Abu Dhabi National Energy Company (TAQA) Q4 2025 earnings summary

Executive summary

• Group revenue remained stable at AED 54.8 billion, with utilities offsetting declines in oil & gas due to lower prices and production volumes year-over-year.

• EBITDA was AED 20.7 billion, slightly down from AED 21.0 billion, mainly due to non-recurring, non-cash charges in Generation and Oil & Gas.

• Net income attributable to shareholders rose 5.6% to AED 7.5 billion, reflecting operational resilience and cost management.

• Capital expenditure surged 48% to AED 14.5 billion, driven by accelerated investments in power, water, and transmission infrastructure.

• Free cash flow increased to AED 6.6 billion, up from AED 2.1 billion, mainly due to working capital movements and lower funding requirements.

Financial highlights

• Revenue from external customers was AED 54.8 billion, flat year-over-year.

• EBITDA reached AED 20.7 billion, down marginally from AED 21.0 billion.

• Net income (TAQA share) was AED 7.5 billion, up 5.6% from the prior year.

• Capital expenditure totaled AED 14.5 billion, a 48% increase year-over-year.

• Free cash flow was AED 6.6 billion, up from AED 2.1 billion in 2024.

Outlook and guidance

• On track to achieve 150 GW gross power capacity by 2030, with two-thirds from renewables.

• Major investments in UAE and international projects to support energy transition and digital infrastructure.