ADNOC Drilling Company (ADNOCDRILL) Q3 2026 earnings summary

Executive summary

• 9M26 revenue was $3.7071bn, EBITDA $1.6626bn and net profit $1.0718bn; FY26 guidance was confirmed.

• Drill-to-Operate expands services across the well lifecycle, while regional expansion, fleet utilization and OFS support longer-term growth.

• Operations delivered 99% rig availability and 617 wells drilled in 9M26, versus 590 in 9M25.

Financial highlights

• 9M26 revenue rose 2% YoY to $3.7071bn, EBITDA rose 2% to $1.6626bn and net profit rose 1% to $1.0718bn.

• Q3 revenue was $1.2473bn, down 1% YoY; EBITDA was $578.8m, up 3%; net profit was $366.3m, down 1%.

• 9M26 cash from operations was $1.3028bn; FCF was $961m, or $978m excluding M&A.

• 9M26 cash CapEx was $343m; net debt was $2.142bn and cash and cash equivalents were $374.5m at quarter-end.

Outlook and guidance

• FY26 guidance: revenue ~$5bn, EBITDA ~$2.2bn at ~44% margin, net profit ~$1.45bn, cash CapEx excluding M&A ~$0.6bn and FCF excluding M&A $1.2bn–$1.3bn.

• FY27 outlook: low-to-mid-single-digit revenue growth, broadly stable EBITDA margin and stable net income; higher depreciation and financing costs constrain net income growth.

• FY27 maintenance CapEx is expected to be up to $0.3bn annually; growth CapEx guidance is ~$0.5bn, while Q&A indicated total CapEx closer to ~$0.8bn, dependent on tenders and timing.

• New services are expected to contribute modestly in 2027, with a larger ramp-up in 2028; five-year ambitions target ~25% of the additional $4bn–$5bn addressable market.

• Unsatisfied performance obligations were $33.1m at September 30, 2026, expected to be recognized in the next financial period.