ADNOC L&S Reports Record Q2 and H1 2026 Results, Upgrades Full-Year Guidance for the Third Time
ADNOC Logistics & Services (ADNOC L&S) delivered record financial results during the second quarter and first half of 2026. This outstanding performance, primarily driven by the robust shipping and logistics sector, prompted the company to upgrade its full-year financial guidance for the third time, signaling strong confidence in sustained operational momentum despite regional geopolitical challenges.
Exceptional H1 and Q2 Performance
The Abu Dhabi Securities Exchange (ADX)-listed company significantly outperformed market expectations. The surge in profitability was bolstered by high demand for transporting UAE energy products to global markets, strong global freight rates, and long-term contracts with the ADNOC Group.
Q2 2026 Financial Highlights:
Financial MetricValueYoY Growth
RevenuesAED 9.49 Billion ($2.58 Billion)+98%
EBITDAAED 4.06 Billion ($1.11 Billion)+176%
Net ProfitAED 3.49 Billion ($951 Million)+303%
H1 2026 Financial Highlights:
Financial MetricValueYoY Growth
RevenuesAED 13.47 Billion ($3.67 Billion)+46%
EBITDAAED 5.42 Billion ($1.48 Billion)Margin rose to 40% (up from ~29%)
Net ProfitAED 4.31 Billion ($1.17 Billion)+179%
Operating Free Cash Flow$1.15 Billion+89%
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, stated that the strength of the shipping market, strict operational discipline, and the ability to rapidly respond to market volatility contributed to these exceptional financial results and strong cash flows. He emphasized that ongoing investments in fleet expansion will support global growth and deliver sustainable shareholder value.
Shipping Segment Drives Growth
The Shipping segment was the primary engine of growth during the first half of the year:
Revenues: Jumped 132% YoY to AED 8.95 billion ($2.44 billion).
EBITDA: Surged 292% to AED 4.19 billion ($1.14 billion).
Net Profit: Skyrocketed 693% to AED 3.66 billion ($997 million), expanding the segment’s profit margin to 47%, up from 28% in H1 2025.
This stellar segmental performance was attributed to rising energy transport demand, higher global charter rates, and the integration of new vessels into the fleet. The new additions included four LNG carriers, two Very Large Ethane Carriers (VLECs), and one Ultramax vessel.
Integrated Logistics and Marine Services
Conversely, the Integrated Logistics segment saw a 20% decline in revenues, landing at AED 3.82 billion ($1.04 billion). This drop was primarily due to the completion of the "Al-Ummira" Island project in late 2025, lower project revenues, reduced material handling volumes, and offshore support vessel utilization rates being impacted by regional developments.
The Marine Services segment, however, achieved notable growth:
Revenues: Increased by 14% to AED 694 million.
EBITDA: Rose by 58% to AED 191 million, supported by the contribution of new logistics activities and robust profit margins from the company's bunkering unit.