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.

Equity Bottom-Up

<ul><li>Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) in its 9M'25 unaudited financials delivered a strong set of results for 9M'25, reinforcing its positive momentum amid an improving operating environment.</li><li>The company reported a 99.7% YoY rise in net income, supported by a 200.7% YoY surge in operating profit, highlighting strong operational leverage and disciplined cost management.</li><li>UNILEVER's topline performance remained robust, with total revenue printing at N155.4 billion (+49.7% YoY). </li></ul><p><em>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.</em></p>

Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) in its 9M'25 unaudited financials delivered a strong set of results for 9M'25, reinforcing its positive momentum amid an improving operating environment.The company reported a 99.7% YoY rise in net income, supported by a 200.7% YoY surge in operating profit, highlighting strong operational leverage and disciplined cost management.UNILEVER's topline performance remained robust, with total revenue printing at N155.4 billion (+49.7% YoY). 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.

Unilever Nigeria Plc - Sustained Earnings Momentum in 9M25

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

<ul><li>In this edition: ABN Amro / ING | AI can save thousands of jobs at AML departments Unilever | Magnum Ice Cream Company will be listed on 10 November E-commerce & Logistics | Temu has entered top 5 of largest marketplaces in Germany</li></ul>

In this edition: ABN Amro / ING | AI can save thousands of jobs at AML departments Unilever | Magnum Ice Cream Company will be listed on 10 November E-commerce & Logistics | Temu has entered top 5 of largest marketplaces in Germany

What's News in Amsterdam - 3 October (ABN Amro/ING | Unilever | E-commerce & Logistics)

<ul><li>In this edition: • Unilever | to appoint Srinivas Phatak as its new CFO • Fugro | awarded contract for sewerage infrastructure renewal program</li></ul>

In this edition: • Unilever | to appoint Srinivas Phatak as its new CFO • Fugro | awarded contract for sewerage infrastructure renewal program

What's New(s) in Amsterdam - 16 September (Unilever | Fugro)

<ul><li>In this edition: • InPost | The APC doubles its UK OOH footprint by expanding its collaboration with Parcelly • Magnum Ice Cream Company | EUR 500m initiative to boost growth and its EBITDA margin • Dutch politics | taxation on private equity managers’ income to be increased • AEX Index reshuffle | Amsterdam’s main index will be expanded to 30 stocks</li></ul>

In this edition: • InPost | The APC doubles its UK OOH footprint by expanding its collaboration with Parcelly • Magnum Ice Cream Company | EUR 500m initiative to boost growth and its EBITDA margin • Dutch politics | taxation on private equity managers’ income to be increased • AEX Index reshuffle | Amsterdam’s main index will be expanded to 30 stocks

What's News in Amsterdam - 10 September (InPost | Magnum Ice Cream Co. | Dutch politics | AEX Ind

BE Semiconductor Industries NV / Equity Bottom-Up

<ul><li>In this edition: • ASM International – ASML Holding – BE Semiconductor Industries | WSTS revises its outlook for worldwide semiconductor market strongly upward • Magnum Ice Cream Company | more details on upcoming listing • PostNL / Ahold Delhaize | EUR 2 levy on non-EU parcels effective as of 1 January 2026</li></ul>

In this edition: • ASM International – ASML Holding – BE Semiconductor Industries | WSTS revises its outlook for worldwide semiconductor market strongly upward • Magnum Ice Cream Company | more details on upcoming listing • PostNL / Ahold Delhaize | EUR 2 levy on non-EU parcels effective as of 1 January 2026

What's New(s) in Amsterdam - 4 December (ASM Int'l | ASML | Besi | MICC | PostNL/Ahold Delhaize)

Nigeria

Unilever Nigeria Plc manufactures and markets consumer products primarily in the home, personal care and foods categories. The Company sells products such as Omo washing powder, Key soap, Royco bouillon, Lipton tea, Blue Band margarine, Pears baby care goods, Vaseline petroleum jelly, Lux soap, and Close Up toothpaste.

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Unilever Nigeria (UNILEVER NL)

Unilever Nigeria Plc - Sustained Earnings Momentum in 9M25

Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) in its 9M'25 unaudited financials delivered a strong set of results for 9M'25, reinforcing its...

CardinalStone

What's News in Amsterdam - 3 October (ABN Amro/ING | Unilever | E-commerce & Logistics)

In this edition: ABN Amro / ING | AI can save thousands of jobs at AML departments Unilever | Magnum Ice Cream Company will be listed on 10...

The IDEA!

What's New(s) in Amsterdam - 16 September (Unilever | Fugro)

In this edition: • Unilever | to appoint Srinivas Phatak as its new CFO • Fugro | awarded contract for sewerage infrastructure renewal program

The IDEA!

What's News in Amsterdam - 10 September (InPost | Magnum Ice Cream Co. | Dutch politics | AEX Ind

In this edition: • InPost | The APC doubles its UK OOH footprint by expanding its collaboration with Parcelly • Magnum Ice Cream Company | EUR...

The IDEA!

What's New(s) in Amsterdam - 4 December (ASM Int'l | ASML | Besi | MICC | PostNL/Ahold Delhaize)

In this edition: • ASM International – ASML Holding – BE Semiconductor Industries | WSTS revises its outlook for worldwide semiconductor market...

The IDEA!

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