ADNOC Gas (ADNOCGAS) investor relations material

Executive summary

• Achieved record net income of $5.17 billion in 2025, up 3% year-over-year, despite a 14% lower oil price environment and a 4% revenue decline.

• Raised $2.84 billion through a secondary offering, increasing free float to 9%, with index inclusion (MSCI, FTSE) and $750 million in passive fund inflows.

• Announced a $24.4 billion dividend commitment for 2025–2030, with quarterly payments starting Q3 2025 and a 5% annual growth target.

• Over $60 billion in LNG sales agreements secured, expanding the customer base across Asia and Europe.

• Revenue for FY 2025 was $23,473 million, a 4% decrease from the prior year, reflecting lower commodity prices.

Financial highlights

• FY 2025 EBITDA was $8.64 billion, flat year-over-year, with a margin of 36.8%, above IPO guidance.

• Domestic gas EBITDA reached $3.4 billion, up 28% year-over-year, driven by 4% growth in domestic gas sales and higher margins.

• Free cash flow remained strong, with $500 million added to cash after dividends and $4.5 billion in free cash flow (ex-WC) fully covering dividend payments.

• Q4 2025 revenue was $5,482 million, with net income of $1,173 million, down 15% year-over-year due to lower prices and planned maintenance.

• Capital expenditure for FY 2025 nearly doubled to $3,639 million, with Q4 2025 capex at $1,593 million, up 210% year-over-year.

Outlook and guidance

• Targeting 40% EBITDA growth by 2029, with upside from Rich Gas Development Phases 2 and 3.

• 2026 CapEx guidance is $4–$4.5 billion, excluding Rich Gas Development Phases 2 and 3.

• 2026 EBITDA margin guidance is 36%, with steady volume growth expected and sales volumes projected between 3,705 and 3,825 TBTU.

• Net profit unit margins for 2026 expected to be $1.10–1.14/mmBTU for domestic gas, $1.39–1.51/mmBTU for exports, and $1.35–1.45/mmBTU for LNG JV products.

• Domestic gas net profit unit margins anticipated slightly below 2025; export and traded liquids guidance based on Brent $60–65/bbl.