FY26 guidance significantly revised upwards

Research evidence excerpt

FY26 guidance significantly revised upwards

MENA Energy

ADNOC L&S (ADNOCLS UH)

EQUITY RESEARCH Quick Take

June 29, 2026

FY26 guidance significantly revised upwards Price: AED5.93

Price Target: AED7.50 Takeaways

Rating: Overweight ADNOC L&S has announced a significant upgrade to its FY26 guidance, see

Key Statistics: release. While it should not come as a surprise, considering the company

Symbol ADS: ADNOCLS had previously highlighted that it had taken a conservative approach to

UH guidance, see research, the magnitude of the upward guidance is a surprise,

52-Week Range 4.54 - 6.42 in our view. The upgrade is driven not only by the Shipping segment but also Market Cap 43,873.1

higher Integrated Logistics Services Platform for material handling volumes, ADV (3 mo) 8,698,602

Free Float (%) 22.000 while guidance around its Jack-Up Barge fleet remains unchanged. In our

Shares Out (M) 7,398.5 view, this upgrade could result in a 35%–40% upward revision to consensus

earnings estimates for FY26E.

Research Analysts:

We believe ADNOC L&S' valuation does not fully reflect the positive Scott Darling

+971 52 699 0785 fundamentals for its Shipping segment, but also its Integrated Logistics.

scott.darling@cantor.com The company trades at 7.7x EV/EBITDA FY26E, c.25% discount to its 3-year

historical level and around the average for global shipping peers. We see

One-Year Price History an improvement in activity in its Integrated Logistics as not only positive

6.5 for the company, but for the UAE energy ecosystem in general, as it shows

6 activity is recovering post the regional conflict. 5.5

4.5 FY26 guidance reset. ADNOC L&S previously stated that its FY26 guidance

06/25 09/25 12/25 03/26 06/26 for Shipping was 'conservative'. The company also said that its Integrated