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  • UAE Flag
    FIRST LOOK NOTES
    31 Oct 2025
    Borouge PLC
    BUY
    AED 2.50
    AED 2.95
    +18.00%

    UAE Equity Research - Borouge PLC 3Q25 - First Look Note

    Recorded highest ever volume production of 1,390 thousand tonnes in 3Q25. Cash conversion increased from 71% in 2Q25 to 93% in 3Q25. Capital expenditure declined from USD 130 Mn in 2Q25 to USD 40 Mn in 3Q25.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    30 Oct 2025
    Borouge PLC
    BUY
    AED 2.54
    AED 2.95
    +16.14%

    UAE Equity Research - Borouge PLC 3Q25 - Earnings Call Insight

    Borouge's revenue declined 9.5% YOY to USD 1.5 Bn in 3Q25, due to a decline in both sales volume and average realized price for PE and PP. Direct cost declined 8.2% YOY to USD 840 Mn in 3Q25, owing to a decline in feedstock cost and lower other variable and fixed production costs.
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  • UAE Flag
    FIRST LOOK NOTES
    01 Aug 2025
    Borouge PLC
    ACCUMULATE
    AED 2.64
    AED 2.95
    +11.74%

    UAE Equity Research - Borouge PLC 2Q25- First Look Note

    Completed B3 turnaround eight days early, executing 88 debottlenecking projects and Borouge 4 tie-ins, significantly improving asset performance and ensuring six years reliability. PE premia rose to USD 249 per tonne, PP premia hit USD 141 per tonne, both exceeding targets, supported by product differentiation, market reallocation, and commercial discipline.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    31 Jul 2025
    Borouge PLC
    ACCUMULATE
    AED 2.64
    AED 2.95
    +11.74%

    UAE Equity Research - Borouge PLC 2Q25 - Earnings Call Insight

    Borouge's revenue declined 13.2% YOY to USD 1.3 Bn in 2Q25, primarily due to planned maintenance at Borouge 3, partially offset by c. 140 kt of inventory sales. Direct cost declined marginally 0.9% YOY to USD 0.9 Bn in 2Q25, owing to lower feedstock costs partially offset by an increase in other variable and fixed production costs primarily due to inventory impact in the quarter.
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  • UAE Flag
    FIRST LOOK NOTES
    06 May 2025
    Borouge PLC
    BUY
    AED 2.57
    AED 2.95
    +14.79%

    UAE Equity Research - Borouge PLC 1Q25 - First Look Note

    PE sales volume rose 8% YOY to 740 thousand tonnes, and PP sales volume surged 13% YOY to 506 thousand tonnes in 1Q25. The Company exhibited a utilization rate of 101% for PE and 98% for PP in 1Q25.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    01 May 2025
    Borouge PLC
    BUY
    AED 2.58
    AED 2.95
    +14.34%

    UAE Equity Research - Borouge PLC 1Q25 - Earnings Call Insight

    Borouge's revenue grew 9.0% YOY to USD 1.4 Bn in 1Q25, owing to a 10.0% YOY growth in total sales volume, partially offset by a 4.0% YOY decline in average PE selling price. Direct cost rose 15.9% YOY to USD 846 Mn in 1Q25 owing to an increase in sales volumes.
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  • UAE Flag
    FIRST LOOK NOTES
    30 Apr 2025
    Borouge PLC
    BUY
    AED 2.57
    AED 2.95
    +14.79%

    UAE Equity Research - Borouge PLC 1Q25 - Earnings Flash

    Net profit rose to $281 Mn in 1Q25, a 3% increase from $273 Mn in 1Q24, driven by higher production volumes (up 7% YoY) and record monthly production in March.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    05 Mar 2025
    Borouge PLC
    BUY
    AED 2.50
    AED 2.95
    +18.00%

    UAE Equity Research - Borouge PLC 4Q24 - M&A Insight

    ADNOC and OMV have established a binding framework agreement that details the merger of Borouge Plc (Borouge) and Borealis AG (Borealis) to create a new organization called Borouge Group International, positioning it as a prominent global player in polyolefins.
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  • UAE Flag
    FIRST LOOK NOTES
    07 Feb 2025
    Borouge PLC
    BUY
    AED 2.53
    AED 2.95
    +16.60%

    UAE Equity Research - Borouge PLC 4Q24 - First Look Note

    Borouge’s PE sales volume rose 10% YOY to 823 thousand tonnes and PP sales volume surged 5% YOY to 640 thousand tonnes in 4Q24. The Company exhibited a utilization rate of 113% for PE and 98% for PP in 4Q24.
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