Abu Dhabi National Oil Company for Distribution (ADNOCDIST) Q2 2025 earnings summary

Executive summary

• Achieved record H1 2025 results with double-digit EBITDA and net profit growth, driven by strong fuel and non-fuel retail performance, network expansion, and operational excellence.

• Revenue for H1 2025 was AED 17.1 billion, down 2.4% year-over-year, while net profit rose 15.1% to AED 1.34 billion.

• Maintained robust cashflow and industry-leading margins, supported by a resilient business model and efficient capital allocation.

• Accelerated sustainability initiatives, targeting a 25% carbon intensity reduction by 2030 and full biofuel use in supply chain vehicles.

• ADNOC Rewards loyalty program reached 2.5 million members, growing 20% year-over-year and covering over half of UAE vehicles.

Financial highlights

• H1 2025 EBITDA rose 10% year-over-year to $566m; underlying EBITDA up 18% to $530m.

• Net profit increased 12.2% year-over-year to $358m; net profit margin improved to 7.8% from 6.6%.

• Gross profit increased to AED 3.3 billion, with gross margin up to 19.3% from 17.2% year-over-year.

• Record H1 fuel volumes of 7.6 billion liters, with retail fuel gross profit up 3% and commercial fuels gross profit up 22%.

• Non-fuel retail gross profit grew 15%, with convenience store gross profit up over 20% year-over-year.

Outlook and guidance

• Upgraded 2025 guidance to 60–70 new stations, including 50–60 in Saudi Arabia under the DOCO model.

• Targeting 100 new EV charging points in 2025, maintaining CapEx guidance of $250–$300 million.

• Committed to annual shareholder distributions of $700 million or at least 75% of net profit through 2028.

• H1 2025 interim dividend of $350 million ($0.103/share) to be paid in October; AED 1.29 billion in dividends paid during the period.

• Management does not anticipate significant impact from the new UAE Domestic Minimum Top-up Tax law.