EBITDA of $2.16 billion, up 4% year on year

Performance driven by domestic gas demand and efficient management of planned shut-down program

ADNOC Gas continues to invest through the cycle to achieve its longer-term EBITDA growth target of over 40%

ABU DHABI, UAE, May 5, 2025 /PRNewswire/ — ADNOC Gas plc and its subsidiaries (together referred to as “ADNOC Gas” or the “Company”) (ADX: ADNOCGAS) (ISIN: AEE01195A234), a world-class integrated gas processing and sales company, today announced net income of $1.27 billion and EBITDA of $2.16 billion for the first quarter of 2025, exceeding the equivalent quarter in 2024 by 7% and 4% respectively.

ADNOC Gas announces Q1 net income of $1.27 billion, up 7% year on year, significantly exceeding market expectations

The performance was driven firstly by continued demand for domestic gas – up on the equivalent quarter last year – as a result of strong economic growth in the UAE, which lifted the total sales volume. Secondly, through efficient management of the planned shut-down program to boost processing capacity, a reduction in the number of days the Company’s plants were offline led to a rise in processed volumes.

Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: “This has been another outstanding quarterly performance by ADNOC Gas, supported by our resilient business model in a lower oil price market, which significantly exceeded market expectations. These results come on the back of successful supply agreements and the optimization of our ongoing shut-down program designed to power our continued growth. Looking ahead, we will use the strength of our balance sheet to invest through the cycle as we seek to realize EBITDA^* growth of over 40% between 2023 and 2029.”

ADNOC Gas signed a series of mid to long term LNG supply agreements valued at circa $9 billion with the Indian Oil Corporation and JERA Global Markets of Japan during Q1, reinforcing its role as a leading supplier of lower-carbon fuel. The agreements support the growth of the Company’s international customer base as well as the transformation of global energy systems. 

Q1 also saw a year-on-year uplift in CAPEX of 43% as ADNOC Gas continues to make the necessary investments through the cycle to grow the business and achieve its longer-term EBITDA targets. Project implementation remains on track, with the Company expecting to take a Final Investment Decision on its Rich Gas Development project in 2025.

As a result of the recently completed marketed offering of 3.1 billion shares in ADNOC Gas in which the free float increased by 4% to 9%, the Company is eligible for potential inclusion in the MSCI and FTSE indices as early as June and September respectively.

^*Assumes a flat oil price of $70/bbl between 2025 and 2029 and, in addition, the proportional consolidation of Ruwais LNG following completion and transfer to ADNOC Gas.

About ADNOC Gas

ADNOC Gas, listed on the ADX (ADX symbol: “ADNOCGAS” / ISIN: “AEE01195A234”), is a world-class, large-scale integrated gas processing and sales company operating across the gas value chain, from receipt of feedstock from ADNOC through large, long-life operations for gas processing and fractionation to the sale of products to domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE’s sales gas needs and supplies end-customers in over 20 countries.  To find out more, visit: www.adnocgas.ae

(X) @ADNOCGas

For investor inquiries, please contact:
Christian Audi
Vice President, Investor Relations
+971 (2) 6037366
ir@adnocgas.ae

– Operated Jongga and O’Food booths at Toronto’s leading food exhibition from April 29 to May 1
– Highlighted the excellence of global strategic products—kimchi, seaweed, sauces, and home meal replacement (HMR)—while engaging visitors with tastings and giveaways

SEOUL, South Korea, May 5, 2025 /PRNewswire/ — Daesang announced on May 2 that it successfully promoted its flagship brands, Jongga and O’Food, at SIAL Canada 2025, held in Toronto from April 29 to May 1, further reinforcing its global competitiveness in the North American market.

Recognized as one of North America’s top three food industry exhibitions, SIAL Canada serves as a critical gateway for companies expanding into the region. Alternating annually between Montreal and Toronto, the event covers a broad range of sectors including—retail, food service, and food processing—and attracts over 1,000 companies and brands from 44 countries, along with visitors in excess of 21,000 from 77 countries each year.

At the exhibition, Daesang operated dedicated booths for its kimchi brand Jongga and its global food brand O’Food, spotlighting the excellence of four core strategic product categories: kimchi, seaweed, sauces, and home meal replacements (HMRs). The Jongga and O’Food booths drew significant attention from buyers throughout the event. Daesang achieved notable results, engaging in discussions with major retailers such as Loblaws and Costco regarding the expansion of store placements and the introduction of new products. Currently, Jongga kimchi and O’Food pastes and sauces are available through major mainstream distribution channels in Canada, including Costco, Walmart, Loblaws, Sobeys, and T&T, consistently garnering strong support from local consumers.

During the exhibition, Daesang organized tasting events that offered a diverse culinary experience. Highlights included hors d’oeuvres featuring Jongga’s signature products—Mat Kimchi, Hanip Chonggak Kimchi (ponytail radish kimchi), LF(Lightly Fermented) Baek Kimchi (white kimchi), and Crunch Kimchi—as well as modern reinterpretations of Korean flavors such as Gochujang Ranch and Ssamjang Mayo, all of which received enthusiastic praise from visiting buyers. Other showcased dishes, such as Jongga Kimchi Ramen, known for its light and clean broth flavor, and Jang Ramen, celebrated for its rich traditional sauce, also earned high acclaim.

To further engage visitors, Daesang hosted a series of giveaway events at the booths. Guests who followed the official Jongga Global and O’Food Global Instagram accounts on-site received a complimentary O’Food × Jongga Kimchi Ramen, while participants in the QR code event were gifted eco-friendly tote bags, adding energy and excitement to the booth atmosphere.

Jennifer Lee, Head of Global Kimchi Business Unit, Daesang Corporation, said: “Participating in SIAL Canada 2025 was a tremendous opportunity to showcase the excellence of Jongga and O’Food products to the North American market and strengthen connections with local buyers.” Lee added, “Having reaffirmed our global competitiveness, we will continue to pursue targeted strategies—such as developing products tailored to local tastes and expanding our distribution networks—to further drive our growth in global exports.” 

About Daesang Corporation 

Founded in 1956, Daesang Corporation has been one of the world’s largest producers of fermented food products for over 60 years, and has grown to be the global leading Korean based food company by operating global brands such as Jongga, and O’Food which provides sauce, ready-to-eat meals, and many more products. Headquartered in South Korea, the company has also manufacturing subsidiaries in United States, Poland, China, Indonesia, and Vietnam. Visit www.daesang.com/en for more information. 

About Jongga 

In Korean, the word ‘Jongga’ refers to the careful craft and mastery of passing down authentic recipes from one generation to the next. Since 1956, Daesang Corporation has been a leader in Korean pantry staples, and its Jongga brand has been the number one producer of authentic kimchi in Korea since 1987. As the first brand to commercialize packaged kimchi globally, it is also the leading imported Korean kimchi brand in the United States. 

Jongga Kimchi products are made with quality ingredients, are plant-forward, gluten-free, probiotic-rich, and are available across the world. Since developing the starter bacteria to control the vegetable fermentation process, Jongga Kimchi encourages lactic acid and bacteria while discouraging other microbes, making the fermentation process safe and stable, delivering high quality kimchi with deep flavor. This also makes kimchi a probiotic-rich dish with many health benefits, helping to balance the immune system, offering antiviral effects. 

About O’food

O’food is a leading global Korean food brand, introducing a variety of Korean comfort foods to the world. O’food is committed to make people’s lives and food more enjoyable and surprising by adding a Korean Twist. As such, ‘O’ stands for our ongoing creative effort to put a Korean twist on global taste.  

PHUKET, Thailand, May 5, 2025 /PRNewswire/ — U Power Limited (Nasdaq: UCAR), a global leader in a global leader in green smart energy grid innovation, announced that its Thai subsidiary, USWAP Co., Ltd., has successfully delivered 21 battery-swapping-enabled MG EP vehicles to Auto Drive EV Public Company Limited, a leading mobility service provider in Thailand, through a strategic partnership with Sumitomo Mitsui Auto Leasing & Service (Thailand) Co., Ltd. The vehicles will be deployed to enhance sustainable taxi operations across the island of Phuket, a world-renowned tourist destination. This landmark transaction marks the deployment of Southeast Asia’s first fleet of battery-swapping taxis, setting a new benchmark for sustainable transportation in the region.

Pioneering Battery-Swapping Green Mobility in Southeast Asia

The vehicles are equipped with U Power’s proprietary UOTTA fully automated battery-swapping technology, showcased at the 2025 Bangkok International Motor Show. This system enables a full battery replacement in just 3 minutes, ensuring minimal downtime for taxis, maximizing operational efficiency, and uninterrupted service for passengers. The deployment aligns with Thailand’s EV 3.5 Policy, which aims to subsidize EV adoption and establish a nationwide charging/swapping network by 2027.

A Model for Sustainable Tourism

Phuket, a hub for international tourism, faces growing demand for efficient and environmentally responsible transportation. The deployment of battery-swapping fleet will not only improve air quality but also position the island as a leader in adopting smart EV solutions. The battery-swapping infrastructure, supported by U Power’s network, ensures operational efficiency and cost-effectiveness for Auto Drive’s taxi operators.

Leadership Insights

Johnny Lee, CEO of U Power Limited: “This delivery is not just a milestone for USWAP but a leap forward for Southeast Asia’s EV transition. By partnering with Sumitomo Mitsui Auto Leasing and Auto Drive, we are proving that battery-swapping technology can revolutionize urban mobility while aligning with Thailand’s carbon neutrality goals.” 

Representative of Sumitomo Mitsui Auto Leasing & Service (Thailand): “Our financing model bridges the gap between cutting-edge technology and market accessibility. This project exemplifies how financial innovation can drive sustainable development in the EV sector.”

Dr. Akaranun Ariyasripong, Chairman of Auto Drive EV Public Company Limited, revealed, “The integration of U Power’s vehicles into Auto Drive’s fleet reinforces our commitment to delivering up to 2,000 electric taxis within 2025 and reducing carbon emissions in key tourist cities. The partnership includes comprehensive support for battery-swapping infrastructure, operational management, and financial services.”

Market Impact and Future Plans

This initiative establishes Thailand as a leading hub for EV innovation in ASEAN. USWAP is expanding its battery-swapping network across key urban centers and major transportation routes, with a focus on commercial applications including taxis, trucks, and logistics fleets. As Thailand’s EV market continues its rapid growth, U Power’s technology provides solutions to critical energy replenishment and grid stability challenges.

About U Power Limited

U Power Limited (Nasdaq: UCAR) is a vehicle sourcing services provider with a vision to become an EV market player primarily focused on its proprietary battery-swapping technology, UOTTA technology. UOTTA is an intelligent modular battery-swapping solution designed to provide comprehensive battery power solutions for EVs. Since its inception in 2013, U Power has established a vehicle sourcing network in China’s lower-tier cities, developed multi-types of battery-swapping stations for compatible EVs, and operates a manufacturing facility in Zibo City, Shandong Province, China.

For more information, please visit: https://www.upower-limited.com/ 

About SMAT

Sumitomo Mitsui Auto Leasing & Service (Thailand) Co., Ltd. (SMAT) is a leading provider of corporate vehicle leasing and fleet management solutions in Thailand. Established in 2003 as a subsidiary of Japan’s Sumitomo Mitsui Auto Service Co., Ltd., SMAT has over two decades of experience in supporting businesses with comprehensive mobility services and currently manages a fleet of over 10,000 vehicles nationwide.

About Auto Drive

Auto Drive EV Public Company Limited is a pioneering Thai company specializing in electric vehicle (EV) solutions aimed at promoting sustainable transportation and reducing air pollution. In collaboration with Grab Thailand, Auto Drive EV launched the “Electric Taxi Rental Project,” aiming to deploy up to 2,000 electric taxis by 2025 in key tourist cities across Thailand.

Forward-Looking Statements

This press release contains “forward-looking statements.” Forward-looking statements reflect the company’s current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the company’s current expectations and projections about future events that the company believes may affect its financial condition, results of operations, business strategy, and financial needs.

Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law.

Although the company believes the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results. Investors are encouraged to review other factors that may affect future results in the company’s registration statement and other filings with the U.S. Securities and Exchange Commission (SEC).

For more information, please visit: https://www.upower-limited.com/

Media Contact: xing.wang@upincar.com