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ADES (2382) investor relations material
ADES Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Global operations span 90 rigs across 13 countries, with a 2.2x fleet increase since 2018 and a strong focus on shallow water offshore and onshore drilling.
Revenues for the nine months ended 30 September 2025 rose 1.6% year-over-year to SAR 4.7 billion, driven by robust offshore activity and new market entries, especially in Southeast Asia, India, and West Africa.
EBITDA increased 10.1% year-over-year to SAR 2,535.3 million, with margins expanding by 4.2 percentage points to 53.9%.
Maintains industry-leading safety and operational excellence, with a 98.3% utilization rate and a TRIR of 0.087, well below industry standards.
Strategic acquisition of Shelf Drilling Ltd. was approved, set to add 33 offshore rigs and significant operational synergies, expanding presence to 19 countries and making the group the largest global jackup fleet.
Financial highlights
9M 2025 revenue reached SAR 4.7bn, up 1.6% year-over-year; EBITDA rose 10.1% to SAR 2.54bn, with a margin of 53.9%.
Net profit for 9M 2025 was SAR 607.5mn, up 0.2% year-over-year, with a net margin of 12.9%.
Operating cash flow before working capital changes was SAR 2.45bn, up 3.7% year-over-year.
Free cash flow increased 3.3% year-over-year, supported by EBITDA growth and maintenance CAPEX normalization.
Backlog stable at SAR 28.28bn as of 30 September 2025, with 78% offshore, 84% from GCC countries, and a weighted average contract tenor of 5.27 years.
Outlook and guidance
Management expects FY 2025 EBITDA to reach the upper end of SAR 3.28–3.39bn guidance, driven by new rig deployments and full run-rate by year-end.
Anticipates margin expansion and earnings growth as market day rates rise and contract renewals occur.
Offshore drilling market tightening is expected to create favorable pricing and utilization conditions.
Dividend of SAR 231.2mn distributed for 1H 2025, representing 60% of 1H net profit.
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Q4 20253 Mar, 2026
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Frequently asked questions
ADES Holding Company provides integrated oil and gas drilling and production services across the Middle East and North Africa (MENA) region, as well as in India. The company’s offerings include onshore and offshore contract drilling, workover services, and mobile offshore production units (MOPUs). ADES also provides barge-based accommodation and catering services to support offshore operations. The company primarily serves national and international oil companies, focusing on the efficient delivery of drilling and production operations. ADES Holding Company is headquartered in Al Khobar, Saudi Arabia, and its shares are listed on the Saudi Exchange.
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