Dubai Electricity and Water Authority (DEWA) investor relations material

Executive summary

• Record 9M revenue was AED 25,739,232 thousand and profit after regulatory deferral movements and tax was AED 7,629,199 thousand, up 3.3% and 11.7% YoY.

• Q3 revenue was AED 10,874,475 thousand and after-tax profit after regulatory deferral movements was AED 4,300,914 thousand, up 5.4% and 9.2% YoY.

• KPMG’s review found nothing indicating interim information was not prepared, in all material respects, under IAS 34.

Financial highlights

• 9M gross profit was AED 10,690,223 thousand and operating profit AED 8,521,572 thousand; EBITDA was AED 13,426,335 thousand, up 2.1% YoY.

• 9M finance income of AED 1,735,765 thousand and finance costs of AED 1,598,847 thousand produced net finance income of AED 136,918 thousand, versus net finance costs of AED 625,311 thousand in 9M 2025.

• Net operating cash flow was AED 14,586,269 thousand vs AED 15,221,046 thousand; investing and financing cash outflows were AED 8,908,832 thousand and AED 4,513,957 thousand.

• Period-end cash and cash equivalents for cash-flow reporting were AED 8,650,713 thousand, vs AED 7,487,233 thousand at 2025 year-end.

• 9M basic and diluted EPS after regulatory deferral movements was AED 0.142 vs AED 0.127; effective tax rate was 8.87% vs 9.46%, with a 9% UAE applicable tax rate.

Outlook and guidance

• Operations are seasonal, with higher revenue and operating profit usually expected in H2; 44% of 2025 revenue accrued in H1 and 56% in H2. 9M results are not necessarily indicative of FY 2026.

• By end-2030, planned installed generation capacity exceeds 23 GW and desalinated-water capacity reaches 735 MIGD, including ~8.3 GW of renewables and 308 MIGD of renewable-powered seawater reverse osmosis.