Adnoc completes Dhs1.16 billion placement of Adnoc L&S shares

Abu Dhabi National Oil Company (Adnoc) announced that it has successfully completed a placement to institutional investors of c.222 million shares in Adnoc Logistics & Services plc (Adnoc L&S), representing approximately 3% of the Company’s issued share capital.

The offering highlights Adnoc’s continued focus on driving long-term shareholder value and execution of its strategy to achieve MSCI index inclusion for its listed companies.

The transaction improves the liquidity in Adnoc L&S’s shares by increasing its free float to c.22% and further diversifies the Company’s investor base.

The offering is expected to pave the way for potential MSCI indexation, increasing international and domestic investor awareness of Adnoc L&S’s differentiated proposition as leader in global energy maritime logistics.

Adnoc L&S has seen impressive growth since listing on the ADX in June 2023, delivering a consistently strong financial and operating performance with total shareholder return (TSR) in excess of 170%.

In the first half of 2025, the company reported record results with revenue increasing 40% year-on-year and EBITDA growing 26% to Dhs2.7 billion, having reached EBITDA of Dhs4.2 billion in 2024, doubling since the time of its IPO, demonstrating the value of the Company’s strategic diversification and resilient business model.

Adnoc L&S continues to make great progress on delivering its value-accretive growth plan, with Dhs95.5 billion of long-term contracted revenues and forward contracts totaling more than 960 years, providing visibility and resilience. Growth investments remain on track, with Adnoc L&S targeting high 20%’s year-on-year revenue growth for 2025 and mid- 20%’s EBITDA growth in 2025.

The confidence and strength in the underlying business is further reinforced by the 17 “Buy” recommendations on the Company’s shares, with all research analysts at major local and international financial institutions that cover Adnoc L&S having a “Buy” recommendation.

The Company also upgraded its full-year guidance and reiterated its 5% dividend increase to AED1,053 million for 2025, set out at the time of Adnoc L&S’s listing, with the Company remaining well positioned to continue delivering sustainable returns for investors, supported by Adnoc as a long-term majority shareholder.

The Offering received exceptional demand from institutional investors in the GCC and internationally, with oversubscription levels of c.7x during an accelerated bookbuild of approximately four hours, which is among the highest seen in a secondary sell-down in the region. The Offering was priced at Dhs5.25 per share, at the tightest discount for a secondary sell-down in the region.

The deal is another milestone in Adnoc’s world-class track record of equity capital market transactions, which have consistently unlocked value, attracted international investment and expanded Abu Dhabi’s role as one of the fastest-growing financial centers globally.

Previous placements for Adnoc Gas, Adnoc Drilling and Adnoc Distribution have led to all three companies receiving MSCI index inclusion and have since seen a ~5x increase in daily traded volume, 2x+ growth in average foreign ownership and 40%+ growth in average analyst coverage.

The Offering also further supports the development of the UAE’s capital markets, reinforcing the nation’s position as a leading and trusted destination for global capital.

Commenting on the pricing of the offering, Khaled Al Zaabi, Group Chief Financial Officer, Adnoc, said, “Following exceptional demand from both local and international investors, with oversubscription levels of approximately 7x during an accelerated bookbuild of just four hours, we are delighted to announce the successful completion of our Dhs1.16 billion institutional placement of Adnoc L&S shares. This Offering reinforces our commitment to delivering long-term value for shareholders and supports the execution of our broader strategy to achieve index inclusion of our listed companies.

As a result of the placement, Adnoc L&S’s free float will increase from c.19% to c.22%, improving its trading liquidity, further diversifying the Company’s shareholder base and providing a clear pathway towards MSCI index inclusion. As majority shareholder, Adnoc remains fully committed to supporting the Company to deliver its ambitious growth plans, with continued focus on unlocking long-term, sustainable value for all shareholders.” Adnoc L&S is Adnoc’s integrated energy maritime logistics and shipping champion. It provides mission-critical services across Adnoc’s entire value chain and to more than 100 global customers in over 50 countries.

With one of the most modern and diverse fleets in the region, including over 340 owned vessels and more than 600 chartered annually, Adnoc L&S ensures the reliable, cost-efficient and sustainable flow of energy to markets worldwide.

WAM