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FIRST HALF 2026 EARNINGS PRESENTATION 11 August 2026 AL TAWEELAH the shall P أدنوك للإمداد والخدمات ADNOC LOGISTICS & SERVICES ENERGY FOR LIFE L G adnocls.ae
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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 Captain Abdulkareem Al Masabi Chief Executive Officer Hugh Baker Chief Financial Officer Results Summary Shareholder Value Q2 2026 Highlights Segmental Performance Growth Outlook & Guidance 1 3 4 5 7 9 Health & Safety2 Closing Remarks8 Appendix Cash Flow & Capital Expenditure6
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ADNOC Classification: Internal REVENUE US$2,584m +98% YoY EBITDA US$1,106m +176% YoY NET PROFIT US$951m +303% YoY OPERATING FREE CASHFLOW US$751m +126% YoY 2Q26 DIVIDEND US$85.3m 2.7% Dividend Yield NET DEBT / EBITDA 0.06x Leverage ratio FY2026 Guidance Raised 3rd consecutive upgrade in 2026 FY26 REVENUE Mid 20% growth1 FY26 EBITDA Mid 60% growth1 FY26 NET PROFIT High 110% growth1 4 Record Second Quarter & FY26 Guidance Upgrade 1 Growth above 2025 Actuals
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ADNOC Classification: Internal 5 0.03 Loss Time Injury Frequency 0.15 Total Recordable Injury Rate 17.72M Safe Hours LTI-free across LNG shipping Safety Performance Trend · 2017–2Q26 Operational Highlights Lost-Time Incident Frequency (LTIF) Total Recordable Incident Rate (TRIR) 0.35 0.05 0.03 2017 2019 2021 2023 2025 2Q26 0.65 0.090.15 2017 2019 2021 2023 2025 2Q26 Rates shown per million hours worked. Data covers ADNOC L&S HSE performance from 2017 through 2Q26. Health & Safety • A record-setting Loss Time Injury Frequency rate of Zero • Total Recordable Injury Rate held low, at 0.15 • 33.47 million hours worked year-to-date • Strengthened incident management governance through ADNOC Group’s Unified Incident Management Corporate Practice, enhancing compliance, operational discipline, and enterprise-wide visibility via SAP Maritime Incident • Tragic attack on one of our vessels in the Strait of Hormuz resulted in one fatality and several injuries. ADNOC L&S mobilized rapidly, coordinating with authorities and stakeholders to support its people and maintain safe operations Commitment To HSE Standards
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ADNOC Classification: Internal Leading beneficiary of ADNOC’s growth ADNOC Group US$150bn Committed CAPEX 2026-30 US$21bn Forward contracted revenue with ADNOC (2027+) >US$1.0bn 2026 RoY revenue contracted with ADNOC Growing through significant committed CAPEX ~US$5.7bn Committed CAPEX up to 2029 +18 for US$2.3 bn Vessels purchased YTD +31 Vessels pending delivery Solid financial capacity US$543m Cash US$25bn Contracted revenue1 0.06x Net debt to EBITDA ratio REVENUE 2017A US$0.9bn +23% CAGR in 2017–25A REVENUE 2025A US$5.02bn 1 Includes 50% of Wanhua contracted revenue6 Investment Highlights
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ADNOC Classification: Internal 22% 74% 4% Services US$100m +24% YoY Integrated Logistics US$559m -16% YoY Shipping US$1,925m +245% YoY Revenue US$2,584m +98% YoY EBITDA US$1,106m +176% YoY Net Profit US$951m +303% YoY 7 12% 85% 3% Services US$32m +112% YoY Integrated Logistics US$132m -44% YoY Shipping US$943m +541% YoY 92% 2% Services US$22m +202% YoY 8% Integrated Logistics US$59m -64% YoY Shipping US$872m +1,258% YoY 2Q 2026 Highlights • Record 2Q26 Net Profit $951m • Profitability significantly attributed to services provided to ADNOC in export of energy • Committed to supporting ADNOC with additional 5 VLGCs and 6 VLCCs to be deployed in 2H 2026 • 5 LNG vessels delivered on up to 15-year contracts with ADNOC Gas in 1H 2026 • Sequential improvement in material handling volumes as operations normalize • UAE withdrawal from OPEC a potential tailwind
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ADNOC Classification: Internal 8 Revenue (US$ Million) EBITDA (US$ Million) Net Profit (US$ Million) US$m 2Q25 2Q26 1H 25 1H 26 Offshore Contracting 183 105 315 211 Offshore Services 42 41 77 89 Offshore Projects 13 (13) 28 (17) TOTAL 238 132 420 283 US$m 2Q25 2Q26 1H 25 1H 26 Offshore Contracting 136 52 222 111 Offshore Services 23 21 42 48 Offshore Projects 8 (13) 22 (17) TOTAL 167 59 285 142 US$m 2Q25 2Q26 1H 25 1H 26 Offshore Contracting 359 355 659 667 Offshore Services 149 205 285 371 Offshore Projects 157 (2) 349 2 TOTAL 665 559 1,293 1,040 • Revenue (excl. Offshore Projects) increased YoY due to additional chartering of four Jack-Up Barges and acquisition of three OSVs • Offshore contracting impacted by selective discounting of Jack-Up Barge rates and lower Hail & Ghasha activity • Integrated Logistics Services Platform (ILSP) volumes declined by 6.5% YoY as ADNOC managed production levels amid regional conflict • Offshore Services revenues up 38% YoY driven by OSV fleet growth, chartering activities and diesel sales • EBITDA impacted by higher fleet operating expenditure and the recognition of ECL1 provisions amounting to US$27m 2Q 2026 Highlights Integrated Logistics – Impacted By Higher OPEX 1 Expected Credit Loss related Offshore Contracting
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ADNOC Classification: Internal Integrated Logistics Highlights 1 Kilo-Metric Tonne 2JUB fleet of 33 owned and 16 chartered 2 ILSP volumes including non-ADNOC customers9 Owned Vessels & ILSP Material Handling Volume (KMT¹²) Jack-Up Barges² Offshore Services Vessels — Owned Vessels 281 307 323 333 282 287 53 56 52 51 54 57 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Material Handling Volume (KMT) Owned Vessels 43 42 45 45 45 49 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 68 70 76 81 80 81 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Operational resilience, fleet expansion, and sustained asset utilization underpin stable business performance despite regiona l geopolitical volatility • Acquisition of three OSV’s at a cost of US$45.5m brings the ILSP fleet to 57 vessels • One Flat-Top Barge, costing US$4.0m, deployed in Offshore Services • Since the March lows, material handling volumes sequentially higher across the quarter in line with ADNOC’s production management • The Jack-Up Barges fleet expands to 49 vessels adding four chartered vessels
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ADNOC Classification: Internal US$m 2Q25 2Q26 1H 25 1H 26 Tankers 460 1,695 865 2,102 Gas Carriers 43 131 82 187 Dry Bulk & Container 55 100 102 149 TOTAL 557 1,925 1,049 2,438 10 Revenue (US$ Million) EBITDA (US$ Million) Net Profit (US$ Million) US$m 2Q25 2Q26 1H 25 1H 26 Tankers 114 844 204 994 Gas Carriers 24 56 71 93 Dry Bulk & Container 9 44 15 53 TOTAL 147 943 290 1,140 US$m 2Q25 2Q26 1H 25 1H 26 Tankers 51 797 76 897 Gas Carriers 11 40 48 62 Dry Bulk & Container 3 35 2 38 TOTAL 64 872 126 997 Shipping – Record Earnings • Record tanker result is significantly attributed to services provided to ADNOC in export of energy • Revenue strengthened on improved fleet-wide charter rates, supported by contributions from recently delivered LNGCs and dry bulk vessels • All six Das newbuild LNGCs delivered with five commencing long- term contracts with ADNOC Gas as of June 2026 • EBITDA driven by exceptional tanker performance, fleet expansion across all vessel types, strong LNGC spot market exposure, share of profit from newbuild VLECs (AWS JV) and record dry bulk earnings • Record net profit reflecting stronger market conditions and fleet growth 2Q 2026 Highlights
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ADNOC Classification: Internal 11 Services Financials (US$ Million) US$m 2Q25 2Q26 1H 25 1H 26 Revenue 81 100 165 189 EBITDA 15 32 33 52 Net Profit 7 22 18 33 Higher bunkering and commercial pooling supported record Services results • Strong EBITDA growth driven by higher management fees from Navig8-related commercial pooling activities • Sub-chartering of vessel services ‘Relets’ has continued to transition to the Services segment providing incremental EBITDA • Higher bunker pricing and increased volatility increased Integr8 profits to $18m, (+136% QoQ and +111% YoY) • Lower volumes in Petroleum Port Operations and Borouge Container Terminal due to regional conflict 2Q 2026 Highlights
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ADNOC Classification: Internal H1 2026 Free Cash Flow Evolution (US$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$1,145 million providing flexibility for strategic expansion and supports enhanced shareholder returns NET DEBT • Continuous strong financial position with a net debt to EBITDA ratio close to zero allowing ample headroom to fund future CAPEX opportunities OTHERS • ADNOC L&S effective tax rate (ETR) decreased to approximately 6% from 9% 1 Operating Free Cash Flow. 2 Free Cash Flow Cash Flow Profile Delivering Operating Free Cash Flow US$1,145 million demonstrating optimal cash conversion 223 244 809 556 -338 -543 FY25 1H 26 694 257 Cash Borrowings Leases 0.46 0.06 FY25 1H26 12 1,475 1,145 598 303 547 EBITDA WC 27 Income Tax OFCF CAPEX FCF1 2
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ADNOC Classification: Internal 50 88 154 580 61 747 566 88 2026 2027 2028 2029 1,512 13 New Incremental Vessel Investments US$2.3 bn Additional LNGC (4NB) VLGC (3SH/2Resale) VLCC (6SH) Dry Bulk (3SH) Integrated Logistics Vessels US$2.3bn Of New CAPEX Driving Future Earnings Newbuild and secondhand investments enhancing asset base • Fleet capacity is being built up in line with ADNOC Group’s planned production growth • $910m four newbuild LNGCs on order to be delivered in 2029 • $747m for six VLCC and $566m for five VLGC vessels which will immediately be deployed to support ADNOC • $61m three Dry Bulk vessels providing increased capacity to support growing regional requirements • Continuously strengthening multi-commodity transportation capabilities through asset diversification
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ADNOC Classification: Internal 14 Significant Group CAPEX Deployment up to 2029 Additional ~$2.3bn vessel purchases lifts committed capex to a total of US$5.7bn 50 Total New Vessels 19 Delivered 31 To be delivered ~$5.7bn CAPEX (up to 2029) CAPEX ($m) No. of Vessels Delivery Status # Line item 1H26 2H26 2027 2028 2029 Total Total Delivered To Be Delivered 1) Das LNG (N/B) 141 0 0 0 0 141 6 6 - 2) Ruwais LNG (N/B) 26 77 488 1,301 0 1,892 8 - 8 3) Additional Newbuild LNG (N/B) 0 88 88 154 580 910 4 - 4 4) VLAC (50% AWS) (N/B) 12 85 73 0 0 170 4 1 3 5) VLEC (50% AWS) (N/B) 16 128 311 0 0 455 9 2 7 6) VLGC (3 S/H + 2 Resale) 0 566 0 0 0 566 5 3 2 7) VLCC (6 S/H) 0 747 0 0 0 747 6 1 5 8) 1 Ultramax (S/H) + 2 Supramax (S/H) 0 61 0 0 0 61 3 2 1 9) Molten Sulphur (N/B) 0 13 19 0 0 32 1 - 1 10) Integrated Logistics Vessels 50 0 0 0 0 50 4 4 - 11) TAZIZ 81 88 38 0 0 207 - - - 12) Navig8 (20%) – inorganic 0 0 437 0 0 437 - - - Total 326 1,853 1,454 1,455 580 5,668 50 19 31
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ADNOC Classification: Internal Positioned To Capture ADNOC’s Growth Momentum 15 Key beneficiary of ADNOC’s US$150bn 2026 -30 capex plan and XRG global expansion plan Largest Oil Reserves in the world2 (120bnbbl) UAE’s oil reserves are in Abu Dhabi and are represented by ADNOC 96% 6th Largest Gas Reserves in the world2 (8.4trcm) 7th < $12 / bbl AA rating by Fitch & S&P and Aa2 by Moody’s2 AA Leading low cost producer globally3 Global Chemicals Energy SolutionsInternational Gas Goal: Build a top-5 integrated global business with a 20-25 mtpa capacity Goal: Create a top 3 chemicals platform anchored by BGI and Covestro Goal: develop select opportunities in CCS and low-carbon fuels Billion Standard Cubic Feet per Day (BSCFD) Million Barrels per Day (MMBD) Million Metric Tonnes Per Annum (MMTPA) Source: ADNOC Company Information; Notes: (1) Including Borouge Group Internal (BGI) Capacity (2) Credit ratings are not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency 6.0 MMTPA domestic capacity by 2029 15.6 MMTPA 5 MMTPA polyolefins production capacity 13.6 MMTPA110.2 BSCFD production capacity by 2029 13.2 BSCFD~4.85 MMBD production capacity by 2027 5 MMBD ChemicalsLNGGasOil Investments
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ADNOC Classification: Internal US$25 Billion Long-Term Contracted Revenue Contracted revenue by segment across three-time horizons Integrated Logistics Segment total ~$6.9b 2026 RoY $828m ~88% contracted 2027-29 $3.9b ~62% contracted 2030+ $2.2b contracted revenue Shipping Segment total ~$12.5b 2026 RoY $635m ~39%* contracted 2027-29 $1.5b ~21%* contracted 2030+ $10.4b* contracted revenue Services Segment total ~$5.3b 2026 RoY $150m ~78% contracted 2027-29 $1.1b ~72% contracted 2030+ $4.0b contracted revenue *50% of AWS contracted revenue included in revenue numbers *Shipping 2026 figure includes Navig8 revenue; excluding Navig8 it is 42% contracted revenue for the existing ALS fleet16 • Long-term contracts for Gas Carriers • Includes 4 VLCCs, 5 LR2 and 2 LR1 on time charters • Tankers and Dry Bulk are generally generating revenue at spot rates • Offshore Contracting: • JUB contracts up to five years, • ILSP contracts up to 2032 • Hail & Ghasha up to 2030 • Offshore Services: • Fleet of OSVs chartered out 1-2 year • ILSP Diesel sale contract until 2032 • Long-term service contracts of Ruwais Packaging(Borouge) • Petroleum Port operations until 2045 • Oil spill and Hazardous Noxious Substance Response Services until 2032-2041 • Onshore Services Contracted until 2046 TOTAL Segment total ~$25b 2030+ $16.6b contracted revenue* 2027-29 $6.5b ~43% contracted revenue* 2026 RoY $1.6b ~59% contracted revenue*
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ADNOC Classification: Internal 2026 & Medium-Term Outlook Consolidated FY 2026 Growth1 Medium-Term CAGR Growth2 Revenue ▲ Mid 20% YoY growth Low single-digit growth EBITDA ▲ Mid 60% YoY growth Mid to high single-digit growth Net Profit ▲ High 110% YoY growth Mid to high single-digit growth Business Segments FY 2026 Growth1 Medium-Term CAGR Growth2 Integrated Logistics Revenue ▲ Mid 20% YoY reduction Low to mid single-digit growth EBITDA ▲ Mid 20% YoY reduction Low single-digit growth Shipping Revenue ▲ Mid 80% YoY growth Low to mid single-digit growth EBITDA ▲ Low 190% YoY growth High single to low double-digit growth Services Revenue ▲ Mid single-digit YoY growth Low double-digit growth EBITDA ▲ Low 20% YoY growth Mid to high teens growth FY 2026 Significant guidance upgrade 17 1 2025A as base year 2 Exact mid-term guidance parameters are currently under review in light of ongoing 2026 performance and the company’s latest active expansion announcements
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ADNOC Classification: Internal 18 STRONG CONTINUED EARNINGS GROWTH STRONG EBITDA MARGIN GROWTH STRATEGY EXECUTION COMMITTED TO ATTRACTIVE SHAREHOLDERS RETURNS Closing Remarks
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Q&A
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THANK YOU www.adnocls.ae IR@adnocls.ae
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APPENDIX
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22 1 EPS calculated based on weighted average number of shares and net profit after minority interest. 2 Operating Free Cash Flow 3 Q1, Q2 and Q3 2025 Tankers revenue and direct costs have been re presented for analytical consistency, with no impact on Gross Profit, Net Profit or EBITDA P&L and Balance Sheet Snapshot (US$ millions) Q2 25 Q2 26 Revenue 1,303 2,584 EBITDA 400 1,106 Net Profit 236 951 EPS ($ / share)1 0.03 0.12 H1 25 H1 26 2,507 3,667 744 1,475 420 1,173 0.06 0.15 (US$ millions) Q2 25 Q2 26 Net Debt (US$m) 1,260 257 Net Debt/EBITDA (x) 0.79 0.06 OFCF2 332 751 CAPEX (US$m) (270) (283) Free Cash Flow (US$m) 62 468 H1 25 H1 26 1,260 257 0.85 0.09 604 1,145 (340) (547) 265 598 USD million FY 2025 H1 2026 Variance % Non-Current Assets 7,996 8,137 2% Cash & Equivalents 338 543 61% Trade Receivables 813 1,099 35% Others current Assets 817 1,030 26% Total Assets 9,965 10,808 8% Non-Current Liabilities 843 850 1% Current Liabilities 1,897 1,807 -5% Total Liabilities 2,740 2,657 -3% Hybrid Equity Instrument 1,979 1,979 0% Non-Controlling Interest 265 289 9% Equity (Owners) 4,982 5,883 18% Total Equity 7,225 8,151 13%
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Revenue (US$ Million) EBITDA (US$ Million) Net Profit (US$ Million) US$m Q1 26 Q2 26 QoQ % Offshore Contracting 106 105 -2% Offshore Services 48 41 -14% Offshore Projects (4) -13 -276% TOTAL 151 132 -12% US$m Q1 26 Q2 26 QoQ % Offshore Contracting 59 52 -13% Offshore Services 28 21 -26% Offshore Projects (4) -13 -205% TOTAL 83 59 59 US$m Q1 26 Q2 26 QoQ % Offshore Contracting 312 355 14% Offshore Services 166 205 24% Offshore Projects 4 -2 -149% TOTAL 481 559 16% US$m Q1 26 Q2 26 QoQ % Revenue 89 100 13% EBITDA 20 32 56% EBITDA Margin % 23% 32% 9pp Net Profit 11 22 106% Margin % 12 22 10pp EBITDA (US$ Million) US$m Q1 26 Q2 26 QoQ % Tankers 407 1,695 316% Gas Carriers 56 131 135% Dry Bulk & Container 49 100 102% TOTAL 512 1,925 276% Revenue (US$ Million) US$m Q1 26 Q2 26 QoQ % Tankers 151 844 460% Gas Carriers 37 56 52% Dry Bulk & Container 9 44 371% TOTAL 197 943 380% Financials (US$ Million) US$m Q1 26 Q2 26 QoQ % Tankers 100 797 696% Gas Carriers 23 40 75% Dry Bulk & Container 2 35 1433% TOTAL 125 872 597% Net Profit (US$ 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 EBITDA23
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ADNOC Classification: Internal ADNOC L&S Operations Contracted and non-contracted operations across all three business segments Integrated Logistics Offshore Contracting • Jack-Up Barge contracts up to five years (ZMI) • ILSP contracts up to 2032 • Hail & Ghasha up to 2030 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 Shipping Tankers Majority spot exposure Gas Carriers Contracted mid-2026 until 2033-2048 Dry Bulk High proportion chartered with spot exposure Services Petroleum Port Operations Contracted until 2045 Oil Spill & Hazardous Noxious Substance Response Contracted until 2032-2041 Onshore Services Contracted until 2046 Note: Navig8 Commercial Pools, Technical Management & Agency and Bunkering from 2025 part of Services.24
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25 Owned Shipping Fleet (as of 30 June 2026) Total 52x Tankers LR1 LR2 VLCC Owned Average Age (owned) 2 16 9 17 22x Gas LNG VLGC VLEC MR 12x Dry Bulk Handysize 8 3x Container Ultramax Feeder Supramax Handysize 3 10 7 2 Molten Sulphur 3 8 4 1 89 7 15 1 15 14 33 17 6 17 6 15 6 7 FSU 322
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ADNOC Classification: Internal 26 20x MR TCE1,2,3,4 1 Owned vessels and 4 MR on bareboat charter at 31 Mar 2026 2 Scrubber fitted: 4xVLCC, 15xLR2, 1xLR1, 20x MR 3 TCE calculated based on revenue including pool revenues minus voyage costs divided over calendar days less off hire 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 5 % of days = contracted vessel days ÷ total available vessel days for the period 5 TCE calculated based on 8 vessels included within Navig8 commercial pooling while 3Q26 TCE applies to 6 vessels due to Barakah and Al Bahyah not in service 23,459 25,161 23,391 24,547 30,234 36,229 30,441 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 +44% 31,033 35,533 34,410 41,973 58,197 129,568 107,917 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 +265% 39,245 44,350 40,996 85,273 144,582 291,145 159,518 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 +556% 21,546 24,225 24,452 26,574 36,063 80,206 89,721 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 +231% 9x LR1 TCE1,2,3,4 17x LR2 TCE1,2,3,4 8x VLCC TCE1,2,3,4,5 US$ US$ US$ US$ 65% of days 62% of days 58% of days 78% of days Tanker Fleet TCE Rates Strong TCE earnings supported by closer alignment with ADNOC Group activities
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ADNOC Classification: Internal 27 1Owned vessels in fleet at 30 June 2026 2TCE calculated based on revenue including pool revenues minus voyage costs divided over calendar days less off hire days in the period, 3 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 4 % of days = contracted vessel days ÷ total available vessel days for the period 3x Handysize1,2,3,4 15,846 13,630 14,375 13,304 12,500 48,198 68,737 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 +254% 8x Supramax + Ultramax1,2,3,4 11,067 11,778 13,586 16,701 15,759 46,285 78,261 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 +293% US$ US$ Strong TCE earnings supported by closer alignment with ADNOC Group activities Dry Bulk TCE Rates 34% of days 34% of days
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ADNOC Classification: Internal 28 Locking In Value Through Time Charters Opportunistic vessel coverage was secured at attractive rates, while maintaining significant spot exposure to capture elevated spot market returns Vessel Type Period (Months) TC-Out Rate US$ TC Expiry (Latest) 1 Navig8 Macallister LR1 18 19,750 28-Mar-27 2 Navig8 Martinez LR1 32 19,750 28-Jul-28 3 Navig8 Promise LR2 12 32,125 27-Aug-26 4 Navig8 Pride LR2 12 32,125 07-Oct-26 5 Navig8 Prestige LR2 12 36,850 07-Dec-26 6 Navig8 Providence LR2 12 42,000 18-Apr-27 7 Navig8 Passion LR2 12 42,000 20-Jun-27 8 Zakum VLCC 22 50,633 02-Jan-28 9 Hili VLCC 22 50,633 16-Jan-28 10 Arzanah VLCC 12 70,000 20-Apr-27 11 Habshan VLCC 12 72,500 21-May-27
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11 121 1 1 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 3 4 1 7 3 1 1 1 2 1 12 1 1 11 1 11 29 Newbuild Vessel Delivery Schedule & Contract Years Delivered 2024 2026 2027 LNG VLEC (AWS) VLAC (AWS) 2028 Pending Vessel Deliveries 2025 Molten Sulphur 2029 1Q 2Q 3Q 4Q 2 2 VLGC 2 2 Timeline of Confirmed Newbuilding Contract Years 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 5 6 6 6 6 6 6 6 5 1 2 3 8 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 7 6 1 1 1 8 Ruwais LNG 5 Das LNG 6 VLGC (AWS)1 9 VLEC (AWS)1 1 VLAC (AWS)1
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ADNOC Classification: Internal 30 Owned Fleet1 2 9 7 2 1 1 FSU LNG VLGC VLEC Molten Sulphur 10 1 VLAC • 5 Das LNG vessels progressively moved to long-term contracts with ADNOC Gas from June 2026 • 1 LNG for 7 years • 4 LNG for 15 years • 1 VLAC delivered 3Q 2026 will commence a 3-year contract on delivery • 2026 newbuild delivery schedule: 2 VLGC, 2 VLAC, 1 VLEC 1 Owned vessels in fleet at 30 June 2026 2 Including 6 VLGCs, 9 VLEC and 4 VLAC owned in 50% joint venture with AW Shipping Limited 2026 2027 2028 2029 Contracted Rate Expiry Vessel Type 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 Low double-digit IRR (unlevered) June 2033 & Mar 2034 LNG 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 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 Low double-digit IRR (unlevered) Sept 2029 VLEC (AWS)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 VLAC (AWS)2 1 1 1 1 1 1 1 1 1 1 1 1 Spot-linked 3-Year Contract Das LNG 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 Low double-digit IRR (unlevered) 2033 (x1) & 2041 (x4) Ruwais LNG 3 7 8 8 8 8 8 Very High Single-digit IRR (unlevered) 2048 TOTAL 15 20 17 18 20 21 21 23 24 27 31 32 32 32 31 30 Newbuild vessels on spot rate 20 of 22 delivered vessels secured on long-term contracts, with 15 contracted newbuilds in the pipeline to drive further sustained, resilient earnings growth Gas Fleet: Majority LT Contracted & High EBITDA Margin
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ADNOC Classification: Internal 2Q 2026 Assets Update Subsegment Vessel Type Purchase Date Deployment Date Purchase Price Integrated Logistics Vessel Count April 2026OSV 1 USD 10.1mMay 2026 June 2026Flat-top Barge 1 August 2026 USD 4.0m Purchases Shipping Ultramax June 2026 USD 24.6mJuly 2026 1 June 2026OSV USD 15.2mJuly 20261 June 2026OSV USD 20.2mJuly 20261 5 Vessels at US$74m combined value 31
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ADNOC Classification: Internal Business Sub-segments % Contribution (1H 2026) Integrated Logistics Revenue Integrated Logistics EBITDA Shipping Revenue Shipping EBITDA Integrated LogisticsShipping 64% 36% Offshore Contracting Offshore Services 75% 32% Offshore Contracting Offshore Services 86% 8% Tankers Gas Carriers 6% Dry Bulk 87% 8% Tankers Gas Carriers 5% Dry Bulk 32
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ADNOC Classification: Internal Business Segments EBITDA % Integrated Logistics 33 Shipping 32% 37% 54% 50% 41% 36% 22% 25% 25% 29% 35% 50%49% 49% 45% 50% 55% 67% 55% 56% 56% 63% 66% 54% 32% 22% 27% 25% 21% 24% 12% 17% 18% 19% 19% 44% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Tankers Gas Dry Bulk + Container 2 31 Services 14% 18% 15% 19% 20% 17% 21% 18% 19% 10% 23% 32% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 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 Medium Gas Carrier Yas % Q1 2026 2 adjusted for US$27 million sale of Leicester and EBITDA margin adjusted to exclude US$28m timing impact from revenue recognition change (Q4 2025 vs. Q1 2026) 3 Q2 2026 EBITDA adjusted for $15 million LNG impairment 4 Q1 and Q2 2026 EBITDA adjusted for Offshore Contracting provisions of $20 m and $27 m respectively 5 EBITDA margin adjusted for $7.5 m provision 43% 43% 45% 44% 44% 46% 44% 51% 44% 43% 41% 37% 18% 24% 23% 26% 24% 24% 25% 28% 29% 30% 29% 23% 11% 7% 9% 8% 7% 11% 8% 8% 8% 4% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Offshore Contracting Offshore Services Offshore Projects 5 4 33
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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 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% 34 1 Annual 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 35 ADNOC L&S SHAREHOLDERS (%) 78% ADNOC Free Float 22% ADNOC L&S Shareholder & Free Float