ADNOC Gas

1. Company Overview & Earnings Context

ADNOC Gas PLC is an Abu Dhabi Securities Exchange (ADX)-listed integrated gas processing and sales company. The Group processes associated and non-associated gas, supplies domestic gas, exports LNG, LPG and other gas products, and provides industrial gases and related services. During H1 2026, ADNOC Gas delivered resilient financial results despite significant disruption to exports through the Strait of Hormuz. The company maintained strong domestic gas supply, preserved industry-leading asset reliability and continued investing heavily in long-term growth projects, including approving the Final Investment Decisions (FIDs) for Phases 2 and 3 of its Rich Gas Development (RGD) Project.

2. Financial Performance Snapshot

• Revenue: USD 7.15 Billion (-23.4% YoY)

• Operating Profit: USD 2.15 Billion (-37.8% YoY)

• EBITDA: USD 3.02 Billion (-31.6% YoY)

• Profit Before Tax: USD 2.08 Billion (-39.2% YoY)

• Net Profit: USD 1.74 Billion (-34.3% YoY)

• Earnings Per Share (EPS): USD 0.023 (-37.8% YoY)

Compared with H1 2025:

• Revenue declined 23.4% to USD 7.15 billion.

• Operating profit declined 37.8% to USD 2.15 billion.

• EBITDA declined 31.6% to USD 3.02 billion.

• Profit before tax declined 39.2% to USD 2.08 billion.

• Net profit declined 34.3% to USD 1.74 billion.

• Earnings per share declined from USD 0.037 to USD 0.023.

3. Operational Highlights & Key Metrics

• Total Assets: USD 31.79 Billion

• Total Equity: USD 24.61 Billion

• Property, Plant & Equipment: USD 24.28 Billion

• Cash & Cash Equivalents: USD 1.49 Billion

• Capital Expenditure: USD 2.01 Billion (+65% YoY)

• Free Cash Flow: USD 260 Million

• Asset Reliability: 99.0%

• Quarterly Dividend Approved: 4.5 Fils Per Share (USD 940.45 Million)

4. Key Performance Drivers

ADNOC Gas' H1 2026 performance was impacted by the prolonged disruption in the Strait of Hormuz, which significantly reduced LNG, LPG and naphtha export volumes despite stronger commodity prices. However, resilient domestic gas demand, strong operational execution and 99.0% asset reliability helped mitigate the impact. The company also accelerated investment in growth projects, with capital expenditure increasing 65% year-on-year to USD 2.01 billion, supporting future production growth.

5. Outlook & Forward Guidance

Management remains focused on executing its long-term expansion strategy, including progressing the Rich Gas Development Project following the approval of Phases 2 and 3. Despite temporary export disruptions, ADNOC Gas continues to maintain a strong balance sheet, invest across market cycles and uphold its policy of 5% annual dividend growth through 2030, supported by resilient domestic demand and strategic infrastructure investments.

6. Investor Takeaway

ADNOC Gas delivered resilient H1 2026 results despite one of the most challenging operating environments in recent years. While export disruptions weighed on revenue and profitability, the company's strong domestic business, industry-leading operational reliability, robust balance sheet and continued investment in major growth projects reinforce its long-term growth outlook and commitment to delivering sustainable shareholder returns.