ADNOC Gas (ADNOCGAS) Q2 2025 earnings summary

Executive summary

• Achieved record quarterly net income of $1.39 billion in Q2 2025, up 16% year-over-year, and H1 2025 net profit of $2.655 billion, up 12% year-over-year, demonstrating resilience amid lower oil prices.

• EBITDA reached $2.26 billion in Q2 2025, up 8% year-over-year, supported by strong domestic gas demand, stable LPG prices, and improved operational efficiency.

• Interim dividend for H1 2025 was $1.79 billion, up 5% year-over-year, with full-year 2025 dividend guidance at $3.58 billion.

• Major growth projects underway, including RGD Phase 1 FID completion and Ruwais LNG, underpinning a 40% EBITDA growth target by 2029.

• ADNOC reduced its ownership to 86% after a 4% share offering in Feb 2025.

Financial highlights

• Net income for Q2 2025 was $1.39 billion, up 16% year-over-year; H1 2025 net income reached $2.655 billion, up 12% from H1 2024.

• EBITDA for Q2 2025 was $2.26 billion, up 8% year-over-year; EBITDA margin rose to 37.9% in Q2 2025.

• Revenue for H1 2025 was $9.33 billion, down 1% year-over-year; Q2 2025 revenue was $5.96 billion, down 2% year-over-year.

• Free cash flow (excluding working capital) for H1 2025 was $1.9 billion.

• CAPEX in Q2 2025 was $665 million, up 54% year-over-year; H1 2025 CAPEX increased 49% year-over-year, with $20 billion committed through 2029.

Outlook and guidance

• Updated 2025 EBITDA margin guidance to ~36%, with H1 2025 actual margin at 36.6%.

• 2025 CAPEX guidance maintained at ~$3 billion, with H1 2025 actual at $1.22 billion.

• Domestic gas product sales volume guidance for 2025 updated to 2,370 TBTU.

• Shutdowns planned for H2 2025, mostly affecting Q4; ETL and LNG margins expected to remain consistent with $60–70/bbl oil price.

• On track to achieve over 40% EBITDA growth between 2023 and 2029, assuming stable prices and $70/bbl oil.