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ADNOC GAS Q2 2026 Results 10 AUGUST 2026 5 أدنوك للغاز ADNOC GAS ADNOC GAS
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ADNOC GAS The information contained in this presentation is for background purposes only and does not purport to be full or complete. No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to change. No obligation is undertaken to update this presentation or to correct any inaccuracies, and the distribution of this presentation shall not be deemed to be any form of commitment on the part of ADNOC Gas plc and its subsidiaries (“ADNOC Gas”) to proceed with any transaction or arrangement referred to herein. This presentation has not been approved by any competent regulatory authority. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares or any other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or to be relied in connection with or act as an inducement to enter into, any contract or commitment whatsoever. Investors should not purchase any shares on the basis of the information contained in this presentation. Distribution of this presentation and other information may be restricted by law and persons into whose possession this presentation, any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This presentation has not been reviewed, verified, approved and/or licensed by the Central Bank of the United Arab Emirates (the “UAE”), the Securities and Commodities Authority of the UAE and/or any other relevant licensing authority in the UAE including any licensing authority incorporated under the laws and regulations of any of the free zones established and operating in the territory of the UAE, including the Financial Services Regulatory Authority, a regulatory authority of the Abu Dhabi Global Market, and the Dubai Financial Services Authority, a regulatory authority of the Dubai International Financial Centre, or any other authority in any other jurisdiction. None of Abu Dhabi National Oil Company (ADNOC) P.J.S.C (“ADNOC”), ADNOC Gas and/or any of their respective subsidiary undertakings, affiliates or any of their respective directors, officers, employees, advisers, agents or any other person(s) accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this presentation (or whether any information has been omitted from this presentation) or any other information relating to ADNOC Gas associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. This presentation may contain “forward looking” statements, beliefs or opinions, including statements with respect to the business, financial condition, results of operations, liquidity, prospects, growth, strategy and plans of ADNOC Gas, and the industry in which ADNOC Gas operates. These forward looking statements involve known and unknown risks and uncertainties, many of which are beyond ADNOC Gas’ control and all of which are based on ADNOC Gas’ current beliefs and expectations about future events. Forward looking statements are sometimes identified by the use of forward looking terminology such as “believes”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts and involve predictions. Forward looking statements may and often do differ materially from actual results. They appear in a number of places throughout this presentation and include statements regarding the intentions, beliefs or current expectations of the directors or ADNOC Gas with respect to future events and are subject to risks, uncertainties and assumptions relating to ADNOC Gas’ business, concerning, amongst other things, the results of operations, financial condition, prospects, growth and strategies of ADNOC Gas and the industry in which it operates. No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing ADNOC Gas. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward-looking statements. Forward-looking statements contained in this presentation speak only as of the date of this presentation. ADNOC, ADNOC Gas and/or their respective affiliates, expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained in this presentation to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law. Financial information in this presentation includes ADNOC Gas' proportionate consolidation of JVs financial results, unless otherwise stated. EBITDA includes proportionate consolidation of JVs and represents Earnings Before Interest, Tax, Depreciation and Amortization. Free cash flow as presented is based on the IFRS financial statements. The reconciliation between the financial data as presented and the IFRS financial statements is presented in the Management Discussion & Analysis Report. DISCLAIMER
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ADNOC GAS SPEAKERS F A T E M A M O H A M E D A L N U A I M I C H I E F E X E C U T I V E O F F I C E R P E T E R V A N D R I E L C H I E F F I N A N C I A L O F F I C E R
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ADNOC GASADNOC GAS ADNOC GAS ADNOC GAS: WELL POSITIONED FOR GROWTH 01 Unconstrained Growth ✓ Access to the world's 7th-largest gas reserves ✓ Among the lowest-cost gas producers globally ✓ OPEC+ exit lifts production caps, de- risking the growth trajectory 02 Resilience ✓ GSPA provides structural downside protection ✓ 70% of sales volumes have no SoH exposure ✓ Habshan gas supply restoration ahead of schedule 03 Upgraded Growth Target ✓ RGD Phase 2 & 3 sanctioned ✓ CAPEX of ~$28Bn drives ~60% EBITDA1 growth target by 2030 vs 2023 A low-cost, de-risked growth portfolio offering ~60% EBITDA growth (1) Assuming an oil price environment of $70/bbl, EBITDA refers to a non-IFRS measure incl. proportionate consolidation of JVs. 4
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ADNOC GASADNOC GAS ADNOC GAS RGD INVESTMENT DERISKED FOLLOWING UAE’s OPEC EXIT Key benefits OPEC exit and growth ✓ Clear path of volumes growth from ADNOC after OPEC exit ✓ OPEC exit enables more rich gas production further supporting profitability of RGD ✓ RGD 1,2,3 capable of accommodating associated gas consistent with 5 mbpd oil production ✓ Further upside if oil production is increased beyond 5 mbpd Capex EBITDA growth1 ~$20Bn +40%3 +60%2 ~$28Bn MERAM, RLNG, RGD 1 RGD 2,3 Derisked (5 mbpd) Further upside (5 mbpd+) H1 26 market narrative Q2 26 update (1) Assuming an oil price environment of $70/bbl, EBITDA refers to a non-IFRS measure incl. proportionate consolidation of JVs. (2) 2030 vs 2023 (3) 2029 vs 2023 Unconstrained growth 5
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ADNOC GASADNOC GAS ADNOC GAS ~70% OF SALES VOLUMES HAVE NO SoH EXPOSURE PRODUCT USE PRICING C1 Natural Gas Methane Power & industry; LNG Long-term contracts (domestic); oil-linked (LNG) C2 Ethane Petrochemical feedstock Long-term contract C3 Propane Heating & cooking fuel; PDH / petrochemical feed Saudi Aramco LPG price C4 Butane Fuel, gasoline blending & petrochemical feed Saudi Aramco LPG price Naphtha Cracker feedstock for olefins; gasoline blending Market-linked Condensate Light feed split into naphtha, jet & gas oil blending Market-linked LPG C5 Resilience ~70% of sales volume (domestic gas, condensate): no SoH exposure ~30% (C2, C3, C4, C5, LNG): SoH-exposed THE GAS TRAIN 6
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ADNOC GAS ADNOC GAS HABSHAN RESTORATION AHEAD OF SCHEDULE 8 Apr: Emergency shutdown April: Early recovery Pre-war capacity restored ✓ Faster-than-anticipated recovery demonstrates operational resilience and execution excellence ✓ Recovery ensures continued progress of key strategic projects that integrate with Habshan ✓ Full restoration to be complete by Q2 2027 Note: Illustrative Optimized schedule Original restoration plan June: ~85% supply restored Q2 2026 Q2 2027 Resilience 7
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ADNOC GASADNOC GAS ADNOC GAS 60% EBITDA GROWTH BY 2030 vs 2023 FOLLOWING RGD P2,3 FID ~60% EBITDA growth (20301 vs 2023) Upgraded growth target ✓ 13% EBITDA growth achieved in 2025 vs IPO ✓ 2030 EBITDA growth target represents 40% increase vs 2025 ~$28Bn CAPEX (2026-30) Value accretive investments ✓ RGD phase 2,3 FID adds $8.2bn to committed CAPEX ✓ Bab Gas Cap (BGC) offers further upside ~45% Volume growth (2030 vs 2023) Volume led growth ✓ Improving composition, more rich gas, supports EBITDA growth ✓ IGDE-2 commissioned (on time and budget) Capital discipline drives mid-teen project returns Growth update (1) EBITDA refers to a non-IFRS measure incl. proportionate consolidation of JVs. 8
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ADNOC GASADNOC GAS ADNOC GAS PERFORMANCE OVERVIEW ADNOC GAS
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ADNOC GASADNOC GAS ADNOC GAS ADG DELIVERED $665MN NET INCOME IN Q2 26 DESPITE UNPRECEDENTED DISRUPTION Navigated. Restored. Secured. Protected our people, restored assets and sustained supply to customers. 0 Zero-harm response Zero fatalities, protected our people and value chain throughout the crisis. 85% Rapid recovery Habshan gas supply restored, moving from peak disruption back to normalizing operations. 100% Secured supply to customers Reliable gas supply underpinned by effective ullage management. In progress Growth momentum RGD Phase 2/3 and key growth projects advancing, keeping our growth agenda on course. Resilience powered by safety, recovery, supply and growth Q2 RESPONSE & REBOUND 10
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ADNOC GASADNOC GAS ADNOC GAS RESILIENT Q2 26 RESULTS UNDERPINNED BY STRONG DOMESTIC GAS CONTRIBUTION $665Mn Q2 26 Net Income Delivery ✓ Guidance exceeded despite SoH & Habshan disruption ✓ Performance underpinned by strong sales gas contribution $1.49Bn Q2 26 cash balance Financial Strength ✓ Strong balance sheet supports growth and resilience ✓ $6bn combined loan facility available to fund CAPEX $3.76Bn 2026 dividend Dividends secure ✓ Balance sheet strength supports the dividend commitment ✓ Interim dividend up 5% year-on- year to $940m Proven resilience, visible growth, maintaining attractive shareholder returns 11
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ADNOC GASADNOC GAS ADNOC GAS SALES GAS PRICING DRIVES RESILIENT DOMESTIC GAS Q2 EBITDA 752 845 914 795 684 687 Q1 25 75 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 752 920 914 795 684 687 -25% 0% Adjustment EBITDA 100 102 104 100 101 110 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 +8% +9% 580 611 635 595 519 429 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 -30% -17% ✓ Improving Sales Gas pricing supported resilient EBITDA ✓ Less reinjection rather than lower customer demand drove overall sales quantity ✓ Optimized mix enhanced margins Sales gas1 revenue (indexed, Q1 25 = 100%) Domestic Sales Quantity (TBTU) Domestic EBITDA ($ Mn) (1) Sales gas refers to domestic gas excluding reinjection gas, ethane. 12
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ADNOC GASADNOC GAS ADNOC GAS ETL, LNG Q2 EBITDA DECLINED ON LOWER SALES VOLUMES 323 270 177 207 158 1,038 982 974 928 821 369 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 71 Q2 26 1,361 1,253 1,151 1,135 979 440 -65% -55% 68 65 46 52 46 251 252 273 260 202 117 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 19 Q2 26 319 317 319 312 248 137 -57% -45% ✓ Export traded liquids (ETL) and LNG exports impacted by SoH disruption ✓ Benchmark prices increased however actual realizations were lower due to increased shipping and insurance expenses Brent, LPG price (indexed, Q1 25 = 100%) ETL, LNG EBITDA ($ Mn)2 ETL, LNG sales (TBTU)1 (1) Sales Quantity includes 70% sales of the ALNG JV. (2) EBITDA refers to a non-IFRS measure incl. proportionate consolidation of JVs 100 90 91 84 105 137 100 97 84 78 86 126 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 +52% +30%Brent LPG ETL LNG ETL LNG 13
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ADNOC GASADNOC GAS ADNOC GAS RESILIENT H1 26 CASH GENERATION COVERS DIVIDENDS 3,224 2,478 1,836 1,246 226 274 H1 2025 operating CF ex-WC EBITDA Taxes Others H1 2026 operating CF ex-WC H1 26 Dividends paid +35% ✓ H1 26 operating CF ex-WC funded dividend throughout SoH disruption ✓ EBITDA mostly affected by lower ETL, LNG contribution ✓ Sufficient balance sheet flexibility to fund accelerating growth capex Operating cash-flow evolution ($ Mn) Source: Interim Condensed Consolidated Statement of Cash Flows 14
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ADNOC GASADNOC GAS ADNOC GAS 2026 OUTLOOK
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ADNOC GASADNOC GAS ADNOC GAS 2026 OUTLOOK: $3.5-4BN NET INCOME GUIDANCE UNCHANGED 5,166 2025 Actual Net Income Habshan outage SoH closure H1 26: $1,744m 2026 Net Income Guidance 2026 drivers: ✓ SoH disruptions resulting in reduced ETL, LNG sales and negatively impacts price realization ✓ Negative volume impact from Habshan outage ✓ Q3 26 guidance: $600 – 800mn 2026 outlook ($ Mn) Note: FY 2026 guidance assumes SoH disruption throughout Q3 with recovery thereafter. 16
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ADNOC GAS 2026 CAPITAL MARKET GUIDANCE Sales volume 1 (in TBTU) H1 2026 actual 2026 guidance Domestic Gas Products 948 1,920 – 2,000 Exports & Traded Liquids 319 730 – 770 LNG JV Products 66 160 – 175 Net Profit Unit Margins (in $/MMBtu) H1 2026 actual 2026 guidance Domestic Gas Products 1.08 0.95 – 1.05 Exports & Traded Liquids 1.48 1.35 – 1.45 LNG JV Products 1.17 1.40 – 1.60 Sulphur ($ Millions) 225 400 - 450 Financial H1 2026 actual 2026 guidance EBITDA Margin % 35.0% ~36% Investments ($ Million) H1 2026 actual 2026 guidance CAPEX 2,008 4,500 - 5,000 Note: ADNOC Gas’ proportionate 70% share of volumes includes LNG, LPG, Naphtha and Sulphur 17
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ADNOC GASADNOC GAS ADNOC GAS ADNOC GAS GROWTH UPDATE ADNOC GAS
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ADNOC GAS ADNOC GAS DELIVERING ~60% EBITDA UPLIFT BY 2030 vs 2023 ✓ EBITDA already +13% in 2025 vs IPO year ✓ EBITDA growth target: ~60% by 2030 vs 2023, upgraded from ~40% by 2029 vs 2023 ✓ BGC adds further upside, no impact from MERAM rephasing to 2027 ✓ EBITDA target assuming a ~$70/bbl oil price EBITDA evolution ($ Bn)1 EBITDA growth: from IPO to 2030 7.6 8.6 2023 2025 2029 2030 +60% (1) EBITDA refers to a non-IFRS measure incl. proportionate consolidation of JVs. 19
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ADNOC GAS ADNOC GAS $28BN COMMITTED CAPEX DRIVES GROWTH AMBITION TO 2030 1.5 8.2 ~20.0 CAPEX (2025-29) 2025 spend 2030 addition Habshan repair costs ~20 CAPEX (adj. 2026-30) RGD P2,3 ~28 Total (2026-30) 2026-30 CAPEX outlook ($ bn, incl. FID projects) 20
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ADNOC GAS ADNOC GAS GROWTH PROJECT EXECUTION DRIVES CAPEX 2026 2027 2028 2029 2030 10-15% 10-15% 70-80% 2026-30 Maintenance Other projects Growth projects Committed CAPEX distribution CAPEX composition RLNG Organic CAPEX 21
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ADNOC GAS ADNOC GAS ACCELERATING GROWTH WITH RGD P2,3 FID Growth Completion Capacity Capex Status RGD Phase 1 RGD Phase 2 & 3 Bab Gas CapMERAM Ruwais LNG1 2027 3.4 MTPA $3.6 Bn Execution 2028 9.6 MTPA ~$5 Bn Execution 2027+ ~$5 Bn Execution 2029+ 1.85 MMSCFD Pre-FID LNG (1) ADNOC’s stake in Ruwais LNG is to be purchased by ADNOC Gas upon completion at cost Execution 2029/30 ~$8.2 Bn Gas train: 670 MMSCFD NGL train: 23,000 TPD Owner Previously announced projects Current FID Pre-FID Debottlenecking 22
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ADNOC GAS ADNOC GAS GROWTH WHILE MAINTAINING COMMITMENT TO SHAREHOLDER RETURNS 3.25 3.58 3.76 4.57 2023 2025 2026 2030 Total dividend in 2025-30 $24.4Bn 2030 5% per annum growth policy extended by 3 years versus IPO commitment 1st Quarterly dividend payment Q3 2025 +5% pa Dividend policy extended Dividend distribution ($Bn) 23
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ADNOC GAS ADNOC GAS BALANCE SHEET STRENGTH SUPPORTS DIVIDENDS AND GROWTH IN CAPEX Uses Sources CFFO Balance Sheet Capacity Dividends Capex (FID) Capex (pre-FID) Interest 1.5-2x net debt / EBITDA capacity Q2 2026 cash balance $1.5Bn $5.4Bn Q2 2026 retained earnings Capital allocation (2026-30) Strong balance sheet Note: Illustrative 24