Nebras Energy (QEWS) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached QAR 1.445 billion, up 2% year-over-year, with 96% generated in Qatar and the remainder from international operations.

• Net profit attributable to equity holders was QAR 662 million, down 2.5% from the prior year, with basic EPS at QAR 0.60 compared to QAR 0.62.

• EBITDA was QAR 972 million, slightly lower than last year due to one-off items.

• Interim cash dividends of QAR 0.244 per share (QAR 268.4 million total) were approved for H1 2025.

• Gross power capacity stands at 20 GW, with 4.2 GW from renewables; 6.1 GW under construction.

Financial highlights

• Gross profit for H1 2025 was QAR 452 million, down from QAR 459 million last year, mainly due to higher fuel and O&M costs.

• Share of profit from JVs and associates rose 16% year-over-year, driven by construction and finance income from the Surkhandarya plant.

• Interest and other income dropped from QAR 279 million to QAR 185 million, reflecting the absence of prior year one-off gains and lower deposit interest.

• Q2 2025 net profit was 4% higher than Q2 2024, supported by higher gross profit, increased share of profit from investees, and lower finance costs.

• Finance costs decreased to QAR 163 million from QAR 236 million year-over-year.

Outlook and guidance

• Management expects the payout ratio for dividends to remain stable, despite growth investments and increased cash requirements.

• CapEx for major projects (Peaker and Facility E) will be elevated through 2026, with most Peaker spending in 2025-2026 and Facility E equity requirements ongoing.

• Capacity growth remains on track, with significant projects under construction, including Facility E IWPP (2.4 GW/110 MIGD) in Ras Abu Fontas.

• Finance costs may rise as new debt becomes fully annualized and FX gains normalize.

• Management expects results for the full year 2025 to be consistent with the first half, noting that interim results are not necessarily indicative of full-year performance.