ADNOC listed firms post 2025 record earnings

ADNOC Group’s six listed companies delivered their strongest full-year financial performance to date in 2025, reporting combined revenues of AED190.1 billion, EBITDA of AED61.3 billion and net profit of AED35.8 billion, underscoring the state-backed energy major’s expanding footprint across upstream, midstream and downstream operations.

The results, released following the close of the financial year, reflect sustained output growth, disciplined capital allocation and stronger integration across the value chain, from gas processing and refining to drilling and petrochemicals. The earnings also signal progress against the targets outlined at ADNOC’s first Investor Majlis in October 2025, where management committed to enhancing shareholder returns and accelerating expansion through both organic growth and strategic acquisitions.

The six entities – ADNOC Drilling, ADNOC Gas, ADNOC Distribution, Fertiglobe, Borouge and ADNOC Logistics & Services – have increasingly become central to the Group’s strategy of unlocking value through public markets while retaining majority ownership. Together, they form a diversified portfolio spanning hydrocarbons production services, gas processing, fuel retail, fertilisers, polymers and maritime logistics.

Aggregate revenue of AED190.1 billion, equivalent to roughly US$51.8 billion, marks a significant uplift compared with prior years, supported by robust energy demand in Asia and Europe and steady crude production aligned with OPEC+ frameworks. EBITDA of AED61.3 billion reflects healthy operating margins across the portfolio, while net profit of AED35.8 billion demonstrates the benefit of cost controls and optimised financing structures.

ADNOC Drilling continued to capitalise on long-term contracts for offshore and onshore rigs, benefiting from expanded unconventional drilling programmes and integrated services. ADNOC Gas, which completed one of the region’s largest energy IPOs in 2023, reported higher processing volumes and improved realisations in liquefied natural gas and domestic gas sales. The company has positioned itself as a key supplier to growing Asian markets while meeting domestic industrial demand.

ADNOC Distribution maintained resilience in fuel retail margins and non-fuel retail expansion, including convenience store offerings, while Fertiglobe – a leading nitrogen fertiliser producer listed in Abu Dhabi – leveraged stable ammonia and urea demand despite price volatility in global commodity markets. Borouge, the petrochemicals joint venture between ADNOC and Borealis, navigated cyclical pressures in polymers through operational efficiencies and targeted sales into higher-value applications. ADNOC Logistics & Services expanded its fleet and strengthened its role in shipping crude, refined products and liquefied gas cargoes.

Senior executives have framed the results as evidence that ADNOC’s integrated model is delivering scale advantages. The Group has pursued capital expenditure focused on capacity expansion, decarbonisation initiatives and international partnerships. Investments in lower-carbon technologies, carbon capture and storage, and hydrogen projects form part of its broader transition strategy, as the company seeks to balance hydrocarbon growth with climate commitments.

The 2025 performance comes amid a global energy market shaped by geopolitical tensions, evolving supply dynamics and uneven economic recovery across major consuming nations. Brent crude prices fluctuated through the year, influenced by OPEC+ production decisions and macroeconomic indicators. Gas markets saw recalibration after earlier volatility linked to supply disruptions in Europe. ADNOC’s diversified portfolio appears to have mitigated some of the cyclical risks inherent in single-segment exposure.

Shareholder distributions have been a focal point since ADNOC began listing subsidiaries on the Abu Dhabi Securities Exchange. Dividend policies across the companies have emphasised predictable payouts, appealing to domestic and international institutional investors. The Investor Majlis in October set out ambitions to sustain attractive yields while reinvesting in growth. Market analysts note that maintaining this balance will depend on commodity price stability and disciplined project execution.

Abu Dhabi’s broader economic strategy also provides context. Hydrocarbons remain a cornerstone of fiscal revenues, yet authorities have prioritised diversification, leveraging capital markets to deepen liquidity and attract foreign capital. ADNOC’s listings have contributed significantly to trading volumes and market capitalisation on the exchange, reinforcing the emirate’s position as a regional financial hub.

Environmental, social and governance metrics have gained prominence alongside financial indicators. ADNOC has outlined plans to reduce upstream carbon intensity and invest in renewable and low-carbon energy projects. Critics, including some climate advocacy groups, argue that expansion of oil and gas capacity sits uneasily with global net-zero ambitions. Company executives counter that hydrocarbons will remain essential to global energy security for decades and that efficiency improvements and carbon management can reconcile growth with environmental responsibility.