External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Emirates Integrated Telecommun / Equity Bottom-Up

<ul><li>Net Profit up 19.8% YoY to AED722mn (+23.5% QoQ; +10.8% vs estimate)</li><li>Revenue up 7.4% YoY to AED3.8bn (-0.6% QoQ; +2.1% vs estimate) </li><li>EBITDA up 15% YoY to AED1.8bn (+15.4 QoQ; +8.6% vs estimate)</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.

Net Profit up 19.8% YoY to AED722mn (+23.5% QoQ; +10.8% vs estimate)Revenue up 7.4% YoY to AED3.8bn (-0.6% QoQ; +2.1% vs estimate) EBITDA up 15% YoY to AED1.8bn (+15.4 QoQ; +8.6% vs estimate)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.

EITC (DU) - 1Q25 Net Profit up 19.8% YoY (+23.5% QoQ) To AED722mn, Higher than Estimates

<ul><li>Du reported 4Q24 profit of AED585mn, up 47.5% YoY but down 18.7% QoQ; higher than estimates </li><li>For 2H24 Du announced a dividend of 34fils, against 21fils for 2H23, up 62% YoY, 31% above our estimates.</li><li>Mobile subscribers witnessed an addition of 600K during the quarter, total mobile subscribers reached 8.9mn in 4Q24, up 4.2%YoY.</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.

Du reported 4Q24 profit of AED585mn, up 47.5% YoY but down 18.7% QoQ; higher than estimates For 2H24 Du announced a dividend of 34fils, against 21fils for 2H23, up 62% YoY, 31% above our estimates.Mobile subscribers witnessed an addition of 600K during the quarter, total mobile subscribers reached 8.9mn in 4Q24, up 4.2%YoY.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.

EITC (Du) - 4Q24 Earnings up 47.5% YoY (-18.7% QoQ) To AED585mn, Higher than Estimates

<ul><li>We revise our FV on Emirates Integrated Telecom company (Du) to AED8.06/sh. We maintain our HOLD recommendation and rollover our FV to Dec 2025</li><li>We expect Du earnings to grow on the back of higher margins resulting from a favorable new royalty structure and cost optimization.</li><li>We expect FY23-28e earnings CAGR of 11.9%, with revenues growing at a CAGR of 4.1% </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 revise our FV on Emirates Integrated Telecom company (Du) to AED8.06/sh. We maintain our HOLD recommendation and rollover our FV to Dec 2025We expect Du earnings to grow on the back of higher margins resulting from a favorable new royalty structure and cost optimization.We expect FY23-28e earnings CAGR of 11.9%, with revenues growing at a CAGR of 4.1% 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.

EITC (Du): Pure UAE Telecom Exposure with Dividend Play

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 ADNOC Drilling to post 3Q24e shareholder’s profit of USD311mn, up 21% YoY and 6% QoQ.</li><li>We expect total rig count to increase to 143 rigs, up from 140 rigs in 2Q24 and 124 rigs in 3Q23.</li><li>On YoY basis, we expect revenue to increase by 26% to USD976mn, led by higher number of rigs and continued expected growth in the Oil Field Services (OFS) business.</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 3Q24e shareholder’s profit of USD311mn, up 21% YoY and 6% QoQ.We expect total rig count to increase to 143 rigs, up from 140 rigs in 2Q24 and 124 rigs in 3Q23.On YoY basis, we expect revenue to increase by 26% to USD976mn, led by higher number of rigs and continued expected growth in the Oil Field Services (OFS) business.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.

3Q24 Quarterly Previews for IS Coverage Universe

United Arab Emirates

Emirates Integrated Telecommunications Co PJSC provides a range of telecommunication services. The Company offers mobile and fixed telephony, broadband connectivity and television services to individuals, homes, and businesses. EITC operates throughout the UAE, and has headquarters in Dubai, United Arab Emirates.

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Emirates Integrated Telecommun (DU UH)

EITC (DU) - 1Q25 Net Profit up 19.8% YoY (+23.5% QoQ) To AED722mn, Higher than Estimates

Net Profit up 19.8% YoY to AED722mn (+23.5% QoQ; +10.8% vs estimate) Revenue up 7.4% YoY to AED3.8bn (-0.6% QoQ; +2.1% vs estimate) EBITDA up 15%...

International Securities

EITC (Du) - 4Q24 Earnings up 47.5% YoY (-18.7% QoQ) To AED585mn, Higher than Estimates

Du reported 4Q24 profit of AED585mn, up 47.5% YoY but down 18.7% QoQ; higher than estimates. For 2H24 Du announced a dividend of 34fils, against...

International Securities

EITC (Du): Pure UAE Telecom Exposure with Dividend Play

We revise our FV on Emirates Integrated Telecom company (Du) to AED8.06/sh. We maintain our HOLD recommendation and rollover our FV to Dec 2025

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

3Q24 Quarterly Previews for IS Coverage Universe

We expect ADNOC Drilling to post 3Q24e shareholder’s profit of USD311mn, up 21% YoY and 6% QoQ. We expect total rig count to increase to 143 rigs,...

International Securities

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