 |
EBITDA of $2.16 billion, up 4% year on year
Performance driven by domestic gas demand and efficient management of planned shut-down program
ADNOC Gas continues to invest through the cycle to achieve its longer-term EBITDA growth target of over 40%
ABU DHABI, UAE, May 5, 2025 /PRNewswire/ -- ADNOC Gas plc and its subsidiaries (together referred to as "ADNOC Gas" or the "Company") (ADX: ADNOCGAS) (ISIN: AEE01195A234), a world-class integrated gas processing and sales company, today announced net income of $1.27 billion and EBITDA of $2.16 billion for the first quarter of 2025, exceeding the equivalent quarter in 2024 by 7% and 4% respectively.
The performance was driven firstly by continued demand for domestic gas - up on the equivalent quarter last year - as a result of strong economic growth in the UAE, which lifted the total sales volume. Secondly, through efficient management of the planned shut-down program to boost processing capacity, a reduction in the number of days the Company's plants were offline led to a rise in processed volumes.
Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: "This has been another outstanding quarterly performance by ADNOC Gas, supported by our resilient business model in a lower oil price market, which significantly exceeded market expectations. These results come on the back of successful supply agreements and the optimization of our ongoing shut-down program designed to power our continued growth. Looking ahead, we will use the strength of our balance sheet to invest through the cycle as we seek to realize EBITDA* growth of over 40% between 2023 and 2029."
ADNOC Gas signed a series of mid to long term LNG supply agreements valued at circa $9 billion with the Indian Oil Corporation and JERA Global Markets of Japan during Q1, reinforcing its role as a leading supplier of lower-carbon fuel. The agreements support the growth of the Company's international customer base as well as the transformation of global energy systems.
Q1 also saw a year-on-year uplift in CAPEX of 43% as ADNOC Gas continues to make the necessary investments through the cycle to grow the business and achieve its longer-term EBITDA targets. Project implementation remains on track, with the Company expecting to take a Final Investment Decision on its Rich Gas Development project in 2025.
As a result of the recently completed marketed offering of 3.1 billion shares in ADNOC Gas in which the free float increased by 4% to 9%, the Company is eligible for potential inclusion in the MSCI and FTSE indices as early as June and September respectively.
| $ Million | Q1 24 | Q4 24 | Q1 25 | YoY % | QoQ % |
|
|
|
| Q1 25 vs. Q1 24 | Q1 25 vs. Q4 24 |
| Revenue | 6,011 | 6,060 | 6,099 | 1 % | 1 % |
| COGS | -3,410 | -3,299 | -3,455 | 1 % | 5 % |
| Opex | -525 | -479 | -485 | -8 % | 1 % |
| EBITDA | 2,076 | 2,282 | 2,159 | 4 % | -5 % |
| Net Inco me | 1,187 | 1,381 | 1,270 | 7 % | -8 % |
| EBITDA Margin | 34.5 % | 37.7 % | 35.4 % | 87bps | -226bps |
| Net Income Margin | 19.7 % | 22.8 % | 20.8 % | 107bps | -197bps |
| Free Cash Flow (ex-working capital) | 1,144 | 965 | 1,214 | 6 % | 26 % |
| Alternative performance measures: • Financial information as presented above includes ADNOC Gas' proportionate consolidation of
JVs financial results. • EBITDA includes proportionate consolidation of JVs and represents Earnings Before Interest,
Tax, Depreciation and Amortization. • Free cash flow (excluding working capital) as presented is based on the IFRS financial statements. • The reconciliation between the financial data as presented and the IFRS financial statements is
presented in the Management Discussion & Analysis Report. |
*Assumes a flat oil price of $70/bbl between 2025 and 2029 and, in addition, the proportional consolidation of Ruwais LNG following completion and transfer to ADNOC Gas.
About ADNOC Gas
ADNOC Gas, listed on the ADX (ADX symbol: "ADNOCGAS" / ISIN: "AEE01195A234"), is a world-class, large-scale integrated gas processing and sales company operating across the gas value chain, from receipt of feedstock from ADNOC through large, long-life operations for gas processing and fractionation to the sale of products to domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE's sales gas needs and supplies end-customers in over 20 countries. To find out more, visit: www.adnocgas.ae
(X) @ADNOCGas
For investor inquiries, please contact:
Christian Audi
Vice President, Investor Relations
+971 (2) 6037366
ir@adnocgas.ae
EBITDA of $2.16 billion, up 4% year on year
Performance driven by domestic gas demand and efficient management of planned shut-down program
ADNOC Gas continues to invest through the cycle to achieve its longer-term EBITDA growth target of over 40%
ABU DHABI, UAE, May 5, 2025 /PRNewswire/ -- ADNOC Gas plc and its subsidiaries (together referred to as "ADNOC Gas" or the "Company") (ADX: ADNOCGAS) (ISIN: AEE01195A234), a world-class integrated gas processing and sales company, today announced net income of $1.27 billion and EBITDA of $2.16 billion for the first quarter of 2025, exceeding the equivalent quarter in 2024 by 7% and 4% respectively.
The performance was driven firstly by continued demand for domestic gas - up on the equivalent quarter last year - as a result of strong economic growth in the UAE, which lifted the total sales volume. Secondly, through efficient management of the planned shut-down program to boost processing capacity, a reduction in the number of days the Company's plants were offline led to a rise in processed volumes.
Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: "This has been another outstanding quarterly performance by ADNOC Gas, supported by our resilient business model in a lower oil price market, which significantly exceeded market expectations. These results come on the back of successful supply agreements and the optimization of our ongoing shut-down program designed to power our continued growth. Looking ahead, we will use the strength of our balance sheet to invest through the cycle as we seek to realize EBITDA* growth of over 40% between 2023 and 2029."
ADNOC Gas signed a series of mid to long term LNG supply agreements valued at circa $9 billion with the Indian Oil Corporation and JERA Global Markets of Japan during Q1, reinforcing its role as a leading supplier of lower-carbon fuel. The agreements support the growth of the Company's international customer base as well as the transformation of global energy systems.
Q1 also saw a year-on-year uplift in CAPEX of 43% as ADNOC Gas continues to make the necessary investments through the cycle to grow the business and achieve its longer-term EBITDA targets. Project implementation remains on track, with the Company expecting to take a Final Investment Decision on its Rich Gas Development project in 2025.
As a result of the recently completed marketed offering of 3.1 billion shares in ADNOC Gas in which the free float increased by 4% to 9%, the Company is eligible for potential inclusion in the MSCI and FTSE indices as early as June and September respectively.
$ Million
Q1 24
Q4 24
Q1 25
YoY %
QoQ %
Q1 25 vs. Q1 24
Q1 25 vs. Q4 24
Revenue
6,011
6,060
6,099
1 %
1 %
COGS
-3,410
-3,299
-3,455
1 %
5 %
Opex
-525
-479
-485
-8 %
1 %
EBITDA
2,076
2,282
2,159
4 %
-5 %
Net Inco me
1,187
1,381
1,270
7 %
-8 %
EBITDA Margin
34.5 %
37.7 %
35.4 %
87bps
-226bps
Net Income Margin
19.7 %
22.8 %
20.8 %
107bps
-197bps
Free Cash Flow
(ex-working capital)
1,144
965
1,214
6 %
26 %
Alternative performance measures:
• Financial information as presented above includes ADNOC Gas' proportionate consolidation of
JVs financial results.
• EBITDA includes proportionate consolidation of JVs and represents Earnings Before Interest,
Tax, Depreciation and Amortization.
• Free cash flow (excluding working capital) as presented is based on the IFRS financial statements.
• The reconciliation between the financial data as presented and the IFRS financial statements is
presented in the Management Discussion & Analysis Report.
*Assumes a flat oil price of $70/bbl between 2025 and 2029 and, in addition, the proportional consolidation of Ruwais LNG following completion and transfer to ADNOC Gas.
About ADNOC Gas
ADNOC Gas, listed on the ADX (ADX symbol: "ADNOCGAS" / ISIN: "AEE01195A234"), is a world-class, large-scale integrated gas processing and sales company operating across the gas value chain, from receipt of feedstock from ADNOC through large, long-life operations for gas processing and fractionation to the sale of products to domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE's sales gas needs and supplies end-customers in over 20 countries. To find out more, visit: www.adnocgas.ae
(X) @ADNOCGas
For investor inquiries, please contact:
Christian Audi
Vice President, Investor Relations
+971 (2) 6037366
ir@adnocgas.ae
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
ADNOC Gas announces Q1 net income of $1.27 billion, up 7% year on year, significantly exceeding market expectations
SHANGHAI, Jan. 8, 2026 /PRNewswire/ -- On January 8, 2026, CHAGEE released its 2025 Year-End Tea Friends Review. The Review outlines the company's growth over the past year, with its store network now operating in eight countries across two continents. Annual tea sourcing volume surpassed 10,000 tons, covering six major tea categories as well as key Pu'er-producing regions, supported by partnerships with more than 100 tea factories.
Global Footprint Reaches Eight Countries; Asia-Pacific Overseas Membership Climbs 177%
The 2025 Year-End Tea Friends Review shows that CHAGEE's store network currently operates in China, Malaysia, Indonesia, the Philippines, Vietnam, Thailand, Singapore, and the United States. In April, CHAGEE completed its public listing on the NASDAQ exchange (Ticker: CHA), becoming the first freshly made tea beverage brand from China to list on a U.S. stock exchange and one of the largest food and beverage IPOs globally since 2022, according to publicly available market data.
Overseas growth has supported the expansion of CHAGEE's customer base. According to the Report, membership in Asia-Pacific overseas markets rose 177% year-on-year in 2025, with 61% of members under the age of 30. Member counts in Singapore, Thailand, Indonesia, and the Philippines increased by approximately 4-fold, 5.4-fold, 20-fold, and 11-fold, respectively. Online engagement related to CHAGEE across international social platforms increased by approximately 250% compared with the prior year. Terms like "tea", "tea culture", and "tea-inspired lifestyle" have become popular among young local consumers, positioning tea as a shared point of cultural interest among younger audiences across markets.
BO•YA JASMINE GREEN MILK TEA Gains Worldwide Popularity
As CHAGEE's global presence grows, BO•YA Jasmine Green Milk Tea continued to gain recognition across international markets. Data from Frost & Sullivan shows that sales of the beverage surpassed 1.25 billion cups between January 2022 and June 2025. The Review indicates BO•YA Jasmine Green Milk Tea ranks among the top-selling products in Indonesia, the Philippines, Vietnam, and Thailand. Preferences vary by region—for instance, consumers in Malaysia and Singapore show greater interest in Peach Oolong Milk Tea—reflecting the company's strategy of tailoring offerings to local preferences as international operations expand.
In the past year, more than 30 million customers placed single orders for two or more cups of BO•YA Jasmine Green Milk Tea, highlighting shared consumption occasions. Group orders rose notably, with orders exceeding 20 cups increasing by more than 15% and orders over 100 cups rising by more than 40% year-on-year.During the Spring Festival holiday, orders of 50–100 cups surged by as much as 259% year-on-year.
In 2025, BO•YA Jasmine Green Milk Tea received the Best Natural/Organic Beverage award at the World Beverage Innovation Awards. CHAGEE was also recognized in the Best Processing/Production Innovation category and named a finalist for several additional international innovation awards.
Annual Tea Sourcing Holds at 10,000 Tons; Modern Tea Approach Supports Supply Chain Development
Within the tea industry, CHAGEE continues to deepen partnerships with upstream producers. In 2025, the company's annual tea sourcing remained at approximately the 10,000-ton scale, with partnerships extending to more than 100 tea factories.
Product innovation further links industry capabilities with consumer preferences. Last year, CHAGEE introduced over 20 new products. Within the Fresh Milk Tea series, more than 50% of new releases featured floral or fruit elements. By applying its Fresh Brew technology system, CHAGEE has integrated contemporary extraction techniques into freshly made tea beverage preparation, bringing new flavor expressions to traditional tea leaves.
In 2025, CHAGEE also completed over 10 craftsmanship and process innovation initiatives in collaboration with tea gardens, factories, and research institutions.
The 2025 Year-End Tea Friends Review further notes that CHAGEE now operates more than 25 pet-friendly stores, has supported the construction of 23 children's playgrounds this year, opened 14 deaf-inclusive silent stores, added 219 new 24-hour locations, and opened new stores at an average rate of one every 1.7 days. Approximately 1340 stores joined CHAGEE's Night Clean Project, supporting 18,000 store partners complete end-of-day operations on schedule.
"Making Friends Through Tea" is more than a tagline—it reflects CHAGEE's ongoing approach of building lasting, respectful connections centered on shared tea experiences. Each day, CHAGEE brings people together through a cup of tea.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
CHAGEE Releases "2025 Year-End Tea Friends Review": Global Stores Span 8 Countries Across 2 Continents, Annual Tea Procurement Exceeds 10,000 Tons
