ADNOC Drilling Company
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ADNOC Drilling Company (ADNOCDRILL) investor relations material

ADNOC Drilling Company Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved record-breaking financial and operational results in 2025, with a 20% improvement in well delivery time, reduced non-productive time, and a MENA speed record of drilling one mile per day.

  • Revenue reached $4.9 billion (22% YoY growth), EBITDA $2.2 billion (9% YoY), and net profit $1.45 billion (11% YoY), with free cash flow at a record $1.5 billion.

  • Regional expansion advanced through acquisitions and joint ventures, including a 70% stake in a JV with SLB for land rigs in Oman and Kuwait, and an agreement to acquire 80% of MB Petroleum Services.

  • The board recommended a record $1 billion dividend for 2025, a 27% YoY increase, with a Q4 dividend of $250 million to be paid in April 2026 and a progressive policy through at least 2030.

  • ESG initiatives delivered significant improvements in emissions, energy intensity, and workforce diversity.

Financial highlights

  • Full-year revenue: $4.9 billion (+22% YoY), EBITDA: $2.2 billion (+9% YoY), net profit: $1.45 billion (+11% YoY), and free cash flow: $1.5 billion (record high).

  • Q4 2025 revenue: $1.28 billion (+7% YoY); unconventional business contributed $190 million (+62% YoY, +20% sequentially).

  • Q4 EBITDA: $560 million (+3% YoY adjusted); net profit: $389 million, with adjusted net income up 8% YoY.

  • Net debt/EBITDA at 0.9x, with net debt at year-end $2.1 billion, below leverage target.

  • Cash from operations totaled $2.2 billion for FY25, up 35% YoY; EPS rose 11% to $0.091.

Outlook and guidance

  • 2026 revenue expected around $5 billion, with EBITDA guidance of $2.2–$2.3 billion (44–45% margin), net profit $1.45–$1.5 billion, and free cash flow (ex-M&A) $1.2–$1.3 billion.

  • CapEx (ex-M&A): $0.6–$0.8 billion; leverage target remains below 2x EBITDA.

  • Q1 2026 guidance: $1.23 billion revenue, $0.53 billion EBITDA, $0.35 billion net income.

  • Medium-term: 70 IDS rigs by end-2026, six new island rigs by 2028, maintaining ~50% EBITDA margin in domestic conventional business.

  • No material uncertainties over going concern, supported by undrawn borrowing facilities and strong forecasted cash flows.

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Q1 20267 May, 2026
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Q1 20267 May, 2026

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Frequently asked questions

ADNOC Drilling Company P.J.S.C. is a leading provider of drilling services in the United Arab Emirates, operating as a crucial part of the Abu Dhabi National Oil Company's (ADNOC) upstream activities. The company offers a wide range of drilling and associated services across four main segments: Onshore, Offshore Jackup, Offshore Island, and Oilfield Services. ADNOC Drilling provides both onshore and offshore drilling rigs, as well as a variety of oilfield services including directional drilling, surface logging, and wireline services. Additionally, the company supports infrastructure needs such as transportation, camp construction, and accommodation services. The company is headquartered in Abu Dhabi, United Arab Emirates, and its shares are listed on the Abu Dhabi Securities Exchange.

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