Adnoc Gas Plc · ADX:ADNOCGAS
Adnoc Gas — FY2025 Earnings Presentation
19 slides from Adnoc Gas's earnings presentation, Feb 9, 2026
Slide 1: ADNOC Gas Q4 and FY 2025 Results
ADNOC GAS Q4 AND FY 2025 Results Feb 9, 2026
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 RASHID AL MAZROUEI SVP MARKETING 3
Slide 4: 2025 Achievements and Key Milestones
2025 ACHIEVEMENTS KEY MILESTONES Secondary offer Index inclusion RGD P1 FID Dividend policy IGD-E2 commissioning 1st MSCI, FTSE $5bn $24.4bn 370MMSCFD Marketed offering in Index inclusion Investment into growth Total dividend in Gas supply from off- the UAE through debottlenecking 2025-30 shore to o
Slide 5: Key Highlights
KEY HIGHLIGHTS KPI Highlights RESILIENCE $5.17 billion • Record high FY Net Income demonstrates resilience in a FY 25 Net Income (+3% vs 2024) 14% lower oil price environment vs 2024 • 2025 domestic gas sales volumes +4% vs 2024 $3,382 million DOMESTIC MARKET Domestic Gas EBITDA (+28% FY25 • Continu
Slide 6: Record 2025 Results Demonstrate Resilience in a Lower Oil Price Environment
RECORD 2025 RESULTS DEMONSTRATE RESILIENCE IN A LOWER OIL PRICE ENVIRONMENT 2023-25 NET INCOME ($ bn) 2025 ACHIEVEMENTS Brent $69 $82 $81 price (bbl) • 17% higher net income, $750mn, +17% +3% in 16% lower oil price 5.17 5.00 environment vs IPO year (2023) 4.42 • $640mn improvement in 2.30 2.00 2.07
Slide 7: Accelerating Robotics and AI Across Our Value Chain
ACCELERATING ROBOTICS AND AI ACROSS OUR VALUE CHAIN 2026 – 2030 2025 ACHIEVEMENTS UNLOCKING UP TO $900MN IN VALUE CREATION FOR ADNOC GAS • AI operated control room in TGCP & Bu Autonomous operation Hasa up to $450mn • Drones and robots pilot projects (various assets) • Cantiliver GECKO - in all asse
Slide 8: Successfully Enhancing Our Sales Portfolio
SUCCESFULLY ENHANCING OUR SALES PORTFOLIO VALUE OF AGREEMENTS SECURED (2025) KEY ACHIEVEMENTS $ billion 74 Domestic Gas • Secured two long-term supply agreements with key domestic customers (EWEC, EMSTEEL) 50 LNG • Locked in $60B+ LNG deals 10 • Expanded customer footprint across 14 Asia & Europe, s
Slide 9: Strengthening Our LNG Growth Platform
STRENGHTENING OUR LNG GROWTH PLATFORM HIGHLIGHTS • Strategic expansion through long-term LNG agreements • Secured >8 mtpa of long-term SPAs, covering >80% of Ruwais LNG output • reinforcing ADNOC Gas as a reliable, lower-emissions supplier • Major progress on Ruwais LNG • Project execution ahead of
Slide 10: Performance Overview
he PERFORMANCE OVERVIEW!
Slide 11: Brent Decreased 14% in 2025 vs 2024
BRENT DECREASED 14% IN 2025 VS 2024 BRENT ($/bbl) JKM ($/MMBTU) 30 90 26.0 87 84 85 25 85 83 81 80 80 78 -15% 20 76 -17% 75 15.0 15.0 75 15 13.0 13.5 12.0 12.0 12.5 12.0 68 69 11.0 11.2 10.4 70 9.6 65 10 64 65 60 5 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Jan Q1 23 Q2
Slide 12: Increasing Sales Volumes Driven by 4.8% UAE GDP Growth in 2025
INCRESING SALES VOLUMES DRIVEN BY 4.8% UAE GDP GROWTH IN 2025 Sales Quantity +2% TBTU 3,702 +5% 3,616 947 949 959 931 900 912 908 902 910 890 869 781 2,330 2,420 621 609 611 635 575 589 573 580 580 595 567 507 253 265 1,007 1,036 273 257 241 266 235 251 252 273 260 214 55 69 48 60 74 56 70 63 68 65
Slide 13: 6% YoY Domestic Gas EBITDA Growth in Q4 25
6% YoY DOMESTIC GAS EBITDA GROWTH IN Q4 25 Domestic sales Quantity +4% TBTU +5% 2,420 635 2,330 621 611 609 589 595 575 573 580 580 567 +10% 507 3,382 Reported Q424 EBITDA ($935m) included $188m EBITDA booked, which relates to a 3,080 Domestic successful contract renewal +6% EBITDA $ millions 920 91
Slide 14: ETL, LNG Affected by 14% YoY Drop in Oil Prices
ETL, LNG AFFECTED BY 14% YOY DROP IN OIL PRICES Sales Quantity1 0% TBTU 1,271 1,266 335 +4% 321 322 317 322 319 317 319 315 312 -10% 299 5,436 269 4,900 EBITDA2 $ millions 1,445 -13% 1,404 1,333 1,358 1,361 1,299 1,253 1,157 1,123 1,151 1,136 1,109 4,209 3,923 1,109 1,111 1,026 1,093 978 1,038 982 9
Slide 15: Resilient Total EBITDA Despite Weaker Pricing
RESILIENT TOTAL EBITDA DESPITE WEAKER PRICING Total Sales Quantity +5% TBTU +2% 947 949 959 931 900 912 908 902 910 3,702 890 3,616 869 781 0% 8,648 8,636 -10% Total EBITDA 2,282 2,256 2,212 2,205 2,159 2,178 $ millions 2,086 2,076 2,043 1,863 1,774 1,766 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4
Slide 16: IGD-E2 Delivered on Time and on Budget
IGD-E2 DELIVERED ON TIME AND ON BUDGET INVESTMENTS CAPEX $ million 3,639 • 2025 CAPEX spending mainly driven by major growth projects (IGD-E2, MERAM, RGD Phase 1) • 2025 spending influenced by 1,835 increased accruals in Q425 1,267 • Recent IGD-E2 commissioning enabling an additional 370 MMSCFD of g
Slide 17: Strong Ex-WC FCF in 2025 of $4.5bn Covering Dividends
STRONG EX-WC FCF IN 2025 OF $4.5BN COVERING DIVIDENDS SUPPORTED BY CAPITAL DISCLIPLINE Free-cash flow $, millions 0% DIVIDENDS 1,005 1,168 190 +16% 4,468 4,468 186 213 • H1 2025 interim : 320 4,148 $1,792mn (paid in Q3 25) • Q3 25 interim in line with enhanced policy: $896mn (paid in Q4 25) 3,584 •
Slide 18: 2026 Outlook
2026 OUTLOOK
Slide 19: 2026 Capital Market Guidance
2026 CAPITAL MARKET GUIDANCE 2025 actual 2026 guidance Financial EBITDA Margin % 36.8% ~36% (in TBTU) YTD 2025 actual 2026 guidance Domestic Gas Products 2,420 2,430-2,510 Sales volume Sales volumes growth driven 1 Exports & Traded Liquids 1,036 1,045-1,075 by UAE demand LNG JV Products 231 230-240