October 23, 2025/CSL Report

Financial Highlights:

• Revenue +62.8% y/y to N780.49BN
• Cost of Sales (ex-depreciation) +35.6% y/y to N300.42BN
• OPEX (ex-depreciation) +48.2% y/y to N160.53BN
• Gross Profit +86.1% y/y to N480.07BN
• EBITDA +113.5% y/y to 323.85BN
• EBITDA Margin +9.9ppts to 41.49%
• Operating Profit +129.4% y/y to N298.41BN
• Profit before Tax +232.1% y/y to N313.29BN

Stock Rating: BUY

Target Price: N199.14/s