Abu Dhabi Securities Exchange-listed ADNOC Logistics & Services announced on 12 November 2026 that its net profit increased 227% year-on-year to USD 2.06 billion (AED 7.57 billion) for the first nine months of 2026. Revenue rose 82% to USD 6.96 billion (AED 25.55 billion), while EBITDA surged 128% to USD 2.56 billion (AED 9.41 billion). The strong performance was driven primarily by higher international shipping rates, expanded fleet operations and sustained demand for energy logistics services.
During the third quarter of 2026, ADNOC Logistics & Services recorded revenue of USD 3.29 billion (AED 12.09 billion), representing a 149% increase compared with Q3 2025. EBITDA surged 187% to USD 1.09 billion (AED 4 billion), while quarterly net profit increased 321% to USD 887 million (AED 3.26 billion), compared with USD 211 million a year earlier. The results reflected particularly strong market conditions across international shipping operations.
The Shipping segment was the largest contributor to the company’s earnings growth. Revenue increased 217% year-on-year to USD 5.09 billion (AED 18.70 billion) during the first nine months, while EBITDA surged 362% to USD 2.02 billion (AED 7.43 billion). Segment net profit increased 846% to USD 1.77 billion (AED 6.50 billion), supported by higher global charter rates, continued chartering activity and contributions from vessels added to the fleet during 2025 and 2026.
The substantial expansion in Shipping profitability reflected favourable international tanker and maritime transportation markets. Higher charter rates increased earnings generated from the company’s operating fleet, while additional vessels expanded its capacity to serve customers. The company attributed its performance to a combination of strong global demand, effective commercial execution and the contribution of recently delivered shipping assets.
Integrated Logistics experienced a more challenging nine-month period, with revenue declining 19% year-on-year to USD 1.59 billion (AED 5.82 billion). EBITDA decreased 29% to USD 448 million (AED 1.65 billion), while net profit fell 46% to USD 230 million (AED 843 million). The decline reflected the scheduled completion of the Al Omairah Island project in Q4 2025, alongside lower utilisation and day rates for jack-up barges amid regional geopolitical disruptions.
Higher operating expenses across the Integrated Logistics fleet also affected profitability, while the company recognised an expected credit loss provision associated with its jack-up barge operations. Additional jack-up barges and offshore support vessels generated incremental revenue, partially offsetting these pressures. ADNOC Logistics & Services also reported that material handling volumes within its Integrated Logistics Services Platform had returned to pre-conflict levels, supporting its updated outlook.
The Services segment delivered stronger profitability despite more moderate revenue growth. Revenue increased 5% to USD 281 million (AED 1.03 billion), while EBITDA rose 76% to USD 90 million (AED 331 million). Net profit increased 122% to USD 61 million (AED 223 million), supported by commercial pooling activities and strong bunkering margins at Integr8, part of the company’s Navig8 subsidiary.
Services performance also benefited from the reallocation of an Integrated Logistics Service Platform warehouse from the Integrated Logistics segment. These gains were partly offset by lower petroleum port operation volumes. The segment’s improved earnings demonstrate the contribution of commercial shipping-related services alongside the company’s larger fleet-based operations.
Following the strong nine-month results, ADNOC Logistics & Services raised its full-year 2026 financial guidance for the fourth time. The company now expects revenue growth in the low-100% range, compared with its previous expectation of growth in the mid-20% range. EBITDA growth guidance increased to the low-210% range from the mid-60% range, while net profit growth guidance was raised to the low-360% range from the previous high-110% range.
The revised outlook implies full-year net profit in the region of USD 4 billion, according to the company. Management stated that the updated guidance incorporates actual performance through October 2026 and its latest assumptions for November and December. However, the company cautioned that full-year results remain highly dependent on regional developments and prevailing shipping market conditions.
Within the Shipping segment, ADNOC Logistics & Services increased its full-year revenue growth guidance to the mid-270% range from the mid-80% range. Shipping EBITDA growth is now expected in the mid-540% range, compared with the previous low-190% range. The company also upgraded Services EBITDA growth guidance to the mid-80% range, while maintaining its expectation of a mid-20% decline in Integrated Logistics EBITDA.
ADNOC Logistics & Services continues to pursue a substantial fleet and infrastructure investment programme, with USD 7 billion in capital expenditure committed through 2030 as of 12 November 2026. The programme is intended to support future growth opportunities across maritime transportation and integrated energy logistics. The company also indicated that it retains financial capacity for investments beyond projects already announced, while targeting a medium-term net debt-to-EBITDA ratio of 2.0–2.5 times.
The Board of Directors approved an interim cash dividend of USD 85.3 million (AED 313.3 million) for Q3 2026. The distribution will be allocated based on shareholdings recorded on 23 November 2026. The company’s dividend policy remains unchanged, targeting progressive annual increases in dividends per share of at least 5% through 2030, subject to the applicable financial and corporate requirements.
Chief Executive Officer Captain Abdulkareem Al Masabi highlighted the company’s operational resilience and the contribution of its international maritime platform and long-term contracts. ADNOC Logistics & Services operates across Integrated Logistics, Shipping and Services, serving more than 100 customers in over 50 countries, with a commercial presence in 19 cities. Its major subsidiaries include Zakher Marine International Holdings and Navig8.
With nine-month net profit exceeding AED 7.5 billion, substantial growth in Shipping earnings and a fourth upgrade to full-year guidance, ADNOC Logistics & Services enters the final months of 2026 with strong earnings momentum. Future performance will depend on international charter rates, regional operating conditions, fleet deployment and the execution of its investment programme, while the company’s expanded earnings outlook establishes higher expectations for its full-year financial results.
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, or legal advice.
