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 H1’25 results, UAC of Nigeria Plc (NGX: UACN, TP: UR) delivered strong EBIT growth.</li><li>However, the shift from a net finance gain to a net finance loss during the period weighed on earnings, resulting in a 22.9% YoY decline in net profit</li><li>Revenue grew by 32.6% YoY, supported by strong performances across core segments: Edible Feeds (+27.3% YoY), Paints (+28.7% YoY), and Packaged Food &amp; Beverages (+44.5% 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 H1’25 results, UAC of Nigeria Plc (NGX: UACN, TP: UR) delivered strong EBIT growth.However, the shift from a net finance gain to a net finance loss during the period weighed on earnings, resulting in a 22.9% YoY decline in net profitRevenue grew by 32.6% YoY, supported by strong performances across core segments: Edible Feeds (+27.3% YoY), Paints (+28.7% YoY), and Packaged Food &amp; Beverages (+44.5% 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 - Solid Operating Performance Dampened by Net Finance Cost