Dubai Electricity & Water Authority

1. Company Overview & Earnings Context

Dubai Electricity and Water Authority PJSC (DEWA) is the exclusive electricity and water utility provider in Dubai and has been listed on the Dubai Financial Market (DFM) since April 2022. The Group also owns businesses across district cooling, bottled water, digital services and energy efficiency, including an 80% stake in Empower.

DEWA delivered its highest-ever first-half revenue, EBITDA, operating profit and net profit in H1 2026. Revenue reached AED 14.86 billion, while net profit increased 15.02% YoY to a record AED 3.33 billion, supported by sustained demand for electricity, water and cooling services, continued customer growth and disciplined operational performance.

2. Financial Performance Snapshot

• Revenue: AED 14.86 Billion (+1.80% YoY)

• EBITDA: AED 7.32 Billion (+5.27% YoY)

• Operating Profit: AED 4.07 Billion (+9.08% YoY)

• Net Profit: AED 3.33 Billion (+15.02% YoY)

• Gross Profit: AED 5.41 Billion (+6.7% YoY)

• EPS: AED 0.064, up from AED 0.055

Compared with H1 2025:

Revenue increased from AED 14.60 billion to AED 14.86 billion, while gross profit rose from AED 5.07 billion to AED 5.41 billion. Operating profit increased from AED 3.73 billion to AED 4.07 billion, while net profit advanced from AED 2.89 billion to AED 3.33 billion.

3. Operational Highlights & Key Metrics

• Customer Accounts: 1.36 Million, a record high

• Customer Accounts Added in Q2: 18,220

• Customer Growth over the last 12 months: +72,718 accounts / +5.63% YoY

• Q2 Electricity Generation: 15.78 TWh

• Q2 Clean Power Generation: 3.14 TWh

• Clean Power Share of Q2 Generation: 19.9%

• Q2 Desalinated Water Production: 40.25 Billion Imperial Gallons

• Installed Generation Capacity: 17,979 MW

• Clean Energy Capacity: 3,860 MW, representing 21.5% of installed generation capacity

The continued expansion in DEWA's customer base reflects Dubai's population and economic growth, with the company adding more than 72,000 customer accounts over the 12 months to June 2026.

4. Key Performance Drivers

DEWA attributed its record H1 performance to sustained demand for electricity, water and cooling services, continued customer growth and disciplined operational performance. Net profit growth of 15.02% significantly outpaced the 1.80% increase in revenue during the period.

The company's clean energy transition also continued. During Q2, clean energy accounted for 19.9% of total electricity generated, while installed clean energy capacity reached 3,860 MW by the end of H1 2026.

DEWA also commissioned Block A of the Hassyan Sea Water Reverse Osmosis plant, adding 60 MIGD of water production capacity. The company expects to add another 120 MIGD of SWRO capacity during 2026.

5. Outlook & Forward Plans

DEWA plans to expand its total installed power generation capacity to more than 23 GW by the end of 2030, of which approximately 8.3 GW is expected to come from renewable sources, representing 36.1% of planned generation capacity.

The company also targets desalinated water production capacity of 735 MIGD by 2030, including 308 MIGD using seawater reverse osmosis technology powered by renewable energy.

DEWA's dividend policy targets a minimum annual dividend of AED 6.2 billion during the first five years from October 2022, paid semi-annually. The company expects its upcoming AED 3.1 billion H1 2026 dividend to be distributed in late October 2026, subject to the necessary approvals.

6. Investor Takeaway

DEWA's H1 2026 results demonstrate steady revenue growth combined with stronger profitability, with all four headline financial metrics—revenue, EBITDA, operating profit and net profit—reaching record first-half levels.

The key highlight was the 15.02% YoY increase in net profit to AED 3.33 billion, significantly ahead of revenue growth of 1.80%. Operating profit also grew 9.08%, indicating improved profitability during the period.

For investors, DEWA combines a regulated utility business with continued customer growth, expanding clean-energy capacity and a defined dividend policy. Key areas to watch include electricity and water demand across Dubai, execution of its renewable-energy and desalination capacity expansion plans, and the sustainability of its recent improvement in profitability.