ADNOC Distribution Q4 2025 Presentation English 03 February 2026

FULL-YEAR 2025

RESULTS PRESENTATION

3 February 2026

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

01

Chief Executive Officer

ADNOC DISTRIBUTION

Key Achievements & Outlook

Strategy Update

Q4 & 2025 Financial Results

Closing Remarks

Appendix

Committed to 100% HSE

2025 safety record

TRIR*

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

Zero

fatalities

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

Zero

catastrophic events

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

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

Key Achievements & Outlook

Strategy Update Q4 & 2025 Financial Results

Closing Remarks

Appendix

2025: double-digit EBITDA and net profit growth driven by record volumes and NFR* gross profit

Lorem ipsum

+12%

+11%

+10% +15% +11%

33%

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

Supported by higher inventory gains vs. prior year, and like-for-like OPEX savings

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

6 © 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 and Outlook

Strategy Update

Q4 & 2025 Financial Results

Closing Remarks

Appendix

Non-fuel retail initiatives making progress in 2024-25

2024-28 targets: Investor Day

+5% in # of convenience stores

vs. target of +25% by 2028 vs. 2023

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

+60% in barista-prepared drinks

vs. +100% target by 2028 vs. 2023

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

Launch community hubs

6 The HUB by ADNOC properties operational - targeting 30 by 2030

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20 Burger King franchise operations

vs. target of 50+ franchise operations by 2028, with a 2.5X yield vs. rental

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8 © ADNOC Distribution Note: data is shown 2024-25 and unit data is shown for end of 2025 unless mentioned otherwise

Key Achievements & Outlook

Strategy Update

Q4 & 2025 Financial Results

Closing Remarks

Appendix

ADNOC Rewards loyalty programme

Over 50% penetration of the UAE vehicle population

ADNOC Rewards members

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

+16% year-on-year

increase in membership

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

>350 thousand

loyal members enrolled in the past 12 months

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

~130 partners

providing attractive offers to members

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

Key Achievements and Outlook

Strategy Update

Q4 & 2025 Financial Results

Closing Remarks

Appendix

Building on strong 2025 progress: the 2026 guidance

across three markets of our operations

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

50-60 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

Chief Strategy, Transformation & Sustainability Officer

ADNOC DISTRIBUTION

Key Achievements & Outlook

Strategy Update Q4 & 2025 Financial Results

Closing Remarks

Appendix

Fuel retail in 2025

Record volumes: retail fuel demand growth momentum sustained

+20 new stations

UAE: +17, Egypt: +3

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

Contracted ~100 stations in KSA

under CAPEX-light DOCO* model, currently under development

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

+5% volume in UAE/KSA

Retail: +8%, Commercial -1%

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

+5% total volume

Retail: +7%, Commercial 0%

Egypt aviation: +21%

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

12 © ADNOC Distribution * Dealer Owned-Company Operated model

Key Achievements & Outlook

Strategy Update Q4 & 2025 Financial Results

Closing Remarks

Appendix

Future-proofing our business in 2025

Leveraging UAE network and unlocking attractive margins

Disciplined roll-out

1.8X growth* to >400 EV charging points installed across our network in strategic locations in the UAE with 1.6X more energy sold*

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

Focused on strategic high-traffic sites

highways and urban hubs

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

Seamless customer journey

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

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

36 million low-emission kilometers

travelled by EVs charged by ADNOC Distribution in 2025

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

13 © ADNOC Distribution * Growth in 2025 year-on-year

Key Achievements & Outlook

Strategy Update Q4 & 2025 Financial Results

Closing Remarks

Appendix

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

+9% non-fuel transactions

supported by higher # of fuel transactions, higher conversion from fuel to non-

fuel, new offerings in convenience stores and car services

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

+14% NFR gross profit

driven by growth in convenience stores and car services

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

+19% convenience stores gross profit

supported by higher number of C-store transactions, conversion rate growth (+50 bps) and higher margin (+200 bps)

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

+20% barista-prepared drinks

representing one of the highest-margin food and beverage categories

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

14 © ADNOC Distribution

Key Achievements & Outlook

Strategy Update Q4 & 2025 Financial Results

Closing Remarks

Appendix

Non-fuel retail: C-store growth through category management, focused marketing campaigns, technology and loyalty

Reinventing C-store experience

a refreshed "OASIS by ADNOC" brand in September 2025 for the UAE's most popular convenience store:

with a premium 'On-the-Gourmet' concept, featuring

elevated food and beverage offerings

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

Customer personalization at scale

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

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Stronger customer focus

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

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

21.8% 19.8%

21.3%

23.8%

24.4%

24.8%

24.2%

25.5%

24.5%

26.1%

25.9%

27.7%

25.2%

27.2%

26.0%

27.7%

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

Convenience store conversion rate*, %

15 © 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 and Outlook

Strategy Update Q4 & 2025 Financial Results

Closing Remarks

Appendix

Non-fuel retail: maximizing value through real estate optimization

~1,150 occupied/awarded properties

at the end of 2025 with an increased focus on Food & Beverage outlets

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

40 new properties by recognized brands

helping us to build a high-quality retail mix

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

Anchor brands

bringing additional footfall to our service stations

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

Enhance real estate returns

30 Hubs by ADNOC by 2030 (6 operational)

$30 million EBITDA run-rate by 2030

3x larger retail footprint

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

17 © ADNOC Distribution

Key Achievements & Outlook

Strategy Update Q4 & 2025 Financial Results

Closing Remarks

Appendix

AI & Digital Strategy

More than 20 new AI projects underway across our value chain

18 © ADNOC Distribution

Key Achievements & Outlook

Strategy Update

Q4 & 2025 Financial Results

Closing Remarks

Appendix

Embedding sustainability in our day-to-day operations

on track to achieve by 2030 vs. 2021 baseline

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

40+ PV solar

service stations energized and operational, with a total of

50+ service stations to be energized in 2025

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100% biofuel

ADNOC Distribution supply chain vehicles run on biofuel

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>1,300 trees

adopted by customers through "Adopt the Ghaf" through ADNOC App

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19 © ADNOC Distribution * Scope 1 & Scope 2 emissions

Acting Chief Financial Officer

03

Key Achievements & Outlook

Strategy Update Q4 & 2025 Financial Results

Closing Remarks

Appendix

2025: double-digit EBITDA and net profit growth

Delivering the highest earnings on record

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

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

+11%

+10%

+15%

2024 2025 2024 2025

EBITDA Underlying EBITDA*

2024 2025

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

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

Key Achievements & Outlook

Strategy Update Q4 & 2025 Financial Results

Closing Remarks

Appendix

Record full-year operating performance

Growth momentum sustained across all business verticals: fuel and non-fuel retail

+5% +6% +9%

15,029 15,710

2024 2025

Retail Commercial

2024 2025

2024 2025

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

22 © ADNOC Distribution

Key Achievements & Outlook

Strategy Update Q4 & 2025 Financial Results

Closing Remarks

Appendix

2025 gross profit by operating segment

+12% total GP

record FY performance

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

Aviation

5%

+10% fuel retail GP

driven by consistent volume growth

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

+14% NFR* GP

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

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

+14% commercial GP

driven by proactive margin management

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

Corporate (B2B)

20%

14%

$1.89bn

61%

Non-fuel retail*

Fuel retail

(B2C)

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

Key Achievements & Outlook

Strategy Update Q4 & 2025 Financial Results

Closing Remarks

Appendix

2025 OPEX and efficiency improvement

+6% cash OPEX

reflecting corresponding retail business growth

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

~$7 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%

5%

8%

14%

$694m

Staff costs

64%

24 © ADNOC Distribution *Excl. one-off cash OPEX, **Other costs include lease cost, bank charges, insurance, subscriptions, legal fees, consultancies, etc.,

Key Achievements & Outlook

Strategy Update Q4 & 2025 Financial Results

Closing Remarks

Appendix

2025 EBITDA by operating segment

+11% EBITDA

driven by strong growth across all businesses,

Aviation

Unallocated**

despite lower impact of inventory gains

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

+15% retail EBITDA

supported by growth in volumes, NFR business

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

+3% commercial EBITDA

supported by proactive margin management

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

+10% underlying EBITDA*

on volume growth, higher contribution from NFR segment

and delivery of OPEX reduction initiatives

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

Corporate

(B2B)

19%

8%

$1.17bn

73%

Retail (B2C)

25 © ADNOC Distribution *Underlying EBITDA is defined as EBITDA excluding inventory movements and one-offs, **-$6m other operating income/expenses not allocated to specific segment

Key Achievements & Outlook

Strategy Update Q4 & 2025 Financial Results

Closing Remarks

Appendix

2025 cash generation

$820 million

free cashflow before the effect of changes in working capital movements

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

$700 million*

2025 dividend supported by visibility in cash generation

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

0.70x 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

-79

Working capital movements

CAPEX

paid

Financial items

-

Dividends paid

Cash as of Dec. 2025**

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

04

Chief Executive Officer

Key Achievements & Outlook

Strategy Update Q4 & 2025 Financial Results

Closing Remarks

Appendix

Closing remarks

Maintaining strong earnings

momentum in 2025

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

17 new stations in the UAE

99 stations contracted in KSA under CAPEX-light DOCO model

1.8X growth in EV CPs*

at strategic locations in the UAE

+11% EBITDA

+10% underlying EBITDA

+15% net profit

+11% free cashflow before effect of working capital changes

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

Efficient capital allocation and attractive distribution

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

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

$

million CAPEX

250-300

Pursue organic growth in 2026

Explore inorganic opportunities through value-accretive transactions

2026-30 dividend policy**:

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

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

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

Strong 2026 outlook

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

Grow platform

Increase footfall across the three markets of our operations - 60-70 new service stations in 2026

Double-down on NFR

Shift capital allocation towards convenience

and mobility, deliver hyper-personalized offerings, enhance customer experience

Expand The HUB by ADNOC offering

By adding 5 community hubs in 2026

Deliver additional OPEX savings

Do more with less

Future-proof - Disciplined EV roll-out Energize key strategic locations across our network: highways and residential areas by adding 50-60 EV charging points in 2026

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

28 © ADNOC Distribution * Growth of EV charging points vs. end of 2024, ** New 2026-30 dividend policy is subject to the Shareholders' approval, *** Subject to the discretion of the Board and Shareholders' approval

Key Achievements & Outlook

Q&A

Strategy Update Q4 & 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