Recent Research

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  FIRST LOOK NOTES

  30 Jul 2026

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.65

  Target Price

  3.20

  Upside (%)

  +20.75%

  UAE Equity Research - Fertiglobe PLC 2Q26 - First Look Note

  Project Harvest (1 mtpa lower-carbon ammonia project, UAE) is under construction, targeting 50% lower carbon intensity, with operations expected in 2027 and capex below USD 500 Mn. Ammonia prices rose to USD 910 per MT in April 2026 compared to USD 435 per MT in May 2025, driven by supply disruptions and Strait of Hormuz restrictions.

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• 

  EARNINGS CALL INSIGHT

  29 Jul 2026

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.65

  Target Price

  3.20

  Upside (%)

  +20.75%

  UAE Equity Research - Fertiglobe PLC 2Q26 - Earnings Call Insight

  Total sales volume rose 8.7% YOY to 1.57 Mn metric tons in 2Q26, mainly driven by an increase in third-party sales volume partially offset by decrease in own-product sold.

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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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