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

Executive summary

• Achieved record annual revenue of AED 32.84 billion, operating profit of AED 10.99 billion, and EBITDA of AED 17.37 billion for 2025, the highest in company history.

• Profit after tax rose 25.66% year-over-year to AED 9.09 billion, supported by record power and water demand and clean energy output.

• Clean power generation exceeded 10 TWh for the first time, advancing progress toward the UAE's Net Zero 2050 vision.

Financial highlights

• Annual revenue increased by 6.02% year-over-year to AED 32.84 billion.

• EBITDA grew by 10.47% to AED 17.37 billion; operating profit rose 17.90% to AED 10.99 billion.

• Profit after tax reached AED 9.09 billion, up 25.66% year-over-year.

• Q4 2025 revenue was AED 7.92 billion (+6.47% YoY); Q4 profit after tax was AED 2.26 billion (+28.38% YoY).

Outlook and guidance

• Plans to exceed 23 GW installed power generation capacity and 735 MIGD desalinated water by 2030, with 36.1% of power from renewables.

• Dividend policy targets a minimum annual payout of AED 6.2 billion for the first five years post-listing.