ADNOC Logistics & Services (ADNOCLS) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results: revenue $2,584m–$2.6B (+98% YoY), EBITDA $1,106m–$1.1B (+176% YoY), net profit $951m (+303% YoY); H1 2026 net profit $1,173m–$1.2B, driven by ADNOC support and high shipping TCE rates.

• Upgraded full-year 2026 guidance for the third time, reflecting strong shipping markets, operational resilience, and robust fleet expansion.

• Safety remains a priority, with zero lost time injuries for the second consecutive quarter, despite vessel attacks in the Strait of Hormuz resulting in one fatality and multiple injuries.

• Well-positioned for long-term growth, supported by ADNOC's $150B investment plan and $21B–$25B forward contracted revenue from 2027.

• Effective tax rate decreased to 2.25%–6% from prior years.

Financial highlights

• Q2 2026 revenue: $2,584m–$2.6B (+98% YoY); EBITDA: $1,106m–$1.1B (+176% YoY); net profit: $951m (+303% YoY).

• H1 2026 revenue: $3,667m (+46% YoY); EBITDA: $1,475m (+98% YoY); net profit: $1,173m (+179% YoY).

• Operating free cash flow for H1 2026: $1,145m (+89% YoY); net debt/EBITDA reduced to 0.06x.

• Dividend for Q2 2026: $85.3m (2.7% yield).

• Cash and equivalents at period end: $542.7m–$543m (+61% YoY).

Outlook and guidance

• Upgraded 2026 guidance: revenue up to mid-20% YoY, EBITDA up to mid-60% YoY, net profit up to high 110% YoY compared to 2025.

• Shipping segment revenue guidance raised to mid-80% growth; integrated logistics revenue expected to decline mid-20%.

• Most new vessels to be deployed in Q3, contributing immediate earnings growth.

• Dividend policy remains unchanged, with a progressive annual increase of at least 5% per share over the medium term.

• Reviewing midterm guidance parameters due to recent expansion.