ADNOC Distribution Q2 2025 MD&A – English – 7 August 2025

7 August 2025

ADNOC Classification: Public

1 | P a g e

Fuel volumes - H1 2025

7.62

billion liters

6.07

billion liters sold in the UAE and KSA

Revenue - H1 2025

17,112

AED million

+5.6% Y-o-Y (daily volumes +6.1% Y-o-Y)

Retail: +6.3% (daily volumes +6.8%), driven by strong mobility trends

Commercial: +4.0% (daily volumes +4.5%), supported by the continued strong economic growth and higher aviation volumes in the UAE (+21.5% Y-o-Y) and Egypt (+21.0% Y-o-Y)

+6.7% Y-o-Y (daily volumes +7.3% Y-o-Y)

Retail: +8.3% (daily volumes +8.9%), supported by higher mobility, sustained momentum in the region's

economic growth, network expansion and higher contribution from KSA operations

Commercial: +3.7% (daily volumes +4.3%), on strong performance of the corporate business, new contracts signed in the UAE in 2024 and 2025, and higher aviation volumes

-2.4% Y-o-Y

lower selling prices as a result of lower crude oil prices in H1 2025 compared to H1 2024, partially offset by growth in fuel volumes and higher non-fuel retail segment contribution

Gross profit - H1 2025

3,299

AED million

+9.2% Y-o-Y

driven by strong operating performance and despite lower inventory gains of AED 147 million in H1 2025 compared to inventory gains of AED 249 million in H1 2024

1,993

AED million

465

AED million

841

AED million

Fuel retail: +3.3% Y-o-Y

supported by higher retail fuel volumes and despite lower inventory gains of AED 148 million in H1 2025 compared to AED 246 million in H1 2024

Non-fuel retail: +14.9% Y-o-Y

driven by growth in non-fuel transactions, improved customer offerings following revitalization of stores, marketing and promotion campaigns, and higher Food and Beverage (F&B) sales

Commercial: +22.4% Y-o-Y

supported by higher margins as a result of proactive corporate fuel margin management

EBITDA - H1 2025

2,080

AED million

+10.0% Y-o-Y

despite lower inventory gains of AED 147 million in H1 2025 compared to AED 249 million in H1 2024

Underlying EBITDA - H1 2025

1,946

AED million

+17.7% Y-o-Y

supported by volume growth, stronger corporate business margins, higher contribution from non-fuel retail business and international activities

Net profit attributable to equity holders - H1 2025

1,315

AED million

+12.2% Y-o-Y

driven by strong underlying business profitability and lower finance costs, despite lower inventory gains

Cash generation and balance sheet - H1 2025

1,500

AED million

Free cash flow before the effect of working capital changes

Excluding the effect of working capital changes, free cash flow increased by 11.3% Y-o-Y

The Company maintained a strong financial position at the end of June 2025 with liquidity of AED 5.3 billion, in the form of AED 2.5 billion in cash and cash equivalents and AED 2.8 billion in unutilized credit facility

0.80x Net debt to EBITDA ratio

balance sheet remained strong with a Net debt to EBITDA ratio of 0.80x as of 30 June 2025

(0.69x as of 31 December 2024)

Operational highlights - H1 2025

47 New stations

in the UAE, KSA(1)and Egypt

939 Total stations network

556 in UAE

140 in KSA(2)

243 in Egypt

379 Convenience stores network in the UAE

528 Total convenience stores network

379 in the UAE 14 in KSA

135 in Egypt

96.2

million

Fuel transactions in the UAE

+4.3% Y-o-Y

(daily transactions +4.8% Y-o-Y)

26.0

million

Non-fuel transactions in the UAE

+10.4% Y-o-Y

(daily transactions +11.0% Y-o-Y)

301 EV fast and super-fast charging points in the UAE

3x growth compared to 104 EV charging points at the end of H1 2024

26.3%

+94 bps

H1 2025 convenience store conversion rate in the UAE

compared to 25.3% in H1 2024

2.46

million

Number of ADNOC Rewards members

+19.5% Y-o-Y

27.2%

+114 bps

Q2 2025 convenience store conversion rate in the UAE

compared to 26.1% in Q2 2024

1. Including 40 contracted stations in KSA under DOCO model

2. Including 70 contracted stations in KSA under DOCO model

In H1 2025, ADNOC Distribution demonstrated strong double-digit year-on-year growth in EBITDA of 10.0% to AED 2,080 million and in underlying EBITDA of 17.7% to AED 1,946 million while net profit increased by 12.2% year-on-year to AED 1,315 million, despite a material reduction in inventory gains from AED 249 million in H1 2024 to AED 147 million in H1 2025.

In the retail segment, this strong H1 2025 financial performance was supported by the continued growth in the GCC retail fuel volumes (in H1 2025, on a daily basis they increased by 8.9% year-on-year, including by 12.6% year-on-year in Q2 2025), expansion of the retail fuel network (+3% year-on-year, excluding 70 newly contracted DOCO stations in KSA) and higher number of fuel transactions (in H1 2025, on a daily basis they increased by 4.8% year-on-year, including by 5.5% year-on-year in Q2 2025).

Non-fuel retail gross profit continued to grow faster than fuel retail gross profit on the back of higher number of non-fuel transactions (in H1 2025, on a daily basis they increased by 11.0% year-on-year, including by 12.2% year-on-year in Q2 2025) as well as higher convenience store conversion rate (up by 94 bps year-on-year to 26.3% in H1 2025, including growth of 114 bps year-on-year to 27.2% in Q2 2025).

In the commercial segment, the strong financial performance was driven by the higher corporate business volumes (in H1 2025, on a daily basis they increased by 2.9% year-on-year, including by 8.6% year-on-year in Q2 2025) and aviation business volumes (in H1 2025, on a daily basis they increased by 21.9% year-on-year, including by 33.9% year-on-year in Q2 2025). The financial performance of the corporate business was driven by successful implementation of dynamic pricing and proactive margin management.

Backed by a robust balance sheet (net debt/EBITDA of 0.80x as of 30 June 2025), this strong growth in earnings and cashflows provides support to future growth prospects in line with the 2024-28 strategy that was communicated during the Investor Day in February 2024.

Fuel: retail and commercial

ADNOC Distribution's UAE and KSA fuel volumes (retail and commercial) increased in H1 2025 by 6.7% year-on-year to 6.07 billion liters.

New stations in Dubai and network expansion in Saudi Arabia resulted in incremental retail fuel volumes. This, together with economic growth momentum and higher mobility, led to an 8.3% increase in retail fuel volumes in the UAE and KSA compared to H1 2024 to 4.03 billion liters.

Including the operations in Egypt, ADNOC Distribution recorded a 5.6% year-on-year increase in the total fuel volumes to 7.62 billion liters, including 6.3% higher retail and 4.0% higher commercial fuel volumes.

Retail fuel

• Network expansion: In H1 2025, ADNOC Distribution further expanded its retail fuel activities by adding 6 new stations in the UAE and 1 in Egypt. In addition, during the period the Company contracted 40 additional stations in KSA under a CAPEX-light Dealer Owned-Company Operated (DOCO) model. Those stations will soon start to operate under ADNOC Distribution brand further increasing the Company's presence in a large and dynamic Saudi market.

• New guidance: After adding 47 stations in H1 2025 and achieving the guidance to add 40-50 stations to the network in full-year 2025, ADNOC Distribution is upgrading its guidance to 60-70 new stations, including 50-60 stations in Saudi Arabia.

• Domestically: with 6 new stations added in the UAE in H1 2025 (one existing station in Northern Emirates was returned to a landowner during the period), ADNOC Distribution reached 556 stations in its home market, which compares to 534 stations at the end of H1 2024.

  In Dubai, the Company opened 1 new station in H1 2025. As a result, ADNOC Distribution's service station network in the emirate expanded to 57 stations at the end of the period, up by 26.7% from 45 stations at the end of H1 2024.

• Internationally:

  ADNOC Distribution continued to execute on its plans in the Kingdom of Saudi Arabia. With 40 new DOCO stations contracted in H1 2025, ADNOC Distribution reached 140 stations in KSA, doubling compared to the end of H1 2024.

  At the end of H1 2025, after adding 1 station and closing 3 stations, the Company operated 243 service stations in Egypt. In addition, the Egypt portfolio comprised aviation fuel, lubricant and wholesale fuel operations as well as c.140 convenience stores, c.230 lube changing points and c.130 car wash locations.

• Total ADNOC Distribution network increased to 939 stations vs. 847 at the end of H1 2024.

• Network of fast and super-fast EV charging points increased to 301, up by nearly 3x compared from 104 at the end of H1 2024 and by c. 40% from 220 at the end of 2024.

  Commercial fuel

• In H1 2025, commercial segment fuel volumes in GCC increased by 3.7% compared to H1 2024 to 2,036 million liters on strong performance of the corporate business, new contracts signed in the UAE in 2024 and 2025, and higher aviation volumes.

• Commercial segment fuel volumes in Egypt increased by 6.1% compared to H1 2024 to 264 million liters. This was driven by a 21.0% year-on-year increase in aviation volumes to 124 million liters supported by the continued tourism growth.

• The total number of export network countries in ADNOC Distribution's VOYAGER lubricants portfolio rose to 47 markets at the end of H1 2025 compared to 43 markets at the end of the same period last year. The Company is exploring opportunities to penetrate new growing lubricant markets through collaboration with leading partners worldwide.

• In May 2025, ADNOC Distribution launched the Voyager lubricant line nationally across Egypt, broadening its availability to third-party retail stores for the first time and announcing a target of 3,000 points of sale by the end of 2026. Egypt remains a core focus market for the Company through its 50% equity stake in TotalEnergies Marketing Egypt (TEME).

• Additionally, ADNOC Distribution signed a lubricant franchisee agreement with TotalEnergies Marketing Egypt and in 2024 started production of low and mid-tier lubricants in Egypt for local sale and export.

Non-fuel retail

ADNOC Distribution continued to advance its non-fuel retail strategy in H1 2025, enhancing customer experience and expanding high-margin offerings. Key initiatives included targeted marketing campaigns, modernized store environments, improved category management, and the introduction of new fresh food and premium coffee products. The Company also expanded digital ordering and payment channels to drive convenience and engagement.

As part of its innovation agenda, ADNOC Distribution is leveraging advanced technologies such as Artificial Intelligence to elevate customer service. AI-powered solutions like "Fill and Go," which uses computer vision for license plate recognition, are streamlining the refuelling experience and reinforcing the Company's leadership in digital transformation.

During the period, ADNOC Distribution launched 7 new convenience stores in the UAE (one was closed during the period) and benefited from the 2024 rollout of five high-capacity car wash tunnels. Additionally, approximately 50% of existing automatic car wash facilities were upgraded, with a focus on Tier-1 locations.

The Company also expanded its vehicle inspection network to 37 centres, adding three new locations since end of H1 2024. Fresh vehicle inspections rose by 7.6% year-on-year (including by 11.8% in Q2 2025 year-on-year), supported by network growth, new services, and promotional efforts.

In property management, ADNOC Distribution increased its portfolio to 1,136 occupied and awarded rental units as of end of H1 2025, up 3.6% year-on-year. Eight new properties were opened during the period under leading international and local brands. These anchor brands bring additional footfall to ADNOC Distribution service stations and transform them into destinations of choice. The Company also operated 13 Burger King outlets under a franchise model, achieving a 2.5x yield improvement versus conventional rental model.

ADNOC Rewards loyalty program and customer focus

ADNOC Distribution continues to place customers at the centre of its strategy, supporting the mobility transition and redefining the service station experience. This approach reinforces the Company's positioning as a destination of choice across its network.

The ADNOC Rewards loyalty program added over 200,000 new members in H1 2025 and over 400,000 new members since the end of H1 2024, bringing total enrolment to 2.46 million, a 19.5% year-on-year increase. With approximately 120 partners offering exclusive deals through the ADNOC Distribution app, the program's tiered structure (SILVER, GOLD, PLATINUM) delivers a broad suite of benefits to enhance customer engagement.

As part of the program, customers benefit from in-store promotions and the ability to earn and redeem points across multiple touchpoints, including fuel, lube change services, convenience stores, and car washes. These initiatives have contributed meaningfully to the continued growth of the non-fuel retail segment.

OPEX

ADNOC Distribution cash OPEX increased in H1 2025 by 5.7% year-on-year to AED 1,227 million, while the

Company's operations and associated costs expanded.

In particular, number of stations excluding newly contracted DOCO stations in KSA increased by 3% at the end of H1 2025 compared to the same period of last year.

Efficient capital allocation

In line with the plans to continue with its expansion strategy, ADNOC Distribution invested (including accruals/provisions) AED 492 million in H1 2025, of which more than 50% spent on growth. The target remains to spend AED 0.9-1.1 billion ($250-300 million) on CAPEX in 2025.

ADNOC Distribution has demonstrated a proven track-record of value creation since IPO, by pursuing new opportunities in domestic and international markets and allocating cash towards growth. Through efficient capital allocation, the Company has consistently achieved robust rates of return, including Return on Capital Employed (ROCE) of 30.0% in H1 2025 (29.0% in H1 2024) and Return on Equity (ROE) of 85.0% in H1 2025 (80.9% in

H1 2024).

In H1 2025, ADNOC Distribution generated free cash flow of AED 1,006 million, a reduction of 43.9% year-on-year. Free cash flow before the effect of working capital changes increased by 11.3% to AED 1,500 million.

At the end of H1 2025, the Company maintained a strong financial position with liquidity of AED 5.3 billion in the form of AED 2.5 billion in cash and cash equivalents and AED 2.8 billion in unutilized credit facility. The balance sheet remained strong with a net debt to EBITDA ratio of 0.80x as of 30 June 2025 (0.69x as of 31 December 2024).

Early adoption of amendments to IAS 21 - Lack of exchangeability

ADNOC Distribution adopted amendments to IAS 21 in relation to operations of its subsidiary based in Egypt. The EGP was considered to lack of exchangeability from the beginning of the period until 5 March 2024, and the subsidiary was unable to convert its functional currency from Egyptian banks to settle its foreign currency obligations. The lack of exchangeability of the EGP was restored effective 6 March 2024. In accordance with the requirements of the amendment, the subsidiary revalued its net foreign monetary liabilities as at 31 December 2023 at the rate available on 6 March 2024 which is the most recent date reflecting the ending of the lack of exchangeability in Egypt, as a basis for implementation. Accordingly, in Q3 2024 ADNOC Distribution recorded an adjustment of AED 68 million to the opening balance of its retained earnings and non-controlling interests in respective proportions of ownership.

Eng. Bader Al Lamki - Chief Executive Officer:

"Our strong H1 2025 results demonstrate the successful execution of our 2024-28 growth strategy, driven by operational excellence and customer-focused innovation. The sustained growth in EBITDA and net profit highlights our ability to scale effectively, drive value creation, and expand our leadership in mobility and convenience retail. By leveraging advanced technologies, unlocking new operational efficiencies, and bringing our commitment to quality to more communities than ever before, we are well-positioned to deliver sustainable, long-term growth and superior returns to our shareholders."

ADNOC Distribution continues to offer a compelling investment proposition, supported by strong H1 2025 results and attractive shareholder returns. The Company has delivered on its capital markets commitment by surpassing AED 3.68 billion ($1 billion) in EBITDA for 2023 and setting a new record of AED 3.86 billion in 2024. In H1 2025, underlying EBITDA and net profit achieved double-digit year-on-year growth, reflecting strong operational execution and resilient business fundamentals. The Company's predictable cash flow generation is a result of robust regulatory framework, industry-leading margins and limited exposure to oil price volatility.

As part of its strategy to futureproof the business, ADNOC Distribution is accelerating the rollout of fast and superfast EV charging infrastructure across its UAE network. The Company is also actively pursuing growth opportunities in mobility, lifestyle, and energy transition-linked revenue streams. In parallel, ADNOC Distribution remains focused on value-accretive expansion - both domestically and internationally - targeting new markets to enhance long-term shareholder value.

Supportive macroeconomic environment

ADNOC Distribution's growth ambitions are underpinned by a solid macroeconomic backdrop:

• UAE GDP increased in 2024 by 4.0% year-on-year. This was driven by a 5.0% growth in the non-oil sector, supported by private consumption that was boosted by population and tourism growth. Transport and storage sector was the fastest-growing contributor to the GDP (+9.6% year-on-year), followed by building and construction (+8.4%), finance and insurance (+7%), hospitality sector (+5.7%) and real estate (+4.8%).

• Our main market Abu Dhabi GDP grew by 3.4% in Q1 2025 year-on-year. This was driven by a 6.1% expansion in the non-oil sector which accounted for 56.2% of the total Abu Dhabi GDP. Key sectors that contributed to this growth are as follows: construction +10.2%, finance and insurance +9.1%, transportation and storage +7.5%, real estate activities +6.7% and manufacturing +5.0%.

• The UAE Central Bank estimates the country's GDP growth for 2025 at 4.4% and for 2026 at 5.4% (downgraded by 0.3 pps for both years compared to previous forecast, reflecting the effects of slower global economic activity, increased uncertainty and falling oil prices).

• IMF estimates that the UAE real GDP will grow by 4.0% in 2025 and by 5.0% in 2026, supported by strong performance of the non-oil sector, infrastructure investments, and expansion in key areas like real estate and finance. The UAE growth rate is the highest among the GCC economies which are expected to demonstrate average growth of 3.0% in 2025 and 4.1% in 2025.

• IMF forecasts Abu Dhabi's economy to grow by 4.2% in 2025, increasing to 5.8% in 2026, while Dubai's economy to grow by 3.3% in 2025, increasing to 3.5% in 2026.

• In H1 2025, Abu Dhabi Airports demonstrated 13.1% growth in passenger traffic to 15.8 million. The number of flights at AUH airport was up 11.4% to nearly 94,000.

• In H1 2025, Dubai International Airport saw passenger traffic growing by 2.3% year-on-year to 46 million. The airport increased its full year forecast to 96 million, up from 94 million. If realised, the passenger traffic will demonstrate growth of 4% in 2025 year-on-year. DXB airport expects to hit the mark of 100 million passengers next year, a year earlier than a forecast of 2027.

• In first five months of 2025, Dubai attracted 8.68 million overnight visitors, up 7% year-on-year.

• Beyond the strong macroeconomic indicators, the UAE business activity expansion has translated into higher traffic and improved consumer confidence across the country resulting in higher fuel volumes and number of non-fuel transactions for ADNOC Distribution in H1 2025. Leveraging on its leadership position in the UAE, customer focus and best-in-class mobility and lifestyle experience, the Company has grown its daily retail fuel volumes in the GCC markets by 8.9% year-on-year, at a faster rate than the GDP growth.

ADNOC Classification: Public

ADNOC Distribution strategy

During Investor Day in February 2024, ADNOC Distribution unveiled key strategic initiatives and focus areas , prioritizing innovation and enhancing customer experience among the key objectives. In particular, the focus on seamless customer journeys through digital solutions and hyper-personalization will drive improved brand engagement and increased footfall. ADNOC Distribution is scaling up its portfolio of low-carbon energy solutions including biofuels, EV and hydrogen to support de-carbonization of the transport industry and is expanding its non-fuel retail offerings.

ADNOC Distribution aims to deliver EBITDA growth in 2025-28 through identified key strategic initiatives and focus areas, including: growing the number of non-fuel transactions by 50% between 2023 and 2028, increasing the number of fast and super-fast charging points by 10-15x by 2028 vs. 2023, reducing like-for-like OPEX by up to AED 184 million ($50 million) during a five-year period of 2024-28, and growing the network of service stations to ~1,000 by 2028.

Fuel

New stations: after exceeding 2024 target of opening 15-20 stations by adding 29 new stations and contracting 30 DOCO stations in KSA, the Company expects to add 60-70 new stations across its network in 2025, including 50-60 DOCO stations in KSA. This is an upgrade from the plan communicated to the market in February 2025 to add 40-50 new stations in 2025, including 30-40 DOCO stations in KSA.

Refined Products Supply Agreement: at the beginning of 2023, ADNOC Distribution successfully renewed its UAE supply agreement with ADNOC for a new five-year term, reaffirming the Company's strong value proposition driven by predictable margins and highly cash generative core business. The renewal also demonstrated strong and ongoing support from the majority shareholder, ADNOC.

Saudi Arabia: with a fully operational team on the ground, the Company is nearing revitalization and rebranding of the KSA network. ADNOC Distribution accelerated growth on a large and dynamic KSA market by contracting 30 stations in 2024 and 40 stations in H1 2025 under CAPEX-light DOCO model, which are currently under development. The new stations will operate under ADNOC Distribution brand following the upgrades.

Egypt: ADNOC Distribution's acquisition of a 50% stake in TotalEnergies Marketing Egypt reaffirmed the Company's commitment to expanding business in attractive international growth markets. Egypt's retail fuel, lubricants and aviation markets are highly attractive with a potential for future growth. Following upgrade, 10 service stations operate under ADNOC Distribution brand.

The Company started blending ADNOC Voyager lubricants in Egypt in 2024, with the intention of making the country a regional export hub.

Non-fuel

Aligned with its growth strategy, ADNOC Distribution is reallocating capital towards enhancing convenience and mobility offerings. The Company continues to invest in delivering a modern, engaging retail experience, transforming its service stations into destinations of choice.

The ongoing convenience store revitalization program is enabling ADNOC Distribution to capture the benefits of its customer-centric initiatives, supporting consistent growth in the convenience retail segment. Enhancements include a modernized store environment, expanded product assortment, featuring fresh food and premium coffee, bundled offers, and digital ordering and payment channels.

To unlock further value, the Company focuses on extracting additional growth by sweating the assets. In its property management business, ADNOC Distribution aims to double the number of rental units occupied by leading international and regional food & beverage brands across its network by the end of 2025 compared to 2023, enhancing yield and footfall across its retail footprint.

ADNOC Classification: Public

Operating and investment efficiency

ADNOC Distribution aims to become one of the leading cost-efficient fuel retailers and remains on track to reduce structural costs, make its operations leaner and more efficient. Key levers for OPEX optimization include workforce efficiency across stations and convenience stores, energy savings through smart technologies, logistics outsourcing, and centralization of core functions.

After achieving like-for-like OPEX savings of AED 66 million in 2024, ADNOC Distribution realised further OPEX savings of AED 11 million in H1 2025, on track to reduce like-for-like OPEX by up to AED 184 million ($50 million) in 2024-28.

AI & futureproofing of business Technology:

As a core pillar of its growth strategy, ADNOC Distribution is actively advancing over 20 AI-driven initiatives, integrating artificial intelligence and advanced technologies across all business segments. These efforts are designed to enable data-driven decision-making, accelerate growth, enhance operational efficiency, and elevate the customer experience.

A standout innovation is "Fill & Go", the region's first AI-personalized refuelling experience introduced by ADNOC Distribution. This solution leverages cutting-edge computer vision and machine learning to deliver a seamless, hyper-personalized refuelling process.

ADNOC Distribution has also introduced AI-based clustering of its convenience stores to tailor assortments and pricing by location and customer profile.

Additionally, the Company utilizes a proprietary Fuel Demand AI Model to optimize fuel delivery across its network. This model achieves forecast accuracy exceeding 95%, significantly outperforming traditional methods that average around 60%. The result is a substantial reduction in fuel inventory runouts. Improved forecast precision has also enabled the Company's supply chain fleet to reduce total fuel truck emissions by 10%, driven by more efficient delivery timing.

Electric Vehicle (EV) Charging Infrastructure:

ADNOC Distribution remains committed to futureproofing its business through the disciplined and profitable rollout of fast and super-fast EV charging infrastructure.

Chargers are being deployed across the Company's service stations and dedicated mobility hubs at strategic locations throughout the UAE. This rollout is designed to meet current EV charging demand while enhancing the overall customer value proposition. Deployment is calibrated quarterly, based on actual EV uptake and supported by best-in-class technology.

The Company has made significant progress in expanding its EV charging network as part of its broader strategy to address the growing demand for e-mobility solutions. ADNOC Distribution aims to add approximately 100 EV charging points by the end of 2025 compared to the end of 2024, reinforcing its leadership in the on-the-go EV charging segment.

As of the end of H1 2025, ADNOC Distribution had 301 EV charging points, an increase of nearly 40% or 81 charging points compared to the end of 2024. The network includes both fast and super-fast charging options, strategically covering key highways and urban centres.

ADNOC Classification: Public

Sustainability Decarbonization roadmap:

ADNOC Distribution is expanding its sustainability-led initiatives as part of its long-term strategy to futureproof the business. In January 2023, the Company introduced its decarbonization roadmap, committing to a 25% reduction in the carbon intensity of its operations by 2030, using 2021 as the baseline. This roadmap encompasses both Scope 1 emissions, those directly generated by ADNOC Distribution's operations, and Scope 2 emissions, which result from the energy consumed to power those operations.

To achieve this target, the Company has identified a series of initiatives to be implemented starting in 2024 and continuing over the coming years. These include the installation of solar panels at service stations, the use of biofuels to power its vehicle fleet, and broader energy optimization measures. Additionally, ADNOC Distribution plans to incorporate the use of 'green concrete', a more environmentally friendly alternative with a lower carbon footprint than traditional concrete, in the construction of new service stations.

In January 2025, ADNOC Distribution entered into a partnership with Emerge to supply solar energy to its Abu Dhabi service stations. As part of this initiative, solar PV panels will be installed at over 100 stations across the emirate, with the goal of avoiding more than 13,000 tonnes of CO₂ emissions annually. This marks the second phase of the Company's solarization program, following the successful deployment of solar PV panels at 28 service stations in Dubai.

Furthermore, ADNOC Distribution has transitioned 100% of its owned heavy vehicle fleet in the UAE to biofuel, reinforcing its commitment to low-carbon operations.

Sustainability Linked Loan:

In January 2023, ADNOC Distribution became the first fuel and convenience retailer in the UAE to access sustainable financing by converting an existing AED 5.5 billion (USD 1.5 billion) term loan into a Sustainability-Linked Loan (SLL). The structure of the loan incorporates a penalty/incentive mechanism tied to the achievement of specific sustainability-linked performance indicators, including greenhouse gas (GHG) emissions intensity and the share of renewable energy in the Company's energy mix.

This financing initiative aligns ADNOC Distribution's capital structure with its broader sustainability roadmap and reinforces its commitment to ESG principles. In 2024, the Company successfully met both of its key performance indicators under the SLL framework, demonstrating tangible progress against its environmental targets.

Dividend policy

ADNOC Distribution remains firmly committed to delivering sustainable, profitable growth alongside attractive shareholder returns. Reflecting the Company's strong financial position and confidence in future cash flow generation, shareholders approved a new dividend policy in March 2024. This policy provides long-term visibility on expected shareholder distributions while offering upside potential linked to future earnings growth. It offers a balance between reinvestment for growth and sustainable capital returns.

In line with this policy, the Company expects to continue its semi-annual dividend payment schedule, with the first instalment distributed in October of the relevant year and the second in April of the following year.

In April 2025, ADNOC Distribution paid the dividend of AED 1.285 billion (10.285 fils per share) for the second six-months period of 2024. For H1 2025, the Company expects to distribute AED 1.285 billion (10.285 fils per share) in October 2025, subject to the Board's approval.

At 20.57 fils per share, 2025 dividend yields 5.6% (at a share price of AED 3.70 as of 6 August 2025).

1. Underlying EBITDA is defined as EBITDA excluding inventory movements and one-off items

2. Free cash flow is defined as net cash generated from operating activities less payments for purchase of property, plant & equipment, and advances to contractors

3. Cash and bank balances used for net debt calculation include term deposits with banks NM: Not meaningful

Note: See the Glossary for the calculation of certain metrics referred to above

ADNOC Classification: Public

Fuel volumes

In Q2 2025, total fuel volumes sold reached 3,899 million liters, increasing by 10.3% year-on-year, marking a new record Q2 fuel volume.

In GCC markets (UAE and KSA), Q2 2025 total fuel volumes amounted to 3,122 million liters, up by 12.2% year-on-year. In Q2 2025, GCC retail fuel volumes increased by 12.6% year-on-year. GCC commercial fuel volumes were up by 11.5% year-on-year on the back of strong corporate and aviation volumes.

Egypt total fuel volumes sold reached 777 million liters, up by 3.1% year-on-year. Egypt's commercial fuel volumes increased by 5.9% driven by a 19.2% increase in aviation volumes supported by the continued tourism growth.

In H1 2025, total fuel volumes sold reached 7,624 million liters - a new H1 record. They increased by 5.6% year-on-year, driven by strong mobility trends.

In GCC markets (UAE and KSA), H1 2025 total fuel volumes amounted to 6,065 million liters, up by 6.7% year-on-year supported by ongoing growth in region's economic activities and higher mobility as well as the network expansion.

In H1 2025, GCC retail fuel volumes increased by 8.3% year-on-year. GCC commercial fuel volumes were up by 3.7% driven by higher corporate business and aviation business volumes which increased by 2.9% and 21.5% year-on-year, respectively.

1. Includes grade 91, 95 and 98 unleaded gasoline

2. Includes CNG, LPG, kerosene, lubricants, and base oil

ADNOC Classification: Public

Financial results

In Q2 2025, revenue decreased by 1.7% year-on-year to AED 8,638 million due to lower selling prices as a result of lower crude oil prices.

Q2 2025 gross profit increased by 9.1% year-on-year to AED 1,681 million due to higher volumes, growth in the non-fuel retail business, higher contribution from international activities and proactive fuel margin management in the corporate business.

In Q2 2025, ADNOC Distribution recorded lower inventory gains vs. Q2 2024: AED 37 million (AED 43 million inventory gains in fuel retail and AED 6 million inventory losses in commercial business), compared to inventory gains of AED 128 million in Q2 2024 in (AED 128 million inventory gains in fuel retail).

Q2 2025 EBITDA increased by 9.2% year-on-year to AED 1,069 million despite lower inventory gains in Q2 2025 compared the same period last year.

Q2 2025 underlying EBITDA (EBITDA excluding inventory movements and one-off items) increased at 22.3% year-on-year to AED 1,042 million reflecting strong underlying business fundamentals.

Q2 2025 net profit attributable to shareholders increased by 8.6% year-on-year to AED 677 million despite lower effect of inventory gains and supported by lower finance costs.

In H1 2025, revenue decreased by 2.4% year-on-year to AED 17,112 million as a result of reduction of selling prices.

H1 2025 gross profit increased by 9.2% year-on-year to AED 3,299 million, supported by higher fuel volumes, growth in non-fuel retail business and higher contribution from international activities, despite lower inventory gains in H1 2025 vs. H1 2024.

H1 2025 inventory gains amounted to AED 147 million (AED 148 million inventory gains in fuel retail and AED 1 million inventory losses in commercial business) compared to inventory gains of AED 249 million in H1 2024 (AED 246 million inventory gains in fuel retail and AED 3 million in commercial business).

H1 2025 EBITDA increased by 10.0% year-on-year to AED 2,080 million, despite lower inventory gains in H1 2025 compared to H1 2024.

H1 2025 underlying EBITDA (EBITDA excluding inventory movements and one-offs) increased by 17.7% year-on-year to AED 1,946 million. In H1 2025, the Company achieved additional like-for-like OPEX savings of AED 11 million, on track to reduce like-for-like OPEX by up to AED 184 million ($50 million) by 2028.

H1 2025 net profit attributable to shareholders increased at a double-digit rate of 12.2% year-on-year to AED 1,315 million.

(1) Non-fuel retail includes convenience stores, car wash, lube change, property management and vehicle inspection

(1) Unallocated includes other operating income/expenses not allocated to specific segment NM: Not meaningful

Distribution and administrative expenses

In Q2 2025, distribution and administrative expenses (OPEX) were AED 833 million, an increase of 10.2% compared to Q2 2024.

Excluding depreciation, Q2 2025 cash OPEX increased by 9.9% year-on-year to AED 621 million, mainly as a result of a 3% increase in the Company's network and associated costs.

In H1 2025, distribution and administrative expenses (OPEX) were AED 1,645 million, an increase of 7.6% compared to H1 2024.

Excluding depreciation, H1 2025 cash OPEX increased by 5.7% year-on-year to AED 1,227 million.

(1) Other costs include lease cost, bank charges, subscriptions, legal fees, consultancies, etc. NM: Not meaningful

Capital expenditures - accrual basis

The Company's capital expenditures (CAPEX) primarily consist of (i) investments related to the development and construction of new service stations and fuel terminal projects and capitalized maintenance costs related to properties, (ii) the purchase of machinery and equipment, and (iii) other capital expenditures related to properties, including structural upgrades, technology infrastructure upgrades and other improvements.

In H1 2025, total CAPEX on accrual basis increased by 33.0% compared to H1 2024 to AED 492 million, driven by spending on service station projects, industrial and other projects, machinery and equipment as well as technology infrastructure. More than 50% of the CAPEX comprised development and construction of new service stations.

The table below presents the breakdown of capital expenditures for the reviewed period.

NM: Not meaningful

Retail segment - B2C (fuel and non-fuel)

Volumes

In Q2 2025, retail fuel volumes increased by 10.0% year-on-year to 2,731 million liters. In GCC markets (UAE and KSA), retail fuel volumes increased by 12.6% year-on-year, driven by the region's ongoing economic growth, higher mobility and addition of new service stations, while in Egypt they were 2.6% higher year-on-year.

Retail fuel volumes in GCC markets (UAE and KSA) increased by 7.1% compared to Q1 2025, while in Egypt retail fuel volumes remained nearly unchanged vs. Q1 2025.

In H1 2025, retail fuel volumes increased by 6.3% year-on-year to 5,324 million liters, driven by strong mobility trends.

In GCC markets (UAE and KSA), retail fuel volumes increased by 8.3% year-on-year driven by the region's ongoing economic growth, higher mobility and addition of new service stations. In Egypt retail fuel volumes were nearly unchanged compared to the same period of last year.

(1) Includes CNG, LPG, kerosene, and lubricants

Financial results

In Q2 2025, retail segment revenue decreased by 2.3% compared to Q2 2024 to AED 5,917 million. In particular, fuel retail business revenue was 3.3% lower year-on-year as a result of lower pump prices while non-fuel retail business revenue increased by 13.0% compared to Q2 2024.

Q2 2025 retail segment gross profit increased by 4.2% compared to Q2 2024 to AED 1,243 million.

Fuel retail segment gross profit increased by 1.8% year-on-year to AED 1,006 million, as a result of higher fuel volumes and despite lower retail segment inventory gains year-on-year. In particular, inventory gains amounted to AED 43 million in Q2 2025 compared to AED 128 million in Q2 2024.

Excluding the effect of inventory movements, fuel retail gross profit increased by 12.0% year-on-year.

Non-fuel retail gross profit increased by 15.7% in Q2 2025 compared to Q2 2024 to AED 237 million driven by a year-on-year growth in non-fuel transactions and improved customer offerings.

Q2 2025 retail segment EBITDA decreased by 1.5% compared to Q2 2024 to AED 726 million, mainly due to a lower positive impact of inventory movements year-on-year and despite higher fuel volumes and strong non-fuel retail segment contribution.

Excluding the effect of inventory movements, Q2 2025 retail segment EBITDA increased by 12.2% compared to the same period of last year.

17 | P a g e

In H1 2025, retail segment revenue decreased by 1.8% compared to H1 2024 to AED 11,611 million due to lower pump prices as a result of lower oil prices.

H1 2025 retail segment gross profit increased by 5.3% compared to H1 2024 to AED 2,458 million, as a result of higher fuel volumes and growing contribution from non-fuel and international activities (KSA and Egypt). This took place despite lower retail segment inventory gains in H1 2025 of AED 148 million vs. inventory gains of AED 246 million in H1 2024.

Fuel retail segment gross profit increased by 3.3% year-on-year to AED 1,993 million principally due the higher volumes and despite the lower impact of inventory movements.

Excluding the effect of inventory movements, fuel retail segment gross profit increased by 9.6% year-on-year.

Non-fuel retail gross profit increased by 14.9% in H1 2025 compared to H1 2024 to AED 465 million driven by a year-on-year growth in non-fuel transactions, higher convenience store conversion rate, growing car wash business contribution supported by new initiatives: tunnels and upgraded automatic car washes, as well as growth in other car services.

H1 2025 retail segment EBITDA increased by 4.2% compared to H1 2024 to AED 1,433 million, mainly due to the higher fuel volumes year-on-year and despite lower impact of inventory movements.

Excluding the effect of inventory movements, retail segment EBITDA increased by 13.8% year-on-year.

(1) Non-fuel retail includes convenience stores, car wash, lube change, property management and vehicle inspection

Other operating metrics

The number of fuel transactions in the UAE increased by 5.5% in Q2 2025 year-on-year and by 4.3% in H1 2025 year-on-year.

This was supported by the network expansion, improvement in customer sentiment as well as the ongoing growth in economic activity and mobility.

1. At end of period, (2) Excluding DOCO stations in KSA

   Q2 2025 and H1 2025 non-fuel transactions in the UAE increased by 12.2% and 10.4% year-on-year, respectively, driven by improving consumer sentiment, enhanced customer offerings, introduction of car wash tunnels and ongoing upgrade of automatic car washes.

   In addition, the strong growth in non-fuel transactions was supported by marketing and promotion campaigns under ADNOC Rewards loyalty program to attract higher footfall and increase customer spending.

   Convenience store conversion rate increased by 114 bps from 26.1% in Q2 2024 to 27.2% in Q2 2025. In H1 2025, it increased by 94 bps from 25.3% in H1 2024 to 26.3% in H1 2024.

   The UAE convenience stores revenue increased by 12.9% in Q2 2025 compared to Q2 2024, and by 10.6% in H1 2025 compared to H1 2024, mainly driven by the higher number of transactions compared to the same period of last year.

   In Q2 2025, UAE convenience stores gross profit increased by 21.7% year-on-year to AED 94 million and in H1 2025 by 20.7% year-on-year to AED 184 million driven by the higher number of transactions as a result of enhanced customer offerings, marketing and promotion campaigns as well as the higher F&B sales.

   Average gross basket size decreased by 2.6% year-on-year in Q2 2025 compared to Q2 2024, and by 0.8% year-on-year in H1 2025 compared to H1 2024. This reduction was more than compensated by the sizeable growth in the number of non-fuel transactions.

   In its property management business, the Company continues to transition its tenancy business to a revenue-sharing model to maximize revenues and profitability. In H1 2025, the number of occupied and awarded properties for rent increased by 3.6% year-on-year.

   A number of vehicles inspected (fresh tests) in the Company's vehicle inspection centres increased by 11.8% in Q2 2025 compared to Q2 2024 and by 7.6% in H1 2025 compared to H1 2024, driven by a higher number of vehicle inspection centres, introduction of new services, and supported by marketing and promotion campaigns.

   Non-fuel operating metrics	Q2 25	Q1 25	QoQ %	Q2 24	YoY %		H1 25	H1 24	YoY %
   Number of non-fuel transactions - UAE (million) (1)	13.7	12.3	11.2%	12.2	12.2%		26.0	23.5	10.4%
   Convenience stores
   Number of convenience stores - UAE (2)	379	378	0.3%	365	3.8%		379	365	3.8%
   Convenience stores revenue (AED million) - GCC	264	236	11.6%	234	12.9%		500	452	10.6%
   Convenience stores gross profit (AED million) - GCC	94	89	5.6%	77	21.7%		184	152	20.7%
   Gross margin, %	35.7%	37.8%		33.2%			36.7%	33.6%
   Conversion rate (C-store sites only), % (3)	27.2%	25.2%		26.1%			26.3%	25.3%
   Average basket size - UAE (AED) (4)	22.0	22.9	-4.0%	22.1	-0.6%		22.4	22.4	-0.2%
   Average gross basket size - UAE (AED) (5)	25.6	28.0	-8.5%	26.3	-2.6%		26.7	26.9	-0.8%
   UAE property management
   Number of property management tenants (2)	326	331	-1.5%	339	-3.8%		326	339	-3.8%
   Number of occupied and awarded properties for rent (2)	1,136	1,165	-2.5%	1,097	3.6%		1,136	1,097	3.6%
   UAE vehicle inspection
   Number of vehicle inspection centres (2)(6)	37	36	2.8%	34	8.8%		37	34	8.8%
   Number of vehicles inspected - fresh tests (thousands)	324	317	2.3%	290	11.8%		640	595	7.6%
   Other vehicle inspection transactions (thousands) (7)	69	69	0.4%	55	26.4%		138	111	24.1%

   1. Includes convenience stores, car wash and oil change transactions

   2. At end of period

   3. Number of convenience stores transactions divided by number of fuel transactions at sites with convenience stores

   4. Average basket size is calculated as convenience store revenue divided by number of convenience store transactions

   5. Average gross basket size is calculated as convenience store revenue (including revenue from consignment items shown under other operating income) divided by number of convenience store transactions

   6. Includes one permitting centre

   7. Other vehicle inspection transactions include number of vehicles inspected (re-tests) and sale of safety items at vehicles inspection centres

Commercial segment - B2B (corporate and aviation)

Volumes

In Q2 2025, commercial fuel volumes increased by 10.9% year-on-year to 1,168 million liters.

In the GCC markets (UAE and KSA), Q2 2025 commercial volumes increased by 11.5% compared to Q2 2024 to 1,038 million liters.

In particular, corporate volumes were up 9.7% to 977 million liters supported by new contracts signed in 2024 and 2025. In addition, Q2 2024 corporate business volumes were negatively impacted by the storm in the UAE in April 2024.

Aviation volumes were up 53.3% to 62 million liters on the back of higher uptake from the strategic customers.

In Egypt, commercial volumes increased by 5.9% compared to Q2 2024 to 130 million liters. This was a result of higher aviation fuel volumes which increased by 19.2% year-on-year to 63 million liters supported by the continued tourism growth.

In H1 2025, commercial fuel volumes increased by 4.0% year-on-year to 2,300 million liters, driven by economic expansion.

In the GCC markets (UAE and KSA), H1 2025 commercial volumes increased by 3.7% compared to H1 2024 to 2,036 million liters, supported by growth in the corporate businesses on the back of new contracts signed in 2024 and 2025, and by the aviation volumes growth of 21.5% year-on-year.

Egypt commercial volumes expanded in H1 2025 by 6.1% to 264 million liters mainly as a result of the growth of 21.0% in the aviation volumes.

1. Includes LPG, lubricants, and base oil

ADNOC Classification: Public

Financial results

Q2 2025 commercial segment revenue decreased by 0.3% compared to Q2 2024 to AED 2,721 million as a result of lower prices.

Q2 2025 commercial segment gross profit increased by 25.9% year-on-year to AED 438 million supported by the higher volumes, dynamic pricing and proactive corporate fuel margin management. This strong financial performance was partially offset by the higher inventory losses: AED 6 million in Q2 2025 vs. AED 0 million in Q2 2024.

Q2 2025 commercial segment EBITDA increased by 40.7% year-on-year to AED 348 million supported by a 40.9% corporate business EBITDA growth to AED 253 million and a 40.4% aviation business EBITDA growth to AED 95 million.

H1 2025 commercial segment revenue decreased by 3.7% to AED 5,501 million compared to H1 2024, due to lower prices.

H1 2025 commercial segment gross profit increased by 22.4% year-on-year to AED 841 million supported by the higher volumes, dynamic pricing and proactive corporate fuel margin management as well as higher contribution from international operations. Note that in H1 2025 the Company incurred inventory losses of AED 1 million vs. inventory gains of AED 3 million in H1 2024.

H1 2025 commercial segment EBITDA increased by 29.4% year-on-year to AED 657 million, including by 31.5% to AED 480 million in corporate business and by 24.1% to AED 177 million in aviation business.

ADNOC Distribution shares are traded on the Abu Dhabi Securities Exchange (ADX) under the symbol ADNOCDIST. The closing share price as of 30 June 2025 was AED 3.67. In the period from 1 January 2025 through 30 June 2025, the share price ranged between AED 3.16 and AED 3.72 at close. ADNOC Distribution market capitalization was AED 45.9 billion as of 30 June 2025.

An average of 4.6 million shares traded daily in H1 2025 (0.63x 2024 level). In H1 2025, the average daily traded value of the Company's shares was AED 16.2 million (0.62x 2024 level).

As of 30 June 2025, ADNOC owned 77%, while 23% of ADNOC Distribution outstanding shares were publicly owned by institutional and retail investors.

Key risks potentially affecting ADNOC Distribution's financial and operational results include supply chain risks, asset integrity and information technology risks. The Company has identified and implemented several key controls and mitigation strategies to ensure business continuity, including engineered controls and managed controls as well as contractual safeguards to limit its financial exposure to these risks. For more detailed information on risks and risk management, please refer to the Risk Factors section of the international offering memorandum dated 26 November 2017 relating to ADNOC Distribution IPO, which is available on the Company's website at https://www.adnocdistribution.ae/investor-relations.

A conference call in English for investors and analysts will be held on Thursday, August 7, 2025, at 4 p.m. UAE / 1 p.m. London / 8 a.m. New York. To access the management presentation, followed by a Q&A session, please connect through one of the following methods:

Webcast

Click here to join the webcast

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Note: Click on the link above to attend the presentation from your laptop, tablet, or mobile device. Audio will stream through your selected device. If you have technical difficulties, please click the "Listen by Phone" button on the webcast player and dial one of the numbers provided therein.

Audio Call Dial in Details:

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The presentation materials will be available for download in English on August 7, 2025 at

https://www.adnocdistribution.ae/en/investor-relations/investor-relations/downloads/

We expect to announce our third quarter 2025 results on or around November 10, 2025.

Investor Relations Tel.: +971 2 695 9770

Email: ir@adnocdistribution.ae

Athmane Benzerroug

Chief Strategy, Transformation and Sustainability Officer Email: athmane.benzerroug@adnocdistribution.ae

August 7, 2025

ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION PJSC

• Net debt is calculated as total interest bearing debt less cash and bank balances (including term deposits with banks).

• Free cash flow is calculated as net cash generated from operating activities less payments for purchase of property, plant & equipment, and advances to contractors.

• Capital employed is calculated as the sum of total assets minus non-interest bearing current liabilities.

• Return on capital employed is calculated as operating profit for the twelve months ended divided by capital employed on the last day of the period presented.

• Return on equity is calculated as profit distributable to equity holders of the Company for the period of twelve months ended divided by equity attributable to owners of the Company on the last day of the period presented.

• Net debt to EBITDA ratio is calculated interest bearing net debt as of the end of the period presented, divided by EBITDA for the twelve months ended on the last day of the period presented.

• Leverage ratio is calculated as (a) interest bearing net debt, divided by (b) the sum of interest bearing net debt plus total equity.

• Average basket size is calculated as convenience store revenue divided by number of convenience store transactions

• Average gross basket size is calculated as total convenience store sales revenue (including revenue from consignment items shown under other operating income) divided by number of convenience store transactions.

This communication includes forward-looking statements which relate to, among other things, our plans, objectives, goals, strategies, future operational performance, and anticipated developments in markets in which we operate and in which we may operate in the future. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond our control and all of which are based on management's current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "could", "should", "would", "intends", "estimates", "plans", "targets", or "anticipates" or the negativ e thereof, or other comparable terminology. These forward-looking statements and other statements contained in this communication regarding matters that are not historical facts involve predictions and are based on the beliefs of our management, as well as the assumptions made by, and information currently available to, our management. Although we believe that the expectations reflected in such forward looking statements are reasonable at this time, we cannot assure you that such expectations will prove to be correct. Given these uncertainties, you are cautioned not to place undue reliance on such forward looking statements. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: our reliance on ADNOC to supply us with substantially all of the fuel products that we sell; an interruption in the supply of fuels to us by ADNOC; changes in the prices that we pay ADNOC for our fuels and to the prices that we are allowed to charge our retail customers in the UAE; failure to successfully implement our operating initiatives and growth plans, including our mixed-mode service offering, our convenience store optimization initiatives, our cost savings initiatives, and our growth plans; competition in our markets; decrease in demand for the fuels we sell, including due to general economic conditions, improvements in fuel efficiency and increased consumer preference for alternative fuels; the dangers inherent in the storage and transportation of the products we sell; our reliance on information technology to manage our business; laws and regulations pertaining to environmental protection, operational safety, and product quality; the extent of our related party transactions with ADNOC and our reliance on ADNOC to operate our business; the introduction of VAT and other new taxes in the UAE; failure to successfully implement new policies, practices, systems and controls that we implemented in connection with or following our IPO; any inadequacy of our insurance to cover losses that we may suffer; general economic, financial and political conditions in Abu Dhabi and elsewhere in the UAE; instability and unrest in regions in which we operate; the introduction of new laws and regulations in Abu Dhabi and the UAE; and other risks and uncertainties detailed in our International Offering Memorandum dated 26 November 2017 relating to our initial public offering and the listing of our shares on the Abu Dhabi Securities Exchange, and from time to time in our other investor communications. Except as expressly required by law, we disclaim any intent or obligation to update or revise these forward-looking statements.

Analyst Databook

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2024 Annual Report

Overview of our business segments, strategy, operational, financial and summary ESG performance in 2024

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Overview of our sustainability strategy, commitments and our ESG performance in 2024

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