Recent Research

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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

  10 Nov 2025

  DANA Gas

  BUY

  Last Closing Price

  0.83

  Target Price

  0.95

  Upside (%)

  +14.46%

  UAE Equity Research - Dana Gas 3Q25 - First Look Note

  Dana’s average production decreased from 55,300 boepd in 3Q24 to 50,700 boepd in 3Q25. KRI’s average production declined by 1.8% YOY to 38,700 boepd, while Egypt’s output fell by 24.5% YOY to 12,000 boepd in 3Q25.

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  EARNINGS CALL INSIGHT

  06 Nov 2025

  ADNOC Drilling

  BUY

  Last Closing Price

  5.54

  Target Price

  6.50

  Upside (%)

  +17.33%

  UAE Equity Research - ADNOC Drilling - Acquisition Insight

  ADNOC Drilling entered into an agreement to acquire an 80% stake in MB Petroleum Services (MBPS) for AED 749 Mn (USD 204 Mn), which is expected to close in 1H26, financed through its existing debt capacity,

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  FIRST LOOK NOTES

  03 Nov 2025

  ADNOC Distribution

  BUY

  Last Closing Price

  3.61

  Target Price

  4.46

  Upside (%)

  +23.55%

  UAE Equity Research - ADNOC Distribution 3Q25 - First Look Note

  Total fuel volume grew 6.5% YOY to 4,078 Mn liters in 3Q25, attributed to a strong growth in retail and commercial volume. ADNOC Distribution revised its full-year 2025 target upward to 90–100 new stations, of which 80–90 will be located in Saudi Arabia, after exceeding its August 2025 guidance of adding 60–70 new stations.

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• 

  FIRST LOOK NOTES

  30 Oct 2025

  ADNOC Drilling

  BUY

  Last Closing Price

  5.58

  Target Price

  6.50

  Upside (%)

  +16.49%

  UAE Equity Research - ADNOC Drilling 3Q25 - First Look Note

  Revenue grew 22.8% YOY to USD 1,260 Mn in 3Q25, driven by strong growth across the Offshore and the OFS segment. As of September 2025, the Company operated a total fleet of 148 rigs, including 8 rigs in Oman and Kuwait that are part of the recently announced transaction with SLB.

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