Recent Research

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  FIRST LOOK NOTES

  21 Jul 2026

  A D N H Catering PLC

  BUY

  Last Closing Price

  0.63

  Target Price

  1.05

  Upside (%)

  +66.67%

  UAE Equity Research - ADNH Catering PLC (ADNHC) 2Q26 - First Look Note

  ADNH Catering PLC (ADNHC/the Company) reported a 19.4% YOY decline in net profit attributable to equity shareholders to AED 28 Mn in 2Q26, lower than our estimate of AED 39 Mn. The decline in net profit was driven by higher cost of sales, net finance costs, and a share of non-controlling interests, partially offset by higher revenue, a reversal of impairment on trade receivables of AED 0.2 Mn in 2Q26 compared to a charge of AED 22.6 Mn in 2Q25, and lower income tax charges.

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• 

  FIRST LOOK NOTES

  22 Apr 2026

  A D N H Catering PLC

  BUY

  Last Closing Price

  0.67

  Target Price

  1.25

  Upside (%)

  +87.97%

  UAE Equity Research - ADNH Catering PLC (ADNHC) 1Q26 - First Look Note

  ADNHC secured 20 new contracts during 1Q26, taking the total contract count to 504, while maintaining a high client retention rate of 99.4%. New contract wins contributed c. AED 37 Mn in annualized revenues, with contracts currently in the mobilisation phase.

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  FIRST LOOK NOTES

  11 Feb 2026

  A D N H Catering PLC

  BUY

  Last Closing Price

  0.77

  Target Price

  1.30

  Upside (%)

  +69.93%

  UAE Equity Research - ADNH Catering PLC 4Q25 - First Look Note

  ADNHC secured 88 new contracts in 2025, taking total contracts to 483, while client retention stood at 98.2%. ADNHC increased ownership stake in Compass Arabia from 30% to 50% through signing the Sale and Purchase Agreement (“SPA”).

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  FIRST LOOK NOTES

  13 Nov 2025

  A D N H Catering PLC

  BUY

  Last Closing Price

  0.80

  Target Price

  1.30

  Upside (%)

  +63.52%

  UAE Equity Research - ADNH Catering PLC (ADNHC) 3Q25 - First Look Note

  Increased ownership in Compass Arabia Company to 50% in August 2025, which added 25 new contracts to the portfolio. Secured 80 new contracts in 9M25, increasing the overall contracts to 458.

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• 

  FIRST LOOK NOTES

  28 Jul 2025

  A D N H Catering PLC

  BUY

  Last Closing Price

  0.88

  Target Price

  1.30

  Upside (%)

  +47.73%

  UAE Equity Research- ADNH Catering PLC (ADNHC)-2Q25 First Look Note

  ADNH Catering PLC net profit grew 9.4% YOY to AED 35 Mn in 2Q25, in line with our estimate of AED 36 Mn. The increase in net profit was mainly driven by revenue growth arising from new contract wins and a decline in direct costs, partially offset by higher G&A expenses and an impairment loss on trade receivables.

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• 

  FIRST LOOK NOTES

  08 May 2025

  A D N H Catering PLC

  BUY

  Last Closing Price

  0.89

  Target Price

  1.30

  Upside (%)

  +45.74%

  UAE Equity Research - ADNH Catering PLC (ADNHC) 1Q25 - First Look Note

  The Company secured 17 new contracts, increasing the overall contracts to 404 as of 31st March 2025. ADNHC is making steady progress in its retail growth strategy, with plans to open 25 new HUSK outlets by the end of 1H25, followed by an additional 25 outlets in 2H25.

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