Dubai Electricity and Water Authority (DEWA) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 rose to AED 14.60 billion, up 6.9% year-over-year, with net profit after tax reaching AED 2.9 billion, a 13.2% increase from the prior year.

• Q2 2025 profit after tax rose 25.8% year-over-year to AED 2.4 billion, with revenue up 9.8% to AED 8.6 billion.

• Gross profit improved to AED 5.07 billion, and EBITDA for H1 2025 was AED 7.0 billion, reflecting strong operational performance.

• Operating cash flow for H1 2025 surged 61.3% year-over-year to AED 9.2 billion.

• The interim financial information was reviewed by independent auditors, who concluded it was prepared in accordance with IAS 34, with no material misstatements identified.

Financial highlights

• Revenue: AED 14.60 billion (up from AED 13.66 billion year-over-year).

• Net profit after tax: AED 2.89 billion (up from AED 2.56 billion year-over-year).

• EBITDA: AED 7.0 billion (up from AED 6.60 billion year-over-year).

• Basic and diluted EPS: AED 0.055 (up from AED 0.050 year-over-year).

• Net finance costs declined by 15.45% compared to the same period last year.

Outlook and guidance

• Management expects stronger revenue and profit in H2 2025 due to seasonality, with 44% of annual revenue historically recognized in H1.

• Results for H1 2025 are not necessarily indicative of full-year performance.

• Focus remains on long-term growth via investments in clean energy, digital infrastructure, and water desalination, aligned with Dubai's Green Economy vision.