Despite UAE-owned ADNOC Gas reporting a 52% slide in its Q2 profit, the parent company, ADNOC, saw its other listed companies delivering combined revenue of USD 25.3 billion (AED93.0 billion) in the first half of 2026, while advancing a series of major growth investments that strengthened 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 USD 25.3 billion (AED93.0 billion), EBITDA of USD 7.8 billion (AED28.7 billion) and net profit of USD 4.8 billion (AED17.7 billion), supported by diversified revenue streams, disciplined execution and a continued focus on operational safety and efficiency.
Despite the profit slump at the gas front, due to the Iran war and disruptions at the Strait of Hormuz, the H1 2026 overall marked significant progress across the ADNOC’s portfolio growth agenda. ADNOC Gas awarded USD 8.2 billion in EPC contracts for its “Rich Gas Development Project,” raising its targeted EBITDA growth to 60% by 2030.
ADNOC Distribution, on the other hand, is progressing the proposed acquisition of Shell’s downstream business in South Africa, subject to regulatory approvals, while ADNOC L&S has 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,” said the ADNOC Group.
“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,” it added further.
ADNOC Distribution
In the first half of 2026, ADNOC Distribution delivered record results, with net profit rising 59% year-on-year to USD 568 million (AED2.1 billion), while reported EBITDA increased 39% to USD 786 million (AED2.9 billion). Underlying EBITDA increased 14% to USD 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% year-on-year,” ADNOC Distribution said.
Non-fuel retail gross profit increased 12%, 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 company’s board approved a Q2 2026 dividend of 5.14 fils per share, equivalent to USD 175 million, payable in September.
“Upon payment of the Q2 dividend, ADNOC Distribution will have distributed an estimated USD 5.8 billion (AED21.5 billion) in dividends since its IPO,” the venture noted.
ADNOC Drilling
In the H1 2026, ADNOC Drilling delivered record revenue of USD 2.46 billion (AED9.04 billion), up 4% year-on-year, while EBITDA increased 1% to USD 1.08 billion (AED3.98 billion) and net profit rose 2% to USD 706 million (AED2.59 billion). Return on equity remained at an industry-leading 34%.
In Q2 2026, ADNOC Drilling delivered record revenue of USD 1.23 billion (AED4.53 billion), up 3% year-on-year, while EBITDA increased 2% to USD 557 million (AED2.05 billion) and net profit rose 2% to USD 359 million (AED1.32 billion).
Despite geopolitical volatilities, 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,” the company remarked.
“Strong free cash flow supported a USD 262.5 million dividend for Q2 2026, bringing dividends declared in the first half to USD 525 million. This represents half of ADNOC Drilling’s USD 1.05 billion annual dividend floor, which increases by a minimum of 5% annually through at least 2030,” it added further.
ADNOC Gas
The subsidiary 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% by 2030 versus 2023 — an upgrade from the previously communicated target of more than 40% over 2023-2029.
ADNOC Gas delivered net income of USD 665 million in Q2 2026, above the upper end of the USD 400-USD 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%, surpassing the year-end target set in May.
ADNOC Logistics & Services
For H1 2026, the venture’s revenue increased 46% YoY to USD 3,667 million (AED13,466 million). EBITDA rose 98% YoY to USD 1,475 million (AED5,416 million), with a margin of 40%, up 11 percentage points YoY, driven by record shipping performance.
Net profit increased 179% YoY to USD 1,173 million (AED4,308 million). The logistics subsidiary delivered Q2 2026 revenue of USD 2,584 million (AED9,490 million), up 98% year-on-year. EBITDA increased 176% YoY to USD 1,106 million (AED4,063 million), while net profit rose 303% YoY to USD 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 USD 341 million (AED1,252 million), reflecting a 5% annual increase from 2026 until 2030 and paid on a quarterly basis, subject to approvals.
Borouge
In Q2 2026, Borouge Plc reported revenue of USD 1.4 billion, representing a 20% quarter-on-quarter (QoQ) increase. Adjusted EBITDA reached USD 401 million, increasing 17% QoQ, while net profit rose 23% QoQ to USD 191 million.
Second-quarter performance was supported by sales volumes of 0.9 million tonnes and a 53% increase in average realised prices quarter-on-quarter, driven by stronger global polyolefin pricing and record premia for Borouge’s differentiated products.
Following the April 5 mishap at its Ruwais complex, the company restored full asset availability ahead of schedule, with the successful repair of affected assets completing 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,” the venture told the stakeholders and analysts.
“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,” it added further.