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Abu Dhabi National Oil Company for Distribution
Abu Dhabi National Oil Company for Distribution (ADNOCDIST) investor relations material
Abu Dhabi National Oil Company for Distribution Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary5 Aug, 2026
Executive summary
Achieved record H1 2026 net profit of $568 million (up 59% YoY) and EBITDA of $786 million (up 39% YoY), with underlying EBITDA up 14% to $603 million, reflecting strong operational performance and inventory gains.
Revenue for H1 2026 reached $5,999 million (AED 22.0 billion), up 28.8% YoY, with gross profit up 28.9% to $1,158 million (AED 4.25 billion).
Expanded network by 11% to 1,045 stations, with significant growth in Saudi Arabia and Egypt, and fuel volumes reaching 7.75 billion liters.
Announced acquisition of Shell Downstream South Africa for ~$1 billion, expected to close in 2027, expanding network by 55% and fuel volume by 20%.
Diversified growth engines include fuel retail, non-fuel retail (NFR), commercial, and EV charging, supported by digital transformation and strategic partnerships.
Financial highlights
Net profit reached $568 million, up 59% YoY; EBITDA at $786 million, up 39% YoY; underlying EBITDA up 14% to $603 million.
Gross profit rose 29% YoY to $1,158 million; fuel retail up 24%, commercial up 51%, non-fuel retail up 12%.
Free cash flow before working capital changes reached $713 million, up 74.5% YoY; leverage stable at 0.7x net debt/EBITDA.
Return on capital employed at 40% and ROE at 105.8% for H1 2026.
Basic and diluted EPS for the period was AED 0.167, compared to AED 0.105 in the prior year.
Outlook and guidance
CapEx guidance for 2026 remains $250–300 million, with similar levels expected mid-term.
Dividend policy: $700 million annual floor or 75% of net income, paid quarterly through 2030, with potential for higher dividends post-South Africa acquisition.
Network expansion targets: 60–70 new stations and 50–60 new EV charging points in 2026; mobility retail footprint expected to exceed 1,700 sites by 2028.
Non-fuel retail and property management expected to contribute more meaningfully to earnings.
South Africa acquisition expected to close in 2027, EPS accretive from year one.
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Latest events from Abu Dhabi National Oil Company for Distribution
- Record $1.002bn EBITDA, 15.4% underlying growth and $1.096bn free cash flow.ADNOCDIST
Q4 2023 - $1B acquisition of a South African fuel retailer boosts scale, returns, and international growth.ADNOCDISTM&A announcement
- Record Q1 profit and EBITDA growth, robust segment expansion, and quarterly dividend announced.ADNOCDISTQ1 2026
- Double-digit profit growth, record volumes, and network expansion in 2025.ADNOCDISTQ4 2025
- Record 9M 2025 profit and EBITDA growth, improved margins, and strong dividends paid.ADNOCDISTQ3 2025
- Record nine-month EBITDA and non-fuel retail growth highlight robust performance.ADNOCDISTQ3 2024
- Double-digit profit growth, record cash flow, and network expansion drive innovation and returns.ADNOCDISTQ2 2024
- Double-digit profit growth, record EBITDA, and strong dividend highlight robust performance.ADNOCDISTQ1 2025
- Record EBITDA, revenue growth, and network expansion offset by tax and equity adjustments.ADNOCDISTQ4 2024
Next Abu Dhabi National Oil Company for Distribution earnings date
Q3 20269 Nov, 2026
Abu Dhabi National Oil Company for Distribution
Next Abu Dhabi National Oil Company for Distribution earnings date
Q3 20269 Nov, 2026
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Frequently asked questions
Abu Dhabi National Oil Company for Distribution PJSC (ADNOC Distribution) is primarily involved in the marketing and distribution of petroleum products. The company operates a vast network of fuel service stations across the United Arab Emirates and provides fuel, lubricants, and gas products for a wide range of consumer, commercial, and industrial clients. ADNOC Distribution also offers related automotive services, such as car care and convenience retailing at its service stations. The company serves sectors including retail, aviation, and marine, and has expanded its operations internationally, including a presence in Saudi Arabia and Egypt. The company is headquartered in Abu Dhabi, United Arab Emirates, and its shares are listed on the Abu Dhabi Securities Exchange.