ADNOC's listed companies hold firm

ADNOC's six listed subsidiaries posted a resilient first quarter, generating combined revenues of $11.8 billion, EBITDA of $3.7 billion and net profit of $2.2 billion, a strong set of numbers for a period marked by extraordinary disruption in the Strait of Hormuz.

Fertiglobe stole the show. Revenue surged 32% year-on-year to $915 million, while net profit nearly doubled - up 98% - to $145 million, driven by tight nitrogen markets and record-breaking operations in Egypt. 

ADNOC Drilling posted its strongest-ever first quarter, with record revenue of $1.23 billion and net profit up 5%. ADNOC Distribution also hit records, with EBITDA climbing 12% and net profit jumping 21% to $210 million.

Hormuz: managed, not broken

The Strait of Hormuz crisis tested the group's operational resilience, and the group held. Borouge rerouted 61% of March production through alternative logistics channels. ADNOC L&S leveraged higher global shipping rates to offset maritime disruption, and upgraded its full-year 2026 guidance. ADNOC Gas maintained domestic supply while actively managing export disruption, closing the quarter with a $4.2 billion cash balance.

ADNOC has confirmed $55 billion in project awards for 2026-2028. Analysts at Cantor and Bernstein have both issued bullish calls across the portfolio, citing strong cash flows and attractive dividends. 

The UAE's exit from OPEC is seen as an additional tailwind, giving ADNOC greater production flexibility and fuelling activity across its entire value chain.

In turbulent markets, ADNOC is making disruption look manageable.