Taqa Posts Dh6.1B Net Income For First 9 Months On Track To Meet 2030 Targets

Abu Dhabi National Energy Company (Taqa) announced a net income of Dh6.1 billion for the first nine months of 2025, supported by strong performance in its utilities business and a string of strategic investments across power and water sectors.

The company said it remains firmly on track to meet its 2030 growth targets, driven by international expansion and diversification.

Taqa, one of the largest integrated utilities firms in Europe, the Middle East, and Africa, reported group revenues of Dh42.7 billion for the nine-month period ending September 30, 2025, a 2.9 per cent increase from a year earlier. The growth was primarily attributed to higher pass-through revenue in its Transmission and Distribution (T&D) business.

Despite solid top-line performance, overall profitability was affected by lower oil and gas output and one-off items. Earnings before interest, tax, depreciation and amortisation (Ebitda) fell 5.2 per cent year-on-year to Dh16 billion, while net income declined 3.8 per cent compared to the same period last year.

The company advanced several key projects during the period as part of its ongoing global expansion. Among the highlights was a landmark agreement to acquire 100 per cent of GS Inima, a global leader in water desalination and treatment, for $1.2 billion. The move strengthens Taqa's position as a global player in water infrastructure.

In Saudi Arabia, Taqa reached financial close on two major power projects - Rumah 2 and Al Nairyah 2 - with a combined capacity of 3.6 gigawatts (GW) and an estimated investment value of $4 billion. The company also expanded in North Africa through new utility agreements in Morocco for power generation, water desalination, and transmission infrastructure.

In Central Asia, Taqa and Mubadala jointly acquired a 40 per cent stake each in the 875-megawatt gas-fired Talimarjan Power Complex in Uzbekistan. The partners also hold a 40 per cent stake in Talimarjan Operations & Maintenance, the entity responsible for managing the plant.

Domestically, Taqa signed a 24-year power purchase agreement (PPA) with Emirates Water and Electricity Company (EWEC) to develop the 1 GW Al Dhafra Gas Turbine project. The plant will supply additional dispatchable power to support the UAE's growing artificial intelligence and digital infrastructure needs.

The company also secured a PPA extension for the Shuweihat 1 power project, which will be reconfigured from a cogeneration facility into a dedicated power plant.

Abu Dhabi Future Energy Company (Masdar), in which Taqa holds a 43 per cent stake, continued to expand its renewable energy footprint globally. Masdar reached financial close on the 2 GW Al Sadawi solar photovoltaic project in Saudi Arabia, set to become one of the world's largest solar facilities upon completion.

It also co-invested in the 1.4 GW East Anglia Three offshore wind farm in the UK, with €4.1 billion in project financing secured. In Europe, Masdar completed the acquisition of Terna Energy, a major renewable energy player in Greece, which has since been delisted from the Athens Stock Exchange.

Masdar issued a $1 billion green bond under its Green Finance Framework to support future renewable projects and divested its interest in the Sharjah Waste-to-Energy plant to focus on global clean energy growth.

Taqa maintained a solid financial foundation with total available liquidity of Dh26.5 billion, including Dh7.4 billion in cash and Dh19.1 billion in undrawn credit facilities. The company's net debt-to-capital ratio stood at 34 per cent.

Capital expenditure rose by 47 per cent year-on-year to Dh8.9 billion, reflecting investments in T&D network enhancements, progress on the Al Dhafra thermal development, and water solutions rehabilitation works. This was partly offset by lower oil and gas capital spending due to decommissioning activities in the UK and reduced operations in North America.

Free cash flow for the nine-month period reached Dh7.3 billion, while total debt repayments amounted to Dh5.1 billion, including a maturing Dh2.8 billion corporate bond and Dh2.3 billion in project finance repayments. To bolster liquidity, Taqa also secured a new Dh8.5 billion corporate term loan facility to support future capital expenditure.

The company's Board of Directors approved a third-quarter interim cash dividend of 0.75 fils per share, consistent with its dividend policy.

Jasim Husain Thabet, group chief executive officer and managing director of Taqa, said the company is making strong progress toward its 2030 strategy.

“We made significant progress during the third quarter, particularly internationally through the acquisition of GS Inima and the financial close of major Saudi power projects,” he said.“We continue to build energy infrastructure that supports the UAE's artificial intelligence expansion while positioning Taqa to play a leading role in water security both domestically and globally.”

With a growing global portfolio and strengthened balance sheet, Taqa said it remains focused on long-term value creation through sustainable energy investments and strategic partnerships across key markets.

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