Dubai Electricity and Water Authority (DEWA), Dubai’s state-owned utility and DFM-listed operator since April 2022, published its H1 2026 results on 12 August 2026. Net profit rose to AED 3.33 billion (+15.02% year-on-year), revenue reached a record AED 14.86 billion, EBITDA came in at AED 7.32 billion and operating profit at AED 4.07 billion. All four measures are all-time first-half records. The board approved an interim dividend of AED 3.1 billion to be paid in late October.
Key H1 2026 numbers
The report packs four record financial metrics into a single half-year:
- net profit — AED 3.33 billion, up 15.02% versus H1 2025;
- revenue — AED 14.86 billion, a first-half record;
- EBITDA — AED 7.32 billion;
- operating profit — AED 4.07 billion.
Saeed Mohammed Al Tayer, Vice Chairman and MD & CEO of DEWA, said the utility delivered record H1 2026 results, hitting its highest-ever first-half revenue, EBITDA, operating profit and net profit.
Growth was driven by demand for electricity, water and district cooling — a direct read-through from expanding population, real estate and the broader business cycle in the emirate. The wider Emirates macro picture for 2026 is covered in a separate piece on the UAE economic outlook for 2026 and its key trends.
Generation and clean energy mix
At the end of H1 2026 DEWA’s installed generation capacity stood at 17,979 MW. Of that total, 3,860 MW (21.5%) is clean energy, mostly from solar generation at the Mohammed bin Rashid Al Maktoum Solar Park in Dubai.
In Q2 2026 electricity output reached 15.78 TWh, of which 3.14 TWh (19.9%) came from clean sources. Water production over the quarter totalled 40.25 billion imperial gallons. The company follows the Dubai Clean Energy Strategy 2050, targeting 100% clean installed capacity by 2050.
Customer base and demand growth
In Q2 2026 DEWA added 18,220 new customer accounts. Over the trailing 12 months the customer base grew by 72,718 accounts (+5.63%) — a pace noticeably above the global utilities-sector average.
That is a meaningful operating signal: it confirms that migration of business, expats and residents into Dubai continues through 2026 at a rate that requires forward-loaded investment in networks and generation.
Dividend and distribution policy
The board approved an interim dividend for 2026 of AED 3.1 billion, to be paid in late October 2026. DEWA sticks to its previously announced policy of a minimum annual distribution of AED 6.2 billion in two semi-annual tranches — April and October.
For retail and institutional DFM investors, that translates into a predictable cash flow twice a year. Since its April 2022 IPO of $6.1 billion — then the largest listing in the region — DEWA has been one of the anchor dividend instruments on the local market. The general framework for issuer regulation and disclosure in the UAE is covered in a separate piece on UAE business regulation in 2026.
What it means for businesses and expats
The H1 report has three practical implications for our audience.
- Corporate customers. A solid financial position at the monopoly provider of electricity, water and district cooling reduces regulatory and tariff risk. A sharp upward tariff revision on the back of these results is unlikely.
- DFM investors. The AED 3.1 billion October dividend and the AED 6.2 billion annual floor make DEWA shares a core dividend name. The +15% earnings trajectory supports the base-case scenario of sustained cash flow.
- Dubai’s business community. A 12-month customer base gain of 72,700+ accounts is a direct proxy for continued expansion of business and residential infrastructure. A favourable backdrop for new company formation, office openings and hiring.
What comes next
On DEWA’s reporting calendar, investors should look next for the late-October 2026 dividend payment and the Q3 interim report in November or early December. On the 2027 horizon three themes will matter: the ramp-up of new Solar Park phases, the evolution of the Dubai regulator’s tariff policy, and capex for network expansion to keep pace with demand.
This material is for information only and is not investment advice. Financial data, dividend dates and corporate events should be checked against DEWA’s official channels (dewa.gov.ae) and Dubai Financial Market (dfm.ae).
