ADNOC Drilling Company (ADNOCDRILL) Q3 2025 earnings summary

Executive summary

• Achieved record 9M 2025 results with revenue of $3,626.4 million and net profit of $1,060.1 million, prompting upgrades to full-year guidance and dividend policy.

• Strong growth across all key financial and operational metrics, including significant expansion in rig fleet and international operations.

• Board approved a $250 million Q3 dividend and a $66 million special dividend, with a progressive dividend policy floor of $1 billion for 2025, growing at least 5% annually through 2030.

• Continued progress on ESG goals, including emissions reduction and workforce diversity.

• Interim financial statements reviewed by Deloitte, confirming compliance with IAS 34 and no material misstatements.

Financial highlights

• 9M 2025 revenue rose 27% year-over-year to $3.63 billion; Q3 2025 revenue up 23% year-over-year to $1.26 billion.

• 9M 2025 EBITDA increased 15% year-over-year to $1.64 billion; Q3 2025 EBITDA up 10% to $560 million.

• 9M 2025 net profit grew 17% year-over-year to $1.06 billion; Q3 2025 net profit up 10% to $368 million.

• Free cash flow for 9M 2025 surged 174% year-over-year to $1.2 billion; Q3 free cash flow at $477 million.

• Net debt/EBITDA at 0.8x, improved from 1.2x year-over-year.

Outlook and guidance

• Upgraded 2025 revenue guidance to $4.75–$4.85 billion and net profit to $1.4–$1.45 billion; EBITDA expected around $2.2 billion.

• 2026 revenue forecast at ~$5 billion, with EBITDA and net profit broadly in line with 2025.

• Dividend floor raised to $1 billion for 2025, compounding at 5%+ annually to at least $6.8 billion by 2030.

• Maintenance CapEx targeted at ~$250 million per annum; 2025 CapEx expected between $450 million and $550 million.

• Unconventional revenue expected at ~$0.6 billion in 2026, with ramp-up from 2027.