ADNOC Gas (ADNOCGAS) investor relations material

Executive summary

• Q2 2026 net income was $665 million, exceeding guidance despite significant operational disruptions, including the emergency shutdown at Habshan; 85% of supply was restored by June, with full restoration expected by 2027.

• Maintained a strong balance sheet and robust domestic gas sales, with growth projects such as RGD Phases 2 and 3 advancing and major EPC contracts awarded.

• Strategic focus remains on unconstrained growth, resilience, and an upgraded EBITDA growth target of 60% by 2030 versus 2023, underpinned by $28 billion in committed capital.

• Board changes included new appointments and resignations effective April 2026.

Financial highlights

• Q2 2026 net income reached $665 million, above the $400–600 million guidance; cash balance at quarter-end was $1.49 billion.

• Interim dividend for Q2 is $940 million, with a full-year dividend expected at $3.76 billion and a 5% annual growth policy through 2030.

• Revenue for H1 2026 was $7,145.9 million, down from $9,326.8 million in H1 2025; net profit for H1 2026 was $1,744.0 million.

• Domestic market performance was robust, with strong EBITDA margins despite volume impacts, while export and LNG volumes declined due to Strait of Hormuz disruptions.

• Dividends paid during H1 2026 totaled $1,836.4 million.

Outlook and guidance

• Full-year 2026 net income guidance reiterated at $3.5–$4 billion, factoring in regional disruptions; Q3 2026 net income guidance raised to $600–$800 million.

• EBITDA growth target upgraded to 60% by 2030 at a $70/bbl oil price, with 45% volume growth expected.

• 2026 CAPEX guidance set at $4.5–$5 billion, supporting growth and resilience.

• Progressive dividend policy of 5% annual growth extended through 2030.