ADNOC Distribution Q2 2025 Presentation – English – 7 August 2025

Q2 & H1 2025

RESULTS PRESENTATION

7 August 2025

ADNOC DISTRIBUTION

Agenda

2 © ADNOC Distribution

Disclaimer

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 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 negative 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 optimisation 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.

3 © ADNOC Distribution

Bader Saeed Al Lamki

Chief Executive Officer

ADNOC DISTRIBUTION

Key Achievements & Outlook

Strategy Update

Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

Committed to 100% HSE

H1 2025 HSE performance

TRIR*

-------------

Zero

fatalities

-------------

Zero

catastrophic events

-------------

5 © ADNOC Distribution *Total Recordable Injury / Illness Rate (in million manhours)

Key Achievements & Outlook

Strategy Update

Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

Strong progress in our sustainability agenda - embedding sustainability in our day-to-day operations

Energy optimisation

Reduce energy use across our assets through efficient systems and optimized building designs

-------------

PV solar

50+ service stations to be energized in 2025

-------------

Biofuel

100% of ADNOC Distribution supply chain vehicles run on biofuel

-------------

Fleet management

-------------

Introduce real-time fleet tracking to improve fuel efficiency

6 © ADNOC Distribution

Targeting 25%

Scope 1 & Scope 2 emissions intensity reduction by 2030 compared to 2021 baseline

Key Achievements & Outlook

Strategy Update Q1 2025 Financial Results

Closing Remarks

Appendix

ADNOC Distribution equity story

Shareholder value creation

Robust performance and cashflow visibility

Focus on delivering sustainable growth

------------- ------------- -------------

Value creation since IPO

Total shareholder return >100%

28% 5-year ROCE

driven by efficient capital allocation and value-accretive investments

Double-digit EBITDA and net profit growth in H1 25

Attractive 2024-28

dividend policy

supported by visible cashflow profile and strong balance sheet

(offering >6% dividend yield)*

Part of MSCI EM and FTSE EM indices

23% free float

Solid strategy execution

driving strong H1 2025 operating and

financial results

Predictable cashflow generation

robust regulatory framework, industry-leading margins and limited exposure to oil price volatility

Supportive majority

shareholder ADNOC

5-year supply contract with a retail margin guarantee protecting against inventory losses with upsides from inventory gains

Strong balance sheet with

ample liquidity

supports growth and enables attractive shareholder distributions

2024-28 strategy

accelerating sustainable and profitable growth domestically and internationally through efficient capital allocation

Doubling-down on non-fuel retail offerings

transforming our service stations into destinations-of-choice

Actively progressing on AI

initiatives

to drive growth, improve operational efficiency and enhance customer experience

Futureproofing the business

by unlocking new revenue streams offered by energy transformation (incl. EV charging) and pursuing

sustainability goals

------------- ------------- -------------

7 © ADNOC Distribution * Dividends subject to the Board and Shareholders' approval

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

H1 2025: double-digit EBITDA and net profit growth driven by record H1 volumes and continuous strong NFR* performance

Lorem ipsum

+9%

+10%

+18% +12% +11%

30%

Driven by strong operating performance: volumes, transactions, conversion rate

Despite lower material inventory gains vs. prior year

Reflecting strong underlying business fundamentals

Following solid EBITDA growth and lower finance costs

Supported by strong business profitability

Industry-leading returns driven by growth and efficient capital allocation

8 © ADNOC Distribution *Non-fuel retail segment includes convenience stores, car wash, lube change, property management and vehicle inspection, **Underlying EBITDA is defined as EBITDA excluding inventory movements and one-off items

Key Achievements & Outlook

Strategy Update

Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

ADNOC Rewards loyalty programme

Covering over half of 4+ million vehicles in the UAE

ADNOC Rewards members

-------------

+20% year-on-year

increase in membership

-------------

~400 thousand

new members enrolled in the past 12 months

-------------

~120 partners

providing attractive offers to members

-------------

9 © ADNOC Distribution Note: all data is shown for H1 2025 unless mentioned otherwise

Key Achievements & Outlook

Strategy Update

Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

New 2025 guidance for # of stations

including 50-60 stations in KSA under CAPEX-light DOCO* model

(vs. previous guidance from Feb. 2025: 40-50 stations, incl. 30-40 DOCO)

-------------

~100 new EV charging points

expanding in a disciplined manner based on EV adoption, utilization and current forecast of On-the-Go EV charging customer demand

-------------

$250-300 million CAPEX

focused on organic growth

-------------

Explore inorganic opportunities

in pursuit of step-change growth through value-accretive transactions

-------------

10 © ADNOC Distribution *Dealer Owned-Company Operated model

02 GROWTH STRATEGY UPDATE

Athmane Benzerroug

Chief Strategy, Transformation & Sustainability Officer

ADNOC DISTRIBUTION

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

Fuel retail in H1 2025

Record H1 volumes: retail fuel demand growth momentum sustained

+7 new stations

UAE: +6 (incl. Dubai: +1), Egypt: +1

-------------

Contracted 40 more stations in KSA

under CAPEX-light DOCO* model, currently under development

-------------

+7% daily** volume in UAE/KSA

Retail: +9%, Commercial +4%

-------------

+6% total daily** volume

Retail: +7%, Commercial +5%

-------------

12 © ADNOC Distribution *Dealer Owned-Company Operated model, **Taking into account difference in number of days between H1 24 and H1 25

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

Accelerating smart growth on a dynamic KSA market

Double track strategy: maximize value with existing COCO*, expand fast with capital-light DOCO**

How capital-light DOCO** model works?

Highly fragmented market - 7,000 stations operated by multiple non-qualified players (c.70% of total market)

Operating under SAR0.09/liter gasoline margin

Evolving regulatory requirements create challenges for non-qualified players

Station owner to invest (CAPEX) in renovating and re-branding existing stations…

…in compliance with ADNOC Distribution guidelines incl. branding, HSE, layout and technical standards (fuel systems…)

Station qualifies for gasoline margin increase of SAR6/liter (to SAR0.15/liter )

ADNOC Distribution operates the station and entitled to a pre-agreed share of incremental fuel retail margin and NFR revenue

Volume and NFR uplift supported by ADNOC Distribution branding and renovation

13 © ADNOC Distribution *Company Owned-Company Operated model, **Dealer Owned-Company Operated model

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

Future-proofing our business in H1 2025

Leveraging UAE network and unlocking attractive margins

Disciplined roll-out

3X growth* to >300 EV charging points installed across our network in

strategic locations in the UAE, 2X more energy sold in H1'25 YoY

-------------

Focused on strategic high-traffic sites

high-ways and urban hubs

-------------

Seamless customer journey

superior charging experience - our network is accessible, available and reliable - offers multiple payment acceptance and using auto charge feature and extensive non-fuel retail offerings

-------------

13 million low-emission kilometers

travelled by EVs charged by ADNOC Distribution in H1 2025

-------------

14 © ADNOC Distribution *Growth of fast and super-fast EV charging points vs. end of H1 2024

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

Non-fuel retail continues to grow much faster than fuel in H1 2025

+15% NFR gross profit

driven by growth in convenience stores, property management and car wash

-------------

+11% daily* non-fuel transactions

supported by higher # of fuel transactions, higher conversion from fuel to non-fuel, new offerings in convenience stores and car services

-------------

+25% daily* barista-prepared drinks

representing one of the highest-margin food and beverage categories

-------------

+21% convenience stores gross profit

supported by higher number of C-store transactions, conversion rate growth (c.+95 bps) and higher margin (c.+300 bps)

-------------

15 © ADNOC Distribution *Taking into account difference in number of days between H1 24 and H1 25

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

Zoom-in: C-store growth through category management, focused marketing campaigns, technology and loyalty

Reinventing C-store experience

'as 'foodvenience' destination including with best-in-class Oasis Food & Beverage offering and exciting new product launches (gourmet food, specialty coffee & beverages). F&B operations backed by AI tools to ensure freshness & waste optimization

-------------

Customer personalization at scale

AI-based clustering has been introduced to tailor assortments and pricing to various store profiles: location, demographics, shopping missions, etc.

-------------

Stronger customer focus

Ongoing marketing campaigns driving footfall from fuel to store with targeted offers and loyalty engagement

1Q22

21.8%

2Q22

19.8%

3Q22

21.3%

4Q22

23.8%

1Q23

24.4%

2Q23

24.8%

3Q23

24.2%

4Q23

25.5%

1Q24

24.5%

2Q24

3Q24

25.9%

4Q24

1Q25

25.2%

2Q25

-------------

26.1%

27.7%

27.2%

Convenience store conversion rate*, %

16 © ADNOC Distribution *Convenience store conversion rate is measured by number of convenience stores transactions divided by number of fuel transactions at sites with convenience stores

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

Beyond C-stores targeting higher contribution from all business verticals

Create a one-stop destination

for car care services by leveraging strong car wash, lube change and

vehicle inspection centers footprint to enhance customer journey

-------------

Upscale car wash

with upgrade in car wash facilities and launch of higher capacity car wash tunnels - offering quick service and superior customer experience

-------------

Enhance real estate returns

by attracting more Tier-1 international brands and Quick Service Restaurant (QSR) into our network to drive additional footfall, optimizing tenant mix and existing sites

-------------

17 © ADNOC Distribution

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

AI & digital strategy

More than 20 new AI projects underway across our value chain

ADNOC Distribution is using AI to boost growth by increasing revenue potential across businesses lines through data-driven improvements

AI is driving operational efficiencies across businesses by enabling cost avoidance, reducing OPEX and optimizing inventory management

AI enhances customer experience by delivering hyper-personalized offerings, reducing wait times and ensuring a seamless customer experience

C-store clustering: tailors assortment and pricing to various store profiles

Intelligent assortment: suggests products to add/remove to C-store inventory based on insights on customer preferences

Intelligent service station location: leverages on AI to develop new service stations based on traffic patterns, average spending and competitor presence

18 © ADNOC Distribution

Fuel demand prediction:

forecasts fuel sales demand to avoid fuel runouts

Smart workforce management: optimizes operational cost of service stations staff, leading to OPEX savings

Lube automation:

predicts lube demand and automates supply orders

Hyper-personalized offers:

suggests tailored offers for customers

depending on their historic behavior

Seamless experiences:

allow customers faster fueling based on stored preferences or F&B ordering straight to car via the app

Acting Chief Financial Officer

Ali Siddiqi

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

H1 2025: double-digit EBITDA and net profit growth

Delivering record-high H1 EBITDA and underlying EBITDA

EBITDA and underlying EBITDA*, $m Net profit, $m

-------------------- --------------------

+10%

+18%

+12%

H1 2024 H1 2025 H1 2024 H1 2025

H1 2024 H1 2025

EBITDA Underlying EBITDA*

-------------------- --------------------

20 © ADNOC Distribution *Underlying EBITDA is defined as EBITDA excluding inventory movements and one-off items

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

Record H1 operating performance

Growth momentum sustained across all business verticals in fuel and non-fuel segments

+6% +4% +10%

7,222 7,624

H1 2024 H1 2025

Retail Commercial

H1 2024 H1 2025

H1 2024 H1 2025

------------- ------------- -------------

21 © ADNOC Distribution

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

H1 2025 gross profit by operating segment

+9% total GP

record H1 performance

-------------

Aviation

6%

+3% fuel GP

driven by consistent volume growth

-------------

+15% NFR* GP

supported by growth in # of transactions, higher C-store conversion rate, upgrade in car wash offering, new initiatives in property management

-------------

+22% commercial GP

driven by proactive margin management

-------------

Corporate (B2B)

Non-fuel retail*

20%

14%

$898m

60%

Fuel retail (B2C)

22 © ADNOC Distribution *Non-fuel retail segment includes convenience stores, car wash, lube change, property management and vehicle inspection

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

H1 2025 OPEX and efficiency improvement

+6% cash OPEX

reflecting 3% growth in the Company's network

-------------

$3 million

like-for-like OPEX savings after $18 million in 2024

-------------

On track to achieve target

$50 million like-for-like OPEX savings by 2028

-------------

Flat unit OPEX/liter

reflecting efficiency improvement initiatives

-------------

Utilities

Distribution & marketing

Repairs, maintenance & consumables

Other*

9%

3%

7%

14%

$334m

Staff costs

67%

23 © ADNOC Distribution *Other costs include lease cost, bank charges, insurance, subscriptions, legal fees, consultancies, etc.

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

H1 2025 EBITDA by operating segment

+10% EBITDA

driven by strong growth across all businesses,

Aviation

Unallocated**

despite lower impact of inventory gains

-------------

+4% retail EBITDA

supported by growth in volumes, NFR business

-------------

+29% commercial EBITDA

supported by proactive margin management

-------------

+18% underlying EBITDA*

on volume growth, higher contribution from NFR segment

and delivery of OPEX reduction initiatives

-------------

Corporate

(B2B)

23%

8%

$566m

69%

Retail (B2C)

24 © ADNOC Distribution *Underlying EBITDA is defined as EBITDA excluding inventory movements and one-offs, **-$3m other operating income/expenses not allocated to specific segment

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

H1 2025 cash generation

$408 million

free cashflow before the effect of changes

in working capital movements

-------------

$700 million*

2025 dividend supported by visibility in

cash generation

-------------

0.8X net debt/EBITDA

Balance sheet strength offers sufficient room to invest into growth while sustaining an attractive dividend policy

-------------

Cash as of Dec. 2024**

Cashflow from operations

Working capital movements

CAPEX

paid

- 47

Financial items

Dividends paid

Cash as of Jun. 2025**

25 © ADNOC Distribution *Subject to Shareholders' approval, **Cash includes term deposits with banks

Bader Saeed Al Lamki

Chief Executive Officer

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

Closing remarks

Focusing on the UAE market, non-fuel retail and operational excellence

Maintaining strong earnings

momentum in H1 2025

Deliver incremental and sustainable

growth, sweat the assets

Efficient capital allocation

and attractive distribution

------------- ------------- -------------

6 new stations in the UAE

40 stations contracted in KSA under CAPEX-light DOCO model

3X growth in EV CPs*

at strategic locations in the UAE

+10% EBITDA

+18% underlying EBITDA

+12% net profit

+11% free cashflow before effect of working capital changes

Grow platform

Invest in attractive and growing core UAE market: increase footfall / gain market share, grow in KSA and Egypt

Future-proof - disciplined EV roll-out Drive customer choice for premium-margin On-the-Go EV charging

Double-down on NFR

Shift capital allocation towards convenience and mobility, deliver hyper-personalized offerings, enhance customer experience

Deliver additional OPEX savings

Do more with less

Decarbonize

25% carbon intensity reduction target by

2030 compared to 2021 baseline

28% 5-year average ROCE demonstrating a proven track-record of value creation

2024-28 dividend policy:

• $700 million or min. 75% of net profit, whichever is higher**

• offers long-term visibility and potential upside from future earnings growth

$250-300 million CAPEX

Pursue organic growth in 2025

Explore inorganic opportunities

through value-accretive transactions

------------- ------------- -------------

27 © ADNOC Distribution *Growth of EV charging points vs. end of H1 2024, **Subject to the discretion of the Board and Shareholders' approval

Key Achievements & Outlook

Q&A

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

Bader Saeed Al Lamki

Chief Executive Officer

Ali Siddiqi

Acting Chief Financial Officer

Athmane Benzerroug

Chief Strategy, Transformation

& Sustainability Officer

© ADNOC Distribution

Key Achievements & Outlook

Strategy Update Q2 & H1 2025 Financial Results

Closing Remarks

Appendix

Q1 2024 Financial Results

Operating performance

30 © ADNOC Distribution

million liters Q2 2025 Q2 2024 YoY (%) H1 2025 H1 2024 YoY (%)

Retail (B2C) 2,731 2,482 10.0% 5,324 5,011 6.3%

Commercial (B2B) 1,168 1,054 10.9% 2,300 2,211 4.0%

of which Corporate 1,043 960 8.6% 2,068 2,020 2.4%

of which Aviation 125 93 33.9% 232 191 21.3%

Total 3,899 3,535 10.3% 7,624 7,222 5.6%

Q2 2025 Q2 2024 YoY (%) H1 2025 H1 2024 YoY (%)

Service stations - UAE 556 534 4.1% 556 534 4.1%

Service stations - Saudi Arabia 140 69 102.9% 140 69 102.9%

Service stations - Egypt 243 244 -0.4% 243 244 -0.4%

Service stations - total 939 847 10.9% 939 847 10.9%

Fuel transactions - UAE, m 49.5 46.9 5.5% 96.2 92.2 4.3%

Q2 2025 Q2 2024 YoY (%) H1 2025 H1 2024 YoY (%)

Convenience stores - UAE 379 365 3.8% 379 365 3.8%

Non-fuel transactions - UAE, m(1) 13.7 12.2 12.2% 26.0 23.5 10.4%

Conversion rate, C-stores, % 27.2% 26.1% 26.3% 25.3%

Average gross basket size, $(2) 7.0 7.2 -2.6% 7.3 7.3 -0.8%

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

2. Calculated as convenience store revenue (including revenue from consignment items shown under other operating income) divided by number of convenience store transactions

H1 2025

7.6bn liters fuel volume sold

939

retail fuel network

528

convenience stores network