ADNOC Logistics & Services (ADNOCLS) Q4 2025 earnings summary

Executive summary

• Achieved record FY 2025 results with revenue of $5,016 million (+41% YoY), EBITDA of $1,515 million (+32% YoY), and net profit of $863 million (+14% YoY), exceeding guidance.

• Major acquisition of 80% of Navig8 Topco Holdings Inc. for $999 million, expanding global shipping and logistics capabilities and contributing to segment growth.

• Issued $2 billion in hybrid equity instruments, strengthening the capital base and classified as equity under IAS 32.

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

• Proposed Q4 2025 dividend of $81.25 million, subject to shareholder approval.

Financial highlights

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

• Gross profit rose to $1,108 million from $941 million YoY; operating profit increased to $944 million from $817 million YoY.

• Operating free cash flow: $1.4 billion (+42% YoY); CAPEX: $1,107 million (+36% YoY).

• EPS: $0.11 (+11% YoY); total assets grew to $9,965 million from $7,003 million YoY.

• Cash and cash equivalents at year-end were $338 million, up from $199 million.

Outlook and guidance

• 2026 revenue guidance: mid single-digit YoY reduction; medium-term (2026-2029) CAGR: low single-digit growth.

• 2026 EBITDA expected to be flat 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.

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