ADNOC Logistics & Services (ADNOCLS) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $3.291B, EBITDA $1.088B and net profit $887M; 9M revenue reached $6.957B, EBITDA $2.563B and net profit $2.060B.

• FY2026 net profit guidance was raised for the fourth time, to ~$4B, with Q4 net profit expected near $2B.

• Historically high freight rates, fleet additions and contracted earnings supported results; $24B of contracted revenue includes $21B with ADNOC.

Financial highlights

• Q3 revenue rose 149% YoY, EBITDA 187% and net profit 321%.

• 9M operating free cash flow was $3.089B; after $1.985B of CapEx, free cash flow was $1.104B.

• Net debt was $131M at 9M 2026, down from $694M at FY2025; cash and equivalents were $1.214B.

• Q3 earnings included a $105M cost from early termination of two VLCC charters; an LR2 termination incurred a further $25M cost in October.

Outlook and guidance

• FY2026 consolidated guidance versus FY2025: revenue growth low 100%, EBITDA growth low 210% and net profit growth low 360%.

• Segment guidance: Integrated Logistics revenue low-20% decline and EBITDA mid-20% decline; Shipping revenue mid-270% growth and EBITDA mid-540% growth; Services revenue mid-single-digit and EBITDA mid-80% growth.

• Q4 was expected to be the strongest quarter of 2026; visibility through year-end used actual results through October and current trading assumptions for November and December.

• Prior medium-term projections will not carry into 2027; parameters are under review, with an update planned after completion.