Dubai Electricity & Water Authority

1. Company Overview & Earnings Context

Dubai Electricity and Water Authority PJSC (DEWA) reported a record Q1 2026 performance, achieving the highest first-quarter revenue, EBITDA, operating profit, and net profit in its history, supported by sustained demand for electricity, water, and cooling services across Dubai.

The company also continued expanding its clean energy and desalination infrastructure as part of its long-term sustainability and net-zero strategy.

2. Financial Performance Snapshot

• Revenue: AED 6.45B (+8.18% YoY)

• EBITDA: AED 2.88B (+18.44% YoY)

• Operating profit: AED 1.29B (+53.58% YoY)

• Net profit: AED 941.1M (+89.87% YoY)

• Cash from operations: AED 3.89B

• Earnings per share (EPS): AED 0.018 (vs AED 0.010 YoY)

3. Operational Highlights & Key Metrics

• Power generation: 11.09 TWh (+5.65% YoY)

• Clean power generation: 2.06 TWh

• Clean energy contribution: 18.5% of total power generated

• Desalinated water production: 37.57 BIG (+5.51% YoY)

• Customer accounts: 1.347M

• Added 19,803 new customer accounts during Q1 2026

• Installed capacity:

• Total generation capacity: 17,979 MW

• Clean energy capacity: 3,860 MW

• Clean energy represented 21.5% of installed mix

• Water infrastructure:

• Total desalination capacity: 555 MIGD

• Added 60 MIGD through Hassyan SWRO Block A

• Balance sheet & liquidity:

• Total assets: AED 197.3B

• Total equity: AED 93.5B

• Cash & equivalents: AED 8.27B

• Borrowings: AED 43.8B

• Dividend policy:

• Paid AED 3.1B dividend in April 2026 for H2 2025

• Expected AED 3.1B dividend in October 2026 for H1 2026, subject to approvals

4. Key Performance Drivers

• Higher demand for electricity, water, and district cooling services

• Continued expansion of clean energy and desalination infrastructure

• Operational efficiency and disciplined cost management

• Strong contribution from regulated utility operations

• Growth in customer base and infrastructure utilization

• Improved profitability supported by lower net finance costs

5. Outlook & Forward Guidance

• Continued focus on:

• Expanding renewable energy capacity

• Scaling desalination infrastructure through SWRO technology

• Supporting Dubai’s Net Zero by 2050 strategy

• Enhancing grid infrastructure and EV charging network

• Management expects to add an additional 120 MIGD of SWRO capacity during 2026

• DEWA continues maintaining its dividend policy targeting a minimum annual dividend of AED 6.2B during the first five years starting October 2022

6. 🧾 Investor Takeaway

DEWA delivered a record Q1 2026 performance with strong growth across revenue, EBITDA, and profitability, supported by rising utility demand, expanding clean energy infrastructure, and strong operational execution, while continuing to maintain a stable dividend profile and long-term infrastructure growth strategy.