Adnoc Gas Plc · ADX:ADNOCGAS
Adnoc Gas — FY 2024 Earnings Presentation
20 slides from Adnoc Gas's earnings presentation, Feb 6, 2025
Slide 1: ADNOC Gas FY & Q4 2024 Results
ADNOC Gas ADNOC GAS FY & Q4 2024 Results 6 FEBRUARY 2025
Slide 2: Disclaimer
DISCLAIMER FY & Q4 2024 RESULTS PRESENTATION The information contained in this presentation is for background purposes only and does not purport to be full or complete. No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this presentation or
Slide 3: Speakers
SPEAKERS FATEMA MOHAMED AL NUAIMI CHIEF EXECUTIVE OFFICER PETER VAN DRIEL CHIEF FINANCIAL OFFICER FY & Q4 2024 RESULTS ADNOC Gas 3
Slide 4: Q4 and FY 2024 Key Highlights
Q4 AND FY 2024 KEY HIGHLIGHTS 2024 Highlights PERFORMANCE $5.0 Bn • Q4 2024 net income: record high of $1.38 Bn Adj. Net Income (+13% YoY) • 2024 dividend: final payout of $1.706 Bn endorsed by Board of Directors $4.6 Bn Free cash Flow (+3% YoY) • FY 2024 free cash flow: exceeding dividend by $1.2Bn
Slide 5: On Track to Deliver 40%+ EBITDA Growth by 2029
ON TRACK TO DELIVER 40%+ EBITDA GROWTH BY 2029 EBITDA 2023 vs 2029 (USD bn) Asset optimization & margin enhancement Benefitting from investments Early growth mainly from margin enhancement (2023-24): +40% • 14% EBITDA growth achieved in +14% 2024 vs 2023 8.6 7.6 Benefitting from investments (by 2029
Slide 6: $580M NI Uplift Driven Mostly by Internal Drivers
$580M NI UPLIFT DRIVEN MOSTLY BY INTERNAL DRIVERS Net income1 2024 vs 2023 (USD Mn) Key internal growth drivers: 1 • 2024 domestic gas sales was boosted by 5,001 one-off events (e.g.: Dolphin pipeline 35 3 planned outage) leading to higher 439 106 realisation 1 ~115 2 • Domestic gas margins: up by 1
Slide 7: Progress on Robust Project Funnel Underpinning Our 2029 Growth Ambitions
PROGRESS ON ROBUST PROJECT FUNNEL UNDERPINNING OUR 2029 GROWTH AMBITIONS PROJECTS ADDRESSING DOMESTIC AND INTERNATIONAL MARKET GROWTH Project Bab Gas Cap IGD-E2 MERAM Ruwais LNG RGD Expected Completion 2025 2026 2028 2027 2029+ 370 MMSCFD 3.4 MTPA1 9.6 MTPA >1,500 MMSCFD 1,850 MMSCFD Additional Capa
Slide 8: Performance Overview
By elq_iai ADNOC PERFORMANCE
Slide 9: On Track to Deliver Growth
ON TRACK TO DELIVER GROWTH Sales increased by 2% in 2024, Q4 impacted by lower volumes as a result of planned shutdowns Sales Quantity (TBTU) +2% -5% 3,616 3,540 947 949 900 912 908 890 869 781 2,293 2,330 621 609 575 589 573 580 567 507 253 265 997 1,007 273 257 241 266 235 214 55 69 48 60 74 56 70
Slide 10: Resilient ETL Prices Despite Weaker Brent
RESILIENT ETL PRICES DESPITE WEAKER BRENT Brent Oil Butane $/bbl $/MMBtu 100 800 712 +1% 95 700 -11% 618 637 627 90 87 590 600 577 84 85 85 83 513 81 80 465 500 80 78 75 75 400 70 300 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Propane Naphtha $/to
Slide 11: Margin Uplift Drove 14% 2024 EBITDA Growth
MARGIN UPLIFT DROVE 14% 2024 EBITDA GROWTH -5% +2% Sales Quantity 947 949 MMBTU 900 912 908 3,616 890 3,540 869 781 +14% +3% EBITDA 2,212 2,205 2,282 $ millions 2,076 2,086 1,863 1,774 1,766 8,648 7,614 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 2023 FY 2024 Volume EBITDA FY & Q4 2024 RESULT
Slide 12: 16% Annual Domestic Gas EBITDA Growth
16% ANNUAL DOMESTIC GAS EBITDA GROWTH Following successful contract renewal with a major customer Sales Quantity MMBTU -4% +2% 621 609 589 2,293 2,330 575 573 580 567 507 $188 m booked1 in Q4 +16% allocated to previous quarters 3,080 188 -1% 2,649 867 107 EBITDA 727 753 717 749 143 747 $ millions 10
Slide 13: 13% Higher 2024 EBITDA from ETL, LNG
13% HIGHER 2024 EBITDA FROM ETL, LNG EBITDA growth mainly driven by improved prices +3% -6% Sales Quantity 335 1,271 1,230 MMBTU 321 322 322 317 315 299 +13% 269 5,436 EBITDA 4,793 $ millions -7% 1,227 1,445 1,404 946 1,333 1,358 1,299 296 333 1,157 265 1,123 1,109 307 321 220 161 270 4,209 3,847 1,
Slide 14: 13% YoY Increase in FY 2024 Net Income
13% YOY INCREASE IN FY 2024 NET INCOME Q4 impacted by lower volumes but partly offset by better domestic margins Adjusted Net Income – FY 2024 vs. FY 2023 $, millions 549 1,148 -246 28 -444 -132 -323 5,001 4,421 FY 2023 Price effect Volume effect MGP Profit sharing OPEX DTA, depreciation, Tax FY 202
Slide 15: Strong Free Cash Flow of $4.58Bn
STRONG FREE CASH FLOW OF $4.58BN Exceeding FY 2024 dividend of $3.41Bn Free Cash Flow – FY 2024 vs. FY 2023 $, millions 1,034 323 568 4,584 4,460 19 FY 2023 EBITDA Taxes CAPEX Other (incl. working capital) FY 2024 ADNOC Gas 15 FY & Q4 2024 RESULTS
Slide 16: Outlook
OUTLOOK
Slide 17: Q1 25 Net Income Guidance
Q1 25 NET INCOME GUIDANCE Net income $, millions 1,381 188 Q4 2024 key drivers: 1. Planned shutdowns deferred to 2025 2. $188m as a result of a customer renegotiation 1,193 Q1 2025 key drivers: 1. Shutdowns (deferrals from Q4, others mostly affecting ETL, LNG) with at least $100m impact 2. Tie-in sh
Slide 18: 2025 Capital Market Guidance
2025 CAPITAL MARKET GUIDANCE 2024 updated guidance FY 2024 actual 2025 guidance Financial EBITDA Margin % 34-35% 35% ~35% (in TBTU) 2024 guidance FY 2024 actual 2025 guidance Domestic Gas Products 2,240 – 2,290 2,330 2,320 - 2,390 Sales volume Planned shutdowns in 2025 Exports & Traded Liquids 970 –
Slide 19: Appendix
By elq_iai ADNOC APPENDIX
Slide 20: Shareholder and Free Float Update
SHAREHOLDER AND FREE FLOAT UPDATE ADNOC Gas Shareholder structure and Free Float update (%) ADNOC Gas Shareholders (%) As of 31 January 2025 90.0% As of 31 January 2025 ADNOC TAQA ADNOC Gas ESOP Shareholders No of shares Percentage (%) Free Float Abu Dhabi National Oil Company (ADNOC) 69,076,279,812