Recent Research

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  FIRST LOOK NOTES

  07 Aug 2026

  ADNOC Distribution

  BUY

  Last Closing Price

  4.08

  Target Price

  4.70

  Upside (%)

  +15.20%

  UAE Equity Research - ADNOC Distribution (ADNOCDIST) 2Q26 - First Look Note

  Total fuel volumes increased 0.8% YOY to 3.9 Bn liters in 2Q26, supported by growth in aviation fuel volumes, despite lower retail fuel volumes. The Company acquired Shell Downstream South Africa (SDSA) further strengthening its international footprint.

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  EARNINGS CALL INSIGHT

  06 Aug 2026

  ADNOC Distribution

  BUY

  Last Closing Price

  4.07

  Target Price

  4.70

  Upside (%)

  +15.48%

  UAE Equity Research - ADNOC Distribution (ADNOCDIST) 2Q26 - Earnings Call Insight

  ADNOC Distribution's revenue increased from AED 8,638 Mn in 2Q25 to AED 13,201 Mn in 2Q26, driven by higher fuel selling prices following elevated crude oil prices, robust aviation fuel demand and continued growth in the non-fuel retail business, partially offset by lower retail fuel volumes.

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• 

  EARNINGS CALL INSIGHT

  09 Jul 2026

  ADNOC Distribution

  BUY

  Last Closing Price

  3.94

  Target Price

  4.70

  Upside (%)

  +19.29%

  UAE Equity Research - ADNOC Distribution - Acquisition Insight

  ADNOCDIST announced the acquisition of 100% of Shell Downstream South Africa (SDSA) at an implied Enterprise Value of USD 1 Bn, with the transaction expected to close in 2027 upon receiving regulatory approvals. Following completion, ADNOCDIST plans to divest a 28% stake to a local B-BBEE partner and Employee Share Ownership Plan (ESOP), resulting in a 72% ownership in SDSA.

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  FIRST LOOK NOTES

  21 May 2026

  ADNOC Distribution

  BUY

  Last Closing Price

  3.86

  Target Price

  4.70

  Upside (%)

  +21.76%

  UAE Equity Research - ADNOC Distribution (ADNOCDIST) 1Q26 - First Look Note

  ADNOCDIST’s total fuel volumes increased 2.4% YOY to 3.8 Bn liters in 1Q26, supported by strong retail momentum across the UAE and KSA markets. Continued expanding retail network during 1Q26, adding two new service stations in the UAE and Egypt, also contracting an additional 20 stations in KSA under the capex-light DOCO model.

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• 

  FIRST LOOK NOTES

  05 Feb 2026

  ADNOC Distribution

  BUY

  Last Closing Price

  4.06

  Target Price

  4.70

  Upside (%)

  +15.76%

  UAE Equity Research - ADNOC Distribution (ADNOCDIST) 4Q25 - First Look Note

  ADNOCDIST expanded its footprint to 1,010 service stations and 536 convenience stores across the UAE, KSA, and Egypt in 2025. ADNOCDIST added 99 DOCO sites in 2025, doubling the network, with 30+ already operational and the rest to come online soon, subject to approvals.

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• 

  EARNINGS CALL INSIGHT

  05 Feb 2026

  ADNOC Distribution

  BUY

  Last Closing Price

  4.06

  Target Price

  4.70

  Upside (%)

  +15.76%

  UAE Equity Research - ADNOC Distribution (ADNOCDIST) 4Q25 - Earnings Call Insight

  ADNOC Distribution’s revenue grew 7.0% YOY to AED 9,460 Mn in 4Q25, driven by higher growth in volumes and contribution from non-fuel retail business. Direct cost increased 5.3% YOY to AED 7,609 Mn in 4Q25.

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