External broker reports(aggregated public sources), International Securities

International Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

ADNOC Logistics & Services / Equity Bottom-Up

ADNOC Logistics & Services ( ADNOCLS EQUITY)

<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><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 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