regulation, and real estate services. serves customers in Nigeria.

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Nigerian Exchange Group (NGXGROUP NL)

NGXGROUP - Transaction Volumes to Drive Earnings

NGXGROUP delivered its strongest quarterly revenue on record in Q3’25, driven primarily by exceptional growth in transaction fees.

CardinalStone

NGXGROUP - Stellar Q3'25 Results Inspires 9M'25 Outperformance

The Nigerian Exchange Group (NGX: NGX - TP: N65.38) delivered a solid performance in 9M'25, above our expectations, with Profit After Tax (PAT)...

CardinalStone

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