External broker reports(aggregated public sources), CardinalStone

CardinalStone

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.

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>AIRTELAFRI reported a 29.4% YoY surge in revenue in FY'25/26 (compared to a 0.5% YoY decline in FY'24/25).</li><li>The rebound in topline was primarily driven by tariff increases in Nigeria, faster smartphone penetration, increased data consumption, and higher mobile money usage across its footprint.</li><li>From now on, with AIRTELAFRI structurally positioned to benefit from Africa's digital and financial inclusion opportunities, Group revenue momentum is likely to persist in the near-to medium-term (i.e., rising to $7.8 billion in FY'26/27 and to $9.2 billion in FY’27/28).</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>

AIRTELAFRI reported a 29.4% YoY surge in revenue in FY'25/26 (compared to a 0.5% YoY decline in FY'24/25).The rebound in topline was primarily driven by tariff increases in Nigeria, faster smartphone penetration, increased data consumption, and higher mobile money usage across its footprint.From now on, with AIRTELAFRI structurally positioned to benefit from Africa's digital and financial inclusion opportunities, Group revenue momentum is likely to persist in the near-to medium-term (i.e., rising to $7.8 billion in FY'26/27 and to $9.2 billion in FY’27/28).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.

Airtel Africa Plc - Recalibrating Growth Trajectory on Operational Performance