ADNOC Logistics & Services PLC: 1Q26 First Take: In-line Bottom Line, Guidance Upgraded

研报英文原文证据摘录

ADNOC Logistics & Services PLC: 1Q26 First Take: In-line Bottom Line, Guidance Upgraded

Update

May 14, 2026 06:03 AM GMT

Morgan Stanley & Co. International plc+MADNOC Logistics & Services PLC | Europe Ricardo Rezende, CFA

Equity Analyst

1Q26 First Take: In-line Bottom Ricardo.Rezende@morganstanley.comGiulia Faro +44 20 7677-9886

Research Associate

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

Line, Guidance Upgraded Sylvia C Richards

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

Reaction to earnings

ADNOC Logistics & Services PLC (ADNOCLS.AD,

Unchanged In-line Modest revision higher

ADNOCLS UH)

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Top Pick

Source: Company data, Morgan Stanley Research EEMEA - Oil & Gas | United Arab Emirates

Stock Rating Overweight

Key Takeaways Industry View No Rating Price target AED 7.20

1Q26 EBITDA/net income missed company-compiled consensus by -4/0% and Shr price, close (May 13, 2026) AED 5.79

52-Week Range AED 6.22- 4.12

MSe by -7/-6%, but EBITDA margin beat by 180/200pbs. Mkt cap, curr (mn) US$11,662

Net debt (12/25e) (mn)* US$2,228

Shipping beat was the main positive, with EBITDA above MSe by 17%, led by EV, curr (mn)* US$14,314

tankers +24%, while Integrated logistics' EBITDA missed MSe by -26%. * = GAAP or approximated based on GAAP

FY26 EBITDA guidance was raised to mid-to-high single-digit growth, ahead of

consensus (+3.7%) and broadly in line with MSe (+5.3%), due to stronger

shipping.

FY26 net profit guidance was lifted to mid-to-high teens growth, above

consensus (+11.9%) and in line with MSe (+15.5%).

Bottom line: slightly positive. Shipping has been the main earnings driver in recent

quarters (including 1Q26) and should remain so, based on market dynamics and