Abu Dhabi Ports Company (ADPORTS) Q2 2025 earnings summary

Executive summary

• Achieved positive free cash flow to the firm (FCFF) for Q2 and year-to-date, with operational and profit performance expected to improve further in H2 2025.

• Revenue for the six months ended 30 June 2025 was AED 9.42 billion, up 17% year-over-year from AED 8.07 billion.

• Net profit for the period reached AED 908 million, an 8% increase compared to AED 839 million in the prior year period.

• Abu Dhabi's non-oil foreign trade grew 35% YoY in H1 2025, outpacing UAE and global averages, with strong growth from CEPA partners.

• The Board approved the interim financial statements and released management and auditors from liability for the period.

Financial highlights

• Q2 2025 revenue: AED 4.83bn (+15% YoY); H1 2025 revenue: AED 9.42bn (+17% YoY).

• Q2 2025 EBITDA: AED 1.17bn (+9% YoY); H1 2025 EBITDA: AED 2.30bn (+9% YoY).

• Q2 2025 net profit: AED 445m (+1% YoY); H1 2025 net profit: AED 908m (+8% YoY).

• Gross profit for the six months was AED 2.51 billion, up from AED 2.36 billion year-over-year.

• Cash conversion reached 97% in Q2 2025, up from 55% in Q2 2024.

Outlook and guidance

• Medium-term guidance unchanged: revenue, EBITDA, and PBT 5Y CAGR of 10-15%; annual capex of AED 3.5-4bn for FY 2025-26.

• EBITDA margin expected to remain within 25-30% range; organic growth led by Ports, EC & FZ, and Logistics clusters.

• Management confirmed sufficient resources and a going concern basis for at least 12 months from the report date.

• Targeting sustainable FCFF positivity from 2026 onwards.

• No significant seasonality was noted in results for the period.