Q2 2026 ADNOC Logistics & Services PLC Earnings Call

August 11, 2026

Operator: the Q&A chat box on the bottom toolbar to submit a text question. If you have joined us by phone, please press star followed by one on your telephone keypad. Now I would like to turn the call over to Ali Afifi from Arqaam to begin. Please go ahead.

Operator: The Q&A chat box on the bottom toolbar to submit a text question. If you have joined us by phone, please press star followed by one on your telephone keypad. Now I would like to turn the call over to Ali Afifi from Arqaam to begin. Please go ahead.

Speaker #1: Q&A chat box on the bottom toolbar to submit a text question. And if you've joined us via phone, please press star followed by 1 on your telephone keypad.

Speaker #1: Now, I'd like to turn the call over to Ali Afifi from Arkham to begin. Please go ahead.

Speaker #2: Thank you. Good morning every— good afternoon, everyone. This is Ali Afifi from Arkham Capital, and I'd like to welcome you all to ADNOC Logistics & Services H1 2026 earnings call.

Ali Afifi: Thank you. Good morning, good afternoon, everyone. This is Ali Afifi from Arqaam Capital, and I would like to welcome you all to ADNOC Logistics & Services H1 2026 earnings call. We have today with us from the management, Captain Abdulkareem Al Masabi, CEO, Mr. Huw Baker, CFO, and Mr. Peter Budd, acting VP of IR. I will now hand over the conference to management. Please go ahead.

Speaker #2: We have today with us from management: Captain Abdulkareem Almessabi, CEO; Mr. Hugh Baker, CFO; and Mr. Peter Budd, Acting VP of IR. I will now hand over the conference to management.

Speaker #2: Please go ahead.

Speaker #3: Thank you, Ali. Hello and good afternoon to everyone, and welcome to the ADNOC L&S first half 2026 financial results earnings call. My name is Peter Budd.

Peter Budd: Thank you, Ali. Hello and good afternoon to everyone, and welcome to the ADNOC L&S H1 2026 financial results earnings call. My name is Peter Budd. I am acting Vice President of Investor Relations at ADNOC L&S. On behalf of the entire team, I would like to warmly welcome everyone and thank you for your ongoing interest in ADNOC L&S. By now, you should have received the earnings presentation pack. If you have not, you can download it from the ADNOC L&S website in the investor relations section. Please turn to slide 2. I would like to direct your attention to our disclaimer on slide number 2 before we begin. It contains important information, and we advise caution on the interpretation and limitations of historical data and forward-looking statements. Please turn to slide 3. Our presenters today include Captain Abdulkareem Al Masabi, ADNOC L&S CEO, and Mr. Huw Baker, ADNOC L&S CFO.

Speaker #3: I'm Acting Vice President of Investor Relations at ADNOC L&S. On behalf of the entire team, I'd like to warmly welcome everyone and thank you for your ongoing interest in ADNOC L&S.

Speaker #3: By now, you should have received the earnings presentation pack. If you haven't, you can download it from the ADNOC L&S website in the Investor Relations section.

Peter Budd: If you have not, you can download it from the ADNOC L&S website in the investor relations section. Please turn to slide two. I would like to direct your attention to our disclaimer on slide number 2 before we begin. It contains important information, and we advise caution on the interpretation and limitations of historical data and forward-looking statements. Please turn to slide three. Our presenters today include Captain Abdulkareem Al Masabi, ADNOC L&S CEO, and Mr. Huw Baker, ADNOC L&S CFO.

Speaker #3: Please turn to slide 2. I would like to direct your attention to our disclaimer on slide number 2 before we begin. It contains important information, and we advise caution on the interpretation and limitations of historical data and forward-looking statements.

Speaker #3: Please turn to slide 3. Our presenters today include Captain Abdulkareem Almessabi, ADNOC L&S CEO, and Mr. Hugh Baker, ADNOC L&S CFO. I will now hand over to our CEO for his opening remarks.

Peter Budd: I will now hand over to our CEO for his opening remarks. Thank you.

Speaker #3: Thank you.

Abdulkareem Al Masabi: Thank you, Peter, and a very good afternoon to you all. Thank you for joining us today. Q2 2026 was a landmark quarter for ADNOC Logistics & Services, and the strongest financial performance in our history. We delivered record revenue of $2.6 billion and record EBITDA of $1.1 billion and a record net profit of $951 million, taking H1 2026 net profit to $1.2 billion. This was driven primarily by our support provided to ADNOC and the significant uplift in shipping TCE rates. This exceptional performance and continued support from strong shipping markets has enabled us to raise our full year guidance for the third time in 2026, with significant upgrades across revenue, EBITDA, and net profit, which Huw will explain as we progress with the presentation. You can turn to slide number 5.

Speaker #4: Thank you, Peter, and a very good afternoon to you all. Thank you for joining us today. Q2 2026 was a landmark quarter for ADNOC Logistics & Services.

Speaker #4: Under the strongest financial performance in our history, we delivered record revenue of $2.6 billion, record EBITDA of $1.1 billion, and a record net profit of $950 million.

Speaker #4: Taking first half 2026, net profit to $1.2 billion. This was driven primarily by our support provided to ADNOC and the significant uplift in shipping TCE rates.

Speaker #4: This exceptional performance and continued support from strong shipping markets have enabled us to raise our full-year guidance for the third time in 2026, with significant upgrades across revenue, EBITDA, and net profit.

Speaker #4: Which Hugh will explain as we progress with the presentation. You can turn to slide number 5. The company reported a record lost time injury frequency of 0 for the second consecutive quarter and a total recordable injury rate of 0.15.

Abdulkareem Al Masabi: The company reported a record lost time injury frequency of zero for the second consecutive quarter on the total recordable injury rate of 0.15. While we are proud of our safety achievements since the beginning of the company, our vessels continue to be targeted while transiting the Strait of Hormuz. Tragically, these attacks have resulted in one fatality and 20 injuries to crew members. In close coordination with the relevant authorities, ADNOC is taking all necessary measures to protect our people, assets, and operations and meet our customers' requirements as much as possible. Freedom of navigation and the safe, uninterrupted passage of commercial shipping through international waterways must be respected and protected without threat, harassment, or attack. We extend our heartfelt condolences to the family and loved ones of our colleague and remain focused on supporting those affected. We turn to slide 6.

Speaker #4: And while we are proud of our safety achievements since the beginning of the conflict, our vessels continue to be targeted while transiting the Strait of Hormuz. Tragically, these attacks have resulted in one fatality and 20 injuries to crew members.

Speaker #4: In close coordination with the relevant authorities, ADNOC is taking all necessary measures to protect our people, assets, and operations, and to meet our customers' requirements as much as possible.

Speaker #4: Freedom of navigation and the safe and uninterrupted passage of commercial shipping through international waterways must be respected and protected, without threat, harassment, or attack.

Speaker #4: We extend our heartfelt condolences to the family and loved ones of our colleague, and we remain focused on supporting those affected. We now turn to slide 6.

Speaker #4: And before I pass over to Hugh, I would like to highlight why we believe ADNOC Logistics & Services remains well positioned for long-term growth. Our performance today is not just a record quarter; it reflects the strength of the platform we have built and the scale of the opportunity ahead.

Abdulkareem Al Masabi: Before I pass over to Huw, I would like to highlight why we believe ADNOC Logistics & Services remains well-positioned for long-term growth. Our performance today is not just a record quarter. It reflects the strength of the platform we have built and the scale of the opportunity ahead. ADNOC's long-term growth ambitions continue to provide a clear foundation for our own expansion. Following the UAE's announcements in April that it will withdraw from OPEC, we expect ADNOC's increased production capacity to create further long-term opportunities for ADNOC Logistics & Services, as we support the group's growing logistics and maritime requirements across multiple commodities. This is underpinned by ADNOC's planned $150 billion investments through 2030 to expand production capacity alongside ADNOC L&S $21 billion of forward contracted revenue with ADNOC from 2027.

Speaker #4: ADNOC's long-term growth ambitions continue to provide a clear foundation for our own expansion. And following the UAE's announcements in April that it will withdraw from OPEC, we expect ADNOC's increased production capacity to create further long-term opportunities for ADNOC Logistics & Services.

Speaker #4: As we support the group's growing logistics and maritime requirements across multiple communities, this is underpinned by ADNOC's planned $150 billion investments through 2030 to expand production capacity, alongside ADNOC L&S's $21 billion of forward contracted revenue with ADNOC from 2027.

Speaker #4: And we expect to continue to be a key beneficiary of ADNOC's growth, and we are investing in providing for the growing logistical requirements. Our strong cash generation and lower-cost financing have allowed us to deploy an incremental $2.3 billion in fleet expansion since July of 2026.

Abdulkareem Al Masabi: We expect to continue to be a key beneficiary of ADNOC's growth, and we are investing in providing for the growing logistical requirements. Our strong cash generations and lower cost financing has allowed us to deploy an incremental $2.3 billion in fleet expansion since July of 2026. Adding an additional 18 vessels, 12 of these vessels will be deployed within Q3 to support ADNOC, providing immediate earnings growth while strengthening our capability to support ADNOC's expanding production and export volumes. This lifts total committed CapEx to $5.7 billion. At the same time, our balance sheet remains exceptionally strong, with limited debt giving us significant flexibility to pursue further value accretive growth. I will now hand over to you to provide a detailed update on our results.

Speaker #4: We are adding an additional 18 vessels—12 of these vessels will be deployed within Q3 to support ADNOC—providing immediate earnings growth, while at the same time strengthening our capability to support ADNOC's expanding production and export volumes.

Speaker #4: This lifts total committed capex to $5.7 billion. At the same time, our balance sheet remains exceptionally strong, with limited debt, giving us significant flexibility to pursue further value-accretive growth.

Speaker #4: I will now hand over to Hugh to provide a detailed update on our results.

Speaker #2: Thank you very much, Captain Abdulkareem. And thank you to all the analysts and investors joining us today. Slide 7. Q2 was a record quarter for ADNOC L&S, delivering net profit of $951 million alongside record revenue and EBITDA.

Hugh Baker: Thank you very much, Captain Abdulkareem, and thank you to all the analysts and investors joining us today. Slide 7. Q2 was a record quarter for ADNOC L&S, delivering net profit of $951 million alongside record revenue in EBITDA. Shipping was the clear driver of this performance as we continue to benefit from the services we provide to support ADNOC's energy delivery. As Captain Abdulkareem mentioned, we have deployed a material amount of CapEx from July. A large proportion of the capital being deployed will drive significant near-term growth with VLCC and VLGC vessels committed to support ADNOC business continuity in the H2 2026 at highly compelling rates. Our early investments in new build LNG carriers are also contributing to growth. During the quarter, we delivered five LNG vessels to ADNOC Gas, which start under contracts of up to 15 years, supported by strong time charter equivalent rates.

Speaker #2: Shipping was the clear driver of this performance, as we continue to benefit from the services we provide to support ADNOC's energy delivery. As Captain Abdulkareem mentioned, we have deployed a material amount of capex since July.

Speaker #2: A large proportion of the capital being deployed will drive significant near-term growth, with VLCC and VLGC vessels committed to support ADNOC business continuity in the second half of 2026 at highly compelling rates.

Speaker #2: Our early investments in newbuild LNG carriers are also contributing to growth. During the quarter, we delivered 5 LNG vessels to ADNOC Gas, which start under contracts of up to 15 years, supported by strong Tanjara equivalent rates.

Speaker #2: Integrated logistics remains resilient despite an exceptionally challenging environment. Material handling volumes are improving sequentially as operations normalize, adding further momentum across the business. As mentioned by Captain Abdulkareem, the UAE's withdrawal from OPEC is expected to create additional long-term demand for ADNOC L&S as we support the group's expanding logistics and marine requirements.

Hugh Baker: Integrated logistics remains resilient despite an exceptionally challenging environment. Material handling volumes are improving sequentially as operations normalize, adding further momentum across the business. As mentioned by Captain Abdulkareem, the UAE's withdrawal from OPEC is expected to create additional long-term demand for ADNOC L&S as we support the group's expanding logistics and marine requirements. We continue to remain focused on deploying capital with discipline, accelerating earnings growth, and strengthening our ability to capture these demand-backed opportunities over time. Slide 13. Slide 13 highlights the significant CapEx deployed since July, with most of the newly purchased vessels entering service immediately and contributing directly to earnings growth. Rather than prioritizing a higher near-term cash return, we have allocated capital to opportunities with clear ADNOC-backed demand, immediate earnings contribution, and compelling returns.

Speaker #2: We continue to remain focused on deploying capital with discipline, accelerating earnings growth, and strengthening our ability to capture these demand-backed opportunities over time. Slide 13.

Speaker #2: Slide 13 highlights the significant capex deployed since July, with most of the newly purchased vessels entering service immediately and contributing directly to earnings growth.

Speaker #2: Rather than prioritizing a higher net, higher near-term cash return, we have allocated capital to opportunities with clear ADNOC-backed demand, immediate earnings contribution, and compelling returns.

Speaker #2: We believe this is the most value-accretive use of capital today, and it will strengthen our ability to deliver sustainable shareholder returns over time. The six VLCCs and three VLGCs will enter service with ADNOC immediately upon delivery, with the remaining resale VLCCs entering service with ADNOC in the fourth quarter. Our additional four LNG carriers on order are expected to support future LNG growth as additional capacity comes online by 2029.

Hugh Baker: We believe this is the most value accretive use of capital today and will strengthen our ability to deliver sustainable shareholder returns over time. The six VLCCs and three VLGCs will enter service with ADNOC immediately upon delivery, with the remaining resale VLGCs entering service with ADNOC in the Q4. While our additional four LNG carriers on order are expected to support future LNG growth as additional capacity comes online by 2029. We have also taken delivery of two dry bulk vessels, with the third expected shortly, providing additional dry bulk support. These are disciplined, demand-backed investments rather than speculative additions. We are allocating capital to assets that support ADNOC Group's long-term logistics requirements, contribute to business continuity, and are expected to generate attractive returns over time. Please turn to slide 14.

Speaker #2: We've also taken delivery of two dry-bulk vessels, with the third expected shortly, providing additional dry-bulk support. These are disciplined, demand-backed investments rather than speculative additions.

Speaker #2: We are allocating capital to assets that support ADNOC group's long-term logistics requirements, contribute to business continuity, and are expected to generate attractive returns over time.

Speaker #2: Please turn to slide 14. Total capex commitments through 2029 is now 5.7 billion dollars, expanding our fleet and capabilities and reinforcing one of the sector's most ambitious growth pipelines.

Hugh Baker: Total CapEx commitments through 2029 is now $5.7 billion, expanding our fleet and capabilities and reinforcing one of the sector's most ambitious growth pipelines. Of the 50 planned vessel additions, 19 have been delivered, and 31 are scheduled for delivery over the coming years, providing strong visibility on future growth. Importantly, these are not speculative investments. We expect the majority to deliver onto long-term contracts with ADNOC, supporting their growing logistics requirements. As these vessels enter service, they will enhance cash flow generation and support ADNOC L&S's next phase of sustainable growth. In addition, our TA'ZIZ port project, the UAE's first dedicated chemicals port in Al Ruwais, is nearing completion. We expect this project to contribute to our 2027 earnings as this project is delivered in the H1 2027. Please turn to slide 15.

Speaker #2: Of the 50 planned vessel additions, 19 have been delivered and 31 are scheduled for delivery over the coming years, providing strong visibility on future growth.

Speaker #2: Importantly, these are not speculative investments. We expect the majority to deliver onto long-term contracts with ADNOC, supporting their growing logistics requirements. As these vessels enter service, they will enhance cash flow generation and support ADNOC L&S's next phase of sustainable growth.

Speaker #2: In addition, our Tasees Port project, the UAE's first dedicated chemicals port in our oase, is nearing completion. We expect this project to contribute to our 2027 earnings as this project is delivered in the first half of 2027.

Speaker #2: Please turn to slide 15. A key strength of our investment case is the direct alignment between ADNOC L&S's growth strategy and the ADNOC Group's long-term ambitions.

Hugh Baker: A key strength of our investment case is the direct alignment between ADNOC L&S's growth strategy and ADNOC Group's long-term ambitions. ADNOC is advancing one of the world's largest energy growth programs, supported by a $150 billion capital investment plan through 2030. This includes increasing oil production capacity to 5 million barrels per day by 2027, expanding gas production capacity by nearly 30%, and more than doubling LNG capacity by 2029, and growing the chemicals platform. XRG is extending ADNOC's global reach across gas, chemicals, and energy solutions, creating opportunities beyond the UAE. As ADNOC's logistics and marine services partner, we are central to this growth. Every additional barrel produced, LNG cargo exported, offshore project developed, and global energy opportunity pursued requires logistics, shipping, and marine support, and integrated supply chain services, which we expect to provide for.

Speaker #2: ADNOC is advancing one of the world's largest energy growth programs, supported by a 150 billion dollar capital investment plan through 2030. This includes increasing oil production, capacity to 5 million barrels per day, by 2027, expanding gas production capacity by nearly 30 percent, and more than doubling LNG capacity by 2029, and growing the chemicals platform.

Speaker #2: XRG is extending ADNOC's global reach across gas, chemicals, and energy solutions creating opportunities beyond the UAE. As ADNOC Logistics and Marine Services partner, as ADNOC's logistics and marine services partner, we are central to this growth.

Speaker #2: Every additional barrel produced, LNG cargo exported, offshore project developed, and global energy opportunity pursued requires the logistics, shipping, marine support, and integrated supply chain services that we expect to provide.

Speaker #2: This clear demand visibility gives us confidence to continue investing ahead of future requirements. Please turn to slide 17. With that context, let me turn to the outcome of this performance—our third guidance upgrade this year.

Hugh Baker: This clear demand visibility gives us confidence to continue investing ahead of future requirements. Please turn to slide 17. With that context, let me turn to the outcome of this performance, our third guidance upgrade this year. As we have outlined throughout the presentation, this upgrade is driven by the strength of our shipping segment and the resilience of our integrated logistics business as operations normalize. Comparing to 2025 actuals, we are guiding you for our revenue up to mid 20% year-on-year growth, EBITDA to mid 60% year-on-year growth, and net profit up to high 110% year-on-year growth. That is a significant step up in profitability. We continue to model our guidance using similar assumptions. For shipping, our updated guidance is based on actual performance through July, with prudent rate assumptions applied from August through the year-end. This gives us a high degree of confidence in the outlook.

Speaker #2: As we have outlined throughout the presentation, this upgrade is driven by the strength of our shipping segment and the resilience of our integrated logistics business as operations normalize.

Speaker #2: Compared to 2025 actuals, we are guiding you for our revenue to be up to the mid-20 percent year-on-year growth, EBITDA to mid-60 percent year-on-year growth, and net profit up to high 110 percent year-on-year growth.

Speaker #2: That is a significant step up in profitability. We continue to model our guidance using similar assumptions. For shipping, our updated guidance is based on actual performance through July, with prudent rate assumptions applied from August through year-end.

Speaker #2: This gives us a high degree of confidence in the outlook. The recently acquired VLCCs and VLGCs are expected to enter ADNOC employment on short-term contracts, and this is also included in our guidance.

Hugh Baker: The recently acquired VLCCs and VLGCs are expected to enter ADNOC employment on short-term contracts, and this is also included in our guidance. For integrated logistics, the main change in assumptions comes from the normalization of material handling volumes, whereby we guide to pre-conflict levels for the second half. Our assumptions for jackup barge utilization are unchanged from the previous guidance. Given the strength of the 2026 performance and our latest expansion announcements, we are reviewing our midterm guidance parameters. We expect these investments to provide meaningful long-term benefits, and we will update the market when that review is complete. Thank you very much, and I will pass you back to Captain Abdulkareem. I think we can actually move straight to Q&A.

Speaker #2: For integrated logistics, the main change in assumptions comes from the normalization of material handling volumes, whereby we guide to pre-conflict levels for the second half.

Speaker #2: Our assumptions for jack-up barge utilization are unchanged from the previous guidance. Given the strength of the 2026 performance and our latest expansion announcements, we are reviewing our mid-term guidance parameters.

Speaker #2: We expect these investments to provide meaningful, long-term benefits, and we will update the market when that review is complete. Thank you very much, and I'll pass you back to Captain Abdulkareem.

Speaker #3: Okay.

Speaker #2: I think we can actually move straight to Q&A.

Speaker #1: Okay, thank you very much. If you'd like to ask a question and have joined the call via Zoom, please press the Raise Hand icon on your screen.

Operator: Okay. Thank you very much. If you would like to ask a question and have joined the call via Zoom, please press the raise hand icon on your screen. Alternatively, you can use the Q&A chat box to submit a text question. If you have joined the call via the phone, please press star followed by one on your telephone keypad. Our first question comes from Scott Darling. Scott, your line is open. Please go ahead.

Speaker #1: Alternatively, you can use this Q&A chat box to submit a text question. And, if you've joined the call via the phone, please press star followed by 1 on your telephone keypad.

Speaker #1: Our first question comes from Scott Darling. Scott, your line is open. Please go ahead.

Speaker #3: Good afternoon, everyone. Thank you ever so much for allowing me to ask a question, and well done on the excellent results and the excellent presentation.

Scott Darling: Good afternoon, everyone. Thank you ever so much for allowing me to ask a question. Well done for the excellent results and also the excellent presentation. I have a few questions. It is great news on fleet expansion. Are you looking to add any more vessels this year or next year? Should we assume capital allocation is more focused on vessel purchase, and you will just maintain your current dividend policy? That is the first question. The second question is, can you give any more insight into some of your day rates for the vessels which you will take delivery in the H2 of this year? My third question is, are we at a stage now in the year where it is better for the market to actually assume that the Straits of Hormuz actually remains broadly shut as we go into next year? What are your thoughts on that?

Speaker #3: I have a few questions. It's great news on the fleet expansion. Are you looking to add any more vessels this year or next year? And should we assume capital allocation is more focused on vessel purchases?

Speaker #3: And you'll just maintain your current dividend policy. That's the first question. The second question is: can you give any more insight into some of your day rates for the vessels which you'll take delivery of in the second half of this year?

Speaker #3: And then my third question is, are we at a stage now in the year where it's better for the market to actually assume that the Strait of Hormuz remains broadly shut as we go into next year?

Speaker #3: What are your thoughts on that? I ask because we're at a point in the year where we're likely to see elevated day rates in shipping, probably for the rest of this year and now even going into 2027.

Scott Darling: I ask that because we are at a stage in the year where we are going to see elevated day rates in shipping, probably for the rest of this year and now even going into 2027. Your thoughts on the market would be appreciated as well. Thank you very much.

Speaker #3: Your thoughts on the market would be appreciated as well. Thank you very much.

Hugh Baker: Scott, I will start and Captain Abdulkareem Al Masabi might step in. CapEx on more vessels is taken on a case-by-case basis. We are clearly evaluating our capital allocation and our CapEx based on ADNOC business continuity needs and our long-term strategy. I am going to answer that question by saying we are obviously evaluating lots of opportunities and continue to do so, but there is nothing that we can talk to you about at this time. In terms of TCE rate guidance, clearly, we have obviously benefited from very strong Time Charter Equivalent rates for our internationally trading tanker fleet. Those rates are expected to continue for the rest of the year. We have a very positive outlook on rates and mainly also related to the fact that we definitely believe that the dislocation in the marketplace at the moment means that rates will not subside from current levels very quickly, when they do subside.

Speaker #2: Scott, I'll start, and Captain Abdulkareem might step in. CAPEX on more vessels is taken on a case-by-case basis. We are clearly evaluating our capital allocation and our CAPEX based on ADNOC business continuity needs and our long-term strategy.

Speaker #2: So, I'm going to answer that question by saying we're obviously evaluating lots of opportunities and continue to do so, but there's nothing that we can talk to you about at this time.

Speaker #2: In terms of TCE rate guidance, clearly we've obviously benefited from very, very strong time charter equivalent rates for our internationally trading tanker fleet.

Speaker #2: Those rates are expected to continue for the rest of the year. We are very we have a very positive outlook on rates and mainly also related to the fact that we definitely believe that the dislocation in the marketplace at the moment means that rates will not subside from current levels very quickly when they do subside.

Speaker #2: And in terms of the Straits of Hormuz, I wouldn't want to speculate on what happens there.

Hugh Baker: In terms of the Straits of Hormuz, I would not want to speculate on what happens there.

Speaker #3: Thank you.

Scott Darling: Thank you.

Speaker #1: Next question comes from Ildar Kazev. Your line is open. Please go ahead.

Operator: Next question comes from Ildar Kazev. Your line is open. Please go ahead.

Ildar Kazev: Yes, thank you so much, and congratulations on the very strong numbers today and for the presentation. Can I ask you about the new VLCCs which are supposed to join the fleet later this year? Are you saying that those VLCCs will probably generate day rates which are linked to the prevailing market rates at the moment in the Gulf region? Should that be our working assumption in our models? Or they will actually be sort of on a long-term charter with some stable day rates which we should model going forward? Thank you.

Ildar Khaziev: Yes, thank you so much, and congratulations on the very strong numbers today and for the presentation. Can I ask you about the new VLCCs which are supposed to join the fleet later this year? Are you saying that those VLCCs will probably generate day rates which are linked to the prevailing market rates at the moment in the Gulf region? Should that be our working assumption in our models? Or they will actually be sort of on a long-term charter with some stable day rates which we should model going forward? Thank you.

Speaker #4: Yes, thank you so much, and congratulations on the very strong numbers today and for the presentation. Can I ask you about the new VLCCs which are supposed to join the fleet later this year?

Speaker #4: Are you saying that those VLCCs will probably generate day rates which are linked to the prevailing market rates at the moment in the Gulf region?

Speaker #4: Should that be our working assumption in our models, or will they actually be on a long-term charter with some stable day rates, which we should model going forward?

Speaker #4: Thank you.

Speaker #3: Thank you very much. We have basically two stages. In the short term, you should look at the TD3 or TD34 as a reference, both from within the Gulf and from outside the Gulf.

Abdulkareem Al Masabi: I think we have two stages, basically. The short term, you should look at the TD3 or TD3-4 as a reference from within the Gulf and from outside the Gulf. For long TC, that is not the plan at the moment, but we will evaluate it later in the year, depending on how the market terms. But definitely you can use the TD3 and TD3-4 as a guiding reference for those vessels for now.

Speaker #3: For long TC, that's not the plan at the moment, but we will evaluate it later in the year depending on how the market turns.

Speaker #3: But definitely, you can use the TD3 and TD34 as a guiding reference for those vessels for now.

Speaker #4: Thank you so much. And then my second question is about, if you can say, of course, the terms of your insurance coverage.

Ildar Kazev: Thank you so much. My second question is about the, if you can say that, of course, is about the terms of your insurance coverage. I think you have mentioned in the past that your assets are fully covered. I just wanted to double-check whether those asset incidents which you have had, whether the insurance would cover both the asset damage and the potential lost, once you get and if you get the insurance proceeds.

Ildar Khaziev: Thank you so much. My second question is about the, if you can say that, of course, is about the terms of your insurance coverage. I think you have mentioned in the past that your assets are fully covered. I just wanted to double-check whether those asset incidents which you have had, whether the insurance would cover both the asset damage and the potential lost, once you get and if you get the insurance proceeds.

Speaker #4: So I think you have mentioned in the past that your assets are fully covered. I just wanted to double-check whether those asset incidents which you have had—whether the insurance would cover both the asset damage and the opportunity lost.

Speaker #4: Once you get, and if you get, the insurance proceeds.

Speaker #3: Yes, they are fully covered. We have highlighted this before, so definitely, this will be with us, our insurance, and our underwriters. It's already in process, but they are definitely well covered, I would say.

Abdulkareem Al Masabi: They are fully covered, as we have highlighted before. This will be with us and our insurance and our underwriters. It is already in process, but they are definitely well covered, I would say.

Speaker #4: Okay. Thank you so much.

Ildar Kazev: Okay, thank you so much.

Ildar Khaziev: Okay, thank you so much.

Speaker #3: Thank you.

Abdulkareem Al Masabi: Thank you.

Speaker #1: Next question comes from Anna Antonova. Your line is open. Please go ahead.

Operator: Next question comes from Anna Antonova. Your line is open. Please go ahead.

Speaker #5: Yes, good morning. Thank you very much for the presentation, and congratulations on a strong set of results. We have a question on the Integrated Logistics division.

Anna Antonova: Yes. Thank you very much for the presentation, and congratulations on a strong set of results. We have a question on the integrated logistics division. So two questions. The first one, you mentioned earlier during the presentation that you expect volume normalization in H2. Within this context, how should we think about the margins evolution of this division in general, or maybe by sub-segment, evolving in Q3 and Q4 this year. That's the first question. The second question, the press release mentions a one-off provision in offshore services reported in Q2 this year. Could you please comment on the magnitude of that provision, because it's not visible in the P&L. It's not the ECL provision in the contracting. It's something that you mentioned in the offshore services. Thank you.

Speaker #5: So, two questions. First, you mentioned earlier during the presentation that you expect volumes normalization in the second half. Within this context, how should we think about the margin evolution of this division in general, or maybe by sub-segment, evolving in Q3 and Q4 this year?

Speaker #5: That's the first question. And the second question—the press release mentions a one-off provision in Offshore Services reported in Q2 this year. Could you please comment on the magnitude of that provision? Because it's not visible in the P&L.

Speaker #5: It's not the ECL provision in the contracting. It's something that you mentioned in the offshore services. Thank you.

Speaker #2: Yeah, hi Anna. Easy one. The provision was $21 million, and our expectation for the rest of the year is that we are not expecting further provisions at this time.

Hugh Baker: Yeah. Hi, Anna. Easy one. The provision was $21 million. Our expectation for the rest of the year is that we are not expecting further provisions at this time. Indeed, we potentially may get a write-back on one of our earlier provisions later in the year. So, that's the scenario with the provisions. In terms of our offshore logistics division, you're going to see margins get better throughout the course of the year. We're seeing a normalization of our integrated logistics volumes in H2. The material handlings volumes were around 282,000 in Q1, and they went up to 287,000 in Q2. But that doesn't really reflect the situation, because obviously in Q1, in March, we saw a substantial reduction in volumes, and so we're seeing a lot of recovery in Q2.

Speaker #2: And indeed, we potentially may get a write-back on one of our earlier provisions later in the year. So that's the scenario with the provisions.

Speaker #2: In terms of our offshore logistics division, I mean, you're going to see margins get better throughout the course of the year. I mean, we're seeing a normalization of our integrated logistics volumes in the second half of the year.

Speaker #2: The material handling volumes were around 282,000 in the first quarter, and we're seeing that they went up to 287,000 in the second quarter.

Speaker #2: But that doesn't really reflect the situation, because obviously, in the first quarter, in March, we saw a substantial reduction in volumes. And so we're seeing a lot of recovery in the second quarter.

Speaker #2: And I think that you’re going to see the material handling volumes go over 300 again, which is the sort of normal state, in the second half of the year.

Hugh Baker: I think that you're going to see the material handling volumes go over 300 again, which is the sort of normal state, in H2. Again, we're seeing less EPC activity. Again, that segment is really not going to be a major contributor to our integrated logistics segment profits. But again, our offshore business, both in jackup barges and in terms of the ILSP contract, we're expecting a stronger H2 than H1, and we're really seeing a normalization of both sectors.

Speaker #2: And again, we're seeing less EPC activity. Again, that segment is really not going to be a major contributor to our Integrated Logistics segment profits.

Speaker #2: But again, our offshore business, both in jack-up barges and in terms of the ILSP contract, we're expecting a stronger second half than the first half.

Speaker #2: And we're really seeing a normalization of both sectors.

Speaker #5: Thank you, that's very clear. Maybe a quick follow-up question on that, if I may. On the offshore projects, you previously talked about ADNOC's expansion across the board.

Anna Antonova: Thank you. That is very clear. Maybe a quick follow-up question on that, if I may. On the offshore projects, you previously talked about the ADNOC expansion all across the board. Is it reasonable to assume that sometime down the line in the future, we may see more offshore EPC projects coming for L&S?

Speaker #5: Is it reasonable to assume that, sometime down the line in the future, we may see more offshore EPC projects coming for LNS?

Speaker #2: I think I can answer that by saying I think we're not necessarily going to see major EPC projects on the scale of our Buhasir or Alor Omera projects that we were participating in last year.

Hugh Baker: I think I can answer that by saying, I think we are not necessarily going to see major EPC projects on the scale of our Bu Hasa or Al Omara projects that we were participating in last year. What you are going to see is, we are seeing an increase in volume on offshore production from ADNOC Offshore. As you know, ADNOC is increasing its oil production, and a lot of that production is being focused on offshore production, which amounts generally to about 45% of the UAE's production. That is where we expect to see real growth. With that growth, we are highly aligned to ADNOC Offshore's growth in production. So, what you can see is certainly improved results from our offshore integrated logistics and our jackup barge segments over time, aligned with that production.

Speaker #2: But what you are going to see is we are seeing an increase in volume from offshore production at ADNOC Offshore. As you know, ADNOC is increasing its oil production.

Speaker #2: And a lot of that production is being focused on offshore production, which amounts generally to about 45% of Abu Dhabi's—of the UAE's—production.

Speaker #2: And so, we're seeing real—that's where we expect to see real growth. And with that growth, we are highly aligned to ADNOC Offshore's growth in production.

Speaker #2: So, what you can see is certainly improved results from our offshore integrated logistics and our jackup barge segments over time, aligned with that production.

Speaker #5: That's very clear. Thank you.

Anna Antonova: That is very clear. Thank you.

Speaker #1: Next question comes from Ahmed Ashki. Your line is open; please go ahead.

Operator: This question comes from Ahmed Ashki. Your line is open. Please go ahead.

Speaker #6: Am I audible? Go ahead. Hi, it's Ahmed from Seaco Bank Bahrain. Firstly, congrats on the great set of results and for the presentation as well.

Ahmed Ashki: Am I audible?

Ahmed Es'haqi: Am I audible?

Hugh Baker: Yes. Go ahead.

Ahmed Ashki: Hi, it's Ahmed from GFH Bank, Bahrain. Firstly, congrats on the great set of results and for the presentation as well. My first question comes, targeting the expansions and the shipping segments. We've seen some additional LNG fleets announced and now the VLGCs and the VLCCs. In terms of gas vessels that have been added, are these expected to be contracted to ADNOC Gas, similar to the previous announced expansions coming in 2028 and 2029?

Ahmed Es'haqi: Hi, it's Ahmed from GFH Bank, Bahrain. Firstly, congrats on the great set of results and for the presentation as well. My first question comes, targeting the expansions and the shipping segments. We've seen some additional LNG fleets announced and now the VLGCs and the VLCCs. In terms of gas vessels that have been added, are these expected to be contracted to ADNOC Gas, similar to the previous announced expansions coming in 2028 and 2029?

Speaker #6: So my first question comes targeting the expansions and the shipping segments. We've seen some additional LNG fleets announced and now the VLGCs and the VLCCs.

Speaker #6: So, in terms of the gas vessels that have been added, are these expected to be contracted to ADNOC Gas, similar to the previously announced expansions coming in '28 and '29?

Speaker #2: I think I'll answer that by saying we are a subsidiary of one of the major gas producers in the world, so us having LNG ships on order is a very natural thing for us to do.

Hugh Baker: I think I'll answer that by saying we are a subsidiary of one of the major gas producers in the world. So us having LNG ships on order is a very natural thing for us to do. It's a business we're really, really comfortable with. Do we have specific ADNOC Gas business to allocate to those vessels? We don't. But I think there's a very strong chance that they could end up under ADNOC employment or with XRG, and supporting general ADNOC's ambitions in the gas sector. So we have a high level of comfort that good employment will be found for those vessels.

Speaker #2: It's a business that we're really, really comfortable with. Do we have specific ADNOC gas business to allocate to those vessels? We don't. But I think there's a very strong chance that they could end up under ADNOC employment or with XRG and supporting general ADNOC ambitions in the gas sector.

Speaker #2: So we have a high level of comfort that good employment will be found for those vessels.

Speaker #6: Perfect. And maybe one more question about the integrated logistics. So, in terms of fundamentals, you mentioned that material handling volumes have been increasing month on month.

Ahmed Ashki: Perfect. Maybe one more question about the integrated logistics. In terms of fundamentals, you have mentioned that material handling volumes have been increasing month-on-month, and you have added five new offshore support vessels. Just heading towards, let's say an outlook for H2 and 2027 as things ramp up, do you expect more of the capital allocation to be towards the integrated logistics segment? You have focused on that a lot previously, expanding the integrated logistics. What are your plans in terms of capital allocation?

Ahmed Es'haqi: Perfect. Maybe one more question about the integrated logistics. In terms of fundamentals, you have mentioned that material handling volumes have been increasing month-on-month, and you have added five new offshore support vessels. Just heading towards, let's say an outlook for H2 and 2027 as things ramp up, do you expect more of the capital allocation to be towards the integrated logistics segment? You have focused on that a lot previously, expanding the integrated logistics. What are your plans in terms of capital allocation?

Speaker #6: And you've added five new offshore support vessels. So, just heading towards, let's say, an outlook for the second half of the year and 2027 as things ramp up, do you expect more of the capital allocation to be towards the Integrated Logistics segment?

Speaker #6: You've focused on that a lot previously, expanding the integrated logistics. So, what are your plans in terms of capital allocation?

Speaker #2: I think the offshore logistics, for now—I mean, looking at the geopolitical situation—it is challenging, I would say. But definitely, as we have always said, we are always looking at balancing between our shipping portfolio and the integrated logistics portfolio.

Abdulkareem Al Masabi: I think the offshore logistics for now, looking at the geopolitical situation, it is challenging, I would say. But definitely, as we have always said that we always looking at balancing between our shipping portfolio and the integrated logistics portfolio. The aim is always to keep them in par and around 50/50 contribution. However, as you would know, today the shipping is by far the biggest contributor in our results, given the market situation and the geopolitical situation. Offshore logistics will remain one of our biggest focus, I think once the, I would say, situation normalized, I would say. Then there, I think we have the same option as we did before. We have the organic growth, I would say, adding more assets, whether it be in the offshore logistics or in the jackup barges business or marine services.

Speaker #2: The aim is always to keep them in balance and around a 50/50 contribution. However, as you would know, I mean, today the shipping is by far the biggest contributor in our results given the market situation and the geopolitical situation.

Speaker #2: Offshore logistics will remain one of our biggest focuses, I think. Once the, I would say, situation normalizes, I would say. And then there, I think we have the same options as we did before.

Speaker #2: We have the organic growth, I would say, adding more assets, whether it be in the offshore logistics or in the jackup barges business, or marine services.

Speaker #2: But at the same time, we are definitely eyeing expansion by either M&A or JV. All these opportunities are being evaluated at the moment. We're just waiting for the right time to start executing on those big opportunities that we have in our pipeline.

Abdulkareem Al Masabi: But at the same time, we are eyeing definitely expansion by another, maybe M&A or JV. All these opportunities are evaluated at the moment. We are just waiting for the right time to start executing on those big opportunities that we have in our place.

Ahmed Ashki: Perfect. Thank you, and all the best.

Ahmed Es'haqi: Perfect. Thank you, and all the best.

Speaker #6: Perfect. Thank you. And all the best.

Speaker #2: Thank you.

Abdulkareem Al Masabi: Thank you.

Speaker #1: Next question comes from Audrey Zong. Your line is open. Please go ahead.

Operator: Next question comes from Audrey Zhong. Your line is open. Please go ahead.

Audrey Zhong: Hi, good afternoon. This is Audrey from China Securities, and thank you for taking my question. Please allow me to ask question one by one. My first question is about the margin of gas carriers. We noticed that the gas carrier EBITDA margin declined from 87% in H1 2025 to 50% in H1 2026, a 37% decrease. Could you please help us understand the reason for this decline? How should we think about the margin going forward? Thank you.

Speaker #7: Hi, good afternoon. This is Audrey from China Securities, and thank you for taking my question. Please allow me to ask my questions one by one.

Speaker #7: My first question is about the margin of gas carriers. We noticed that the gas carrier EBITDA margin declined from 87% in the first half of 2025 to around 50% in the first half of 2026.

Speaker #7: Like a 37% decrease. Could you please help us understand the reason for this decline, and how should we think about the margin going forward? Thank you.

Speaker #2: Great. It's principally related to the chartering end of vessels, which was done at that time, and also some provisioning on the LNG.

Hugh Baker: It is principally related to the chartering in of vessels, which was done at that time, and also some provisioning on the LNG.

Audrey Zhong: Okay, great. Thank you, Huw. May I ask, going forward, how should we expect the margins?

Speaker #7: Okay, great. Thank you, Hugh. And may I ask, so going forward, how should we expect the margins?

Speaker #2: I think you're going to see a stabilization of our gas margins, because obviously the vessels have now settled into long-term contracts with ADNOC Gas.

Hugh Baker: I think you are going to see a stabilization of our gas margins because of the obviously the vessels have now all settled into long-term contracts with ADNOC Gas, and therefore you are going to see a lot of a stable earnings position. The Q3 margins will not. Well, let me say the Q4 margins are not going to differ now from the Q3 margins because of the new sort of stability that we now have in our gas segmented earnings.

Speaker #2: And therefore, you're going to see a lot of stable earnings position. The third quarter margins will not—well, let me say that the fourth quarter margins are not going to differ now from the third quarter margins.

Speaker #2: Because of the new sort of stability that we now have in our gas segment earnings.

Speaker #7: Great, that's very helpful. My second question is also about the TCE rate in the shipping sector, especially for tankers. Actually, Hugh, you previously mentioned that the MR market is going softer.

Audrey Zhong: Great. That is very helpful. My second question is also about the TCE rate in the shipping sector, especially for tankers. Actually, Huw, you previously mentioned that the MR market goes softer, so I can understand why in Q3 the MR contracted rate going down. Actually, I want to know why the LR2 rate goes down and VLCC TCE rate goes down. TCE rate going up from 80,000 per day to 90,000 per day in Q3. Could you please help us understand this?

Speaker #7: So I can understand why in Q3 the MR contracted rate is going down. And actually, I want to know why the LR2 rate is going down.

Speaker #7: And the VLCC TCE rate goes down, but the LR1 TCE rate is going up from around $80,000 per day to $90,000 per day in Q3.

Speaker #7: So, could you please help us understand this?

Hugh Baker: General point, if you look at in the appendix on page 26 of our presentation, you can see the Time Charter Equivalent rates. A lot of them are, in nearly all categories, are related to a blending of the rates that we are receiving from the external market and the rates we have received and that we have booked from chartering our vessels out. You are seeing a lot of changes in rates. The overwhelming trend is obviously very strong rates. Essentially, I can say on the MRs, for instance, that the MRs are principally trading, or in fact universally trading, outside the Straits of Hormuz and the Middle East area, so the rates are much more constant. With the other vessel types, you are seeing a lot more difference in rates between where the vessels are trading geographically.

Speaker #2: General point. If you look at in the appendix on page 26 of our presentation, you can see the time charter equivalent rates. And a lot of them are in nearly all categories are related to a blending of the rates that we are receiving from the external market and the rates we are we've received and we've booked from chartering our vessels out.

Speaker #2: And so you're seeing a lot of changes in rates. The overwhelming trend is obviously very strong rates. But essentially, I can say on the MRs, for instance, that the MRs are principally trading—in fact, universally trading—outside the Straits of Hormuz and the Middle East area.

Speaker #2: So the rates are much more constant. With the other vessel types, you're seeing a lot more difference in rates between where the vessels are trading geographically, and as Captain Abdulkareem talked about earlier, if you want to understand how the VLCCs are doing, you've got to look at TD34 and TD3.

Hugh Baker: As Captain Abdulkareem talked about earlier, if you want to understand how the VLCCs are doing, you have got to look at TD3-4 and TD3. But it is related to the blending of time charter out rates and the remaining vessels that are actually working on the spot market.

Speaker #2: And again, it's related to the blending of time charter-out rates and the remaining vessels that are actually working on the spot market.

Speaker #7: Great. Great. Thank you.

Audrey Zhong: Great. Thank you.

Speaker #2: Thank you for your analysis. I'm aware of that.

Hugh Baker: For you to analyze. I am aware of that.

Audrey Zhong: Okay. Thank you. Please allow me to ask one more question. My final question actually is, could you please quantify how much of your shipping earnings growth came from ADNOC Group related business versus the third party and market-driven business? Could you please give us a brief introduction about the service provided to ADNOC Group? Because you said it is the main driver of your Q2 results, so actually I want to know what are the contract arrangements about? Would this be the long-term contract or the voyage-based business or the market link charters? Thank you.

Speaker #7: Okay, thank you. Please allow me to ask one more question. And my final question actually is: Could you please quantify how much of your shipping earnings growth came from ADNOC Group-related business versus third-party and market-driven business?

Speaker #7: Could you please give us a brief introduction about the service provided to ADNOC Group? Because you said it's the main driver of your Q2 results.

Speaker #7: And so actually, I want to know: what are the contract arrangements about? Would this be the long-term contract, or the voyage-based business, or the market-linked charters?

Speaker #7: Thank you.

Speaker #2: During this geopolitical situation, and with the constraints and challenges we have within this region, you can't assume that ADNOC Logistics & Services is actually the main shipper and transporter for most, if not all, ADNOC molecules and cargoes that are going out to the street.

Abdulkareem Al Masabi: During this geopolitical situation and the constraint that we have and the challenges that we have within this region, you can assume that ADNOC Logistics & Services is the main actually shipper and transporter for most, if not all, ADNOC molecules and cargoes that are going out the strait. Hence why the increased activities with ADNOC Logistics & Services with ADNOC. So we are the major transporter, if not the only one today, I mean by far, because of the situation as it is. Contracting, we have short-term contracts with ADNOC and its group companies, its affiliates. The only ones that are signed on a long-term contract are the gas carriers contracts that we did earlier before the crisis.

Speaker #2: And hence why the increased activities with ADNOC Logistics & Services with ADNOC. So, we are the major transporter, if not the only one today, and by far because of the situation as it is.

Speaker #2: For contracting, we have short-term contracts with ADNOC and its group companies, as well as its affiliates. The only ones that are signed on a long-term basis are the gas carrier contracts that we did earlier, before the crisis.

Speaker #2: But as of today, no, we take it as the market comes, and definitely, as a company, as you call it, we are basically doing our best to support our group companies.

Abdulkareem Al Masabi: But as of today, no, we take it as the market comes and definitely, as a logistic company or a shipping company, as you call it, we are basically doing our best to support our group companies. But at the same time benefiting from the market and the elevated rates as well, and hence why you will see our big investments in the secondhand vessels to support ADNOC Group companies, but at the same time, benefiting from these high charter rates that you are seeing in the market.

Speaker #2: But at the same time, benefiting from the market and the elevated rates as well. And that's why you will see our big investments in secondhand vessels to support ADNOC Group companies.

Speaker #2: But at the same time, we're benefiting from these high charter rates that you're seeing in the market.

Speaker #7: Great. Thank you, Captain Abdulkareem. That’s very helpful. Thank you very much.

Audrey Zhong: Great. Thank you, Captain Abdulkareem. That is very helpful. Thank you very much.

Speaker #2: Thank you.

Abdulkareem Al Masabi: Thank you.

Speaker #1: Our next question comes from the first LUC. Your line is open. Please go ahead.

Operator: Our next question comes from Faris Al Yussef. Your line is open. Please go ahead.

Speaker #3: Hi. Thank you very much for taking the time. My question is on a potential further upside on the integrated logistics. If I take this quarter’s number of 132 and then add back the 27 million ECL and the 21 million one-time provision, that gets us kind of to a clean number of 180.

Faris Al Yussef: Hi. Thank you very much for taking the time. My question is on potential further upside on the integrated logistics. If I take this quarter's number of 132 and then I add back the $27 million ECL and the $21 million one-time provision, that gets us to a clean number of 180. Then just considering the guide, it seems to me that it would imply another two quarters of, just at the midpoint of 25%, would imply another two quarters at the 170 level, which is a bit of a step down. Whereas you anticipate the volumes would actually come up, so maybe we'd anticipate stronger even profitability at the integrated logistics on a clean level. Could you just maybe help me understand this and what your guide embeds versus the first quarter, or sorry, the second quarter rate of 180 excluding these provisions? Thank you.

Speaker #3: And then, just considering the guide, it seems to me that it would imply another two quarters—just at the midpoint of 25%—would imply another two quarters at the 170 level, which is a bit of a step down.

Speaker #3: Whereas you anticipate the volumes would actually come up. So maybe we'd anticipate stronger even profitability at the integrated logistics on a clean level. Could you just maybe help me understand this and kind of what your guide embeds versus the first quarter or sorry, the second quarter rate of 180 excluding these provisions?

Speaker #3: Thank you.

Speaker #2: I think I'd have to really understand the assumptions you're making. But we've been very thoughtful about our guidance on the Integrated Logistics segment.

Hugh Baker: I think I'd have to really understand the assumptions you're making, but the guidance, we've been very thoughtful about our guidance on the integrated logistics segment, and we're very comfortable that that is in line with what we expect to happen. In terms of your assumptions, in terms of utilization, our guidance is generally pretty conservative on jackup barge utilization. We are assuming 85%, for instance, which is obviously much lower than it is right now. But that's because we have a duty to be relatively conservative in respect of those kind of assumptions. But we are, again, very confident that the integrated logistics and offshore services revenue are going to increase quarter on quarter for the remainder of the year.

Speaker #2: And I would say we're very comfortable that that is in line with what we expect to happen. In terms of your assumptions on utilization, our guidance is generally pretty conservative on jackup barge utilization.

Speaker #2: I mean, we're assuming 85%, for instance, which is obviously much lower than it is right now. But that's because we have a duty to be relatively conservative in respect of those kinds of assumptions.

Speaker #2: But we are, again, very confident that the integrated logistics and offshore services revenue are going to increase quarter-on-quarter for the remainder of the year.

Speaker #3: Clear. Thank you very much. And can we think about the second quarter rate? Is it correct to think about it as the clean number, excluding these provisions, would be the 180?

Faris Al Yussef: Clear. Thank you very much. Can we think about the second quarter rate? Is it correct to think about it as the clean number, excluding these provisions would be the 180, with these being more like one time?

Speaker #3: With these being more like one-time?

Hugh Baker: I am afraid we are not guiding on the quarters.

Speaker #2: So, I'm afraid we're not guiding on the quarters. So—

Faris Al Yussef: No, I was referring to this quarter itself, Q2, excluding the 27 million ECL and then the 21 million one-time provision.

Speaker #3: I was referring to this quarter itself — the second quarter — excluding the $27 million ECL and then the $21 million one-time provision.

Speaker #2: Yes, yeah, yeah. We agreed on this. I think that's a correct interpretation.

Hugh Baker: Yes.

Abdulkareem Al Masabi: Yeah, we agreed on this. I think that is a correct interpretation.

Speaker #3: Correct. Okay.

Faris Al Yussef: Correct. Okay.

Speaker #2: Don't forget, I mean, when we guide it as well, there are two side effects. I mean, when we think that the market or things will actually improve, that all depends on the geopolitical situation today.

Abdulkareem Al Masabi: Well, bear in mind, when we guide it as well, there are two sides of it. When we think that market or things will actually improve, that all depends on the geopolitical situation today. While we are seeing improvements in the utilization of the jackup barges and the volumes of the material handlings, again, if this geopolitical situation and the challenges sustain for a longer period, then that might push the results to stay at the same level other than continuing to improve because of the closure or the challenges that we are facing in terms of material handling and the volumes.

Speaker #2: So, while we are seeing improvements in the utilization of the jack-up barges and in the volumes of the material handlings, if this is sustained—if the geopolitical situation and the challenges persist for a longer period—then that might push the results to stay at the same level.

Speaker #2: Rather than continuing to improve, because of the closure or the challenges that we are facing in terms of material handling and the volumes.

Faris Al Yussef: Excellent. Thank you very much.

Speaker #2: Thank you.

Abdulkareem Al Masabi: Thank you.

Speaker #1: Next question. Constant Julia Faure from Morgan Stanley, your line is open. Please go ahead.

Operator: Next question comes from Julia Faro from Morgan Stanley. Your line is open. Please go ahead.

Speaker #7: Thank you. Thank you, management, for the presentation, and thank you for taking my questions. I have three. First, could you give a bit more color on the various moving pieces of the upgraded, fuller EBITDA guidance?

Julia Faro: Thank you. Thank you, management, for the presentation and thank you for taking my questions. I have three. First, could you give a bit more color on the various moving pieces of the upgraded full-year EBITDA guidance, and how much is driven by rate assumptions and how much by the new vessels entering the fleet in H2 2026? The second question relates to this addition, and it is how much will ADNOC represent of the tanker business after this new addition to the fleet? Finally, assuming ADNOC increases production capacity beyond the 5 million barrels, could you quantify the potential upside for the integrated logistics? What incremental fleet capacity or CapEx would be required and how quickly could that upside materialize? Thank you.

Speaker #7: And I mean, how much is driven by rate assumptions, and how much by the new vessels entering the fleet in the second half of 2026?

Speaker #7: The second question relates to this addition: How much will ADNOC represent of the tanker business after this new addition to the fleet?

Speaker #7: And finally, assuming ADNOC increases production capacity beyond the 5 million barrels, could you quantify the potential upside for the integrated logistics? What incremental fleet capacity or CAPEX would be required, and how quickly could that upside materialize?

Speaker #7: Thank you.

Speaker #2: Okay, Julia, I think I'll start with your first question on EBITDA guidance. We are personally comfortable about the EBITDA guidance for the remainder of the year.

Hugh Baker: Okay. Julia, I think I will start with your first question on EBITDA guidance. Firstly, we are pretty comfortable with our EBITDA guidance for the remainder of the year. We have been modeling it very closely. We included July actuals. We are obviously very comfortable about what we are earning for August because we have a lot of visibility there. We have a really pretty strong visibility in the next month or so and a lot of comfort about our guidance for the remainder of the year, which is not too far away. Again, we have been very, I do not want to use the word conservative, but we have been very sensible and considered about our guidance in terms of EBITDA and net income. You asked how much the VLCCs and the VLGCs, what sort of contribution they are going to make. What we can tell you is that they have been delivered very promptly.

Speaker #2: We've been modeling it very closely. We included July actuals. We are obviously very comfortable about what we're earning for August, because we have a lot of visibility there.

Speaker #2: So, we have really pretty strong visibility for the next month or so, and a lot of comfort about our guidance for the remainder of the year.

Speaker #2: Which is not too far away. So again, we've been very—I think I don't want to use the word "conservative"—but we've been very sensible and considered about our guidance in terms of EBITDA and net income.

Speaker #2: How much does the you asked how much the VLCCs and the VLGCs what sort of contribution they're going to make? What we can tell you is that they've been delivered very promptly.

Speaker #2: We've received I think a half of them and we're going to receive the remainder of the vessels by the end of this month. So they are going to have a they are having and will have a very immediate impact on our third and fourth quarter.

Hugh Baker: We have received, I think, a half of them, and we are going to receive the remainder of the vessels by the end of this month. They are having and will have a very immediate impact on our Q3 and Q4 earnings. Again, those numbers, we cannot disclose the rates, but again, it is something that is in our forecasts. Again, we are very comfortable with our forecasts. Finally, to quantify how quickly our CapEx and our growth and our profitability can be reflected if ADNOC's production goes beyond 5 million barrels a day. The answer is, it is relatively closely aligned. I think that the key thing for us is the long term, which is if ADNOC's production increases, then indeed our logistics needs increase, and we are absolutely primed to be providing for those logistics needs.

Speaker #2: Earnings. So again, those numbers—we can't disclose the rates—but again, it's something that is in our forecasts, and again, we're very comfortable with our forecasts.

Speaker #2: And finally, to quantify how quickly our CAPEX, our growth, and our profitability can be reflected if ADNOC's production goes beyond 5 million barrels a day—the answer is, it's relatively closely aligned.

Speaker #2: I think that the key thing for us in the long term is that if ADNOC's production increases, then indeed their logistics needs increase, and we are absolutely primed to be providing for those logistics needs.

Speaker #7: Thank you so much.

Julia Faro: Thank you so much.

Speaker #1: Our next question comes from Mohamed Althanyan. Your line is open. Please go ahead.

Operator: Our next question come from Mohammed Al Thanyan. Your line is open. Please go ahead.

Speaker #6: Thanks, guys. Salam alaykum. Congratulations on the great set of results and for having us on the call. I have a question regarding the shipping segment—specifically, the tanker segment.

Mohammed Al Thanyan: Yes. As-salamu alaykum. Congratulations on the great set of results and having us on the call. I have a question regarding the shipping segment, specifically the tanker segment. The performance has been very strong, but I would appreciate some color on the economics of the chartering agreement with ADNOC. Is the agreement structured around a fixed fee spread, or is the compensation variable and linked in some way to prevailing tanker rates? I ask because based on the reported figures and the minority interest in the financials, it appears that a significant portion of the shipping contribution is coming from ADNOC L&S rather than Navig8. Could you therefore elaborate on the key drivers and the economics of the ADNOC chartering business or agreement? Thank you very much.

Speaker #6: The performance has been very strong, but I would appreciate some color on the economics of the chartering agreement with ADNOC. Is the agreement structured around a fixed fee spread, or is the compensation variable and linked in some way to prevailing tanker rates?

Speaker #6: I ask because, based on the reported figures and the minority interest in the financials, it appears that a significant portion of the shipping contribution is coming from ADNOC L&S.

Speaker #6: Rather than navigate, could you therefore elaborate on the key drivers and the economics of the ADNOC chartering business or agreement? Thank you very much.

Speaker #2: I think, firstly, you're correct that a significant portion of it is coming directly from ADNOC, and our activities are directly supporting ADNOC and ADNOC's continued business continuity and UAE exports.

Hugh Baker: I think firstly, you are correct that a significant portion of it is coming directly from ADNOC and our activities direct supporting ADNOC and ADNOC's business continuity and UAE exports. The Navig8 fleet, which is obviously about 30 vessels, is combined in our tanker segment with the other 20 vessels that were originally owned by ADNOC L&S, so we report them together and look at them together. But those vessels, the direct earnings from those vessels have been considerable. Obviously, it is the best quarter ever for that segment of the business. But much of that earnings is coming directly from services provided to ADNOC. I am afraid we are not able to break that down for you, but you are correct in identifying that it is significant.

Speaker #2: The Navigate fleet, which is obviously about 30 vessels, is combined in our tanker segment with the other 20 vessels that were originally owned by ADNOC L&S.

Speaker #2: And so we report them together and look at them together. But those vessels—the direct earnings from those vessels—have been considerable. And obviously, it’s the best quarter ever for that segment of the business.

Speaker #2: Much of those earnings are coming directly from services provided to ADNOC. And I'm afraid we're not able to break that down for you. But you're correct in identifying that it's significant.

Speaker #6: Thank you.

Abdulkareem Al Masabi: Thank you.

Speaker #1: Next question is a follow-up one from Ahmed Ashki. Your line is open—please go ahead.

Operator: Next question is a follow-up one from Ahmed Ashki. Your line is open. Please go ahead.

Speaker #3: Just a follow-up from my end. I know we've never looked at ADNOC Logistics from a dividend point of view—it's mainly a growth story. But given the current balance sheet strength, and possibly this strength continuing in the second half as well, what are your plans for dividends for the rest of the year?

Ahmed Ashki: Just a follow-up from my end. I know we've never looked at ADNOC Logistics from a dividend point of view. It's mainly a growth story. But given the current balance sheet strength, and possibly this trend continuing in the H2 as well, what are your plans for dividends for the rest of the year?

Ahmed Es'haqi: Just a follow-up from my end. I know we've never looked at ADNOC Logistics from a dividend point of view. It's mainly a growth story. But given the current balance sheet strength, and possibly this trend continuing in the H2 as well, what are your plans for dividends for the rest of the year?

Speaker #6: I think I want to start by saying we've spent about $1.8 billion of CAPEX, or announced $1.8 billion of CAPEX, in July alone.

Hugh Baker: Well, I want to start by saying, we've spent about USD 1.8 billion of CapEx or announced USD 1.8 billion of CapEx in July alone. And we do have a continued appetite for CapEx during the remainder of this year. So I think it's fair to say that we are absolutely deploying capital at a very rapid rate. That doesn't mean that we want to neglect the dividend, but our dividend is unchanged for the quarter. It's something that is always under review, and will always be under review by our board of directors. But one amazing quarter is probably not the right time to signal a wholesale change in our dividend policy. So, I think it's something that we will continue to monitor, but there's no change in our dividend policy for this quarter.

Speaker #6: And we do have a continued appetite for CAPEX during the remainder of this year. So I think it's fair to say that we are absolutely deploying capital at a very rapid rate.

Speaker #6: Now, that doesn't mean that we want to neglect the dividend, but our dividend is unchanged for the quarter. It's something that is always under review.

Speaker #6: And we'll always be under review by our board of directors. But one amazing quarter is probably not the right time to signal a wholesale change in our dividend policy.

Speaker #6: So, I think it's something that we will continue to monitor, but there is no change in our dividend policy for this quarter.

Speaker #3: Okay. Thank you.

Ahmed Ashki: Okay. Thank you.

Ahmed Es'haqi: Okay. Thank you.

Speaker #1: Our next question is another follow-up from Hilda Kazev. Your line is open. Please go ahead.

Operator: Our next question is another follow-up from Ildar Kazev. Your line is open. Please go ahead.

Speaker #4: Thank you again. Just from a modeling perspective, a technical question: Could you give us a bit more guidance in terms of when exactly during Q3 you expect the new VLCC to join the fleet?

Ildar Kazev: Thank you again. Just from a modeling perspective, a technical question. Could you give us a bit more guidance in terms of when exactly during Q3 you expect the new VLCCs to join the fleet? Just so we could try to model the Q3 accurately. Secondly, also from the same perspective, if we look at the snapshot of your current fleet on page 25 of the presentation, should we assume that all of those vessels are currently generating revenue, or we should make an adjustment for a few?

Ildar Khaziev: Thank you again. Just from a modeling perspective, a technical question. Could you give us a bit more guidance in terms of when exactly during Q3 you expect the new VLCCs to join the fleet? Just so we could try to model the Q3 accurately. Secondly, also from the same perspective, if we look at the snapshot of your current fleet on page 25 of the presentation, should we assume that all of those vessels are currently generating revenue, or we should make an adjustment for a few?

Speaker #4: Just so we could try to model the Q3 more accurately. And secondly, also from the same perspective, if we look at the snapshot of your current fleet on page 25 of the presentation, should we assume that all of those vessels are currently generating revenue, or should we make an adjustment for a few?

Abdulkareem Al Masabi: The vessels that have recently been purchased, they will all be deployed in Q3, starting earnings in Q3 onwards. What was the other question?

Speaker #6: The vessels that have just recently been purchased will all be deployed in Q3 and will start earning in Q3 onwards. And what was the other question?

Speaker #4: Yes. And for the existing ones, should we assume they are all generating revenue in Q3, or are there some which are not operational?

Ildar Kazev: Yes, and for the existing ones, should we assume they are all generating revenue in Q3, or there are some which are not operational?

Ildar Khaziev: Yes, and for the existing ones, should we assume they are all generating revenue in Q3, or there are some which are not operational?

Speaker #6: All existing fleet, you mean?

Abdulkareem Al Masabi: All existing fleet, you mean?

Speaker #4: Yes. Looking at tankers and gas carriers, are they all operational during the three quarters? Are they all generating revenue?

Ildar Kazev: Yes. Looking at tankers and gas carriers, are they all operational during Q3? Are they all generating revenue?

Ildar Khaziev: Yes. Looking at tankers and gas carriers, are they all operational during Q3? Are they all generating revenue?

Speaker #6: They are all operational, utilized, and all operationally generating money as of today.

Abdulkareem Al Masabi: They are all operational, utilization, and all operational, generating money as of today. Of course.

Ildar Kazev: I am asking because in the footnotes of the financial statements, there was a mention of one of the assets which was, I think there was an incident or something on one of your own VLCCs. Should we remove that VLCC from the count?

Ildar Khaziev: I am asking because in the footnotes of the financial statements, there was a mention of one of the assets which was, I think there was an incident or something on one of your own VLCCs. Should we remove that VLCC from the count?

Speaker #4: I'm asking because in the footnotes of the financial statements, there was a mention of one of the assets which was—I think there was an incident or something.

Speaker #4: One of you owned VLCCs. Should we remove that VLCC from the account?

Speaker #6: Yeah. We've declared two vessels, actually. Two vessels, two VLCCs that went under attack. Not referring to these two, which we have already declared.

Abdulkareem Al Masabi: Yeah, we have declared two vessels actually. Two vessels, two VLCCs that went under attack, and they are not. If you are referring to these two, which we have already declared.

Speaker #4: So, it's six for Q3. It's six VLCCs we owned once, which are generating revenue.

Ildar Kazev: For Q3, it is six VLCCs, the owned ones, which are generating revenue.

Ildar Khaziev: For Q3, it is six VLCCs, the owned ones, which are generating revenue.

Speaker #6: Yes. Correct.

Abdulkareem Al Masabi: Yes, correct.

Speaker #4: Thank you. Thank you so much. Sorry. And lastly, actually, one more question. It's actually about Q1. So sorry if it was discussed already, but I noticed that there was a capital return in Q1 from the AWC joint venture.

Ildar Kazev: Okay, thank you. Thank you so much. Sorry, and lastly, actually, one more question. It is actually about Q1. Sorry if it was discussed already, but I noticed that there was a capital return in Q1 from AW Shipping joint venture. I was a bit surprised to see that because I think there is a lot of investment there at the joint venture. Should we expect any other cash flows from, or inflows investments into that JV going forward?

Ildar Khaziev: Okay, thank you. Thank you so much. Sorry, and lastly, actually, one more question. It is actually about Q1. Sorry if it was discussed already, but I noticed that there was a capital return in Q1 from AW Shipping joint venture. I was a bit surprised to see that because I think there is a lot of investment there at the joint venture. Should we expect any other cash flows from, or inflows investments into that JV going forward?

Speaker #4: I was a bit surprised to see that because I think there was a lot of investment there at the joint venture. Should we expect any other cash flows from, or inflows or investments into, that JV going forward?

Speaker #2: The answer is, it's been very successful. And yes, I mean, the second quarter profits from AW Shipping were record profits. And those will continue to grow as vessels get delivered.

Hugh Baker: The answer is, it's been very successful, and yes, the Q2 profits from AW Shipping were record profits, and those will continue to grow as vessels get delivered. But most of the cash flow is being retained internally within the joint venture to pay for the new building deliveries. So, you're not going to see a lot of cash out of the joint venture, but it's been a remarkably successful joint venture, I think particularly related to the timing of the asset acquisitions and the new buildings. The joint venture is doing great, but don't expect any dividends. The money is going to be redeployed into the new building installments.

Speaker #2: But most of the cash flow is being retained internally within the joint venture to pay for the new building deliveries. So, you're not going to see a lot of cash out of the joint venture, but it's been a remarkably successful joint venture.

Speaker #2: I think, particularly related to the timing of the asset acquisitions and the new buildings. So, the joint venture is doing great, but don't expect any dividends—the money is going to be reinvested and redeployed into the new building installments.

Speaker #4: Is there any spot exposure in that fleet at the JV? Okay, thank you so much. Appreciate it.

Ildar Kazev: Is there any spot exposure in that fleet at the JV?

Ildar Khaziev: Is there any spot exposure in that fleet at the JV?

Hugh Baker: No.

Ildar Kazev: Okay. Thank you so much. Appreciate it.

Ildar Khaziev: Okay. Thank you so much. Appreciate it.

Hugh Baker: No problem.

Speaker #1: Our next question comes from Jayan Alabadi. Your line is open. Please go ahead.

Operator: Last question comes from Zayan Alabadi. Your line is open. Please go ahead.

Speaker #6: Salam aleikum. Thank you for allowing me to ask my question, and congratulations to management for the set of results. This is Jayan Ahbabi from Rayan Investment in Qatar.

Zayan Alabadi: Salaam alaikum. Thank you for allowing me to ask my question, and congratulations, management, for the set of results. This is Zayan Alabadi from AlRayan Investment in Qatar. My question is regarding the rates. Mr. Huw, I think earlier you mentioned that the rates will not come down very quickly. Could you please give us some color on why you think so, given that the conflict is resolved?

Speaker #6: My question is regarding the rates. So, Mr. Hugh, I think earlier you mentioned that the rates will not come down very quickly. Could you please give us some color on why you think so?

Speaker #6: Given that the conflict is resolved, I think I'll just step in here, just to give you some highlights. I mean, any easing, I would say, of the geopolitical situation—until it gets normalized, it takes at least a minimum of two months.

Abdulkareem Al Masabi: I think I will just step in here just to give you some highlight. Any easing, I would say, of the geopolitical situation, until it gets normalized, it takes at least a minimum of 2 months. This is just if things are solved, okay? Because of the long voyages across the globe, each voyage takes a minimum of 4 to 5 days, especially on the big vessels. Second thing that we take into account is the inventories across the globe, whether it be the crude inventories or the gas inventories. You have seen the statistics across the globe. They are at their lowest level in decades, I would say. To refill these inventories, definitely it will take some time as well. The third thing is the scrapping and the aging of the vessels as well.

Speaker #6: This is just if things are solved, okay? Because the long voyages across the globe—each voyage takes a minimum of 45 days, especially on the big vessels.

Speaker #6: The second thing that we take into account is inventories across the globe, whether it's crude inventories or gas inventories. You've seen the statistics across the globe.

Speaker #6: They are at their lowest level in decades, I would say. And to refill these inventories, definitely, it will take some time as well. The third thing is the scrapping and the aging of the vessels. While there might be more deliveries of new vessels coming into the market, you have also seen that the shadow fleet or the sanctions are increasing on the genuine fleet.

Abdulkareem Al Masabi: While there might be more deliveries of new vessels coming into the market, also you have seen that the shadow fleet or the sanctions are increasing on the genuine fleet. Taking this fleet out of the normal fleet, that reduces the size of the fleet. At the same time, the aging of the old fleet as well, the number of vessels that are reaching 20-plus years old are just a record high if you look at it these days as well. All in all, it will definitely normalize, but it is not going to be a straight fall from here.

Speaker #6: So, taking these fleets out of the normal fleet reduces the size of the fleet, but at the same time, there's the aging of the old fleet as well.

Speaker #6: The number of vessels that are reaching 20-plus years old is just at a record high if you look at it these days as well.

Speaker #6: So, all in all, it will definitely normalize, but it's not going to be a straight fall.

Speaker #1: Thank you. Thank you very much.

Zayan Alabadi: Thank you. Thank you very much.

Speaker #6: Thank you.

Abdulkareem Al Masabi: Thank you.

Speaker #1: Currently, I have no further audio questions. I'd like to hand back to the team to go through any text questions.

Operator: Currently have no further audio questions, so I'd like to hand back to the team to go through any text questions.

Speaker #5: Thank you very much. Just a question coming from online: In terms of the two L&S vessels involved in the recent incident, when do you expect them to come back into the fleet and operation?

Peter Budd: Thank you very much. Just a question coming from online. In terms of the two ADNOC L&S vessels involved in the recent incident, when do you expect them to come back into the fleet and operation?

Speaker #6: I think these are under insurance with our underwriters. I mean, the extent of the damage might definitely take some time, and given the geopolitical situation, just take them aside for repair and maintenance.

Abdulkareem Al Masabi: I think these are under insurance with our underwriters. The extent of the damage might take definitely some time, and given the political situation, just take them aside for repair and maintenance. We do not expect them before 6 months or 8 months minimum. So definitely, it will take time for these two vessels to be repaired.

Speaker #6: We do not expect them before six months or eight months, minimum. So definitely, it will take time for these two vessels to be repaired.

Speaker #5: And just the last question before we close: does management expect further provisioning in the second half of this year?

Peter Budd: Just the last question before we go to close, does management expect further provisioning in the H2 of this year?

Speaker #2: No, we don't. At the moment, on the ECLs, we're not seeing any material sort of ECLs in our future. We've done a lot of provisioning in the first and second quarter.

Hugh Baker: No, we don't. At the moment, on the ECLs, we're not seeing any material ECLs in our future. We've done a lot of provisioning in the Q1 and Q2. There may be some write-backs of ECLs in the Q3. In terms of provisioning for other things, we don't have any firm expectations on that. So nothing really to report there.

Speaker #2: There may be some write-backs of ECLs in the third quarter. In terms of provisioning for other things, we don't have any firm expectations on that.

Speaker #2: So, nothing really to report there.

Speaker #6: So, thank you very much, you all, and thank you very much to the participants online. Of course, we are looking ahead, and our focus will remain clear.

Abdulkareem Al Masabi: Thank you very much all, and thank you very much to the participants online. Our focus remains clear, supporting ADNOC's growth and deploying capital with discipline and strengthening the platform we have built to capture the visible demand backed by opportunities. This performance demonstrates the resilience business model that we have built and the agility of our operations, and of course, the strength of our people in navigating a highly challenging environment as we can see today. Above all, the safety and wellbeing of our people will remain our highest priority, and their professionalism and commitment continue to underpin everything that we achieve.

Speaker #6: I mean, supporting ADNOC’s growth and deploying capital with discipline, and strengthening the platform we have built to capture the visible demand backed by the opportunities.

Speaker #6: I mean, this performance demonstrates the resilience model that we have built and the agility of our operations. And, of course, the strength of our people in navigating a highly challenging environment, as we can see today.

Speaker #6: And above all, the safety and well-being of our people will remain our highest priority. Their professionalism and commitment continue to underpin everything that we achieve.

Speaker #6: With strong visibility, a robust investment pipeline, and clear strategic momentum, ADNOC Logistics & Services is well-positioned for its next phase of sustainable growth.

Abdulkareem Al Masabi: With strong visibility, a robust investment pipeline, clear strategic momentum, ADNOC Logistics & Services is well positioned for its next phase of sustainable growth. We remain focused on delivering sustainable long-term value for our shareholders and investor base. Thank you again for joining us today. I would like to basically thank everybody for taking the time to have the questions for us, hopefully very soon we will see you inshallah in person. Thank you very much.

Speaker #6: When we remain focused on delivering sustainable long-term value for our shareholders and investor base. Thank you again for joining us today, and I would like to thank everybody.

Speaker #6: I mean, thank you for taking the time to have the questions for us, and hopefully very soon we'll see you, inshallah, in person. Thank you very much.

Operator: That concludes today's call. We thank everyone for joining. You may now disconnect your lines.

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