External broker reports(aggregated public sources), International Securities

International Securities

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>ADNOC Distribution posted 1Q25 core attributable profit (adjusted for inventory gains) of AED529mn, up 24% YoY (+3% QoQ)</li><li>On reported basis, attributable profit came in 16% higher YoY and 10% higher QoQ at AED639mn</li><li>The YoY core profit growth was led by 48% lower financial charges owing to presence of exchange losses in 1Q24</li></ul><p><em>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.</em></p>

ADNOC Distribution posted 1Q25 core attributable profit (adjusted for inventory gains) of AED529mn, up 24% YoY (+3% QoQ)On reported basis, attributable profit came in 16% higher YoY and 10% higher QoQ at AED639mnThe YoY core profit growth was led by 48% lower financial charges owing to presence of exchange losses in 1Q24Content 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 Distribution Result Review: 1Q25 Core Profit up 24% YoY (+3% QoQ) To AED529mn