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>Nigerian Breweries Plc (NGX: NB, TP: UR) delivered a subdued performance in its unaudited 9M’25 results, weighed down by the expected seasonal decline and margin compression in Q3 and a one-off impairment charge related to the integration of Distell Wines and Spirits Nigeria Limited.</li><li>Consequently, the company reported a net loss of N2.9 billion for the period.</li><li>Revenue grew by 47.2% YoY, supported by pricing adjustments and the strong performance of the premium portfolio. Similarly, cost of sales rose by 26.0% YoY, with cost-to-sales ratio at 60.3% (vs. 70.5% in 9M’24), resulting in a gross margin of 39.7% (vs. 29.5% in 9M’24).</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>

Nigerian Breweries Plc (NGX: NB, TP: UR) delivered a subdued performance in its unaudited 9M’25 results, weighed down by the expected seasonal decline and margin compression in Q3 and a one-off impairment charge related to the integration of Distell Wines and Spirits Nigeria Limited.Consequently, the company reported a net loss of N2.9 billion for the period.Revenue grew by 47.2% YoY, supported by pricing adjustments and the strong performance of the premium portfolio. Similarly, cost of sales rose by 26.0% YoY, with cost-to-sales ratio at 60.3% (vs. 70.5% in 9M’24), resulting in a gross margin of 39.7% (vs. 29.5% in 9M’24).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.

NIGERIAN BREWERIES PLC - One-Off Impairment and Seasonality Weigh on 9M’25 Earnings