ADNOC Gas Q1 Beats Estimates Despite Hormuz

ADNOC Gas Q1 2026 revenue hit $5.0 bn, EBITDA $1.8 bn (+4% beat) and net income $1.1 bn (+5% beat) against consensus forecasts.
Export volumes fell 20% YoY to 202 TBTU, with Abu Dhabi LNG JV volumes down 32% due to Strait of Hormuz closure.
Management projects full‑year net income of $3.5‑$4.0 bn and raises capex guidance to $4.5‑$5.0 bn, citing supply‑chain pressures for the 2026 fiscal year.
Goldman Sachs called the results resilient, maintaining its Buy rating despite the March Brent price rise and geopolitical headwinds.