Adnoc Logistics & Services Plc · ADX:ADNOCLS
Adnoc Logistics & Services — Arqaam Conference 2025
38 slides from Adnoc Logistics & Services's conference presentation, May 20, 2025
Slide 1: ADNOC Logistics & Services
ADNOC Classification: Internal ADNOC LOGISTICS& SERVICES INTEGRATED LOGISTICS | SHIPPING | SERVICES ADNOC Logistics & Services
Slide 2: Agenda
ADNOC Classification: Internal Agenda 1 Our Journey……………………………….…...........4 Additional Materials 2 Financial Performance & Guidance….….......10 1 Spot Exposure……….………………………28 Segmental Financial Performance 3 2 Navig8 Acquisition……….…………………29 Review……………………………….…………….…18 3 ADNOC L&S Operations.………
Slide 3: Our Journey
ADNOC Classification: Internal Our Journey 2016 Expanded Integrated Logistics ▪ Launched ILSP ▪ Expanded into Jack-Up Barges (JUBs) and new markets ▪ Acquired largest warehouse in UAE CREATION OF ADNOC L&S Realized merger synergies Delivered accretive Shipping growth plan for Borouge VIA INTEGRATION
Slide 4: Investment Thesis
ADNOC Classification: Internal Investment Thesis A global Integrated Logistics and Shipping platform: Delivering resilient 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 i
Slide 5: Strategic Growth Investments
ADNOC Classification: Internal Strategic Growth Investments 2022 2023 2023 2024 2025 YTD • 4x VLCCs delivered • 8 – 10x LNG Carriers • Navig8 Acquisition • ZMI Acquisition Closed (Jan) including: ordered; all contracted • 15x MR + 1x MR • 8x JUBs delivered (6x • 9x VLECs ordered; all newbuild • 6x L
Slide 6: 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$ 1.49bn Inorganic Investment Inorganic Investment 1,384 1,862 US$ 3bn+ of
Slide 7: Sustainability Strategy
ADNOC Classification: Public 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 20
Slide 8: L&S Financial Performance & Guidance
ADNOC Classification: Internal ADNOC L&S Financial Performance & Guidance 8
Slide 9: Overview of Financial Performance Q1 2025
ADNOC Classification: Internal Overview of Financial Performance 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 growth pro
Slide 10: First Quarter 2025 Results Highlights
ADNOC Classification: Public ADNOC Classification: Internal First Quarter 2025 Results Highlights Integrated Logistics & Shipping segments delivered ~30% EBITDA margins ▪ Revenue US$1,181 million up 41% YoY underpinning the resilience of the company’s diversified business model where growth from the
Slide 11: Financial Summary & KPIs
ADNOC Classification: Public ADNOC Classification: Internal Financial Summary & KPIs Strong growth metrics supported by value-adding investments and continuous efficiency enhancements (US$ millions) Q1 24 Q1 25 YoY % Q4 24 QoQ % Q1 2025 Financial Highlights Income Statements: Revenue 840 1,181 41% 8
Slide 12: Group 2025 and Medium-Term Outlook
ADNOC Classification: Internal 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 double-digit YoY growth H
Slide 13: Segmental 2025 & Medium-Term Outlook
ADNOC Classification: Internal 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 Contracting 2025: Higher material
Slide 14: L&S Value Efficiency Initiatives
ADNOC Classification: Internal ADNOC L&S Value Efficiency Initiatives Driving further profitability through continual value improvement initiatives across the platforms EPC + Project Opex cost saving Integrated Logistics delivery initiatives e.g. bunkers, revenue enhancements optimization crewing, m
Slide 15: L&S Total Contracted Revenue
ADNOC Classification: Internal 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 $2.3 bn Integrated Logistics Integrate
Slide 16: Q1 2025 Segmental Financial Performance Review
ADNOC Classification: Internal Q1 2025 Segmental Financial Performance Review 16
Slide 17: Integrated Logistics – Financials
ADNOC Classification: Public ADNOC Classification: Internal Integrated Logistics – Financials Performance during the quarter supported by acceleration of EPC projects and two additional JUBs deployed Revenue (US$ Million) EBITDA (US$ Million) US$m Q1 24 Q1 25 YoY % US$m Q1 24 Q1 25 YoY % Offshore Co
Slide 18: Integrated Logistics: Offshore Contracting
ADNOC Classification: Public ADNOC Classification: Internal 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
Slide 19: Integrated Logistics: Offshore Service & Projects
ADNOC Classification: Public ADNOC Classification: Internal 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
Slide 20: Shipping - Financials
ADNOC Classification: Public ADNOC Classification: Internal 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
Slide 21: Shipping: Operational Highlights
ADNOC Classification: Public ADNOC Classification: Internal 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
Slide 22: Shipping: Benchmark TCE rates & Outlook
ADNOC Classification: Public ADNOC Classification: Internal Shipping: Benchmark TCE rates & Outlook Positive long-term tanker demand supported by increased ton-mile demand and limited newbuild deliveries Tanker TCE Rates (US$/day) Orderbook as % Average % of Fleet 15- % of Fleet 20+ of existing flee
Slide 23: Services
ADNOC Classification: Public ADNOC Classification: Internal Services EBITDA and Net Profit growth driven by Navig8 commercial pooling fees and share of profit from Integr8 Financials (US$ Million) Highlights US$m Q1 24 Q1 25 YoY % ▪ Revenues increased by 9% YoY to US$84 million due to the consolidat
Slide 24: Cash Flow Profile
ADNOC Classification: Public ADNOC Classification: Internal Cash Flow Profile Continued strong free cash flows boost financial strength for future expansion Free Cash Flow Evolution (US$M) Commentary 344 CASH FLOW 272 ▪ Strong free cash flow driven by strong growth in core -60 -12 businesses and pro
Slide 25: Compelling Reasons to Invest in ADNOC L&S
ADNOC Classification: Internal Compelling Reasons to Invest in ADNOC L&S Resilient domestic and international logistics and shipping growth platform providing strong earnings visibility • Unique opportunities to provide logistics and shipping solutions to the fast-growing ADNOC ecosystem • Low lever
Slide 26: Additional Materials
ADNOC Classification: Internal Additional Materials
Slide 27: Spot Shipping Analysis
ADNOC Classification: Internal 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 Timeline of Confirmed Newbuildin
Slide 28: Business Segments Structure Post Navig8 Integration
ADNOC Classification: Internal 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 Services Owned vessels Offshore C
Slide 29: Navig8 Transaction Overview
ADNOC Classification: Internal Navig8 Transaction Overview Acquisition of 80% in Navig8 TopCo Holdings Inc. with a path to full ownership in 2027 ▪ Global maritime operator with commercial shipping pools and a fleet of 32x high quality, modern tankers ▪ Service offerings include bunkering, technical
Slide 30: Navig8 Overview
ADNOC Classification: Internal Navig8 Overview Establishes ADNOC L&S immediately as a global force in maritime energy transportation Shipping operations Shipping services Technical Commercial Owned vessels TC-in vessels Management & Bunkering pools agency Young and high-quality, modern and eco- Leas
Slide 31: Navig8 Acquisition - Rationale
ADNOC Classification: Internal Navig8 Acquisition - Rationale ADNOC L&S GCC operations: Navig8 delivers ADNOC L&S’ offering on a global scale, supplemented with new valuable service offerings Key complementary services added: Fleet Fuelling Commercial Technical Crew Additional Digital services Qatar
Slide 32: Navig8 Acquisition Accounting: Depreciation of Fair Value Uplift
ADNOC Classification: Internal 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 Deprecia
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 operations ILSP contracts up to 2032, Hail & Ghasha up to 2030 and ZMI JUB contracts up to
Slide 34: Sustainability
ADNOC Classification: Internal Sustainability We are investing today in sustainable assets, and adopting environmentally efficient 2045 Ambition technologies to support ADNOC Group’s Net Zero by 2045 ambition, the UAE’s Net Zero 2050 strategy, and the IMO Net Zero target. NET ZERO 2023 RECORDS 24% $
Slide 35: Integrated Logistics Model
ADNOC Classification: Internal Integrated Logistics Model Our Integrated Logistics Services Platform (ILSP) reduces the complexity of our customers’ vast range of logistics requirements through one system, reducing project logistics costs, with customers being invoiced in a unique, cost-per-ton form
Slide 36: Symbiotic Relationship with ADNOC as Anchor Customer
ADNOC Classification: Internal Symbiotic Relationship with ADNOC as Anchor Customer Key player in the ADNOC eco-system and service provider of choice to ADNOC Offshore ADNOC as anchor customer ILSP – Provider to Petroleum accounting for >70% of 10 years2 Ports Authority contract – revenue 25 years3
Slide 37: Innovation & Technology
ADNOC Classification: Internal Innovation & Technology ADNOC L&S leverages AI and other advanced technologies to enhance operational efficiency and safety. Initiatives like the "Smart Ship" predictive maintenance solution exemplify the company's innovation efforts. The company is committed to utiliz
Slide 38: Thank You
ADNOC Classification: Internal THANK YOU www.adnocls.ae IR@adnocls.ae ADNOC Logistics & Services