ADNOC’s listed companies delivered resilient financial and operational performance in the first quarter of 2026, reflecting the strength of the group’s integrated and diversified portfolio. Moreover, the results highlighted continued execution discipline and stable operating performance despite heightened regional volatility.
Collectively, ADNOC Distribution, ADNOC Drilling, ADNOC Gas, ADNOC Logistics & Services, Borouge and Fertiglobe generated revenues of $11.8 billion (AED43.4 billion), EBITDA of $3.7 billion (AED13.6 billion) and net profit of $2.2 billion (AED7.9 billion). Additionally, diversified revenue streams and a continued focus on safety and efficiency supported performance across the portfolio.
The group said its listed ecosystem played a key role in maintaining supply continuity across energy, industrial and agricultural value chains. As a result, the companies managed the disruption in the Strait of Hormuz through integrated operations and proactive contingency planning.
Segment Highlights Across Listed Entities
ADNOC Distribution posted record first-quarter EBITDA of $307 million (AED1.1 billion), up 12% year-on-year. Additionally, net profit rose 21% to $210 million (AED771 million), supported by stronger fuel volumes, improved margins and growth in non-fuel retail.
Revenue reached $2.4 billion (AED8.8 billion), while fuel volumes climbed 2.4% year-on-year to a first-quarter record of 3.82 billion litres. Moreover, the board approved its first quarterly dividend of 5.14 fils per share, in line with its shareholder return policy.
ADNOC Drilling reported record revenue of $1.23 billion (AED4.51 billion), while net profit increased 2% year-on-year to $347 million (AED1.27 billion). Furthermore, long-term contract coverage and high fleet utilisation supported its strongest first-quarter performance to date.
The company said it maintained full operational continuity during the quarter. Additionally, it approved a Q1 dividend of $262.5 million and reiterated its ability to meet full-year 2026 guidance.
ADNOC Gas recorded Q1 net income of $1.1 billion (AED4.0 billion), down 8% from the previous quarter. However, it delivered revenue of $5.0 billion (AED18.4 billion) and EBITDA of $1.8 billion (AED6.7 billion), while maintaining supply to domestic customers amid export disruption.
Free cash flow stood at $572 million (AED2.1 billion), while cash balances reached $4.2 billion (AED15.4 billion). Moreover, the board approved a Q1 dividend of $941 million (AED3.5 billion) and reaffirmed its dividend growth policy through 2030.
ADNOC Logistics & Services reported EBITDA of $368 million (AED1.4 billion), up 7% year-on-year, while net profit rose 20% to $222 million (AED816 million). Additionally, revenue reached $1.1 billion (AED4.0 billion), supported by its global shipping operations and contracted revenue base.
The company said long-term contracted revenue continues to support cash flow visibility. Furthermore, higher global shipping rates helped offset maritime disruptions, prompting the firm to upgrade its 2026 guidance.
Borouge reported revenue of $1.2 billion (AED4.4 billion), adjusted EBITDA of $343 million (AED1.3 billion) and net profit of $156 million (AED573 million). However, it faced logistics challenges during the quarter.
Production reached 1.21 million tonnes, while sales totalled 1.09 million tonnes. Moreover, production remained at 98% of nameplate capacity, and 61% of March output was routed through alternative channels to mitigate supply disruption.
Fertiglobe delivered revenue of $915 million (AED3.4 billion), up 32% year-on-year. Additionally, adjusted EBITDA rose 31% to $342 million (AED1.3 billion), while adjusted net profit attributable to shareholders nearly doubled to $145 million (AED532 million).
The company cited strong pricing conditions in nitrogen markets and continued cost discipline. Moreover, urea operating rates averaged 96%, while Egyptian assets delivered record results, including operating rates above 105% at Egypt Fertilizers Company.
Investment Momentum and Market Outlook
Analyst coverage remained supportive across the listed portfolio. Additionally, Cantor initiated coverage with “overweight” ratings, while Bernstein identified ADNOC Gas and Fertiglobe as ‘Best Picks’, citing earnings visibility and disciplined capital structures.
Analysts also view the UAE’s exit from OPEC and OPEC+ as a structural shift that could improve production flexibility over time. As a result, ADNOC’s listed companies are seen as potential beneficiaries through increased production, activity and transport demand.
The first-quarter performance comes as the group advances its next investment phase. Moreover, it confirmed AED200 billion ($55 billion) in project awards for 2026-2028, reinforcing project execution activity across its listed companies and value chain.
