Abu Dhabi National Energy Company (TAQA) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2025 reached AED 42,660 million, up from AED 41,448 million year-over-year, driven by growth in transmission, distribution, and water solutions, offset by a decline in oil and gas revenue.

• Net profit attributable to equity holders was AED 6,079 million, compared to AED 6,318 million in the prior year, reflecting lower oil and gas contributions and higher operating expenses.

• The group completed the acquisition of Transmission Investment Holding Limited (TI) and divested its stake in TAQA Neyveli Power Company Private Limited.

Financial highlights

• Transmission and distribution revenue rose to AED 28,502 million (up from AED 26,126 million), while oil and gas revenue declined to AED 3,226 million (from AED 4,501 million).

• Gross profit for the period was AED 9,502 million, down from AED 10,092 million year-over-year.

• Basic and diluted EPS from continuing and discontinued operations was AED 0.05, compared to AED 0.06 in the prior year.

• Net cash generated from operating activities was AED 16,042 million, with net cash used in investing and financing activities of AED 8,735 million and AED 8,319 million, respectively.

• Total assets stood at AED 220,018 million, with total equity of AED 107,516 million as of 30 September 2025.

Outlook and guidance

• The group expects to meet transitional safe harbour relief in most jurisdictions for Pillar II income taxes and continues to monitor legislative developments.

• Seasonality is expected to impact results, with higher power and water revenues in Q2 and Q3, and higher oil and gas revenues in Q1 and Q4.