Adnoc Gas Plc · ADX:ADNOCGAS
Adnoc Gas — Q3 2025 Earnings Presentation
20 slides from Adnoc Gas's earnings presentation, Nov 13, 2025
Slide 1: ADNOC Gas Q3 2025 Results
ADNOC GAS Q3 2025 Results Nov 13, 2025
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation is for background purposes only and does not purport to be full or complete. No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or f
Slide 3: Speakers
SPEAKERS FATEMA MOHAMED AL NUAIMI CHIEF EXECUTIVE OFFICER PETER VAN DRIEL CHIEF FINANCIAL OFFICER 3
Slide 4: Delivering reliable growth and accelerating value to investors
DELIVERING RELIABLE GROWTH AND ACCELERATING VALUE TO INVESTORS VERY SUPPORTIVE MARKETS BUILDING BLOCKS ACCELERATING INVESTOR VALUE Local Demand 4-5% $20bn 30% >40% 2023-’30 CAGR Committed CAPEX Gas and liquids capacity to 2029 Adjusted EBITDA growth 2023-’29 expansion in 2023-’29 Strong demand growt
Slide 5: Q3 Key Highlights
Q3 25 KEY HIGHLIGHTS Q3 2025 Highlights • Results demonstrate resilience in a 14% lower oil price environment RESILIENCE $1.34 billion Net Income (+8% YoY) • Domestic gas sales volume +4% YoY supported by strong UAE demand • Improved underlying margins following structural improvement from contract
Slide 6: IGD-E2 Commissioning: On Time and On Budget
IGD-E2 COMMISSIONING: ON TIME AND ON BUDGET INVESTMENT HIGHLIGHTS • Strategic expansion boosting offshore gas processing capacity • Project enables an additional 370 MMSCFD of gas supply from Das Island to Habshan (onshore) • Investment represents a significant milestone in further integrating onsho
Slide 7: Accelerating Robotics and AI Across Our Value Chain
ACCELERATING ROBOTICS AND AI ACROSS OUR VALUE CHAIN UNLOCKING UP TO $900MN IN VALUE AI INSPECTION PROGRAM TO GENERATE CREATION FOR ADNOC GAS (2026-30) OVER $300MN OVER THE NEXT FIVE YEARS Autonomous operation up to $450mn Pioneering program launched with Gecko Robotics, AIQ Industry collaboration to
Slide 8: Performance Overview
he PERFORMANCE OVERVIEW!
Slide 9: YTD Results Demonstrate Resilience in a Lower Oil Price Environment
YTD 25 RESULTS DEMONSTRATE RESILIENCE IN A LOWER OIL PRICE ENVIRONMENT YTD 2023-25 NET INCOME ($ bn) 2025 YTD ACHIEVEMENTS Oil price $71 $82 $83 (bbl) • 30% higher net income, $0.9bn, in 13% lower oil price +30% +10% environment 3.99 3.62 • Over $0.6mn improvement in 3.08 1.58 domestic gas contribut
Slide 10: LPG Prices Converging to Brent in Q3
LPG PRICES CONVERGING TO BRENT IN Q3 25 BRENT ($/bbl) JKM ($/MMBTU) 30 90 28 87 26 85 26 84 85 83 -14% 24 81 80 80 78 22 76 20 75 75 18 1% 69 16 15 15 70 68 14 13 13 13 12 12 12 65 64 11 11 12 10 10 60 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Oct 8 Q1 23 Q2 23 Q3 23 Q4 23 Q1
Slide 11: $1.34bn Net Income Supported by Strong Domestic Gas Contribution in Q3 25
$1.34BN NET INCOME SUPPORTED BY STRONG DOMETIC GAS CONTRIBUTION IN Q3 25 NET INCOME ($ million) Q3 NET INCOME DRIVERS +8% • Domestic gas mainly 1,338 supported by improved 1,243 underlying margins and contribution from sulphur • Partly off-set by weaker ETL / LNG mainly from macro Q3 24 Actual Domes
Slide 12: Domestic Gas EBITDA Rose by $690mn YTD 2025 vs 2023
DOMESTIC GAS EBITDA ROSE BY $690MN YTD 2025 VS 2023 DOMESTIC GAS SALES1 AND EBITDA SALES GAS COMPOSITION Sales +7% Quantity TBTU 1,825 1,763 1,703 • Domestic gas margin • Gas fired power generation +36% contribution growth ~45% provides the backbone of electricity 2,586 driven by enhanced demand 2,3
Slide 13: 5% YoY Domestic Gas EBITDA Growth in Q3
5% YoY DOMESTIC GAS EBITDA GROWTH IN Q3 25 Domestic sales Quantity TBTU +4% +4% 635 621 611 1,825 609 589 1,763 575 573 580 580 567 507 +11% 2,586 Domestic +5% 2,333 EBITDA $ millions 920 914 188 867 727 753 717 749 143 747 752 107 54 615 554 914 845 727 726 695 724 747 752 615 646 554 -9 Q1 23 Q2 2
Slide 14: ETL, LNG Affected by 14% YoY Drop in Oil Prices
ETL, LNG AFFECTED BY 14% YOY DROP IN OIL PRICES -2% Sales Quantity1 972 TBTU 955 -5% 335 321 322 317 322 319 317 319 315 -9% 299 4,136 269 3,764 906 EBITDA2 $ millions -20% 770 1,445 1,404 1,333 1,358 1,361 1,299 333 1,253 296 265 1,157 1,123 307 323 1,151 1,109 321 270 220 161 177 270 3,231 2,995 1
Slide 15: $2.7bn Free Cash Flow Despite $1bn+ Uplift in Growth Related Investments
$2.7BN FREE CASH FLOW DESPITE 1BN+ UPLIFT IN GROWTH RELATED INVESTMENTS Free Cash Flow – YTD 2025 vs. YTD 2024 $, millions -15% 203 3,503 226 1,020 2,967 +2% 55 236 2,731 2,688 YTD 24 FCF ex-WC EBITDA Taxes CAPEX (incl. Others YTD 25 FCF ex-WC Working capital YTD 25 FCF YTD 25 dividend advances) 15
Slide 16: Outlook
OUTLOOK
Slide 17: 2025 Capital Market Guidance
2025 CAPITAL MARKET GUIDANCE Previous 2025 guidance YTD 2025 actual 2025 updated guidance Financial EBITDA Margin % ~36% 36.6% ~36% (in TBTU) Previous 2025 guidance YTD 2025 actual 2025 updated guidance Domestic Gas Products 2,410 - 2,450 1,825 2,425-2,435 Sales volume Shutdowns planned for Q4 1 Exp
Slide 18: Appendix
APPENDIX
Slide 19: Resilient EBITDA Despite Much Weaker Pricing
RESILIENT EBITDA DESPITE MUCH WEAKER PRICING Total Sales Quantity +1% TBTU 959 947 949 +2% 931 900 912 908 902 890 869 2,747 2,792 781 +4% -1% 6,593 Total EBITDA 2,282 2,256 6,367 2,212 2,205 2,159 2,178 $ millions 2,086 2,076 1,863 1,774 1,766 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q
Slide 20: 1% YoY Growth Driven by Domestic Sales
1% YOY GROWTH DRIVEN BY DOMESTIC SALES Sales Quantity TBTU +1% +2% 959 2,747 2,792 947 949 931 900 912 908 902 890 869 781 621 609 635 1,763 1,825 575 589 580 580 611 573 567 507 253 273 257 241 266 265 251 252 772 776 235 273 214 55 69 48 60 74 56 70 63 68 65 46 200 179 4 3 4 6 3 6 4 3 3 4 5 12 12