Adnoc Logistics & Services Plc · ADX:ADNOCLS
Adnoc Logistics & Services — H1 2026 Earnings Presentation
35 slides from Adnoc Logistics & Services's earnings presentation, Aug 11, 2026
Slide 1: First Half 2026 Earnings Presentation
ADNOC Classification: Internal FIRST HALF 2026 EARNINGS PRESENTATION 11 August 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 Captain Abdulkareem Al Masabi 2 Health & Safety Chief Executive Officer 3 Shareholder Value 4 Q2 2026 Highlights Hugh Baker 5 Segmental Performance Chief Financial Officer 6 Cash Flow & Capital Expenditure 7 Growth Outlook & Guidan
Slide 4: Record Second Quarter & FY26 Guidance Upgrade
ADNOC Classification: Internal Record Second Quarter & FY26 Guidance Upgrade FY2026 Guidance Raised REVENUE EBITDA NET PROFIT 3rd consecutive upgrade in 2026 US$2,584m US$1,106m US$951m +98% YoY +176% YoY +303% YoY FY26 REVENUE Mid 20% growth1 FY26 EBITDA OPERATING FREE 2Q26 DIVIDEND NET DEBT / Mid
Slide 5: Commitment To HSE Standards
ADNOC Classification: Internal Commitment To HSE Standards 0.03 0.15 17.72M Safe Hours Loss Time Injury Frequency Total Recordable Injury Rate LTI-free across LNG shipping Safety Performance Trend · 2017–2Q26 Operational Highlights Lost-Time Incident Frequency (LTIF) Total Recordable Incident Rate (
Slide 6: Investment Highlights
ADNOC Classification: Internal Investment Highlights Leading beneficiary of ADNOC’s Growing through significant Solid financial capacity growth committed CAPEX ADNOC Group US$150bn ~US$5.7bn US$543m Committed CAPEX 2026-30 Committed CAPEX up to 2029 Cash >US$1.0bn +18 for US$2.3 bn US$25bn 2026 RoY
Slide 7: 2Q 2026 Highlights
ADNOC Classification: Internal 2Q 2026 Highlights • Record 2Q26 Net Profit $951m • Profitability significantly attributed to services provided to ADNOC in export of energy • Committed to supporting ADNOC with additional 5 VLGCs and 6 VLCCs to be deployed in 2H 2026 • 5 LNG vessels delivered on up to
Slide 8: Integrated Logistics – Impacted By Higher OPEX
ADNOC Classification: Internal Integrated Logistics – Impacted By Higher OPEX Revenue (US$ Million) 2Q 2026 Highlights US$m 2Q25 2Q26 1H 25 1H 26 Offshore Contracting • Revenue (excl. Offshore Projects) increased YoY due to additional 359 355 659 667 chartering of four Jack-Up Barges and acquisition
Slide 9: Integrated Logistics Highlights
ADNOC Classification: Internal Integrated Logistics Highlights Operational resilience, fleet expansion, and sustained asset utilization underpin stable business performance despite regiona l geopolitical volatility Owned Vessels & ILSP Material Handling Volume (KMT¹,²) Jack-Up Barges3 Material Handl
Slide 10: Shipping – Record Earnings
ADNOC Classification: Internal Shipping – Record Earnings Revenue (US$ Million) 2Q 2026 Highlights US$m 2Q25 2Q26 1H 25 1H 26 Tankers 460 1,695 865 2,102 • Record tanker result is significantly attributed to services provided to Gas Carriers 43 131 82 187 ADNOC in export of energy Dry Bulk & • Reven
Slide 11: Services
ADNOC Classification: Internal Services Higher bunkering and commercial pooling supported record Services results Financials (US$ Million) 2Q 2026 Highlights US$m 2Q25 2Q26 1H 25 1H 26 • Strong EBITDA growth driven by higher management fees from Revenue 81 100 165 189 Navig8-related commercial pooli
Slide 12: Cash Flow Profile
ADNOC Classification: Internal Cash Flow Profile Delivering Operating Free Cash Flow US$1,145 million demonstrating optimal cash conversion H1 2026 Free Cash Flow Evolution (US$M) CASH FLOW 1,475 • Continued strong free cash flow driven by 303 1,145 strong EBITDA delivery and working capital 27 impr
Slide 13: US$2.3bn Of New CAPEX Driving Future Earnings
ADNOC Classification: Internal US$2.3bn Of New CAPEX Driving Future Earnings Newbuild and secondhand investments enhancing asset base New Incremental Vessel Investments US$2.3 bn 1,512 • Fleet capacity is being built up in line with ADNOC 88 Additional LNGC (4NB) Group’s planned production growth VL
Slide 14: Significant Group CAPEX Deployment up to 2029
ADNOC Classification: Internal Significant Group CAPEX Deployment up to 2029 Additional ~$2.3bn vessel purchases lifts committed capex to a total of US$5.7bn 50 19 31 ~$5.7bn Total New Vessels Delivered To be delivered CAPEX (up to 2029) CAPEX ($m) No. of Vessels Delivery Status # Line item 1H26 2H2
Slide 15: Positioned To Capture ADNOC's Growth Momentum
ADNOC Classification: Internal Positioned To Capture ADNOC’s Growth Momentum Key beneficiary of ADNOC’s US$150bn 2026-30 capex plan and XRG global expansion plan Oil Gas LNG Chemicals Investments ~4.85 MMBD 5 MMBD 10.2 BSCFD 13.2 BSCFD 6.0 MMTPA 15.6 MMTPA 5 MMTPA 13.6 MMTPA1 production capacity by
Slide 16: US$25 Billion Long-Term Contracted Revenue
ADNOC Classification: Internal US$25 Billion Long-Term Contracted Revenue Contracted revenue by segment across three-time horizons • Offshore Contracting: • JUB contracts up to five years, Integrated 2026 RoY 2027-29 2030+ • ILSP contracts up to 2032 Logistics $828m $3.9b $2.2b • Hail & Ghasha up to
Slide 17: 2026 & Medium-Term Outlook
ADNOC Classification: Internal 2026 & Medium-Term Outlook FY 2026 Significant guidance upgrade Consolidated FY 2026 Growth1 Medium-Term CAGR Growth2 Revenue ▲ Mid 20% YoY growth Low single-digit growth EBITDA ▲ Mid 60% YoY growth Mid to high single-digit growth Net Profit ▲ High 110% YoY growth Mid
Slide 18: Closing Remarks
ADNOC Classification: Internal Closing Remarks STRONG COMMITTED STRONG GROWTH CONTINUED TO ATTRACTIVE EBITDA STRATEGY EARNINGS SHAREHOLDERS MARGIN EXECUTION GROWTH RETURNS 18
Slide 19: GiLoaallg ala_oall elg_iai
GiLoaallg ala_oall elg_iai ADNOC LOGISTICS & SERVICES
Slide 20: Thank You
THANK YOU www.adnocls.ae IR@adnocls.ae
Slide 21: Appendix
GiLoaallg ala_oall elg_iai ADNOC LOGISTICS & SERVICES APPENDIX
Slide 22: P&L and Balance Sheet Snapshot
P&L and Balance Sheet Snapshot USD million FY 2025 H1 2026 Variance % (US$ millions) Q2 25 Q2 26 H1 25 H1 26 Revenue 1,303 2,584 2,507 3,667 Non-Current Assets 7,996 8,137 2% EBITDA 400 1,106 744 1,475 Cash & Equivalents 338 543 61% 236 951 420 1,173 Trade Receivables 813 1,099 35% Net Profit Others
Slide 23: Segmented Quarterly Financials
Segmented Quarterly Financials Revenue (US$ Million) EBITDA (US$ Million) Net Profit (US$ Million) Integrated Logistics US$m Q1 26 Q2 26 QoQ % US$m Q1 26 Q2 26 QoQ % US$m Q1 26 Q2 26 QoQ % Offshore Offshore Offshore 312 355 14% 106 105 -2% 59 52 -13% Contracting Contracting Contracting Offshore Offs
Slide 24: L&S Operations
ADNOC Classification: Internal ADNOC L&S Operations Contracted and non-contracted operations across all three business segments Offshore Contracting Offshore Services • Jack-Up Barge contracts up to five years (ZMI) • Includes DPII & ZMI conventional boats & OSVs with 1-2 year contracts • ILSP contr
Slide 25: Owned Shipping Fleet (as of June 2026)
Owned Shipping Fleet (as of 30 June 2026) Owned Average Age (owned) Handysize 2 17 MR 16 6 52x Tankers LR1 9 15 LR2 17 7 VLCC 8 6 FSU 2 32 LNG 10 15 22x Gas VLGC 7 7 VLEC 2 1 Molten Sulphur 1 33 Handysize 3 14 11x Dry Bulk Supramax 4 15 Ultramax 4 6 3x Container Feeder 3 17 Total 88 25
Slide 26: Tanker Fleet TCE Rates
ADNOC Classification: Internal Tanker Fleet TCE Rates Strong TCE earnings supported by closer alignment with ADNOC Group activities US$ 20x MR TCE1,2,3,4 US$ 9x LR1 TCE1,2,3,4 +44% +231% 89,721 36,229 80,206 30,234 30,441 23,459 25,161 23,391 24,547 65% 62% 36,063 of of 24,225 24,452 26,574 days 21,
Slide 27: Dry Bulk TCE Rates
ADNOC Classification: Internal Dry Bulk TCE Rates Strong TCE earnings supported by closer alignment with ADNOC Group activities US$ 8x Supramax + Ultramax1,2,3,4 US$ 3x Handysize1,2,3,4 78,261 68,737 +254% +293% 48,198 46,285 34% 34% of of days days 16,701 15,759 15,846 13,630 14,375 13,586 13,304 1
Slide 28: Locking In Value Through Time Charters
ADNOC Classification: Internal Locking In Value Through Time Charters Opportunistic vessel coverage was secured at attractive rates, while maintaining significant spot exposure to capture elevated spot market returns Period TC-Out Rate TC Expiry Vessel Type (Months) US$ (Latest) 1 Navig8 Macallister
Slide 29: Newbuild Vessel Delivery Schedule & Contract Years
Newbuild Vessel Delivery Schedule & Contract Years Delivered Pending 2024 2025 2026 2027 2028 2029 Vessel Deliveries 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q LNG 1 1 1 1 1 1 3 4 1 2 2 12 VLEC 1 1 1 2 1 2 1 7 (AWS) VLAC 1 1 1 3 (AWS) 1 Molten 1 1 Sulphur VLGC 2 2 Timeline of Con
Slide 30: Gas Fleet: Majority LT Contracted & High EBITDA Margin
ADNOC Classification: Internal Gas Fleet: Majority LT Contracted & High EBITDA Margin Owned Fleet1 20 of 22 delivered vessels secured on long-term contracts, with 15 contracted newbuilds in the pipeline to drive further sustained, resilient earnings growth Newbuild vessels 10 on spot rate 1 • 5 Das
Slide 31: 2Q 2026 Assets Update
ADNOC Classification: Internal 2Q 2026 Assets Update Purchases Vessel Subsegment Vessel Type Purchase Date Deployment Date Purchase Price Count Shipping 1 Ultramax June 2026 July 2026 USD 24.6m 1 Flat-top Barge June 2026 August 2026 USD 4.0m Integrated 1 OSV April 2026 May 2026 USD 10.1m Logistics 1
Slide 32: Business Sub-segments % Contribution (1H 2026)
ADNOC Classification: Internal Business Sub-segments % Contribution (1H 2026) Integrated Logistics Integrated Logistics Integrated Logistics Revenue EBITDA Offshore Services Offshore Services 32% 36% 64% Offshore Contracting 75% Offshore Contracting Shipping Revenue Shipping EBITDA Dry Bulk Dry Bulk
Slide 33: Business Segments EBITDA %
ADNOC Classification: Internal Business Segments EBITDA % Offshore Contracting Offshore Services Offshore Projects Integrated Logistics 45% 46% 51% 43% 43% 44% 44% 44% 44% 43% 41% 4 26% 28% 29% 30% 37% 18% 24% 23% 24% 24% 25% 29% 5 23% 11% 7% 9% 8% 7% 11% 8% 8% 8% 4% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q
Slide 34: 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 2030 Group’s 2030 sustainability Interim str
Slide 35: ADNOC L&S Shareholder & Free Float
ADNOC Classification: Internal ADNOC L&S Shareholder & Free Float ADNOC L&S SHAREHOLDERS (%) 22% 78% ADNOC Free Float 35
ADNOC Logistics & Services — H1 2026 Earnings Presentation on 6ix