ADNOC's XRG Reports Strong Q2 2026 Earnings in Chemicals Sector

Aug 7, 2026

85 min

Aug 7, 2026 09:31

ADNOC’s XRG sees chemicals portfolio deliver resilient earnings across Borouge, Covestro and Fertiglobe

## Borouge's Strong Performance

ADNOC's XRG has reported robust earnings from its chemicals portfolio in the second quarter of 2026. Borouge International, a key player in this portfolio, achieved an adjusted EBITDA of $1.8 billion. This performance follows the merger of Borouge plc, Borealis, and NOVA Chemicals earlier in the year, creating a significant presence across the Middle East, Europe, and North America. Borouge is also on track to generate over $500 million in EBITDA synergies and has committed to a minimum annual dividend of over $2 billion.

## Fertiglobe's Earnings Surge

Fertiglobe, another major component of XRG's portfolio, more than doubled its adjusted EBITDA to $371 million. This increase was driven by strong nitrogen fertilizer markets and improved operational performance. Fertiglobe remains a leading global producer of nitrogen fertilizers, crucial for food production, and its performance is accessible to UAE investors through its listing on the Abu Dhabi Securities Exchange.

## Covestro's Contribution

Covestro, which joined XRG's portfolio in late 2025, recorded a first-half EBITDA of €669 million. The company supplies advanced materials to various industries, including automotive and healthcare, broadening XRG's reach beyond traditional chemicals.

## Expansion Plans in Ruwais

XRG is also expanding its industrial footprint in the UAE. Borouge International is developing Borouge 4 in Ruwais, which will increase production capacity to 6.4 million tonnes annually, making it the largest single-site polyolefins complex globally.

## Future Projects and Investments

XRG's portfolio companies are exploring new projects in the UAE, focusing on ammonia, nitric acid, and advanced materials. These initiatives align with ADNOC's strategy to diversify into higher-value chemicals and materials, enhancing shareholder returns and offering UAE investors direct participation through listed entities like Borouge plc and Fertiglobe.

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