UAE Equity Research - ADNH Catering PLC (ADNHC) 3Q26 - First Look Note
ADNHC secured 18 new contracts during 3Q26, bringing total new contracts to 57 in 9M26, while maintaining a strong contract retention rate of 98.5% in 3Q26. EBITDA declined 28.2% YOY to AED 53 Mn in 3Q26, amid inflationary operating conditions and inbound supply chain challenges.