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>Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) in its 9M'25 unaudited financials delivered a strong set of results for 9M'25, reinforcing its positive momentum amid an improving operating environment.</li><li>The company reported a 99.7% YoY rise in net income, supported by a 200.7% YoY surge in operating profit, highlighting strong operational leverage and disciplined cost management.</li><li>UNILEVER's topline performance remained robust, with total revenue printing at N155.4 billion (+49.7% 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>

Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) in its 9M'25 unaudited financials delivered a strong set of results for 9M'25, reinforcing its positive momentum amid an improving operating environment.The company reported a 99.7% YoY rise in net income, supported by a 200.7% YoY surge in operating profit, highlighting strong operational leverage and disciplined cost management.UNILEVER's topline performance remained robust, with total revenue printing at N155.4 billion (+49.7% 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.

Unilever Nigeria Plc - Sustained Earnings Momentum in 9M25