Q3 2019 Financial Results

Analyst Presentation Abu Dhabi National Energy Company, November 7, 2019

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Stable operational and financial performance

- Improvements in production & technical availability

- Revenue of AED 13.1bn

- EBITDA of AED 7.0bn

Continued net income recorded of AED 198mn

Driven by stable operations whilst absorbing unfavourable

movements in commodity prices

Strong liquidity and continued debt reduction

- Total liquidity stands at AED 11.2bn

- Total debt reduced by AED 3.0bn

Q3 2019 – Results Summary

Note: Net Income refers to profits attributable to equity holders of TAQA

Power and water highlights

Stable underlying financials with revenues maintained for UAE power and water

AED in revenue8.7bn

5.1bn AED in EBITDA

GWh of gross power generation69,406

94.5% Global technical availability

MIG of water desalination184,689

Power generation (GWh)

Water desalination (MIG)

Strong operational performance throughout 9m 2019

48,989 49,106

20,375 20,300

94.3% 94.5%

9m 2018 9m 2019

UAE International Technical availability

185,161 184,689

9m 2018 9m 2019

Oil and gas operational KPIs

TAQA realized oil price 58.0 ($/bbl)

vs 9m 2018 64.6 ($/bbl)

(10% decrease)

Gas prices ($/mmbtu)

TAQA realized gas price 2.0 ($/mmbtu)

vs 9m 2018 2.2 ($/mmbtu)

(10% decrease)

Oil prices ($/bbl)

Commodity price environmentVolatile price environment remains a challenge

40

45

50

55

60

65

70

75

80

85

90

2018 2019

Brent WTI

0

10

20

30

40

50

60

70

80

0

2

4

6

8

10

12

2018 2019

Henry Hub AECO NBP TTF (RHS)

Oil and gas highlights

Stable overall volumes but lower

commodity prices

Revenue & EBITDA (AED million)

AED in revenue4.4bn

2.0bn AED in EBITDA

123.3

38.5

mboe/d global production

mboe/d in Iraq6.3

mboe/d in Europe

78.4 mboe/d in North America

Average production (mboe/d)

4,8

42

4,4

17

2,0

30

1,9

59

42%44%

9m 2018 9m 2019

Revenue EBITDA EBITDA margin

78.7 78.4

40.2 38.5

3.1 6.3

9m 2018 9m 2019

North America Europe Iraq

Capital expenditure

AED capex1,221mn

1.9bn AED of capex forecast for FY19

Focused investment in core operations in

line with 2019 CAPEX targets

Acquisition of an additional 7.5% working interest in

Atrush block for AED 116mn

Maintenance-driven capex in Power and Water

business’s UAE fleet

Increased capex to protect and sustain the

value of our assets

Capex (AED million)

926 930

279 291

9m 2018 9m 2019

Oil & gas Power & water

Financial performance

Revenues (AED million)

Net income* (AED million) Free cash flow** (AED million)

EBITDA (AED million)

**Free Cash Flows represents Operating less Investing Cash Flows*Net income attributable to TAQA common shareholders

Financial performanceStable operations impacted by lower commodity prices

13,536

13,089

9m 2018

9m 2019

7,351

6,984

9m 2018

9m 2019

431

198

9m 2018

9m 2019

5,624

5,026

5624

9m 2019

Robust liquidity position

Total liquidity of AED 11.2bn made up of:

Cash and cash equivalents of AED 2.2bn

Undrawn credit facilities of AED 8.9bn

Continued debt reduction

AED 3.0bn net reduction in total debt

AED 158mn reduction in cash interest paid vs 9m 2018

US$ 500mn bond issuance

Refinanced US$ 500mn maturity in September

30-year bond at 4.0%

8x oversubscribed

Corporate debt maturity profile* ($ million)

9m 2018 9m 2019

Net debt / net capital ** 84% 84%

EBITDA / Interest 2.8x 2.7x

Net Debt / EBITDA LTM 6.6x 6.6x

Liquidity and key ratiosContinued focus on deleveraging

3,740

1,500

415

1,250948

7501,000 1,000

913500

2019 20 21 22 23 24 25 26 30 36 49

Bonds Drawn RCF Undrawn RCF Term loan

Key ratios

** Net capital = net debt plus equity less changes in the fair value of

derivatives

* as at 30 Sep 2019 updated for new 2049 bond issue releasing RCF

Continued strong operational

performance

Resilient revenues and EBITDA

Maximizing value and efficiency

from asset base

Continued progress on deleveraging

Thank you

For investor relations enquiries, please contact: Shadi Salman, CFA ( ir@taqaglobal.com )

Appendix

UAE domestic plants 9m 2018 9m 2019

Power generation (GWh) 48,989 49,106

Water desalination (MIG) 185,161 184,689

Technical availability (%) 94.4 95.8

International plants 9m 2018 9m 2019

Power generation (GWh) 20,375 20,300

Technical availability (%) 93.8 89.0

Operational Data – Power & Water KPIs

Operational Data – Oil & Gas ProductionNorth America 9m 2018 9m 2019

Crude oil (mbbls/day) 12.9 13.9

Natural gas (mmcf/day) 328.9 321.7

Natural gas liquids (mboe/day) 10.9 10.9

Average (mboe/day) 78.7 78.4

Europe

Crude oil (mbbls/day) 30.8 31.4

Natural gas (mmcf/day) 52.3 39.5

Natural gas liquids (mboe/day) 0.7 0.5

Average (mboe/day) 40.2 38.5

Iraq

Crude oil (mbbls/day) 3.1 6.3

Natural gas (mmcf/day) - -

Natural gas liquids (mboe/day) - -

Average (mboe/day) 3.1 6.3

Total Production

Crude oil (mbbls/day) 46.9 51.7

Natural gas (mmcf/day) 381.1 361.2

Natural gas liquids (mboe/day) 11.6 11.4

Average (mboe/day) 122.0 123.3

Operational Data – Oil & Gas Pricing

North America 9m 2018 9m 2019

Crude oil ($/bbl) 50.60 47.72

Natural gas ($/mcf) 1.36 1.62

Natural gas liquids ($/boe) 38.11 25.36

Average ($/boe) 19.28 18.64

Europe

Crude oil ($/bbl) 71.27 64.36

Natural gas ($/mcf) 7.83 5.28

Natural gas liquids ($/boe) 43.53 44.79

Average ($/boe) 65.71 58.90

Iraq

Crude oil ($/bbl) 57.45 48.93

Natural gas ($/mcf) - -

Natural gas liquids ($/boe) - -

Average ($/boe) 57.45 48.93

Operational Data – Oil & Gas Netbacks

North America 9m 2018 9m 2019

Gross price ($/boe) 19.28 18.64

Royalties ($/boe) 2.47 1.76

Net sales price ($/boe) 16.81 16.88

Operating costs ($/boe) 7.63 7.35

Operating netback ($/boe) 9.18 9.53

Europe* 9m 2018 9m 2019

Gross price ($/boe) 65.71 58.90

Royalties ($/boe) - -

Net sales price ($/boe) 65.71 58.90

Operating costs ($/boe) 34.58 32.93

Operating netback ($/boe) 31.13 25.97

* Includes upstream data only