Recent Research

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  FIRST LOOK NOTES

  17 Feb 2026

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.70

  Target Price

  3.20

  Upside (%)

  +18.52%

  UAE Equity Research - Fertiglobe PLC 4Q25 - First Look Note

  Expanded production capacity of Diesel Exhaust Fluid (DEF) and Automotive Grade Urea (AGU) in the UAE and Egypt, which is projected to generate c. USD 22 Mn of additional annual EBITDA by 2030.

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• 

  EARNINGS CALL INSIGHT

  12 Feb 2026

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.77

  Target Price

  3.20

  Upside (%)

  +15.52%

  UAE Equity Research - Fertiglobe PLC 4Q25 - Earnings Call Insight

  Total sales volume rose 37.6% YOY to 1.68 Mn metric tons in 4Q25, mainly driven by an increase in own product sold and third-party sales volume. Own product sales volume rose 17.9% YOY to 1.38 Mn metric tons in 4Q25. Additionally, total third-party product sales grew to 0.30 Mn metric tons in 4Q25, compared to 0.05 Mn metric tons in 4Q24.

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• 

  FIRST LOOK NOTES

  13 Nov 2025

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.46

  Target Price

  3.20

  Upside (%)

  +30.08%

  UAE Equity Research - Fertiglobe PLC 3Q25 - First Look Note

  Fertiglobe’s USD 142 Mn goodwill tax settlement in Egypt is expected to yield annual cash tax savings of c. USD 16 Mn over the next decade. Urea prices averaged USD 474 per ton (FOB Egypt) in 3Q25, up 16% QOQ and 33% YOY, contributing to higher revenues.

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• 

  EARNINGS CALL INSIGHT

  11 Nov 2025

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.44

  Target Price

  3.20

  Upside (%)

  +31.15%

  UAE Equity Research - Fertiglobe 3Q25 - Earnings Call Insight

  Total sales volume rose 19.5% YOY to 1.65 Mn metric tons in 3Q25, mainly driven by an increase in third-party sales. Own product sales fell 2.1% YOY to 1.33 Mn metric tons in 3Q25, driven by the impact of gas supply issues in Egypt and the strategic decision to increase urea production.

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• 

  FIRST LOOK NOTES

  12 Aug 2025

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.51

  Target Price

  3.20

  Upside (%)

  +27.49%

  UAE Equity Research - Fertiglobe PLC 2Q25 - First Look Note

  Fertiglobe’s strong short-term market outlook is supported by tight global supply and rising demand from major buying regions, keeping prices strong. Cost savings of USD 15-21 Mn are targeted by year-end 2025, through procurement efficiencies, operational improvements, and integration synergies with ADNOC.

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• 

  EARNINGS CALL INSIGHT

  05 Aug 2025

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.58

  Target Price

  3.20

  Upside (%)

  +24.03%

  UAE Equity Research - Fertiglobe PLC 2Q25 - Earnings Call Insight

  Total sales volume declined 3.6% YOY to 1.44 Mn metric tons in 2Q25, driven by a decline in own product, partially offset by rise in third-party sales. Own product sales fell 9.6% YOY to 1.26 Mn metric tons in 2Q25 driven by the impact of turnarounds in the UAE and external factors on operating rates due to planned and unplanned shutdowns, while third-party product sales rose 74.1% YOY to 0.19 Mn metric tons in 2Q25.

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