Anton Oilfield Services Group (3337) Q2 2026 earnings summary

Executive summary

• Middle East tensions eased somewhat in Q2 2026, but regional risks and supply chain disruptions persisted, impacting oilfield projects, especially in Iraq.

• The group focused on expanding key markets (GCC, North Africa, Iraq), operational efficiency, and cost control, while enhancing technical and digital capabilities.

• Significant progress was made in new energy infrastructure in China and in entering high-end oil and gas services in the GCC region.

Financial highlights

• New orders in Q2 2026 totaled RMB3,109.3 million, up 3.2% year-over-year.

• Iraq new orders dropped 65.1% year-over-year due to project delays and non-renewal of a major contract.

• Other overseas markets saw a 441.0% year-over-year surge in new orders, driven by wins in Algeria, Chad, Kazakhstan, and Kuwait.

• China market new orders rose 1.3% year-over-year, with a major new energy infrastructure project secured.

• As of June 30, 2026, order backlog stood at RMB18,516.5 million: Iraq 39.3%, China 47.5%, other markets 13.2%.

Outlook and guidance

• Q3 2026 faces renewed Middle East escalation, with continued energy market and supply chain risks.

• Upstream investment and energy infrastructure demand expected to remain robust.

• Focus areas: strengthening technical services, digital/intelligent operations, expanding global markets, and advancing asset securitization.