In a year defined by shifting energy prices and global recalibration, ADNOC Group’s listed portfolio turned in a performance that reads less like routine earnings and more like a statement of scale.
Across its six publicly traded companies, the Abu Dhabi energy heavyweight recorded combined revenues of AED190.1 billion ($51.8 billion) for 2025. EBITDA climbed to AED61.3 billion, while net profit reached AED35.8 billion. Dividends declared and proposed for the year stood at AED26.4 billion — a hefty capital return reinforcing the group’s investor-first narrative set out at its inaugural Investor Majlis last October.
Here’s how each engine in the machine fired:
Retail Powerhouse Expands Its Reach
ADNOC Distribution posted its strongest full-year results to date, driven by rising fuel volumes and the steady build-out of its non-fuel retail footprint.
EBITDA grew 11.1% to AED4.3 billion, with net profit up 15.4% to AED2.79 billion. Fuel volumes increased 4.5% to 15.7 billion litres, buoyed by network expansion and higher traffic across the UAE, Saudi Arabia and Egypt.
The company ended the year with 1,010 service stations and 402 fast and super-fast EV charging points across the UAE — a clear nod to the country’s electrification ambitions. Total dividends for 2025 are set to reach AED2.57 billion, pending shareholder approval.
Drilling at Full Throttle
ADNOC Drilling delivered a breakout year. Revenue surged 22% to AED18 billion, reflecting heightened activity across conventional and unconventional drilling as well as oilfield services.
EBITDA climbed 9% to AED8.1 billion, and net profit advanced 11% to AED5.3 billion. The company recommended a fourth-quarter dividend that brings total 2025 payouts to $1 billion, aligned with its enhanced progressive dividend policy.
Gas Resilience in a Softer Oil Market
Despite Brent crude averaging $69 — down 14% year-on-year — ADNOC Gas delivered record net income of AED19.1 billion, up 3% from 2024.
Growth was powered by its domestic gas business, where EBITDA rose 10% on a 4% increase in sales volumes and improved commercial terms. The company confirmed dividends of AED13.16 billion for 2025, supported by strong free cash flow that exceeded its commitment by more than AED1.84 billion.
Logistics Leaps Forward
ADNOC Logistics & Services accelerated sharply, with revenue jumping 41% to AED18.4 billion. EBITDA rose 32% to AED5.6 billion, and net profit reached AED3.2 billion.
A key milestone was the acquisition of an 80% stake in Navig8, expanding global shipping capabilities and deepening the company’s integrated logistics platform. Total dividends for 2025 are set at AED1.194 billion.
Petrochemicals Hold the Line
Borouge recorded net profit of AED4.04 billion on revenues of AED21.48 billion, supported by record annual sales volumes of 5.4 million tonnes.
Even amid softer market conditions, the company maintained a 37% EBITDA margin — a testament to operational discipline. It reaffirmed plans to distribute 16.2 fils per share for the 2025 financial year, subject to approval.
Fertiliser Growth Strategy Pays Off
Fertiglobe closed the year with revenue up 41% to AED10.35 billion. Adjusted EBITDA rose 57% to AED3.74 billion, while adjusted net profit jumped 87% to AED1.19 billion.
Momentum stemmed from its Grow 2030 strategy, with nearly half of targeted initiatives executed within a year. Record production in Algeria and Egypt, progress on its Manufacturing Improvement Program, and the acquisition of Wengfu in Australia strengthened its downstream position. An optimised ammonia sales strategy in Egypt further enhanced margins.
The board proposed total 2025 dividends of AED955 million, alongside AED272 million in share buybacks, bringing total capital returns for the year to AED1.23 billion — implying a yield above 5%.
The Bigger Picture
Taken together, the results underscore a tightly integrated value chain operating at scale — from wellhead to pump, from cargo hold to chemical plant. In a year when commodity prices wavered, ADNOC’s listed ecosystem leaned on volume growth, cost discipline and geographic expansion to deliver both earnings resilience and steady shareholder returns.
For Abu Dhabi’s energy flagship, 2025 wasn’t just profitable. It was expansive.
