Report published August 11, 2026
ADNOC Logistics & Services (ADNOCLS.AD): Goldman Sachs 2Q26 Performance & Growth Outlook
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 11, 2026
- Analysis as of
- August 10, 2026
Authors / editors: Faisal AlAzmeh (Analyst), Roman Reshetnev (Analyst), Fadi Bataineh (Analyst)
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs reiterates Buy on ADNOC Logistics & Services (ADNOCLS) following a record 2Q26 quarter driven by high tanker rates. The company raised its FY26 guidance and continues to invest in fleet expansion with $5.7bn in committed capex.
Key Takeaways
- 1.Management raised FY26 guidance for the third time this year, citing strong shipping performance and elevated tanker rates.
- 2.ADNOC L&S has committed US$5.7bn in capex through 2029 to expand the fleet, prioritizing growth over near-term dividend increases.
- 3.The company acts as the primary transporter for ADNOC molecules amid Hormuz disruptions, leading to significantly higher tanker freight rates.
Table of Contents
- Key takeaways from earnings call with management
- Third consecutive FY 2026 upgrade on Shipping performance; expecting 2H26 IL normalization; 2Q26 review
- New VLCCs deploy immediately with ADNOC; we see spot as upside to high-margin contracted gas support; Shipping
- Provisions and softer volumes continue to drag IL YtD performance; volumes normalizing, with 2Q26 underlying LFL EBITDA run-rate nearer to ~US$180mn; Integrated Logistics
- 2Q26 marine services numbers reflect record quarter; pooling and bunkering drive the uplift; Services
- Outperformance vs peers continues to reflect AL&S' favorable earnings profile; further re-rating potential on national expansion; Valuation recap
- Estimate changes, valuation, and risks
Report data
GS Forecast — as of August 10, 2026.
| Metric | Estimate | Context |
|---|---|---|
| VLCC TCE rates | 291,145 USD/day | Tanker freight rates |
| Committed Capex | 5.7 USD billion | Fleet expansion |
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Authors / Editors
Reported Data Context
- VLCC TCE rates: 291,145 USD/day (2Q26) · Source: Company data
- Committed Capex: 5.7 USD billion (to 2029) · Source: Company data
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