External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

ADNOC Logistics & Services / Equity Bottom-Up

<ul><li>ADNOC Logistics &amp; Services reported 1Q25 attributable profit of USD181mn, down 7% YoY (+0% QoQ), below our estimates</li><li>The results include the consolidation of Navig8, effective from January 2025</li><li>On YoY basis, revenue jumped 41%, led by consolidation of Navig8 but attributable profits came in lower owing to softer commercial shipping rates</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 Logistics &amp; Services reported 1Q25 attributable profit of USD181mn, down 7% YoY (+0% QoQ), below our estimatesThe results include the consolidation of Navig8, effective from January 2025On YoY basis, revenue jumped 41%, led by consolidation of Navig8 but attributable profits came in lower owing to softer commercial shipping ratesContent 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.

ADNOCLS: 1Q25 Attributable Profit Down 7% YoY (+0% QoQ) To USD181mn; Below Estimates

<ul><li>ADNOC Logistics &amp; Services reported 4Q24 profit of USD180mn, up 9% YoY (+3% QoQ) taking FY24 profits to USD756mn, up 22% YoY.</li><li>The result was in line with our estimates. The management recommended 2H24 dividend of AED0.068/share. </li><li>In 4Q24, higher profits YOY were led by higher contribution from EPC contract which compensated the impact from softer shipping rates towards the end of the year. </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 Logistics &amp; Services reported 4Q24 profit of USD180mn, up 9% YoY (+3% QoQ) taking FY24 profits to USD756mn, up 22% YoY.The result was in line with our estimates. The management recommended 2H24 dividend of AED0.068/share. In 4Q24, higher profits YOY were led by higher contribution from EPC contract which compensated the impact from softer shipping rates towards the end of the year. 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.

ADNOCL&S 4Q24 (+3% QoQ): To USD180mn; 2H24 DPS AED0.068, in Line with Estimate

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.

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.

United Arab Emirates

ADNOC Logistics & Services is an integrated shipping and logistics company. The Company offers shipping, maritime, port, logistics, and oil field services. ADNOC Logistics & Services serves clients worldwide.

ADNOC Logistics & Services ( ADNOCLS EQUITY)

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ADNOC Logistics & Services ( ADNOCLS EQUITY)

ADNOCLS: 1Q25 Attributable Profit Down 7% YoY (+0% QoQ) To USD181mn; Below Estimates

On YoY basis, revenue jumped 41%, led by consolidation of Navig8 but attributable profits came in lower owing to softer commercial shipping rates

International Securities

ADNOCL&S 4Q24 (+3% QoQ): To USD180mn; 2H24 DPS AED0.068, in Line with Estimate

ADNOC Logistics & Services reported 4Q24 profit of USD180mn, up 9% YoY (+3% QoQ) taking FY24 profits to USD756mn, up 22% YoY.

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 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

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

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