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  • UAE Flag
    FIRST LOOK NOTES
    25 May 2026
    ADNOC Gas
    BUY
    AED 3.35
    AED 4.30
    +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.
  • UAE Flag
    FIRST LOOK NOTES
    21 May 2026
    ADNOC Distribution
    BUY
    AED 3.86
    AED 4.70
    +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.
  • UAE Flag
    FIRST LOOK NOTES
    19 May 2026
    ADNOC Drilling
    BUY
    AED 5.91
    AED 7.00
    +18.44%

    UAE Equity Research - ADNOC Drilling (ADNOCDRI) 1Q26 - First Look Note

    Revenue increased 5.0% YOY to USD 1,228 Mn in 1Q26, supported by growth in the OFS segment and stable offshore activity despite the impact from onshore rig repurposing. ADNOC Drilling’s pro-forma rig fleet expanded to 170 rigs by the end of 1Q26, including 140 rigs in Abu Dhabi and 30 regional rigs across Oman, Kuwait, and Bahrain through the SLDC and MBPS transactions.
  • UAE Flag
    SECTOR NOTE
    23 Apr 2026
    Energy

    UAE Equity Research - Energy Sector 1Q26 - Preview Note

    Recent geopolitical tensions in the Middle East have significantly disrupted global oil markets during 1Q26, leading to increased volatility and a sharp rise in risk premiums.

  • UAE Flag
    FIRST LOOK NOTES
    13 Mar 2026
    DANA Gas
    BUY
    AED 0.79
    AED 1.15
    +44.84%

    UAE Equity Research - Dana Gas 4Q25 - First Look Note

    Dana Gas reported a 30.8% YOY decline in net profit during 4Q25, primarily due to lower production in Egypt and a softer average Brent price environment. Average production increased from 55,300 boepd in 4Q24 to 55,900 boepd in 4Q25.
  • UAE Flag
    FIRST LOOK NOTES
    18 Feb 2026
    ADNOC Gas
    BUY
    AED 3.56
    AED 4.30
    +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.
  • UAE Flag
    FIRST LOOK NOTES
    17 Feb 2026
    ADNOC Drilling
    BUY
    AED 5.23
    AED 6.50
    +24.28%

    UAE Equity Research - ADNOC Drilling (ADNOCDRI) 4Q25 - First Look Note

    Revenue grew 7.5% YOY to USD 1,276 Mn in 4Q25, driven by strong growth across the Offshore and the OFS segment. As of December 2025, the Company proforma total fleet size stood 169 rigs, including 8 rigs in Oman and Kuwait acquired through the SLB transaction completed in early January 2026, and 21 regional rigs under the MBPS transaction.
  • UAE Flag
    EARNINGS CALL INSIGHT
    17 Feb 2026
    ADNOC Drilling
    BUY
    AED 5.23
    AED 6.50
    +24.28%

    UAE Equity Research - ADNOC Drilling (ADNOCDRI) 4Q25 - Earnings Call Insight

    Net revenue grew 7.5% YOY to USD 1,276 Mn in 4Q25, driven by the expansion of its unconventional operations and the integration of offshore rigs in 2H25. Additionally, the Company’s revenue in 4Q24 benefited from favorable OFS phasing and Onshore reimbursements of c. USD 80 Mn; excluding this, 4Q25 revenue would have grown 15.3% YOY.
  • UAE Flag
    EARNINGS CALL INSIGHT
    10 Feb 2026
    DANA Gas
    BUY
    AED 0.95
    AED 1.15
    +20.67%

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

    Dana Gas gross revenue decreased 41.5% YOY to USD 93 Mn in 4Q25, driven by lower production in Egypt and a softer realized price environment. Additionally, 4Q24 revenue included USD 46 Mn of revenue resulting from the higher gas price agreed as part of the Consolidation agreement.

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