Abu Dhabi National Oil Company For Distribution

1. Company Overview & Earnings Context

ADNOC Distribution is the UAE's leading mobility and fuel retailer, operating an extensive network of service stations, convenience stores, EV charging infrastructure, commercial fuel operations and lubricant businesses across the UAE, Saudi Arabia and Egypt. During H1 2026, the company delivered record financial results driven by resilient fuel demand, continued network expansion, higher non-fuel retail (NFR) contribution, stronger commercial margins and favourable inventory movements, while continuing to execute its long-term growth strategy through digital transformation and international expansion.

2. Financial Performance Snapshot

• Revenue: AED 22.04 Billion (+28.8% YoY)

• Gross Profit: AED 4.25 Billion (+28.9% YoY)

• EBITDA: AED 2.89 Billion (+38.8% YoY)

• Underlying EBITDA: AED 2.22 Billion (+13.9% YoY)

• Profit Before Tax: AED 2.36 Billion

• Net Profit: AED 2.13 Billion (+59.2% YoY)

• Earnings Per Share (EPS): 16.7 fils (vs. 10.5 fils YoY)

Compared with H1 2025:

• Revenue increased 28.8% to AED 22.04 billion.

• Gross profit increased 28.9% to AED 4.25 billion.

• EBITDA increased 38.8% to AED 2.89 billion.

• Net profit increased 59.2% to AED 2.13 billion.

• Earnings per share increased from 10.5 fils to 16.7 fils.

3. Operational Highlights & Key Metrics

• Total Assets: AED 20.35 Billion

• Total Equity: AED 3.57 Billion

• Cash & Cash Equivalents: AED 2.38 Billion

• Fuel Volumes Sold: 7.75 Billion Liters (+1.6% YoY)

• Total Service Station Network: 1,045 Stations

• Convenience Store Network: 541 Stores

• EV Charging Points: 406

• ADNOC Rewards Members: 2.78 Million

• Free Cash Flow (before working capital changes): AED 2.62 Billion

• Net Debt / EBITDA: 0.63x

• Q2 2026 Dividend Approved: 5.14 fils per share

4. Key Performance Drivers

ADNOC Distribution's record H1 2026 performance was driven by resilient retail and commercial fuel demand, continued expansion of its service station network and higher contributions from its non-fuel retail business. Stronger commercial fuel margins, increased aviation fuel volumes and favourable inventory movements further supported profitability. The company also accelerated its growth strategy by expanding its EV charging network, strengthening its digital capabilities through AI initiatives, growing its ADNOC Rewards ecosystem and announcing the proposed acquisition of Shell Downstream South Africa to support its international expansion strategy.

5. Outlook & Forward Guidance

Management remains focused on executing its 2024–2028 growth strategy by expanding higher-margin non-fuel retail businesses, accelerating digital and AI-driven initiatives, growing its EV charging network and strengthening international operations. The proposed acquisition of Shell Downstream South Africa is expected to support long-term earnings growth and establish South Africa as ADNOC Distribution's fourth operating market, while continued investment in customer experience and convenience retail is expected to support sustainable shareholder returns.

6. Investor Takeaway

ADNOC Distribution delivered another record half-year performance, achieving strong growth in revenue, profitability and cash generation while expanding its regional footprint and higher-margin businesses. Supported by resilient fuel demand, growing non-fuel retail operations, a strong balance sheet and continued strategic investments, the company remains well positioned to deliver sustainable long-term growth and shareholder value.