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Investing.com -- ADNOC Distribution reported strong third-quarter 2025 results, with EBITDA and net income exceeding both Morgan Stanley estimates and company-compiled consensus.
The company’s EBITDA beat Morgan Stanley estimates by 3.5% and consensus by 7.9%, while net income exceeded expectations by 5.2% and 15.1% respectively. Even after adjusting for lower depreciation due to reassessment of fixed asset useful lives, net income would have been approximately AED 766 million, still outperforming estimates.
The retail segment drove the strong performance with EBITDA 6.4% above estimates, which offset a slight 1.8% miss in the corporate segment. GCC retail volumes showed robust growth, increasing 9.2% year-over-year, surpassing the 7.5% estimate.
Following these results, ADNOC Distribution has raised its 2025 new service stations target to 90-100 from the previous guidance of 60-70 announced in August. This increase is primarily driven by accelerated expansion in Saudi Arabia, where the company now plans to add 80-90 stations in 2025, up from the previous target of 50-60.
The company has also increased its forecast for new EV charging point installations to 180 by year-end, having already added 148 charging points year-to-date, exceeding its previous guidance of 100 new installations.
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