Slide 1: Full-Year 2024 Results Presentation
ADNOC Classification: Internal FULL-YEAR 2024 RESULTS PRESENTATION 12 February 2025 ADNOC Logistics & Services
Slide 2: Disclaimer
ADNOC ADNOC Classification:Public Classification: 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 herein
Slide 3: Agenda & Presenters
ADNOC ADNOC Classification:Public Classification: Public Agenda & Presenters 1 Health & Safety 2 Executive Summary Abdulkareem Al Masabi Chief Executive Officer 3 FY 2024 Highlights 4 Financial & Operational Performance 5 Decarbonization & Sustainability Nicholas Gleeson Chief Financial Officer 6 Gr
Slide 4: Health, Safety & Environment: ADNOC L&S' Leading Principle
ADNOC ADNOC Classification:Public Classification: Public 100% Health, Safety & Environment: ADNOC L&S’ Leading Principle Continued strong focus on health & safety KPIs Outstanding Health & Safety Track Record Leading With Innovation AI-enabled Integrated Logistics Management Lost Time Incident Frequ
Slide 5: Executive Summary FY 2024
ADNOC ADNOC Classification:Public Classification: Public Executive Summary FY 2024 FY 2024 Key Financial Highlights $3,549 m $1,149 m $756 m Revenue up EBITDA up Net profit up 29% YoY 31% YoY 22% YoY $1,384 m1 $185 m FY2024 FCF up CAPEX 313% YoY FY 2024 Key Business Highlights & Milestones ▪ Continu
Slide 6: FY 2024 Results Highlights
ADNOC ADNOC Classification:Public Classification: Public FY 2024 Results Highlights ADNOC L&S continues to deliver outstanding profitable growth ▪ Revenue US$3,549 million up 29% YoY supported by exceptional performance across all 2024 Profitability Summary vs Guidance business segments (YoY growth)
Slide 7: Financial Summary & KPIs
ADNOC ADNOC Classification:Public Classification: Public Financial Summary & KPIs Strong growth metrics supported by value-adding investments and continuous efficiency enhancements FY 23 FY 24 YoY % Q4 23 Q4 24 YoY% Q3 24 QoQ % 2024 Financial Highlights (US$ millions) Income Statements: Revenue 2,75
Slide 8: Integrated Logistics – Financials
ADNOC ADNOC Classification:Public Classification: Public Integrated Logistics – Financials Strong revenue and profitability growth driven by expansion in overall activity levels Revenue (US$ Million) EBITDA (US$ Million) US$m FY 23 FY 24 YoY % US$m FY 23 FY 24 YoY % Offshore Contracting 975 1,108 +1
Slide 9: Integrated Logistics: Offshore Contracting
ADNOC ADNOC Classification:Public Classification: Public Integrated Logistics: Offshore Contracting Strong growth across offshore contracting operational activities Number of Vessels & Utilization (%) Number of Jack-Up Barges2 & Utilization (%) Number of Vessels Utilization Rate Number of JUBs Utili
Slide 10: Integrated Logistics: Offshore Services & Projects
ADNOC ADNOC Classification:Public Classification: Public Integrated Logistics: Offshore Services & Projects Continue to deliver growth across key activities Offshore Services: Number of Vessels & Utilization Offshore Projects: EPC1 Contract Update Number of Vessels Utilization Rate G-Island Project
Slide 11: Shipping - Financials
ADNOC ADNOC Classification:Public Classification: Public Shipping - Financials Robust charter rates in Tankers and Dry Bulk, coupled with expansion of our VLCC fleet Revenue (US$ Million) EBITDA (US$ Million) US$m FY 23 FY 24 YoY % US$m FY 23 FY 24 YoY % Tankers 407 517 +27% Tankers 159 240 +51% Gas
Slide 12: Shipping: Operational Highlights
ADNOC ADNOC Classification:Public Classification: Public Shipping: Operational Highlights Continue to deliver strong revenue growth Number of Vessels1 Number of Chartered-in Vessels Time Charter Equivalent (US$)4 Number of Owned Utilization Rate Vessels -7% +5% +13% -18% +2% >99% >99% 141 131 4,817
Slide 13: Shipping: Benchmark TCE rates & Outlook
ADNOC ADNOC Classification:Public Classification: Public Shipping: Benchmark TCE rates & Outlook Tanker TCE Rates (US$/day) Orderbook as % Average % of Fleet 15- % of Fleet 20+ of existing fleet Age 19 Years years 350,000 MR Clean Products VLCC MR (25,000 – 39,999 300,000 17% 13 30% 14% dwt) US$/day
Slide 14: L&S Total Contracted Revenue
ADNOC ADNOC Classification:Public Classification: Public ADNOC L&S Total Contracted Revenue Anchored by long-term contracts Segment 2025 2026-29 2030++ % of Revenue Under Long-term Contracts Integrated Logistics 2025 2026-2029 $1.9 bn $4.6 bn $2.3 bn Integrated Logistics : Mainly consists of 2025 •
Slide 15: 100% Contracted L&S Operations
ADNOC ADNOC Classification:Public Classification: Public ADNOC L&S Operations Contracted vs Non-contracted operations across all three business segments Integrated Logistics Shipping Services Offshore Contracting Tankers Petroleum Port operations ILSP contracts up to 2032, Hail & Ghasha up to 2030 a
Slide 16: Shipping Revenue Analysis
ADNOC ADNOC Classification:Public Classification: Public Shipping Revenue Analysis Spot shipping rate exposure represents less than 27% of ADNOC L&S’s Total Revenue 2025 2026 2027 2028 2029 24% 26% 26% 24% 22% 76% 74% 74% 76% 78% Spot shipping exposure revenue Other Revenue Contracted Revenue: Timel
Slide 17: Services
ADNOC ADNOC Classification:Public Classification: Public Services EBITDA and Net Profit growth driven by increased volumes in petroleum ports and onshore terminal operations Financials (US$ Million) Outlook ▪ Consistent performance under long-term contracts, complemented by new US$m FY 23 FY 24 YoY
Slide 18: Cash Flow Profile
ADNOC ADNOC Classification:Public Classification: Public Cash Flow Profile Continued strong free cash flows boost financial strength for future expansion Free Cash Flow Evolution (US$M) Commentary 1,149 CASH FLOW 996 ▪ Strong free cash flow driven by strong growth in core -80 -73 businesses and prof
Slide 19: Sustainability Strategy
ADNOC ADNOC Classification:Public Classification: Public Sustainability Strategy Sustainability abatement opportunities 2024-2050 and case studies Technical assessment & opportunities ADNOC L&S Shipping Fleet Carbon Intensity (AER1) Potential Abatement projects in our shipping segment 2024-2050 14.0
Slide 20: Growth Investment Outlook & Funding Plan
ADNOC ADNOC Classification:Public 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$ 1.49bn Inorganic Investment Inorganic Investme
Slide 21: Segmental 2025 & Medium-Term Outlook
ADNOC ADNOC Classification:Public Classification: Public Segmental 2025 & Medium-Term Outlook Revenue Guidance EBITDA Guidance 2025: Low single-digit YoY growth 2025: High single-digit YoY growth Integrated Logistics MT: Low single-digit reduction MT: Low single-digit growth Offshore Contracting 202
Slide 22: Group 2025 and Medium-Term Outlook
ADNOC ADNOC Classification:Public Classification: Public Group 2025 and Medium-Term Outlook FY 2025 Growth1 Medium-term CAGR Growth2 Consolidated Revenue Mid to high 40%s YoY growth Low single-digit growth Consolidated EBITDA High teens YoY growth High single-digit growth Consolidated Net Profit Low
Slide 23: Closing Remarks
ADNOC ADNOC Classification:Public Classification: Public Closing Remarks STRONG COMMITTED STRONG GROWTH CONTINUED TO ATTRACTIVE EBITDA STRATEGY EARNINGS SHAREHOLDERS MARGIN EXECUTION GROWTH RETURNS 23
Slide 24: Q&A
ADNOC Classification: Public Q&A
Slide 25: Thank You
THANK YOU www.adnocls.ae IR@adnocls.ae ADNOC Logistics & Services HIGHLY RESTRICTED
Slide 26: Appendix
APPENDIX HIGHLY RESTRICTED
Slide 27: Segmented Quarterly Financials
ADNOC Classification: Public Segmented Quarterly Financials Revenue (US$ Million) EBITDA (US$ Million) Net Profit (US$ Million) Integrated Logistics US$m Q4 23 Q4 24 QoQ % US$m Q4 23 Q4 24 QoQ % US$m Q4 23 Q4 24 QoQ % Offshore Offshore Offshore 275 278 +1% 118 127 +7% 87 86 -1% Contracting Contracti
Slide 28: Shipping: Demand and Supply Outlook
ADNOC Classification: Public Shipping: Demand and Supply Outlook Crude Tanker Demand and Supply Balance (%) 7.8 7.4 6.6 5.6 5.0 3.8 2.4 1.6 1.6 1.3 0.9 1.0 1.0 1.0 0.2 2022 2023 2024 2025F 2026F Crude Tanker dwt Demand (%) Crude Tanker dwt Supply (%) Ton-mile % Change Product Tanker Demand and Suppl
Slide 29: Segment Restructure of Onshore Services in 2024
Segment Restructure of Onshore Services In 2024 Financial Impact of Subsegment Reallocation (Non-Material) Segments Integrated Logistics Services 2023 2024 segments Sub- Onshore Services Shifted1 Onshore Services Onshore Financials (US$ millions) FY 24 FY 23 Onshore Business: Revenue 127 107 • KIZAD
Slide 30: Business Segments Structure Post Navig8 Integration
Business Segments Structure Post Navig8 Integration Segments Integrated Logistics Shipping Services Owned vessels Offshore Contracting1 Tankers4 Onshore Services TC-in vessels Sub-segments Marine Services Offshore Services2 Gas Carriers Bunkering (Integr8) Technical management Offshore Projects3 Dry
Slide 31: ADNOC L&S Shareholder & Free Float
ADNOC L&S Shareholder & Free Float ADNOC L&S SHAREHOLDERS (%) 19% 81% ADNOC Free Float 31 * As of end January, 2025. HIGHLY RESTRICTED