ADNOC’s listed companies in 2025: $9.7 billion of profit, and who earned it
Editorial
ADNOC does not publish one consolidated result, but its six listed companies together earned $9.7 billion in 2025.
$51.8bnCombined revenue, 2025 (AED 190.1bn)
$16.7bnCombined EBITDA (AED 61.3bn)
$9.7bnCombined net profit (AED 35.8bn)
$7.2bnDividends for the year
Borouge and Fertiglobe also report separately and make up the rest of the $9.7bn.
| Company | Revenue | Net profit | Change in profit |
|---|---|---|---|
| ADNOC Gas | See note | $5,166m | +3% |
| ADNOC Drilling | $4.9bn | $1.45bn | +11% |
| ADNOC L&S | $5,016m (+41%) | $863m | +14% |
| ADNOC Distribution | AED 35.9bn | AED 2.85bn | n/a |
ADNOC Gas also reported EBITDA of $8,636m and capital expenditure of $3,639m, nearly double the year before.
First half of 2026
$25.3bnCombined revenue, H1 2026
$7.8bnCombined EBITDA
$4.8bnCombined net profit
$568mADNOC Distribution profit+59%
$706mADNOC Drilling profit+2%
| H1 2026 detail | Figure |
|---|---|
| ADNOC Distribution EBITDA | $786m (+39%); underlying $603m (+14%) |
| ADNOC Distribution stations | 1,045 (+11%) |
| ADNOC Distribution fuel sales | 7.75 billion litres, a record |
| ADNOC Drilling revenue | $2.46bn (+4%) |
| ADNOC Gas Q2 net income | $665m; $8.2bn of EPC awards for Rich Gas Development phases 2 and 3 |