Adnoc Gas Plc · ADX:ADNOCGAS
Adnoc Gas — Q1 2026 Earnings Presentation
22 slides from Adnoc Gas's earnings presentation, May 12, 2026
Slide 1: ADNOC Gas Q1 2026 Results
ADNOC GAS Q1 2026 Results May 12, 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 3
Slide 4: ADNOC Gas has demonstrated resilience
ADNOC GAS HAS DEMONSTRATED RESILIENCE … EQUITY STORY FOUNDATIONS ARE INTACT Prepared Resilient Positioning for Recovery ✓ Access to integrated ✓ Safe and reliable operations in a ✓ ETL and LNG leveraged to higher infrastructure and storage (part challenging environment oil prices once SoH opens of t
Slide 5: Long term growth potential strengthened by OPEC exit
LONG TERM GROWTH POTENTIAL STRENGTHENED BY OPEC EXIT OPEC Exit Ta’ziz TotalEnergies ✓ OPEC exit supports ADNOC Gas’ ✓ New gas supply arrangement ✓ New 5-year LNG supply deal to long term growth strategy for Ta’ziz’s 1.8mtpa Methanol be supplied from Das island plant ✓ More oil production results in
Slide 6: Q1 2026 Summary
Q1 2026 SUMMARY PERFORMANCE HIGHLIGHTS • Strong performance despite 15% lower sales (mainly RESILIENCE $1.08 billion ETL, LNG) in Q1 26 vs base following SoH closure in Q1 26 Net Income March • Significant balance sheet flexibility of ~$20 billion with $4.21 billion capacity of 2x net debt / EBITDA
Slide 7: Performance Overview
he PERFORMANCE OVERVIEW!
Slide 8: Robust earnings even with a major disruption
ROBUST EARNINGS EVEN WITH A MAJOR DISRUPTION $ millions NET INCOME MITIGATING ACTIONS -15% 1,270 ~16 ~210 1,079 • Pulled forward shutdowns 14% lower oil price • Increased ullage ahead of the crisis • Utilized floating and third-party storages • Focus on operational recovery post SoH closure Q1 2025
Slide 9: SoH closure materially impacted key marker prices
SOH CLOSURE MATERIALLY IMPACTED KEY MARKER PRICES BRENT ($/bbl) JKM ($/MMBTU) 17.9 18 105 103 17 -31% 100 16 14.7 95 15 14 13.5 90 85 12.4 12.5 85 83 80 -10% 13 11.9 80 80 12 12.5 11.0 75 76 75 11 9.6 69 64 69 10.4 70 68 10 10.1 65 2026 Jan, Feb average 9 60 8 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3
Slide 10: Q1 sales impacted by ETL, LNG export constraints
Q1 26 SALES IMPACTED BY ETL , LNG EXPORT CONSTRAINTS Sales Quantity TBTU -15% 949 959 931 908 902 910 890 869 770 609 611 635 573 580 580 595 567 519 241 266 265 251 252 235 273 260 202 74 56 70 63 68 65 46 52 46 3 6 4 3 3 4 5 3 3 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Domestic Gas Ex
Slide 11: Resilient domestic gas margin in Q1
RESILIENT DOMESTIC GAS MARGIN IN Q1 26 Domestic Sales Quantity TBTU -11% 635 609 611 595 573 580 580 567 519 Domestic -9% EBITDA $ millions 920 914 867 795 717 749 143 747 752 54 684 914 845 795 726 695 724 747 752 684 -9 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Volume Adjustment EBITDA
Slide 12: ETL, LNG EBITDA affected by 22% volume drop in Q1
ETL, LNG EBITDA AFFECTED BY 22% VOLUME DROP IN Q1 26 DRIVEN BY SoH CLOSURE AND LNG SHUTDOWN WAS BROUGHT FORWARD Sales Quantity1 TBTU -22% 335 322 319 317 319 315 312 299 EBITDA2 $ millions 248 -28% 1,445 1,333 1,358 1,361 1,299 1,253 1,151 1,136 979 1,111 1,038 1,026 1,093 978 982 974 928 821 307 26
Slide 13: Q1 total EBITDA driven by lower volumes
Q1 26 TOTAL EBITDA DRIVEN BY LOWER VOLUMES Total Sales Quantity TBTU -15% 949 959 931 908 902 910 890 869 770 -15% Total EBITDA 2,282 2,256 2,205 2,159 2,178 $ millions 2,086 2,076 2,043 1,824 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Volume EBITDA Note: EBITDA, volumes includes sulphur
Slide 14: Q1 FCF $572mn despite SoH closure
Q1 26 FCF $572MN DESPITE SOH CLOSURE Free-cash flow $, millions -53% 1,214 195 6 304 150 572 38 534 Q1 2025 FCF (ex-WC) CFFO Taxes CAPEX (incl. Others Q1 2026 FCF (ex-WC) Working Q1 2026 FCF advances) capital change (after WC) 14
Slide 15: 2026: Re-setting the Outlook
2026: RE-SETTING THE OUTLOOK
Slide 16: ADNOC Gas processing capacity at a glance
ADNOC GAS PROCESSING CAPACITY AT A GLANCE HABSHAN IS A KEY ASSET REPRESENTING AROUND 60% OF TOTAL CAPACITY DAS ( TGCP HABSHAN RUWAIS ( BAB NGL BUHASA AG/NAG ASAB Associated Gas (AG) Non Associated Gas (NAG) 16
Slide 17: Habshan is already restoring capacity
HABSHAN IS ALREADY RESTORING CAPACITY ADNOC Gas nameplate capacity (%) 3,8 Apr: 80% of Habshan pre- Habshan pre-war Parts of Habshan war capacity restored capacity restored facilities damaged ✓ Recovery in operations demonstrates resilience ✓ Rapid restoration also ensures key growth projects that i
Slide 18: Q2 Outlook: Habshan outage, SoH closure impact
Q2 26 OUTLOOK: HABSHAN OUTAGE, SoH CLOSURE IMPACT HIGHER PRICES PARTIALLY OFF-SET LOWER VOLUMES $ millions Q2 2026 NET INCOME OUTLOOK ✓ SOH closure captures 2 scenarios: end May or end June reopening ✓ Negative volume impact from Habshan outage 1,385 ✓ Reduced ETL, LNG sales due to SoH closure ✓ Pri
Slide 19: 2026 Outlook: Habshan and SoH closure impact
2026 OUTLOOK: HABSHAN AND SOH CLOSURE IMPACT HIGHER PRICES PARTIALLY OFF-SET LOWER VOLUMES 2026 OUTLOOK 2026 drivers: $ millions ✓ SoH closure captures 2 scenarios: end of May or end June reopening ✓ Negative volume impact from Habshan outage ✓ Reduced ETL, LNG sales due to SoH closure 5,166 ✓ Price
Slide 20: Balance sheet strength continues to support investing into growth through the cycle
BALANCE SHEET STRENGTH CONTINUES TO SUPPORT INVESTING INTO GROWTH THROUGH THE CYCLE Net debt / EBITDA1 (x) 1.0 ✓ Total balance sheet flexibility 0.5 amounts to ~20bn based on 2x 0.5 0.4 0.5 net debt / EBITDA ceiling 0.0 ✓ Total available liquidity of $6bn: -0.5 -1.0 ✓ $2bn revolving credit facility
Slide 21: Long-term outlook supported by resilience, growth and attractive returns
LONG-TERM OUTLOOK SUPPORTED BY RESILIENCE, GROWTH AND ATTRACTIVE RETURNS ROBUST GROWTH DIVIDEND POLICY EXTENDED DIVIDEND DISTRIBUTION2 2030 Adjusted EBITDA Growth 1 trajectory $Bn $Bn 5% per annum growth policy extended +5% pa by 3 years versus IPO commitment 4.57 Q3 2025 3.25 3.76 40%+ Quarterly di
Slide 22: 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 1,920 – 2,000 Sales volume 1 Exports & Traded Liquids 1,036 730 – 770 LNG JV Products 231 160 – 175 (in $/mmBTU) ` YTD 2025 actual 2026 guid