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ADNOC L&S revenue jumps 41% to $5 billion in record year

Revenue up 41% as shipping rebound and Navig8 deal drive record year

Last updated: February 11, 2026 | 11:21

Nivetha Dayanand, Assistant Business Editor

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ADNOC L&S has parked multiple new build orders with the Jiangnan Shipyard in China.

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Dubai: ADNOC Logistics and Services delivered record earnings in 2025. Revenue rose 41% year on year to $5.02 billion, while EBITDA increased 32% to $1.52 billion. Net profit climbed 14% to $863 million, reflecting stronger shipping performance and contributions from acquisitions. Operating free cash flow advanced 42% to $1.42 billion.

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The board approved a dividend of $325 million for 2025, up about 20% from the previous year, with quarterly payouts and a commitment to 5% annual growth through 2030, subject to approvals.

Shipping rebound lifts performance

Fourth-quarter momentum accelerated, with revenue up 35% year on year to $1.19 billion and EBITDA rising 39% to $391 million. Net profit gained 29% in the quarter to $232 million.

Captain Abdulkareem Al Masabi, Chief Executive of ADNOC L&S, said 2025 marked a defining period for the company. “ADNOC L&S grew across all segments, diversified into new verticals and accelerated its international expansion. With the acquisition of Navig8 we elevated ADNOC L&S from a regional powerhouse to global sector leadership.”

The $999 million acquisition of an 80% stake in Navig8 expanded the group’s global footprint to 19 cities and significantly increased exposure to international energy and commodity flows. The Shipping segment reported revenue growth of 122% to $2.13 billion, while EBITDA rose 56% to $619 million.

Integrated Logistics, the company’s largest division, generated $2.53 billion in revenue, up 11%, supported by high utilisation across offshore assets and progress on major energy projects. Services revenue increased 16% to $362 million.

Also Read: ADNOC Gas posts 2025 profit at $5.2 billion as UAE demand powers growth

Also Read: ADNOC Distribution delivers $761 million net profit in 2025 on record fuel and retail sales

Efficiency and capital discipline

A Value Efficiency Initiative launched in early 2025 delivered $119 million during the year, outperforming its target. Management has lifted the programme’s contribution target to an average of $90 million annually through 2030.

Inclusion in the MSCI Emerging Markets Index in November attracted more than $240 million in passive inflows and lifted average daily trading value to $19.7 million in the fourth quarter. A secondary placement earlier in the year increased the free float to 22%.

Guidance and balance sheet strength

Management expects a mid-single digit reduction in revenue in 2026, driven solely by the scheduled completion of the G-Island EPC project. EBITDA and net income are projected to grow in the low to mid-single digits.

The company retains capacity to fund an additional $3 billion of growth beyond announced projects and targets a medium-term net debt to EBITDA ratio of 2.0 to 2.5 times.

Subsequent to year-end, ADNOC L&S secured a $2 billion revolving credit facility from its parent, with an option to increase it by $600 million. It also sold a 2017-built VLCC for $111 million, generating a capital gain of $27 million and supporting fleet renewal plans.

Nivetha DayanandAssistant Business Editor

Nivetha Dayanand is Assistant Business Editor at Gulf News, covering aviation, financial markets and commodities. A business and financial journalist with a strong interest in multimedia storytelling, she regularly takes complex financial and economic subjects beyond the written word, producing explainer videos that make them easier for a wider audience to understand. Nivetha has interviewed senior policymakers, business leaders and global financial figures both on and off camera. Her past guests include UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri, Khaled bin Alwaleed Al Saud, a member of the House of Saud and the founder and CEO of KBW Ventures, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund and Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu. She has also hosted and moderated panels, conferences and awards shows, bringing her newsroom experience to live conversations on business, finance and the economy. An Erasmus Mundus journalism alum, Nivetha is drawn to stories that affect people directly and to reporting that gives a platform to voices that might otherwise go unheard. She was among the first journalists to speak to Petrofac employees in the UAE about unpaid salaries, broke the news of the planned demolition of Dubai’s well-known “Toyota Building”, and helped set the record straight on widely circulated claims that a giant replica of the Moon was coming to Dubai. More recently, her exclusive interview with EDGE Group CEO Hamad Al Marar revealed how the UAE-based defence group deployed its systems along the country’s shore border and established a geofence around the UAE within 48 hours of the February 28 escalation. Prior to joining Gulf News, Nivetha worked at ITP Media, where she helped launch Finance Middle East, a new publication covering the region’s financial sector. Her role spanned reporting and editing, video production, interviews and events. Across print, digital, and video, she focuses on finding the people behind business stories and explaining why those stories matter to the audience reading or watching them.

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