External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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<ul><li>Fertiglobe posted 1Q25 adjusted attributable profit of USD73mn, up 313%% YoY (+73% QoQ)</li><li>The result was in line with our estimates where the higher-than-expected gross profits were offset by higher-than-expected non-controlling interest component</li><li>1Q25 benefited from 11% higher YoY sales led by company’s decision to strategically defer 239kt sales from4Q24 to 1Q25</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.

Fertiglobe posted 1Q25 adjusted attributable profit of USD73mn, up 313%% YoY (+73% QoQ)The result was in line with our estimates where the higher-than-expected gross profits were offset by higher-than-expected non-controlling interest component1Q25 benefited from 11% higher YoY sales led by company’s decision to strategically defer 239kt sales from4Q24 to 1Q25Content 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.

Fertiglobe - 1Q25 core attributable profit up 313% (+73% QoQ) to USD73mn; within estimates

<ul><li>Fertiglobe posted 1Q25 adjusted attributable profit of USD73mn, up 313%% YoY (+73% QoQ)</li><li>The result was in line with our estimates where the higher-than-expected gross profits were offset by higher-than-expected non-controlling interest component</li><li>1Q25 benefited from 11% higher YoY sales led by company’s decision to strategically defer 239kt sales from4Q24 to 1Q25</li><li>Fertiglobe also unveiled its Grow 2030 Strategy with management targeting an EBITDA of USD1bn by 2030 backed by four strategic pillars. We maintain Buy recommendation and will be revising our estimates soon following latest guidance</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.

Fertiglobe posted 1Q25 adjusted attributable profit of USD73mn, up 313%% YoY (+73% QoQ)The result was in line with our estimates where the higher-than-expected gross profits were offset by higher-than-expected non-controlling interest component1Q25 benefited from 11% higher YoY sales led by company’s decision to strategically defer 239kt sales from4Q24 to 1Q25Fertiglobe also unveiled its Grow 2030 Strategy with management targeting an EBITDA of USD1bn by 2030 backed by four strategic pillars. We maintain Buy recommendation and will be revising our estimates soon following latest guidanceContent 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.

Fertiglobe - 1Q25 Core Attributable Profit up 313% (+73% QoQ) To USD73mn

<ul><li>Fertiglobe posted 4Q24 adjusted attributable profit of USD42mn, down 59% YoY (+35% QoQ). The board recommended 2H24 dividend of AED0.055 per share.</li><li>The result was higher than our estimates, mainly due to adjustment in noncontrolling stake. On profit before tax Fertiglobe posted USD54mn, in line with our estimates.</li><li>4Q24 sales volumes were impacted by turnarounds and the strategic deferral of several shipments (239kt) to early 2025</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.

Fertiglobe posted 4Q24 adjusted attributable profit of USD42mn, down 59% YoY (+35% QoQ). The board recommended 2H24 dividend of AED0.055 per share.The result was higher than our estimates, mainly due to adjustment in noncontrolling stake. On profit before tax Fertiglobe posted USD54mn, in line with our estimates.4Q24 sales volumes were impacted by turnarounds and the strategic deferral of several shipments (239kt) to early 2025Content 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.

Fertiglobe - 4Q24 Adjusted Attributable Profit Down 59% YoY (+35% QoQ) To USD42mn

<ul><li>Fertiglobe posted 3Q24 adjusted attributable profit of USD31mn, down 25% YoY (+107% QoQ)</li><li>The adjusted profit removes the impact of USD37mn provision related to potential changes in Sorfert’s gas pricing</li><li>On reported basis, Fertiglobe posted an attributable loss of USD10mn</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.

Fertiglobe posted 3Q24 adjusted attributable profit of USD31mn, down 25% YoY (+107% QoQ)The adjusted profit removes the impact of USD37mn provision related to potential changes in Sorfert’s gas pricingOn reported basis, Fertiglobe posted an attributable loss of USD10mnContent 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.

Fertiglobe - 3Q24 Adjusted Attributable Profit Down 25% YoY (+107% QoQ) To USD31mn

<ul><li>Fertiglobe posted 2Q24 core attributable profit of USD10mn, down 87% YoY (-87% QoQ)</li><li>Core profit removes the impact of exchange gains/losses as well as tax reversals</li><li>On reported basis, attributable profit was USD14mn, down 82% 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.

Fertiglobe posted 2Q24 core attributable profit of USD10mn, down 87% YoY (-87% QoQ)Core profit removes the impact of exchange gains/losses as well as tax reversalsOn reported basis, attributable profit was USD14mn, down 82% YoYContent 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.

Fertiglobe - 2Q24 Core Attributable Profit Down 87% YoY (-87% QoQ) To USD10mn, Below Estimates

United Arab Emirates

Fertiglobe plc operates as an export-focused nitrogen fertilizer platform. The Company offers a range of nitrogen products serving agricultural and industrial customers around the world.

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Fertiglobe plc (FERTIGLB UH)

Fertiglobe - 1Q25 core attributable profit up 313% (+73% QoQ) to USD73mn; within estimates

The result was in line with our estimates where the higher-than-expected gross profits were offset by higher-than-expected non-controlling interest...

International Securities

Fertiglobe - 1Q25 Core Attributable Profit up 313% (+73% QoQ) To USD73mn

The result was in line with our estimates where the higher-than-expected gross profits were offset by higher-than-expected non-controlling interest...

International Securities

Fertiglobe - 4Q24 Adjusted Attributable Profit Down 59% YoY (+35% QoQ) To USD42mn

Fertiglobe posted 4Q24 adjusted attributable profit of USD42mn, down 59% YoY (+35% QoQ). The board recommended 2H24 dividend of AED0.055 per share.

International Securities

Fertiglobe - 3Q24 Adjusted Attributable Profit Down 25% YoY (+107% QoQ) To USD31mn

The adjusted profit removes the impact of USD37mn provision related to potential changes in Sorfert’s gas pricingOn reported basis, Fertiglobe...

International Securities

Fertiglobe - 2Q24 Core Attributable Profit Down 87% YoY (-87% QoQ) To USD10mn, Below Estimates

Fertiglobe posted 2Q24 core attributable profit of USD10mn, down 87% YoY (-87% QoQ). Core profit removes the impact of exchange gains/losses as...

International Securities

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