Off the 2Q26 Call: Fertiglobe PLC | Europe

研报英文原文证据摘录

Off the 2Q26 Call: Fertiglobe PLC | Europe

Update

July 28, 2026 01:15 PM GMT

Morgan Stanley & Co. International plc+MFertiglobe PLC | Europe Ricardo Rezende, CFA

Equity Analyst

Off the 2Q26 Call Ricardo.Rezende@morganstanley.comSylvia C Richards +44 20 7677-9886

Research Associate

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

Bottom line: mixed. Q&A was constructive on operational execution and platform

Giulia Faro

resilience, with focus on UAE export constraints and H2 pricing volatility. Research Associate

Management indicated that strong utilisation in Egypt and Algeria, together with Giulia.Faro@morganstanley.com +44 20 7425-7581

third-party trading, can continue to partially offset regional disruption. Visibility Fertiglobe PLC (FERTIGLB.AD, FERTIGLB DH)

remains limited due to regional volatility. EEMEA - Chemicals | United Arab Emirates

Stock Rating Overweight

# UAE exports. The company indicated that, if disruption persists, investors should Industry View No Rating

assume UAE exports remain broadly below 50% of production, despite achieving Price target AED 4.10

Shr price, close (Jul 27, 2026) AED 2.67

56% in Q2; the reported rate benefited from a lower production denominator 52-Week Range AED 3.85- 2.35

following the June maintenance outage. Alternative land and sea routes are being Mkt cap, curr (mn) ND

Net debt (12/26e) (mn)* US$825

developed, but management would not quantify July exports or the potential to EV, curr (mn)* -

reroute most volumes. It continues to work with ADNOC and the government to * = GAAP or approximated based on GAAP

achieve the best possible outcome.

# Utilisation rates. Egypt and Algeria operated close to 100% urea utilisation in Q2,

while the UAE was around the 70% range following outages. Management remains