Abu Dhabi National Oil Company for Distribution (ADNOCDIST) Q4 2025 earnings summary

Executive summary

• Achieved record EBITDA and net profit in 2025, with double-digit growth driven by strong fuel volumes and significant non-fuel retail expansion.

• Expanded network to over 1,000 stations across UAE, Egypt, and KSA, with EV charging infrastructure growing more than eightfold since 2023.

• ADNOC Rewards loyalty program reached over 2.6 million members, boosting customer engagement and spend.

• Maintained industry-leading returns and efficient capital allocation, supporting robust dividend policy and future growth investments.

• Strong HSE performance and progress on sustainability, targeting 25% carbon intensity reduction by 2030 and operating 40+ solar-powered stations.

Financial highlights

• Revenue reached $9,773m (AED 35.9bn), up 1.2% year-over-year; net profit increased 15% to $761m (AED 2.85bn).

• EBITDA rose 11.1% to $1,166m; underlying EBITDA up 10.1% to $1,089m.

• Free cash flow reached $741m, exceeding dividend commitments; cash CapEx was $327m.

• Return on capital employed (ROCE) reached 32.7%; ROE was 86.5%.

• Net debt/EBITDA at 0.7x, indicating strong financial health.

Outlook and guidance

• Plans to open 60-70 new stations and add 50-60 EV charging points in 2026 across three markets.

• CapEx guidance for 2026 is $250-$300m, focused on sustainable growth and technology.

• Dividend policy for 2026-30: $700m or minimum 75% of net profit, whichever is higher, paid quarterly.

• Non-fuel retail expected to continue double-digit growth, outpacing fuel segment.