Nebras Energy (QEWS) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was QAR 681 million, a 1% decrease year-over-year, mainly due to lower sent out power and anticipated changes in dividend policy.

• Net profit for Q1 2025 was QAR 288 million, down 10% year-over-year.

• EBITDA reached QAR 442 million, 8% lower than Q1 2024, impacted by lower dividends from investments.

• Gross power capacity stands at 20 GW, with net ownership adjusted capacity at 8.5 GW; gross water capacity is 541 MIGD, net 392 MIGD.

• Renewables operational capacity is 4.2 GW (net 1 GW), with 3.2 GW (net 1.1 GW) under construction.

Financial highlights

• Revenue declined 1% year-over-year to QAR 681 million, mainly due to lower power dispatch.

• Gross profit was QAR 208 million, down from QAR 224 million, impacted by higher operating costs.

• EBITDA fell to QAR 442 million from QAR 479 million, reflecting lower dividends from investments.

• Net profit dropped 10% to QAR 288 million, with net profit margin at 42% versus 46% last year.

• Share of profit from joint ventures and associates increased by QAR 8 million or 6% to QAR 152 million, mainly from Qatari assets.

Outlook and guidance

• Operational performance for the rest of 2025 is expected to align with last year, with no significant changes anticipated.

• Interim dividends in July are expected to offset the Q1 decrease in income.

• Stable cash flows expected due to long-term contracts and diversified portfolio.

• Continued strong dividend distribution track record and stable operating costs from long-term fuel supply agreements.