ADNOC L&S Reports Record Q2 and H1 2026 Results

ADNOC Logistics and Services plc (ADNOC L&S) has reported record financial results for the second quarter and first half of 2026, exceeding market expectations as strong shipping performance and diversified operations supported significant growth.

For Q2 2026, the company recorded revenue of US$2.584 billion (AED9.49 billion), representing a 98% increase year-on-year. EBITDA climbed 176% to US$1.106 billion (AED4.063 billion), while net profit surged 303% to US$951 million (AED3.491 billion).

H1 2026 Revenue Rises 46%

For the first six months of 2026, ADNOC L&S generated revenue of US$3.667 billion (AED13.466 billion), up 46% year-on-year.

H1 EBITDA increased 98% to US$1.475 billion (AED5.416 billion), with the EBITDA margin reaching 40%, an improvement of 11 percentage points compared with the same period last year.

Net profit for the first half rose 179% to US$1.173 billion (AED4.308 billion). The company said the performance was supported by record results from its shipping business.

2026 Financial Guidance Raised for Third Time

ADNOC L&S has increased its full-year 2026 financial guidance for the third time, raising its outlook for revenue, EBITDA and net profit.

The upgraded guidance reflects continued strong shipping performance, support for ADNOC Group and favorable shipping market conditions. However, the company said its full-year performance remains highly dependent on regional dynamics and that its assumptions for market rates for the remainder of the year remain prudent.

The Offshore Contracting segment has benefited from gradual improvements in material-handling volumes through the Integrated Logistics Services Platform (ILSP). The revised outlook assumes further improvement in ILSP volumes, while previous assumptions for the Jack-Up Barge fleet remain unchanged.

Fleet Expansion Strengthens Future Growth

ADNOC L&S is continuing a major fleet expansion and modernization program. Vessel acquisitions and newbuild commitments made so far in 2026 are valued at approximately US$2.3 billion.

These commitments form part of the company's broader US$5.7 billion capital expenditure program, which is intended to expand its ability to support ADNOC Group's changing requirements while creating additional earnings capacity.

The LNG carrier Arada, the fifth newbuild LNG carrier from Jiangnan Shipyard in China, joined the company's fleet in March 2026. Its sister vessel, Al Taweelah, followed in April 2026.

ADNOC L&S Expands Logistics Collaboration with EGA

During Make it in the Emirates 2026 in May, ADNOC L&S signed a strategic agreement with Emirates Global Aluminium (EGA) to explore opportunities to strengthen supply chain resilience across the aluminium value chain.

The agreement builds on the companies' existing relationship and covers potential cooperation in logistics, including transportation, fleet management and infrastructure.

It also considers the possible creation of a joint venture focused on logistics assets, transportation services and integrated supply chain solutions. The initiative is aimed at supporting the UAE's industrial growth and manufacturing ambitions.

AI and Digital Technologies Drive Operations

ADNOC L&S is also expanding its use of AI-enabled technologies as part of its digital transformation strategy. The company said these technologies are being integrated across its operations to improve efficiency, enhance safety and strengthen overall operational performance.

At Make it in the Emirates 2026, the company showcased its Integrated Logistics Management System (ILMS), designed to support offshore planning and decision-making.

It also presented SeaOwl, described by the company as the UAE's first remotely operated landing craft.

ADNOC L&S Approves AED313.3 Million Interim Dividend

The board of ADNOC L&S has approved an interim cash dividend of US$85.3 million (AED313.3 million) for Q2 2026.

The dividend will be allocated according to shareholdings as of the 20 August 2026 record date.

The distribution follows the company's existing dividend policy, which targets a progressive annual increase in dividend per share of at least 5% per year over the medium term.

ADNOC L&S said it continues to maintain significant financial capacity for investments beyond projects that have already been announced.

CEO Highlights Strong Shipping Market Performance

Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said the company's record first-half performance was supported by strong fundamentals in the shipping market, disciplined execution and its ability to respond quickly to changing market conditions.

He said the company's fleet investments are expected to support further international expansion and growth while creating long-term value for shareholders.