Nebras Energy (QEWS) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ending September 2025 reached QAR 2.289 billion, a 1% increase year-over-year, while net profit declined to QAR 1.027 billion from QAR 1.189 billion, mainly due to lower JV/associate contributions and one-off items.

• EBITDA for the nine months was QAR 1,516 million, down 9% year-over-year, impacted by one-off items and reduced JV/associate profits.

• Power capacity remains robust at 20 GW gross (4.2 GW renewables), with 6.1 GW under construction and capacity growth on track.

• The company maintains a strong domestic market share, supplying 55% of Qatar's electricity and 73% of its water, with stable cash flows from long-term contracts.

• Credit rating remains solid at 'A1' with a stable outlook.

Financial highlights

• Revenue for 9M 2025: QAR 2,289 million (+1% YoY); Q3 2025: QAR 844 million (+1% YoY).

• EBITDA for 9M 2025: QAR 1,516 million (-9% YoY); Q3 2025: QAR 544 million (-16% YoY).

• Net profit for 9M 2025: QAR 1,027 million (-14% YoY); Q3 2025: QAR 365 million (-28% YoY).

• EPS for 9M 2025: QAR 0.93 (vs. QAR 1.08 YoY); Q3 2025: QAR 0.33 (vs. QAR 0.46 YoY).

• Net profit margin declined to 45% for 9M 2025 (from 52% YoY) and 43% for Q3 2025 (from 61% YoY).

Outlook and guidance

• Capacity growth remains on track with significant projects under construction, including Facility E IWPP (2.4 GW/110 MIGD) in Ras Abu Fontas.

• Tax expense for 2025 expected in the QAR 20–25 million range, mainly due to Pillar Two and higher Netherlands subsidiary income.

• Facility F remains in early discussions with no agreements signed; focus is on Facility E for current CapEx.

• Stable cash generation and dividend distribution expected to continue, supported by long-term contracts and diversified portfolio.