Dubai Electricity & Water Authority

Dubai Electricity & Water Authority PJSC

DEWAStocksDubai Financial MarketUtilities

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Quarterly (AED)

1-5

	Q1 2026Mar 31, 2026	Q4 2025Dec 31, 2025	Q3 2025Sep 30, 2025	Q2 2025Jun 30, 2025	Q1 2025Mar 31, 2025
Operating Summary
Revenue	6.45B	7.92B	10.32B	8.64B	5.96B
Operating Income	1.29B	2.50B	4.60B	2.88B	0.84B
Interest Income	138.80M	116.22M	120.70M	79.78M	83.97M
Interest Expense	-322.01M	-591.19M	-383.33M	-428.36M	-421.72M
Pretax Income	1.05B	2.46B	4.32B	2.64B	0.59B
Income Tax	105.31M	233.76M	378.28M	239.97M	95.59M
Net Income	0.90B	1.98B	3.61B	2.26B	0.50B
EBITDA	2.92B	4.19B	6.30B	4.50B	2.44B
Operations & Maintenance	272.40M	198.80M	253.67M	228.95M	319.30M
Utility Operating Expenses	5.16B	5.43B	5.71B	5.75B	5.13B
EPS (Basic)	0.02	0.04	0.07	0.05	0.01
EPS (Diluted)	0.02	0.04	0.07	0.05	0.01
Margins & Efficiency
EBITDA Margin %	+45.2%	+52.9%	+61.0%	+52.0%	+41.0%
Net Margin %	+14.0%	+25.0%	+35.0%	+26.1%	+8.3%
Revenue & Income
Revenue	6.45B	7.92B	10.32B	8.64B	5.96B
Revenue Growth (YoY)	+8.2%	+6.5%	+4.5%	+9.8%	+2.8%
Interest Income	138.80M	116.22M	120.70M	79.78M	83.97M
Income (Loss) on Equity Investments	—	—	—	—	—
Gain (Loss) on Sale of Assets	0.13M	0.35M	0.56M	0.89M	0.02M
Gain (Loss) on Sale of Investments	—	—	—	—	—
Expenses & Provisions
Selling, General & Admin	166.31M	169.01M	251.07M	80.29M	154.52M
Total Operating Expenses	5.16B	5.43B	5.71B	5.75B	5.13B
Interest Expense	-322.01M	-591.19M	-383.33M	-428.36M	-421.72M
Other Non-Operating Income (Expenses)	-57.71M	311.02M	-21.35M	94.90M	90.80M
Operations & Maintenance	272.40M	198.80M	253.67M	228.95M	319.30M
Provision for Bad Debts	-1.33M	-51.59M	-26.96M	7.02M	-23.41M
Asset Writedown	—	—	—	—	—
D&A For EBITDA	1.63B	1.69B	1.69B	1.61B	1.61B
Depreciation & Amortization	70.45M	57.34M	68.79M	60.86M	49.15M
Amortization of Goodwill & Intangibles	15.26M	34.15M	24.73M	30.29M	12.97M
Profitability & Returns
EBIT	1.29B	2.50B	4.60B	2.88B	0.84B
EBIT Margin	+20.0%	+31.5%	+44.6%	+33.4%	+14.1%
EBITDA	2.92B	4.19B	6.30B	4.50B	2.44B
EBITDA Margin	+45.2%	+52.9%	+61.0%	+52.0%	+41.0%
EBT Excluding Unusual Items	1.05B	2.33B	4.32B	2.63B	0.59B
Pretax Income	1.05B	2.46B	4.32B	2.64B	0.59B
Operating Income	1.29B	2.50B	4.60B	2.88B	0.84B
Profit Margin	+14.0%	+25.0%	+35.0%	+26.1%	+8.3%
Net Income	0.90B	1.98B	3.61B	2.26B	0.50B
Net Income to Common	0.90B	1.98B	3.61B	2.26B	0.50B
Net Income Growth	+81.7%	+20.3%	+26.3%	+21.4%	-23.1%
Earnings From Continuing Ops.	0.94B	2.22B	3.94B	2.40B	0.50B
Minority Interest in Earnings	-36.41M	-243.59M	-326.54M	-140.51M	2.18M
Income Tax Expense	105.31M	233.76M	378.28M	239.97M	95.59M
Effective Tax Rate	+10.1%	+9.5%	+8.8%	+9.1%	+16.2%
Net Interest Expense	-183.20M	-474.98M	-262.63M	-348.58M	-337.75M
Per Share & Capital
EPS (Basic)	0.02	0.04	0.07	0.05	0.01
EPS (Diluted)	0.02	0.04	0.07	0.05	0.01
EPS Growth	+81.7%	+20.3%	+26.3%	+21.4%	-23.1%
Dividend Per Share	—	0.06	—	0.06	—
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	1.76B	3.19B	3.26B	3.03B	1.78B
Free Cash Flow Margin	+27.2%	+40.2%	+31.6%	+35.1%	+29.8%
Free Cash Flow Per Share	0.04	0.06	0.07	0.06	0.04
Payout Ratio	—	+156.5%	—	+137.3%	—
Supplemental
Insurance Settlements	—	122.88M	0.04M	8.02M	—
Other Operating Expenses	4.64B	5.02B	5.14B	5.35B	4.61B
Other Unusual Items	—	1.36M	-3.43M	-1.24M	0.03M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Quarterly (AED)

1-5

	Q1 2026Mar 31, 2026	Q4 2025Dec 31, 2025	Q3 2025Sep 30, 2025	Q2 2025Jun 30, 2025	Q1 2025Mar 31, 2025
Operating Summary
Revenue	6.45B	7.92B	10.32B	8.64B	5.96B
Operating Income	1.29B	2.50B	4.60B	2.88B	0.84B
Interest Income	138.80M	116.22M	120.70M	79.78M	83.97M
Interest Expense	-322.01M	-591.19M	-383.33M	-428.36M	-421.72M
Pretax Income	1.05B	2.46B	4.32B	2.64B	0.59B
Income Tax	105.31M	233.76M	378.28M	239.97M	95.59M
Net Income	0.90B	1.98B	3.61B	2.26B	0.50B
EBITDA	2.92B	4.19B	6.30B	4.50B	2.44B
Operations & Maintenance	272.40M	198.80M	253.67M	228.95M	319.30M
Utility Operating Expenses	5.16B	5.43B	5.71B	5.75B	5.13B
EPS (Basic)	0.02	0.04	0.07	0.05	0.01
EPS (Diluted)	0.02	0.04	0.07	0.05	0.01
Margins & Efficiency
EBITDA Margin %	+45.2%	+52.9%	+61.0%	+52.0%	+41.0%
Net Margin %	+14.0%	+25.0%	+35.0%	+26.1%	+8.3%
Revenue & Income
Revenue	6.45B	7.92B	10.32B	8.64B	5.96B
Revenue Growth (YoY)	+8.2%	+6.5%	+4.5%	+9.8%	+2.8%
Interest Income	138.80M	116.22M	120.70M	79.78M	83.97M
Income (Loss) on Equity Investments	—	—	—	—	—
Gain (Loss) on Sale of Assets	0.13M	0.35M	0.56M	0.89M	0.02M
Gain (Loss) on Sale of Investments	—	—	—	—	—
Expenses & Provisions
Selling, General & Admin	166.31M	169.01M	251.07M	80.29M	154.52M
Total Operating Expenses	5.16B	5.43B	5.71B	5.75B	5.13B
Interest Expense	-322.01M	-591.19M	-383.33M	-428.36M	-421.72M
Other Non-Operating Income (Expenses)	-57.71M	311.02M	-21.35M	94.90M	90.80M
Operations & Maintenance	272.40M	198.80M	253.67M	228.95M	319.30M
Provision for Bad Debts	-1.33M	-51.59M	-26.96M	7.02M	-23.41M
Asset Writedown	—	—	—	—	—
D&A For EBITDA	1.63B	1.69B	1.69B	1.61B	1.61B
Depreciation & Amortization	70.45M	57.34M	68.79M	60.86M	49.15M
Amortization of Goodwill & Intangibles	15.26M	34.15M	24.73M	30.29M	12.97M
Profitability & Returns
EBIT	1.29B	2.50B	4.60B	2.88B	0.84B
EBIT Margin	+20.0%	+31.5%	+44.6%	+33.4%	+14.1%
EBITDA	2.92B	4.19B	6.30B	4.50B	2.44B
EBITDA Margin	+45.2%	+52.9%	+61.0%	+52.0%	+41.0%
EBT Excluding Unusual Items	1.05B	2.33B	4.32B	2.63B	0.59B
Pretax Income	1.05B	2.46B	4.32B	2.64B	0.59B
Operating Income	1.29B	2.50B	4.60B	2.88B	0.84B
Profit Margin	+14.0%	+25.0%	+35.0%	+26.1%	+8.3%
Net Income	0.90B	1.98B	3.61B	2.26B	0.50B
Net Income to Common	0.90B	1.98B	3.61B	2.26B	0.50B
Net Income Growth	+81.7%	+20.3%	+26.3%	+21.4%	-23.1%
Earnings From Continuing Ops.	0.94B	2.22B	3.94B	2.40B	0.50B
Minority Interest in Earnings	-36.41M	-243.59M	-326.54M	-140.51M	2.18M
Income Tax Expense	105.31M	233.76M	378.28M	239.97M	95.59M
Effective Tax Rate	+10.1%	+9.5%	+8.8%	+9.1%	+16.2%
Net Interest Expense	-183.20M	-474.98M	-262.63M	-348.58M	-337.75M
Per Share & Capital
EPS (Basic)	0.02	0.04	0.07	0.05	0.01
EPS (Diluted)	0.02	0.04	0.07	0.05	0.01
EPS Growth	+81.7%	+20.3%	+26.3%	+21.4%	-23.1%
Dividend Per Share	—	0.06	—	0.06	—
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	1.76B	3.19B	3.26B	3.03B	1.78B
Free Cash Flow Margin	+27.2%	+40.2%	+31.6%	+35.1%	+29.8%
Free Cash Flow Per Share	0.04	0.06	0.07	0.06	0.04
Payout Ratio	—	+156.5%	—	+137.3%	—
Supplemental
Insurance Settlements	—	122.88M	0.04M	8.02M	—
Other Operating Expenses	4.64B	5.02B	5.14B	5.35B	4.61B
Other Unusual Items	—	1.36M	-3.43M	-1.24M	0.03M