ADNOC Gas (ADNOCGAS) Q1 2026 earnings summary

Executive summary

• Q1 2026 demonstrated resilience with net income of $1.08–$1.1 billion despite a 15% drop in sales volume due to the Strait of Hormuz closure and Habshan facility impacts, supported by strong operational performance and domestic demand.

• Maintained safe, reliable operations and met domestic requirements through flexibility and proactive planning.

• Benefited from higher sulphur prices and strategic long-term agreements, such as with TotalEnergies and TA'ZIZ, reinforcing growth trajectory.

• Board changes occurred in April 2026, with new appointments and resignations.

Financial highlights

• Q1 2026 net income was $1.08–$1.1 billion, with $4.2–$4.21 billion in cash and a debt-free balance sheet.

• Q1 2026 revenue was $4.03–$5.0 billion, down year-over-year.

• Interim dividend of $941 million declared, up 5% year-over-year, with full-year dividend guidance at $3.76 billion.

• Free cash flow for Q1 2026 was $572 million, with CapEx guidance for 2026 at $4.5–$5 billion.

• Total equity rose to $25.8 billion as of 31 March 2026.

Outlook and guidance

• Full-year 2026 net income guidance is $3.5–$4.0 billion, dependent on Strait of Hormuz reopening and Habshan recovery.

• Q2 2026 net income expected between $400–$600 million due to ongoing disruptions.

• Targeting over 40% EBITDA growth by 2029, with dividend policy extended to 2030 at 5% annual growth.

• 2026 sales volume guidance: 1,920–2,000 TBTU domestic gas, 730–770 TBTU exports, 160–175 TBTU LNG JV.

• Full Habshan capacity restoration expected by mid-2027.