Abu Dhabi Future Energy Company - Masdar (MASDAR) H1 2025 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2025 increased to AED 1,729.8 million from AED 1,497.6 million year-over-year, driven by growth in renewable power generation and concession revenue.

• Net profit for the period was AED 48.8 million, up from AED 111.0 million in the prior year, with total comprehensive income surging to AED 1,786.3 million due to significant foreign currency translation gains.

• The group made substantial investments in associates and joint ventures, notably in offshore wind and renewable projects.

• A strategic divestment plan was approved for Sharjah Waste to Energy Company LLC to focus on core renewables.

Financial highlights

• Gross profit for the six months rose to AED 722.3 million from AED 521.8 million year-over-year.

• Income from government grants and other income totaled AED 149.4 million, up from AED 166.3 million.

• General and administrative expenses increased to AED 538.6 million from AED 328.0 million.

• Share of results from equity-accounted investees jumped to AED 326.1 million from AED 59.1 million.

• Cash and cash equivalents at period end were AED 6,535.6 million, down from AED 6,733.6 million at year-end 2024.

Outlook and guidance

• The group expects continued growth in renewable energy investments and has entered into a major offshore wind partnership post-period with Iberdrola.

• Seasonality in solar and wind production will impact interim results, with summer months typically stronger for solar.