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ADNOC Classification: Internal adnocls.ae 2025 ANNUAL RESULTS PRESENTATION 11 February 2026
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ADNOC Classification: Internal 2 Disclaimer This presentation has been prepared by ADNOC Logistics & Services Plc (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, their affiliates 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 legal, tax, regulatory, accounting or investment advice. 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. Absolute figures and percentages included in this document have been subject to rounding adjustments.
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ADNOC Classification: Internal 3 Agenda & Presenters Results Summary Health & Safety FY 2025 Highlights Segmental Performance Growth Outlook & Guidance 1 3 4 5 7 Captain Abdulkareem Al Masabi Chief Executive Officer Hugh Baker Chief Financial Officer 9 Shareholder Value2 Closing Remarks8 Appendix Cashflow Profile6
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ADNOC Classification: Internal • Record FY 2025 performance and exceeding guidance: Revenue +41%, EBITDA +32% and Net Profit +14% • Strong Operating Free Cash Flow generation, up 42% YoY to US$1.4 bn • Recent Highlights: • Revolving Credit Facility of US$2.6 billion (US$2.0bn + US$600m upsize), SOFR + 80bps with ADNOC • Sold VLCC Leicester (2017) (90% owned) for US$111m – netting US$99m sales proceeds and gain on sale ~US$27m • Fully utilized US$2 billion Hybrid Capital Instrument (HCI) – replacing higher-cost financing and funding growth • MSCI Emerging Markets Index inclusion in November 2025 attracting $240+ million in passive inflows and significantly increased average daily traded value to ~US$20 million Q4 25 • Proposed Q4 2025 dividend US$81.25 million subject to shareholder AGM approval 2025 Dividend US$325 million +~20% YoY EBITDA US$1,515m +32% YoY Revenue US$5,016m +41% YoY 4 Record FY 2025 Results 1FY 2025 Invested CAPEX includes Navig8 acquisition US$999m, 50% AWS investments in VLECs and VLACs and accrued CAPEX Net Profit US$863m +14% YoY Invested CAPEX US$2.3b1 Net Debt / EBITDA 0.46x Operating Free Cash Flow US$1.4bn +42%
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ADNOC Classification: Internal EBITDA 2024-29 5 Strong outlook >9% CAGR Financial capacity fully secured Compelling entry point +200% Total shareholder return since IPO2 Solid financial capacity 0.46x Net debt to EBITDA ratio 2.0x-2.5x Targeted net debt to EBITDA ratio Revenue 2017A: $0.9bn Revenue 2025A: $5.02bn+23% CAGR in 2017A–2025A 1Includes 50% of Wanhua contracted revenue 2Based on the final offer price of AED 2.01 per share at IPO to AED 5.92 at 31 December 2025, including dividend payments ZMI + Navig8 global platform for further growth US$2.0bn + US$600m uplift SOFR+80 bps – RCF & US$2.0b SOFR+125 bps - HCI Delivering Shareholder Value Liquidity Improvement: Free Float increase by 3% to 22% through accelerated book building paving the way for MSCI Inclusion and allowing +US$200 million of passive inflows Forward contracted revenue with ADNOC (2026+) Leading beneficiary of ADNOC’s growth US$21bn US$25bn Long-term contracted revenue1 Total forward contracted revenue years >980 yearsResilience and stability 2026 revenues contracted ~53% >US$2bn 2026 Revenue contracted with ADNOC ADNOC provides massive international growth in Chemicals, Gas and Oil
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ADNOC Classification: Internal 6 0.65 0.51 0.36 0.59 0.38 0.18 0.18 0.21 0.09 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.35 0.17 0.04 0.31 0.10 0.08 0.10 0.11 0.03 2017 2018 2019 2020 2021 2022 2023 2024 2025 Lost Time Incident Frequency (LTIF) Total Recordable Incident Rate (TRIR) Leading with Health, Safety & Environment • Zero fatalities, marine vessel incidents, or fires • Record low Lost Time Incident Frequency – down 73% • Record low Total Recordable Incident Rate – down 57%, while manhours worked increased by ~20% • Carbon intensity decreased 56% since 2019 • Maritime Standard Awards 2025: o Tanker Operator of the Year o CEO Special Recognition o Outstanding Achievement Award • International Marine Contractors Association (IMCA): o Rising Star of the Year • Annual Environmental Day Beach Cleanup at Mussafah base Record Health & Safety ADNOC L&S Surpasses HSE KPIs With Excellence
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ADNOC Classification: Internal Delivering Record Results Across All Segments 50%42% 7% Integrated Logistics US$2,529m +11% YoY Shipping US$2,125m 122% YoY Services US$362m +16% YoY 55%41% Integrated Logistics US$829m +21% YoY Shipping US$619m +56% YoY 4% Services US$60m +8% YoY Revenue US$5,016m +41% YoY EBITDA US$1,515m +32% YoY Net Profit US$863m +14% YoY 7 63% 34% Integrated Logistics US$544m +21% YoY Shipping US$296m 10% YoY 3% Services US$27m +6% YoY • Record Integrated Logistics results: Revenue +11%, EBITDA and Net Profit +21% YoY • Record Shipping results: Revenue +122%, EBITDA +56% and Net Profit +10% – Navig8 acquisition in Jan 2025 • Record Services results: Revenue +16%, EBITDA +8% and Net Profit +6%
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ADNOC Classification: Internal • Achieved value efficiencies of US$119 million in 2025 • Annual valuation efficiency target of US$90 million from 2026 to 2030 • Financing cost savings, manpower efficiencies, Navig8 synergies, AI adoption, and disciplined capital deployment • Mix of Hybrid Capital Instrument and Shareholder loan utilized to pay higher cost US$400 million Navig8 loan repayment Value Efficiency Initiatives ILSP value optimization including AI delivering cost saving Financing cost optimization Integrated Logistics revenue enhancements Accelerate growth opportunities OPEX cost saving initiatives 8 Outperforming Our Value Efficiency Targets
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ADNOC Classification: Internal Income Statements • Revenue up 41% YoY with positive performance across all segments • EBITDA up 32% YoY driven by o record Integrated Logistics material handling volumes o higher JUB TCE rates and utilization o delivery of value efficiencies o one-time gains from vessel disposals, termination of an LNG vessel contract • EBITDA margins lower YoY at 30% due to lower tanker and dry bulk TCE rates, and • Q4 25 EBITDA margin +400bps QoQ to 33% driven by lower EPC contribution and higher Tanker and LNG spot TCEs • Net profit up 14% YoY to US$863 million – Navig8 contributed US$65 million Balance Sheet • Repaid US$350m of RCF debt during 4Q25 • Remain conservatively leveraged at 0.46x net debt to EBITDA – maintaining capacity to fund future growth Cash Flow • Operating Free Cash Flow up 42% to US$1.4 billion supported by solid operational performance and improved working capital profile Subsequent Events • Signed revolving credit facility (US$2.0bn + US$600m uplift) SOFR + 80bps with ADNOC 9 1 EPS calculated based on weighted average number of shares and net profit after minority interest. 2Operating Free Cash Flow 3Q1, Q2 and Q3 2025 tankers revenue and direct costs have been restated in line with IFRS , with no changes in Gross Profit, Net Profit and EBITDA (US$ millions) FY 24 FY 25 YoY% Revenue3 3,549 5,016 41% EBITDA 1,149 1,515 32% EBITDA Margin 32% 30% -2pp Net Profit 756 863 14% EPS ($ / share)1 0.10 0.11 11% FY 2025 Financial Highlights (US$ millions) FY 24 FY 25 YoY% Net Debt (US$m) 540 694 28% Net Debt/EBITDA (x) 0.47 0.46 - OFCF2 996 1,415 42% CAPEX (US$m) 811 1,107 36% Free Cash Flow (US$m) 185 309 67% 4Q 24 4Q 25 YoY % 881 1,187 35% 282 391 39% 32% 33% 1pp 180 232 29% 0.02 0.03 25% 4Q 24 4Q 25 YoY % 540 694 28% 0.48 0.44 - 288 445 55% 450 471 5% (162) (26) 84% 3Q 25 QoQ % 1,322 -10% 379 3% 29% 4pp 211 10% 0.03 9% 3Q 25 QoQ % 1,112 -38% 0.73 - 366 22% 296 59% 70 -137% Growth Across All Segments
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ADNOC Classification: Internal 43% 43% 45% 44% 44% 46% 44% 51% 44% 43% 18% 24% 23% 26% 24% 24% 25% 28% 29% 30% 11% 7% 9% 8% 7% 11% 8% 8% 8% 4% 0% 10% 20% 30% 40% 50% 60% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 EBITDA Margins Offshore Contracting Offshore Services Offshore Projects 10 Revenue (US$ Million) EBITDA (US$ Million) Net Profit (US$ Million) Key Highlights • Offshore Contracting and Services revenue together up 20% YoY due to record material handling volumes, expanded Jack-Up Barge fleet and higher charter rates • Sustained strong logistics demand exhibited through FY25 material handling volumes increase to 1.26 million up 21% YoY . Q4 2025 volumes have exhibited stronger performance up 26% YoY as integrated services for non-ADNOC customers rolled out • Offshore Services delivering sequential EBITDA margin increases to 30% as growing fleet benefited from strong demand and increasing charter day rates. While subcontractor claims upon the completion of G-Island during Q4 25 contributed to Offshore Projects EBITDA decline US$m FY 24 FY 25 YoY % Offshore Contracting 498 623 25% Offshore Services 135 178 32% Offshore Projects 54 28 -48% TOTAL 687 829 21% Margin % 30% 33% 3pp US$m FY 24 FY 25 YoY % Offshore Contracting 334 427 28% Offshore Services 73 100 38% Offshore Projects 41 17 -58% TOTAL 448 544 21% Margin % 20% 22% 2pp US$m FY 24 FY 25 YoY % Offshore Contracting 1,108 1,369 24% Offshore Services 553 629 14% Offshore Projects 620 531 -14% TOTAL 2,281 2,529 11% Integrated Logistics - Strong Logistics Demand 1Excludes one-offs related to subcontractor claims 1
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ADNOC Classification: Internal 1Kilo-Metric Tonne 2JUB fleet of 33 owned and 12 chartered Integrated Logistics: Offshore Contracting Strong logistics momentum delivering steady fleet performance and rising material -handling volumes • FY 25 record material handling of 1,079KMT, up 14% YoY • Q4 25 material handling grew 19% YoY – despite stable fleet • Vessel capacity rose by 40% due to container redesign to enable double-stacking and the integration of AI. This substantial increase created the flexibility to redeploy four vessels from Offshore Contracting to Offshore Services fleet • Q4 25 vessels utilization down to 91% due to five scheduled drydocks and conversion of Platform Supply Vessel to hybrid propulsion • Q4 25 Jack-Up Barge utilization marginally lower due to scheduled dry- docking 43 45 49 50 53 56 52 51 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 +2% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 99% 99% 97% 94% 98% 96% 95% 91% 94% 1Q24 94% 2Q24 95% 3Q24 97% 4Q24 98% 1Q25 97% 2Q25 94% 3Q25 93% 4Q25 39 42 39 46 43 42 45 45 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 -2% ILSP Material Handling Volume (KMT1) Key Highlights Number of Owned Vessels & Utilization (%) Number of Jack-Up Barges2 & Utilization (%) 202 252 249 243 243 266 281 289 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 +19% 11
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ADNOC Classification: Internal Number of Owned Vessels & Utilization (%) Key Highlights • Significant growth in material handling volumes – orderly investment in our fleet to match growing customer demand • FY 25 record material handling of 184KMT, up 94% YoY • Q4 25 non-ILSP material handling grew 79% YoY • During the period, we deployed eight Offshore Support Vessels and acquired five Flat-top Barges; remaining one barge scheduled for delivery within Q1 2026 • Lower vessel utilization YoY due to scheduled drydocking and vessel redeployments • Vessels chartered to non-ADNOC customers are on a day-rate basis 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 91% 95% 95% 94% 89% 89% 93% 92% Offshore Services Material Handling Volume (KMT1) 13 22 30 29 41 44 47 52 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 +79% 66 70 67 68 68 70 76 81 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 +19% 1Kilo-Metric Tonne 12 Integrated Logistics: Offshore Services Significant growth in material handling volumes
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ADNOC Classification: Internal 13 Offshore projects: EPC1 contract update 1 Engineering, Procurement and Construction EPC G-Island Construction Project Project Progress Project US$975 100% completed Key Highlights G-Island Project Completion Rate Bu Haseer ESP Surface Facilities Package (EPC Works) 85.7% complete with scheduled completion in H1 2026 FY 23 FY 24 H1 25 9M 25 FY 25 10.0% 54.2% 84.4% 95.3% 100.0% • G-Island construction completed in Nov 2025 • LNG berth upgrade project is progressing as planned, closing the year at 95.6% completion. Final documentation and handover scheduled for Q1 2026. • Bu Haseer project scheduled completion H1 2026 • Expect lower EPC project delivery of US$100-150m in 2026 Integrated Logistics: Offshore Projects Accelerated EPC delivery, marked by G -Island completion
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ADNOC Classification: Internal US$m FY 24 FY 25 YoY % Tankers 517 1,720 233% Gas Carriers 153 180 18% Dry Bulk & Container 287 225 -22% TOTAL 956 2,125 122% 14 Revenue (US$ Million) EBITDA (US$ Million) Net Profit (US$ Million) Highlights • Revenue and EBITDA surged 122% and 56% YoY respectively primarily driven by the consolidation of Navig8 tanker fleet from Jan 2025 • EBITDA increased by 56% YoY due to Navig8 acquisition, one-time gains from vessel disposals, termination of an LNG vessel contract and the addition of 4 LNG and 2 VLEC newbuildings • Q4 25 Gas EBITDA margin expanded QoQ due to higher spot rates on new LNGC vessels and delivery of second VLEC on contract • Net Profit increased by 10% YoY due to expanded tanker fleet, partially offset by US$54m of additional depreciation related to the Navig8 acquisition US$m FY 24 FY 25 YoY % Tankers 240 451 88% Gas Carriers 87 130 48% Dry Bulk & Container 69 38 -45% TOTAL 396 619 56% Margin % 41% 29% -12pp US$m FY 24 FY 25 YoY % Tankers 172 208 21% Gas Carriers 47 77 65% Dry Bulk & Container 51 11 -79% TOTAL 270 296 10% Margin % 28% 14% -11pp 32% 37% 54% 50% 41% 36% 22% 25% 25% 31% 49% 49% 45% 50% 55% 67% 55%1 56% 56% 63% 32% 22% 27% 25% 21% 24% 12% 17% 18% 19% 0% 10% 20% 30% 40% 50% 60% 70% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 EBITDA Margins Tankers Gas Dry Bulk + Container 1 EBITDA Q1 2025 normalized to remove US$25.9m of Other Income earned in the period related to early contract termination of LNGC coupled with sale of a medium gas carrier Shipping – Significant Fleet And Margin Expansion
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ADNOC Classification: Internal 15 16x MR TCE1,2,3,4 1 Owned vessels in fleet at 31 Dec 2025 2 Scrubber fitted: 5xVLCC, 15xLR2, 1xLR1, 16x MR 3 TCE calculated based on revenue minus voyage costs divided over calendar days less offhire days in the period 4 TCE may be adjusted in prior periods due to settlement of historical voyage costs including demurrages, port fees, and other miscellaneous expenses and commercial claims 23,459 25,161 23,391 24,547 1Q25 2Q25 3Q25 4Q25 +5% 60,038 63,734 36,237 32,034 31,033 35,533 34,410 41,973 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 +35% 54,580 46,097 39,681 33,167 39,245 44,350 40,996 85,273 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 +117% 51,645 31,911 27,640 21,546 24,225 24,452 26,574 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 49,424 +23% 9x LR1 TCE1,2,3,4 17x LR2 TCE1,2,3,4 9x VLCC TCE1,2,3,4 US$ US$ US$ US$ Tanker Fleet: Benefiting From Higher Spot Rates Capitalizing on strengthening spot rates – maintaining a high level of spot exposure and adding selective contract cover
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ADNOC Classification: Internal 16 Vessel Type Period (Months) TC-Out Rate US$ TC Expiry (Earliest) TC Expiry (Latest) 1 Navig8 Macallister LR1 20 19,750 28-Mar-27 28-Jul-27 2 Navig8 Martinez LR1 32 19,750 28-Mar-28 28-Jul-28 3 Navig8 Prosperity LR2 36 30,561 04-May-26 02-Aug-26 4 Navig8 Promise LR2 12 32,125 02-Jul-26 31-Aug-26 5 Navig8 Pride LR2 12 32,125 09-Jul-26 07-Oct-26 6 Navig8 Prestige LR2 12 36,850 08-Oct-26 07-Dec-26 7 Navig8 Providence LR2 12 42,000 31-Jan-27 30-Apr-27 8 Navig8 Passion LR2 12 42,000 06-Feb-27 06-May-27 9 Zakum VLCC 22 50,633 02-Sep-27 02-Jan-28 10 Hili VLCC 22 50,633 16-Sep-27 16-Jan-28 11 Arzanah VLCC 12 70,000 01-Feb-27 01-May-27 12 Habshan VLCC 12 72,500 21-Feb-27 21-May-27 Locking In Value Through Long-Term Charters Capitalizing on OPEC+ unwind and rising tonne-mile demand by securing opportunistic vessel coverage at attractive rates for long-term revenue, while maintaining open days to capture elevated spot market returns
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ADNOC Classification: Internal 17 Owned Fleet1 2 4 7 2 1 4 FSU LNG VLGC VLEC 8 Molten Sulphur • 2025 delivery of 3 LNG vessels (Al Rahba), (Al Reef), (Al Sadaf) and 2 VLEC vessels (Yongjiang) and (Minjiang) • 2026 delivery schedule of 2 LNG vessels, 1 VLEC, 2 VLACs, and 1 Molten Sulphur vessel • Fleet renewal continues with sale 1 LPG (Yas), 2 LNG vessels (Al Khaznah) & (Ghasha) • 5 Das LNG vessels progressively moving to long-term contracts with ADNOC Gas from Q2 2026 • 1 LNGC for 7 years • 4 LNGC for 15 years 1 Owned vessels in fleet at 31 Dec 2025 2 Including 6 VLGCs and 2 VLEC owned in 50% joint venture with AW Shipping Limited 2025 2026 2027 2028 2029 Contracted Rate Expiry Vessel Type 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q No. of Vessels Contracted End firm FSU 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Low double-digit IRR (unlevered) June 2033 & Mar 2034 LNG 4 4 4 4 Low double-digit IRR (unlevered) June 2026 VLGC (AWS)2 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 High Single-digit IRR (unlevered) 1 x 2031 5 x 2032 VLGC 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Low double-digit IRR (unlevered) Sept 2029 VLEC 1 2 2 2 2 3 5 6 6 8 9 9 9 9 9 9 9 9 Very High Single-digit IRR (unlevered) 2045 to 2047 Das LNG 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 Low double-digit IRR (unlevered) 2041 Ruwais LNG 3 7 8 8 8 8 8 Very High Single-digit IRR (unlevered) 2048 Newbuild vessels on spot contracts 15 of 20 owned vessels on long-term contracts providing resilient earnings Gas Fleet: Majority LT Contracted & High-Margin EBITDA
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ADNOC Classification: Internal 18 Dry Bulk & Container Fleet 1 Owned vessels in fleet at 31 Dec 2025 3x Handysize 15,280 18,692 17,546 15,209 15,846 13,630 14,375 13,304 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 -16% 8x Supramax + Ultramax 16,344 13,988 15,050 14,984 11,067 11,778 13,586 16,701 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 +51% Dry Bulk TCE Rates US$ US$ • Fleet & Market Update • Ultramax and Supramax market conditions continue to improve, supporting more favorable trading opportunities • Fleet Acquisition to Enhance Capacity Flexibility • Purchased two Handysize vessels to increase operational flexibility and capacity: • Al Watan (2012) – acquired for US$11.6 million • Al Manhal (2014) – acquired for US$12.8 million • Long-Term Contracted Container Fleet Operations • Container Feeder vessels operating under a US$531 million, 15-year contract supporting the Borouge Container Terminal in Ruwais & Feeder services. Strengthening Ultramax and Supramax TCE rates, with feeder vessels operating under a long -term contract
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ADNOC Classification: Internal 14% 18% 15% 19% 20% 17% 21% 18% 19% 10% 0% 10% 20% 30% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 EBITDA Margins Services 19 Services Financials (US$ Million) Highlights • Revenue up by 16% YoY primarily driven by Navig8 commercial pooling fee and transferring the ILSP warehouse business from Integrated Logistics to Services • Q4 25 EBITDA margin declined by 900 basis points to 10%, primarily due to reduced volumes in Petroleum Port Operations caused by planned facility repairs and upgrades. Additionally, there was a one-time increase in cost allocations. Both factors are non-recurring and are not anticipated to impact future margins • Net income up 6% to US$27 million providing additional diversified profitability US$m FY 24 FY 25 YoY % Revenue 312 362 16% EBITDA 56 60 8% EBITDA Margin % 18% 17% -1pp Net Profit 26 27 6% Net Profit Margin % 8% 8% - TA’ZIZ expected to generate ~US$1.3bn in revenue over 27 years, average EBITDA 85%
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ADNOC Classification: Internal • Mainly consists of long-term service contracts of Ruwais packaging • Petroleum Port operations until 2045 • Oil spill and Hazardous Noxious Substance Response Services until 2032-2041 • Onshore Services Contracted until 2046 *50% of AWS contracted revenue included in revenue numbers. *Shipping 2026 Pie Chart includes Navig8 Revenue, excl. Navig8 it will be 42% contracted revenue for existing ALS fleet . . Integrated Logistics 2026 Total US$25 Billion Long-Term Contracted Revenue • Offshore Contracting - ILSP contracts up to 2032, Hail & Ghasha up to 2030 and ZMI JUB contracts up to five years • Offshore Services – Includes DPII & ZMI conventional boats & OSVs with 1-2 year contracts • Non ILSP: short-term contracts ranging between 2-3 years • ILSP Diesel sale contract until 2032 • Offshore projects – EPC Projects completion of Bu Haseer and LNG Berth Upgrade in 2026 Shipping • Long-term contracts for Gas Carriers • Includes 4 VLCCs, 6 LR2 and 2 LR1 on long-term time charters • Tankers and Dry Bulk are generally generating revenue at spot rates Services 2027-29 2030+ $1.7b ~76% contracted revenue $424m ~21% contracted revenue* $3.8b ~58% contracted revenue $1.5b ~23% contracted revenue* $345m ~87% contracted revenue $2.5b >53% contracted revenue* $6.4b >44% contracted revenue* $1.1b ~67% contracted revenue $16.4b contracted revenue* $3.6b contracted revenue $10.4b contracted revenue* $2.4b contracted revenue $25b contracted revenue 20
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ADNOC Classification: Internal 21 4Q 2025 Assets Update Delivered 2024 2026 2027 1 10LNG VLEC (AWS) VLAC (AWS) Segment Vessel Type Purchase Date Deployment Date Purchase Price Integrated Logistics Vessel Count 2028 1Q Pending Vessel Deliveries 1 1 1 1 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 3 4 1 7 4 1 1 1 2 1 12 1 1 11 Vessel Delivery Schedule 2025 1 OSV1 December 2025 USD 13.7mJanuary 2026 OSV1 December 2025 USD 13.2mJanuary 2026 OSV1 December 2025 USD 14.1mJanuary 2026 November 2025Flat-top Barge1 November 2025 USD 3.8m Molten Sulphur 11
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ADNOC Classification: Internal 22 2028 Timeline of Confirmed Newbuilding Contract Years 2026 2027 2029 *Spot exposure including Navig8 1 VLGC & VLEC 50% JV with AW Shipping 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 No. of Contracted Vessels 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 6 6 5 1 3 8 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 7 6 8 Ruwais LNG 5 Das LNG 6 VLGC (AWS)1 9 VLEC (AWS)1 Contracted Years 5 Long-Term Contracts Drive Earnings Visibility 23% Shipping EBITDA spot exposure* 25% Shipping EBITDA spot exposure* 26% Shipping EBITDA spot exposure* 31% Shipping EBITDA spot exposure* 2 Shipping EBITDA spot rate exposure represents an average of only 26% of ADNOC L&S’s Total EBITDA
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ADNOC Classification: Internal 1,515 1,415 308 1,107 EBITDA 41 WC 59 Income Tax OFCF CAPEX FCF1 2 23 FY2025 Free Cash Flow Evolution (US$M) Net Debt (US$M) Net Debt / EBITDA (X) CASH FLOW • Continued strong free cash flow driven by strong EBITDA delivery and working capital improvement • Operating Free Cash Flow of US$1.4 billion providing flexibility for strategic expansion and supports enhanced shareholder returns. NET DEBT • Continuous strong financial position with a net debt to EBITDA ratio of 0.46x allowing ample headroom to fund future CAPEX opportunities OTHERS • We have drawn down an additional US$700m on our HCI, fully utilizing the US$2bn facility in December 2025 • Effective tax rate (ETR) reduced to <1% on international shipping from November 2024 • ADNOC L&S effective tax rate (ETR) decreased to approximately 6% from 9% Commentary 189 223 550 809 FY 2024 FY 2025 Cash Borrowing Leases 540 1 Operating Free Cash Flow. 2 Free Cash Flow (199) 0.47 0.46 FY 2024 FY 2025 (338) 694 Cash Flow Profile Delivering Operating Free Cash Flow ~US$1.4 billion broadly inline with EBITDA: Optimal cash conversion
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ADNOC Classification: Internal 1,384 2,300 289 1,862 455 169 450 2024 2025 Das LNG Ruiwas LNG VLEC VLAC Navig8 Additional Sources of Funding 24 • For investment plans, ADNOC L&S targets low double digit unlevered IRRs. Long-term contracts the target is high single digit unlevered IRRs • Asset back financing in 2026: Target is to apply LTV of 65% on contract commencement of LNG vessels • We have drawn down an additional US$700m on our HCI, fully utilizing the US$2bn facility in December 2025 • Signed revolving credit facility (US$2.0bn + US$600m uplift) SOFR + 80bps with ADNOC • Despite robust investment plans, ADNOC L&S’s financial position offers adequate financing capacity to deliver its investment plan within targeted Net Debt/EBITDA of 2.0x-2.5x 1 VLEC & VLAC captured at 50% and considered off-balance sheet in AWS JV 2 FY2025 CAPEX includes 50% AWS investments for VLECs and VLACs plus accrued CAPEX plus the acquisition of Navig8 US$999 million Inorganic Investment US$ 3bn+ of incremental capacity for investments Key Highlights US$3.2bn1 Remaining Committed CAPEX Obligations Approx. US$ 7.0bn CAPEX Evolution 2 1,384 2,300 450 1,245 289 311206 411 97 2024 2025 144 2026 73 2027 2028 736 1,245VLAC R-LNG D-LNG VLEC Navig8 498 508 2,000 2,000 2,000 2,000 198 2025 176 2026 2027 2028 2,198 2,176 2,498 2,508 HCI Off-Balance Sheet Growth Investment Outlook & Funding Plan Delivering a transformational growth strategy to benefit all stakeholders
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ADNOC Classification: Internal Integrated Logistics Shipping Services Revenue Guidance Offshore Services Offshore Contracting Offshore Projects Gas Carriers Tankers 2026: Mid teens reduction MT: Low single-digit reduction EBITDA Guidance 2026: Flat YoY MT: Low single-digit growth 2026: Flat YoY MT: Low to mid single-digit growth 2026: High single digit growth MT: High single to low double-digit growth 2026: High single digit YoY growth MT: Low double-digit growth 2026: Mid 20%s YoY growth MT: Mid to high teens growth Note: MT = Medium Term 2026-2029 CAGR with 2025 as base year, Dry-bulk & Containers Segmental 2026 & Medium-Term Outlook 25 2026: Higher material handling volumes, higher utilization of JUBs, delayed barge additions due to new-build shift partly offset by Hail & Ghasha ramp-up MT: Sustainable volume growth enhancing operational efficiency to manage higher volumes effectively with continued high utilization 2026: Growing the mix of owned and third-party offshore chartered vessels to improve capacity and deployment flexibility MT: Expanding our vessel fleet to enhance efficiency, service capabilities and meet growing offshore demand 2026: Prudent assessment of major offshore EPC opportunities in the marine logistics market MT: Focus on delivering marine and offshore EPC scopes with predictable returns 2026: 2026 tanker market tightens as fleet growth slows, sanctioned flows persist, and demand lifts utilization & rates MT: Supported by steady oil demand, refinery shifts and balanced fleet supply amid ongoing geopolitical factors 2026: Most of the fleet is secured on long-term charters at strong rates, ensuring earnings stability despite weak spot markets MT: Growth backed by 5 LNGCs from early Q2 2026 and 8 LNGCs under build for 2027–28 long-term contracts 2026: Broadly balanced, freight easing as fleet growth peaks at the highest level since 2019 MT: Sentiment mixed as fleet growth slows, demand stabilizes, and trade risks ease The medium -term growth outlook is maintained, while the Company’s guidance has effectively strengthened due to a higher base year following outperformance relative to prior 2025 guidance
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ADNOC Classification: Internal • Medium-term: Target 2.0-2.5x Net Debt to EBITDA • Projected average all-in cost of debt finance 5.0% • HCI financing costs are paid out of retained earnings, hence no P&L impact Consolidated Revenue Consolidated EBITDA Consolidated Net Profit FY 2026 Growth1 Financial Capacity CAPEX Below The Line Medium-Term CAGR Growth1 Medium-term: US$3bn+ of incremental capacity by 2029, beyond the projects already announced, achieving the targeted unlevered IRR. 1 2026-2029 CAGR with 2025 as base year Low single-digit growth Low to mid single-digit YoY growth Mid to high single-digit growth Low to mid single-digit YoY growth Mid to high single-digit growth Group 2026 and Medium-Term Guidance 26 Mid single-digit YoY reduction • ADNOC L&S effective tax rate (ETR) decreased to 6% from 9% during 2025 • Dividends: 2026 targeted annual dividend of US$341 million with quarterly payments plus PCS distributions. The medium -term growth outlook is maintained, while the Company’s guidance has effectively strengthened due to a higher base year following outperformance relative to prior 2025 guidance
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ADNOC Classification: Internal 27 STRONG CONTINUED EARNINGS GROWTH STRONG EBITDA MARGIN GROWTH STRATEGY EXECUTION COMMITTED TO ATTRACTIVE SHAREHOLDERS RETURNS Closing Remarks
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Q&A
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THANK YOU www.adnocls.ae IR@adnocls.ae
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APPENDIX
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31 Owned Shipping Fleet (as of 31 December 2025) Total 53x Tankers LR1 LR2 VLCC Owned Average Age (owned) 2 16 9 17 20x Gas LNG* VLGC VLEC* MR 11x Dry Bulk Handysize 9 3x Container Ultramax Feeder Supramax Handysize 3 10 7 2 Molten Sulphur 3 4 4 1 87 7 19 1 15 14 33 17 8 17 6 15 7 7 * Includes newbuild delivery of LNG vessels Al Shelila, Al Rahba, Al Reef and Al Sadaf , and VLEC vessels Yongjiang and Minjiang.
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32 Significant Operating Leverage in Spot Shipping Fleet Total 55x Tankers LR1 LR2 VLCC No. owned vessels available at spot1 Earnings sensitivity +/- US$1000/day TCE variation 2 16 7 13 MR 11x Dry Bulk Handysize 7 Ultramax Supramax Handysize 3 4 4 56 ~US$1.5m ~US$1.1m ~US$1.5m ~US$0.7m ~US$5.8m ~US$2.6m ~US$2.6m ~US$4.7m ~US$20.5m 1 Owned vessels available at spot as at 31 Dec 2025
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Orderbook as % of existing fleet Average Age % of Fleet 15-19 Years % of Fleet 20+ years MR (40,000 – 54,999 dwt) 14% 13 30% 16% LR1 (55,000 – 84,999 dwt) 17% 16 46% 19% LR2 (85,000 – 124,999 dwt) 29% 11 25% 9% Aframax (85,000 – 124,999 dwt) 7% 15 29% 28% Suezmax (125,000 – 199,999 dwt) 21% 13 20% 19% VL/ULCC (200,000 – 320,000+ dwt) 17% 13 22% 19% Outlook Source: Clarksons Research, data as of Dec 2025 • Supportive long-term tanker vessel demand and supply fundamentals underpinned by increased ton-mile demand, limited newbuild vessel deliveries and an increasing number of scrapping candidates (vessels 20+ years) • Continue to maintain positive outlook on tanker rates given increased OPEC+ and US production, additional sanctions and seizures of the dark fleet, and restrained newbuilding ordering • Relative softness in Dry Bulk rates as fleet growth continues above ton-mile demand • Current LNG TCE rates will encourage scrapping of older tonnage, providing further comfort to our positive long-term view on LNG fundamentals • Suez Canal rerouting continues to support ton-mile demand LNG Carrier TCE Rates (US$/day) Dry Bulk TCE Rates (US$/day) Tanker TCE Rates (US$/day) US$/dayUS$/day Source: Clarksons Research, data as of 30 Jan 2026 Shipping: Benchmark TCE Rates And OutlookUS$/day 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 MR Clean Products VLCC 0 5,000 10,000 15,000 20,000 25,000 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Supramax c. 2010-built Ultramax c. 2015-built (Eco) 0 20,000 40,000 60,000 80,000 100,000 120,000 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 LNG 145K Steams $/day LNG 160K DFDEs $/day LNG 174K MEGI/XDFs $/day Positive long -term tanker demand supported by increased ton -mile demand and limited newbuild deliveries 33
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ADNOC Classification: Internal Revenue (US$ Million) EBITDA (US$ Million) Net Profit (US$ Million) US$m Q3 25 Q4 25 QoQ % Offshore Contracting 155 154 -1% Offshore Services 49 53 7% Offshore Projects 11 (12) -201% TOTAL 215 195 -9% Margin % 32 34 2pp US$m Q3 25 Q4 25 QoQ % Offshore Contracting 102 103 1% Offshore Services 29 30 4% Offshore Projects 8 (13) -254% TOTAL 139 120 -14% Margin % 21 21 0 US$m Q3 25 Q4 25 QoQ % Offshore Contracting 351 359 2% Offshore Services 169 175 4% Offshore Projects 141 40 -71% TOTAL 662 574 -13% US$m Q3 25 Q4 25 QoQ % Revenue 103 94 -9% EBITDA 18 9 -50% EBITDA Margin % 18 10 -8pp Net Profit 9 (0.2) -102% Margin % 9 0% -9pp EBITDA (US$ Million) US$m Q3 25 Q4 25 QoQ % Tankers 448 406 -9% Gas Carriers 45 52 16% Dry Bulk & Container 63 61 -3% TOTAL 556 519 -7% Revenue (US$ Million) US$m Q3 25 Q4 25 QoQ % Tankers 111 136 23% Gas Carriers 25 33 30% Dry Bulk & Container 11 11 2% TOTAL 147 181 23% Margin % 27 34 +7pp Financials (US$ Million) US$m Q3 25 Q4 25 QoQ % Tankers 46 86 88% Gas Carriers 11 18 65% Dry Bulk & Container 4 4 8% TOTAL 61 109 78% Margin % 11 20 +9pp Net Profit (US$ Million) Shipping Integrated Logistics Segmented Quarterly Financials Services Q1, Q2 and Q3 2025 tankers revenue and direct costs have been restated in line with IFRS , with no changes in Gross Profit, Net Profit and EBITDA 34
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ADNOC Classification: Internal Sustainability Strategy 11.73 7.58 5.37 5.16 4.47 4.30 3.97 3.67 2.83 2.89 2.70 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 LNGCs + DF Vessels + Fleet Modernization Initiatives 2028-2030 Delivery of 8 LNGCs, Total of 14 LNGCs equipped with XDF 1 & XDF 2.2 engines 2027-2028 Delivery of 4 dual fuel VLAC, to transport low carbon fuels to be ammonia ready 2025-2027 Delivery of 9 VLEC & Phase out of old steam- turbine class of LNGC 2024-2026 Delivery of 6 LNGC for Das LNG export 2030 Interim Target Carbon intensity reduction of at least 40% Near 0 GHG emission 5%-10% 35 1Annual efficiency ratio (gCO2/dwt.nm) ADNOC L&S Shipping Fleet Carbon Intensity (AER1) Lowering fleet carbon intensity through dual-fuel vessels and fleet modernization 2019-2024 57% Actual reduction in carbon intensity 2019-2030 74% Actual and projected reduction in carbon intensity An alignment with ADNOC Group’s 2030 sustainability strategy and supports ADNOC Group’s Net Zero by 2045 ambition and the UAE’s 2050 target Our decarbonization efforts are centered around modernizing our fleet so as the fleet ages we will continue to pursue asset renewal strategy
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ADNOC Classification: Internal 36 Integrated Logistics ServicesShipping Offshore Projects EPC Projects completion of G-Island, Bu Haseer and LNG Berth Upgrade in 2025 Offshore Services Offshore Contracting • Includes DPII & ZMI conventional boats & OSVs with 1-2 year contracts. • Non ILSP: short term contracts ranging between 2-3 years • ILSP Diesel sale contract until 2032 ILSP contracts up to 2032, Hail & Ghasha up to 2030 and ZMI JUB contracts up to five years Tankers Non-contracted, spot exposure Dry Bulk High proportion chartered with spot exposure Gas Carriers Contracted mid-2026 until 2033-2048 Petroleum Port Operations Oil spill and Hazardous Noxious Substance Response Services Onshore services Contracted until 2046 Contracted until 2045 Contracted until 2032-2041 Note: Navig8 Commercial Pools, Technical Management & Agency and Bunkering from 2025 part of Services. ADNOC L&S Operations Contracted and non-contracted operations across all three business segments
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ADNOC Classification: Internal 37 ADNOC L&S SHAREHOLDERS (%) 78% ADNOC Free Float 22% ADNOC L&S Shareholder & Free Float