Abu Dhabi National Oil for Distribution : ADNOC Distribution Q1 2024 Presentation – English – 9 May 2024

ADNOC Classification: Public

Q1 2024 RESULTS PRESENTATION

INVESTOR & ANALYST CONFERENCE CALL

9 May 2024

ADNOC DISTRIBUTION

ADNOC Classification: Public

Agenda

01 SUMMARY	02
	EXECUTIVE

STRATEGY 03 UPDATE

Q1 2024	04
RESULTS

CLOSING REMARKS

2 © ADNOC Distribution

ADNOC Classification: Public

Disclaimer

This communication includes forward-looking statements which relate to, among other things, our plans, objectives, goals, strategies, future operational performance and anticipated developments in markets in which operate and in which we may operate in the future. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond our control and all of which are based on management's current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "could", "should", "would", "intends", "estimates", "plans", "targets", or "anticipates" or the negative thereof, or other comparable terminology.

These forward-looking statements and other statements contained in this communication regarding matters that are not historical facts involve predictions and are based on the beliefs of our management, as well as the assumptions made by, and information currently available to, our management. Although we believe that the expectations reflected in such forward looking statements are reasonable at this time, we cannot assure you that such expectations will prove to be correct.

Given these uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: our reliance on ADNOC to supply us with substantially all of the fuel products that we sell; an interruption in the supply of fuels to us by ADNOC; changes in the prices that we pay ADNOC for our fuels and to the prices that we are allowed to charge our retail customers in the UAE; failure to successfully implement our operating initiatives and growth plans, including our mixed-mode service offering, our convenience store optimisation initiatives, our cost savings initiatives, and our growth plans; competition in our markets; decrease in demand for the fuels we sell, including due to general economic conditions, improvements in fuel efficiency and increased consumer preference for alternative fuels; the dangers inherent in the storage and transportation of the products we sell; our reliance on information technology to manage our business; laws and regulations pertaining to environmental protection, operational safety, and product quality; the extent of our related party transactions with ADNOC and our reliance on ADNOC to operate our business; the introduction of VAT and other new taxes in the UAE; failure to successfully implement new policies, practices, systems and controls that we implemented in connection with or following our IPO; any inadequacy of our insurance to cover losses that we may suffer; general economic, financial and political conditions in Abu Dhabi and elsewhere in the UAE; instability and unrest in regions in which we operate; the introduction of new laws and regulations in Abu Dhabi and the UAE; and other risks and uncertainties detailed in our International Offering Memorandum dated 26 November 2017 relating to our initial public offering and the listing of our shares on the Abu Dhabi Securities Exchange, and from time to time in our other investor communications.

Except as expressly required by law, we disclaim any intent or obligation to update or revise these forward-looking statements.

3 © ADNOC Distribution

ADNOC Classification: Public

01 EXECUTIVE SUMMARY

SPEAKER: ATHMANE BENZERROUG

CHIEF STRATEGY, TRANSFORMATION & SUSTAINABILITY OFFICER

ADNOC DISTRIBUTION

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ADNOC Classification: Public

Executive Summary	Strategy Update		Q1 2024 Financial Results		Closing Remarks

ADNOC Distribution equity story

Appendix

Track record of

shareholder value creation

Value creation since IPO:

Total shareholder return: c.$7.5 billion (+c.90%)

Robust 5-year ROCE of over 25% driven by efficient capital allocation and value-accretiveinvestments

Attractive 2024-28 dividend policy supported by visible cashflow profile and strong balance sheet:

$700 million or min. 75% of net profit, whichever is higher

(offering a 5.9% dividend yield)1

Significant share liquidity (free float of 23%) and part of MSCI EM and FTSE EM indices

Focus on delivering sustainable growth

2028 ambition: establish ADNOC Distribution as a multi-energy, convenience and mobility leader

Accelerating sustainable and profitable growth domestically and internationally through efficient capital allocation

Futureproofing the business: by unlocking new revenue streams offered by energy transition (incl. EV charging) and pursuing sustainability goals

Hyper-personalizeddigital-first experience to drive customer engagement, footfall and monetization

Unlocking hidden value through OPEX initiatives

Solid performance and cashflow visibility

Demonstrable solid business performance reinforced by strong Q1 2024 operating and financial results

Predictable cash flow generation supported by robust regulatory framework, industry-leadingmargins and limited exposure to oil price volatility

Supportive and committed majority shareholder ADNOC: 5-yearsupply contract with a retail margin guarantee protecting against inventory losses while providing exposure to inventory gains

Strong balance sheet with ample liquidity supports growth prospects and enables attractive shareholder distributions

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© ADNOC Distribution

1. Subject to the Board and Shareholders' approval

ADNOC Classification: Public

Executive Summary	Strategy Update		Q1 2024 Financial Results		Closing Remarks		Appendix

Q1 2024 key achievements & 2024 outlook

One of the strongest quarters driven by the continued expansion and volumes growth

Robust operating performance

Network and EV charging infrastructure

UAE/KSA: 601 stations

(Q1 2023: 574)

Egypt: 245 stations

UAE fast and superfast EV charging points: ~90

Record Q1 fuel volumes sold

Total: +17% (retail: +18%)

UAE/KSA: +9% (retail: +7%)

Continued growth in non-fuel retail

UAE non-fuel transactions: +7%

UAE convenience store conversion rate1 24.5% (Q1 2023: 24.4%)

Strong momentum in ADNOC Rewards

+21% Y-o-Yto 2 million members

Continued growth momentum

Gross profit: +17% Y-o-Y, driven by growing mobility, higher number of fuel and non-fuel transactions, efficiency improvements and a positive impact of inventory gains

NFR gross profit: +16% Y-o-Y

EBITDA and net profit:

+18% and +2% Y-o-Y,respectively

Net profit excl. tax impact:

+13% Y-o-Y

Free cash flow: $158 million and

industry-leading ROCE: 29.5%

Strong balance sheet:

0.50x net debt / EBITDA

based on $1.04 billion LTM2 EBITDA (2023: 0.62x)

Outlook: focus on disciplined growth,

technology and innovation

Deliver incremental growth with a focus

on operational excellence and futureproofing the business

AI: leverage advanced technologies to enhance customer experience and improve operational efficiency

Future proofing: double number of

profitable fast and super-fast EV charging points to c.200 by the end of 2024

Total network expansion target: 15-20 new stations in 2024

(8 added in Q1 2024)

Pursue organic growth with a CAPEX

plan of $250-300 million in 2024 (2023: $320 million)

Explore inorganic growth opportunities through value-accretive

transactions

1. Number of convenience stores transactions divided by number of fuel transactions at sites with convenience stores. 2. LTM - last 12 months

6 © ADNOC Distribution

ADNOC Classification: Public

Executive Summary	Strategy Update		Q1 2024 Financial Results		Closing Remarks		Appendix

Placing sustainability at the core of our operations and futureproofing the business

Strategic initiatives

Energy optimization

Reduce energy use across our assets through efficient systems and optimized building designs

PV solar

Grow network of solar-powered service stations

Biofuel

Introduce biofuel in 100% of ADNOC Distribution supply chain vehicles

Fleet management

Introduce real-time fleet tracking to improve fuel efficiency

2023 achievements

~10%

reduction in Scope 1 and Scope 2 emissions compared to 2022

Target

25%

reduction in Scope 1 & Scope 2 emissions intensity by 2030 compared to 2021 baseline

Tomorrow

Becoming the partner of choice for sustainable mobility solutions

7 © ADNOC Distribution

ADNOC Classification: Public

02 GROWTH STRATEGY UPDATE

SPEAKER: BADER SAEED AL LAMKI

CHIEF EXECUTIVE OFFICER

ADNOC DISTRIBUTION

ADNOC Classification: Public

Executive Summary	Strategy Update		Q1 2024 Financial Results		Closing Remarks		Appendix

Committed to 100% HSE

Q1 2024 HSE performance

• ADNOC Distribution is committed to maintaining the

highest standards of safety in delivering its product and services

0.00 mmhrs

TRIR(1)

Zero	Zero
fatalities	catastrophic events

1. Total Recordable Injury / Illness Rate (in million manhours)

ADNOC Classification: Public

Executive Summary	Strategy Update		Q1 2024 Financial Results		Closing Remarks		Appendix

Key strategic update

Fuel business in Q1 2024

Significant growth in fuel volumes sold in GCC (UAE and KSA) in Q1 2024: +9.3% Y-o-Y to 2.9 bn liters:

✓ Retail fuel volumes: +7.0% Y-o-Y

✓ Commercial volumes: +13.7% Y-o-Y

Total fuel volumes (incl. Egypt): +17.3% Y-o-Y to 3.7 bn liters

✓ Retail fuel volumes: +17.7% Y-o-Y

✓ Commercial volumes: +16.3% Y-o-Y

Network: 846 stations, after opening 8 new stations in Q1 2024

✓ UAE: 532, incl. 45 in Dubai

✓ KSA: 69, incl. c.85% ADNOC-branded

✓ Egypt1: 245, incl. 9 ADNOC-branded

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ADNOC Distribution

1. Through acquisition of 50% of TotalEnergies Marketing Egypt completed in February 2023