Abu Dhabi National Oil Company for Distribution (ADNOCDIST) Q3 2025 earnings summary

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.

• Announced extension of dividend policy to 2030, with quarterly payments starting 2026 and a minimum payout of $700 million or 75% of net profit, and declared AED 2.57 billion in dividends for the period.

• Launched new retail concepts, expanded loyalty program to 2.53 million members, and introduced AI-powered personalization and predictive maintenance.

• 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), slightly down year-over-year; gross profit rose to AED 5.10 billion ($1,387m), up 10.6%.

• EBITDA grew 12% to $885m; underlying EBITDA up 15% to $831m; net profit increased 16% to AED 2.17 billion ($579m).

• 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; free cashflow before working capital changes at $586m.

• Net debt to EBITDA ratio at 0.58x, reflecting strong financial standing.

Outlook and guidance

• Upgraded network expansion guidance to 1,150 service stations by 2028 and double non-fuel retail transactions by 2030.

• Upgraded full-year guidance to 90-100 new stations in 2025, including 80-90 in Saudi Arabia, and raised EV charging infrastructure target to 180 new points in 2025.

• Targeting 300 stations in Saudi Arabia by 2029, with updates to be provided as progress continues.

• $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.