ABU DHABI, 12th August, 2026 (WAM) -- ADNOC’s listed companies delivered combined revenue of $25.3 billion (AED93.0 billion) in the first half of 2026, while advancing a series of major growth investments that strengthen the earnings outlook across the portfolio.
Collectively, ADNOC Distribution, ADNOC Drilling, ADNOC Gas, ADNOC Logistics & Services (ADNOC L&S), Borouge and Fertiglobe delivered revenues of $25.3 billion (AED93.0 billion), EBITDA of $7.8 billion (AED28.7 billion) and net profit of $4.8 billion (AED17.7 billion), supported by diversified revenue streams, disciplined execution and a continued focus on operational safety and efficiency.
The period also marked significant progress across the portfolio's growth agenda. ADNOC Gas awarded $8.2 billion in EPC contracts for its Rich Gas Development Project, raising its targeted EBITDA growth to 60 percent by 2030.
ADNOC Distribution is progressing the proposed acquisition of Shell's downstream business in South Africa, subject to regulatory approvals, while ADNOC L&S raised its full-year 2026 guidance for the third time.
ADNOC Drilling deployed its first AI-enabled island rig ahead of schedule, Borouge brought the first Borouge 4 facility into commercial operation, and Fertiglobe continued to execute its 2030 growth strategy, supported by XRG.
Performance across the portfolio reflected resilient operations, supply chain agility and disciplined execution, enabling the companies to maintain reliable customer supply through a period of regional and logistics disruption.
ADNOC Distribution
In the first half of 2026, ADNOC Distribution delivered record results, with net profit rising 59 percent year-on-year to $568 million (AED2.1 billion), while reported EBITDA increased 39 percent to $786 million (AED2.9 billion) and underlying EBITDA increased 14 percent to $603 million (AED2.2 billion).
Performance was supported by record fuel volumes, continued network expansion, inventory gains and sustained growth in the higher-margin non-fuel retail segment.
Fuel volumes reached a record 7.75 billion litres, supported by network expansion and resilient retail and commercial demand, while ADNOC Distribution’s fuel retail network across the UAE, Saudi Arabia and Egypt increased to 1,045 service stations, up 11 percent year-on-year.
Non-fuel retail gross profit increased 12 percent, supported by higher footfall, increased transactions and an expanded food and convenience offering. The Hub by ADNOC supported non-fuel retail growth during the period.
The Board approved a Q2 2026 dividend of 5.14 fils per share, equivalent to $175 million, payable in September. Upon payment of the Q2 dividend, ADNOC Distribution will have distributed an estimated $5.8 billion (AED21.5 billion) in dividends since its IPO.
The company is progressing the proposed acquisition of Shell’s downstream business in South Africa, subject to regulatory approvals.
ADNOC Drilling
In the first half of 2026, ADNOC Drilling delivered record revenue of $2.46 billion (AED9.04 billion), up 4 percent year-on-year, while EBITDA increased 1 percent to $1.08 billion (AED3.98 billion) and net profit rose 2 percent to $706 million (AED2.59 billion). Return on equity remained at an industry-leading 34 percent.
In Q2 2026, ADNOC Drilling delivered record revenue of $1.23 billion (AED4.53 billion), up 3 percent year-on-year, while EBITDA increased 2 percent to $557 million (AED2.05 billion) and net profit rose 2 percent to $359 million (AED1.32 billion).
The company maintained uninterrupted operations throughout the period, supported by strong execution and high fleet availability, and reaffirmed its full-year 2026 guidance.
Performance was driven by continued growth in Oilfield Services, stable offshore activity and disciplined execution across the business. The company’s highly contracted revenue base continues to provide strong earnings visibility.
Strong free cash flow supported a $262.5 million dividend for Q2 2026, bringing dividends declared in the first half to $525 million. This represents half of ADNOC Drilling’s $1.05 billion annual dividend floor, which increases by a minimum of 5 percent annually through at least 2030.
ADNOC Gas
The company achieved a significant milestone in executing its long-term growth strategy by taking Final Investment Decisions and awarding engineering, procurement and construction contracts for Phases 2 and 3 of its Rich Gas Development Project, raising its targeted EBITDA growth to 60 percent by 2030 versus 2023 — an upgrade from the previously communicated target of more than 40 percent over 2023-2029.
ADNOC Gas delivered net income of $665 million in Q2 2026 — above the upper end of the $400-600 million guidance range provided in the first quarter, reflecting strong operational performance in a challenging operating environment.
The Habshan site recovery has progressed ahead of schedule, with processing capacity already restored to 85 percent, surpassing the year-end target set in May.
The Board has approved a quarterly dividend of $940 million, payable in September 2026, in line with the commitment to deliver annual dividend growth of 5 percent through 2030.
ADNOC Logistics & Services
For H1 2026, revenue increased 46 percent YoY to US$3,667 million (AED13,466 million). EBITDA rose 98 percent YoY to $1,475 million (AED5,416 million), with a margin of 40 percent, up 11 percentage points YoY, driven by record shipping performance.
Net profit increased 179 percent YoY to $1,173 million (AED4,308 million).
ADNOC L&S delivered Q2 2026 revenue of $2,584 million (AED9,490 million), up 98 percent year-on-year. EBITDA increased 176 percent YoY to $1,106 million (AED4,063 million), while net profit rose 303 percent YoY to $951 million (AED3,491 million).
The company has raised its full-year 2026 financial guidance on revenue, EBITDA and net profit, incorporating continued strong shipping performance.
The dividend for FY2026 is expected to be $341 million (AED1,252 million), reflecting a 5 percent annual increase from 2026 until 2030 and paid on a quarterly basis, subject to approvals.
Borouge
In Q2 2026, Borouge Plc reported revenue of $1.4 billion, representing a 20 percent quarter-on-quarter (QoQ) increase. Adjusted EBITDA reached $401 million, increasing 17 percent QoQ, while net profit rose 23 percent QoQ to $191 million.
Second-quarter performance was supported by sales volumes of 0.9 million tonnes and a 53 percent increase in average realised prices quarter-on-quarter, driven by stronger global polyolefin pricing and record premia for Borouge’s differentiated products.
Following the incident on 5th April at its Ruwais complex, the company restored full asset availability ahead of schedule, with the successful repair of affected assets completed by the end of June. The company shipped all volumes produced during the quarter, together with significant additional volumes from inventory, using alternative road, rail and sea logistics routes.
Borouge Plc’s annual dividend of 16.2 fils per share remains in place. The company continues to make progress on the Borouge 4 expansion project, while the formation of Borouge International supports its long-term competitiveness, geographic diversification and scale.
Fertiglobe
In H1 2026, Fertiglobe delivered revenues of $2.0 billion (AED7.3 billion), reflecting a 59 percent year-on-year increase, while adjusted EBITDA increased 63 percent year-on-year to $713 million (AED2.6 billion) and adjusted net profit attributable to shareholders increased 3.4 times year-on-year to $289 million (AED1.1 billion).
In Q2 2026, Fertiglobe reported strong revenues of $1.1 billion (AED4.0 billion), up 92 percent year-on-year, while adjusted EBITDA increased 111 percent year-on-year to $371 million (AED1.4 billion) and adjusted net profit attributable to shareholders increased 12.5 times year-on-year to $145 million (AED531 million).
Performance in the quarter reflected disciplined execution, the breadth of Fertiglobe’s global production and trading footprint, as well as the company’s ability to redirect volumes and capture value in a disrupted logistics environment, despite 100,000 tonnes of urea shipments shifting to early Q3 2026.
Continued record-high utilisation rates in Egypt and Algeria during Q2 2026, supported by the Manufacturing Improvement Plan, led to overall urea utilisation rates of 92 percent across the platform in H1 2026 despite challenges faced in the UAE.
In line with Fertiglobe’s commitment to delivering shareholder value, management proposed H1 2026 dividends of at least $150 million, subject to Board approval in September 2026, with payment expected in October 2026. The proposed distribution represents a year-on-year increase of more than 20 percent.
Collectively, this resilient operational and financial performance underpins the continued strength of ADNOC’s listed portfolio in Abu Dhabi’s capital markets.
The portfolio has a combined market capitalisation of approximately $148.4 billion, representing more than 20 percent of the Abu Dhabi Securities Exchange’s total market value.
Since listing, the companies have delivered an average total shareholder return of approximately 115.5 percent and remain committed to distributing approximately $43 billion in dividends between 2025 and 2030.
ADNOC’s listed companies also continue to be met by positive analyst coverage, reflecting confidence in the UAE’s energy model and the strength of the portfolio.
In July, Abu Dhabi Commercial Bank (ADCB) initiated coverage on ADNOC Drilling, ADNOC Distribution and Borouge with “Buy” ratings. In a sector report titled “The ADNOC Advantage,” the bank cited resilient cash flows, visible dividends and each company’s embedded role within ADNOC’s fully integrated value chain as a key differentiator for investors.