Adnoc Logistics & Services Plc · ADX:ADNOCLS
Adnoc Logistics & Services — Investor Presentation (April 2026)
36 slides from Adnoc Logistics & Services's investor presentation, April 2026
Slide 1: 2026 Investor Presentation
ADNOC Classification: Internal 2026 INVESTOR PRESENTATION April 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: 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 4: 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$25bn >980 years ~
Slide 5: Delivering Record Results Across All Segments
ADNOC Classification: Internal Delivering Record Results Across All Segments • Record Integrated Logistics results: Revenue +11%, EBITDA and Net Profit +21% YoY • Record Shipping results: Revenue +122%, EBITDA +56% and Net Profit +10% – Navig8 acquisition in Jan 2025 • Record Services results: Reven
Slide 6: Tanker Fleet: Benefiting From Higher Spot Rates
ADNOC Classification: Internal Tanker Fleet: Benefiting From Higher Spot Rates Capitalizing on strengthening spot rates – maintaining a high level of spot exposure and adding selective contract cover US$ 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 7: 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 8: 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 9: 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 10: 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 11: L&S Growth Anchored In ADNOC's Strategy
ADNOC Classification: Internal L&S Growth Anchored In ADNOC’s Strategy Shipping fleet and logistics expansion aligned with ADNOC’s strategy and global growth ambitions. Supporting increased crude exports, LNG sales, and integrated onshore logistics delivery ADNOC’s Strategic Targets Benefits For ADN
Slide 12: Future Growth Opportunities From ADNOC's Strategy
ADNOC Classification: Internal Future Growth Opportunities From ADNOC’s Strategy Future-ready growth anchored in ADNOC’s end-to-end platform Oil products & gases Packaging & Mvmt AGT trading onshore transport Onshore Trading Warehousing & W/H Logistics AT Oil trading storage EPC marine 60% UAE + spr
Slide 13: 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 14: 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 15: AW Shipping Joint Venture
ADNOC Classification: Internal AW Shipping Joint Venture AW Shipping Fleet List Owned Average Age Very Large Gas Carriers AW Shipping (VLGC) 6 5 Very Large Ethane Carriers (VLEC) 2 1 Very Large Ammonia Carriers (VLAC) 0 0 50% 50% ADNOC Logistics Wanhua Total 8 & Services Chemicals Newbuild Delivery
Slide 16: Technology-Led Efficiency & Value Creation
ADNOC Classification: Internal Offshore logistics digital solution, optimizing cargo routing, asset deployment and delivery sequencing Integrated Logistics AI-enabled computer-vision to Management AI-driven coordination of vessel detect unsafe conditions and System scheduling, jetty allocation and b
Slide 17: Our Journey
ADNOC Classification: Internal Our Journey 2016 Delivered Accretive Shipping Growth Plan Expanded Integrated Logistics Creation of ADNOC L&S Realized Merger Synergies Operations efficiency • Launched ILSP via Integration of ADNATCO, • Established AW Shipping JV now operating ESNAAD and IRSHAD and un
Slide 18: L&S Operations
ADNOC Classification: Internal ADNOC L&S Operations Contracted vs 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 exposu
Slide 19: 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 20: 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 21: Appendix
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Slide 22: 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 FSU 2 32 LNG* 8 XX 20x 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 22 * Includ
Slide 23: 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 45x 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 24: Outperforming Our Value Efficiency Targets
Outperforming Our Value Efficiency Targets • Achieved value efficiencies of US$119 million in 2025 • Annual valuation efficiency target of US$90 million from 2026 to 2030 • Financing cost savings, manpower efficiencies, Navig8 synergies, AI adoption, and disciplined capital deployment • Mix of Hybri
Slide 25: Integrated Logistics - Strong Logistics Demand
Integrated Logistics - Strong Logistics Demand Revenue (US$ Million) EBITDA Margins US$m FY 24 FY 25 YoY % 60% 51% 45% 46% Offshore Contracting 1,108 1,369 50% 44% 44% 44% 24% 43% 43% 44% 43% Offshore Services 553 629 14% 40% Offshore Projects 620 531 28% 29% -14% 30% 24% 26% 24% 24% 25% 30% 18% 23%
Slide 26: Integrated Logistics: Offshore Contracting
Integrated Logistics: Offshore Contracting Strong logistics momentum delivering steady fleet performance and rising material -handling volumes Number of Owned Vessels & Utilization (%) Number of Jack-Up Barges2 & Utilization (%) +2% -2% 56 99% 99% 97% 42 46 43 42 45 45 94% 94% 95% 97% 98% 97% 94% 93
Slide 27: Integrated Logistics: Offshore Services
Integrated Logistics: Offshore Services Significant growth in material handling volumes Number of Owned Vessels & Utilization (%) Offshore Services Material Handling Volume (KMT1) +19% +79% 76 81 91% 95% 95% 94% 89% 89% 93% 92% 66 70 67 68 68 70 47 52 41 44 30 29 22 13 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25
Slide 28: Integrated Logistics: Offshore Projects
Integrated Logistics: Offshore Projects Accelerated EPC delivery, marked by G-Island completion Project Progress Offshore projects: EPC1 contract update G-Island Project Completion Rate 95.3% 100.0% 84.4% Bu Haseer ESP Surface 54.2% Facilities Package (EPC Works) EPC G-Island Construction Project 85
Slide 29: Shipping – Significant Fleet And Margin Expansion
Shipping – Significant Fleet And Margin Expansion Revenue (US$ Million) EBITDA Margins US$m FY 24 FY 25 YoY % 67% 70% 63% Tankers 517 1,720 233% 55%1 56% 56% 60% 54% 55% Gas Carriers 153 180 18% 49% 49% 50% 50% Dry Bulk & Container 287 225 -22% 37% 50% 41% 40% 45% 32% 36% 31% TOTAL 956 2,125 122% 25
Slide 30: Dry Bulk & Container Fleet
Dry Bulk & Container Fleet Strengthening Ultramax and Supramax TCE rates, with feeder vessels operating under a long-term contract Dry Bulk TCE Rates • Fleet & Market Update US$ 8x Supramax + Ultramax US$ 3x Handysize • Ultramax and Supramax market conditions continue to +51% improve, supporting mor
Slide 31: Services
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% -1pp 3Q23 4Q23 1Q24 2Q24 3Q24
Slide 32: US$25 Billion Long-Term Contracted Revenue
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 $2.4b • Offshore Services – Includes DPII & ZMI conventional boats & OSVs ~76% ~58% with
Slide 33: Growth Across All Segments
Growth Across All Segments FY 2025 Financial Highlights Income Statements (US$ 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 Revenue3 5,016 o record Integrat
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$m Q3 25 Q4 25 QoQ % Offshore Offshore Offshore 351 359 2% 155 154 -1% 102 103 1% Contracting Contrac
Slide 35: Shipping: Benchmark TCE Rates And Outlook
Shipping: Benchmark TCE Rates And Outlook Positive long-term tanker demand supported by increased ton-mile demand and limited newbuild deliveries Tanker TCE Rates (US$/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 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
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