EBITDA rises 7.7% as TAQA increases infrastructure spending 38% to Dh7.2 billion.
Dubai: TAQA shareholders will receive a second-quarter interim dividend of 0.8 fils per share, worth around Dh899 million, after the Abu Dhabi-listed utility reported a 9.7% rise in first-half net income despite a decline in revenue.
Net income attributable to shareholders rose to Dh4.1 billion in the first six months of 2026, up from Dh3.7 billion in the same period last year, driven by stronger earnings from the group’s transmission and generation businesses.
Revenue, however, fell 2.6% to Dh27.5 billion from Dh28.2 billion a year earlier. The decline was mainly due to lower pass-through revenues at TAQA Distribution, extension works at the Shuweihat 1 Power Plant, and reduced oil and gas production following the planned decommissioning of the company’s UK North Sea assets.
Utilities drive earnings growth
Despite the drop in revenue, TAQA delivered stronger operating performance, with EBITDA rising 7.7% to Dh11 billion in the first half of 2026, compared with Dh10.2 billion in the same period of 2025.
Higher contributions from TAQA Transmission and the group’s generation businesses helped offset weaker performance from its oil and gas operations.
TAQA has delivered a strong first half of the year, with growth across our utilities businesses driving higher earnings. Our integrated model gives us the stability and financial strength to continue investing in the power and water infrastructure needed for decades to come, both in the UAE and across our international markets.
Jasim Husain Thabet, Group Chief Executive Officer an Managing Director of TAQA
Power and water spending jumps 38%
Capital expenditure surged 38% to Dh7.2 billion in the first half of the year, reflecting increased investment in power generation, water and transmission infrastructure.
The higher spending weighed on free cash flow, which fell to Dh4.6 billion from Dh7 billion in the same period last year.
TAQA also advanced several major infrastructure projects in the UAE during the period, including the 2.6-gigawatt Taweelah C Independent Power Producer project, in which a TAQA-led consortium holds a 60% stake.
The company also signed a 27-year Utilities Purchase Agreement with ADNOC to supply utilities to the TA’ZIZ Industrial Chemicals Zone in Ruwais. Separately, TAQA Water Solutions partnered with Etihad Water and Electricity and Saur International on a wastewater treatment project in Ras Al Khaimah.
The planned facility will be capable of treating 60,000 cubic metres of wastewater per day and is expected to serve up to 300,000 people.
Renewable energy investments gain momentum
TAQA continued to expand its renewable energy portfolio through its stake in Masdar during the first half of the year.
Masdar signed a binding agreement with TotalEnergies to establish a $2.2 billion joint venture focused on onshore renewable energy projects across Asia. It also reached an agreement with Repsol to acquire a 49.99% stake in a €849 million renewable energy portfolio in Spain, with a combined capacity of 705 megawatts.
In the UK, Masdar secured Contracts for Difference for 3 gigawatts of new offshore wind capacity across the Dogger Bank South projects.
During the period, TAQA, EWEC, Masdar, EDF Power Solutions and Jinko Power also completed an $870.75 million (Dh3.2 billion) green bond issuance to refinance the Al Dhafra Solar PV Independent Power Plant.
Thabet said the group had also strengthened partnerships supporting Abu Dhabi’s industrial growth while expanding its global renewable energy footprint through Masdar.
