Nebras Energy (QEWS) Q2 2026 earnings summary

Executive summary

• H1 revenue rose 7.1% to QAR 1,548.2 million; EBITDA fell 8.2% to QAR 893 million and net income attributable to owners declined 12.5% to QAR 579.6 million.

• Operations remained uninterrupted in H1 despite regional tensions, which continued to be monitored.

• No interim dividend was declared amid a delay in Facility E’s senior debt financial close.

Financial highlights

• Q2 revenue was QAR 822 million (+7.6% YoY), EBITDA QAR 442 million (-16.5%), net profit QAR 284 million (-24.2%) and EPS QAR 0.26 (-23.5%).

• H1 gross profit was QAR 468.7 million, up 3.6%, as higher revenue was partly offset by higher fuel costs.

• A QAR 78 million one-time UK Wind fair value adjustment and lower interest income weighed on H1 earnings.

• Share of profit from JVs and associates fell 26.7%, reflecting the UK Wind adjustment and lower construction revenue in Uzbekistan.

Outlook and guidance

• Syrdaria II is targeted to reach COD in Q3 2026; Surkhandarya in 2027; Misfah and Duqm in Oman in 2029.

• Qatar Power and Ras Girtas Power acquisition remains subject to approvals and other conditions precedent, with closing expected by September or October 2026.

• The Board will reassess dividend recommendations at year-end, considering financial position and market conditions.