Abu Dhabi National Energy Company (TAQA) Investor presentation summary

Strategic positioning and business model

• Operates as a leading integrated utility with a global footprint across 26 countries, focusing on power generation, transmission, distribution, water solutions, and oil & gas.

• Maintains exclusive rights to transmission in Abu Dhabi and Northern Emirates, and a minimum 40% stake in all EWEC conventional generation projects.

• Generates strong, recurring cash flows with 93% of revenue and 86% of EBITDA from regulated and contracted assets.

• Pursues a clear path to net-zero by 2050, embedding ESG into group strategy and operations.

• Holds investment-grade credit ratings (Aa3 Moody’s, AA Fitch) and robust liquidity, supporting continued growth.

Portfolio developments and growth

• Expanded global water platform with the USD 1.2 billion acquisition of GS Inima, adding significant desalination and wastewater capacity.

• Advanced major clean energy projects, including large-scale solar, battery storage, and renewables in the UAE, KSA, Morocco, Oman, and Uzbekistan.

• Achieved financial close on multiple international projects and completed green bond refinancing for renewables.

• Ongoing investments in grid infrastructure and wastewater treatment, supporting regional and international growth.

Financial performance and capital management

• Q1 2026 revenue reached AED 13.7bn, with EBITDA of AED 5.5bn and free cash flow of AED 4.8bn, reflecting stable regulated earnings and increased investment.

• Maintains a strong balance sheet with AED 71.2bn regulated asset base and liquidity at 12% of total assets.

• Net leverage decreased to 2.7x LTM EBITDA, with a focus on fixed-rate debt and long average debt maturity.

• Dividend policy for 2026-2028 continues fixed and variable components, with increasing fixed dividends per share and variable payout from free cash flow.