Abu Dhabi National Energy Company (TAQA) Investor Presentation summary

Strategic positioning and business model

• Operates as a leading integrated utility with exclusive rights in Abu Dhabi for transmission, distribution, and wastewater treatment, and a 40% stake in EWEC generation projects across 25 countries.

• Maintains a robust financial profile with $15.0bn FY 2024 revenue, 39% average EBITDA margin (2022–2024), and strong liquidity.

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

• Holds investment-grade ratings (Aa3 Moody's, AA Fitch) and follows a transparent dividend policy with defined payouts from utilities and variable from oil & gas.

• Aligned with UAE's Net Zero by 2050, targeting 50% clean generation by 2050 and embedding ESG in strategy.

Financial performance and capital structure

• Q1 2025 revenue rose 3.8% YoY to AED 14.2bn, with net income at AED 2.1bn and EBITDA at AED 5.3bn.

• Free cash flow surged to AED 2.1bn, supported by working capital movements.

• Total debt stood at AED 63.7bn with a 4.8% average interest rate and 10.3-year average maturity; liquidity improved to AED 22.9bn.

• Net leverage increased slightly to 2.7x due to lower EBITDA, with 99% of debt at fixed rates.

• Annual corporate bond redemptions of around $1bn are scheduled in coming years.

Business segments and growth initiatives

• Generation: 24 power & water assets globally, 21.1 GW in UAE, 4.5 GW internationally; expanding renewables via Masdar.

• Transmission & Distribution: Operates 114,000 km of networks, with AED 40bn capex planned by 2030.

• Water Solutions: Manages 13,000 km wastewater network, treating 1.3mn m³/day, supporting circular economy and sustainability goals.

• Oil & Gas: Focused on safe operations in Canada, decommissioning in UK, and gas storage in the Netherlands; 2024 net production at 101.4 mboepd.

• Masdar: JV with ADNOC & Mubadala, 32.9 GW gross capacity, expanding global clean energy footprint.