ADNOC Distribution Announces Q3 2025 Results, Delivers Strongest EBITDA Since IPO

Highest-ever quarterly EBITDA of $319 million in Q3 2025, up 15.9% YoY, with a net profit of $221 million, up 21.5% YoY
Record nine-month (9M) EBITDA of $885 million, up 12.0% YoY, drives net profit of $579 million, up 15.6% YoY.
9M fuel volumes up 5.9% YoY to 11.7 billion liters.
2025 network expansion target exceeded; guidance further upgraded to 90-100 new stations by year-end.
Proposed dividend policy extension to 2030, subject to shareholder approval, with more frequent, quarterly distribution from Q1 2026.

ADNOC Distribution (ISIN: AEA006101017) (Symbol: ADNOCDIST), the UAE’s largest fuel and convenience retailer, today reported EBITDA increase of 12.0% YoY to $885 million in 9M 2025, its strongest 9M performance since listing in 2017, with 9M 2025 net profit growing by 15.6% YoY to $579 million. 

In Q3 2025, the Company reached a new quarterly EBITDA record of $319 million, an increase of 15.9% YoY, with a strong growth of 21.5% YoY in net profit to $221 million, both exceeding analyst expectations.

The Company also achieved the highest 9M fuel volumes in its history, totalling 11.7 billion liters. The Company added 85 new service stations across its network in the first nine months of the year, bringing its total network size to 977. A majority of these new stations are in Saudi Arabia, where ADNOC Distribution added 72 new service stations. This brings the Company’s total network in the Kingdom to 172, a 150% YoY increase. 

Having exceeded its network expansion goals ahead of schedule, the Company has raised its year-end target to 90–100 new stations by the end of 2025, up from previous full-year expansion guidance of 60–70. This revised guidance includes 80–90 stations in Saudi Arabia alone.

At the recent inaugural Investor Majlis event hosted by ADNOC Group in Abu Dhabi, ADNOC Distribution announced upgraded network expansion guidance to 1,150 service stations by 2028 and announced a proposed extension of its dividend policy to 2030, subject to shareholder approval, with payouts to now occur on a quarterly basis from Q1 2026. This renewed commitment reflects confidence in long-term growth, the Company’s resilient financial performance, and its robust balance sheet. 

Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “ADNOC Distribution’s record performance this year is a testament to the progress we have achieved to date against our five-year growth strategy, furthering our transformation into a mobility and convenience retail leader. Our strongest quarterly EBITDA ever, combined with a rapidly expanding network, demonstrates the fundamental strength of our business and a firm belief in our long-term growth prospects. This confidence is reflected in our recently revised expansion targets and the extension of our class-leading dividend policy for an additional two years. By focusing on non-fuel retail, including through a refreshed ‘Oasis by ADNOC’ brand and our property network, we are building a flexible mobility and convenience platform responsive to evolving customer needs, while creating sustainable, long-term value for shareholders.”

Non-fuel retail continued to deliver strong momentum in Q3 2025, with gross profit growing by 14.7% year-on-year. The Company achieved the highest number of non-fuel retail transactions in its history for the first nine months of the year at 39.6 million, representing a 10.2% YoY increase, as well as the highest 9M convenience store conversion rate since 2021 at 26.2%, marking a YoY increase of 65 basis points. 

These results were achieved through robust performance across convenience stores, car services, and property management, reinforcing the success of ADNOC Distribution’s diversification strategy. Reflecting this, ADNOC Distribution recently introduced updated guidance anticipating a 100% increase to non-fuel retail transactions by 2030 compared to 2023. In Q3 2025, ADNOC Voyager, the UAE’s leading lubricant brand, also marked a major growth milestone by extending its footprint to 50 export markets worldwide.

The extension of ADNOC Distribution’s dividend policy to 2030, subject to shareholder approval, and the shift to quarterly payments will improve return visibility and are expected to offer upside from future earnings growth while rewarding shareholders more frequently. The announcement brings the Company’s total announced dividend commitments to a minimum of $4.9 billion between 2023 and 2030, at an annual payout of $700 million or a minimum of 75% of net profit, whichever is higher. 

In Q3 2025, ADNOC Distribution reintroduced the UAE’s most popular convenience store with a fresh new identity - ‘Oasis by ADNOC’. With a bold new look and an ‘On the Gourmet’ promise, the refresh brings upgraded food and beverage offerings, including barista-crafted specialty coffee and a new selection of healthy options, all while keeping the classics customers love. By positioning Oasis by ADNOC as the UAE’s go-to destination for a gourmet experience on the move, ADNOC Distribution is elevating on-the-go dining into something truly special, reflecting a commitment to creating the industry’s best customer experiences.

ADNOC Distribution also advanced its position as a future-ready mobility provider, with its E2GO network reaching 368 fast and super-fast EV charging points by the end of September. Through continued investments in emerging mobility solutions in line with anticipated demand, ADNOC Distribution is future-proofing its business to meet evolving customer needs.
ADNOC Distribution also accelerated its transformation into an AI native enterprise, driving operational excellence and industry-leading customer experience with more than 20 AI-powered initiatives under development or already deployed across the business.

In line with its five-year growth strategy, ADNOC Distribution remains focused on sustaining momentum through resilience, innovation, and customer-centric execution. By leveraging its strong financial position, expanding its regional footprint, and advancing its AI-native transformation, the Company is well-placed to capture future opportunities, strengthen long-term shareholder value, and redefine convenience and mobility across the markets it serves.