Etihad Energy Q1 2026 Revenue Surges 60% to AED 109.7 Million

Etihad Energy Holding PJSC (“Etihad Energy”, the “Group” or the “Company”), the integrated energy infrastructure platform listed on the Dubai Financial Market under the symbol GULFNAV, today announced its preliminary financial results for the first quarter ended 31 March 2026.

These represent the Group’s first full quarterly results following the rebranding of the Group from Gulf Navigation Holding PJSC and the completion of the acquisition of Brooge Energy on 27 November 2025.

Commenting on the results, Saif Alhazaimeh, Chief Executive Officer of Etihad Energy Holding, said:

“Q1 2026 marks the Company’s first quarterly results under the new ‘Etihad Energy’ identity and reflects the positive strategic impact of the acquisition of Brooge Energy. Revenue increased by 325% to AED 109.7 million, while Adjusted EBITDA grew by 604% to AED 72 million. The Group also returned to profitability, recording net profit of AED 19.8 million compared to a net loss of AED 6.9 million during the same period last year.

Despite ongoing regional developments, we remain focused on completing Phase III of the expansion project, advancing the naphtha-to-gasoline refinery project and enhancing shipping efficiencies, supporting our efforts to build a larger and more diversified platform.”

Strategic Developments

• Completion of Brooge Energy Acquisition: In November 2025, the Company completed the acquisition of all assets of Brooge Energy Limited and its subsidiaries, integrating Brooge Petroleum & Gas Investment Company’s leading storage platform and midstream operations into the Group.

• Corporate Rebranding:Shareholders approved, during the Annual General Meeting held on 24 April 2026, the change of the Company’s name to “Etihad Energy Holding PJSC”, this change is intended to reflect the Company's vision and future direction of becoming the leading regional provider of logistics services for oil and petrochemical derivatives.

Project Updates

• Phase III Expansion Project: The third expansion phase is expected to add approximately 1.09 million cubic meters of new storage capacity. The Company continues to progress infrastructure execution activities, while discussions continue with a number of customers regarding binding storage agreements, as well as with financial institutions regarding expansion financing. Revenues from Phase III are expected to commence within approximately 18 months from today.

• Naphtha-to-Gasoline Refinery Project: The detailed engineering design contract has been awarded to PEG Engineering, while Honeywell UOP has been selected as the licensed technology provider. The first phase includes development of a refinery unit with processing capacity of 14,500 barrels per day of naphtha, converting it into Euro5 compliant gasoline under a fee-based / take-or-pay contractual structure intended to minimize exposure to commodity price volatility.