ADNOC Logistics & Services Q1’26 First Take: A robust print with FY’26 guidance upgraded & midterm targets maintained

Research evidence excerpt

ADNOC Logistics & Services Q1’26 First Take: A robust print with FY’26 guidance upgraded & midterm targets maintained

J P M O R G A N CEEMEA Equity Research

14 May 2026

ADNOC Logistics & Services Overweight

ADNOCLS.AD, ADNOCLS UH

Q1’26 First Take: A robust print with FY’26 guidance Price (13 May 26):Dh5.79

upgraded and mid-term targets maintained Price Target (Dec-27):Dh7.00

Our Take: ADNOC L&S released a robust set of Q1 results today, with EBITDA/ MENA Industrials

ACnet income coming within +-5% of the company-compiled consensus and our Anna Antonova, CFA

forecasts. A stronger performance in the Shipping business should continue to (971) 4428-1766

offset (temporary) weakness in Integrated Logistics and Services amid ongoing anna.antonova@jpmorgan.com

geopolitical disruptions, and ADNOC L&S has upgraded its FY’26 guidance to J.P. Morgan Securities plc

reflect these trends. As such, group 2026 guidance now envisages mid-high SD/

mid-high teens YoY growth in EBITDA/net income vs low-mid SD YoY growth

for both previously (BBG consensus is currently at +8%/+15% YoY, respectively).

Meanwhile, all mid-term 2026-29 guidance was reiterated, including on earnings

growth by vertical and capex spending plans. We expect the market will like the

results and look forward to more management comments around the short-mid-

term business outlook on the earnings call later today (@12pm UKT - link).

• Noteworthy Areas: 1) Integrated Logistics – Recorded expectedly softer Q1

performance, reflecting a combination of pricing and utilisation variances

across Jack-Up Barges (JUBs) and Offshore Support Vessels (OSVs),

alongside higher fleet operating expenditure. Offshore Projects remained

EBITDA-negative in Q1. The division recorded a 17% YoY EBITDA decline