Nebras Energy (QEWS) Q4 2025 earnings summary

Executive summary

• Rebranded from QEWC to Nebras Energy in January 2026, reflecting a strategic transformation and future-focused vision.

• Maintains a leading position in power generation and water desalination in the MENA region, supplying 55% of Qatar's electricity and 69% of its water.

• Operates a diversified portfolio across 10 countries, with stable cash flows from long-term contracts.

• Revenue for FY 2025 was QAR 2,982m, nearly flat year-over-year, with net profit attributable to owners at QAR 1,371m.

• The group maintained a strong presence in Qatar, contributing 96% of consolidated revenue and 86% of profits.

Financial highlights

• FY 2025 revenue was QAR 2,982m, nearly flat year-over-year (QAR 2,999m in FY 2024).

• EBITDA for FY 2025 was QAR 1,982m, down from QAR 2,063m in FY 2024, mainly due to lower sent out power and water and one-off items.

• Net profit for FY 2025 was QAR 1,371m, compared to QAR 1,436m in FY 2024; EPS was QAR 1.24 vs QAR 1.29.

• Q4 2025 revenue was QAR 694m (down 5.5% YoY), EBITDA QAR 465m (up 16% YoY), and net profit QAR 334m (up 47% YoY).

• Dividend payout for 2025 recommended at QAR 0.75 per share, totaling QAR 825m (61% of net profit).

Outlook and guidance

• Capacity growth remains on track, with new projects in Oman (Misfah and Duqm CCGT plants) secured under 20-year PPAs.

• Facility E IWPP (2.4 GW/110 MIGD) in Ras Abu Fontas is an upcoming major project.

• Management expects continued stable operations in Qatar and growth from international ventures.