ADNOC L&S defy market expectations with record-breaking Q2 and H1 numbers
Surpassing market expectations and demonstrating resilience and operational strength in a volatile market, ADNOC L&S' Q2 revenue increased by 40 per cent year-on-year (YoY) to US$1,258 million, with EBITDA growing 31 per cent YoY to US$400 million. Net profit for the quarter grew 14 per cent to US$236 million.
In H1 2025, the company's revenue was US$2,439 million, a 40 per cent YoY increase again. EBITDA rose by 26 per cent to US$744 million, driven by strong performances across all business segments, sustaining EBITDA margin at 30 per cent. Net profit was US$420 million, up 5 per cent YoY, and up 18 per cent compared to H2 2024.
With 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.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, commented: 'We are proud to report our highest-ever quarterly results, underscoring the strength of our growth strategy and our ability to capitalise 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.
'In line with this momentum, our upgraded full-year guidance demonstrates our confidence in delivering long-term value to shareholders.'
Guidance revised upwards
The record-breaking performance has led the company to raise its 2025 revenue, EBITDA and net income guidance. It has increased the revenue guidance to 'High 20 per cents YoY growth' from its previous 'Mid to high 20 per cents YoY growth'. EBITDA guidance has been increased to 'Mid 20 per cents YoY growth' from 'High teens YoY growth'. Group net income guidance has bee upgraded to 'Low to mid double-digit YoY growth' from 'Low double-digit YoY growth'.
ADNOC L&S also said it 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 said it was intensifying its focus on value-efficiency initiatives, leveraging portfolio diversification, and maintaining the strength of long-term contracted revenues with high-quality counterparties. Growth Investments remain on track, with capital expenditure guidance unchanged.
The company added that it retains the financial capacity to fund an additional US$3 billion beyond announced projects within 2.5x net debt/EBITDA by 2030.
ADNOC L&S continued to reinforce its long-term earnings potential through strategic fleet expansion against long-term contracts. Following the delivery of its second LNG carrier in Q2 2025, the company is set to receive its first Very Large Ethane Carrier (VLEC) and the third of six LNG carriers in Q3 2025. Together with additional new-build orders, these vessels are projected to strengthen future earnings base, with over US$26 billion of future income already contracted.
The integrated logistics segment delivered a solid performance, driven by continued strong utilisation and rates on Jack-up Barges (JUBs), improved profitability on the Integrated Logistics Solution Platform, and increased chartering activity beyond ILSP. Revenues rose 22 per cent YoY to US$1,293 million, reflecting strong demand and strategic growth in key areas. EBITDA rose by 27 per cent YoY to US$420 million, highlighting the segment's significant contribution to the company's overall results.
The company's shipping segment revenues surged 89 per cent YoY to US$981 million, because of the consolidation of revenue from the Navig8 tanker fleet. Shipping EBITDA increased by 25 per cent YoY to US$290 million, despite substantially weaker market conditions than H1 2024.
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