emirates7 - ADNOC’s listed companies reported a resilient set of financial and operational results in the first quarter of 2026, reflecting the strength of the Group’s integrated and diversified portfolio.
Collectively, ADNOC Distribution, ADNOC Drilling, ADNOC Gas, ADNOC Logistics & Services (ADNOC L&S), Borouge and Fertiglobe delivered revenues of $11.8 billion (AED43.4 billion), EBITDA of $3.7 billion (AED13.6 billion) and net profit of $2.2 billion (AED7.9 billion), supported by diversified revenue streams, disciplined execution and a continued focus on operational safety and efficiency.
Performance across the portfolio highlights the role of ADNOC’s listed companies in supporting energy system stability and maintaining reliable supply to domestic and global markets during a period of heightened market volatility. Amid extraordinary disruption in the Strait of Hormuz, the Group’s listed ecosystem played a critical role in ensuring continuity of supply across energy, industrial and agricultural value chains, actively managing disruption through proactive contingency planning and integrated operations.
ADNOC Distribution
- ADNOC Distribution reported record Q1 EBITDA of $307 million (AED1.1 billion), up 12% year-on-year, and net profit of $210 million (AED771 million), up 21% year-on-year, reflecting continued growth across its diversified business.
- Revenue for the quarter stood at $2.4 billion (AED8.8 billion).
- Performance was driven by higher fuel volumes, improved commercial margins and continued growth in non-fuel retail and international operations.
- Fuel volumes reached a Q1 record of 3.82 billion liters, up 2.4% year-on-year, supported by network expansion and resilient demand across key markets.
- The Company’s Board of Directors approved its first quarterly dividend of 5.14 fils per share. ADNOC Distribution’s dividend policy provides for annual returns of $700 million or a minimum of 75% of net profit, whichever is higher.
- ADNOC Distribution continues to advance its strategy as a leading mobility and convenience platform, including the rollout of “The Hub” retail concept and expansion of electric vehicle charging infrastructure.
ADNOC Drilling
- ADNOC Drilling reported record Q1 revenue of $1.23 billion (AED4.51 billion) and net profit of $347 million (AED1.27 billion), up 5% and 2% year-on-year respectively, marking the Company’s strongest first-quarter performance on record.
- Performance was supported by ADNOC Drilling’s business model, underpinned by long-term contract coverage, high fleet utilisation, and disciplined cost management.
- The Company maintained full operational continuity with no material impact during the quarter, maintaining high activity levels and reinforcing its role in supporting upstream production capacity and reliable energy supply.
- ADNOC Drilling approved a Q1 dividend of $262.5 million, supported by strong free cash flow generation, and remains well positioned to deliver full-year 2026 guidance, benefiting from high utilisation and long-term contract visibility.
ADNOC Gas
- ADNOC Gas reported Q1 net income of $1.1 billion (AED4.0 billion), just 8% below last quarter.
- The Company reported revenue of $5.0 billion (AED18.4 billion) and EBITDA of $1.8 billion (AED 6.7 billion).
- The Company fulfilled domestic customer requirements while managing logistics, inventories and supply chains to lessen the impact of ongoing export disruptions.
- Free cash flow of $572 million (AED2.1 billion) and a cash balance of $4.2 billion (AED15.4 billion) underpinned balance sheet strength and disciplined capital allocation throughout the quarter.
- The Board approved a Q1 dividend of $941 million (AED3.5 billion) for payment in June 2026 and reaffirmed its 2026 dividend outlook and 5% annual dividend growth policy to 2030.
- ADNOC Gas’ long-term growth ambitions remain intact, with its targeted EBITDA growth of over 40% between 2023 and 2029 unchanged.
- The Company remains optimistic about UAE economic growth, which is boosting domestic demand – highlighted by the TA’ZIZ $5 billion supply contract and ADNOC's $55 billion local manufacturing investment under the Make it in the Emirates initiative.
ADNOC L&S
- ADNOC L&S reported EBITDA of $368 million (AED1.4 billion), up 7% year-on-year, and net profit of $222 million (AED816 million), up 20% year-on-year, reflecting strong performance driven by its global shipping business.
- Revenue for the quarter stood at $1.1 billion (AED4.0 billion)
- Longterm contracted revenue – representing approximately 60% of the combined revenues of ADNOC L&S and its AW Shipping joint venture – continues to underpin strong earnings and cashflow visibility. The company’s global scale and strategic focus on integrated maritime logistics for the energy sector added further stability.
- Higher global shipping rates helped offset the impact of disruptions to maritime traffic, while ADNOC L&S continued to support global energy supply chains.
- ADNOC L&S upgraded its 2026 guidance, supported by strong actual performance through April and an improved outlook on shipping market fundamentals.
Borouge
- Borouge reported revenue of $1.2 billion (AED4.4 billion), adjusted EBITDA of $343 million (AED 1.3 billion) and net profit of $156 million (AED573 million) in Q1 2026, reflecting resilient performance despite logistics challenges during the quarter.
- Strong operational performance underpinned Q1 results, with production of 1.21 million tonnes and sales of 1.09 million tonnes.
- Production was maintained at 98% of nameplate capacity, demonstrating operational resilience.
- Despite the regional developments, 61% of March production was successfully routed through alternative logistics channels, mitigating impact on revenues and customer supply.
- Borouge Plc maintained its commitment to attractive shareholder returns, with a dividend of 16.2 fils per share.
- The successful formation of Borouge International is expected to benefit Borouge Plc, enhancing its geographic diversification, scale and technology leadership.
Fertiglobe
- Fertiglobe reported revenue of $915 million (AED3.4 billion), up 32% year-on-year, with adjusted EBITDA of $342 million (AED1.3 billion), up 31% year-on-year, and adjusted net profit attributable to shareholders nearly doubled to $145 million (AED532 million), up 98% year-on-year.
- Performance reflected strong pricing and value capture in tight nitrogen markets, supported by continued cost and operational discipline across the portfolio.
- Urea operating rates reached 96% across the platform, with Egyptian operations delivering record‑breaking performance, including operating rates above 105% at the Egypt Fertilizers Company (EFC).
- The tax rate of Fertil in the UAE was reduced to 15% on profits below $100 million and to 20% on profits above $100 million, down from 25% previously, effective 1 January 2026, bringing Fertiglobe’s applicable tax rate closer to regional peers and other companies in the UAE, further enhancing the Company’s ability to deliver sustainable shareholder returns.
- The Company is advancing its Grow 2030 strategy, with implemented initiatives representing around 43% of the announced growth targets set in May 2025.
ADNOC’s listed companies continue to be met by positive analyst coverage, reflecting confidence in the UAE’s energy model and the strength of the portfolio. In March, Cantor initiated coverage across ADNOC’s six listed companies with “overweight” ratings, highlighting strong fundamentals, robust cash flow generation and attractive dividend frameworks. This was followed in April by Bernstein, which identified ADNOC Gas and Fertiglobe as ‘Best Picks’, citing high earnings visibility, disciplined capital structures and contracted revenue models as key differentiators.
Analysts also view the UAE’s decision to exit OPEC and OPEC+ as a structural shift that enhances production flexibility over time and supports activity across ADNOC’s value chain. ADNOC listed companies are seen as among the most direct beneficiaries, reflecting their exposure to increased production, activity and transport demand.
ADNOC’s first-quarter results come as the Group advances a new phase of investment and delivery. At the “Make it with ADNOC” forum, ADNOC confirmed AED200 billion ($55 billion) in project awards for 2026-2028, supporting project execution and sustained activity across its listed companies and value chain.
Collectively, ADNOC Distribution, ADNOC Drilling, ADNOC Gas, ADNOC Logistics & Services (ADNOC L&S), Borouge and Fertiglobe delivered revenues of $11.8 billion (AED43.4 billion), EBITDA of $3.7 billion (AED13.6 billion) and net profit of $2.2 billion (AED7.9 billion), supported by diversified revenue streams, disciplined execution and a continued focus on operational safety and efficiency.
Performance across the portfolio highlights the role of ADNOC’s listed companies in supporting energy system stability and maintaining reliable supply to domestic and global markets during a period of heightened market volatility. Amid extraordinary disruption in the Strait of Hormuz, the Group’s listed ecosystem played a critical role in ensuring continuity of supply across energy, industrial and agricultural value chains, actively managing disruption through proactive contingency planning and integrated operations.
ADNOC Distribution
- ADNOC Distribution reported record Q1 EBITDA of $307 million (AED1.1 billion), up 12% year-on-year, and net profit of $210 million (AED771 million), up 21% year-on-year, reflecting continued growth across its diversified business.
- Revenue for the quarter stood at $2.4 billion (AED8.8 billion).
- Performance was driven by higher fuel volumes, improved commercial margins and continued growth in non-fuel retail and international operations.
- Fuel volumes reached a Q1 record of 3.82 billion liters, up 2.4% year-on-year, supported by network expansion and resilient demand across key markets.
- The Company’s Board of Directors approved its first quarterly dividend of 5.14 fils per share. ADNOC Distribution’s dividend policy provides for annual returns of $700 million or a minimum of 75% of net profit, whichever is higher.
- ADNOC Distribution continues to advance its strategy as a leading mobility and convenience platform, including the rollout of “The Hub” retail concept and expansion of electric vehicle charging infrastructure.
ADNOC Drilling
- ADNOC Drilling reported record Q1 revenue of $1.23 billion (AED4.51 billion) and net profit of $347 million (AED1.27 billion), up 5% and 2% year-on-year respectively, marking the Company’s strongest first-quarter performance on record.
- Performance was supported by ADNOC Drilling’s business model, underpinned by long-term contract coverage, high fleet utilisation, and disciplined cost management.
- The Company maintained full operational continuity with no material impact during the quarter, maintaining high activity levels and reinforcing its role in supporting upstream production capacity and reliable energy supply.
- ADNOC Drilling approved a Q1 dividend of $262.5 million, supported by strong free cash flow generation, and remains well positioned to deliver full-year 2026 guidance, benefiting from high utilisation and long-term contract visibility.
ADNOC Gas
- ADNOC Gas reported Q1 net income of $1.1 billion (AED4.0 billion), just 8% below last quarter.
- The Company reported revenue of $5.0 billion (AED18.4 billion) and EBITDA of $1.8 billion (AED 6.7 billion).
- The Company fulfilled domestic customer requirements while managing logistics, inventories and supply chains to lessen the impact of ongoing export disruptions.
- Free cash flow of $572 million (AED2.1 billion) and a cash balance of $4.2 billion (AED15.4 billion) underpinned balance sheet strength and disciplined capital allocation throughout the quarter.
- The Board approved a Q1 dividend of $941 million (AED3.5 billion) for payment in June 2026 and reaffirmed its 2026 dividend outlook and 5% annual dividend growth policy to 2030.
- ADNOC Gas’ long-term growth ambitions remain intact, with its targeted EBITDA growth of over 40% between 2023 and 2029 unchanged.
- The Company remains optimistic about UAE economic growth, which is boosting domestic demand – highlighted by the TA’ZIZ $5 billion supply contract and ADNOC's $55 billion local manufacturing investment under the Make it in the Emirates initiative.
ADNOC L&S
- ADNOC L&S reported EBITDA of $368 million (AED1.4 billion), up 7% year-on-year, and net profit of $222 million (AED816 million), up 20% year-on-year, reflecting strong performance driven by its global shipping business.
- Revenue for the quarter stood at $1.1 billion (AED4.0 billion)
- Longterm contracted revenue – representing approximately 60% of the combined revenues of ADNOC L&S and its AW Shipping joint venture – continues to underpin strong earnings and cashflow visibility. The company’s global scale and strategic focus on integrated maritime logistics for the energy sector added further stability.
- Higher global shipping rates helped offset the impact of disruptions to maritime traffic, while ADNOC L&S continued to support global energy supply chains.
- ADNOC L&S upgraded its 2026 guidance, supported by strong actual performance through April and an improved outlook on shipping market fundamentals.
Borouge
- Borouge reported revenue of $1.2 billion (AED4.4 billion), adjusted EBITDA of $343 million (AED 1.3 billion) and net profit of $156 million (AED573 million) in Q1 2026, reflecting resilient performance despite logistics challenges during the quarter.
- Strong operational performance underpinned Q1 results, with production of 1.21 million tonnes and sales of 1.09 million tonnes.
- Production was maintained at 98% of nameplate capacity, demonstrating operational resilience.
- Despite the regional developments, 61% of March production was successfully routed through alternative logistics channels, mitigating impact on revenues and customer supply.
- Borouge Plc maintained its commitment to attractive shareholder returns, with a dividend of 16.2 fils per share.
- The successful formation of Borouge International is expected to benefit Borouge Plc, enhancing its geographic diversification, scale and technology leadership.
Fertiglobe
- Fertiglobe reported revenue of $915 million (AED3.4 billion), up 32% year-on-year, with adjusted EBITDA of $342 million (AED1.3 billion), up 31% year-on-year, and adjusted net profit attributable to shareholders nearly doubled to $145 million (AED532 million), up 98% year-on-year.
- Performance reflected strong pricing and value capture in tight nitrogen markets, supported by continued cost and operational discipline across the portfolio.
- Urea operating rates reached 96% across the platform, with Egyptian operations delivering record‑breaking performance, including operating rates above 105% at the Egypt Fertilizers Company (EFC).
- The tax rate of Fertil in the UAE was reduced to 15% on profits below $100 million and to 20% on profits above $100 million, down from 25% previously, effective 1 January 2026, bringing Fertiglobe’s applicable tax rate closer to regional peers and other companies in the UAE, further enhancing the Company’s ability to deliver sustainable shareholder returns.
- The Company is advancing its Grow 2030 strategy, with implemented initiatives representing around 43% of the announced growth targets set in May 2025.
ADNOC’s listed companies continue to be met by positive analyst coverage, reflecting confidence in the UAE’s energy model and the strength of the portfolio. In March, Cantor initiated coverage across ADNOC’s six listed companies with “overweight” ratings, highlighting strong fundamentals, robust cash flow generation and attractive dividend frameworks. This was followed in April by Bernstein, which identified ADNOC Gas and Fertiglobe as ‘Best Picks’, citing high earnings visibility, disciplined capital structures and contracted revenue models as key differentiators.
Analysts also view the UAE’s decision to exit OPEC and OPEC+ as a structural shift that enhances production flexibility over time and supports activity across ADNOC’s value chain. ADNOC listed companies are seen as among the most direct beneficiaries, reflecting their exposure to increased production, activity and transport demand.
ADNOC’s first-quarter results come as the Group advances a new phase of investment and delivery. At the “Make it with ADNOC” forum, ADNOC confirmed AED200 billion ($55 billion) in project awards for 2026-2028, supporting project execution and sustained activity across its listed companies and value chain.
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