CEEMEA Multi-Sector | Europe Greetings from the US

Research evidence excerpt

CEEMEA Multi-Sector | Europe Greetings from the US

Update

June 21, 2026 11:19 PM GMT

Morgan Stanley & Co. International plc+MCEEMEA Multi-Sector | Europe Ricardo Rezende, CFA

Equity Analyst

Greetings from the US Ricardo.Rezende@morganstanley.comSylvia C Richards +44 20 7677-9886

Research Associate

Sylvia.Richards@morganstanley.com +44 20 7677-3354

Energy dominated discussions over materials/infrastructure, led Giulia Faro

by ADNOC Gas and L&S; thematically, investors focused on ResearchGiulia.Faro@morganstanley.comAssociate +44 20 7425-7581

energy security, reconstruction and AI/datacenter demand.

EEMEA - Chemicals

Europe

Key Takeaways Industry View No Rating

We spent last week in the United States meeting investors in New York and San

Francisco (and managing not to attend any World Cup games).

ADNOC Gas was the key debate, with focus on SoH reopening, domestic gas/AI

demand, tax holiday extension and upside to LT volumes.

MENA Energy: ADNOC L&S underperformance puzzled investors; ADES screened

better than ADNOC Drilling on diversification/spot rates.

Materials/Infrastructure: low interest in petchems and hospitals; Fertiglobe

pullback looked done, while UAE domestics faced valuation/ADTV pushback.

CEE Refining: Tupras led on margin/dividend upside; MOL was viewed positively,

while Orlen came up on dividend/gas despite valuation pushback.

Bottom-line: energy over materials and infrastructure. As in previous marketing

trips, we noticed investors more willing to discuss - and more familiar with - UAE

stocks, particularly the ones part of the ADNOC ecosystem. ADNOC Gas was the

most discussed name, due to both exposure to a reopening of Strait of Hormuz,

correlation to structurally higher oil prices and investors' perception of it being a