Press Release

ADNOC Classification: Public ADNOC DISTRIBUTION REPORTS ROBUST Q1 2024 GROWTH WITH 18% INCREASE IN EBITDA • EBITDA increases by 18% year-on-year to $248 million and net profit rises to $150 million. • Year-on-year fuel volumes increase by 17% and non-fuel retail transactions rise by 7%, demonstrating continued momentum across both fuel and non-fuel businesses • ADNOC Distribution leverages AI-driven digital innovation to drive value and enhance efficiency, employing predictive fuel demand models, Fill & Go for personalized fueling, and expanding its network of EV charging points Abu Dhabi, UAE – 09 May, 2024: ADNOC Distribution (ISIN: AEA006101017) (Symbol: ADNOCDIST), the UAE’s largest fuel and convenience retailer, today announced robust Q1 2024 financial results, reporting an 18% year-on-year increase in its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) to $248 million, demonstrating that the Company remains firmly on track to achieving the goals outlined in its new five-year strategy. The progress follows sustained momentum in both fuel and non-fuel retail segments in Q1, including developments in ADNOC Distribution’s pipeline of more than 20 Artificial Intelligence (AI)-driven initiatives, such as Fill and Go and the Fuel Demand AI Model, aimed at accelerating growth and enhancing operational efficiencies. Eng. Bader Saeed Al Lamki, CEO of ADNOC Distribution, said, “Our robust first-quarter results with an 18% EBITDA growth are a testament to the Company’s five-year strategy announced earlier this year, which prioritizes domestic growth, international platforms, and future-proofing the business. We are well positioned to achieve our operational objectives for 2028, aiming to expand the ADNOC Distribution network to 1,000 stations, increase the number of fast and super-fast EV charging points to at least 500, grow our non-fuel transactions by 50%, and increase the number of convenience stores by 25%.” “The integration of AI, a cornerstone of our strategy, continues to yield tangible results across our operations. For instance, thanks to our innovative Fuel Demand AI Model, we harness predictive demand analytics to optimize fuel delivery across our network. The model is projected to prevent potential lost sales totaling over $27 million in a five-year period.” Financial Performance The Company reported a double-digit increase in EBITDA compared to the same period last year, with higher traffic across its network driving growth in fuel volumes and non-fuel business. In Q1 2024, ADNOC Distribution’s EBITDA increased by 18% year-on-year to $248 million, with net profit reaching $150 million compared to $146 million in Q1 2023, despite the impact of the recently introduced UAE Corporate Tax. Excluding the tax impact, net profit saw a robust 13% year-on-year increase to $165 million. The Company also reported a strong non-fuel gross profit increase of 16% year-on-year to $55 million. ADNOC Distribution maintained a strong balance sheet with a net debt-to-EBITDA ratio of 0.50x, reinforcing its strong financial position and enabling the Company to invest in growth and deliver attractive shareholder returns.