UAE Equity Research - ADNOC Logistics & Services PLC (ADNOCLS) 4Q25 - First Look Note
Revenue rose 34.7% YOY to USD 1,187 Mn in 4Q25, driven by the robust performance across shipping and marine segments. The Company expects five LNG vessels to commence contracts with ADNOC Gas from April 2026, including four vessels on 15-year contracts and one on a seven-year contract.