ADNOC listed companies post AED 43.4bn revenue and AED 7.9bn net profit in Q1 2026
ADNOC listed companies reported resilient Q1 2026 results, delivering AED 43.4 billion in revenue and AED 7.9 billion in net profit, underlining strong cash generation and operational resilience.
The ADNOC listed companies group said consolidated revenue for the first quarter reached AED 43.4 billion, with adjusted EBITDA at AED 13.6 billion and net income of AED 7.9 billion. This performance reflects diversified cashflows across fuel retail, drilling, gas, logistics, petrochemicals and fertiliser operations.
Group financial snapshot and consolidated performance
Consolidated results for the six listed units – ADNOC Distribution, ADNOC Drilling, ADNOC Gas, ADNOC Logistics & Services, Borouge and Fertiglobe – showed balanced contributions across the portfolio. Adjusted EBITDA of AED 13.6 billion reinforced robust operating margins despite market volatility.
Company statements highlighted that the listed entities continued to generate significant free cashflow, reinforcing balance-sheet strength and capacity for shareholder distributions. Management noted that the diversification across downstream, midstream and services reduced earnings volatility in the quarter.
ADNOC Distribution posts record quarter for EBITDA
ADNOC Distribution reported Q1 revenue of AED 8.8 billion and posted a record adjusted EBITDA of AED 1.1 billion for the period. Net profit rose to AED 771 million, a 21% increase year‑on‑year, driven by retail margin expansion and network optimisation.
The company said stronger retail volumes and cost controls supported margin improvements, while ongoing commercial initiatives maintained fuel and non-fuel revenue growth. Executives cited continued investment in convenience retail and station upgrades as key contributors to the result.
ADNOC Drilling delivers strongest-ever Q1 results
ADNOC Drilling recorded revenue of AED 4.5 billion and net profit of AED 1.3 billion, marking its strongest first-quarter performance in the company’s history. The board approved a cash dividend for Q1 totalling USD 262.5 million, reflecting healthy cash generation.
Higher activity across onshore and offshore contracts and improved rig utilisation underpinned the results, the company said. Contract awards and a reinforced services pipeline were cited as near-term growth drivers supporting utilisation and margins.
ADNOC Gas approves AED 3.5bn dividend, posts robust cash income
ADNOC Gas reported group revenue of AED 18.4 billion and adjusted EBITDA of AED 6.7 billion in Q1, with net income of AED 4.0 billion. The company’s board approved a dividend distribution of AED 3.5 billion for the quarter, scheduled for payment in June 2026.
The gas business highlighted steady demand from domestic and industrial customers and resilient export streams as key contributors. Management emphasized continued investment in gas infrastructure and processing to support supply reliability and downstream feedstock needs.
Logistics, petrochemicals and fertiliser units drive value
ADNOC Logistics & Services posted revenue of AED 4.0 billion and adjusted EBITDA of AED 1.4 billion, with net profit rising 20% year‑on‑year to AED 816 million. The company attributed gains to improved logistics utilisation and operational synergies across the supply chain.
Borouge delivered AED 4.4 billion in revenue and adjusted EBITDA of AED 1.3 billion, with net profit of AED 573 million, reflecting resilient petrochemical margins. Fertiglobe recorded AED 3.4 billion in revenue, up 32% year‑on‑year, and adjusted EBITDA of AED 1.3 billion, a 31% increase, while adjusted net profit attributable to shareholders nearly doubled to AED 532 million.
Analysts’ view and strategic context after OPEC exit
Analysts covering the ADNOC listed companies maintained a positive stance on the suite of stocks, citing the group’s diversified exposure and cash-generation profile. Market commentators also noted that the UAE’s decision to withdraw from OPEC and OPEC+ has been seen as a structural shift that may enhance production flexibility over time.
Observers said greater policy flexibility can enable ADNOC to better align production with commercial and strategic priorities across its integrated value chain. The companies’ ability to manage supply disruptions and maintain customer commitments was highlighted as a competitive advantage.
Operational resilience amid Strait of Hormuz disruptions
The group pointed to exceptional operational responses during recent navigation disruptions in the Strait of Hormuz, where proactive contingency planning maintained supply continuity. ADNOC-listed units said emergency preparedness measures and integrated logistics coordination helped limit impact on domestic and international deliveries.
Senior managers credited contingency scenarios, cross-unit task forces and alternate routing arrangements with preserving reliability for energy, industrial and agricultural customers. The companies stressed that maintaining secure energy flows remains central to UAE energy policy and commercial stability.
ADNOC’s listed entities signalled that they will continue to prioritise cash returns and disciplined capital allocation while advancing strategic investments across processing, logistics and downstream sectors.
