ADNOC Distribution has reported strong financial and operational performance in the first nine months of 2026, with EBITDA rising 26% year-on-year (YoY) to US$1.12 billion and net profit increasing 37% YoY to US$791 million.
Underlying EBITDA increased 14% YoY to US$944 million, reflecting the Company’s robust business fundamentals, with gross profit of US$1.67 billion (+20% YoY) supported by higher fuel volumes, inventory gains, and growing contributions from non-fuel retail (NFR) and international operations.
Eng. Bader Saeed Al Lamki, Chief Executive Officer of ADNOC Distribution, said: “ADNOC Distribution’s strong nine-month performance demonstrates the breadth of our diversified platform and the disciplined execution of our growth strategy.
"We are building on this momentum to future-proof our growth by scaling higher-margin NFR opportunities and progressing our international strategy.
"Through initiatives such as our proposed entry into South Africa, we are transforming into a leading international mobility and convenience retailer and creating long-term shareholder value.”
Non-Fuel Retail Performance
ADNOC Distribution’s NFR gross profit reached $217 million in 9M 2026 as the platform continued to grow at a double-digit rate (+13% YoY), supported by the convenience store and property management verticals as well as 15% growth in ADNOC Rewards membership.
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The Company also launched Engage by ADNOC, a data-driven retail media network enabled by its AI and Digital Transformation (AIDT) strategy, creating a scalable, higher-margin revenue stream.
ADNOC Distribution has 20+ AI-enabled initiatives across its value chain, including for fuel demand forecasting, supply chain optimization, and personalized customer engagement.
NFR growth was further supported by The Hub by ADNOC, the Company’s roadside retail concept, which offers a retail footprint three times larger than traditional service stations and integrates lifestyle with mobility.
With eight operational today, ADNOC Distribution plans to open 30 sites of ‘The Hub by ADNOC’ by 2030 as it advances NFR growth opportunities with new convenience and car-care offerings.
Disciplined Strategy Execution
In a complex operating environment, ADNOC Distribution added 71 new sites during the first nine months of 2026, meeting its initial full-year network expansion guidance ahead of schedule.
The Company ended 9M 2026 with 1,081 stations and raised its 2026 network expansion guidance to 80-90 new stations, reflecting continued execution momentum and confidence in its growth pipeline.
ADNOC Distribution reiterated guidance for 50-60 new EV charging points and five new sites of The Hub by ADNOC in 2026. Alongside network expansion, ADNOC Distribution delivered record fuel volumes of 11.86 billion liters during the period.
Retail volumes increased to 8.26 billion liters, supported by UAE network expansion and targeted initiatives to enhance footfall. Committed to electrifying key UAE highways by 2030, ADNOC Distribution also expanded its E2GO electric vehicle (EV) charging network by 18% YoY in 9M 2026.
Proposed International Expansion
Earlier this year, ADNOC Distribution announced the proposed acquisition of Shell Downstream South Africa, marking a significant step in its ambition to become a leading international mobility and convenience retailer.
Subject to customary regulatory approvals and closing conditions, the transaction would make South Africa the Company’s fourth country of operations. The proposed acquisition is expected to deliver an earnings-per-share uplift of 6% in the first full year after completion.
Outlook and Shareholder Returns
Building on its strong foundation, ADNOC Distribution is strengthening its core fuel and convenience retail business while scaling into new markets, attracting new customers and developing additional growth platforms.
The Board approved a Q3 dividend of 5.14 fils per share (US$175 million), which upon payment in early December, would raise ADNOC Distribution’s total dividends paid since IPO to US$6 billion.
Supported by its strong earnings outlook, the Company expects full-year 2026 dividends to exceed US$700 million under its 2026-30 dividend policy to distribute US$700 million or at least 75% of net profit annually, whichever is higher.
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