Abu Dhabi Ports Company (ADPORTS) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 revenue of AED 20.76bn, up 20% YoY, and net profit of AED 2.1bn, up 17% YoY; Q4 2025 net profit reached AED 584m, up 18% YoY.

• Positive free cash flow for the full year, ahead of guidance and for the first time since listing in 2022, supporting deleveraging and potential dividends.

• Asset monetization transactions totaled AED 5.8bn, optimizing the balance sheet and unlocking value.

• Maintained strong liquidity with AED 2.7bn in cash and AED 4.9bn undrawn facilities; net leverage stable at 4.1x.

• Growth driven by strong performance in Ports, Economic Cities & Free Zones, and Maritime & Shipping Clusters; customer base expanded by nearly 20% in 2025.

Financial highlights

• Revenue grew 20% YoY to AED 20.76bn; EBITDA up 12% YoY to AED 5.1bn; net profit up 17% YoY to AED 2.09bn; EBITDA margin at 24.4% for 2025.

• Q4 2025 revenue rose 30% YoY to AED 5.95bn; EBITDA up 31% YoY to AED 1.56bn; net profit up 18% YoY to AED 584m.

• Cash flows from operations increased 28% YoY to AED 5.05bn; adjusted cash conversion ratio exceeded 80%.

• International operations contributed 35% of revenue, mainly from Spain, Pakistan, Egypt, and Angola.

• M&A contributed 6% of revenue and 5% of EBITDA, mainly from UGR.

Outlook and guidance

• Medium-term revenue and EBITDA CAGR guided at 10–15% for 2025–30; EBITDA margin target 25–30%.

• CapEx guidance of AED 4.5–5.5bn annually for FY26–27, with over 75% allocated to infrastructure assets.

• Asset monetization to generate >AED 1.8bn cash inflow in 2026.

• Infrastructure-led growth to continue, with Ports and Economic Cities & Free Zones as core drivers.

• Positive FCF expected to continue, supporting deleveraging and dividends.