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>Lafarge Africa Plc (NGX: WAPCO, TP - UR) reported an earnings growth of 352.1% YoY, which was largely supported by robust topline growth and notable easing in cost pressures, particularly in Q2'25.</li><li>Revenue grew by 74.9% YoY to N517.0 billion, reflecting the combined impact of sustained price growth and decent volume turnout.</li><li>For context, average revenue per tonne increased by 45.4% YoY to N162,265 for H1'25, while volumes increased by 20.3% YoY to 3.19Mt. </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>

Lafarge Africa Plc (NGX: WAPCO, TP - UR) reported an earnings growth of 352.1% YoY, which was largely supported by robust topline growth and notable easing in cost pressures, particularly in Q2'25.Revenue grew by 74.9% YoY to N517.0 billion, reflecting the combined impact of sustained price growth and decent volume turnout.For context, average revenue per tonne increased by 45.4% YoY to N162,265 for H1'25, while volumes increased by 20.3% YoY to 3.19Mt. 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.

Lafarge Africa Plc - H1’25 - Earnings Expansion on Moderating Cost Pressures