Adnoc Logistics & Services Plc · ADX:ADNOCLS
Adnoc Logistics & Services — H1 2025 Earnings Presentation
32 slides from Adnoc Logistics & Services's earnings presentation, Aug 12, 2025
Slide 1: First Half 2025 Results Presentation
ADNOC Classification: Public FIRST HALF 2025 RESULTS PRESENTATION 12 August 2025
Slide 2: Disclaimer
ADNOC Classification: ADNOC Classification: Public Public Disclaimer This presentation has been prepared by ADNOC Logistics & Services Plc (the ‘Company’) based on publicly available information and non-public information to assist you in making a preliminary analysis of the content referenced herei
Slide 3: Agenda & Presenters
ADNOC Classification: ADNOC Classification: Public Public Agenda & Presenters 1 Results Summary 2 Shareholder Value Captain Abdulkareem Al Masabi 3 Health & Safety Chief Executive Officer 4 1H 2025 Highlights 5 Segmental Performance Nicholas Gleeson Chief Financial Officer 6 Cashflow Profile 7 Growt
Slide 4: Delivering Record Results and Raising Expectations
ADNOC Classification: Public Delivering Record Results and Raising Expectations • Surpassing market expectations with record first-half Revenue, EBITDA and Net Profit • Record-breaking performance in Integrated Logistics with YoY EBITDA and Net Profit up 27% and 31% respectively • Shipping revenues
Slide 5: Delivering Shareholder Value
ADNOC Classification: ADNOC Classification: Public Public Delivering Shareholder Value Leading beneficiary >US$2bn US$21bn ADNOC provides massive international growth in of ADNOC’s growth 2025 Revenue contracted Forward contracted revenue with ADNOC with ADNOC (2025+) Chemicals, Gas and Oil Resilien
Slide 6: 100% Health, Safety & Environment: ADNOC L&S' Leading Principle
ADNOC Classification: ADNOC Classification: Public Public 100% Health, Safety & Environment: ADNOC L&S’ Leading Principle Leading with Health Safety & Environment Outstanding Health & Safety Track Record Lost Time Incident Frequency (LTIF) • Achieved a remarkable milestone with our Manhours Worked (
Slide 7: Results Showcase Resilient Growing Business Model
ADNOC Classification: ADNOC Classification: Public Public Results Showcase Resilient Growing Business Model • Integrated Logistics delivered record EBITDA and Net Profit up 27% and 31% respectively • Shipping delivered 30% EBITDA margins despite softer shipping TCE rates – supported by Q1 2025 Navig
Slide 8: Delivering Value Efficiencies Across The Business
ADNOC Classification: Public Delivering Value Efficiencies Across The Business • Target +US$100 million in value efficiencies in 2025, with the majority benefiting our Integrated Logistics segment • Already seeing margin improvement in Integrated Logistics Services Platform due to greater efficiency
Slide 9: Delivering Value-Added Growth And Efficiency
ADNOC Classification: ADNOC Classification: Public Public Delivering Value-Added Growth And Efficiency Strong growth metrics supported by value-adding investments and continuous efficiency enhancements (US$ millions) Q2 24 Q2 25 YoY% H1 24 H1 25 YoY % H1 2025 Financial Highlights Income Statements R
Slide 10: Integrated Logistics – Growth Across All Segments
ADNOC Classification: ADNOC Classification: Public Public Integrated Logistics – Growth Across All Segments Revenue (US$ Million) EBITDA Margins US$m H1 24 H1 25 YoY % 60% 51% Offshore Contracting 543 659 21% 45% 46% 50% 44% 44% 44% 43% 43% Offshore Services 268 285 6% 40% Offshore Projects 252 349
Slide 11: Integrated Logistics: Offshore Contracting
ADNOC Classification: ADNOC Classification: Public Public Integrated Logistics: Offshore Contracting Continued strong logistics demand supported by strategic fleet expansion Number of Vessels & Utilization (%) Number of Jack-Up Barges3 & Utilization (%) Number of Vessels Utilization Rate +24% +8% 56
Slide 12: Integrated Logistics: Offshore Service & Projects
ADNOC Classification: ADNOC Classification: Public Public Integrated Logistics: Offshore Service & Projects Accelerated EPC project delivery Offshore Services: Number of Vessels and Utilization Rate Offshore projects: EPC1 contract update Number of Vessels Utilization Rate G-Island Project Completio
Slide 13: Shipping – Resilient Earnings, Growing Contracted Revenue
ADNOC Classification: ADNOC Classification: Public Public Shipping – Resilient Earnings, Growing Contracted Revenue EBITDA Margins Revenue (US$ Million) 50% 45% US$m H1 24 H1 25 YoY % 44% 36% 37% 38% Tankers 303 797 163% 40% 35% 31% Gas Carriers 73 82 12% 30% 29% Dry Bulk & Container 142 102 -28% TO
Slide 14: Shipping: Operational Highlights
ADNOC Classification: ADNOC Classification: Public Public Shipping: Operational Highlights Fleet optimization helping to support resilient earnings in a softer market NUMBER OF SHIPPING VESSELS1 NUMBER OF CHARTERED-IN VESSELS TIME CHARTER EQUIVALENT (USD)2 No. of owned vessels Utilization rate -23%
Slide 15: Shipping: Benchmark TCE Rates and Outlook
ADNOC Classification: ADNOC Classification: Public Public Shipping: Benchmark TCE Rates and Outlook Positive long-term tanker demand supported by increased ton-mile demand and limited newbuild deliveries Tanker TCE Rates (US$/day) Orderbook as % Average % of Fleet % of Fleet of existing fleet Age 15
Slide 16: 2Q 2025 Assets Update
ADNOC Classification: Public 2Q 2025 Assets Update Purchase and Sales Vessel Segment Vessel Type Purchase Date Deployment Date Purchase Price Count Offshore Support 2 Vessel (OSV) April 2025 June 2025 USD 28.9m Integrated Purchase Logistics 1 Flat-top Barge April 2025 May 2025 USD 2.9m Offshore Supp
Slide 17: Earnings Visibility Through Long-Term Contracts
ADNOC Classification: Public Earnings Visibility Through Long-Term Contracts Shipping EBITDA spot rate exposure represents an average of only 27% of ADNOC L&S’s Total EBITDA 2025 2026 2027 2028 2029 2030 33% 30% 27% 24% 23% 23% Shipping EBITDA Shipping EBITDA Shipping EBITDA Shipping EBITDA Shipping
Slide 18: US$26 Billion in Long-Term Contracted Revenue
ADNOC Classification: Public US$26 Billion in Long-Term Contracted Revenue 2025 2026-29 2030++ • Offshore Contracting - ILSP contracts up to 2032, Hail & Ghasha up to $1.1b $5.0b Integrated 2030 and ZMI JUB contracts up to five years Logistics • Offshore Services – Includes DPII & ZMI conventional b
Slide 19: Services – Meaningful Future Growth Catalyst
ADNOC Classification: ADNOC Classification: Public Public Services – Meaningful Future Growth Catalyst Delivering meaningful diversified EBITDA and Net Profit growth EBITDA Margins Financials (US$ Million) 30% 20% 21% 18% 19% 18% US$m H1 24 H1 25 YoY % 20% 17% 14% 15% Revenue 159 165 4% 10% EBITDA 2
Slide 20: Cash Flow Profile
ADNOC Classification: ADNOC Classification: Public Public Cash Flow Profile Continued strong free cash flows boost financial strength for future expansion 1H Free Cash Flow Evolution (US$M) Commentary 744 604 CASH FLOW -113 -27 • Strong free cash flow driven by strong growth in core -340 businesses
Slide 21: Growth Investment Outlook & Funding Plan
ADNOC Classification: Public Growth Investment Outlook & Funding Plan Delivering a transformational growth strategy to benefit all stakeholders US$ 5.0bn Organic Investment Committed1 Approx. US$ 7.0bn CAPEX Evolution and US$ 1.45bn Inorganic Investment Inorganic Investment 1,384 1,862 US$ 3bn+ of 1
Slide 22: Segmental 2025 & Medium-Term Outlook
ADNOC Classification: Public Segmental 2025 & Medium-Term Outlook Full-year financial guidance upgraded, driven by strong core performance, margin expansion, and sustained operational momentum Revenue Guidance EBITDA Guidance Integrated Logistics 2025: Mid to high single-digit YoY growth 2025: Mid t
Slide 23: Group 2025 and Medium-Term Guidance
ADNOC Classification: Public Group 2025 and Medium-Term Guidance Full-year financial guidance upgraded, driven by strong core performance, margin expansion, and sustained operational momentum FY 2025 Growth1 Medium-term CAGR Growth2 Consolidated Revenue High 20%’s YoY growth Low single-digit growth
Slide 24: Closing Remarks
ADNOC Classification: ADNOC Classification: Public Public Closing Remarks STRONG COMMITTED STRONG GROWTH CONTINUED TO ATTRACTIVE EBITDA STRATEGY EARNINGS SHAREHOLDERS MARGIN EXECUTION GROWTH RETURNS 24
Slide 25: Q&A
ADNOC Classification: Public Q&A
Slide 26: Thank You
ADNOC Classification: Public THANK YOU www.adnocls.ae IR@adnocls.ae
Slide 27: Appendix
ADNOC Classification: Public APPENDIX
Slide 28: Shipping: Demand and Supply Outlook
ADNOC Classification: ADNOC Classification: Public Public Shipping: Demand and Supply Outlook Crude Tanker Demand and Supply Balance (%) 7.1 6.5 5.5 5.0 4.5 3.7 2.5 2 1.2 1.3 1.0 0.7 0.3 0.3 0.2 2022 2023 2024 2025F 2026F Crude Tanker dwt Demand (%) Crude Tanker dwt Supply (%) Ton-mile % Change Prod
Slide 29: Segmented Quarterly Financials
ADNOC Classification: ADNOC Classification: Public Public Segmented Quarterly Financials Revenue (US$ Million) EBITDA (US$ Million) Net Profit (US$ Million) Integrated Logistics US$m Q1 25 Q2 25 QoQ % US$m Q1 25 Q2 25 QoQ % US$m Q1 25 Q2 25 QoQ % Offshore Offshore Offshore 300 359 20% 132 183 39% 86
Slide 30: Sustainability Strategy
ADNOC Classification: ADNOC Classification: Public Public Sustainability Strategy Lowering fleet carbon intensity through dual-fuel vessels and fleet modernization ADNOC L&S Shipping Fleet Carbon Intensity (AER1) 14.00 2024-2026 An alignment with ADNOC 2025-2027 2027-2028 2028-2030 Group’s 2030 sust
Slide 31: ADNOC L&S Shareholder & Free Float
ADNOC Classification: Public ADNOC L&S Shareholder & Free Float ADNOC L&S SHAREHOLDERS (%) 19% 81% ADNOC Free Float 31
Slide 32: ADNOC L&S Operations
ADNOC Classification: Public ADNOC L&S Operations Contracted vs non-contracted operations across all three business segments Integrated Logistics Shipping Services Offshore Contracting Tankers Petroleum Port ILSP contracts up to 2032, Operations Hail & Ghasha up to 2030 Non-contracted, spot exposure
ADNOC Logistics & Services — H1 2025 Earnings Presentation on 6ix