Recent Research

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  FIRST LOOK NOTES

  12 Nov 2026

  Agthia Group

  BUY

  Last Closing Price

  3.17

  Target Price

  5.10

  Upside (%)

  +60.88%

  UAE Equity Research - Agthia Group 3Q26 - First Look Note

  Al Ain continued to strengthen the leadership position in the UAE bottled water market, gaining 0.8 percentage points of value market share to reach 31.2%. Net Debt-to-EBITDA ratio rose to 2.4x in 3Q26 from 1.8x in 2Q26. Abu Auf delivered revenue growth of 21.7% YOY, expanded the network to 468 stores and increased ground coffee value share to 12.5%.

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  EARNINGS CALL INSIGHT

  12 Nov 2026

  Agthia Group

  BUY

  Last Closing Price

  3.17

  Target Price

  5.10

  Upside (%)

  +60.88%

  UAE Equity Research - Agthia Group 3Q26 - Earnings Call Insight

  Agthia Group’s revenue increased 14.4% YOY to AED 1,300 Mn in 3Q26, primarily driven by strong performance in the Water & Food, Protein & Frozen and Agri-Business segments, partially offset by weaker performance in the Snacking segment.

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• 

  FIRST LOOK NOTES

  11 Aug 2026

  Agthia Group

  BUY

  Last Closing Price

  3.33

  Target Price

  5.10

  Upside (%)

  +53.15%

  UAE Equity Research - Agthia Group 2Q26 - First Look Note

  Reported revenue included AED 142.3 Mn of one-off food security sales, while underlying revenue remained broadly stable excluding these one-off sales. KSA protein facility continued to ramp up, with protein sales in KSA growing 55.7% YOY.

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  EARNINGS CALL INSIGHT

  07 Aug 2026

  Agthia Group

  BUY

  Last Closing Price

  3.32

  Target Price

  5.10

  Upside (%)

  +53.61%

  UAE Equity Research - Agthia Group 2Q26 - Earnings Call Insight

  Agthia Group's revenue increased 11.9% YOY to AED 1,275 Mn in 2Q26, primarily driven by strong performance in the Water & Food, Protein & Frozen, and Agri-Business segments, partially offset by weaker performance in the Snacking segment.

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• 

  FIRST LOOK NOTES

  06 Mar 2026

  Agthia Group

  BUY

  Last Closing Price

  3.73

  Target Price

  5.70

  Upside (%)

  +52.82%

  UAE Equity Research - Agthia Group 4Q25 - First Look Note

  In the Water & Food segment, the Company recorded 8.7% YOY growth on a like-for-like basis, excluding Riviere, reflecting strong organic momentum.

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• 

  EARNINGS CALL INSIGHT

  06 Mar 2026

  Agthia Group

  BUY

  Last Closing Price

  3.73

  Target Price

  5.70

  Upside (%)

  +52.82%

  UAE Equity Research - Agthia Group 4Q25 - Earnings Call Insight

  Agthia Group’s revenue declined 1.6% YOY to AED 1,286 Mn in 4Q25, primarily due to weaker performance in the Snacking and Agri-business segment, partially offset by strong performance in Protein & Frozen and Water & Food segment.

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