Adnoc Logistics & Services Plc · ADX:ADNOCLS
Adnoc Logistics & Services — Q1 2025 Earnings Presentation
34 slides from Adnoc Logistics & Services's earnings presentation, May 12, 2025
Slide 1: First Quarter 2025 Results Presentation
ADNOC Classification: Internal FIRST QUARTER 2025 RESULTS PRESENTATION 12 May 2025 ADNOC Logistics & Services
Slide 2: Disclaimer
ADNOC ADNOC Classification:Public Classification: Public 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
Slide 3: Agenda & Presenters
ADNOC ADNOC Classification:Public Classification: Public Agenda & Presenters 1 Executive Summary 2 Investment Thesis Abdulkareem Al Masabi 3 Health & Safety Chief Executive Officer 4 Q1 2025 Highlights 5 Financial & Operational Performance Nicholas Gleeson Chief Financial Officer 6 Decarbonization &
Slide 4: Executive Summary Q1 2025
ADNOC ADNOC Classification:Public Classification: Public Executive Summary Q1 2025 Q1 2025 Key Financial Highlights $1,181m $344m $185m Revenue EBITDA Net profit 41% YoY u20% YoY u5% YoY $154m1 $202m CAPEX FCF up 29% YoY Q1 2025 Key Business Highlights & Milestones ▪ Integrated Logistics profitable
Slide 5: Investment Thesis
ADNOC Classification: Public Investment Thesis A global Integrated Logistics and Shipping platform: Delivering robust earnings growth backed by long-term contracts, supported by a strong balance sheet to enable highly value accretive growth against ADNOC and third-party demand, regionally and intern
Slide 6: 100% Health, Safety & Environment: ADNOC L&S' Leading Principle
ADNOC ADNOC Classification:Public Classification: Public 100% Health, Safety & Environment: ADNOC L&S’ Leading Principle Consistent strong focus on health & safety KPIs Leading with HSE Outstanding Health & Safety Track Record Lost Time Incident Frequency (LTIF) ▪ HSE & 100 Innovators Campaign Launc
Slide 7: First Quarter 2025 Results Highlights
ADNOC ADNOC Classification:Public Classification: Public First Quarter 2025 Results Highlights Integrated Logistics & Shipping segments delivered ~30% EBITDA margins ▪ Revenue US$1,181 million up 41% YoY underpinning the resilience of the company’s diversified business model where growth from the In
Slide 8: Financial Summary & KPIs
ADNOC ADNOC Classification:Public Classification: Public Financial Summary & KPIs Strong growth metrics supported by value-adding investments and continuous efficiency enhancements (US$ millions) Q1 24 Q1 25 YoY % Q4 24 QoQ % Q1 2025 Financial Highlights Income Statements: Revenue 840 1,181 41% 881
Slide 9: Integrated Logistics – Financials
ADNOC ADNOC Classification:Public Classification: Public Integrated Logistics – Financials Performance during the quarter supported by acceleration of EPC projects and two additional JUBs deployed Revenue (US$ Million) EBITDA (US$ Million) US$m Q1 24 Q1 25 YoY % US$m Q1 24 Q1 25 YoY % Offshore Contr
Slide 10: Integrated Logistics: Offshore Contracting
ADNOC ADNOC Classification:Public Classification: Public Integrated Logistics: Offshore Contracting Offshore contracting segment delivered strong growth, supported by sustained demand and robust project support Number of Vessels & Utilization (%) Number of Jack-Up Barges3 & Utilization (%) Number of
Slide 11: Integrated Logistics: Offshore Service & Projects
ADNOC ADNOC Classification:Public Classification: Public Integrated Logistics: Offshore Service & Projects Driving growth through excellence in marine logistics and project activity Offshore Services: Number of Vessels and Utilization Rate Offshore projects: EPC1 contract update Number of Vessels Ut
Slide 12: Shipping - Financials
ADNOC ADNOC Classification:Public Classification: Public Shipping - Financials Softer charter rates in Tankers and Dry Bulk Revenue (US$ Million) EBITDA (US$ Million) US$m Q1 24 Q1 25 YoY % US$m Q1 24 Q1 25 YoY % Tankers 150 382 154% Tankers 81 90 12% Gas Carriers 33 39 19% Gas Carriers 15 48 220% D
Slide 13: Shipping: Operational Highlights
ADNOC ADNOC Classification:Public Classification: Public Shipping: Operational Highlights Navigating the challenges of softer TCE rates and dry-bulk volume fluctuations in the shipping segment NUMBER OF SHIPPING VESSELS1 NUMBER OF CHARTERED-IN VESSELS TIME CHARTER EQUIVALENT (USD)2 -69% 58,327 18,34
Slide 14: Shipping: Benchmark TCE rates & Outlook
ADNOC ADNOC Classification:Public Classification: Public Shipping: Benchmark TCE rates & 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 15- % of Fleet 20+ of existing fleet A
Slide 15: L&S Q1 2025 Assets Update
ADNOC ADNOC Classification:Public Classification: Public ADNOC L&S Q1 2025 Assets Update Purchased and Sold Assets Segment Vessel type Acquisition date Deployment date Acquisition Value Integrated Logistics 1 OSV* January 2025 April 2025 USD 12.5m Purchase 1 Flat-top Barge February 2025 March 2025 U
Slide 16: Compelling Reasons to Invest in ADNOC L&S
ADNOC ADNOC Classification:Public Classification: Public Compelling Reasons to Invest in ADNOC L&S Unique domestic and international logistics and shipping growth platform providing strong earnings visibility • Unique opportunities to provide logistics and shipping solutions to the fast-growing ADNO
Slide 17: L&S Total Contracted Revenue
ADNOC ADNOC Classification:Public Classification: Public ADNOC L&S Total Contracted Revenue Anchored by long-term contracts, securing 65% of projected revenue for the remainder of 2025. Segment 2025 2026-29 2030++ % OF REVENUE UNDER LONG-TERM CONTRACTS 2025 2026-2029 2025 $1.6 bn $4.7 bn $2.3 bn Int
Slide 18: L&S Operations
ADNOC ADNOC Classification:Public Classification: Public ADNOC L&S Operations Contracted vs Non-contracted operations across all three business segments Integrated Logistics Shipping Services Offshore Contracting Tankers Petroleum Port operations ILSP contracts up to 2032, Hail & Ghasha up to 2030 a
Slide 19: Shipping Analysis
ADNOC ADNOC Classification:Public Classification: Public Shipping Analysis Spot shipping rate exposure represents an average of 32% of ADNOC L&S’s Total EBITDA in the medium-term period 2025 2026 2027 2028 2029 29% 30% 28% 36% 34% 64% 66% 71% 70% 72% Spot shipping exposure EBITDA Other EBITDA Timeli
Slide 20: Services
ADNOC ADNOC Classification:Public Classification: Public Services EBITDA and Net Profit growth driven by Navig8 commercial pooling fees and share of profit from Integr8 Financials (US$ Million) Highlights US$m Q1 24 Q1 25 YoY % ▪ Revenues increased by 9% YoY to US$84 million due to the consolidation
Slide 21: Cash Flow Profile
ADNOC ADNOC Classification:Public Classification: Public Cash Flow Profile Continued strong free cash flows boost financial strength for future expansion Free Cash Flow Evolution (US$M) Commentary 344 CASH FLOW 272 ▪ Strong free cash flow driven by strong growth in core -60 -12 businesses and profit
Slide 22: Sustainability Strategy
ADNOC ADNOC Classification:Public Classification: Public 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 2030
Slide 23: Growth Investment Outlook & Funding Plan
ADNOC ADNOC Classification:Public Classification: Public Growth Investment Outlook & Funding Plan Delivering a transformational growth strategy to benefit all stakeholders US$ 5.0bn Organic Investment Committed1 Approx. US$ 7.0bn CAPEX Evolution and US$ 1.49bn Inorganic Investment Inorganic Investme
Slide 24: Business Segments Structure Post Navig8 Integration
ADNOC ADNOC Classification:Public Classification: Public Business Segments Structure Post Navig8 Integration Commercial pooling fee only captured under the Services revenue segment; while Subchartering included under the Shipping Tankers revenue segment Segments Integrated Logistics Shipping Service
Slide 25: Segmental 2025 & Medium-Term Outlook
ADNOC ADNOC Classification:Public Classification: Public Segmental 2025 & Medium-Term Outlook Revenue Guidance EBITDA Guidance 2025: Low to mid single-digit YoY growth 2025: Mid to high teens YoY growth Integrated Logistics MT: Low single-digit reduction MT: Low single-digit growth Offshore Contract
Slide 26: Group 2025 and Medium-Term Outlook
ADNOC ADNOC Classification:Public Classification: Public Group 2025 and Medium-Term Outlook FY 2025 Growth1 Medium-term CAGR Growth2 Consolidated Revenue Mid to high 20% YoY growth3 Low single-digit growth Consolidated EBITDA High teens YoY growth High single-digit growth Consolidated Net Profit Low
Slide 27: Closing Remarks
ADNOC ADNOC Classification:Public Classification: Public Closing Remarks STRONG COMMITTED STRONG GROWTH CONTINUED TO ATTRACTIVE EBITDA STRATEGY EARNINGS SHAREHOLDERS MARGIN EXECUTION GROWTH RETURNS 27
Slide 28: Q&A
ADNOC Classification: Public Q&A
Slide 29: Thank You
THANK YOU www.adnocls.ae IR@adnocls.ae ADNOC Logistics & Services HIGHLY RESTRICTED
Slide 30: Appendix
APPENDIX HIGHLY RESTRICTED
Slide 31: Navig8 Acquisition Accounting: Depreciation of Fair Value Uplift
Navig8 Acquisition Accounting: Depreciation of Fair Value Uplift US$m 2025 2026 2027 2028 2029 2030+ Total 1,011 999 12 Depreciation on FV uplift of 24 24 24 24 24 24+ 443 vessels Depreciation on FV uplift of 22 14 4 0.43 0 0 40 excess of Time Charter Earnings Depreciation on FV uplift on 8 6 3 2 0.
Slide 32: Shipping: Demand and Supply Outlook
ADNOC Classification: Public Shipping: Demand and Supply Outlook Crude Tanker Demand and Supply Balance (%) 7.8 7.4 6.7 5.7 5.0 3.8 2.5 1.2 1.5 1.1 0.6 0.9 1.1 0.3 0.2 2022 2023 2024 2025F 2026F Crude Tanker dwt Demand (%) Crude Tanker dwt Supply (%) Ton-mile % Change Product Tanker Demand and Suppl
Slide 33: Segmented Quarterly Financials
ADNOC Classification: Public Segmented Quarterly Financials Revenue (US$ Million) EBITDA (US$ Million) Net Profit (US$ Million) Integrated Logistics US$m Q4 24 Q1 25 QoQ % US$m Q4 24 Q1 25 QoQ % US$m Q4 24 Q1 25 QoQ % Offshore Offshore Offshore 278 300 8% 127 132 4% 86 86 0% Contracting Contracting
Slide 34: L&S Shareholder & Free Float
ADNOC L&S Shareholder & Free Float ADNOC L&S SHAREHOLDERS (%) 19% 81% ADNOC Free Float 34 HIGHLY RESTRICTED
ADNOC Logistics & Services — Q1 2025 Earnings Presentation on 6ix