AD Ports: Fireside chat feedback: manageable port business impact; 2026 guidance achievable

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AD Ports: Fireside chat feedback: manageable port business impact; 2026 guidance achievable

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AD Ports

Fireside chat feedback: manageable port

business impact; 2026 guidance achievable

Maintain Rating: NEUTRAL | PO: 4.70 AED | Price: 4.50 AED

2026 EBITDA targets achievable; FCF a key priority 22 May 2026

We hosted a management fireside chat with AD Ports’ Head of IR, Marc Hammoud, on Equity

21 May 2026. Management reiterated its target of 10–15% EBITDA growth for the year,

highlighting that even excluding land sales and monetization gains, underlying growth Abhishek Kumar >> Research Analyst

from maritime and other clusters supports this target. Positive free cash flow generation Merrill Lynch (DIFC)

remains a key priority in 2026 despite the ongoing regional conflict. The company +971abhishek.kumar29@bofa.com4 425 8227

maintained its AED 4.5–5.0bn capex guidance. It also highlighted the strength in the Sashank Lanka >>

maritime business, with momentum continuing into 2Q26. On capital allocation, Research Analyst

Merrill Lynch (DIFC)

management indicated that a meaningful and sustainable dividend policy could be +971 4 425 8231

considered once there is improved visibility on recurring FCF, which is unlikely in 2026. sashank.lanka@bofa.com

Management also highlighted parent support in the form of AED 1.9bn interest free loan

received during 1Q26. Additionally, the company noted that prospects for further land

sales appear limited in the current environment. We maintain a Neutral rating on the Stock Data

stock with a price objective of AED 4.7 per share.

Price 4.50 AED

Price Objective 4.70 AEDImpact on ports business is manageable

Management emphasized that while the ongoing conflict has negatively impacted Date Established 22-Apr-2026