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ADNOC Gas (ADNOCGAS) investor relations material
ADNOC Gas Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record high quarterly net income of $1.39 billion in Q2 2025, up 16% year-over-year, and H1 2025 net profit of $2.66 billion, up 12% from H1 2024, despite a slight revenue decline.
EBITDA reached $2.26 billion in Q2 2025, up 8% year-over-year, supported by strong domestic gas demand and stable LPG prices.
Interim dividend for H1 2025 was $1.79 billion, up 5% year-over-year, with full-year 2025 dividend guidance at $3.58 billion.
Major growth projects underway, including RGD Phase 1 FID completion, underpinning a 40% EBITDA growth target by 2029 and $20 billion in committed CAPEX.
ADNOC reduced its ownership to 86% after a 4% share offering in Feb 2025.
Financial highlights
Net income for Q2 2025 was $1.39 billion, up 16% year-over-year; H1 2025 net income reached $2.66 billion, up 12% from H1 2024.
EBITDA for Q2 2025 was $2.26 billion, up 8% year-over-year; domestic gas EBITDA rose 23% to $920 million.
Revenue for H1 2025 was $9.33 billion, down 1% year-over-year.
Free cash flow (excluding working capital) for H1 2025 was $1.9 billion.
CAPEX in Q2 2025 was $665 million, up 54% year-over-year, with $1.39 billion spent on property, plant, and equipment in H1 2025.
Outlook and guidance
Updated 2025 EBITDA margin guidance to ~36%, with H1 2025 actual margin at 36.6%.
2025 CAPEX guidance maintained at ~$3 billion, with H1 2025 actual at $1.22 billion.
Domestic gas product sales volume guidance for 2025 updated to 2,370 TBTU.
Shutdowns planned for H2 2025, mostly affecting Q4; ETL and LNG margins expected to remain consistent with $60–70/bbl oil price.
No significant seasonality expected in operations.
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