Abu Dhabi National Energy Company (TAQA) investor relations material

Executive summary

• Revenue for Q1 2026 was AED 13.7bn, down 2.7% year-over-year, mainly due to lower Oil & Gas and Generation revenues.

• EBITDA rose 5% year-over-year to AED 5.5bn, supported by regulated utilities and higher equity-accounted contributions.

• Net income remained flat year-over-year at AED 2.1bn.

• Transmission and distribution segments showed revenue growth, while oil and gas revenue declined significantly year-over-year.

• Comprehensive income was AED 721 million, impacted by a net other comprehensive loss of AED 1,429 million, mainly from fair value changes in investments.

Financial highlights

• Revenue: AED 13.7bn (-2.7% YoY); EBITDA: AED 5.5bn (+5% YoY); Net income: AED 2.1bn (flat YoY).

• CAPEX increased 45% YoY to AED 3.2bn, reflecting higher investment in capital projects.

• Gross profit rose to AED 3,200 million from AED 3,098 million year-over-year.

• Operating expenses decreased to AED 8,233 million (from AED 8,723 million).

• Proposed Q1 2026 dividend of 0.80 fils/share under new policy.

Outlook and guidance

• Strong momentum towards 2030 renewables transition, with 65% of 77GW gross generation capacity now renewables.

• Management expects higher revenues and profits in Q2 and Q3 for power and water generation due to seasonal demand.

• Updated Green and Blue Framework expands eligible projects; Moody’s assigned SQS 2 rating.

• The company continues to monitor geopolitical risks and regulatory changes, with no material operational disruptions identified as of the reporting date.

• Continued focus on regulated and contracted activities to underpin financial resilience.