Adnoc Gas Plc · ADX:ADNOCGAS
Adnoc Gas — Q2 2026 Earnings Presentation
24 slides from Adnoc Gas's earnings presentation, Aug 10, 2026
Slide 1: ADNOC Gas Q2 2026 Results
ADNOC GAS Q2 2026 Results 10 AUGUST 2026 ADNOC GAS
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 ADNOC GAS
Slide 4: ADNOC Gas: Well Positioned for Growth
ADNOC GAS: WELL POSITIONED FOR GROWTH 01 02 03 Unconstrained Growth Resilience Upgraded Growth Target ✓ Access to the world's 7th-largest gas ✓ GSPA provides structural downside ✓ RGD Phase 2 & 3 sanctioned reserves protection ✓ CAPEX of ~$28Bn drives ~60% ✓ Among the lowest-cost gas producers ✓ 70%
Slide 5: RGD Investment Derisked Following UAE's OPEC Exit
Unconstrained growth RGD INVESTMENT DERISKED FOLLOWING UAE’s OPEC EXIT Key benefits OPEC exit and growth EBITDA growth1 ✓ Clear path of volumes growth from ADNOC after OPEC exit Further upside (5 mbpd+) ✓ OPEC exit enables more rich gas +60%2 Derisked (5 mbpd) production further supporting profitabi
Slide 6: ~70% of Sales Volumes Have No SoH Exposure
Resilience ~70% OF SALES VOLUMES HAVE NO SoH EXPOSURE THE GAS TRAIN PRODUCT USE PRICING Natural Gas Power & industry; LNG Long-term contracts (domestic); C1 Methane oil-linked (LNG) C2 Ethane Petrochemical feedstock Long-term contract C3 Propane Heating & cooking fuel; PDH / petrochemical feed Saudi
Slide 7: Habshan Restoration Ahead of Schedule
Resilience HABSHAN RESTORATION AHEAD OF SCHEDULE 8 Apr: April: June: Pre-war capacity Emergency shutdown Early recovery ~85% supply restored restored ✓ Faster-than-anticipated recovery demonstrates operational resilience and execution excellence ✓ Recovery ensures continued progress of key strategic
Slide 8: Growth Update
Growth update 60% EBITDA GROWTH BY 2030 vs 2023 FOLLOWING RGD P2,3 FID ~60% ~$28Bn ~45% EBITDA growth (20301 vs 2023) CAPEX (2026-30) Volume growth (2030 vs 2023) Upgraded growth target Value accretive investments Volume led growth ✓ 13% EBITDA growth achieved ✓ RGD phase 2,3 FID adds ✓ Improving co
Slide 9: Performance Overview
PERFORMANCE OVERVIEW ADNOC GAS
Slide 10: ADG Delivered $665Mn Net Income in Q2 Despite Unprecedented Disruption
ADG DELIVERED $665MN NET INCOME IN Q2 26 DESPITE UNPRECEDENTED DISRUPTION 0 85% Zero-harm response Rapid recovery Zero fatalities, protected our people and value chain Habshan gas supply restored, moving from peak disruption Q2 RESPONSE & REBOUND throughout the crisis. back to normalizing operations
Slide 11: Resilient Q2 Results Underpinned by Strong Domestic Gas Contribution
RESILIENT Q2 26 RESULTS UNDERPINNED BY STRONG DOMESTIC GAS CONTRIBUTION $665Mn $1.49Bn $3.76Bn Q2 26 Net Income Q2 26 cash balance 2026 dividend Delivery Financial Strength Dividends secure ✓ Guidance exceeded despite ✓ Strong balance sheet supports ✓ Balance sheet strength supports SoH & Habshan di
Slide 12: Sales Gas Pricing Drives Resilient Domestic Gas Q2 EBITDA
SALES GAS PRICING DRIVES RESILIENT DOMESTIC GAS Q2 EBITDA Sales gas1 revenue (indexed, Q1 25 = 100%) Domestic Sales Quantity (TBTU) +8% +9% 110 -30% -17% 104 611 635 580 595 102 519 429 100 100 101 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Domestic EBITDA ($ Mn) -25% 0%
Slide 13: ETL, LNG Q2 EBITDA Declined on Lower Sales Volumes
ETL, LNG Q2 EBITDA DECLINED ON LOWER SALES VOLUMES Brent, LPG price (indexed, Q1 25 = 100%) ETL, LNG sales (TBTU)1 Brent +52% +30% ETL LNG LPG 137 -57% -45% 319 317 319 312 126 248 105 97 251 252 91 273 260 137 100 84 86 202 90 117 84 78 68 65 46 52 46 19 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q1 25 Q2
Slide 14: Resilient H1 26 Cash Generation Covers Dividends
RESILIENT H1 26 CASH GENERATION COVERS DIVIDENDS Operating cash-flow evolution ($ Mn) 3,224 +35% ✓ H1 26 operating CF ex-WC 1,246 2,478 funded dividend throughout 274 SoH disruption 226 1,836 ✓ EBITDA mostly affected by lower ETL, LNG contribution ✓ Sufficient balance sheet flexibility to fund accel
Slide 15: 2026 Outlook
2026 OUTLOOK ADNOC GAS
Slide 16: 2026 Outlook: $3.5-4Bn Net Income Guidance Unchanged
2026 OUTLOOK: $3.5-4BN NET INCOME GUIDANCE UNCHANGED 2026 outlook ($ Mn) 2026 drivers: ✓ SoH disruptions resulting in reduced ETL, LNG sales and negatively impacts price realization 5,166 ✓ Negative volume impact from Habshan outage H1 26: $1,744m ✓ Q3 26 guidance: $600 – 800mn 2025 Actual Net Incom
Slide 17: 2026 Capital Market Guidance
2026 CAPITAL MARKET GUIDANCE H1 2026 actual 2026 guidance Financial EBITDA Margin % 35.0% ~36% (in TBTU) H1 2026 actual 2026 guidance Domestic Gas Products 948 1,920 – 2,000 Sales volume 1 Exports & Traded Liquids 319 730 – 770 LNG JV Products 66 160 – 175 (in $/MMBtu) H1 2026 actual 2026 guidance D
Slide 18: ADNOC Gas Growth Update
ADNOC GAS GROWTH UPDATE ADNOC GAS
Slide 19: Delivering ~60% EBITDA Uplift by 2030 vs 2023
DELIVERING ~60% EBITDA UPLIFT BY 2030 vs 2023 EBITDA evolution ($ Bn)1 EBITDA growth: from IPO to 2030 +60% ✓ EBITDA already +13% in 2025 vs IPO year 8.6 ✓ EBITDA growth target: ~60% by 7.6 2030 vs 2023, upgraded from ~40% by 2029 vs 2023 ✓ BGC adds further upside, no impact from MERAM rephasing to
Slide 20: $28Bn Committed Capex Drives Growth Ambition to 2030
$28BN COMMITTED CAPEX DRIVES GROWTH AMBITION TO 2030 2026-30 CAPEX outlook ($ bn, incl. FID projects) 8.2 1.5 ~28 ~20.0 ~20 CAPEX 2025 spend 2030 addition Habshan CAPEX RGD P2,3 Total (2026-30) (2025-29) repair costs (adj. 2026-30) ADNOC GAS ADNOC GAS 20
Slide 21: Growth Project Execution Drives Capex
GROWTH PROJECT EXECUTION DRIVES CAPEX Committed CAPEX distribution CAPEX composition RLNG Organic CAPEX 10-15% 10-15% Maintenance Other projects Growth projects 70-80% 2026 2027 2028 2029 2030 2026-30 ADNOC GAS ADNOC GAS 21
Slide 22: Accelerating Growth with RGD P2,3 FID
ACCELERATING GROWTH WITH RGD P2,3 FID Previously announced projects Current FID Pre-FID Growth LNG MERAM Ruwais LNG1 RGD Phase 1 RGD Phase 2 & 3 Bab Gas Cap Completion 2027 2028 2027+ 2029/30 2029+ Gas train: 670 MMSCFD Capacity 3.4 MTPA 9.6 MTPA Debottlenecking 1.85 MMSCFD NGL train: 23,000 TPD Cap
Slide 23: Growth While Maintaining Commitment to Shareholder Returns
GROWTH WHILE MAINTAINING COMMITMENT TO SHAREHOLDER RETURNS Dividend policy extended Dividend distribution ($Bn) +5% pa 2030 4.57 5% per annum growth policy extended by 3 years 3.76 versus IPO commitment 3.58 3.25 Q3 2025 1st Quarterly dividend payment $24.4Bn Total dividend in 2025-30 2023 2025 2026
Slide 24: Balance Sheet Strength Supports Dividends and Growth in Capex
BALANCE SHEET STRENGTH SUPPORTS DIVIDENDS AND GROWTH IN CAPEX Capital allocation (2026-30) Strong balance sheet Interest $1.5Bn $5.4Bn Capex (pre-FID) Balance Sheet Capacity Q2 2026 cash Q2 2026 retained Capex (FID) balance earnings CFFO 1.5-2x Dividends net debt / EBITDA capacity Uses Sources Note: