Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual (AED)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	32.84B	30.98B	29.18B	27.34B	23.82B
Operating Income	10.82B	8.94B	8.44B	8.16B	6.21B
Interest Income	400.66M	351.49M	414.47M	201.08M	136.02M
Interest Expense	-1.82B	-2.13B	-1.62B	-0.64B	-0.38B
Pretax Income	10.00B	7.98B	7.84B	8.05B	6.55B
Income Tax	947.60M	748.91M	-91.90M	—	—
Net Income	8.35B	7.01B	7.70B	7.72B	6.12B
EBITDA	17.41B	15.42B	14.47B	13.54B	11.43B
Operations & Maintenance	1.00B	0.86B	0.73B	0.72B	0.95B
Utility Operating Expenses	22.02B	22.03B	20.74B	19.17B	17.61B
EPS (Basic)	0.17	0.14	0.15	0.15	0.12
EPS (Diluted)	0.17	0.14	0.15	0.15	0.12
DPS	0.12	0.12	0.12	0.12	—
Margins & Efficiency
EBITDA Margin %	+53.0%	+49.8%	+49.6%	+49.5%	+48.0%
Net Margin %	+25.4%	+22.6%	+26.4%	+28.3%	+25.7%
Revenue & Income
Revenue	32.84B	30.98B	29.18B	27.34B	23.82B
Revenue Growth (YoY)	+6.0%	+6.2%	+6.7%	+14.7%	+7.0%
Interest Income	400.66M	351.49M	414.47M	201.08M	136.02M
Income (Loss) on Equity Investments	—	—	—	—	502.00K
Gain (Loss) on Sale of Assets	1.82M	4.68M	0.40M	0.31M	—
Gain (Loss) on Sale of Investments	—	—	—	—	-10.74M
Expenses & Provisions
Selling, General & Admin	654.89M	616.39M	522.07M	522.92M	689.73M
Total Operating Expenses	22.02B	22.03B	20.74B	19.17B	17.61B
Interest Expense	-1.82B	-2.13B	-1.62B	-0.64B	-0.38B
Other Non-Operating Income (Expenses)	475.37M	436.17M	287.10M	272.58M	596.70M
Operations & Maintenance	1.00B	0.86B	0.73B	0.72B	0.95B
Provision for Bad Debts	-94.94M	-97.94M	47.24M	144.53M	77.87M
D&A For EBITDA	6.59B	6.48B	6.03B	5.37B	5.22B
Depreciation & Amortization	236.14M	295.09M	240.69M	301.33M	335.59M
Amortization of Goodwill & Intangibles	102.13M	72.63M	71.71M	74.58M	80.72M
Profitability & Returns
EBIT	10.82B	8.94B	8.44B	8.16B	6.21B
EBIT Margin	+33.0%	+28.9%	+28.9%	+29.9%	+26.1%
EBITDA	17.41B	15.42B	14.47B	13.54B	11.43B
EBITDA Margin	+53.0%	+49.8%	+49.6%	+49.5%	+48.0%
EBT Excluding Unusual Items	9.87B	7.60B	7.53B	7.99B	6.56B
Pretax Income	10.00B	7.98B	7.84B	8.05B	6.55B
Operating Income	10.82B	8.94B	8.44B	8.16B	6.21B
Profit Margin	+25.4%	+22.6%	+26.4%	+28.3%	+25.7%
Net Income	8.35B	7.01B	7.70B	7.72B	6.12B
Net Income to Common	8.35B	7.01B	7.70B	7.72B	6.12B
Net Income Growth	+19.0%	-8.9%	-0.3%	+26.1%	+20.2%
Earnings From Continuing Ops.	9.06B	7.23B	7.93B	8.05B	6.55B
Minority Interest in Earnings	-708.46M	-221.53M	-232.94M	-323.54M	-430.34M
Income Tax Expense	947.60M	748.91M	-91.90M	—	—
Effective Tax Rate	+9.5%	+9.4%	—	—	—
Net Interest Expense	-1.42B	-1.78B	-1.20B	-0.44B	-0.24B
Per Share & Capital
EPS (Basic)	0.17	0.14	0.15	0.15	0.12
EPS (Diluted)	0.17	0.14	0.15	0.15	0.12
EPS Growth	+19.0%	-8.9%	-0.3%	+26.1%	+20.2%
Dividend Per Share	0.12	0.12	0.12	0.12	—
Shares Outstanding (Basic)	50.00B	50.00B	50.00B	50.00B	50.00B
Shares Outstanding (Diluted)	50.00B	50.00B	50.00B	50.00B	50.00B
Free Cash Flow	11.26B	8.17B	9.71B	5.60B	-2.25B
Free Cash Flow Margin	+34.3%	+26.4%	+33.3%	+20.5%	-9.4%
Free Cash Flow Per Share	0.23	0.16	0.19	0.11	-0.05
Payout Ratio	+74.3%	+88.4%	+102.2%	+169.6%	+32.7%
Supplemental
Insurance Settlements	130.95M	353.31M	23.17M	40.06M	—
Other Operating Expenses	20.12B	20.29B	19.12B	17.41B	15.48B
Other Unusual Items	-3.29M	22.20M	290.80M	13.88M	—

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (AED)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	32.84B	30.98B	29.18B	27.34B	23.82B
Operating Income	10.82B	8.94B	8.44B	8.16B	6.21B
Interest Income	400.66M	351.49M	414.47M	201.08M	136.02M
Interest Expense	-1.82B	-2.13B	-1.62B	-0.64B	-0.38B
Pretax Income	10.00B	7.98B	7.84B	8.05B	6.55B
Income Tax	947.60M	748.91M	-91.90M	—	—
Net Income	8.35B	7.01B	7.70B	7.72B	6.12B
EBITDA	17.41B	15.42B	14.47B	13.54B	11.43B
Operations & Maintenance	1.00B	0.86B	0.73B	0.72B	0.95B
Utility Operating Expenses	22.02B	22.03B	20.74B	19.17B	17.61B
EPS (Basic)	0.17	0.14	0.15	0.15	0.12
EPS (Diluted)	0.17	0.14	0.15	0.15	0.12
DPS	0.12	0.12	0.12	0.12	—
Margins & Efficiency
EBITDA Margin %	+53.0%	+49.8%	+49.6%	+49.5%	+48.0%
Net Margin %	+25.4%	+22.6%	+26.4%	+28.3%	+25.7%
Revenue & Income
Revenue	32.84B	30.98B	29.18B	27.34B	23.82B
Revenue Growth (YoY)	+6.0%	+6.2%	+6.7%	+14.7%	+7.0%
Interest Income	400.66M	351.49M	414.47M	201.08M	136.02M
Income (Loss) on Equity Investments	—	—	—	—	502.00K
Gain (Loss) on Sale of Assets	1.82M	4.68M	0.40M	0.31M	—
Gain (Loss) on Sale of Investments	—	—	—	—	-10.74M
Expenses & Provisions
Selling, General & Admin	654.89M	616.39M	522.07M	522.92M	689.73M
Total Operating Expenses	22.02B	22.03B	20.74B	19.17B	17.61B
Interest Expense	-1.82B	-2.13B	-1.62B	-0.64B	-0.38B
Other Non-Operating Income (Expenses)	475.37M	436.17M	287.10M	272.58M	596.70M
Operations & Maintenance	1.00B	0.86B	0.73B	0.72B	0.95B
Provision for Bad Debts	-94.94M	-97.94M	47.24M	144.53M	77.87M
D&A For EBITDA	6.59B	6.48B	6.03B	5.37B	5.22B
Depreciation & Amortization	236.14M	295.09M	240.69M	301.33M	335.59M
Amortization of Goodwill & Intangibles	102.13M	72.63M	71.71M	74.58M	80.72M
Profitability & Returns
EBIT	10.82B	8.94B	8.44B	8.16B	6.21B
EBIT Margin	+33.0%	+28.9%	+28.9%	+29.9%	+26.1%
EBITDA	17.41B	15.42B	14.47B	13.54B	11.43B
EBITDA Margin	+53.0%	+49.8%	+49.6%	+49.5%	+48.0%
EBT Excluding Unusual Items	9.87B	7.60B	7.53B	7.99B	6.56B
Pretax Income	10.00B	7.98B	7.84B	8.05B	6.55B
Operating Income	10.82B	8.94B	8.44B	8.16B	6.21B
Profit Margin	+25.4%	+22.6%	+26.4%	+28.3%	+25.7%
Net Income	8.35B	7.01B	7.70B	7.72B	6.12B
Net Income to Common	8.35B	7.01B	7.70B	7.72B	6.12B
Net Income Growth	+19.0%	-8.9%	-0.3%	+26.1%	+20.2%
Earnings From Continuing Ops.	9.06B	7.23B	7.93B	8.05B	6.55B
Minority Interest in Earnings	-708.46M	-221.53M	-232.94M	-323.54M	-430.34M
Income Tax Expense	947.60M	748.91M	-91.90M	—	—
Effective Tax Rate	+9.5%	+9.4%	—	—	—
Net Interest Expense	-1.42B	-1.78B	-1.20B	-0.44B	-0.24B
Per Share & Capital
EPS (Basic)	0.17	0.14	0.15	0.15	0.12
EPS (Diluted)	0.17	0.14	0.15	0.15	0.12
EPS Growth	+19.0%	-8.9%	-0.3%	+26.1%	+20.2%
Dividend Per Share	0.12	0.12	0.12	0.12	—
Shares Outstanding (Basic)	50.00B	50.00B	50.00B	50.00B	50.00B
Shares Outstanding (Diluted)	50.00B	50.00B	50.00B	50.00B	50.00B
Free Cash Flow	11.26B	8.17B	9.71B	5.60B	-2.25B
Free Cash Flow Margin	+34.3%	+26.4%	+33.3%	+20.5%	-9.4%
Free Cash Flow Per Share	0.23	0.16	0.19	0.11	-0.05
Payout Ratio	+74.3%	+88.4%	+102.2%	+169.6%	+32.7%
Supplemental
Insurance Settlements	130.95M	353.31M	23.17M	40.06M	—
Other Operating Expenses	20.12B	20.29B	19.12B	17.41B	15.48B
Other Unusual Items	-3.29M	22.20M	290.80M	13.88M	—

Financials

Annual (AED)

Dubai Electricity & Water Authority

Annual (AED)