Qatar · Delayed Price · Currency is QAR Nebras Energy Q.P.S.C. Earnings Call Transcripts
Fiscal Year 2026
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Revenue rose 7% year-over-year to QAR 1,548 million, but EBITDA and net profit declined due to a QAR 78 million one-time fair value adjustment. Strong operational performance and higher dispatch offset by lower JV earnings and ongoing strategic investments.
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Q1 2026 saw 6% revenue growth and 2% higher EBITDA, with net profit rising to QAR 295 million. Capacity expansion advanced with new Oman projects and ongoing Qatar developments, while a one-time QAR 20 million G&A expense impacted results.
Fiscal Year 2025
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Revenue grew 1% year-over-year to QAR 2.289 billion, but net profit declined to QAR 1.027 billion due to lower JV/associate contributions and absence of prior year one-offs. CapEx increased net debt, and tax expense is expected to rise due to Pillar Two.
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Revenue grew 2% year-over-year to QAR 1.445 billion, while net profit declined 2.5% to QAR 662 million due to one-off items and higher costs. CapEx remains elevated for major projects, and the dividend payout ratio is expected to stay stable.
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Q1 2025 saw a slight year-over-year decline in revenue, EBITDA, and net profit, mainly due to lower power dispatch and reduced dividends from investments. Operational performance is expected to remain stable for the rest of the year, with major CapEx for domestic projects peaking in 2027–2028.
Fiscal Year 2024
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Net profit declined 9% year-over-year to QAR 1,416 million, while revenue rose 3% to QAR 2,999 million. Dividend payout was reduced for the second year, with a focus on funding growth and debt repayment amid elevated CapEx and ongoing international expansion.
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Q3 and nine-month 2024 results showed revenue and net profit growth, driven by higher sent-out power, water, and JV earnings. Cash decreased due to dividends, while net debt rose. Dividend policy remains unchanged, with a focus on growth CapEx and a 50/50 renewables/thermal target for Nebras.
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Revenue grew 4% year-over-year in H1 2024, but net profit and EBITDA declined 12% due to the absence of prior-year one-offs. Integration of Nebras Power was completed, and a 50% renewable mix is targeted by 2028. Interim dividend announcement is pending.