ADNOC Logistics and Services (ADNOC L&S) reported on Tuesday record-breaking second-quarter and first-half results for 2025, surpassing market expectations and demonstrating resilience and operational strength in a volatile market.
ADNOC L&S’s outstanding Q2 revenue increased by 40 percent year-on-year to $1.258 billion, with EBITDA growing 31 percent year-on-year to $400 million. Net profit for the quarter grew 14 percent annually to $236 million.
“We are proud to report our highest-ever quarterly results, underscoring the strength of our growth strategy and our ability to capitalize on diversified opportunities across our Integrated Logistics, Shipping and Services segments. This record-breaking performance reflects ADNOC L&S’s continued outperformance of market expectations, driven by robust cash flows, strategic partnerships and operational excellence,” said Captain Abdulkareem Al Masabi, CEO of ADNOC L&S.
H1 2025 revenues surge to $2.439 billion
In H1 2025, the company’s revenue reached $2.439 billion, a 40 percent annual increase. EBITDA rose by 26 percent to $744 million, driven by robust performance across all business segments, sustaining EBITDA margin at 30 percent.
Meanwhile, net profit for H1 2025 was $420 million, up 5 percent annually and 18 percent compared to H2 2024.
ADNOC L&S’s diverse and resilient business model enabled the company to deliver strong net profit and operating cash flow despite challenging shipping charter rate environments in Gas, Tankers and Dry Bulk.
Driven by strong performance in its core business segments and improving margins, ADNOC L&S has upgraded its full-year guidance, expecting faster growth due to continued momentum and enhanced operational efficiency across key areas.
The company continues to enhance value and streamline operations across its diverse asset portfolio, while advancing integration and innovation through its shipping and logistics subsidiaries, Navig8 and Zakher Marine International (ZMI).
ADNOC L&S expands fleet
ADNOC L&S remains well-positioned to capitalize on opportunities across the energy and maritime sectors, actively pursuing strategic partnerships and joint ventures to extend its footprint in key growth markets.
In Q2 2025, the company signed a 15-year, $531 million agreement with Borouge, supporting the UAE’s industrialization strategy. The partnership will accelerate the growth of UAE petrochemical exports by providing port management, container handling and feeder container ship services for the Borouge Container Terminal in Al Ruwais Industrial City.
ADNOC L&S also continues to reinforce its long-term earnings potential through strategic fleet expansion against long-term contracts. Following the successful delivery of its second LNG carrier in Q2 2025, ADNOC L&S is set to receive its first Very Large Ethane Carrier (VLEC) and the third of six LNG carriers in Q3 2025.
Together with additional newbuild orders, these vessels are projected to significantly strengthen the company’s future earnings base, with over $26 billion of future income already contracted.
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2025 dividend payout to reach $287 million
“In line with this momentum, our upgraded full-year guidance demonstrates our confidence in delivering long-term value to shareholders,” added Al Masabi.
The company increased its revenue guidance to “High 20 percent YoY growth” from the previous “Mid to high 20 percent YoY growth”.
It also increased the EBITDA guidance to “Mid 20 percent YoY growth” from “High teens YoY growth”. Furthermore, it increased the net income guidance to “Low to mid double digit YoY growth” from “Low double digit YoY growth”.
ADNOC L&S remains confident in its medium-term outlook (2026–2029), supported by long-term growth prospects, strategic expansion and resilient income streams. Amid increased market volatility, ADNOC L&S is intensifying its focus on value-efficiency initiatives, leveraging portfolio diversification and maintaining the strength of long-term contracted revenues with high-quality counterparties.
The company added that growth investments remain on track, with capital expenditure guidance unchanged. The company retains the financial capacity to fund an additional $3 billion beyond announced projects within 2.5x net debt: EBITDA by 2030.
It also maintains its progressive dividend policy, with a projected 2025 payout of $287 million, subject to approvals. ADNOC L&S targets a medium-term net debt/EBITDA ratio of 2.0–2.5x, supported by remaining debt capacity and post-dividend free cash flows.
