US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adnoc-gas-plc" target="_blank" data-smartkarma-citation="entities:40801:1" rel="noopener">Adnoc Gas (ADNOCGAS UH)</a> had been omitted from both global indices due to insufficient float cap despite a market cap of over $60bn.</li>
<li>On 21 February 2025, the company completed a Secondary Offering of $2.8bn, resulting in a free float increase from 5% to 9%.</li>
<li>
<a href="https://www.smartkarma.com/entities/adnoc-gas-plc" target="_blank" data-smartkarma-citation="entities:40801:1" rel="noopener">Adnoc Gas (ADNOCGAS UH)</a> is expected to be added to Global All-World at the September 2025 review due to an increased float cap.</li>
</ul>



Adnoc Gas (ADNOCGAS UH) had been omitted from both global indices due to insufficient float cap despite a market cap of over $60bn.
On 21 February 2025, the company completed a Secondary Offering of $2.8bn, resulting in a free float increase from 5% to 9%.

Adnoc Gas (ADNOCGAS UH) is expected to be added to Global All-World at the September 2025 review due to an increased float cap.


ADNOC Gas (ADNOCGAS UH): Global Index Inclusion Following $2.8B Offering

External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>ADNOC Gas reported 1Q25 core profit of USD1.25bn, up 5% YoY (+9% QoQ).</li><li>Core profits remove the impact of one-off adjustments which are non-recurring.</li><li>On reported basis, profits were 7% up YoY and 8% down QoQ at USD1.27bn.</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 Gas reported 1Q25 core profit of USD1.25bn, up 5% YoY (+9% QoQ).Core profits remove the impact of one-off adjustments which are non-recurring.On reported basis, profits were 7% up YoY and 8% down QoQ at USD1.27bn.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 Gas - 1Q25 Result Review: Core Earnings up 5% YoY (+9% QoQ) To USD1.25bn

<ul>
<li>We share our preview for M-May-25 index review. M review announcement is scheduled on 13 May 2025 with effective date of 2 June 2025.</li>
<li>The price cutoff period for May -25 index review will be from 17th April 2025 till 30th April 2025.</li>
<li>Post Marketed offering ADNOCGAS free float increased to headline free float of 9%. As additional free float contributes to (Foreign Inclusion Factor) FIF, ADNOC Gas shall meet the minimum Free Float Market Capitalization requirement (FFMC) </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 share our preview for M-May-25 index review. M review announcement is scheduled on 13 May 2025 with effective date of 2 June 2025.
The price cutoff period for May -25 index review will be from 17th April 2025 till 30th April 2025.
Post Marketed offering ADNOCGAS free float increased to headline free float of 9%. As additional free float contributes to (Foreign Inclusion Factor) FIF, ADNOC Gas shall meet the minimum Free Float Market Capitalization requirement (FFMC) 

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>ADNOC Gas reported 4Q24 core profit of USD1.15bn, down 9% YoY (-6% QoQ).</li><li>The board recommended 2H24 dividend of AED0.08 per share, in line with guidance.</li><li>The FY24 core profits came in at USD4.7bn versus USD4.3bn in FY23.</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 Gas reported 4Q24 core profit of USD1.15bn, down 9% YoY (-6% QoQ).The board recommended 2H24 dividend of AED0.08 per share, in line with guidance.The FY24 core profits came in at USD4.7bn versus USD4.3bn in FY23.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 Gas: 4Q24 Core Earnings Down 9% YoY (-6% QoQ) To USD1.15bn; 2H24 DPS AED0.08

<ul><li>ADNOC Gas reported 3Q24 core profit of USD1.22bn, up 12% YoY (+7% QoQ). The result was slightly higher than our estimate of USD1.16bn.</li><li>On reported basis, profit came in at USD1.24bn, up 11% YoY.</li><li>The YoY jump in core profits is led by favorable margins on LNG and export liquids which resulted in EBITDA from the segments increasing by 107% and 17%, respectively. </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 Gas reported 3Q24 core profit of USD1.22bn, up 12% YoY (+7% QoQ). The result was slightly higher than our estimate of USD1.16bn.On reported basis, profit came in at USD1.24bn, up 11% YoY.The YoY jump in core profits is led by favorable margins on LNG and export liquids which resulted in EBITDA from the segments increasing by 107% and 17%, respectively. 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 Gas - 3Q24 Core Earnings up 12% YoY (+7% QoQ) To USD1.22bn

United Arab Emirates

ADNOC Gas plc operates as an integrated gas processing company. The Company specializes in crude oil and natural gas refining, marketing, supply, and transportation. ADNOC Gas serves customers worldwide.

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Adnoc Gas (ADNOCGAS UH)