Robust outlook for the UAE energy/technology sectors

Research evidence excerpt

Robust outlook for the UAE energy/technology sectors

MENA Energy | MENA Technology

EQUITY RESEARCH Industry Report

July 15, 2026

Robust outlook for the UAE energy/technology

Research Analysts: sectors

Scott Darling

+971 52 699 0785 We expect our covered MENA energy/technology companies to deliver

scott.darling@cantor.com

robust q/q and y/y earnings momentum on average, when the 2Q26

reporting season starts later this month with Emirates Mobility. Heading

into earnings season, we see the potential for positive earnings surprises

from ADNOC Distribution, ADNOC Gas, ADNOC L&S and Fertiglobe. We

highlight our earnings expectations and the key watch points below.

ADNOC Distribution (ADNOCDIS UH, Overweight) – Largest ever inventory

gains? Strong Commercial and Aviation again. We forecast ADNOC

Distribution to deliver what could be its highest ever quarterly EBITDA

and net income, driven by strong commercial and aviation volumes and

margins, as well as large inventory gains. We expect the company to

maintain its FY26 new retail station and new EV charge point guidance.

ADNOC Drilling (ADNOCDRI UH, Overweight) – Solid returns; growth on

track. We forecast ADNOC Drilling to deliver EBITDA and net income flat q/

q and y/y. We expect the company to maintain its FY26 guidance.

ADNOC Gas (ADNOCGAS UH, Overweight) – Upside to FY26 guidance?

We forecast ADNOC Gas to deliver EBITDA and net income lower q/q and

y/y, driven by lower volumes, only partly offset by better pricing from all

segments. The company had previously guided net income in the range of

US$400-600m in 2Q26, assuming maritime operations return to a normal,

prior to the end of 2Q, see research. We believe the company may adjust

its FY26 guidance of net income in the range of US$3.5-4.0bn and expect