ADNOC L&S: Guidance raised for 2026E; still conservative

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ADNOC L&S: Guidance raised for 2026E; still conservative

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ADNOC L&S

Guidance raised for 2026E; still

conservative

Reiterate Rating: BUY | PO: 7.20 AED | Price: 5.82 AED

Earnings momentum building into 2Q26 15 May 2026

ADNOC L&S reported a 4% EBITDA miss versus consensus, primarily driven by the Equity

booking of over US$20mn of expected credit losses, reflecting prudent accounting. The

quarter was also impacted by the ongoing regional conflict, which led to lower volumes Abhishek Kumar >>

in the integrated logistics business. The shipping segment, however, performed well, Research Analyst

Merrill Lynch (DIFC)

with the majority of vessels employed outside the Strait of Hormuz. With shipping rates +971 4 425 8227

for both crude and product tankers running above 1Q averages so far in 2Q, we expect abhishek.kumar29@bofa.com

ADNOC L&S to deliver a stronger 2Q26 performance. We reiterate our Buy with a PO of Sashank Lanka >>

Research Analyst

AED7.20 and revise our estimates accordingly (see inside for details). Merrill Lynch (DIFC)

+971 4 425 8231

Guidance raised for 2026; still conservative sashank.lanka@bofa.com

On the back of strength in shipping rates, management raised its 2026 guidance,

revising EBITDA growth to mid‑ to high‑single‑digit from low‑ to mid‑single‑digit, and

net income growth to mid‑ to high‑teens from low‑ to mid‑single‑digit previously. Stock Data

Management emphasized that the guidance remains conservative, assuming minimum Price 5.82 AED

activity levels for the remainder of the year amid ongoing regional uncertainty. Price Objective 7.20 AED

Specifically for the shipping segment, management highlighted supportive market Date Established 01-Apr-2026

conditions but maintained a cautious stance in its full‑year guidance.