Abu Dhabi National Energy Company (TAQA) Investor Presentation summary

Strategic positioning and business model

• Operates as a leading integrated utility with exclusive rights to transmission and distribution in Abu Dhabi and a significant stake in all EWEC generation projects until 2030.

• Maintains a global footprint with operations in 25 countries and a gross power generation capacity of 55.8 GW as of 2024.

• Over 85% of EBITDA is derived from regulated and contracted assets, ensuring predictable and secure cash flows.

• Strong alignment with UAE's energy transition goals, targeting a 50% clean generation share by 2050.

• Maintains investment-grade credit ratings (Aa3 Moody's, AA Fitch) and a transparent dividend policy.

Financial performance and capital structure

• FY2024 revenue reached $15.0bn, up 7% YoY, with EBITDA at $5.8bn and a 39% average margin (2022-2024).

• Net income for FY2024 was AED 6,993mn, with underlying profitability stable after adjusting for 2023 one-off items.

• Free cash flow declined to AED 2,608mn in 2024 due to higher capex and M&A activity.

• Total debt increased to AED 64.1bn, with net leverage at 2.6x and liquidity at AED 10.3bn by year-end 2024.

• Dividend policy provides defined payouts from utilities and variable payouts from oil & gas, with a proposed FY2024 dividend of 4.2 fils/share.

Growth, investment, and operational highlights

• Major acquisitions in 2024 included a 50% stake in Terra-Gen (US renewables) and key assets in Spain, Portugal, and Greece.

• Achieved financial close on strategic water and power projects in Saudi Arabia and the UAE.

• Launched a unified brand identity, consolidating UAE network companies under TAQA Distribution and TAQA Transmission.

• Aggregate spend of AED 27bn on utilities business from 2021-2024, with targeted T&D capex of AED 40bn by 2030.

• Transitioned UK oil & gas operations towards decommissioning, with production ceased at four North Sea platforms.