ADNOC Logistics & Services (ADNOCILS.AD): Raises FY 2026 guidance on 2Q26 shipping strength, stronger earnings mix, and improved ILSP

Research evidence excerpt

ADNOC Logistics & Services (ADNOCILS.AD): Raises FY 2026 guidance on 2Q26 shipping strength, stronger earnings mix, and improved ILSP

Equity Research

29 June 2026 | 10:14AM GST

ADNOC Logistics & Services (ADNOCLS.AD): Raises FY 2026 guidance on

2Q26 shipping strength, stronger earnings mix, and improved ILSP

What happened? Faisal AlAzmeh, CFA

+971(4)376-3476 |

faisal.alazmeh@gs.com

Today, June 29th, ADNOC L&S announced an upgrade to its FY26 guidance on June Goldman Sachs International

29, 2026, incorporating current performance delivered in 2Q26. Swarnilee Patra

+1(332)245-7700 |

swarnilee.patra@gs.com

Management cited ongoing strength in the Shipping segment and gradual Goldman Sachs India SPL

improvement in material handling volumes in ILSP within Offshore Contracting, while Roman Reshetnev

+971(4)376-3423 |

keeping assumptions for the Jack-Up Barge fleet unchanged. Guidance for capex, roman.reshetnev@gs.com

Goldman Sachs International

leverage, and dividend policy remains unchanged, and 2Q26 results are scheduled

for 11 August 2026.

In our view, the announcement reads as a second and more meaningful upward

revision to the 2026 earnings trajectory rather than an incremental confidence

statement ahead of 2Q26 results, with the move to revenue growth, high 20%

EBITDA growth and high 60% NI growth implying a materially stronger earnings mix

and better below-the-line conversion than previously assumed. We believe Shipping

remains the central driver of the upgrade, which is notable given that 1Q26 Shipping

had already delivered US$512mn of revenue, US$197mn of EBITDA, and a 38%

margin despite softer group performance elsewhere, suggesting that 2Q26 trading

has tracked ahead of an already higher GSe base case. At the same time, we see a