Dubai Electricity and Water Authority (DEWA) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached AED 6,451.8 million, up 8.2% year-over-year, with net profit after tax and regulatory deferral at AED 941.1 million, an increase of 90% compared to Q1 2025.

• EBITDA for the quarter was AED 2,880.0 million, up from AED 2,431.6 million in Q1 2025, marking a record first-quarter result.

• The Group completed the acquisition of an additional 24% stake in EMPOWER, increasing ownership to 80%.

• Clean energy accounted for 18.5% of total power generated, with clean power generation reaching 2.06 TWh.

• Customer accounts grew by 19,803 in the quarter, with annual growth of 5.08%.

Financial highlights

• Gross profit rose to AED 1,984.6 million from AED 1,557.4 million year-over-year.

• Operating profit increased to AED 1,287.3 million from AED 838.2 million in Q1 2025.

• Basic and diluted EPS was AED 0.018, up from AED 0.010 in Q1 2025.

• Net cash generated from operating activities was AED 3,887.7 million.

• Total assets stood at AED 197,308.1 million as of 31 March 2026.

Outlook and guidance

• Management notes seasonality, with higher revenues and profits expected in the second half of the year.

• Plans to add 120 MIGD of SWRO desalination capacity in 2026.

• Expects to pay a minimum annual dividend of AED 6.2 billion for the first five years from October 2022.

• Next dividend payment of AED 3.1 billion anticipated in October 2026, subject to approvals.

• The Group continues to monitor regional developments and market conditions for potential impacts.