Abu Dhabi Ports Company (ADPORTS) Q3 2025 earnings summary

Executive summary

• Achieved record net profit since listing, with revenue for the nine months ended 30 September 2025 reaching AED 14.81 billion, up 16% YoY, and net profit rising 17% YoY to AED 1.50 billion.

• The Board approved interim financial statements, with Deloitte confirming compliance with IAS 34 and no material misstatements.

• Simplified reporting structure with four vertically integrated clusters: Ports, Economic Cities & Free Zones (EC & FZ), Maritime & Shipping, and Logistics.

• Asset monetization program advanced, including major land and warehouse sales in KEZAD Abu Dhabi.

Financial highlights

• Q3 2025 revenue: AED 5.39bn (+16% YoY); net profit: AED 596m (+34% YoY); 9M 2025 revenue: AED 14.81bn (+16% YoY); net profit: AED 1.50bn (+17% YoY).

• Adjusted EBITDA for 9M 2025 was AED 3.51bn (+6% YoY); EBITDA margin at 22% in Q3 2025.

• Gross profit for 9M 2025 was AED 3.94bn; gross margin 26.6%; net margin 10.2%.

• Basic and diluted EPS was AED 0.23, up from AED 0.19 YoY.

• Total assets increased to AED 68.9bn; total equity attributable to owners at AED 24.53bn.

Outlook and guidance

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

• Annual CapEx of AED 3.5-4bn planned for FY2025-26, focused on infrastructure assets.

• EBITDA margin expected to remain within 25-30% range in the medium term.

• Management confirmed sufficient resources for continued operations and adopted a going concern basis.

• Targeting sustainable free cash flow positivity from 2026 onwards.