Q2 2026 Adnoc Drilling Company PJSC Earnings Call Transcript

Jul 29, 2026 / 11:00 AM GMT

Release Date Price: د.إ5.75 (-0.69%)

Transcript

Key Points

Positve

Record Q2 and H1 2026 financial performance with revenue of $1.2 billion and net profit of $359 million, showcasing resilient growth.
Achieved 99% rig availability across onshore and offshore operations, demonstrating exceptional operational reliability.
Successful regional expansion with the closure of the MBBS transaction, expanding the fleet to 30 rigs outside the UAE.
Deployed the first AI-enabled island rig ahead of schedule, enhancing automation and operational efficiency.
Reaffirmed full-year 2026 guidance with revenue of $5 billion and a progressive dividend policy, including a $262.5 million Q2 dividend.

Negative

Lower phasing of unconventional activity in Q2 2026 impacted revenue, with a different activity profile compared to 2025.
Onshore EBITDA margin declined to 44% from 48% year-on-year, partly due to the integration of lower-margin regional rigs.
Inventory levels increased 51% year-on-year due to stockpiling for business continuity amid regional tensions, pressuring free cash flow.
Repurposing of certain onshore rigs partially offset revenue growth, with only one rig redeployed to Oman so far.
2027 revenue growth guidance is limited to single digits, with uncertainty around unconventional Phase 2 FID and potential M&A upside.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ADNOCDRILL.AD - Adnoc Drilling Company PJSC
Q2 2026 Adnoc Drilling Company PJSC Earnings Call
Jul 30, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello everyone and thank you for joining the ADNOC Drilling second quarter 2026 earnings webcast and conference call. My name is Lucy and I'll be coordinating your call today.

During the presentation, you can register a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two to remove yourself from the question queue. It is now my pleasure to hand over to your host, Max Cominelli, Vice President of Investor Relations to begin. Please go ahead when you're ready.

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Unidentified_2 [2]
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