ADNOC Logistics & Services: Shipping strength drives material FY26 upgrade - 2Q26 preview

Research evidence excerpt

ADNOC Logistics & Services: Shipping strength drives material FY26 upgrade - 2Q26 preview

Equity Research

European Integrated Energy

30 June 2026

ADNOC Logistics & Services

Shipping strength drives material

FY26 upgrade - 2Q26 preview

We have revised our 2Q and FY26 estimates higher, reflecting ADNOCLS.AD/ADNOCLS DH OVERWEIGHT

stronger TCE rates, resilience in Integrated Logistics and a Unchanged

material upgrade to FY26 guidance, with Shipping remaining European Integrated Energy UnchangedPOSITIVE

the key driver of earnings momentum. Price Target AED 7.00

Unchanged

The company has materially upgraded its FY26 outlook, now guiding to low single-digit revenue Price (29-Jun-26) AED 5.99

growth versus its previous expectation of a low- to mid-single-digit decline. EBITDA growth Potential Upside/Downside +16.9%

Source: Bloomberg, Barclays Research

guidance has been raised to the high-20% range from mid- to high-single-digit growth, while net

profit growth is now expected in the high-60% range versus mid- to high-teens previously. The

upgrade reflects stronger year-to-date performance and continued momentum into the second Market Cap (AED mn) 44317

half, led primarily by the Shipping division. Shares Outstanding (mn) 7398.50

Free Float (%) 22.00

• Reflecting the stronger shipping rate environment, we have revised our 2Q26 and FY26 52 Wk Avg Daily Volume (mn) 10.3

estimates higher. For 2Q26, we now forecast revenue of $1,393m, up 11% y/y and 18% q/q, Dividend Yield (%) 2.74

with EBITDA of $781m and net income of c.$626m, both higher on a y/y and sequential basis. Return on Equity TTM (%) 13.47

Current BVPS (AED) 0.95

• The earnings uplift is driven primarily by stronger time charter rates, supported by tighter Source: Bloomberg

vessel supply, which has pushed rates higher.