DEWA reports record Q1 2026 revenue and 90% profit growth in Dubai

Dubai: Dubai Electricity and Water Authority PJSC (DEWA), the exclusive provider of electricity and water services in Dubai and listed on the Dubai Financial Market under the symbol (DEWA) and ISIN (AED001801011), on Tuesday announced its consolidated financial results for the first quarter of 2026. It reported record quarterly revenue of AED 6.45 billion, EBITDA (before deductions) of AED 2.88 billion, operating profit of AED 1.29 billion, and net profit of AED 0.94 billion.

Saeed Mohammed Al Tayer, Vice Chairman and Managing Director & CEO of DEWA, said: “At DEWA, we are committed to being an innovative and sustainable organisation, guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai; the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, Chairman of The Executive Council of Dubai; and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance. Under their guidance, we continue our journey towards achieving net-zero carbon emissions by 2050 and strengthening our pivotal role in supporting Dubai’s development.”

Al Tayer added: “DEWA delivered an exceptional start to 2026, achieving record revenue, EBITDA (before deductions), operating profit, and net profit in the first quarter. Consolidated net profit increased by nearly 90% compared to the first quarter of last year. Clean energy accounted for 18.5% of total power generation during the quarter. We recorded quarterly revenue of AED 6.45 billion, EBITDA of AED 2.88 billion, operating profit of AED 1.29 billion, and net profit of AED 0.94 billion.

“We also strengthened our water infrastructure by adding 60 million imperial gallons per day (MIGD) of desalinated water production capacity, bringing total capacity to 555 MIGD. Despite a challenging geopolitical environment, our record performance reflects the strength of Dubai’s economy, continued growth in demand for electricity, water, and cooling services, and our focus on operational excellence, sustainability, and long-term shareholder value.

“DEWA alone recorded a net profit of AED 1.05 billion for the first quarter of 2026, an increase of 55.8% compared to the same period last year. In April 2026, we distributed dividends of AED 3.1 billion for the second half of 2025, and we expect, subject to approvals, to distribute another AED 3.1 billion in October 2026 for the first half of 2026.”

In line with its dividend policy, DEWA expects to pay a minimum annual dividend of AED 6.2 billion during the first five years starting from October 2022, with distributions made semi-annually in April and October. The company held its Annual General Assembly on April 2, 2026. On April 20, 2026, it distributed AED 3.1 billion in dividends to shareholders for the second half of 2025, to shareholders of record as of April 13, 2026. A further dividend of AED 3.1 billion for the first half of 2026 is expected in October 2026, subject to approvals.

During the first quarter of 2026, DEWA’s total power generation reached 11.09 terawatt hours (TWh), up 5.65% compared to the same period in 2025. Clean energy generation reached 2.06 TWh, representing 18.5% of total production.

Total desalinated water production rose to a record 37.57 billion imperial gallons, an increase of 5.51%. The number of customer accounts increased by 19,803 during the quarter. Over the past 12 months ending in Q1 2026, total customer accounts increased by 65,086, reflecting annual growth of 5.08%.

By the end of the first quarter of 2026, DEWA’s installed power generation capacity reached 17,979 megawatts (MW), including 3,860 MW from clean energy sources, representing 21.5% of the energy mix.

DEWA also commissioned Unit A of the Hassyan seawater reverse osmosis desalination plant, adding 60 MIGD to total desalinated water capacity. Reverse osmosis now accounts for 23% of the total water production capacity. The authority expects to add a further 120 MIGD using reverse osmosis technology during 2026.

During the quarter, DEWA commissioned two 132 kV substations and 400 substations (11–6.6 kV). The number of electric vehicle charging points reached 2,223 by the end of the first quarter of 2026, including DEWA’s Green Charger stations, as well as charging stations operated by licensed independent operators in partnership with public and private sector entities.