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Earnings Report

Abu Dhabi National Oil Company For Distribution

Q1 26 NEUTRAL LOW Impact

1. Company Overview & Earnings Context

ADNOC Distribution reported strong Q1 2026 growth, supported by higher fuel and non-fuel retail sales, stronger aviation business performance, and continued expansion across the UAE, Saudi Arabia, and Egypt.

The Group continued benefiting from its diversified fuel retail, commercial fuel, aviation, convenience store, and lubricant operations while maintaining strong cash generation and liquidity.

2. Financial Performance Snapshot

  • Revenue: AED 8.83B (+4.3% YoY)

  • Gross profit: AED 1.82B (+12.7% YoY)

  • Operating profit: AED 948.5M (+17.9% YoY)

  • Profit before tax: AED 872.7M (+21.2% YoY)

  • Net profit: AED 785.6M (+21.2% YoY)

  • Earnings per share (EPS): AED 0.062 (vs AED 0.051 YoY)

3. Operational Highlights & Key Metrics

  • Retail fuel revenue (B2C): AED 5.52B

  • Non-fuel retail revenue: AED 445.9M

  • Commercial & corporate revenue (B2B): AED 2.31B

  • Aviation revenue: AED 556.8M

  • Segment profitability:

    • Retail operating profit: AED 577.2M

    • Commercial operating profit: AED 390.3M

  • Geographic revenue contribution:

    • Egypt revenue: AED 1.31B

    • Saudi Arabia revenue: AED 262.9M

  • Balance sheet & liquidity:

    • Total assets: AED 18.18B

    • Total equity: AED 2.87B

    • Cash & bank balances: AED 2.38B

    • Inventories: AED 1.67B

    • Borrowings: AED 5.53B

  • Operating cash flow generated: AED 311.4M

  • Dividend approved: AED 1.29B

    • Equivalent to 10.285 fils per share

4. Key Performance Drivers

  • Higher fuel and non-fuel retail sales across service station network

  • Strong aviation fuel business growth during the quarter

  • Continued contribution from convenience stores and ancillary retail services

  • Improved gross margins supporting profitability growth

  • Expansion across UAE, Egypt, and Saudi Arabia operations

  • Higher impairment losses and operating expenses partially offset earnings growth

5. Outlook & Forward Guidance

  • Continued focus on:

    • Expanding fuel retail and convenience store operations

    • Growing aviation and commercial fuel business

    • Increasing non-fuel retail contribution and ancillary services

    • Strengthening operational efficiency and customer experience

  • Management stated that geopolitical and macroeconomic developments continue to be monitored closely, with prudent expected credit loss overlays applied during the quarter

  • ADNOC Distribution continues investing in network expansion, digital transformation, and operational optimization across regional markets

6. 🧾 Investor Takeaway

ADNOC Distribution delivered strong Q1 2026 growth with higher revenue, stronger profitability, and continued operational expansion across fuel, retail, and aviation businesses, supported by resilient demand, improving margins, diversified regional operations, and strong cash generation.