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.
