Abu Dhabi Ports Company (ADPORTS) Q1 2025 earnings summary

Executive summary

• Revenue rose 18% YoY to AED 4.60bn; net profit increased 16% YoY to AED 464m.

• Adjusted EBITDA reached AED 1.14bn, up 9% YoY.

• Resilient business model and diversified operations enabled strong performance despite macroeconomic and geopolitical challenges.

• Major acquisitions in logistics and maritime segments expanded European and Middle East presence.

• CapEx intensity declined to 21% of revenue (from 33% in Q1 2024), with AED 954m spent in Q1 2025.

Financial highlights

• Revenue: AED 4.60bn (+18% YoY); Net profit: AED 464m (+16% YoY); Adjusted EBITDA: AED 1.14bn (+9% YoY).

• CapEx: AED 954m in Q1 2025, with 55% allocated to EC & FZ and Ports clusters.

• Net Debt/EBITDA: 3.4x (vs. 3.3x at end-2024); total debt AED 18.0bn.

• 35% of revenue from international operations; 9% from M&A activity.

• Free Cash Flow to Firm (FCFF) negative at AED -173m, but significantly improved YoY.

Outlook and guidance

• Medium-term guidance unchanged: revenue, EBITDA, and PBT 5Y CAGR of 10-15%.

• CapEx guidance: AED 3.5-4bn annually for FY 2025-26.

• EBITDA margin expected to remain within 25-30% range.

• Management expects continued growth, supported by recent acquisitions and expanded service offerings.

• Targeting sustainable free cash flow to equity from 2026 onwards.