Adnoc Logistics & Services Plc · ADX:ADNOCLS
Adnoc Logistics & Services — 9M 2025 Earnings Presentation
34 slides from Adnoc Logistics & Services's earnings presentation, Nov 11, 2025
Slide 1: 9M 2025 Results Presentation
ADNOC Classification: Internal 9M 2025 RESULTS PRESENTATION 11 November 2025 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 9M 2025 Highlights 5 Segmental Performance Rahoof Khaleel Rahman 6 Cashflow Profile Chief Financial Officer 7 Growth Outlook & Guidance 8
Slide 4: Record 9M Results & Upgrading Dividend
ADNOC Classification: Internal Record 9M Results & Upgrading Dividend • Delivered record 9M 2025 Revenue, EBITDA and Net Profit • Record performance in Integrated Logistics with YoY EBITDA and Net Profit up 26% and 28% respectively • Record Shipping Revenue up 99% to $1,481m supported by Navig8 acqu
Slide 5: Delivering Shareholder Value
ADNOC Classification: Internal Delivering Shareholder Value Leading beneficiary >US$2bn US$20bn ADNOC provides massive international growth in of ADNOC’s growth 2025 Revenue contracted Forward contracted revenue with ADNOC with ADNOC (2025+) Chemicals, Gas and Oil Resilience and US$25bn >930 years ~
Slide 6: 100% Health, Safety & Environment: ADNOC L&S' Leading Principle
ADNOC Classification: Internal 100% Health, Safety & Environment: ADNOC L&S’ Leading Principle Leading with Health Safety & Environment Outstanding Health & Safety Track Record • Achieved record low Lost Time Incident Lost Time Incident Frequency (LTIF) Frequency (LTIF) rate of 0.02 per million manh
Slide 7: Results Showcase Resilient Business Model
ADNOC Classification: Internal Results Showcase Resilient Business Model • Integrated Logistics delivered record EBITDA and Net Profit up 26% and 28% respectively • Shipping delivered EBITDA of US$438 million up 39% and 30% EBITDA margin – supported by Navig8 acquisition • Services EBITDA rose 12% Y
Slide 8: Value Efficiency Updates Across The Business
ADNOC Classification: Internal Value Efficiency Updates Across The Business • Target +US$100 million in value efficiencies in 2025, with the majority benefiting our Integrated Logistics segment • US$80 million in value efficiencies captured in Q2 and Q3 • In Q3, we optimized financing costs by repay
Slide 9: Firepower With Continuous Growth
ADNOC Classification: Internal Firepower With Continuous Growth Delivering Record 9 Months 2025 results 9M 24 9M 25 YoY% 3Q 24 3Q 25 YoY % 2Q 25 QoQ % 9M 2025 Financial Highlights (US$ millions) Income Statements Revenue 2,668 3,705 39% 928 1,266 36% 1,258 1% • Revenue up 39% YoY to US$3,705 million
Slide 10: Integrated Logistics – Growth Across All Segments
ADNOC Classification: Internal Integrated Logistics – Growth Across All Segments Revenue (US$ Million) EBITDA Margins US$m 9M 24 9M 25 YoY % 60% 51% 45% 46% Offshore Contracting 830 1,010 22% 50% 44% 44% 44% 43% 43% 44% Offshore Services 410 454 11% 40% Offshore Projects 431 491 14% 28% 29% 24% 26%
Slide 11: Integrated Logistics: Offshore Contracting
ADNOC Classification: Internal Integrated Logistics: Offshore Contracting Continued strong logistics demand Number of Owned Vessels & Utilization (%) Number of Jack-Up Barges & Utilization (%) +15% +6% 56 46 45 97% 95% 94% 97% 96% 53 52 97% 94% 98% 96% 94% 43 42 49 50 39 3Q24 4Q24 1Q25 2Q25 3Q25 3Q2
Slide 12: Integrated Logistics: Offshore Services & Projects
ADNOC Classification: Internal Integrated Logistics: Offshore Services & Projects Accelerated EPC project delivery Offshore Services: Number of Vessels and Utilization Rate Offshore projects: EPC1 contract update G-Island Project Completion Rate +13% 76 95% 94% 89% 93% 95.3% 100.0% 68 68 70 89% 67 8
Slide 13: Shipping – Gas Carriers Delivering Robust Margins
ADNOC Classification: Internal Shipping – Gas Carriers Delivering Robust Margins Revenue (US$ Million) EBITDA Margins US$m 9M 24 9M 25 YoY % 67% 70% Tankers 417 1,189 185% 54% 55% 55%1 56% 56% 60% 50% Gas Carriers 110 127 15% 49% 49% 50% Dry Bulk & Container 218 164 -24% 50% 41% 40% 32% 45% 36% TOTA
Slide 14: Majority Long-term Contracted Gas Fleet
ADNOC Classification: Internal Majority Long-term Contracted Gas Fleet 14 of 17 owned vessels on long-term contracts providing resilient earnings Owned Fleet1 • Fleet renewal continues with sale of 2 LNG vessels, LNG Al Khaznah (1994) & Ghasha (1995), 7 7 completed in Q3 2025, 4 candidates remain Ne
Slide 15: Tanker Fleet Benefiting From Higher Spot Rates
ADNOC Classification: Internal Tanker Fleet Benefiting From Higher Spot Rates Capitalizing on OPEC+ unwind and rising tonne-mile demand by securing opportunistic vessel coverage at attractive rates for long- term revenue, while maintaining open days to capture elevated spot market returns US$ 16x MR
Slide 16: Dry Bulk & Container Fleet
ADNOC Classification: Internal Dry Bulk & Container Fleet Container Feeder vessels under US$531m 15-year contract servicing Borouge Container Terminal in Ruwais Dry Bulk TCE Rates US$ 8x Supramax + Ultramax US$ 3x Handysize • Purchased 2 Handysize vessels to provide additional capacity flexibility:
Slide 17: Services – Meaningful Future Growth Catalyst
ADNOC Classification: Internal Services – Meaningful Future Growth Catalyst 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 9M 24 9M 25 YoY % 20% 17% 14% 15% Revenue 252 269 7% 10% EBITDA 46 5
Slide 18: US$25 Billion Long-Term Contracted Revenue
ADNOC Classification: Internal US$25 Billion Long-Term Contracted Revenue 2025 2026-29 2030++ • Offshore Contracting - ILSP contracts up to 2032, Hail & Ghasha up to 2030 and ZMI JUB contracts up to five years $563m $5.0b Integrated Logistics $2.4b • Offshore Services – Includes DPII & ZMI conventio
Slide 19: 3Q 2025 Assets Update
ADNOC Classification: Internal 3Q 2025 Assets Update Purchase and Sales Vessel Segment Vessel Type Purchase Date Deployment Date Purchase Price Count 1 LNG August 2025 September 2025 USD 214.7m 1 VLEC August 2025 August 2025 USD 138.2m Purchase Shipping 1 Handysize July 2025 July 2025 USD 12.8m 1 Ha
Slide 20: Long-Term Contracts Drive Visibility
ADNOC Classification: Internal Long-Term Contracts Drive Visibility Shipping EBITDA spot rate exposure represents an average of only 27% of ADNOC L&S’s Total EBITDA 2025 2026 2027 2028 2029 2030 35% 32% 27% 24% 22% 23% Shipping EBITDA Shipping EBITDA Shipping EBITDA Shipping EBITDA Shipping EBITDA S
Slide 21: Cash Flow Profile
ADNOC Classification: Internal Cash Flow Profile ~$1 billion Operating Free Cash Flow 9M Free Cash Flow Evolution (US$M) Commentary 1,123 108 CASH FLOW 45 • Continued strong free cash flow driven by strong 970 EBITDA delivery and working capital improvement • Operating Free Cash Flow of almost US$1
Slide 22: Growth Investment Outlook & Funding Plan
ADNOC Classification: Internal Growth Investment Outlook & Funding Plan Delivering a transformational growth strategy to benefit all stakeholders US$ 5.0bn Organic Investment Committed1 Approx. US$ 7.0bn CAPEX Evolution and US$ 1.45bn Inorganic Investment Inorganic Investment 1,384 1,862 US$ 3bn+ of
Slide 23: Segmental 2025 & Medium-Term Outlook
ADNOC Classification: Internal Segmental 2025 & Medium-Term Outlook Full-year segmental financial guidance maintained, underpinned by strong core performance, margin expansion, and sustained operational momentum Revenue Guidance EBITDA Guidance Integrated Logistics 2025: Mid to high single-digit YoY
Slide 24: Group 2025 and Medium-Term Guidance
ADNOC Classification: Internal Group 2025 and Medium-Term Guidance Full-year & medium-term financial guidance maintained, underpinned by strong core performance, margin expansion, and sustained operational momentum FY 2025 Growth1 Medium-term CAGR Growth2 Consolidated Revenue High 20%’s YoY growth L
Slide 25: Closing Remarks
ADNOC Classification: Internal Closing Remarks STRONG COMMITTED STRONG GROWTH CONTINUED TO ATTRACTIVE EBITDA STRATEGY EARNINGS SHAREHOLDERS MARGIN EXECUTION GROWTH RETURNS 25
Slide 26: ADNOC Logistics & Services
GiLoaallg ala_oall elg_iai ADNOC LOGISTICS & SERVICES
Slide 27: Thank You
THANK YOU www.adnocls.ae IR@adnocls.ae
Slide 28: Appendix
GiLoaallg ala_oall elg_iai ADNOC LOGISTICS & SERVICES APPENDIX
Slide 29: Owned Shipping Fleet (as at 30 Sept 2025)
Owned Shipping Fleet (as at 30 Sept 2025) Owned Average Age (owned) Handysize 2 16 MR 16 5 53x Tankers LR1 9 14 LR2 17 6 VLCC 9 6 LNG* 9 20 VLGC 7 6 18x Gas 0 VLEC* 1 Molten Sulphur 1 13 Handysize 3 14 11x Dry Bulk Supramax 4 6 Ultramax 4 32 3x Container Feeder 3 16 Total 85 29 * Includes newbuild d
Slide 30: 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$/day) Orderbook as % Average % of Fleet % of Fleet of existing fleet Age 15-19 Years 20+ years 100,000 MR Clean Products MR (40,000 –
Slide 31: Segmented Quarterly Financials
ADNOC Classification: Internal Segmented Quarterly Financials Revenue (US$ Million) EBITDA (US$ Million) Net Profit (US$ Million) Integrated Logistics US$m Q2 25 Q3 25 QoQ % US$m Q2 25 Q3 25 QoQ % US$m Q2 25 Q3 25 QoQ % Offshore Offshore Offshore 359 351 -2% 183 155 -16% 136 102 -25% Contracting Con
Slide 32: 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 33: 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 34: L&S Shareholder & Free Float
ADNOC Classification: Internal ADNOC L&S Shareholder & Free Float ADNOC L&S SHAREHOLDERS (%) 22% 78% ADNOC Free Float 34
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