Dubai Electricity and Water Authority (DEWA) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached AED 5,964 million, up 2.83% year-over-year, marking a record first quarter.

• Net profit after tax and regulatory deferral was AED 496 million, a 24% decrease from AED 651 million in Q1 2024.

• Net cash from operations reached AED 3,852 million, a 17.86% increase year-over-year.

• Power generation hit 10.50 TWh, with clean power at 1.86 TWh (17.7% of total generation).

• Desalinated water production reached 35.61 BIG, up 4.56% year-over-year.

Financial highlights

• EBITDA for Q1 2025 was AED 2,432 million, down from AED 2,566 million in Q1 2024.

• Operating cash flow increased to AED 3,852 million from AED 3,268 million year-over-year.

• Closing cash and cash equivalents totaled AED 8.17 billion, AED 2.07 billion higher than year-end 2024.

• Capital expenditure for Q1 2025 was AED 2,287 million, mainly for property, plant, and equipment.

• Dividend of AED 3,100 million declared and paid in April 2025.

Outlook and guidance

• Results for Q1 are not necessarily indicative of full-year performance due to seasonality, with higher revenues and profits expected in the second half.

• By 2030, installed generation capacity expected to reach 22 GW, with 34% from clean energy sources, up from the original 25% target.

• Plans to add 240 MIGD desalination capacity by 2030, reaching 735 MIGD total.

• Management continues to monitor liquidity and capital commitments, with undrawn facilities of AED 4,746 million as of 31 March 2025.

• Confident in delivering results exceeding historical performance for long-term shareholder value.