Adnoc Logistics & Services Plc · ADX:ADNOCLS
Adnoc Logistics & Services — Investor Presentation (August 2025)
32 slides from Adnoc Logistics & Services's investor presentation, August 2025
Slide 1: Investor Presentation August 2025
ADNOC Classification: Public INVESTOR PRESENTATION 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: 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 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: Results Showcase Resilient Growing Business Model
ADNOC Classification: ADNOC Classification: Public Public Results Showcase Resilient Growing Business Model • Revenue up 40% YoY to US$2,439m, EBITDA up 26% YoY to US$744m, Net Profit up 5% YoY to US$420m • Delivered strong results across Integrated Logistics, Shipping and Services • Significant val
Slide 6: Delivering Value-Added Growth And Efficiency
ADNOC Classification: ADNOC Classification: Public Public Delivering Value-Added Growth And Efficiency Strong growth metrics supported by value-adding investments and continuous efficiency enhancements (US$ millions) Q2 24 Q2 25 YoY% H1 24 H1 25 YoY % H1 2025 Financial Highlights Income Statements R
Slide 7: 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 8: 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 9: 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 $5.0b Integrated 2030 and ZMI JUB contracts up to five years Logistics • Offshore Services – Includes DPII & ZMI conventional b
Slide 10: Segmental 2025 & Medium-Term Outlook
ADNOC Classification: Public Segmental 2025 & Medium-Term Outlook Full-year financial guidance upgraded, driven by strong core performance, margin expansion, and sustained operational momentum Revenue Guidance EBITDA Guidance Integrated Logistics 2025: Mid to high single-digit YoY growth 2025: Mid t
Slide 11: Group 2025 and Medium-Term Guidance
ADNOC Classification: Public Group 2025 and Medium-Term Guidance Full-year financial guidance upgraded, driven by strong core performance, margin expansion, and sustained operational momentum FY 2025 Growth1 Medium-term CAGR Growth2 Consolidated Revenue High 20%’s YoY growth Low single-digit growth
Slide 12: Cash Flow Profile
ADNOC Classification: ADNOC Classification: Public Public Cash Flow Profile Continued strong free cash flows boost financial strength for future expansion 1H Free Cash Flow Evolution (US$M) Commentary 744 604 CASH FLOW -113 -27 • Strong free cash flow driven by strong growth in core -340 businesses
Slide 13: 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 14: L&S Growth Anchored in ADNOC's Strategy
ADNOC Classification: ADNOC Classification: Public Public L&S Growth Anchored in ADNOC’s Strategy Shipping fleet and logistics expansion aligned with ADNOC’s strategy and global growth ambitions. Supporting increased crude exports, LNG sales, and integrated onshore logistics delivery ADNOC’s Strateg
Slide 15: Future Growth Opportunities from ADNOC's Strategy
ADNOC Classification: ADNOC Classification: Public Public Future Growth Opportunities from ADNOC’s Strategy Future-ready growth anchored in ADNOC’s end-to-end platform Oil products & gases Packaging & Mvmt AGT trading onshore transport Onshore Trading Warehousing & W/H Logistics AT Oil trading stora
Slide 16: Appendix
ADNOC Classification: Public APPENDIX
Slide 17: Integrated Logistics – Growth Across All Segments
ADNOC Classification: ADNOC Classification: Public Public Integrated Logistics – Growth Across All Segments Revenue (US$ Million) EBITDA Margins US$m H1 24 H1 25 YoY % 60% 51% Offshore Contracting 543 659 21% 45% 46% 50% 44% 44% 44% 43% 43% Offshore Services 268 285 6% 40% Offshore Projects 252 349
Slide 18: Integrated Logistics: Offshore Contracting
ADNOC Classification: ADNOC Classification: Public Public Integrated Logistics: Offshore Contracting Continued strong logistics demand supported by strategic fleet expansion Number of Vessels & Utilization (%) Number of Jack-Up Barges3 & Utilization (%) Number of Vessels Utilization Rate +24% +8% 56
Slide 19: Integrated Logistics: Offshore Service & Projects
ADNOC Classification: ADNOC Classification: Public Public Integrated Logistics: Offshore Service & Projects Accelerated EPC project delivery Offshore Services: Number of Vessels and Utilization Rate Offshore projects: EPC1 contract update Number of Vessels Utilization Rate G-Island Project Completio
Slide 20: Shipping – Resilient Earnings, Growing Contracted Revenue
ADNOC Classification: ADNOC Classification: Public Public Shipping – Resilient Earnings, Growing Contracted Revenue EBITDA Margins Revenue (US$ Million) 50% 45% US$m H1 24 H1 25 YoY % 44% 36% 37% 38% Tankers 303 797 163% 40% 35% 31% Gas Carriers 73 82 12% 30% 29% Dry Bulk & Container 142 102 -28% TO
Slide 21: Shipping: Operational Highlights
ADNOC Classification: ADNOC Classification: Public Public Shipping: Operational Highlights Fleet optimization helping to support resilient earnings in a softer market NUMBER OF SHIPPING VESSELS1 NUMBER OF CHARTERED-IN VESSELS TIME CHARTER EQUIVALENT (USD)2 No. of owned vessels Utilization rate -23%
Slide 22: Shipping: Benchmark TCE Rates and Outlook
ADNOC Classification: ADNOC Classification: Public Public Shipping: Benchmark TCE Rates and Outlook Positive long-term tanker demand supported by increased ton-mile demand and limited newbuild deliveries Tanker TCE Rates (US$/day) Orderbook as % Average % of Fleet % of Fleet of existing fleet Age 15
Slide 23: 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$m H1 24 H1 25 YoY % 20% 17% 14% 15% Revenue 159 165 4% 10% EBITDA 2
Slide 24: Segmented Quarterly Financials
ADNOC Classification: ADNOC Classification: Public Public Segmented Quarterly Financials Revenue (US$ 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 25: Our Journey
ADNOC Classification: ADNOC Classification: Public Public Our Journey 2016 Delivered Accretive Shipping Growth Plan Expanded Integrated Logistics Creation of ADNOC L&S Realized Merger Synergies Operations efficiency • Launched ILSP via Integration of ADNATCO, • Established AW Shipping JV4 now operat
Slide 26: 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
Slide 27: Strategic Growth Investments
ADNOC Classification: ADNOC Classification: Public Public Strategic Growth Investments 2022 2023 2023 2024 2025 YTD ZMI Acquisition 4x VLCCs delivered 8 – 10x LNG Carriers Navig8 Acquisition ordered; all contracted Closed (Jan) including: • 15x MR + 1x MR 6x LNG Carriers 8x JUBs delivered 9x VLECs o
Slide 28: 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 29: 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 30: 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 31: 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 32: ADNOC L&S Shareholder & Free Float
ADNOC Classification: Public ADNOC L&S Shareholder & Free Float ADNOC L&S SHAREHOLDERS (%) 19% 81% ADNOC Free Float 32
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