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

Index Rebalance

<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

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

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)

ADNOC Gas - 1Q25 Result Review: Core Earnings up 5% YoY (+9% QoQ) To USD1.25bn

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-recurrin

International Securities

M-EM May-2025 Index Preview

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.

International Securities

ADNOC Gas: 4Q24 Core Earnings Down 9% YoY (-6% QoQ) To USD1.15bn; 2H24 DPS AED0.08

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...

International Securities

ADNOC Gas - 3Q24 Core Earnings up 12% YoY (+7% QoQ) To USD1.22bn

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.

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

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