ADNOC Logistics and Services delivered a resilient first quarter 2026 performance, recording EBITDA of US$ 368 million, a 7% increase year-on-year, with the EBITDA margin expanding by 5 percentage points to 34%.
Net profit rose 20 percent year-on-year to US$ 222 million, reflecting the strength of the company’s diversified business model and long-term contracted revenue base.
Revenue for the quarter stood at US$ 1,083 million, a 10% decline year-on-year, attributable to the scheduled run-off of project revenues following the delivery of the Al Omairah Island mega project to ADNOC Offshore in the fourth quarter of 2025.
The underlying operational performance remained solid, with higher global shipping rates helping to offset disruptions to international maritime traffic through the Strait of Hormuz.
Approximately 60% of the combined revenue of ADNOC L&S and its AW Shipping joint venture is underpinned by long-term contracts, providing strong earnings and cash flow visibility.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, described the results as demonstrating the resilience of the company’s integrated portfolio and global scale in a challenging market environment shaped by Hormuz disruption.
He highlighted the company’s diversified model as the foundation for continued performance through uncertain conditions.
In a further sign of confidence in the outlook, ADNOC L&S has upgraded its full-year 2026 financial guidance, reflecting actual performance through April and an improved view of shipping market fundamentals.
Updated assumptions from May onwards incorporate supportive demand and supply dynamics while maintaining a conservative stance relative to prevailing market rates.
Offshore contracting guidance remains prudent, assuming minimum activity levels given ongoing regional uncertainty.
The early delivery of an additional next-generation LNG carrier in March 2026 demonstrates continued execution of the company’s fleet growth strategy, enhancing capacity to support ADNOC’s expanding global energy supply chain and long-term shareholder value creation.
