Abu Dhabi National Oil Company for Distribution (ADNOCDIST) Q3 2025 earnings summary

Executive summary

• Achieved double-digit EBITDA and net profit growth in 9M 2025, driven by record volumes, strong non-fuel retail performance, and robust safety and sustainability initiatives targeting a 25% carbon intensity reduction by 2030.

• Upgraded network expansion guidance to 1,150 service stations by 2028, with significant growth in EV charging points and non-fuel retail transactions.

• Announced extension of dividend policy to 2030, with $700 million or a minimum of 75% of net profit, and shift to quarterly payments from 2026.

• Launched ADNOC Rewards, growing membership by 17% to 2.53 million, and introduced new retail destinations and AI-driven customer engagement.

• Reported revenue of AED 26.44 billion for the nine months ended 30 September 2025, with net profit rising to AED 2.17 billion.

Financial highlights

• Underlying EBITDA increased by 15% year-over-year to $831m; EBITDA margin improved to 12.3% from 10.9%.

• Net profit rose 16% year-over-year to AED 2.17 billion, supported by lower interest rates and improved margins.

• Gross profit up 10.6% to AED 5.10 billion; non-fuel retail gross profit increased by 15%, with convenience store gross profit up nearly 25%.

• Free cashflow before working capital changes at $586 million; capEx spending at $235 million for the period.

• Net debt to EBITDA ratio at 0.58x, reflecting strong balance sheet and liquidity.

Outlook and guidance

• Upgraded full-year guidance to 90-100 new stations in 2025, including 80-90 in Saudi Arabia, and 180 new EV charging points.

• Targeting 300 stations in Saudi Arabia by 2029 and 30 retail hubs by 2030.

• Dividend policy for 2024-30: $700m or minimum 75% of net profit, whichever is higher, subject to approvals.

• Annual capEx guidance maintained at $250-$300 million, focused on organic and inorganic growth.

• No material impact expected from new UAE tax law or IFRS standards.