Saudi Electricity Company (5110) Q2 2025 earnings summary

Executive summary

• Achieved robust financial and operational performance in H1 and Q2 2025, driven by energy demand growth, business expansion, and strategic investments amid Saudi Arabia's energy transition.

• Revenue, EBITDA, and net profit all posted double-digit year-over-year growth, reflecting operational excellence and strong execution.

• Expanded grid, accelerated renewables integration, and scaled energy storage, supporting national energy transition and Vision 2030.

• S&P upgraded credit rating to A+ (Stable) in March 2025, reflecting improved financial strength.

• Enhanced service reliability and diversified revenues from non-regulated business activities.

Financial highlights

• H1 2025 operating revenue reached SAR 47.22 billion, up 23.5% year-over-year; Q2 revenue SAR 27.72 billion, up 23.9%.

• H1 net profit grew 19.3% to SAR 6.25 billion; Q2 net profit up 21.6%.

• H1 EBITDA increased 13.5% to SAR 19.85 billion; Q2 EBITDA up 15.7%.

• EPS surged 114.3% to 0.45; total equity at SAR 260.0 billion, up 3.4% from year-end 2024.

• Gross margin improved to 21.7% in H1 2025 from 19.1% a year earlier.

Outlook and guidance

• Anticipated significant increase in national power demand, with continued investment in grid reliability, renewables, and energy storage.

• Well positioned to capture future growth and enable power sector targets aligned with Vision 2030.

• Committed to leveraging opportunities from Saudi Arabia's energy transition and Vision 2030.

• Focus remains on expanding grid capacity, integrating renewables, and enhancing service quality.