Fertiglobe PLC: 10 for 26: Meetings feedback – continued focus on operational delivery

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Fertiglobe PLC: 10 for 26: Meetings feedback – continued focus on operational delivery

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Fertiglobe PLC

10 for 26: Meetings feedback – continued

focus on operational delivery

Maintain Rating: BUY | PO: 4.40 AED | Price: 3.40 AED

Robust operations + tight urea markets = maintain Buy 21 May 2026

Fertiglobe is one of our “10 Emerging stocks for 2026”. We hosted management (CEO, Equity

Chief Commercial Officer and IR Head) for meetings with investors in UAE this week.

Sashank Lanka >>

Meetings highlighted: 1) continued focus on operational delivery in Egypt and Algeria, 2) Research Analyst

storage remaining adequate for urea in UAE, 3) tight urea markets which Fertiglobe is Merrill Lynch (DIFC) sashank.lanka@bofa.com

able to capture value given its Egypt and Algeria plants where exports have continued, 4)

Abhishek Kumar >>

prudent capital allocation in low carbon ammonia. We maintain Buy. Research Analyst

Merrill Lynch (DIFC)

Solid operational momentum set to continue abhishek.kumar29@bofa.com

After achieving record operational rates in Egypt in 1Q, strong operational momentum

continues in 2Q. Egypt plants have the unique ability to sell both to East (for eg: India

through Red Sea) and the West (for eg: Europe through Suez Canal) proving optionality Stock Data

to target markets with the highest netbacks. In Algeria, while there was reduced gas Price 3.40 AED

availability during 1Q for 2 weeks, gas supply is back to normal in 2Q. Price Objective 4.40 AED

Storage adequate in UAE; flexible logistics optionality DateInvestmentEstablishedOpinion 11-May-2026B-1-7

Fertiglobe continues to have several warehousing capacity options across different 52-Week Range 2.32 AED-3.85 AED

locations at limited incremental cost/ton.