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1 THIRD QUARTER 2025 RESULTS PRESENTATION October 28, 2025
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2 DISCLAIMER This presentation has been prepared by ADNOC Drilling Company PJSC (the “Company”) based on publicly available information and non-public information to assist you in making a preliminary analysis of the content referenced herein solely for informational purposes. It should not be construed as an offer to sell or a solicitation of an indication of interest to purchase any equities, security, option, commodity, future, loan or currency including a private sale of shares in the Company (the “Financing Instruments”). It is not targeted to the specific investment objectives, financial situation or particular needs of any recipient. It is not intended to provide the basis for any third-party evaluation of any Financing Instrument or any offering of them and should not be considered as a recommendation that any recipients should subscribe for or purchase any Financing Instruments. The recipient agrees to keep confidential any information contained herein and any other written or oral information otherwise made available in connection with any potential transaction related to this presentation and shall not reproduce, publish, distribute or otherwise divulge such information to any other person(s) other than in accordance with any applicable non-disclosure agreements executed by the recipient with the Company. None of the Company or any of its affiliates or advisors make any representation or warranty as to the fairness, accuracy, adequacy or completeness of the information, the assumptions on which it is based, the reasonableness of any projections or forecasts contained herein or any further information supplied or the suitability of any investment for your purpose. None of the Company or any of its affiliates or advisors, or their respective directors, officers or employees, share any responsibility for any loss, damage or other result arising from your reliance on this information. Each of the Company, its affiliates and advisors therefore disclaim any and all liability relating to this presentation including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the information herein. No recipient of this presentation should rely upon any information contained in this presentation, including but not limited to any historical financial data, forward looking statements, forecasts, projections or predictions. The Company, its affiliates, representatives and advisors are acting solely in the capacity of an arm’s length counterparty and not in the capacity of your financial advisor or fiduciary. Such information is represented as of the date and, if applicable, time indicated and the Company, its affiliates and advisors do not accept any responsibility for updating any such information. Nothing in this presentation should be construed as an advice of, amongst others, legal, tax, regulatory, accounting or investment nature. The recipients should seek and rely upon the advice of its own professionals and other advisors for such matters. This presentation may be recorded, and the Company will assume that by attending this presentation the recipient consents to such recording.
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3 STRONG FINANCIAL AND OPERATIONAL DELIVERY GROWTH ACROSS KEY FINANCIAL AND OPERATIONAL METRICS, LEAD TO GUIDANCE UPGRADE HighlightsTop-line growth +27% YoY Revenue to $3.63bn HighlightsIndustry leading profitability $1.06bn Net profit, +17% YoY $1.64bn EBITDA, +15% YoY HighlightsSafety & environment 2,238 GJ/$mn Energy intensity 0.59 TRIR Vs target 0.61 HighlightsStrong OFS performance +114% YoY Revenue growth to $1,072mn 112 Rigs 59 IDS and 53 Discrete Services ADNOC Majlis3 Milestones New Dividend Policy till 2030 2025 dividend floor at $1bn, $250mn approved for 3Q252 Unconventional Development Potential of 300+ wells annually 70 IDS Rigs Long-term award for 13 new IDS rigs, expected during 2026 Island Rig Growth New offshore island rigs expected between 2029–2030 9M 2025 - Highlights (1) Includes 8 rigs in Oman/Kuwait - partnership announced with SLB, subject to closing of transaction (2) The third quarter interim dividend distribution is expected to be in the second half of November to shareholders of record as of November 6, 2025 (3) Announced on October 8, 2025 1481 rigs +81 rigs YoY
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4 SUSTAINING GROWTH WITH NEW VENUES DE-RISKED, VALUE ACCRETIVE REGIONAL EXPANSION AT ATTRACTIVE VALUATIONS • Acquired four companies, cumulative total investment of ~$0.8 billion1, approximately half of the total amount committed • Gordon Technologies, 67.2% stake • NTS Amega Global, 51% stake • EV, 100% stake • DWS, 95% stake • Targeting to announce transactions for the remaining amount throughout 2025 and early 2026 • Acquisitions to support Enersol’s goal of becoming a diversified, tech-centric OFS investment platform Enersol • ADNOC Drilling will acquire 70%3 stake in SLB’s land rig business in Oman & Kuwait • Perimeter includes eight fully operational land rigs under contract • Rigs contracted with respective national oil companies (NOCs) in both countries • Attractive valuation at <4x EV/ EBITDA and +10% free cash flow yield • Marks the beginning of ADNOC Drilling’s regional expansion strategy, unlocking a new era of de-risked, accretive growth • Further upside potential to returns through our unique integrated offering Regional Expansion • At quarter end, 82 wells of the 144 wells have been drilled for Phase 1, while 36 wells have been fractured2 • Phase 1 underpinned $1.7 billion contract to unlock the UAE’s world-class unconventional energy resources • Potential for 300+ wells annually • If fully unlocked and contracts awarded, can significantly enhance growth through 2030 and beyond Unconventional Resources (1) Four companies acquired and with completed transactions (2) As of October 27, 2025 (3) Final consideration is subject to closing accounts adjustments for net debt (debt minus cash) as at the closing date
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5 EXPANDING OPERATIONS – MIDDLE EAST’S LARGEST FLEET KEY OPERATIONAL HIGHLIGHTS › Fleet count at 1482 rigs. Rig availability at 97% in 2Q25. › The two jack-up rigs that entered the fleet at the end of December 2024 and commenced operations at the end of 2Q25, contributed fully to revenue in 3Q25. › OFS performed IDS on 59 rigs in 3Q25, compared to 50 rigs in 3Q24. › Discrete services offered to an additional 53 rigs. All in all, OFS was offered to 112 rigs. › 23% overall improvement in IDS drilling efficiency for 3Q25 compared to the 2024 benchmark. › As of the end of 3Q25, 82 wells of the 144 well program for Phase 1 have been drilled, while 36 wells have been fractured.3 95 102 100 45 47 48 1401 1492 1482 3Q24 2Q25 3Q25 Onshore Offshore 1 (1) Includes 4 lease-to-own land rigs (2) Pro-forma, including 8 land rigs that are part of the transaction announced in May 2025, when ADNOC Drilling signed an agreement to acquire a 70% stake in SLB's land drilling rigs business in Kuwait and Oman. The formation of the joint venture (JV) with SLB and the acquisition of a 70% stake, along with the completion of the transaction, are subject to necessary and customary regulatory approvals (3) As of October 27, 2025 50 45 43 95 86 81 3Q24 2Q25 3Q25 Onshore Offshore 1 Commentary 33 38 38 17 20 21 50 58 59 3Q24 2Q25 3Q25 Onshore Offshore 1 141 162 167 34 41 35175 203 202 3Q24 2Q25 3Q25 Onshore Offshore 1 1 Owned Rigs Drilling Average Durations (Days) Wells Drilled IDS Rigs 22
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FINANCIAL HIGHLIGHTS ADNOC DRILLING
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7 197 174 244 174 3Q24 3Q25 2Q25 3Q25 315 667 649 667 3Q24 3Q25 2Q25 3Q25 510 560 545 560 3Q24 3Q25 2Q25 3Q25 335 368 351 368 3Q24 3Q25 2Q25 3Q25 1,026 1,260 1,197 1,260 3Q24 3Q25 2Q25 3Q25 FINANCIAL HIGHLIGHTS 3Q 2025 DELIVERED GROWTH ACROSS EVERY FINANCIAL METRIC, MAINTAINING SOLID BALANCE SHEET % growth % growth % growth % growth 2,219 1,964 1,741 3Q24 2Q25 3Q25 x Net Debt / LTM EBITDA 0.9x1.2x 0.8x % growth (1) Cash payments for purchase of property and equipment including prepaid delivery payments, excluding CapEx accruals. 23% -12% -29% Revenue ($ Million) EBITDA ($ Million) Net Income ($ Million) Cash from Operations ($ Million) CapEx1 ($ Million) Net Debt ($ Million) 5% 10% 3% 10% 112% 3% 5%
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8 SEGMENTAL REVENUE YEAR-ON-YEAR GROWTH ACROSS ALL SEGMENTS % growth % growth % growth Onshore ($ Million) Offshore ($ Million) Oilfield Services ($ Million) 487 512 513 512 3Q24 3Q25 2Q25 3Q25 342 365 337 365 3Q24 3Q25 2Q25 3Q25 197 383 347 383 3Q24 3Q25 2Q25 3Q25 › Third quarter revenue increased 5% year-on-year to $512 million from $487 million › Driven by new rigs commencing operations and $38 million contribution from unconventional activity related to land drilling › Onshore revenue was flat sequentially at $512 million › Due to one additional operating day in third quarter offset by the conversion of one rig from Onshore to Offshore segment › Third quarter revenue increased 7% year-on-year to $365 million from $342 million › Due to conversion of one rig from Onshore to Offshore during the quarter and full contribution by two new jack-up rigs commencing operations at the end of the second quarter › Revenue in the third quarter of 2025 increased 8% sequentially to $365 million from $337 million › Driven by similar reasons as mentioned above, conversion of one rig to Offshore and two new jack- ups commencing operations › Third quarter revenue surged 94% to $383 million from $197 million › Due to $120 million from unconventional business › Increased IDS activity (59 IDS rigs in 3Q25, up 9 rigs YoY) and provision of more discrete services › Third quarter revenue increased 10% sequentially to $383 million from $347 million › Driven by higher IDS activity and additional discrete services, marginally offset by lower contribution from unconventional activity phasing 5% 0% 7% 8% 94% 10%
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9 EBITDA GENERATION INDUSTRY-LEADING MARGINS Onshore ($ Million) Oilfield Services ($ Million)Offshore ($ Million) % growth % growth 241 254 260 254 3Q24 3Q25 2Q25 3Q25 5% -2% 230 239 233 239 3Q24 3Q25 2Q25 3Q25 4% 3% % growth 39 67 52 67 3Q24 3Q25 2Q25 3Q25 72% 29% › Third quarter EBITDA increased 5% year-on-year to $254 million, with margin expansion to 50% › Due to higher revenue and positive impact from other income of $23 million, primarily attributable to the sale of an onshore rig, offset by higher repair and maintenance costs › EBITDA decreased by 2% sequentially to $2254 million from $260 million › Primarily due to higher repair and maintenance costs, offsetting the one-off from the rig sale in other income › Third quarter EBITDA grew 4% year-on-year to $239 million and yielded a margin of 65% › Due to higher revenue partly offset by higher maintenance activity during the third quarter › EBITDA increased by 3% sequentially to $239 million from $233 million › Due to higher revenue partly offset by higher maintenance activity during the third quarter › Third quarter EBITDA increased 72% year-on-year to $67 million › Due to higher revenue which was driven by the unconventional business, coupled with increased IDS activity and provision of more discrete services › Supported by positive contribution from joint ventures, Enersol and Turnwell › EBITDA increased 29% sequentially to $67 million › Due to higher revenue
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10 On October 8, 2025, the Board of Directors proposed to the next Annual General Assembly an upgrade to the ADNOC Drilling’s progressive dividend policy. According to the upgraded policy, the dividend floor has been raised to $1 billion for 2025, growing by at least 5% per annum from 2026 to at least 2030. As per dividend policy, the Board of Directors, at its discretion, may approve additional dividends over and above the progressive dividend floor (supported by excess free cash flow and strong balance sheet). UPGRADED DIVIDEND POLICY UPSIZING OF GUARANTEED & PROGRESSIVE DIVIDENDS AT LEAST $1B IN 2025 DIVIDENDS, COMPOUNDING 5%+ YEARLY TO $6.8B+ BY 2030 On October 27, 2025, the Board of Directors approved a 3Q 2025 dividend of $250 million (c. 5.7 fils per share), payable in the second half of November to shareholders of record as of November 6, 2025. THIRD QUARTER 2025 DIVIDEND
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11 STRONG 9M25 LEADS TO GUIDANCE UPGRADE FY2025 REVENUE AND NET INCOME EXPECTED TOWARDS TOP-END OF GUIDANCE, WITH EBITDA AT ~$2.2BN (USD, Billion) FY 2025 Previous Guidance FY 2025 Upgraded Guidance Revenue 4.65 - 4.80 4.75 - 4.85 Onshore Revenue 1.95 - 2.10 1.95 - 2.10 Offshore Revenue (Jack-up & Island) 1.35 - 1.45 1.35 - 1.45 Oilfield Services Revenue 1.20 - 1.30 1.30 - 1.40 EBITDA 2.15 - 2.30 2.15 - 2.30 EBITDA Margin 46% - 48% 46% - 48% Net Profit 1.375 - 1.45 1.40 - 1.45 Net Profit Margin 29% - 31% 29% - 31% CapEx (excluding M&A) 0.35 - 0.55 0.45 - 0.55 FCF (excluding M&A) 1.40 - 1.60 1.40 - 1.60 Leverage Target < 2.0x < 2.0x Dividend floor 0.87 (+10% YoY) 1.0 (+27% YoY) Medium-Term Guidance • FY26 revenue expected at ~$5 billion • FY26 EBITDA and net profit broadly in line with FY25 • Around 50% conventional EBITDA margin (conventional drilling margins exceeding 50% and OFS margin in a range of 23-26% medium-term) • Conservative long-term leverage target of up to 2.0x Net Debt / EBITDA • Net working capital as percentage of revenue target of around 12% • Maintenance CapEx of ~$250 million per annum (excluding organic and inorganic growth CapEx) • 151+ rigs by 2028, to be updated upon closing of future additional M&A transactions, and needs for unconventional • 70 IDS rigs expected by year-end 2026 Expected towards top-end Expected at ~ $2.2 bn Expected towards top-end
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CLOSING REMARKS ADNOC DRILLING
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13 CLOSING REMARKS Gearing Up for Future Growth, While Remaining Resilient Domestic and international markets underpins future drilling and OFS growth Upgraded dividend policy, 3Q25 dividend approved, to be paid in 2H November Record 9M 2025 results, leading to another guidance upgrade Delivering on our ESG agenda by pursuing ambitious goals
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ADNOC DRILLING APPENDIX
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15 WE CONTINUE TO PURSUE AMBITIOUS ESG GOALS ESG FRAMEWORK & PERFORMANCE HIGHLIGHTS Climate, Emissions and Energy • GHG emission reduction abatement at 4.2 KtCO2e for 9M 2025 • Energy intensity at 2,238 GJ/$MM Health, Safety and Security • TRIR at 0.59 for 9M 2025 • LTIF at 0.37 for 9M 2025 Economic and Social Contribution • Economic performance improved with the increase in number of rigs • In-country value at 44.39% for 9M 2025 Local Environment • Minimizing impacts through best-in-class environmental management system • Zero spill incidents in 9M 2025 Business Sustainability • Integrate risk management across operations and business planning • Strengthen collaboration in environmental protection, conservation, and sustainable development Workforce Diversity and Development • Company commitment to gender diversity and development at all levels of the organization • 83 nationalities across the workforce • Emiratization 29% for 9M 2025
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16 (308) (330) (272) 2,403 2,270 1,999 124 24 14 2,219 1,964 1,741 3 Q 2 4 2 Q 2 5 3 Q 2 5 Leases Borrowings Cash STRONG CASHFLOW & BALANCE SHEET HEALTHY CASH POSITION WITH AMPLE LIQUIDITY TO POWER RIG FLEET GR OWTH CommentaryNet Cash from Operating Activities ($ Million) Net Debt ($ Million) Cash from Operating Activities › Cash from operating activities stood at $667 million in 3Q25 › Net profit increased 10% YoY driven by higher activity from full operational impact of new rigs › Working capital trend was supported by increased year - on-year collections Net Debt › Net Debt / EBITDA ratio decreased year-on-year from 1.2x to 0.8x › Cash & cash equivalents stood at $272 million in 3Q25 › As of September 30, 2025, the Company’s liquidity headroom (including unutilized syndicated term and revolving facilities) was around $1.52 billion › On October 16, 2025, the Company entered into a new term loan facility of $500 million and a revolving credit facility of $1,500 million Net Debt / LTM EBITDA 1.2x 0.9x 0.8x 315 39 340 (3) (24) 667 3Q24 Profit Net Working Capital D&A Other 3Q25
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17 CAPEX & WORKING CAPITAL CommentaryCapEx1 ($ Million) Operating Working Capital ($ Million) CapEx › 3Q25 CapEx including prepayments and accruals amounted to $72 million › ADNOC Drilling expects CapEx to be in a range between $0.45 - $0.55 billion for 2025 Operating Working Capital › Working capital as a percentage of revenue stood at around 7% at quarter end › The normalized ratio was 12%, adjusted for the impact from phasing of capital expenditure-related payments at quarter-end › The Company expects to maintain a net working capital to revenue ratio broadly stable at around 12% in the medium term (1) CapEx including prepayments and accruals. 418 334 327 3Q24 2Q25 3Q25 % of LTM revenue 11% 7% 7% 234 157 72 3Q24 2Q25 3Q25 % revenue 20% 6%13%
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18 FINANCIAL SUMMARY NM = Not Meaningful (1) Opex includes allocation of G&A expenses and other income; (2) Includes ADNOC Drilling’s 51% of Enersol’s net profit, accounted for in OFS, and 55% of Turnwell’s net profit from unconventional business, related to both rig operations and OFS; (3) EBITDA represents Earnings Before Interest, Tax, Depreciation, and Amortization; (4) Conventional EBITDA and Net Profit margins exclude the contribution from the unconventionalbusiness. On a quarterly basis, the performance of unconventional can be subject to variations related to service mix, volume of drilling, and services provided, etc.; (5) Cash payments for purchase of property and equipment including prepaid delivery payments, excluding CapEx accruals; (6) Interest bearing liabilities less cash and cash equivalents; (7) Calculated on the weighted average number of shares outstanding, excluding treasury shares. (USD, Million) 3Q25 3Q24 YoY 2Q25 QoQ 9M25 9M24 YoY Revenue 1,260 1,026 23% 1,197 5% 3,626 2,847 27% Opex1 703 (518) 36% (663) 6% (2,005) (1,433) 40% Share of profit of joint ventures2 3 2 50% 11 -73% 17 5 240% EBITDA3 560 510 10% 545 3% 1,638 1,419 15% Depreciation and amortization (135) (116) 16% (133) 2% (398) (338) 18% Finance cost-net (23) (31) -26% (27) -15% (79) (92) -14% Taxes (34) (28) 21% (34) 0% (101) (84) 20% Net profit 368 335 10% 351 5% 1,060 905 17% EBITDA margin 44% 50% -6% 46% -2% 45% 50% -5% Conventional EBITDA margin4 50% 51% -1% 51% -1% 51% 50% 1% Net profit margin 29% 33% -4% 29% 0% 29% 32% -3% Conventional net profit margin4 32% 33% -1% 32% 0% 33% 32% 1% Cash generated from operating activities 667 315 112% 649 3% 1,837 1,180 56% Capital Expenditure5 (174) (197)) -12% (244) -29% (509) (546) -7% Investment in joint ventures (19) (117) -84% - - (133) (205) -35% Free cash flow 477 4 11825% 408 17% 1,204 439 174% Total equity 4,033 3,412 18% 3,892 4% 4,033 3,412 18% Net debt6 1,741 2,219 -22% 1,964 -11% 1,741 2,219 -22% Earnings per Share ($ per Share)7 0.023 0.021 10% 0.0219 5% 0.066 0.057 17% Capital employed 6,282 6,153 2% 6,403 2% 6,282 6,153 2% Return on capital employed 25% 22% 3% 23% -2% 25% 22% 3% Net debt to LTM EBITDA 0.8 1.2 (0.4) 0.9 (0.1) 0.8 1.2 (0.4) Leverage ratio 30% 39% -9% 34% -4% 30% 39% -9% Return on equity 36% 36% 0% 35% 1% 36% 36% 0%
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19 SEGMENTAL RESULTS P&L SUMMARY (1) Operational expenses including allocated G&A. (2) Underlying EBITDA includes other income. (USD, Million) 3Q25 3Q24 YoY 2Q25 QoQ Revenue 1,260 1,026 23% 1,197 5% Onshore 512 487 5% 513 0% Offshore 365 342 7% 337 8% Oilfield Services (OFS) 383 197 94% 347 10% Total OPEX1 (703) (518) 36% (663) 6% Onshore (258) (246) 5% (256) 1% Offshore (126) (112) 13% (104) 21% Oilfield Services (OFS) (319) (160) 99% (303) 5% EBITDA2 560 510 10% 545 3% Onshore 254 241 5% 260 -2% Offshore 239 230 4% 233 3% Oilfield Services (OFS) 67 39 72% 52 29% Net Profit 368 335 10% 351 5% Onshore 183 173 6% 182 1% Offshore 144 144 0% 142 1% Oilfield Services (OFS) 41 18 128% 27 52%
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THANK YOU ADNOC DRILLING www.adnocdrilling.ae ir@adnocdrilling.ae