External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

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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

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 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

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

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

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

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