Adnoc Drilling Company PJSC (ADNOCDRILL.AD): 2Q Beat And FY Guidance Maintained

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Adnoc Drilling Company PJSC (ADNOCDRILL.AD): 2Q Beat And FY Guidance Maintained

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30 Jul 2026 10:08:54 ET │ 11 pages

Adnoc Drilling Company PJSC (ADNOCDRILL.AD)

2Q Beat And FY Guidance Maintained

CITI'S TAKE

Neutral ADNOC Drilling’s 2Q EBITDA ($557M) was above market expectations

supported by the early completion of the MBPS transaction and advanced Price (30 Jul 26 14:00) Dh5.75

offshore island rig activity. FY26 Guidance was re-iterated which reflects Target price Dh6.70

ongoing confidence that the business (largely take-or-pay contracts) is Expected share price return 16.5%

well-placed to navigate current disruptions. Whilst these defensive Expected dividend yield 4.2%

credentials offer support, we'd argue that near term catalysts have already Expected total return 20.7%

materialized (e.g. UAE's OPEC exit) and we prefer UAE peers (cf ADNOC

Market Cap Dh92,000M Gas) in the event of regional stability.

US$25,048M

2Q Summary — EBITDA of $557M was ahead of market estimates (VA consensus

$534M), supported by the MBPS deal closure and the early arrival of an island rig,

albeit partially offset by the known slow down in unconventionals. The latter Oliver G ConnorAC

remains very advanced - in anticipation of a likely second phase into 2027 - with +44-20-7986-4043

>80% wells drilled and >50% fracked. Despite WC headwinds, at 1.1x ND/CFFO oliver.connor@citi.com

TTM, the financial framework is still geared to potentially higher distributions, as the

earnings profile expands into next year. Alastair R Syme

alastair.syme@citi.com

Implications — another resilient quarter as the company looks to benefit from its

Tianhong Bi, CFAsecure contract framework and timely onshore deal completions. Whilst these