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

ADNOC Logistics & Services / Index Rebalance

<ul>
<li>On 29 August 2025, the company completed a Secondary Offering of $317m in which Abu Dhabi National Oil Company decreased its stake from 81% to 78%.</li>
<li>A free float increase is expected to be implemented at the close of 2 September for Global All-World.</li>
<li>Inclusion in Global Standard is projected for November 2025 following a float cap increase caused by the offering.</li>
</ul>


On 29 August 2025, the company completed a Secondary Offering of $317m in which Abu Dhabi National Oil Company decreased its stake from 81% to 78%.
A free float increase is expected to be implemented at the close of 2 September for Global All-World.
Inclusion in Global Standard is projected for November 2025 following a float cap increase caused by the offering.


ADNOC Logistics & Services (ADNOCLS UH): Global Index Inclusion & Upweight Following $317M Offering

External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

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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>We expect ADNOCGAS and Salik to be added into MSCI UAE Standard Index in May -25 review.</li><li>BOS expected to be added to the UAE small cap index.</li><li>We share our preview for MSCI May-25 index review. </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 ADNOCGAS and Salik to be added into MSCI UAE Standard Index in May -25 review.BOS expected to be added to the UAE small cap index.We share our preview for MSCI May-25 index review. 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

Equity Bottom-Up

<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)

ADNOC Logistics & Services (ADNOCLS UH): Global Index Inclusion & Upweight Following $317M Offering

ADNOC reduces stake in company through $317m Offering, triggering an upweight in Global All-World in September and potential inclusion in Global...

Dimitris Ioannidis

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 May-2025 Index Preview

We expect ADNOCGAS and Salik to be added into MSCI UAE Standard Index in May -25 review. BOS expected to be added to the UAE small cap 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

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

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52-week Range

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ADNOC Logistics & Services (ADNOCLS UH): Global Index Inclusion & Upweight Following $317M Offering

​ADNOC reduces stake in company through $317m Offering, triggering an upweight in Global All-World in September and potential inclusion in Global...

Dimitris Ioannidis

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 May-2025 Index Preview

We expect ADNOCGAS and Salik to be added into MSCI UAE Standard Index in May -25 review. BOS expected to be added to the UAE small cap 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

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

ADNOC reduces stake in company through $317m Offering, triggering an upweight in Global All-World in September and potential inclusion in Global...