Off the 2Q26 Call

Research evidence excerpt

Off the 2Q26 Call

Update

July 22, 2026 11:33 AM GMT

Morgan Stanley & Co. International plc+MQatar Gas Transport Nakilat Co Ltd | Europe Ricardo Rezende, CFA

Equity Analyst

Off the 2Q26 Call Ricardo.Rezende@morganstanley.comGiulia Faro +44 20 7677-9886

Research Associate

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

Bottom line: mixed. Q&A reinforced that the LNG fleet expansion is underpinned by

Sylvia C Richards

pre-agreed charter rates and 12-14% levered returns, while the vessel incident Research Associate

appears financially contained by continued hire and war-risk insurance. However, Sylvia.Richards@morganstanley.com +44 20 7677-3354

management did not quantify the ultimate claim impact. Shipyard activity remains Qatar Gas Transport Nakilat Co Ltd (QGTS.QA, QGTS QD)

constrained by regional geopolitics, and there will be no 1H dividend. EEMEA - Oil & Gas | Qatar

Stock Rating Equal-weight

Fleet expansion and asset rotation. On the new deliveries, management indicated Industry View No Rating

that charter pricing and day rates were fixed when contracts were awarded, Price target QAR5.10

Shr price, close (Jul 22, 2026) QAR4.17

supporting 12–14% levered IRRs. They also highlighted that aged vessels without 52-Week Range QAR5.00-3.80

contracts remain disposal candidates as the 40-vessel newbuild programme enters Mkt cap, curr (mn) QAR23,125

Net debt (12/26e) (mn)* QAR21,301

service. EV, curr (mn)* QAR39,959

* = GAAP or approximated based on GAAP

Vessel incident and insurance. Management confirmed there were no injuries, the

affected vessel remains on hire and compensation is being received through war-risk

insurance. The claim magnitude was still being assessed, with greater clarity

expected within one to two weeks.

Cost base and shipyard activity.