Abu Dhabi National Energy Company (TAQA) Q1 2026 earnings summary

Executive summary

• Regulated and contracted activities supported resilient Q1 operations; essential power and water services remained safe and reliable amid regional developments.

• Revenue fell 2.7% YoY to AED 13.730bn, while EBITDA rose 5.2% to AED 5.5bn and net income remained stable at AED 2.1bn.

• Free cash flow held at AED 4.8bn as higher operating cash flows offset increased capital investment.

Financial highlights

• Revenue was AED 13.730bn (-2.7% YoY); gross profit rose to AED 3.2bn from AED 3.098bn, and operating expenses fell to AED 8.233bn from AED 8.723bn.

• EBITDA reached AED 5.5bn (+5.2% YoY); net profit was AED 2.150bn, including AED 2.091bn attributable to equity holders, with EPS steady at AED 0.02.

• Capital expenditure increased 45.5% YoY to AED 3.2bn, reflecting investment in power, water and transmission infrastructure.

• Comprehensive income was AED 721m, including a net other comprehensive loss of AED 1.429bn, mainly from fair value changes in investments.

• Total assets rose to AED 227.261bn from AED 219.915bn at year-end 2025.

Outlook and guidance

• Renewables accounted for 65% of 77GW gross generation capacity, advancing the 2030 renewables transition.

• Higher power and water generation revenues and profits are expected in Q2 and Q3 on seasonal demand; gas demand typically rises in winter.

• The 2026–2028 dividend policy retains fixed and variable components, with continued YoY growth expected in the fixed dividend.

• Progress continued on the planned GS Inima acquisition and projects in Morocco and Saudi Arabia.

• Updated Green Finance Framework includes Blue Financing and received a Moody’s SQS 2 rating.