ADNOC Logistics & Services 1Q26 First Take

ADNOC Logistics & Services' 1Q26 results missed revenue and EBITDA targets due to lower Integrated Logistics activity, though Shipping performed well. Management subsequently raised FY26 guidance, maintaining a 'Buy' rating from Goldman Sachs.

Key Takeaways

• 1.ADNOC L&S reported 1Q26 results that were below consensus and GS expectations for revenue and EBITDA, primarily due to weaker Integrated Logistics performance.
• 2.The Shipping segment showed resilience, with revenues up 4% YoY, supported by high Tanker TCE rates and geopolitical market dynamics.
• 3.Management raised FY26 guidance for revenue, EBITDA, and net income, suggesting stronger expectations for the remainder of the year.

Table of Contents

• Results overview
• Valuation and risks
• Disclosure Appendix

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