ADNOC Gas (ADNOCGAS.AD): 2Q26 domestic gas resilience partially offsets export disruption

Research evidence excerpt

Equity Research

10 August 2026 | 10:21AM GST

ADNOC Gas (ADNOCGAS.AD): 2Q26 domestic gas resilience partially

offsets export disruption

ADNOC Gas reported its 2Q26 results on August 10, pre-market open.

ADG reported numbers ahead of consensus with net income coming above the

upper bound of management’s guided range of US$400-600mn by 11%, despite

continued Strait of Hormuz disruption through the quarter, underpinned by a

resilient domestic sales gas contribution. The market is likely to view numbers

positively in our view, with a focus on 2H logistics and the pricing outlook.

We view the ADG 2Q print as supportive of our Buy thesis. Rev/EBITDA/NI of

c.US$3.62/1.19/0.67bn came in above company-compiled consensus estimates

at the topline level and on NI, while EBITDA came in below GSe by 5% and in-line

with consensus.

Faisal AlAzmeh, CFA

+971(4)376-3476 |

Goldman Sachs International

Roman Reshetnev

+971(4)376-3423 |

Goldman Sachs International

Fadi Bataineh

+971(4)214-9959 |

Goldman Sachs International

Swarnilee Patra

+1(332)245-7700 |

Goldman Sachs India SPL

The key drivers of the quarter were: (i) continued export disruption from the

Strait of Hormuz, which curtailed LPG, naphtha and LNG liftings through 2Q26

and drove sharp declines in ETL and ALNG volumes; (ii) resilient domestic gas

EBITDA, which was broadly flat qoq despite lower reinjection gas and ethane

offtake; and (iii) limited ability to capture the stronger commodity price

backdrop, as export constraints prevented the company from lifting and

exporting the bulk of its liquids and LNG cargoes.

Management now expects 3Q26 net income of US$600-800mn, assuming

maritime routes through the Strait of Hormuz remain disrupted. For FY26,

management continues to guide to US$3.5-4.0bn of net income, assuming

maritime operations are restored by 4Q26 and pricing realisations normalise.

Capex guidance remains US$4.5-5.0bn, mainly driven by growth-project

execution.

Geopolitical conflict impact

n

Strait of Hormuz closure: The disruption persisted through the whole of 2Q26

and restricted exports of LPG, naphtha and LNG. This weighed heavily on

export-linked volumes, with Export & Traded Liquids sales volumes down 53%

…