稳健业绩，2025财年指引小幅上调

Performance Overview - ADNOC Drilling reported Q2 2025 revenue of $1.197 billion, exceeding market expectations of $1.172 billion[2] - Adjusted net profit for Q2 2025 was $351 million, higher than the anticipated $345 million[2] - EBITDA margin for Q2 2025 remained stable at 46%, aligning with market expectations[2] Fiscal Year Guidance - The revenue guidance for FY 2025 has been raised to a range of $4.65 billion to $4.8 billion, up from the previous range of $4.6 billion to $4.8 billion[3] - Net profit guidance for FY 2025 is now projected between $1.375 billion and $1.45 billion, compared to the prior range of $1.35 billion to $1.45 billion[3] - Capital expenditure guidance for FY 2025 remains unchanged at $350 million to $550 million[3] Dividend Policy - ADNOC Drilling aims for a minimum annual dividend growth rate of 10% over the next five years, with FY 2025 dividends expected to reach at least $867 million[4] Unconventional Projects - The company has eight drilling rigs operational in its unconventional projects, with a potential EBITDA margin of over 20% in the long term[5] - Final investment decision (FID) for the second phase of unconventional projects is expected by the end of FY 2025 or early FY 2026[5] Growth Strategy - ADNOC Drilling plans to increase its total number of drilling rigs from 149 to over 151 by FY 2028, with a target of 190 rigs by FY 2030[6]