Dubai Electricity and Water Authority (DEWA) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of AED 32.8 billion, EBITDA of AED 17.3 billion, and operating profit of nearly AED 11 billion for 2025, driven by increased demand for electricity, water, and cooling services, with electricity demand up 5.11% and water demand up 6.94%.

• Customer base grew by 4.5% to over 1.3 million accounts, with 57,000 new accounts added.

• Significant investments of AED 11.8 billion focused on renewable energy and network expansion, with green energy capacity reaching 21.5% of total installed power.

• Maintained world-leading operational efficiency, with electricity line loss at 2% and water line loss at 4.4%.

Financial highlights

• Revenue increased 6% year-over-year to AED 32.84 billion.

• Gross profit rose to AED 13.07 billion from AED 11.81 billion year-over-year.

• Operating profit reached AED 10.95 billion, up from AED 9.32 billion year-over-year.

• Net profit after tax and regulatory deferral was AED 9.06 billion, up from AED 7.23 billion year-over-year.

• Basic and diluted EPS increased to AED 0.167 from AED 0.140 year-over-year.

• EBITDA for 2025 was AED 17.33 billion, up from AED 15.73 billion in 2024.

Outlook and guidance

• Continued focus on expanding renewable energy capacity and supporting Dubai’s Net Zero by 2050 strategy.

• Major projects underway include a 1,800 MW solar IPP plant (86% complete) and the Hatta Pumped Storage Hydro-electric Power Station.

• Ongoing investments in transmission and distribution to support growing demand and maintain reliability.