Abu Dhabi National Oil Co Distribution: Off The 1Q26 Call

Research evidence excerpt

Abu Dhabi National Oil Co Distribution: Off The 1Q26 Call

Update

MayMay 13,13, 20262026 02:2805:09 PMPM GMTGMT

Morgan Stanley & Co. International plc+MAbu Dhabi National Oil Co Distribution | Europe Ricardo Rezende, CFA

Equity Analyst

Off The 1Q26 Call Ricardo.Rezende@morganstanley.comGiulia Faro +44 20 7677-9886

Research Associate

Giulia.Faro@morganstanley.com +44 20 7425-7581

Bottom line: positive. The call reinforced a resilient base business, with GCC fuel

Sylvia C Richards

volumes still growing despite softer Dubai mobility, and no supply disruption from Research Associate

recent refinery attacks. Management pointed to low-single- to single-digit fuel Sylvia.Richards@morganstanley.com +44 20 7677-3354

volume growth for the year, while non-fuel, Hub and EV remain structural margin- Abu Dhabi National Oil Co Distribution (ADNOCDIST.AD,

expansion levers. ADNOC Distribution is benefiting from geographic diversification ADNOCDIS DH)

across the UAE, a growing KSA DoCo footprint, and better customer monetization EEMEA - Oil & Gas | United Arab Emirates

through the app, C-stores, Hub and EV initiatives. Stock Rating Overweight

Industry View No Rating

GCC retail fuel volumes. After 1Q’s 6.4% GCC retail fuel volume growth, Price target AED 4.40

Shr price, close (May 12, 2026) AED 3.80

management indicated that volumes are staying resilient. March was up y/y despite 52-Week Range AED 4.18- 3.36

lower Dubai mobility, supported by Abu Dhabi and other Emirates, loyalty/app Mkt cap, curr (mn) AED 47,492

Net debt (12/26e) (mn)* AED 5,066

penetration and 43 operational DoCo stations in KSA. This supports a low-single- to EV, curr (mn)* AED 52,353

single-digit growth outlook. * = GAAP or approximated based on GAAP

Non-fuel, Hub and EV.