Recent Research

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  FIRST LOOK NOTES

  13 Mar 2026

  DANA Gas

  BUY

  Last Closing Price

  0.79

  Target Price

  1.15

  Upside (%)

  +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.

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• 

  FIRST LOOK NOTES

  18 Feb 2026

  ADNOC Gas

  BUY

  Last Closing Price

  3.56

  Target Price

  4.30

  Upside (%)

  +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.

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  FIRST LOOK NOTES

  17 Feb 2026

  ADNOC Drilling

  BUY

  Last Closing Price

  5.23

  Target Price

  6.50

  Upside (%)

  +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.

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  EARNINGS CALL INSIGHT

  17 Feb 2026

  ADNOC Drilling

  BUY

  Last Closing Price

  5.23

  Target Price

  6.50

  Upside (%)

  +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.

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  EARNINGS CALL INSIGHT

  10 Feb 2026

  DANA Gas

  BUY

  Last Closing Price

  0.95

  Target Price

  1.15

  Upside (%)

  +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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• 

  EARNINGS CALL INSIGHT

  10 Feb 2026

  ADNOC Gas

  BUY

  Last Closing Price

  3.68

  Target Price

  4.30

  Upside (%)

  +16.85%

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

  Revenue declined 9.3% YOY to USD 4,326 Mn in 4Q25, primarily due to an unfavourable pricing environment, partially offset by higher domestic gas and export & traded liquids sales volumes. Total sales volume rose 4.7% YOY to 910 trillion British thermal units (TBTU) in 4Q25.

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