Confident on growth and dividend outlook; reiterate Overweight

Research evidence excerpt

Confident on growth and dividend outlook; reiterate Overweight

MENA Energy

ADNOC Gas (ADNOCGAS UH)

EQUITY RESEARCH Company Update

May 12, 2026

Confident on growth and dividend outlook; reiterate Price: AED3.38

Price Target: AED4.30 (From Overweight

AED4.70)

ADNOC Gas gave a confident outlook for its business, especially for the Rating: Overweight

UAE’s domestic natural gas market, and highlighted the resilience of its

Key Statistics: operations despite the recent disruptions. The company seems positive on Symbol ADS: ADNOCGAS

UH its projects and restoring Habshan to full capacity and stated once the Strait

52-Week Range 3.12 - 3.76 of Hormuz is open, it can export its products 'within 24-48hrs not weeks

Market Cap 259,419.8 or months.' The company also seems positive on its profitability recovery,

ADV (3 mo) 29,705,030 especially in 2027, and delivering on its >40% EBITDA uplift over the period

Free Float (%) 9.000 of FY23-FY29 and 5% pa dividend outlook. Shares Out (M) 76,751.4

UAE natural gas demand remains strong. ADNOC Gas said the underlying

Research Analysts: fundamentals for the UAE’s natural gas market remain strong. The company

Scott Darling believes there is pent-up gas demand in the UAE, that pricing may remain

+971 52 699 0785 elevated even if the Strait of Hormuz opens and 'higher than pre-war levels.' scott.darling@cantor.com

The company also said it had prioritized higher margin customer sales gas

Sales ($) in the quarter over lower margin gas for re-injection into reservoirs.

FYE Dec 2026E 2027E 2028E Confident over profitability in 2027. ADNOC Gas reiterated its FY26 net Year 21.4(B)E 24.1(B) 26.3(B)

Prev 22.3(B)E 23.4(B) 25.3(B) income guidance in the range of US$3.5-4.0bn and said it was confident on