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1 FULL YEAR 2025 RESULTS PRESENTATION February 12, 2026
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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 FY25 – RECORD YEAR WITH STRONG DELIVERY • 20% YoY improvement in well delivery time with 80+ wells ahead of plan • 47% YoY cut in NPT1, driven by stronger drilling performance • TRIR2 of 0.52 and energy intensity at 2,298 GJ/$M, beating targets • Rig fleet at 169 rigs3 at year end, with OFS rolled out on 118 rigs4 Operational Excellence • Revenue up 22% YoY to $4.9bn in FY25, fueled by higher activity • Record profitability: EBITDA $2.2bn, net income $1.45bn • Highest-ever annual free cash flow5: $1.5bn • $1 billion dividends for FY25: +27% YoY Record Financials • Regional expansion: • Closed JV with SLB (8 rigs in Oman & Kuwait) in early January 2026 • Agreement to acquire 80% of MBPS, expanding presence in Oman, Kuwait, Saudi Arabia, and Bahrain • Record-breaking unconventional well performance • Translating into new progressive dividend policy approved through at least 2030 Growth Platforms (1) Non-Productive Time (2) Total Recordable Incident Rate (3) Includes: i. 8 land rigs from the acquisition completed in early January 2026 of a 70% stake in SLB's land drilling rigs business in Kuwait and Oman; ii. 21 land rigs that are part of the transaction announced in November 2025 to acquire an 80% stake in MBPS business across the GCC region, transaction subject to necessary and customary regulatory approvals. (4) Sum of 60 IDS rigs and 58 rigs with at least one discrete service (5) Excluding M&A STRONG YEAR-ON-YEAR GROWTH ACROSS OPERATIONAL AND FINANCIAL METRICS
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4 399 368 389 1,304 1,449 4Q24 3Q25 4Q25 FY24 FY25 596 560 560 2,015 2,198 4Q24 3Q25 4Q25 FY24 FY25 1,187 1,260 1,276 4,034 4,903 4Q24 3Q25 4Q25 FY24 FY25 FINANCIAL HIGHLIGHTS FY25: GROWTH ACROSS FINANCIAL METRICS, STRONG BALANCE SHEET % growth % growth % growth % growth 1,990 1,741 2,082 4Q24 3Q25 4Q25 x Net Debt / LTM EBITDA 0.8x1.0x 0.9x % growth (1) 4Q25 revenue increased c.15% year-on-year, after adjusting 4Q24 for approximately $80 million, previously disclosed, mainly related to activity phasing in OFS and certain cost reimbursements in Onshore. Under the same assumptions, 4Q25 EBITDA would have increased 3% and net profit would have increased 8%, once excluded from 4Q25 a positive one-off impact of in excess of $10 million from the full-year impact of changes in the remaining useful life and residual value estimates of assets, non-repeatable in the next quarter. (2) Cash payments for purchase of property and equipment including prepaid delivery payments, excluding CapEx accruals. 1% Revenue ($ Million) EBITDA ($ Million) Net Income ($ Million) Cash from Operations ($ Million) CapEx2 ($ Million) Net Debt ($ Million) 22% 15%1 0% 9% 3%1 2%1 11% 8%1 474 667 389 1,654 2,226 4Q24 3Q25 4Q25 FY24 FY25 -42% -18% 35% 215 174 263 761 772 4Q24 3Q25 4Q25 FY24 FY25 51% 22% 1%
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5 285 254 234 927 994 4Q24 3Q25 4Q25 FY24 FY25 554 512 519 1,893 2,037 4Q24 3Q25 4Q25 FY24 FY25 ONSHORE OPERATIONS GROWING FY25 REVENUE AND EBITDA, HIGH RIG AVAILABILITY › Onshore revenue grew 8% YoY to $2,037 million for FY25, mainly driven by: › Full contribution of rigs commencing operations over the course of last year › $158 million contribution from unconventional activity related to land drilling, to date 83 wells have been drilled5 › FY25 EBITDA increased 7% year-on-year to $994 million with margin stable year on year at 49% › 4Q25 onshore revenue increased 1% sequentially supported by rig moves and decreased 1% year-on- year on normalized basis1 driven by the initial impact from the transition of some onshore rigs, after a review of their age › Pro-forma onshore fleet stood at 121 rigs at year- end - including 92 rigs in Abu Dhabi and 29 in the region3 › Onshore segment drilled a total of 666 wells in FY25 with an overall rig availability at 98% (1) 4Q25 revenue c.-1% year-on-year, after adjusting 4Q24 for c.$30 million, previously disclosed, mainly related to certain cost reimbursements; under the same assumptions, 4Q25 EBITDA c.-12% year-on-year. (2) Includes 4 lease-to-own land rigs. (3) Pro-forma, including 8 land rigs part of the transaction announced in May 2025 to acquire a 70% stake in SLB's land drilling rigs business in Kuwait and Oman. Transaction completed in early January 2026. (4) Includes: i. 8 land rigs from the acquisition completed in early January 2026 of a 70% stake in SLB's land drilling rigs business in Kuwait and Oman. ii. 21 land rigs that are part of the transaction announced in November 2025, when ADNOC Drilling signed an agreement to acquire an 80% stake in MBPS business across the GCC region, subject to necessary and customary regulatory approvals. (5) As of February 9, 2026. Commentary 180 167 176 4Q24 3Q25 4Q25 1 Onshore Wells Drilled 95 100 121 4Q24 3Q25 4Q25 1 2 Onshore Owned Rigs 4 % growth Onshore Revenue ($ Million) 1% 8% -1%1 Onshore EBITDA ($ Million) % growth -8% 7% -12%1 3
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6 OFFSHORE OPERATIONS STRONGER ACTIVITY, HIGHER FULL YEAR PROFITABILITY, SUSTAINED FLE ET PERFORMANCE › Offshore revenue grew 6% YoY to $1,404 million for FY25, powered by: › Conversion of two rigs from Onshore to Offshore (offshore islands) › Impact from the two jack-ups which commenced operations at the end 2Q25 › FY25 EBITDA increased 6% YoY to $953 million from $896 million, with margin expansion to 68% › 4Q25 offshore revenue increased 15% YoY and 1% sequentially driven by increased activity › Offshore fleet stood at 48 rigs at year-end, including 36 jack-ups and 12 island rigs › Offshore segment drilled a total of 170 wells in FY25 with rig availability of 96% Commentary 34 35 58 4Q24 3Q25 4Q25 1 Offshore Wells Drilled 47 48 48 4Q24 3Q25 4Q25 1 Offshore Owned Rigs Offshore Revenue ($ Million) Offshore EBITDA ($ Million) % growth 320 365 368 1,328 1,404 4Q24 3Q25 4Q25 FY24 FY25 % growth 229 239 245 896 953 4Q24 3Q25 4Q25 FY24 FY25 3% 6% 7% 1% 15% 6%
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7 82 67 81 192 251 4Q24 3Q25 4Q25 FY24 FY25 313 383 389 813 1,462 4Q24 3Q25 4Q25 FY24 FY25 › Exceptional growth, with FY25 revenue surging 80% YoY to $1,462 million driven by: › Higher IDS activity and expanded discrete services › Unconventional business, contributing $534 million in revenue. To date, 83 wells have been drilled, while 56 wells have been fractured.1 › EBITDA rose 31% YoY to $251 million, supported by increased activity and growing contribution from the JVs › 4Q25 revenue grew 48% YoY on a normalized basis2 to $389 million, led by both unconventional and conventional activity. Revenue was up 2% sequentially, reflecting continued momentum in IDS, discrete services and higher contribution from unconventional › IDS rig count increased to 60 rigs, up from 57 in 4Q24, and at least one discrete service deployed across 58 rigs compared to 48 last year › IDS drilling efficiency improved 22% in both 4Q25 and FY25 vs the 2024 benchmark Commentary % growth Oilfield Services Revenue ($ Million) 2% 80% 48%1 Oilfield Services EBITDA ($ Million) % growth 21% 31% 56%1 57 57 60 48 53 58 105 110 118 4Q24 3Q25 4Q25 IDS Discrete Services 1 IDS & Discrete Services OILFIELD SERVICES OPERATIONS SCALING ACTIVITY, DRIVING ROBUST FULL YEAR GROWTH ACROSS CORE OP ERATIONAL AND FINANCIAL METRICS (1) As of February 9, 2026. (2) 4Q25 revenue increased c.48% year-on-year, after adjusting 4Q24 for approximately $50 million, previously disclosed, mainly related to activity phasing. Under the same assumptions, 4Q25 EBITDA would have increased c.56% year-on-year.
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8 FOURTH QUARTER 2025 DIVIDEND 4Q25 DIVIDEND SUPPORTING A RECORD $1 BILLION IN FY25, +27% YOY DIVIDEND PROPOSAL TO ANNUAL GENERAL MEETING The Board of Directors has recommended a fourth quarter 2025 dividend of $250 million (around 5.7 fils per share), subject to shareholder approval at the upcoming Annual General Meeting. This reaffirms the commitment to delivering reliable, growing income to shareholders. The dividend is expected to be paid in the second half of April 2026. As per dividend policy, the Board of Directors, at its discretion, may approve additional dividends over and above the progressive dividend floor after considering free cash flow accretive growth opportunities.
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9 (USD, Billion) FY25 Actual FY26 Guidance Revenue 4.9 ~5 Onshore Revenue 2.0 ~2 Offshore Revenue (Jack-up & Island) 1.4 ~1.5 Oilfield Services Revenue 1.5 ~1.5 EBITDA 2.2 2.2 - 2.3 EBITDA Margin 45% 44% - 45% Net Profit 1.4 1.45 - 1.50 Net Profit Margin 30% 29% - 30% Cash CapEx (excluding M&A) 0.8 0.6 - 0.8 FCF (excluding M&A) 1.5 1.2 - 1.3 Leverage Target < 2.0x < 2.0x Dividend Floor 1.0 1.05 (+5% YoY) Medium-Term Outlook • The forward outlook remains strong, anchored by sustained development in both unconventional and conventional drilling, the latter including six new island rigs scheduled for delivery between 2026 and 2028 • This is complemented by ongoing expansion in Oilfield Services (OFS) and attractive regional growth avenues • 70 IDS rigs expected by year-end 2026 • In the medium-term, management is focused on preserving a healthy EBITDA margin of circa 50% from the domestic conventional business (drilling margins exceeding 50% and OFS margin in a range of 23-26% medium-term) • Maintenance CapEx at around $250 million per annum • As new growth drivers accelerate, the Company will update its 2027 and medium-term guidance accordingly1 STRONG FY25 PERFORMANCE EXPECTED TO CONTINUE IN FY26 BUILDING ON STRONG FY25 PERFORMANCE WITH CONTINUED MOMENTUM IN F Y26 (1) Guidance for 2027 and beyond will be provided as the phasing for additional rigs (conventionaland unconventional) and OFS volumes (IDS, discrete services, unconventional) is finalized
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CLOSING REMARKS
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11 CLOSING REMARKS Gearing Up for Future Growth, While Remaining Resilient Regional expansion unlocking further growth opportunities Board recommends 4Q25 dividend, under the new progressive policy Record 2025 results, 2026 outlook building on strong momentum Delivering on our ESG agenda by pursuing ambitious goals
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APPENDIX
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13 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 2026. • Acquisitions to support Enersol’s goal of becoming a diversified, tech-centric OFS investment platform. Enersol • Acquired 70% 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 • Entered into definitive agreement to acquire 80% of MB Petroleum Services, one of the leading drilling and OFS providers in the region with operations in Oman, Kuwait, Saudi Arabia, and Bahrain.3 Regional Expansion • 83 wells have been drilled for Phase 1, while 56 wells have been fractured2. • Phase 1 underpinned $1.7 billion contract to unlock the UAE’s world-class unconventional energy resources. • The contract involves drilling 144 oil and gas wells over 2+ years. • Sustaining growth by potentially entering into Phase 2, which together with conventional expansion plans, provides thousands of wells. Unconventional Resources (1) Four companies acquired and with completed transactions. (2) As of February 9, 2026. (3) The transaction closing is subject to customary conditions, including receipt of applicable regulatory approvals.
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14 WE CONTINUE TO PURSUE AMBITIOUS ESG GOALS ESG FRAMEWORK & PERFORMANCE HIGHLIGHTS Climate, Emissions and Energy • Achieved a 7.8% reduction in GHG emissions intensity, supporting ADNOC Group’s Net Zero by 2045 ambition • Achieved a 10.4% reduction in energy intensity compared to 2024, and exceeding the 2025 target • Energy from renewable sources 0.67% Health, Safety and Security • TRIR of 0.52, exceeding target • Successfully achieved the target of 90 high-profile HSE management site visits in 2025 • Launched MiHealth+ digital platform to transform HSE management through proactive risk intelligence Economic and Social Contribution • Percentage of Total Procurement Value Spent in the UAE is 53.73% vs target of 50% • Maintained zero cyber risk and data protection incidents throughout 2025 • Achieved highest ever ICV Score: 90.78% Local Environment • Zero spill incidents in 2025 • Hazardous waste recycled 40% and non-hazardous waste recycled 100% in 2025 • Surpassed the 2025 water recycling target by 1.7%, recycling 71.2 million liters Business Sustainability • Achieved 98% rig availability in 2025 • Maintained 100% compliance with the Code of Conduct • Achieved limited external assurance on selected indictors Workforce Diversity and Development • Increased women’s representation in senior management by 30% compared to 2024 • 83 nationalities across the workforce
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15 (330) (272) (236) 2,295 1,999 2,270 25 14 48 1,990 1,741 2,082 4 Q 2 4 3 Q 2 5 4 Q 2 5 Leases Borrowings Cash STRONG CASHFLOW & BALANCE SHEET HEALTHY CASH POSITION WITH AMPLE LIQUIDITY TO POWER GROWTH CommentaryNet Cash from Operating Activities ($ Million) Net Debt ($ Million) Cash from Operating Activities › Cash from operating activities stood at $389 million in 4Q25 › Working capital trend was supported by our continued focus on collections Net Debt › Net Debt / EBITDA ratio decreased year-on-year from 1.0x to 0.9x › Cash & cash equivalents stood at $236 million in 4Q25 › As of December 31, 2025, the Company’s liquidity headroom (including unutilized syndicated term and revolving facilities) was around $1.21 billion Net Debt / LTM EBITDA 1.0x 0.8x 0.9x 474 (17) (35) (6) (27) 389 4Q24 Profit Net Working Capital D&A Other 4Q25
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16 CAPEX & WORKING CAPITAL CommentaryCapEx1 ($ Million) Operating Working Capital ($ Million) CapEx › FY25 CapEx including prepayments and accruals amounted to $604 million › ADNOC Drilling expects cash CapEx to be in a range between $0.6 - $0.8 billion for 2026 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. 322 327 321 4Q24 3Q25 4Q25 % of LTM revenue 8% 7% 7% 383 317 898 604 4Q24 4Q25 FY24 FY25 % revenue 32% 12%25% 22%
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17 FINANCIAL SUMMARY (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) ConventionalEBITDA 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) 4Q25 4Q24 YoY 3Q25 QoQ FY25 FY24 YoY Revenue 1,276 1,187 7% 1,260 1% 4,903 4,034 22% Opex1 (728) (594) 23% (703) 4% (2,734) (2,027) 35% Share of profit of joint ventures2 12 3 300% 3 300% 29 8 263% EBITDA3 560 596 -6% 560 0% 2,198 2,015 9% Depreciation and amortization (114) (120) -5% (135) -16% (512) (458) 12% Finance cost-net (19) (32) -41% (23) -17% (98) (124) -21% Taxes (38) (45) -16% (34) 12% (139) (129) 8% Net profit 389 399 -3% 368 6% 1,449 1,304 11% EBITDA margin 44% 50% -6% 44% 0% 45% 50% -5% Conventional EBITDA margin4 51% 55% -4% 50% 1% 51% 52% -1% Net profit margin 30% 34% -4% 29% 1% 30% 32% -2% Conventional net profit margin4 36% 37% -1% 32% 4% 33% 33% 0% Cash generated from operating activities 389 474 -18% 667 -42% 2,226 1,654 35% Capital Expenditure5 (263) (215) 22% (174) 51% (772) (761) 1% Investment in joint ventures (91) (62) 47% (19) 379% (224) (267) -16% Free cash flow 38 200 -81% 477 -92% 1,242 639 94% Total equity 4,099 3,810 8% 4,033 2% 4,099 3,810 8% Net debt6 2,082 1,990 5% 1,741 20% 2,082 1,990 5% Earnings per Share ($ per Share)7 0.024 0.025 -3% 0.023 6% 0.091 0.082 11% Capital employed 6,639 6,333 5% 6,282 6% 6,639 6,333 5% Return on capital employed 23% 23% 0% 25% -2% 23% 23% 0% Net debt to LTM EBITDA 0.9 1.0 (0.1) 0.8 0.10 0.9 1.0 (0.1) Leverage ratio 34% 34% 0% 30% 4% 34% 34% 0% Return on equity 35% 34% 1% 36% -1% 35% 34% 1%
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18 SEGMENTAL RESULTS P&L SUMMARY (1) Operational expenses including allocated G&A. (2) Underlying EBITDA includes other income. (USD, Million) 4Q25 4Q24 YoY 3Q25 QoQ FY25 FY24 YoY Revenue 1,276 1,187 7% 1,260 1% 4,903 4,034 22% Onshore 519 554 -6% 512 1% 2,037 1,893 8% Offshore 368 320 15% 365 1% 1,404 1,328 6% Oilfield Services (OFS) 389 313 24% 383 2% 1,462 813 80% Total OPEX1 (728) (594) 23% (703) 4% (2,734) (2,027) 35% Onshore (285) (270) 6% (258) 10% (1,046) (967) 8% Offshore (123) (91) 35% (126) -2% (451) (432) 6% Oilfield Services (OFS) (320) (233) 37% (319) 0% (1,237) (628) 97% EBITDA2 560 596 -6% 560 0% 2,198 2,015 9% Onshore 234 285 -18% 254 -8% 994 927 7% Offshore 245 229 7% 239 3% 953 896 6% Oilfield Services (OFS) 81 82 -1% 67 21% 251 192 31% Net Profit 389 399 -3% 368 6% 1,449 1,304 11% Onshore 179 201 -11% 183 -2% 712 645 10% Offshore 156 138 13% 144 8% 588 551 7% Oilfield Services (OFS) 54 60 -10% 41 32% 149 108 38%
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