Dubai Electricity and Water Authority (DEWA) Q3 2025 earnings summary

Executive summary

• Revenue for the nine-month period ended 30 September 2025 reached AED 24.92 billion, up 5.9% year-over-year, with net profit after tax and regulatory deferral at AED 6.83 billion, a 24.8% increase from the prior year.

• EBITDA for the period was AED 13.15 billion, up from AED 11.75 billion in the prior year, reflecting strong operational performance.

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

Financial highlights

• Gross profit rose to AED 9.91 billion from AED 9.02 billion year-over-year.

• Basic and diluted EPS for the nine months was AED 0.127, up from AED 0.107 in the prior year.

• Operating cash flow increased to AED 15.22 billion from AED 11.60 billion year-over-year.

• Total assets grew to AED 193.8 billion, with equity attributable to owners at AED 89.1 billion.

• Capital expenditure for the period was AED 8.13 billion.

Outlook and guidance

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

• Results for the nine months are not necessarily indicative of full-year performance.