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Abu Dhabi National Oil Company for Distribution (ADNOCDIST) investor relations material
Abu Dhabi National Oil Company for Distribution Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved double-digit EBITDA and net profit growth in 9M 2025, driven by record volumes, strong non-fuel retail performance, and network expansion across UAE, Egypt, and KSA.
Maintained robust safety record with zero fatalities, a TRIR of 0.057 mmhrs, and embedded sustainability targeting a 25% carbon intensity reduction by 2030.
Upgraded network expansion guidance to 1,150 service stations by 2028, with a focus on KSA and a 3.3x increase in EV charging points.
Announced extension of dividend policy to 2030, maintaining $700 million or a minimum of 75% of net profit, with a shift to quarterly payments from 2026.
Ownership transferred to XRG PJSC, a wholly-owned ADNOC subsidiary, with ADNOC retaining 77% ultimate control.
Financial highlights
9M 2025 revenue reached AED 26.44 billion ($7,198m), with net profit up to AED 2.17 billion ($579m), and gross profit rising to AED 5.10 billion ($1,387m).
Underlying EBITDA (excluding inventory effects and one-offs) rose 15% year-over-year to $831m; EBITDA margin improved to 12.3%.
Gross margin improved to 19.3% from 17.3% year-over-year; net margin increased to 8.2% from 7.1%.
Cash and cash equivalents at period end were AED 2.95 billion, with free cashflow before working capital changes at $586m.
Net debt to EBITDA ratio at 0.58x, reflecting robust financial health.
Outlook and guidance
Upgraded full-year guidance to 90-100 new stations (80-90 in KSA) and 180 new EV charging points in 2025, targeting 1,150 stations by 2028 and 300 in Saudi Arabia by 2029.
Double non-fuel retail transactions by 2030 versus 2023 baseline.
Dividend policy for 2024-30: $700m or minimum 75% of net profit, whichever is higher, with quarterly payments from 2026.
$250-300m CAPEX planned for 2025, focused on organic growth and exploring inorganic opportunities.
No material impact expected from new UAE tax law or IFRS standards.
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