EBITDA rose 70% quarter-on-quarter to $2.03 billion. The company attributed the rebound to strong operational performance and commercial execution across its key business lines.

CEO Cites Execution and Commercial Agility

Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said the quarter's results showed strong execution across the business had been the key driver of renewed momentum.

"Our operational strength and commercial agility enabled us to safely and reliably meet domestic and international demand and drive strong financial results despite continued challenging external conditions," Al Nuaimi said. She described the results as a demonstration of the value of the company's integrated business model, the disciplined execution of its teams and its commitment to adopting advanced technologies.

"We continue to deliver on our dividend commitment to shareholders and invest in one of the industry's largest gas growth programs," she added.

Business Line Performance

The domestic gas business provided what the company described as a stable, progressive foundation for earnings. Sales within the UAE rose 20% quarter-on-quarter, supported by resilient demand, while margins lifted domestic gas EBITDA by 28% over the same period.

The company scaled up international product sales, lifting EBITDA by 106% quarter-on-quarter. Sulfur sales provided additional support, with EBITDA up 249% over the same period.

Dividend and Cash Generation

The Board approved a quarterly dividend of $940 million, up 5% year-on-year and payable in December 2026. The dividend is in line with the company's target to increase the dividend by 5% annually through 2030.

The full-year 2026 dividend commitment of 18 fils per share represents a dividend yield of 5.34%, based on the closing share price on 9 November, 2026. ADNOC Gas said it remains the largest dividend payer on the ADX.

Full-Year Guidance Raised

ADNOC Gas raised its full-year 2026 net income guidance to at least $4 billion following the third-quarter performance.

The company said that although market conditions improved during the third quarter, ongoing disruption to maritime movements through the Strait of Hormuz continued to create a challenging operating environment. Through proactive inventory, logistics and supply-chain management, ADNOC Gas said it worked closely with customers, contractors and partners to mitigate the impact of these disruptions. The outlook remains subject to developments in regional maritime conditions, which the company said it continues to monitor closely.

Growth Program Milestones

ADNOC Gas said it is delivering one of the largest gas growth programs in the industry, spanning four megaprojects: the Rich Gas Development (RGD), Ruwais LNG, Maximizing Ethane Recovery and Monetization (MERAM) and Estidama. Together they are expected to generate $13.4 billion in In-Country Value (ICV).

The company reported several project milestones during the quarter:

  • ADNOC Gas broke ground on Phase 3 of the RGD project to add a natural gas liquids fractionation train at Ruwais that will produce over 8 million tonnes annually for export once complete.
  • At Ruwais LNG, the first two main refrigeration compressor trains were installed.
  • MERAM safely completed its first tie-in to existing processing facilities and introduced first gas to the project.
  • At Estidama, the first sales gas compression train was successfully started up and achieved operational readiness.
  • Restoration works at the damaged Habshan complex progressed in line with plan, with the company on track to restore full capacity by the second quarter of 2027.

The expansion program underpins targeted EBITDA growth of 60% by 2030 compared to 2023, with approximately $28 billion of investment planned between 2026 and 2030, according to the company.

AI and Autonomous Operations

ADNOC Gas said it is scaling AI and robotics to deliver safer, smarter and more autonomous operations. AI-powered control rooms at Bu Hasa and Taweelah, alongside autonomous inspection robots, are improving productivity, reliability and real-time decision-making while targeting significant cost savings and creating over $900 million of value in the business by 2030. The company said these initiatives accelerate its ambition to become an AI-native company.

Company Profile

ADNOC Gas describes itself as a large-scale integrated gas processing and sales company operating across the gas value chain, from receipt of feedstock from ADNOC through gas processing and fractionation to the sale of products to domestic and international customers. The company says it supplies approximately 60% of the UAE's sales gas needs and serves customers in more than 20 countries.