Recent Research

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  FIRST LOOK NOTES

  25 May 2026

  ADNOC Gas

  BUY

  Last Closing Price

  3.35

  Target Price

  4.30

  Upside (%)

  +28.36%

  UAE Equity Research - ADNOC Gas PLC 1Q26 - First Look Note

  ADNOC Gas reported a resilient 1Q26 performance despite geopolitical disruptions and export constraints caused by the temporary closure of the Strait of Hormuz. Total sales volumes declined 14.6% YOY to 770 TBTU in 1Q26, mainly due to lower LNG, LPG and Naphtha export volumes.

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  FIRST LOOK NOTES

  18 Feb 2026

  ADNOC Gas

  BUY

  Last Closing Price

  3.56

  Target Price

  4.30

  Upside (%)

  +20.79%

  UAE Equity Research - ADNOC Gas PLC 4Q25 - First Look Note

  ADNOCGAS’s total sales volume increased 4.7% YOY to 910 TBTU in 4Q25, owing to strong domestic demand. The Company expects 2026 Domestic sales volume to range between 2,430–2,510 TBTU, while Exports and traded liquids sales volume are expected to be between 1,045-1,075 TBTU.

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  EARNINGS CALL INSIGHT

  10 Feb 2026

  ADNOC Gas

  BUY

  Last Closing Price

  3.68

  Target Price

  4.30

  Upside (%)

  +16.85%

  UAE Equity Research - ADNOC Gas 4Q25 - Earnings Call Insight

  Revenue declined 9.3% YOY to USD 4,326 Mn in 4Q25, primarily due to an unfavourable pricing environment, partially offset by higher domestic gas and export & traded liquids sales volumes. Total sales volume rose 4.7% YOY to 910 trillion British thermal units (TBTU) in 4Q25.

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  FIRST LOOK NOTES

  17 Nov 2025

  ADNOC Gas

  BUY

  Last Closing Price

  3.39

  Target Price

  4.30

  Upside (%)

  +26.84%

  UAE Equity Research - ADNOC Gas PLC 3Q25 - First Look Note

  ADNOCGAS’s total sales volume increased 1.1% YOY to 959 TBTU in 3Q25, owing to strong domestic demand. The Company revised its 2025 sales volume outlook and now expects Domestic sales volume to range between 2,425–2,435 TBTU, compared to the earlier estimate of 2,410–2,450 TBTU.

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• 

  EARNINGS CALL INSIGHT

  14 Nov 2025

  ADNOC Gas

  BUY

  Last Closing Price

  3.39

  Target Price

  4.30

  Upside (%)

  +26.84%

  UAE Equity Research - ADNOC Gas PLC 3Q25 - Earnings Call Insight

  Revenue declined marginally 0.3% YOY to USD 4,856 Mn in 3Q25, primarily due to higher sales volumes, partially offset by an unfavorable pricing environment. Total sales volume rose 1.1% YOY to 959 trillion British thermal units (TBTU) in 3Q25.

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• 

  FIRST LOOK NOTES

  08 Aug 2025

  ADNOC Gas

  BUY

  Last Closing Price

  3.35

  Target Price

  3.93

  Upside (%)

  +17.31%

  UAE Equity Research - ADNOC Gas 2Q25 - First Look Note

  ADNOCGAS’s total sales volume increased 2.6% YOY to 931 TBTU in 2Q25, owing to strong domestic demand. The Company revised its 2025 sales volume outlook and now expects Domestic sales volume to range between 2,410–2,450 TBTU, up from the earlier estimate of 2,340–2,370 TBTU.

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