Adnoc Logistics & Services Plc · ADX:ADNOCLS
Adnoc Logistics & Services — Q1 2026 Earnings Presentation
37 slides from Adnoc Logistics & Services's earnings presentation, May 14, 2026
Slide 1: First Quarter 2026 Earnings Presentation
ADNOC Classification: Internal FIRST QUARTER 2026 EARNINGS PRESENTATION 14 May 2026 adnocls.ae
Slide 2: Disclaimer
ADNOC Classification: Internal 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 solely for informational
Slide 3: Agenda & Presenters
ADNOC Classification: Internal Agenda & Presenters 1 Results Summary 2 Shareholder Value Captain 3 Health & Safety Abdulkareem Al Masabi Chief Executive Officer 4 First Quarter 2026 Highlights 5 Segmental Performance 6 Cashflow Profile Hugh Baker 7 Growth Outlook & Guidance Chief Financial Officer 8
Slide 4: Strong Shipping Performance & FY2026 Guidance Upgrade
ADNOC Classification: Internal Strong Shipping Performance & FY2026 Guidance Upgrade • Q1 2026 Net Profit up 20% YoY to US$222 million • Q1 2026 EBITDA up 7% YoY to US$368 million • Significant uplift in Shipping TCE rates driving Revenue, EBITDA & Net Profit up 4%, 37% and 103% YoY respectively • R
Slide 5: Delivering Shareholder Value
ADNOC Classification: Internal Delivering Shareholder Value Leading beneficiary >US$1.7bn US$21bn ADNOC provides massive international growth in of ADNOC’s growth 2026 RoY Revenue Forward contracted revenue contracted with ADNOC with ADNOC (2027+) Chemicals, Gas and Oil Resilience and US$25bn >935 y
Slide 6: Industry-Leading Safety & Governance Standards
ADNOC Classification: Internal Industry-Leading Safety & Governance Standards Leading with Health, Safety & Environment Record Health & Safety KPIs & Recognition Health & Safety Lost Time Incident Frequency (LTIF) • Record of zero LTIF, demonstrating world class safety through 15.96 million hours wo
Slide 7: AI Technology Powering Our Strategic Advantage
ADNOC Classification: Internal AI Technology Powering Our Strategic Advantage Offshore logistics digital solution, optimizing cargo routing, asset deployment and delivery sequencing Integrated Logistics Manageme nt System AI- AI-driven coordination of AI-enabled computer-vision SMARTi – (ILMS) Power
Slide 8: EBITDA Lifted by Strong Shipping Performance
ADNOC Classification: Internal EBITDA Lifted by Strong Shipping Performance • Integrated Logistics results: Revenue -23% YoY, EBITDA -17% YoY and Net Profit -30% YoY • Record Shipping results: Revenue +4% YoY, EBITDA +37% YoY and Net Profit +103% YoY • Services results: Revenue +5%, EBITDA +13% and
Slide 9: Resilient Group Performance
ADNOC Classification: Internal Resilient Group Performance 1Q 25 1Q 26 YoY% 4Q 25 QoQ % Q1 2026 Financial Highlights (US$ millions) Income Statements Revenue 3 1,204 1,083 -10% 1,187 -9% • Revenue fell 10% YoY as EPC project G-Island wrapped up in 344 368 7% 391 -6% FY2025; ex-Offshore Projects, rev
Slide 10: Integrated Logistics – Softer Volumes & Higher Provisions
ADNOC Classification: Internal Integrated Logistics – Softer Volumes & Higher Provisions EBITDA Margins Revenue (US$ Million) 60% US$m 1Q 25 1Q 26 YoY % 51% 45% 46% 50% 44% 44% 44% Offshore Contracting 43% 43% 44% 300 312 4% 43% 1 41% Offshore Services 136 166 40% 22% 26% 28% 29% 30% Offshore Projec
Slide 11: Integrated Logistics: Offshore Contracting
ADNOC Classification: Internal Integrated Logistics: Offshore Contracting Operational resilience and disciplined execution sustaining stable volume growth amid external volatility Number of Owned Vessels & Utilization (%) Number of Jack-Up Barges2 & Utilization (%) +2% +5% 98% 96% 95% 98% 97% 91% 92
Slide 12: Integrated Logistics: Offshore Services
ADNOC Classification: Internal Integrated Logistics: Offshore Services Positive EBITDA growth and fleet expansion supporting increased offshore services demand Number of Owned Vessels & Utilization (%) Key Highlights +18% • EBITDA up 39% YoY to US$48 million, while growing margins 300bps 81 80 93% 9
Slide 13: Shipping – Performance Lifted On Firm TCEs
ADNOC Classification: Internal Shipping – Performance Lifted On Firm TCEs EBITDA Margins Revenue (US$ Million) 67% 66% US$m 1Q 25 1Q 26 YoY % 70% 63% 1 55% 56% 56% Tankers 405 407 1% 60% 54% 55% 49% 50% 49% Gas Carriers 39 56 42% 50% 50% 41% 2 40% 37% 45% 35% Dry Bulk & Container 47 49 4% 32% 36% 29
Slide 14: Tanker Fleet: Benefiting From Higher Spot Rates
ADNOC Classification: Internal Tanker Fleet: Benefiting From Higher Spot Rates Capitalizing on strengthening spot rates with a high level of spot exposure and selective contract cover US$ 20x MR TCE1,2,3,4 US$ 9x LR1 TCE1,2,3,4 +47% +53% 44,503 55,215 +29% +67% 54% 51% 30,234 of 36,063 of 23,459 25,
Slide 15: Gas Fleet: Majority LT Contracted & High EBITDA Margin
ADNOC Classification: Internal Gas Fleet: Majority LT Contracted & High EBITDA Margin Owned Fleet1 15 of 21 delivered vessels secured on long-term contracts, with 15 contracted newbuilds in the pipeline to drive further sustained, resilient earnings growth 9 Newbuild 7 vessels on 5 • 5 Das LNG vesse
Slide 16: Dry Bulk & Container Fleet
ADNOC Classification: Internal Dry Bulk & Container Fleet Resilient dry bulk performance supported by long-term container fleet contracts Dry Bulk TCE Rates Key Highlights Fleet & Market Update US$ 8x Supramax + Ultramax US$ 3x Handysize • Ultramax/Supramax Q1 2026 rates eased QoQ from exceptional Q
Slide 17: Services
ADNOC Classification: Internal Services Significant EBITDA Margin Expansion EBITDA Margins Financials (US$ Million) 30% 23% US$m 1Q 25 1Q 26 YoY % 21% 18% 19% 20% 18% 19% 20% 17% 14% 15% Revenue 84 89 5% EBITDA 18 20 13% 10% 10% EBITDA Margin % 21% 23% 2pp Net Profit 11 11 3% 0% 3Q23 4Q23 1Q24 2Q24
Slide 18: US$25 Billion Long-Term Contracted Revenue
ADNOC Classification: Internal US$25 Billion Long-Term Contracted Revenue 2026 RoY 2027-29 2030+ • Offshore Contracting - ILSP contracts up to 2032, Hail & Ghasha up to $3.9b Integrated $1.2b Logistics $2.5b 2030 and ZMI JUB contracts up to five years ~88% ~59% • Offshore Services – Includes DPII &
Slide 19: 1Q 2026 Assets Update
ADNOC Classification: Internal 1Q 2026 Assets Update Vessel Subsegment Vessel Type Purchase Date Deployment Date Purchase Price Count Purchase Offshore 1 Flat-top Barge February 2026 February 2026 USD 4.2m Services 1 OSV February 2026 April 2026 USD 14.7m Vessel Vessel Type Built Date Sale Proceed G
Slide 20: Long-Term Contracts Drive Earnings Visibility
ADNOC Classification: Internal Long-Term Contracts Drive Earnings Visibility Shipping EBITDA spot rate exposure represents an average of only 29% of ADNOC L&S’s Total EBITDA 2026 2027 2028 2029 43% 26% 25% 23% Shipping EBITDA Shipping EBITDA Shipping EBITDA Shipping EBITDA spot exposure* spot exposu
Slide 21: Cash Flow Profile
ADNOC Classification: Internal Cash Flow Profile Delivering Operating Free Cash Flow US$394 million surpassing EBITDA: Optimal cash conversion Q1 2026 Free Cash Flow Evolution (US$M) Commentary 394 CASH FLOW 368 36 11 • Continued strong free cash flow driven by strong EBITDA 264 delivery and working
Slide 22: Growth Investment Outlook & Funding Plan
ADNOC Classification: Internal Growth Investment Outlook & Funding Plan Delivering a transformational growth strategy to benefit all stakeholders US$3.3bn1 Remaining Committed CAPEX Obligations Approx. US$ 7.0bn CAPEX Evolution 2,300 VLAC 2,300 Significant Ruiwas LNG 1,862 incremental Das LNG capaci
Slide 23: Segmental 2026 & Medium-Term Outlook
ADNOC Classification: Internal Segmental 2026 & Medium-Term Outlook Revenue Guidance EBITDA Guidance Integrated Logistics 2026: Mid to High 20% YoY reduction 2026: Mid to High 20% YoY reduction MT: Low single-digit reduction MT: Low single-digit growth Offshore Contracting 2026: Conservative outlook
Slide 24: Upgrade Group FY 2026 Guidance
ADNOC Classification: Internal Upgrade Group FY 2026 Guidance FY 2026 Guidance Upgrade on elevated shipping rates, more than offsets integrated logistics softness FY 2026 Growth1 Medium-Term CAGR Growth1 Consolidated Revenue Low to mid single-digit YoY reduction Low single-digit growth Consolidated
Slide 25: Closing Remarks
ADNOC Classification: Internal Closing Remarks STRONG COMMITTED STRONG GROWTH CONTINUED TO ATTRACTIVE EBITDA STRATEGY EARNINGS SHAREHOLDERS MARGIN EXECUTION GROWTH RETURNS 25
Slide 26: ADNOC Logistics & Services
GiLoaallg ala_oall elg_iai ADNOC LOGISTICS & SERVICES
Slide 27: Thank You
THANK YOU www.adnocls.ae IR@adnocls.ae
Slide 28: Appendix
GiLoaallg ala_oall elg_iai ADNOC LOGISTICS & SERVICES APPENDIX
Slide 29: L&S Operations
ADNOC Classification: Internal ADNOC L&S Operations Contracted and 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 Majority spot exposure Con
Slide 30: Shipping: Benchmark TCE Rates And Outlook
Shipping: Benchmark TCE Rates And Outlook Positive long-term tanker demand supported by increased ton-mile demand and limited newbuild deliveries VLCC Crude Tanker TCE Rates (US$/day) Orderbook as % Average % of Fleet % of Fleet of existing fleet Age 15-19 Years 20+ years 400,000 VLCC MR (40,000 – 5
Slide 31: Segmented Quarterly Financials
ADNOC Classification: Internal Segmented Quarterly Financials Revenue (US$ Million) EBITDA (US$ Million) Net Profit (US$ Million) Integrated Logistics US$m Q4 25 Q1 26 QoQ % US$m Q4 25 Q1 26 QoQ % US$m Q4 25 Q1 26 QoQ % Offshore Offshore Offshore 359 312 -13% 154 106 -31% 103 59 -42% Contracting Con
Slide 32: Healthy Balance Sheet
ADNOC Classification: Internal Healthy Balance Sheet Consolidated balance sheet shows the company`s flexibility and capacity for further investment USD million FY 2025 Q1 2026 Variance % Total Assets 9,965 10,282 3% Q1 2026 Balance Sheet Highlights Non-Current Assets 7,996 8,019 0% Cash & Equivalent
Slide 33: Owned Shipping Fleet (as of 31 March 2026)
Owned Shipping Fleet (as of 31 March 2026) Owned Average Age (owned) Handysize 2 17 MR 16 6 52x Tankers LR1 9 15 LR2 17 7 VLCC 8 6 FSU 2 32 LNG* 9 14 21x Gas VLGC 7 7 VLEC* 2 1 Molten Sulphur 1 33 Handysize 3 14 11x Dry Bulk Supramax 4 15 Ultramax 4 8 3x Container Feeder 3 17 Total 87 33 * Includes
Slide 34: Significant Operating Leverage in Spot Shipping Fleet
Significant Operating Leverage in Spot Shipping Fleet No. owned vessels Earnings sensitivity2 available at spot1 +/- US$1000/day TCE variation Handysize 2 ~US$0.7m MR 16 ~US$5.8m 40x Tankers LR1 7 ~US$2.6m LR2 11 ~US$4.0m VLCC 4 ~US$1.5m Handysize 3 ~US$1.1m 11x Dry Bulk Supramax 4 ~US$1.5m Ultramax
Slide 35: Locking In Value Through Time Charters
ADNOC Classification: Internal Locking In Value Through Time Charters Secured opportunistic vessel coverage at attractive rates, while maintaining significant spot exposure to capture elevated spot market returns Type Period TC-Out Rate TC Expiry TC Expiry Vessel (Months) US$ (Earliest) (Latest) 1 N
Slide 36: Sustainability Strategy
ADNOC Classification: Internal 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 sustainability 2030 strategy an
Slide 37: L&S Shareholder & Free Float
ADNOC Classification: Internal ADNOC L&S Shareholder & Free Float ADNOC L&S SHAREHOLDERS (%) 22% 78% ADNOC Free Float 37
ADNOC Logistics & Services — Q1 2026 Earnings Presentation on 6ix