External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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<ul><li>ADNOC Distribution posted 1Q25 core attributable profit (adjusted for inventory gains) of AED529mn, up 24% YoY (+3% QoQ)</li><li>On reported basis, attributable profit came in 16% higher YoY and 10% higher QoQ at AED639mn</li><li>The YoY core profit growth was led by 48% lower financial charges owing to presence of exchange losses in 1Q24</li></ul>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.

ADNOC Distribution posted 1Q25 core attributable profit (adjusted for inventory gains) of AED529mn, up 24% YoY (+3% QoQ)On reported basis, attributable profit came in 16% higher YoY and 10% higher QoQ at AED639mnThe YoY core profit growth was led by 48% lower financial charges owing to presence of exchange losses in 1Q24Content 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.

ADNOC Distribution Result Review: 1Q25 Core Profit up 24% YoY (+3% QoQ) To AED529mn

<ul><li>ADNOC Distribution posted 4Q24 core attributable profit (adjusted for inventory gains) of AED579mn, down 8% YoY (-3% QoQ)</li><li>On reported basis, attributable profit came in 14% lower YoY at AED580mn</li><li>The board recommended 2H24 dividend of AED0</li></ul>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.

ADNOC Distribution posted 4Q24 core attributable profit (adjusted for inventory gains) of AED579mn, down 8% YoY (-3% QoQ)On reported basis, attributable profit came in 14% lower YoY at AED580mnThe board recommended 2H24 dividend of AED0Content 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.

ADNOC Distribution: 4Q24 Core Profit Down 8% YoY (-3% QoQ) To AED579mn

Thematic (Sector/Industry)

<ul><li>We expect ADNOC Drilling to post 1Q25e core attributable profit of USD338mn, up 23% YoY but down 3% QoQ.</li><li>In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to ensure a like for like comparison. </li><li>We expect total rig count to increase to 142 rigs, in line with 4Q24, but up from 137 rigs in 1Q24.</li></ul>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.

We expect ADNOC Drilling to post 1Q25e core attributable profit of USD338mn, up 23% YoY but down 3% QoQ.In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to ensure a like for like comparison. We expect total rig count to increase to 142 rigs, in line with 4Q24, but up from 137 rigs in 1Q24.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.

1Q25 Quarterly Result Previews - 24 April 2025

<ul><li>MSCI UAE standard index expected to see an overall inflow of USD303.2mn.</li><li>Emar Development added to the MSCI UAE standard index taking the total number of UAE constituents to 13 in EM standard index </li><li>All existing Standard Index constituents are expected to witness slight inflows in proportion of their weight in the Index. </li></ul>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.

MSCI UAE standard index expected to see an overall inflow of USD303.2mn.Emar Development added to the MSCI UAE standard index taking the total number of UAE constituents to 13 in EM standard index All existing Standard Index constituents are expected to witness slight inflows in proportion of their weight in the Index. 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.

<ul><li>We expect ADNOC Drilling to post 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ.</li><li>This would take the FY24 core profits to USD1.24bn, up 27% YoY.</li><li>Core profits remove the impact of one-off USD55mn depreciation reversal booked in 4Q23.</li></ul>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.

We expect ADNOC Drilling to post 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ.This would take the FY24 core profits to USD1.24bn, up 27% YoY.Core profits remove the impact of one-off USD55mn depreciation reversal booked in 4Q23.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.

4Q24 Quarterly Result Previews - 30th January 2025

United Arab Emirates

Abu Dhabi National Oil Company for Distribution PJSC markets and distributes petroleum products. The Company offers lubricants, liquid propane, greases, and natural gas for vehicles, as well as provides service stations for refueling, oil change, parts replacement, and car washing services. Abu Dhabi National Oil Company for Distribution serves customers worldwide.

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ADNOC Distribution (ADNOCDIS UH)

ADNOC Distribution Result Review: 1Q25 Core Profit up 24% YoY (+3% QoQ) To AED529mn

ADNOC Distribution posted 1Q25 core attributable profit (adjusted for inventory gains) of AED529mn, up 24% YoY (+3% QoQ). On reported basis,...

International Securities

ADNOC Distribution: 4Q24 Core Profit Down 8% YoY (-3% QoQ) To AED579mn

ADNOC Distribution posted 4Q24 core attributable profit (adjusted for inventory gains) of AED579mn, down 8% YoY (-3% QoQ)

International Securities

1Q25 Quarterly Result Previews - 24 April 2025

In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to...

International Securities

MSCI EM Feb-2025 Index Review

Emar Development added to the MSCI UAE standard index taking the total number of UAE constituents to 13 in EM standard index

International Securities

4Q24 Quarterly Result Previews - 30th January 2025

We expect ADNOC Drilling to post 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ. This would take the FY24 core profits to...

International Securities

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