ADNOC Gas (ADNOCGAS) Q4 2025 earnings summary

Executive summary

• Achieved record net income of $5.17 billion in 2025, up 3% year-over-year, despite a 14% lower oil price environment.

• Raised $2.84 billion through a secondary offering, increasing free float to 9% and inclusion in MSCI and FTSE indices, attracting $750 million in passive fund inflows.

• Announced a $24.4 billion dividend commitment for 2025-2030, with quarterly payments starting Q3 2025.

• Over $60 billion in LNG deals secured, expanding the customer base across Asia and Europe.

• Strong domestic gas business performance, with EBITDA up 28% and sales volumes up 4% year-over-year.

Financial highlights

• EBITDA for 2025 was $8.64 billion, flat year-over-year, with a margin of 36.8%.

• Domestic gas EBITDA reached $3.4 billion, up 28% year-over-year.

• Free cash flow remained strong, with $500 million added to cash after dividends.

• 2025 revenue was $23.47 billion, down 4% year-over-year.

• Capital expenditure increased to $3.6 billion in 2025, mainly for major growth projects.

Outlook and guidance

• Targeting 40% EBITDA growth by 2029, with upside potential from Rich Gas Development Phases 2 and 3.

• 2026 CapEx guidance is $4-$4.5 billion, excluding Rich Gas Development Phases 2 and 3.

• EBITDA margin guidance for 2026 is 36%, with steady volume growth expected.

• Dividend policy targets a 5% annual increase, supported by strong free cash flow.

• Plans to expand overall capacity by 30% by 2029, leveraging upstream growth.