Abu Dhabi National Energy Company (TAQA) delivered a 4.5 per cent year-on-year increase in revenue for the first six months (H1) of 2025, reaching AED 28.4 billion (US$7.73 billion), led by higher pass-through costs in the Transmission & Distribution (T&D) segment.
Despite solid growth in revenue, EBITDA declined 11 per cent YoY to AED 10.2 billion (US$2.78 billion) and net income fell 19.7 per cent to AED 3.7 billion (US$1.01 billion). Profitability was impacted by an expected decline in oil & gas production following the cessation of production from four UK assets and weaker oil prices, as well as higher financing costs and non-recurring items.
Nonetheless, underlying profitability in TAQA’s core utilities businesses remained strong.
The group reduced its gross debt position to AED 61.7 billion (US$16.8 billion), enabled by scheduled repayments and the maturity of a corporate bond. TAQA also accelerated investment in future capacity, with AED 5.2 billion (US$1.42 billion) in capital expenditure directed toward flexible generation, transmission upgrades and desalination projects.
Global footprint and investments expand
Despite these pressures, TAQA continued to execute its international strategy in new and existing markets.
It signed agreements with national and private sector partners in Morocco to accelerate the development of integrated power and water infrastructure. This includes efficient gas-fired and renewable power generation, water desalination, and power and water transmission infrastructure. Combined, these initiatives represent a potential investment of approximately AED 52 billion (US$14.16 billion).
In Central Asia, it completed the joint acquisition of the 875MW Talimarjan power complex in Uzbekistan with Mubadala. In the UK, TAQA Transmission is progressing the integration of the recently acquired Transmission Investment, which manages approximately AED 15 billion (US$4.08 billion) in assets across its portfolio of 11 OFTO projects. In Greece, Masdar completed the 100 per cent acquisition and delisting of TERNA ENERGY, a leader in the country’s renewable energy market.
Mohamed Hassan Alsuwaidi, Chairman of TAQA, commented: “TAQA continues to deliver across its core businesses and new growth markets, reflecting the strength of its long-term strategy.
“In the first half of the year, the Group advanced its position as a critical enabler of infrastructure development, both within the UAE and internationally. Alongside sustained investment in domestic power and water infrastructure, our growing international presence, including our plans to increase our footprint in Morocco, reinforces TAQA’s commitment to providing reliable, efficient power and water supply at scale.
“As the business evolves, our focus remains on disciplined execution and creating lasting value for shareholders, while supporting the broader energy transition and economic diversification goals of the UAE and the markets we operate in.”
Looking ahead, TAQA remains focused on advancing its strategic priorities, expanding low-carbon power and water solutions, strengthening grid infrastructure, and enabling energy transition across its markets. The Group continues to support national decarbonisation goals while delivering reliable returns to shareholders through disciplined execution and long-term investment.
Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, added: “TAQA’s performance in the first half of 2025 reflects the strength of our integrated utility model and ability to consistently deliver value in dynamic market conditions.
“Despite headwinds, we continued to make tangible progress on priority projects across generation, water and transmission, increasing system flexibility and expanding our global portfolio. These are important steps that reinforce TAQA’s position as a reliable partner for large-scale power and water solutions, regionally and globally.”
