Abu dhabi: ADNOC's listed companies have reported a combined revenue of $25.3 billion (AED93.0 billion) in the first half of 2026, while simultaneously advancing a series of significant growth investments, reinforcing the earnings outlook across the portfolio.
According to Emirates News Agency, the companies within the ADNOC portfolio, including ADNOC Distribution, ADNOC Drilling, ADNOC Gas, ADNOC Logistics and Services (ADNOC L and S), Borouge, and Fertiglobe, collectively delivered EBITDA of $7.8 billion (AED28.7 billion) and net profit of $4.8 billion (AED17.7 billion). This performance was bolstered by diversified revenue streams, efficient execution, and a steadfast focus on operational safety and efficiency.
The period saw substantial progress in the portfolio's growth strategy, with ADNOC Gas awarding $8.2 billion in EPC contracts for its Rich Gas Development Project, aiming for a 60 percent EBITDA growth by 2030. ADNOC Distribution is advancing its proposed acquisition of Shell's downstream business in South Africa, pending regulatory approvals. Meanwhile, ADNOC L and S has increased its full-year 2026 guidance for the third time.
ADNOC Drilling has deployed its first AI-enabled island rig ahead of schedule, Borouge has launched the first Borouge 4 facility into commercial operation, and Fertiglobe continues to execute its 2030 growth strategy with support from XRG. The portfolio's performance demonstrated resilient operations, supply chain agility, and disciplined execution, enabling reliable customer supply during regional and logistical disruptions.
ADNOC Distribution achieved record results in H1 2026, with net profit increasing by 59 percent year-on-year to $568 million (AED2.1 billion). The company reported a 39 percent rise in EBITDA to $786 million (AED2.9 billion) and a 14 percent increase in underlying EBITDA to $603 million (AED2.2 billion). Record fuel volumes, network expansion, and sustained growth in the higher-margin non-fuel retail segment supported this performance.
ADNOC Drilling reported a record revenue of $2.46 billion (AED9.04 billion) in H1 2026, up 4 percent year-on-year, with EBITDA increasing by 1 percent to $1.08 billion (AED3.98 billion) and net profit rising by 2 percent to $706 million (AED2.59 billion). The company maintained uninterrupted operations and reaffirmed its full-year 2026 guidance.
ADNOC Gas achieved significant milestones by awarding EPC contracts for its Rich Gas Development Project, setting a new EBITDA growth target of 60 percent by 2030. The company delivered a net income of $665 million in Q2 2026, surpassing guidance ranges. The Habshan site's processing capacity was restored to 85 percent ahead of schedule.
ADNOC Logistics and Services recorded a 46 percent year-on-year revenue increase to $3,667 million (AED13,466 million) in H1 2026. The company delivered a 98 percent rise in EBITDA and a 179 percent increase in net profit. The dividend for FY2026 is projected to increase by 5 percent annually until 2030, subject to approvals.
Borouge Plc reported a 20 percent quarter-on-quarter increase in Q2 2026 revenue, supported by strong sales volumes and higher realized prices. The company continues to progress on the Borouge 4 expansion project, enhancing its competitiveness and scale.
Fertiglobe delivered a 59 percent year-on-year revenue increase in H1 2026, with adjusted EBITDA rising by 63 percent. The company reported strong Q2 2026 revenues and proposed H1 2026 dividends, reflecting a commitment to shareholder value.
Collectively, ADNOC's portfolio has a combined market capitalization of approximately $148.4 billion, representing over 20 percent of the Abu Dhabi Securities Exchange's total market value. Since listing, these companies have delivered an average total shareholder return of 115.5 percent and are committed to distributing approximately $43 billion in dividends between 2025 and 2030.
In July, Abu Dhabi Commercial Bank initiated coverage on ADNOC Drilling, ADNOC Distribution, and Borouge with 'Buy' ratings, highlighting resilient cash flows, visible dividends, and their embedded roles within ADNOC's integrated value chain as key differentiators for investors.