External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Fertiglobe posted 3Q24 adjusted attributable profit of USD31mn, down 25% YoY (+107% QoQ)</li><li>The adjusted profit removes the impact of USD37mn provision related to potential changes in Sorfert’s gas pricing</li><li>On reported basis, Fertiglobe posted an attributable loss of USD10mn</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fertiglobe posted 3Q24 adjusted attributable profit of USD31mn, down 25% YoY (+107% QoQ)The adjusted profit removes the impact of USD37mn provision related to potential changes in Sorfert’s gas pricingOn reported basis, Fertiglobe posted an attributable loss of USD10mnContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fertiglobe - 3Q24 Adjusted Attributable Profit Down 25% YoY (+107% QoQ) To USD31mn

<ul><li>Fertiglobe posted 2Q24 core attributable profit of USD10mn, down 87% YoY (-87% QoQ)</li><li>Core profit removes the impact of exchange gains/losses as well as tax reversals</li><li>On reported basis, attributable profit was USD14mn, down 82% YoY</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fertiglobe posted 2Q24 core attributable profit of USD10mn, down 87% YoY (-87% QoQ)Core profit removes the impact of exchange gains/losses as well as tax reversalsOn reported basis, attributable profit was USD14mn, down 82% YoYContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fertiglobe - 2Q24 Core Attributable Profit Down 87% YoY (-87% QoQ) To USD10mn, Below Estimates

<ul><li>Fertiglobe posted 1Q24 core profit of USD77mn, down 51% YoY (-28% QoQ)</li><li>The core profit removes the impact of exchange gains/losses as well as tax reversals</li><li>Despite stable volume, revenue was lower by 20% YoY (-15% QoQ) led by 9% and 45% YoY decline in Urea and Ammonia benchmark prices, respectively</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fertiglobe posted 1Q24 core profit of USD77mn, down 51% YoY (-28% QoQ)The core profit removes the impact of exchange gains/losses as well as tax reversalsDespite stable volume, revenue was lower by 20% YoY (-15% QoQ) led by 9% and 45% YoY decline in Urea and Ammonia benchmark prices, respectivelyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fertiglobe: 1Q24 Core Profit Down 51% YoY (-28% QoQ) To USD77mn, in Line with Estimates

Fertiglobe - 1Q24 Core Profit Down 51% YoY (-28% QoQ) To USD77mn, in Line with Estimates

Thematic (Sector/Industry)

<ul><li>We expect ADNOC Drilling to post 3Q24e shareholder’s profit of USD311mn, up 21% YoY and 6% QoQ.</li><li>We expect total rig count to increase to 143 rigs, up from 140 rigs in 2Q24 and 124 rigs in 3Q23.</li><li>On YoY basis, we expect revenue to increase by 26% to USD976mn, led by higher number of rigs and continued expected growth in the Oil Field Services (OFS) business.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect ADNOC Drilling to post 3Q24e shareholder’s profit of USD311mn, up 21% YoY and 6% QoQ.We expect total rig count to increase to 143 rigs, up from 140 rigs in 2Q24 and 124 rigs in 3Q23.On YoY basis, we expect revenue to increase by 26% to USD976mn, led by higher number of rigs and continued expected growth in the Oil Field Services (OFS) business.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3Q24 Quarterly Previews for IS Coverage Universe

United Arab Emirates

Fertiglobe plc operates as an export-focused nitrogen fertilizer platform. The Company offers a range of nitrogen products serving agricultural and industrial customers around the world.

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Fertiglobe plc (FERTIGLB UH)

Fertiglobe - 3Q24 Adjusted Attributable Profit Down 25% YoY (+107% QoQ) To USD31mn

The adjusted profit removes the impact of USD37mn provision related to potential changes in Sorfert’s gas pricingOn reported basis, Fertiglobe...

International Securities

Fertiglobe - 2Q24 Core Attributable Profit Down 87% YoY (-87% QoQ) To USD10mn, Below Estimates

Fertiglobe posted 2Q24 core attributable profit of USD10mn, down 87% YoY (-87% QoQ). Core profit removes the impact of exchange gains/losses as...

International Securities

Fertiglobe: 1Q24 Core Profit Down 51% YoY (-28% QoQ) To USD77mn, in Line with Estimates

Fertiglobe posted 1Q24 core profit of USD77mn, down 51% YoY (-28% QoQ). The core profit removes the impact of exchange gains/losses as well as tax...

International Securities

Fertiglobe - 1Q24 Core Profit Down 51% YoY (-28% QoQ) To USD77mn, in Line with Estimates

Despite stable volume, revenue was lower by 20% YoY (-15% QoQ) led by 9% and 45% YoY decline in Urea and Ammonia benchmark prices, respectively

International Securities

3Q24 Quarterly Previews for IS Coverage Universe

We expect ADNOC Drilling to post 3Q24e shareholder’s profit of USD311mn, up 21% YoY and 6% QoQ. We expect total rig count to increase to 143 rigs,...

International Securities

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