ADNOC Gas (ADNOCGAS) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 net income of $1.34 billion, up 8% year-over-year, and year-to-date net income of $3.99 billion, up 10% compared to 2024, despite a 13-14% drop in oil prices.

• Domestic gas sales volume increased 4% year-over-year, with EBITDA reaching $914 million, up 26%, driven by strong UAE demand and improved margins from contract renegotiations.

• Introduced quarterly dividend distributions starting Q3 2025, with an inaugural $896 million dividend and a 5% annual growth policy extended through 2030.

• Major projects and AI initiatives, including a multi-year AI partnership and robotics inspection program, are expected to deliver over $300 million in value creation over five years.

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

Financial highlights

• Q3 2025 revenue was $5.93 billion, down 6% year-over-year; total revenue for the nine months was $14.18 billion.

• Q3 2025 EBITDA was $2.18 billion, down 1% year-over-year; year-to-date EBITDA margin rose to 36.6%.

• Net profit for the nine months was $3.99 billion, up from $3.62 billion year-over-year.

• CAPEX for Q3 2025 was $827 million, up 64% year-over-year, with $20 billion committed to major projects.

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

Outlook and guidance

• Board approved a 5% annual increase in dividend payout, extended until 2030, with quarterly dividends starting Q3 2025.

• Targeting 40% EBITDA growth by 2029, driven by major projects under execution.

• 2025 EBITDA margin guidance maintained at ~36%, with YTD 2025 actual at 36.6%.

• CAPEX guidance for 2025 remains at ~$3 billion, focused on growth projects.

• Q4 expected to be seasonally softer due to maintenance activities, mainly affecting LNG.