Adnoc Gas Plc · ADX:ADNOCGAS
Adnoc Gas — Q1 2025 Earnings Presentation
20 slides from Adnoc Gas's earnings presentation, May 5, 2025
Slide 1: ADNOC GAS Q1 2025 Results
ADNOC Gas ADNOC GAS Q1 2025 Results May 5, 2025
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation is for background purposes only and does not purport to be full or complete. No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or f
Slide 3: Speakers
SPEAKERS FATEMA MOHAMED AL NUAIMI CHIEF EXECUTIVE OFFICER PETER VAN DRIEL CHIEF FINANCIAL OFFICER Q1 2025 RESULTS ADNOC Gas 3
Slide 4: Q1 25 Key Highlights
Q1 25 KEY HIGHLIGHTS Q1 2025 Highlights $1.27 billion • Optimizing shutdown time, boosted processing capacity Net Income (+7% YoY) PERFORMANCE • Sales volume +1% YoY despite maintenance activity $2.16 billion Adjusted EBITDA (+4% YoY) • Results demonstrate resilient business model $1.09/mmbtu • Grow
Slide 5: Strong Q1 25 Performance
STRONG Q1 25 PERFORMANCE 17% beat versus Bloomberg analysts’ consensus Q1 25 net income drivers Q1 25 net income vs consensus ($ million) 17% 1 1,270 Shutdowns • Optimizing S/D time and boosting processing capacity to power continued growth 1,088 2 Domestic Gas • Incremental gas supply to a large do
Slide 6: Taking Advantage of Favourable Prices
TAKING ADVANTAGE OF FAVOURABLE PRICES Given the current global trade instability, buyers are increasingly interested in stable Middle East suppliers LNG SPOT PRICING VERSUS BRENT STABLE LPG PRICES Brent JKM 87 85 800 84 83 81 80 750 78 706 75 76 700 26 632 650 629 620 67 613 610 591 584 600 15 15 13
Slide 7: RGD FID Expected in Summer 2025
RGD FID EXPECTED IN SUMMER 2025 MAJOR GROWTH PROJECTS Project IGD-E2 MERAM Ruwais LNG Bab Gas Cap RGD Expected Completion 2025 2026 2028 2029+ 2027 Additional Capacity 370 MMSCFD 3.4 MTPA1 9.6 MTPA 1.85 BSCFD >1.5 BSCFD IPO status (Mar 2023) Execute Define Select Select Select Current status Execute
Slide 8: Performance Overview
By elq_iai ADNOC PERFORMANCE
Slide 9: Secondary Offering Boosted Liquidity and Should Lead to Index Inclusion
SECONDARY OFFERING1 BOOSTED LIQUIDITY AND SHOULD LEAD TO INDEX INCLUSION ADTV2 (million shares) in 2025 MSCI and FTSE Index inclusion Index MSCI FTSE Announcement Date May 13 September 5 Effective Date June 2 September 22 6x Increase • MSCI and FTSE globally recognized benchmarks used by investors t
Slide 10: Growth in Spite of Maintenance
GROWTH IN SPITE OF MAINTENANCE Sales Quantity (TBTU) +1% 947 949 900 912 908 902 890 869 781 621 609 575 589 573 580 580 567 507 253 257 241 266 265 251 273 235 214 55 69 48 60 74 56 70 63 68 4 3 4 6 3 6 4 3 3 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Domestic Gas Export & Traded Liquids
Slide 11: Stable ETL Prices Despite Weaker YoY Brent
STABLE ETL PRICES DESPITE WEAKER YoY BRENT Brent Oil JKM $/bbl $/mmbtu 90 87 -9% 30 85 26 84 83 85 25 81 80 80 78 76 20 +23% 75 75 15 15 15 13 14 13 12 12 70 11 67 10 65 10 60 5 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 April Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 April LP
Slide 12: Price Resilience Drives EBITDA Growth
PRICE RESILIENCE DRIVES EBITDA GROWTH 12 month rolling quarterly average +1% -1% Sales Quantity 947 949 TBTU 900 912 908 902 912 907 890 869 781 +4% +10% EBITDA 2,212 2,205 2,282 2,159 2,183 $ millions 2,076 2,086 1,863 1,979 1,774 1,766 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 23 -
Slide 13: 5% YoY Domestic Gas EBITDA Growth in Q1
5% YoY DOMESTIC GAS EBITDA GROWTH IN Q1 25 Benefiting from strong underlying economy and margin uplift post 2024 price renegotiation 12 month rolling quarterly average Sales Quantity +1% TBTU -1% 621 609 589 580 580 590 584 575 573 567 507 +5% 867 +11% EBITDA 779 727 753 717 749 143 747 752 $ millio
Slide 14: Taking Advantage of Favourable LNG, LPG Prices
TAKING ADVANTAGE OF FAVOURABLE LNG, LPG PRICES 12 month rolling quarterly average +1% Sales Quantity1 335 0% TBTU 321 322 322 319 319 319 317 315 299 269 EBITDA2 +2% $ millions +10% 1,445 1,404 1,333 1,358 1,361 1,366 1,299 333 1,242 296 265 1,157 1,123 307 323 311 1,109 321 258 220 161 270 1,109 1,
Slide 15: Q1 Net Income Supported by Improving Volumes YoY
Q1 25 NET INCOME SUPPORTED BY IMPROVING VOLUMES YOY Net Income – Q1 2025 vs. Q1 2024 $, millions 104 41 1,270 1,187 -24 -21 29 -29 -17 Q1 24 Price effect Volume effect MGP Profit sharing OPEX DTA, depreciation, Tax Q1 25 others Net Income – Q1 2025 vs. Q4 2024 $, millions 1,381 249 -54 1,270 188 -10
Slide 16: Free Cash Flow ex-WC Up 6% to $1.2 bn
FREE CASH FLOW EX-WC UP 6% TO $1.2 BN Free Cash Flow – Q1 2025 vs. Q1 2024 $, millions +6% 93 64 35 52 1,214 1,144 392 822 Q1 24 FCF ex-WC EBITDA Taxes Payments Others Q1 25 FCF ex-WC Working capital Q1 25 FCF related to PPE ADNOC Gas 16 Q1 2025 RESULTS
Slide 17: Outlook
OUTLOOK
Slide 18: 2025 Capital Market Guidance
2025 CAPITAL MARKET GUIDANCE 2025 original guidance Q1 2025 actual 2025 updated guidance Financial EBITDA Margin % ~35% 35.4% ~35% (in TBTU) 2025 original guidance Q1 2025 actual 2025 updated guidance Domestic Gas Products 2,320 - 2,390 580 2,340 - 2,370 Sales volume1 1 Planned shutdowns in 2025 Exp
Slide 19: Appendix
By elq_iai ADNOC APPENDIX
Slide 20: Shareholder and Free Float Update
SHAREHOLDER AND FREE FLOAT UPDATE ADNOC Gas Shareholder structure and Free Float update (%) ADNOC Gas Shareholders (%) As of 30 April 2025 86.0% As of 30 April 2025 ADNOC TAQA ADNOC Gas ESOP Shareholders No of shares Percentage (%) Free Float Abu Dhabi National Oil Company (ADNOC) 66,006,222,932 86.