Adnoc Logistics & Services Plc · ADX:ADNOCLS
Adnoc Logistics & Services — Investor Presentation (June 2025)
39 slides from Adnoc Logistics & Services's investor presentation, June 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 ADNOC L&S Investment Thesis…….…...........3 Additional Materials 2 Overview of Financial Performance….…........5 1 Journey……….……………………………19 3 Group Medium Term Outlook ……………......11 2 Financial Results ……….………………22 4 Innovation & Technology...……………………17 3 ZMI
Slide 3: ADNOC L&S: Delivering On Its Growth Platform
ADNOC Classification: Public ADNOC Classification: Internal ADNOC L&S: Delivering On Its Growth Platform Leading beneficiary ~45-50% >US$2bn Potential additional revenue from XRG + ADNOC of ADNOC’s growth 2025 Revenue contracted 2025 Revenue contracted subsidiaries with ADNOC with ADNOC Resilience a
Slide 4: ADNOC 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 5: ADNOC L&S A Compelling Growth Story
ADNOC Classification: Public ADNOC Classification: Internal ADNOC L&S A Compelling Growth Story Growing from USD 168mn in EBITDA in 2021 to a projected USD ~2bn by 2029, ADNOC L&S is unlocking significant value through strategic fleet expansion and enhanced margins across Integrated logistics and Sh
Slide 6: 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 $202m CAPEX FCF up 29% YoY Q1 2025 Key Business Highlights & Milestones ▪ Integrated Logistics profitable growth pro
Slide 7: Growth Investment Outlook & Funding Plan
ADNOC Classification: Internal Growth Investment Outlook & Funding Plan Delivering a transformational growth strategy to benefit all stakeholders US$ 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 8: Navig8 Transaction Assessment
ADNOC Classification: Public ADNOC Classification: Internal Navig8 Transaction Assessment Ample transaction value at acquisition ensuring sustainable future value delivery Positive >$20m commercial pool Transfer of Value primarily synergies performance vs economic attached to vessels per annum peer
Slide 9: 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 10: 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 % OF REVENUE UNDER LONG-TERM CONTRACTS Segment 2025 2026-29 2030++ 2025 Value Efficiency Initiatives $1.6 bn $4.7 bn Integrated Logistics ~10
Slide 11: Group 2025 and Medium-Term Outlook
ADNOC Classification: Internal Group 2025 and Medium-Term Outlook FY 2025 Growth1 Medium-term CAGR Growth2 Consolidated Revenue Mid to high 20% YoY growth3 Low single-digit growth Consolidated EBITDA High teens YoY growth High single-digit growth Consolidated Net Profit Low double-digit YoY growth H
Slide 12: Segmental 2025 & Medium-Term Outlook
ADNOC Classification: Internal Segmental 2025 & Medium-Term Outlook Revenue Guidance EBITDA Guidance 2025: Low to mid single-digit YoY growth 2025: Mid to high teens YoY growth Integrated Logistics MT: Low single-digit reduction MT: Low single-digit growth Offshore Contracting 2025: Higher material
Slide 13: Significant Financial Capacity…To Deliver Beyond
ADNOC Classification: Public ADNOC Classification: Internal Significant Financial Capacity…To Deliver Beyond Announced Investment Plan Free Cash Flow Evolution (US$M) Accessible Financial Facilities 344 272 -60 -12 -70 202 US$1.85 bn revolving credit Senior Unsecured facility priced at SOFR+95 bps E
Slide 14: 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 15: Future Growth Opportunities from ADNOC's Strategy
ADNOC Classification: Public ADNOC Classification: Internal Future Growth Opportunities from ADNOC’s Strategy Future-ready growth anchored in ADNOC’s end-to-end platform AGT Oil products & gases trading Packaging & onshore transport Mvmt Onshore Trading Logistics AT Oil trading Warehousing & storage
Slide 16: 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 • Leading beneficiary to the fast-growing ADNOC ecosystem • Resilient earnings from long-term annuity contracts wi
Slide 17: Innovation & Technology
ADNOC Classification: Internal Innovation & Technology ADNOC L&S leverages AI and other advanced technologies to enhance operational efficiency and to achieve a 100% Health, Safety, and Environment (HSE) culture. Initiatives like the "Smart Ship" predictive maintenance solution exemplify the company
Slide 18: Additional Materials
ADNOC Classification: Internal Additional Materials
Slide 19: 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 20: 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 21: 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 22: 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$1,181 million up 41% YoY underpinning the resilience of the company’s diversified business model where growth from the
Slide 23: Financial Summary & KPIs
ADNOC Classification: Public ADNOC Classification: Internal Financial Summary & KPIs Strong growth metrics supported by value-adding investments and continuous efficiency enhancements (US$ millions) Q1 24 Q1 25 YoY % Q4 24 QoQ % Q1 2025 Financial Highlights Income Statements: Revenue 840 1,181 41% 8
Slide 24: 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 25: 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 (%) Numbe
Slide 26: 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 Vessel
Slide 27: 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 28: 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 1
Slide 29: 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$/day) Orderbook as % Average % of Fleet 15- % of Fleet 20+ of existing fle
Slide 30: Shipping Analysis
ADNOC Classification: Internal Shipping Analysis Spot shipping rate exposure represents an average of 32% of ADNOC L&S’s Total EBITDA in the medium-term period 2025 2026 2027 2028 2029 29% 30% 28% 36% 34% 64% 66% 71% 70% 72% Spot shipping exposure EBITDA Other EBITDA Timeline of Confirmed Newbuildin
Slide 31: Services
ADNOC Classification: Public ADNOC Classification: Internal Services EBITDA and Net Profit growth driven by Navig8 commercial pooling fees and share of profit from Integr8 Financials (US$ Million) Highlights US$m Q1 24 Q1 25 YoY % ▪ Revenues increased by 9% YoY to US$84 million due to the consolidat
Slide 32: ZMI: highly accretive Investment in 2022
ADNOC Classification: Public ADNOC Classification: Internal ZMI: highly accretive Investment in 2022 ADNOC L&S demonstrates strategic M&A Integration by driving margin expansion and asset utilization across Integrated Logistics—A clear case for deploying parts of the USD 3bn additional financial gro
Slide 33: 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 34: 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 35: 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 36: 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 37: 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 for
Slide 38: 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 39: Thank You
ADNOC Classification: Internal THANK YOU www.adnocls.ae IR@adnocls.ae ADNOC Logistics & Services
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