ADNOC Distribution (ADNOC DIST.AD): Key takeaways from CEEMEA Corporate Days in Singapore

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ADNOC Distribution (ADNOC DIST.AD): Key takeaways from CEEMEA Corporate Days in Singapore

Equity Research

22 June 2026 | 1:18PM GST

ADNOC Distribution (ADNOCDIST.AD): Key takeaways from CEEMEA

Corporate Days in Singapore

Presenters: We hosted ADNOC Distribution’s management team as part of CEEMEA Faisal AlAzmeh, CFA

+971(4)376-3476 |

Corporate Days in Singapore. Key takeaways include: faisal.alazmeh@gs.com

Goldman Sachs International

Bottom line: We continue to view ADNOC Distribution as an attractive play on UAE Roman Reshetnev

+971(4)376-3423 |

mobility, with an increasingly credible second leg of growth coming from non-fuel roman.reshetnev@gs.com

retail. In our view, the most important messages from the session include: (i)

Swarnilee Patraunderlying retail demand resilience despite recent disruption; (ii) non-fuel retail as a +1(332)245-7700 |

core strategic priority, with the Americana partnership (see our note here) now swarnilee.patra@gs.comGoldman Sachs India SPL

adding a more visible food-led growth lever; (iii) management continuing to

approach M&A with a disciplined emphasis on value creation, focusing on margin

resilience and IRR rather than scale alone; and (iv) an update on the Saudi

DOCO-model and Egypt aviation and lubricants performance that suggests recent

expansion is supportive of the company’s emphasis on value creation.

In the near term, we see the market’s focus as likely to center on: (i) the

evolution of the Americana partnership, including the roll-out pace and

execution against the plan for up to 200 QSRs (quick-service restaurants); (ii)

the impact of the regional conflict on underlying mobility and retail fuel

demand; (iii) the sustainability of earnings momentum, including the near-term