DFM:DEWA Income Statement

Financials in millions AED. Fiscal year is January - December.

Millions AED. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	33,329	32,842	30,977	29,178	27,336	23,824
Revenue Growth (YoY)	7.03%	6.02%	6.17%	6.74%	14.74%	7.02%
Operations & Maintenance	953.83	1,001	860.35	730.84	724.07	947.25
Selling, General & Admin	666.67	654.89	616.39	522.07	522.92	689.73
Depreciation & Amortization	257.43	236.14	295.09	240.69	301.33	335.59
Amortization of Goodwill & Intangibles	104.42	102.13	72.63	71.71	74.58	80.72
Provision for Bad Debts	-72.86	-94.94	-97.94	47.24	144.53	77.87
Other Operating Expenses	20,149	20,121	20,287	19,123	17,406	15,481
Total Operating Expenses	22,058	22,020	22,033	20,735	19,174	17,612
Operating Income	11,271	10,822	8,944	8,443	8,162	6,212
Interest Expense	-1,725	-1,825	-2,129	-1,617	-643.21	-380.9
Interest Income	455.5	400.66	351.49	414.47	201.08	136.02
Net Interest Expense	-1,269	-1,424	-1,778	-1,203	-442.13	-244.88
Income (Loss) on Equity Investments	-	-	-	-	-	0.5
Other Non-Operating Income (Expenses)	326.86	475.37	436.17	287.1	272.58	596.7
EBT Excluding Unusual Items	10,329	9,873	7,603	7,527	7,992	6,564
Gain (Loss) on Sale of Investments	-	-	-	-	-	-10.74
Gain (Loss) on Sale of Assets	1.92	1.82	4.68	0.4	0.31	-
Insurance Settlements	130.95	130.95	353.31	23.17	40.06	-
Other Unusual Items	-3.31	-3.29	22.2	290.8	13.88	-
Pretax Income	10,458	10,003	7,983	7,842	8,046	6,553
Income Tax Expense	957.31	947.6	748.91	-91.9	-	-
Earnings From Continuing Ops.	9,501	9,055	7,234	7,934	8,046	6,553
Minority Interest in Earnings	-747.04	-708.46	-221.53	-232.94	-323.54	-430.34
Net Income	8,754	8,347	7,013	7,701	7,723	6,123
Net Income to Common	8,754	8,347	7,013	7,701	7,723	6,123
Net Income Growth	27.55%	19.03%	-8.94%	-0.29%	26.13%	20.18%
Shares Outstanding (Basic)	50,000	50,000	50,000	50,000	50,000	50,000
Shares Outstanding (Diluted)	50,000	50,000	50,000	50,000	50,000	50,000
EPS (Basic)	0.18	0.17	0.14	0.15	0.15	0.12
EPS (Diluted)	0.18	0.17	0.14	0.15	0.15	0.12
EPS Growth	27.55%	19.03%	-8.94%	-0.29%	26.13%	20.19%
Free Cash Flow	11,240	11,260	8,168	9,713	5,602	-2,248
Free Cash Flow Per Share	0.23	0.23	0.16	0.19	0.11	-0.04
Dividend Per Share	0.124	0.124	0.124	0.124	0.124	-
Profit Margin	26.26%	25.41%	22.64%	26.39%	28.25%	25.70%
Free Cash Flow Margin	33.73%	34.29%	26.37%	33.29%	20.49%	-9.44%
EBITDA	17,886	17,411	15,421	14,468	13,536	11,428
EBITDA Margin	53.66%	53.02%	49.78%	49.59%	49.52%	47.97%
D&A For EBITDA	6,615	6,589	6,477	6,025	5,374	5,216
EBIT	11,271	10,822	8,944	8,443	8,162	6,212
EBIT Margin	33.82%	32.95%	28.87%	28.94%	29.86%	26.07%
Effective Tax Rate	9.15%	9.47%	9.38%	-	-	-

Source: S&P Global Market Intelligence. Utility template. Financial Sources.