ADNOC Gas (ADNOCGAS) Q3 2025 earnings summary

Executive summary

• Achieved record adjusted net income of $1.34 billion in Q3 2025, up 8% year-over-year, despite a 14% lower oil price environment.

• Strong domestic gas demand in UAE and Asia, with UAE demand expected to grow 4%-5% annually and Asia's energy needs to rise 1.5x by 2030.

• Announced extension of 5% annual dividend growth policy through 2030, with quarterly dividends starting Q3 2025.

• ADNOC completed a marketed offering of 4% of the company’s share capital in February 2025, reducing its ownership to 86%.

• On 11 September 2025, ADNOC transferred its shareholding to XRG P.J.S.C., a wholly owned ADNOC subsidiary, with no change in ultimate control.

Financial highlights

• Adjusted net income for Q3 2025 reached $1.34 billion, an 8% increase year-over-year.

• Domestic gas business delivered adjusted EBITDA of $914 million, up 26% year-over-year.

• Year-to-date net income rose 30% from 2023 to 2025, despite a 13% drop in oil prices.

• Free cash flow for the first nine months of 2025 was $2.7 billion, covering both CAPEX and dividends.

• Total revenue for the nine months was USD 14,182,972 thousand, down slightly from USD 14,293,897 thousand year-over-year.

Outlook and guidance

• Targeting 30% capacity expansion and 40% EBITDA growth by 2029, supported by $20 billion CAPEX.

• Quarterly dividend payments to begin, with $24.4 billion in dividends expected through 2030.

• EBITDA margin reached 36.6%, above previous guidance of 33-35%.

• Updated 2025 sales volume guidance: Domestic Gas 2,425–2,435 TBTU, Exports & Traded Liquids 1,035–1,045 TBTU, LNG JV Products 225–235 TBTU.

• Subsequent to period end, a 20-year feed gas supply agreement was signed with ADNOC Ruwais LNG, commencing post 1 October 2028.