ADNOC Gas (ADNOCGAS) Q1 2026 earnings summary

Executive summary

• Q1 2026 net income was $1.08–$1.1 billion, demonstrating resilience despite a 15% drop in sales volume due to the Strait of Hormuz closure and Habshan facility disruption.

• Maintained strong operational performance, fulfilling domestic demand through flexibility and proactive planning.

• Interim dividend of $941 million declared, up 5% year-over-year, with policy reaffirmed through 2030.

• Benefited from higher sulphur prices and new long-term contracts, including with TotalEnergies and TA'ZIZ.

• Board changes and new appointments occurred in April 2026.

Financial highlights

• Q1 2026 revenue was $4.03–$5.0 billion, down year-over-year; EBITDA was $1.8–$1.82 billion, down 15% year-over-year.

• Net income margin improved to 22% in Q1 2026.

• Free cash flow for Q1 2026 was $572 million.

• Cash and cash equivalents at quarter-end were $4.2–$4.21 billion.

• Interim dividend of $941 million, with full-year guidance at $3.76 billion.

Outlook and guidance

• Full-year 2026 net income guidance is $3.5–$4.0 billion, with Q2 net income expected at $400–$600 million due to ongoing disruptions.

• Targeting over 40% EBITDA growth by 2029, with a 5% annual dividend increase through 2030.

• 2026 sales volume guidance: 1,920–2,000 TBTU domestic gas, 730–770 TBTU exports, 160–175 TBTU LNG JV.

• Management expects revenue decline to be temporary, with no structural asset loss.

• Confident in meeting 2027 net income consensus once export routes normalize.