ADNOC Gas Q3 profit doubles from Q2 to $1.34bn, guidance up

ADNOC Gas Q3 profit doubled from the previous quarter to $1.34bn in the three months to September, up 101% from $665m in the second quarter, the Abu Dhabi-listed company said on Tuesday, 10 November. Net income was in line with the $1.34bn reported for the third quarter of 2025.

EBITDA rose 70% quarter on quarter to $2.03bn, and the board approved a quarterly dividend of $940m. The company also raised its full-year 2026 net income guidance to at least $4bn, from the $3.5bn to $4bn range it gave with its second-quarter results.

What drove the ADNOC Gas Q3 profit rebound

Domestic gas sales within the UAE increased 20% from the second quarter, and domestic gas EBITDA climbed 28%, the company said. International product sales grew faster still, with EBITDA from that business up 106%, while sulphur EBITDA rose 249%.

The recovery follows a weak second quarter, when disruption to shipping through the Strait of Hormuz constrained product liftings and cut net income to $665m. In August the company had guided third-quarter net income of $600m to $800m on the assumption that the disruption would continue, so the $1.34bn result came in well above its own forecast.

Dividend and cash flow

The $940m payout is 5% higher than a year earlier and will be paid in December, in line with a policy that targets 5% annual dividend growth through 2030. Operating cash flow reached $3.82bn in the first nine months, covering the $2.82bn year-to-date dividend 1.3 times.

The full-year dividend commitment of 18 fils per share equates to a yield of 5.34% based on the closing share price on 9 November, according to the company.

Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said “strong execution across the business has been the key driver of our renewed momentum and excellent results”.

Growth projects and 2030 targets

Four projects anchor the expansion plan: the Rich Gas Development, Ruwais LNG, Maximizing Ethane Recovery and Monetization (MERAM) and Estidama. The programme supports a target of 60% EBITDA growth by 2030 against 2023, assuming Brent at $70 a barrel, with about $28bn of investment planned between 2026 and 2030.

Each project reached a milestone in the quarter. Work began on Phase 3 of the Rich Gas Development, which adds a natural gas liquids fractionation train at Ruwais, while the first two main refrigeration compressor trains were installed at Ruwais LNG. MERAM completed its first tie-in and introduced first gas, and the first sales gas compression train at Estidama started up.

Restoration of the Habshan complex, damaged in security incidents in April, is progressing on plan, with full capacity expected to return by the second quarter of 2027. ADNOC Gas also targets more than $900m of value from AI-enabled initiatives by 2030.

Why it matters

The results give investors a clearer read on how quickly Gulf energy producers can recover once shipping disruption eases. They follow strong nine-month numbers from sister company ADNOC Distribution, and come days after ADNOC Gas signed a 1.6m-tonne LNG supply deal with TotalEnergies.

Also Read: ADNOC Drilling results: 9M profit $1.07bn, $350m payout

The raised guidance remains conditional on regional maritime conditions. Shareholders will next look to the December dividend payment and the fourth-quarter update early in 2027 for evidence that the recovery has held. The full results announcement is available in the company’s Q3 2026 press release.