UAE Equity Research - ADNOC Gas PLC 4Q25 - First Look Note
ADNOCGAS’s total sales volume increased 4.7% YOY to 910 TBTU in 4Q25, owing to strong domestic demand. The Company expects 2026 Domestic sales volume to range between 2,430–2,510 TBTU, while Exports and traded liquids sales volume are expected to be between 1,045-1,075 TBTU.