Dubai Electricity and Water Authority (DEWA) Q2 2026 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2026 reached AED 14.86 billion, up 1.80% year-over-year, marking an all-time high.

• Net profit after tax and regulatory deferral account was AED 3.33 billion, a 15.02% increase year-over-year.

• EBITDA for the period was AED 7.32 billion, up 5.27% year-over-year.

• Operating profit rose 9.08% year-over-year to AED 4.07 billion.

• The interim financial information was reviewed by KPMG, with no material misstatements identified.

Financial highlights

• Gross profit increased to AED 5.41 billion from AED 5.07 billion year-over-year.

• Basic and diluted EPS after regulatory deferral and tax was AED 0.064, up from AED 0.055.

• Operating cash flows were AED 7.78 billion, down from AED 9.16 billion year-over-year.

• Total assets stood at AED 198.44 billion as of 30 June 2026, up from AED 195.14 billion at year-end 2025.

• Total equity attributable to owners was AED 86.53 billion, down from AED 91.02 billion at year-end 2025.

Outlook and guidance

• Management expects higher revenues and profits in the second half of the year due to seasonality.

• The Board approved a cash dividend of AED 3.1 billion in August 2026, with another AED 3.1 billion planned for October 2026, subject to approvals.

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

• By 2030, targets over 23GW installed power capacity and 735MIGD water production, with 36.1% of power from renewables.