Abu dhabi: ADNOC's listed companies reported a resilient set of financial and operational results in the first quarter of 2026, reflecting the strength of the Group's integrated and diversified portfolio.
According to Emirates News Agency, collectively, ADNOC Distribution, ADNOC Drilling, ADNOC Gas, ADNOC Logistics and Services (ADNOC L and S), Borouge, and Fertiglobe delivered revenues of $11.8 billion (AED43.4 billion), EBITDA of $3.7 billion (AED13.6 billion), and net profit of $2.2 billion (AED7.9 billion). This performance was supported by diversified revenue streams, disciplined execution, and a continued focus on operational safety and efficiency.
Performance across the portfolio highlights the role of ADNOC's listed companies in supporting energy system stability and maintaining a reliable supply to domestic and global markets during a period of heightened market volatility. Amid extraordinary disruption in the Strait of Hormuz, the Group's listed ecosystem played a critical role in ensuring continuity of supply across energy, industrial, and agricultural value chains, actively managing disruption through proactive contingency planning and integrated operations.
ADNOC Distribution reported record Q1 EBITDA of $307 million (AED1.1 billion), up 12% year-on-year, and net profit of $210 million (AED771 million), up 21% year-on-year. The revenue for the quarter stood at $2.4 billion (AED8.8 billion), driven by higher fuel volumes, improved commercial margins, and continued growth in non-fuel retail and international operations.
ADNOC Drilling reported record Q1 revenue of $1.23 billion (AED4.51 billion) and net profit of $347 million (AED1.27 billion), up 5% and 2% year-on-year respectively. The company maintained full operational continuity with no material impact during the quarter, reinforcing its role in supporting upstream production capacity and reliable energy supply.
ADNOC Gas reported Q1 net income of $1.1 billion (AED4.0 billion), just 8% below last quarter, with revenue of $5.0 billion (AED18.4 billion) and EBITDA of $1.8 billion (AED6.7 billion). The company remains optimistic about UAE economic growth, which is boosting domestic demand.
ADNOC L and S reported EBITDA of $368 million (AED1.4 billion), up 7% year-on-year, and net profit of $222 million (AED816 million), up 20% year-on-year. Higher global shipping rates helped offset the impact of disruptions to maritime traffic, and the company upgraded its 2026 guidance supported by strong actual performance.
Borouge reported revenue of $1.2 billion (AED4.4 billion), adjusted EBITDA of $343 million (AED1.3 billion), and net profit of $156 million (AED573 million) in Q1 2026, despite logistics challenges during the quarter. The successful formation of Borouge International is expected to enhance its geographic diversification.
Fertiglobe reported revenue of $915 million (AED3.4 billion), up 32% year-on-year, with adjusted EBITDA of $342 million (AED1.3 billion) and nearly doubled adjusted net profit attributable to shareholders to $145 million (AED532 million). The company's performance was supported by strong pricing and value capture in tight nitrogen markets.
ADNOC's listed companies continue to receive positive analyst coverage, with confidence in the UAE's energy model and the strength of the portfolio. Analysts view the UAE's decision to exit OPEC and OPEC+ as a structural shift that enhances production flexibility and supports activity across ADNOC's value chain. ADNOC's first-quarter results come as the Group advances a new phase of investment and delivery, confirming AED200 billion ($55 billion) in project awards for 2026-2028.
