Slide 1: 2025 Annual Results Presentation
ADNOC Classification: Internal 2025 ANNUAL RESULTS PRESENTATION 11 February 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 FY 2025 Highlights 5 Segmental Performance 6 Cashflow Profile Hugh Baker 7 Growth Outlook & Guidance Chief Financial Officer 8 Closing Re
Slide 4: Record FY 2025 Results
ADNOC Classification: Internal Record FY 2025 Results • Record FY 2025 performance and exceeding guidance: Revenue +41%, EBITDA +32% and Net Profit +14% • Strong Operating Free Cash Flow generation, up 42% YoY to US$1.4 bn • Recent Highlights: • Revolving Credit Facility of US$2.6 billion (US$2.0bn
Slide 5: Delivering Shareholder Value
ADNOC Classification: Internal Delivering Shareholder Value Leading beneficiary >US$2bn US$21bn ADNOC provides massive international growth in of ADNOC’s growth 2026 Revenue contracted Forward contracted revenue with ADNOC with ADNOC (2026+) Chemicals, Gas and Oil Resilience and US$25bn >980 years ~
Slide 6: ADNOC L&S Surpasses HSE KPIs With Excellence
ADNOC Classification: Internal ADNOC L&S Surpasses HSE KPIs With Excellence Leading with Health, Safety & Environment Record Health & Safety • Zero fatalities, marine vessel incidents, or fires Lost Time Incident Frequency (LTIF) • Record low Lost Time Incident Frequency – down 73% 0.35 0.31 • Recor
Slide 7: Delivering Record Results Across All Segments
ADNOC Classification: Internal Delivering Record Results Across All Segments • Record Integrated Logistics results: Revenue +11%, EBITDA and Net Profit +21% YoY • Record Shipping results: Revenue +122%, EBITDA +56% and Net Profit +10% – Navig8 acquisition in Jan 2025 • Record Services results: Reven
Slide 8: Outperforming Our Value Efficiency Targets
ADNOC Classification: Internal Outperforming Our Value Efficiency Targets • Achieved value efficiencies of US$119 million in 2025 • Annual valuation efficiency target of US$90 million from 2026 to 2030 • Financing cost savings, manpower efficiencies, Navig8 synergies, AI adoption, and disciplined ca
Slide 9: Growth Across All Segments
ADNOC Classification: Internal Growth Across All Segments FY 2025 Financial Highlights Income Statements (US$ millions) FY 24 FY 25 YoY% 4Q 24 4Q 25 YoY % 3Q 25 QoQ % • Revenue up 41% YoY with positive performance across all segments 3,549 41% 881 1,187 35% 1,322 -10% • EBITDA up 32% YoY driven by R
Slide 10: Integrated Logistics - Strong Logistics Demand
ADNOC Classification: Internal Integrated Logistics - Strong Logistics Demand Revenue (US$ Million) EBITDA Margins US$m FY 24 FY 25 YoY % 60% 51% 45% 46% Offshore Contracting 1,108 1,369 50% 44% 44% 44% 24% 43% 43% 44% 43% Offshore Services 553 629 14% 40% Offshore Projects 620 531 28% 29% -14% 30%
Slide 11: Integrated Logistics: Offshore Contracting
ADNOC Classification: Internal Integrated Logistics: Offshore Contracting Strong logistics momentum delivering steady fleet performance and rising material -handling volumes Number of Owned Vessels & Utilization (%) Number of Jack-Up Barges2 & Utilization (%) +2% -2% 46 45 45 94% 94% 95% 97% 98% 97%
Slide 12: Integrated Logistics: Offshore Services
ADNOC Classification: Internal Integrated Logistics: Offshore Services Significant growth in material handling volumes Number of Owned Vessels & Utilization (%) Offshore Services Material Handling Volume (KMT1) +19% +79% 81 91% 95% 95% 94% 89% 89% 93% 92% 76 66 70 67 68 68 70 47 52 41 44 30 29 22 13
Slide 13: Integrated Logistics: Offshore Projects
ADNOC Classification: Internal Integrated Logistics: Offshore Projects Accelerated EPC delivery, marked by G-Island completion Project Progress Offshore projects: EPC1 contract update G-Island Project Completion Rate 95.3% 100.0% 84.4% Bu Haseer ESP Surface 54.2% Facilities Package (EPC Works) EPC G
Slide 14: Shipping – Significant Fleet And Margin Expansion
ADNOC Classification: Internal Shipping – Significant Fleet And Margin Expansion Revenue (US$ Million) EBITDA Margins US$m FY 24 FY 25 YoY % 67% 70% 63% Tankers 517 1,720 233% 55%1 56% 56% 60% 54% 55% Gas Carriers 153 180 18% 49% 49% 50% 50% Dry Bulk & Container 287 225 -22% 37% 50% 41% 40% 45% 32%
Slide 15: Tanker Fleet: Benefiting From Higher Spot Rates
ADNOC Classification: Internal Tanker Fleet: Benefiting From Higher Spot Rates Capitalizing on strengthening spot rates – maintaining a high level of spot exposure and adding selective contract cover US$ 16x MR TCE1,2,3,4 US$ 9x LR1 TCE1,2,3,4 +5% 25,161 24,547 51,645 49,424 23,459 23,391 +23% 31,91
Slide 16: Locking In Value Through Long-Term Charters
ADNOC Classification: Internal Locking In Value Through Long-Term Charters Capitalizing on OPEC+ unwind and rising tonne-mile demand by securing opportunistic vessel coverage at attractive rates for long-term revenue, while maintaining open days to capture elevated spot market returns Vessel Type Pe
Slide 17: Gas Fleet: Majority LT Contracted & High-Margin
ADNOC Classification: Internal Gas Fleet: Majority LT Contracted & High-Margin EBITDA 15 of 20 owned vessels on long-term contracts providing resilient earnings Owned Fleet1 • 2025 delivery of 3 LNG vessels (Al Rahba), (Al Reef), (Al Sadaf) and 2 VLEC vessels (Yongjiang) and (Minjiang) 8 7 • 2026 de
Slide 18: Dry Bulk & Container Fleet
ADNOC Classification: Internal Dry Bulk & Container Fleet Strengthening Ultramax and Supramax TCE rates, with feeder vessels operating under a long-term contract Dry Bulk TCE Rates • Fleet & Market Update US$ 8x Supramax + Ultramax US$ 3x Handysize • Ultramax and Supramax market conditions continue
Slide 19: Services
ADNOC Classification: Internal Services TA’ZIZ expected to generate ~US$1.3bn in revenue over 27 years, average EBITDA 85% EBITDA Margins Financials (US$ Million) 30% 20% 21% 18% 19% 18% 19% US$m FY 24 FY 25 YoY % 20% 17% 14% 15% Revenue 312 362 16% 10% 10% EBITDA 56 60 8% 0% EBITDA Margin % 18% 17%
Slide 20: US$25 Billion Long-Term Contracted Revenue
ADNOC Classification: Internal US$25 Billion Long-Term Contracted Revenue 2026 2027-29 2030+ • Offshore Contracting - ILSP contracts up to 2032, Hail & Ghasha up to 2030 and ZMI JUB contracts up to five years $1.7b $3.8b Integrated Logistics $2.4b • Offshore Services – Includes DPII & ZMI convention
Slide 21: 4Q 2025 Assets Update
ADNOC Classification: Internal 4Q 2025 Assets Update Vessel Segment Vessel Type Purchase Date Deployment Date Purchase Price Count 1 Flat-top Barge November 2025 November 2025 USD 3.8m Integrated 1 OSV December 2025 January 2026 USD 14.1m Logistics 1 OSV December 2025 January 2026 USD 13.7m 1 OSV De
Slide 22: 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 26% of ADNOC L&S’s Total EBITDA 2026 2027 2028 2029 31% 26% 25% 23% Shipping EBITDA Shipping EBITDA Shipping EBITDA Shipping EBITDA spot exposure* spot exposu
Slide 23: Cash Flow Profile
ADNOC Classification: Internal Cash Flow Profile Delivering Operating Free Cash Flow ~US$1.4 billion broadly inline with EBITDA: Optimal cash conversion FY2025 Free Cash Flow Evolution (US$M) Commentary 1,515 CASH FLOW 41 1,415 59 • Continued strong free cash flow driven by strong EBITDA delivery an
Slide 24: Growth Investment Outlook & Funding Plan
ADNOC Classification: Internal Growth Investment Outlook & Funding Plan Delivering a transformational growth strategy to benefit all stakeholders US$3.2bn1 Remaining Committed CAPEX Obligations Approx. US$ 7.0bn CAPEX Evolution 2,300 2,300 US$ 3bn+ of 1,862 incremental capacity for investments 1,384
Slide 25: Segmental 2026 & Medium-Term Outlook
ADNOC Classification: Internal Segmental 2026 & Medium-Term Outlook The medium-term growth outlook is maintained, while the Company’s guidance has effectively strengthened due to a higher base year following outperformance relative to prior 2025 guidance Revenue Guidance EBITDA Guidance Integrated L
Slide 26: Group 2026 and Medium-Term Guidance
ADNOC Classification: Internal Group 2026 and Medium-Term Guidance The medium-term growth outlook is maintained, while the Company’s guidance has effectively strengthened due to a higher base year following outperformance relative to prior 2025 guidance FY 2026 Growth1 Medium-Term CAGR Growth1 Conso
Slide 27: Closing Remarks
ADNOC Classification: Internal Closing Remarks STRONG COMMITTED STRONG GROWTH CONTINUED TO ATTRACTIVE EBITDA STRATEGY EARNINGS SHAREHOLDERS MARGIN EXECUTION GROWTH RETURNS 27
Slide 28: ADNOC Logistics & Services
GiLoaallg ala_oall elg_iai ADNOC LOGISTICS & SERVICES
Slide 29: Thank You
THANK YOU www.adnocls.ae IR@adnocls.ae
Slide 30: Appendix
GiLoaallg ala_oall elg_iai ADNOC LOGISTICS & SERVICES APPENDIX
Slide 31: Owned Shipping Fleet (as of 31 December 2025)
Owned Shipping Fleet (as of 31 December 2025) Owned Average Age (owned) Handysize 2 17 MR 16 6 53x Tankers LR1 9 15 LR2 17 7 VLCC 9 7 LNG* 10 19 VLGC 7 7 20x Gas 1 VLEC* 2 Molten Sulphur 1 33 Handysize 3 14 11x Dry Bulk Supramax 4 15 Ultramax 4 8 3x Container Feeder 3 17 Total 87 31 * Includes newbu
Slide 32: Significant Operating Leverage in Spot Shipping Fleet
Significant Operating Leverage in Spot Shipping Fleet No. owned vessels Earnings sensitivity available at spot1 +/- US$1000/day TCE variation Handysize 2 ~US$0.7m MR 16 ~US$5.8m 55x Tankers LR1 7 ~US$2.6m LR2 13 ~US$4.7m VLCC 7 ~US$2.6m Handysize 3 ~US$1.1m 11x Dry Bulk Supramax 4 ~US$1.5m Ultramax
Slide 33: Shipping: Benchmark TCE Rates And Outlook
Shipping: Benchmark TCE Rates And Outlook Positive long-term tanker demand supported by increased ton-mile demand and limited newbuild deliveries Tanker TCE Rates (US$/day) Orderbook as % Average % of Fleet % of Fleet of existing fleet Age 15-19 Years 20+ years 140,000 120,000 MR Clean Products MR (
Slide 34: Segmented Quarterly Financials
ADNOC Classification: Internal Segmented Quarterly Financials Revenue (US$ Million) EBITDA (US$ Million) Net Profit (US$ Million) Integrated Logistics US$m Q3 25 Q4 25 QoQ % US$m Q3 25 Q4 25 QoQ % US$m Q3 25 Q4 25 QoQ % Offshore Offshore Offshore 351 359 2% 155 154 -1% 102 103 1% Contracting Contrac
Slide 35: 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 36: ADNOC 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 Non-contracted, spot expos
Slide 37: ADNOC L&S Shareholder & Free Float
ADNOC Classification: Internal ADNOC L&S Shareholder & Free Float ADNOC L&S SHAREHOLDERS (%) 22% 78% ADNOC Free Float 37