ADNOC Logistics & Services (ADNOCLS) Q4 2025 earnings summary

Executive summary

• Achieved record FY 2025 results with revenue up 41% YoY to $5,016 million, EBITDA up 32% YoY to $1,515 million, and net profit up 14% YoY to $863 million, driven by strong market demand, operational execution, and strategic acquisitions.

• Over 60% of revenue is long-term contracted, enhancing earnings visibility and resilience to market volatility.

• Inclusion in MSCI Emerging Markets Index in November 2025 attracted over $240 million in passive inflows and increased average daily traded value.

• Value Efficiency Initiative delivered $119 million in cost savings, outperforming targets by 19%.

• Proposed Q4 2025 dividend of $81.25 million, with FY2025 dividend up ~20% YoY to $325 million and 5% annual growth targeted through 2030.

Financial highlights

• FY 2025 revenue: $5,016 million (+41% YoY); EBITDA: $1,515 million (+32% YoY); net profit: $863 million (+14% YoY).

• Operating free cash flow: $1.415 billion (+42% YoY); CAPEX: $1,107 million (+36% YoY).

• Net debt/EBITDA: 0.46x at year-end 2025, maintaining conservative leverage.

• Q4 2025 revenue: $1,187 million (+35% YoY); EBITDA: $391 million (+39% YoY); net profit: $232 million (+29% YoY).

• Achieved $119 million in value efficiencies in 2025, with annual targets of $90 million from 2026-2030.

Outlook and guidance

• 2026 revenue guidance: mid single-digit YoY reduction due to G-Island EPC project completion; medium-term (2026-2029) CAGR: low single-digit growth.

• 2026 EBITDA expected to be flat or grow low to mid single-digit YoY; medium-term: low to mid single-digit growth.

• 2026 net profit: low to mid single-digit YoY growth; medium-term: mid to high single-digit growth.

• Targeted annual dividend for 2026: $341 million with quarterly payments and 5% annual growth through 2030.

• Medium-term incremental investment capacity of $3 billion+ by 2029.