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>In its unaudited 9M’25 results, UAC of Nigeria Plc (NGX: UACN, TP: UR) delivered a subdued performance, with net profit declining by 60.6% YoY to N5.4 billion, pressured by a significant increase in finance costs and higher selling, general, and administrative (SG&amp;A) expenses.</li><li>Revenue grew by 19.8% YoY, supported by performances across core segments: Edible Feeds (+3.4% YoY), Paints (+28.0% YoY), and Packaged Food &amp; Beverages (+37.3% YoY).</li><li>Cost of sales increased by 17.3% YoY, as a result, gross profit grew by 28.1% 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>

In its unaudited 9M’25 results, UAC of Nigeria Plc (NGX: UACN, TP: UR) delivered a subdued performance, with net profit declining by 60.6% YoY to N5.4 billion, pressured by a significant increase in finance costs and higher selling, general, and administrative (SG&amp;A) expenses.Revenue grew by 19.8% YoY, supported by performances across core segments: Edible Feeds (+3.4% YoY), Paints (+28.0% YoY), and Packaged Food &amp; Beverages (+37.3% YoY).Cost of sales increased by 17.3% YoY, as a result, gross profit grew by 28.1% 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.

UAC of Nigeria Plc - Higher Operating and Financing Cost Weigh on 9M’25 Earnings