Acwa Power · TADAWUL:2082
Acwa Power — BofA Global Research MENA Conference 2025
50 slides from Acwa Power's conference presentation, Nov 4, 2025
Slide 1: ACWA Power Prepared Material, BofA Global Research MENA Conference 2025
ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com ACWA Power | Prepared Material BofA Global Research MENA Conference 2025 Riyadh, November 4 & 5, 2025 1
Slide 2: Disclaimer
Disclaimer This document and the information contained therein (the "Information") has been prepared by ACWA POWER Company (the "Company“ or “ACWA Power”) for background purposes only and does not purport to be full, accurate or complete. No reliance may be placed for any purpose on the Information
Slide 3: ACWA Power Today
ACWA Power Today Established in 2004, ACWA Power today is the … 93 9.3 1.2+ MTPA Green Largest private power producer in GW Power m3 Per Day Desalinated Water Ammonia 0.2 MTPA GH2 the Middle East ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Largest private water desalination
Slide 4: Leveraging Innovation to Deliver Tangible Benefits for Societies
Leveraging Innovation to Deliver Tangible Benefits for Societies and the Company’s growth for Two Decades Renewable Power Tariffs reduction 1 Water Desalination Tariffs reduction 1 Solar PV 82.6% Desalinated water 58% (2015-2020) (2009-2023) 87% ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir
Slide 5: A Few Examples of Our Innovative Solutions
A Few Examples of Our Innovative Solutions Sudair PV | 1,500MW, KSA Red Sea Wetlands Project, KSA NEOM Green Hydrogen, 0.2 Mtpa, KSA ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Red Sea Global, KSA Noor Energy 1 | 950 MW CSP + PV, UAE 5 5
Slide 6: Sizable, Young and Highly Diversified Portfolio
Sizable, Young and Highly Diversified Portfolio ACWA Power portfolio is sizable (93 GW), young (c. 68% of assets younger than 5 years) and highly diversified. Project split by geography(1) by project cost Power split by technology by capacity Current Investment Cost Split by Technology(5) (2) Renewa
Slide 7: Our Business Model
ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Our Business Model Develop Invest Operate Optimise Ongoing fees from Capital structure and financing Project management & advisory Shareholder distributions managed/operated projects (TSA, optimization fees MSA, etc) Technical supp
Slide 8: O&M Platform: A Key Source of Value Creation
O&M Platform: A Key Source of Value Creation Leading O&M platform fully integrated with ACWA Power, with proven capabilities across technologies, offers a synergistic and scalable operating model. Replicable operations and learnings across the project portfolio 01 ACWA POWER INVESTOR RELATIONS | www
Slide 9: De-Risked Business Model with Substantially Contracted Cash Flows
De-Risked Business Model with Substantially Contracted Cash Flows Contracted, diversified, resilient and visible cash flows underpinned by long-term P(W)PAs. Price and volume production Offtaker profile Inflation and currency exposure Fuel supply and resources Contracted nature of the portfolio Proj
Slide 10: We mobilize at least $10B for every $1B we equity invest
We mobilize at least $10B for every $1B we equity invest in our projects INVESTMENT PROFILE (Based on USD1B assumed equity investment) • Equity investment per year (USD B) 1.0 ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com • Acwa Power’s equity share for optimum returns1 (%) 30
Slide 11: Diverse sources of equity and debt financing optimized to enhance returns
Diverse sources of equity and debt financing optimized to enhance returns Typical structure (illustrative) Tier 1 • Direct parent borrowings on balance sheet, e.g. Sukuk, CRF, etc. Parent • Off-balance sheet equity and other commitments, e.g. guarantees in relation to Equity Bridge level Loans (EBLs
Slide 12: Capital Raise via Rights issue – Successfully closed in July 2025
Capital Raise via Rights issue – Successfully closed in July 2025 • One of the largest rights issues in the 7.125B region Raised • 97% of the rump allocation to foreign investors +77% ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Commitment from major shareholders Use of Proce
Slide 13: Robust Financial Track Record with Continued Momentum
Robust Financial Track Record with Continued Momentum from New Projects Coming Online ACWA Power’s successful financial performance demonstrates the resilience of its business model supported by a healthy balance sheet. Operating Income ($m)(3) Adjusted Net Profit ($m)(3) ACWA POWER INVESTOR RELATIO
Slide 14: ACWA Power Growth Strategy Driving the Energy Transition
ACWA Power Growth Strategy Driving the Energy Transition
Slide 15: 2030 Target
2030 Target Top 3 Globally in • Renewable Power • Green Hydrogen US$ 250 billion ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Global Leader in • Water Desalination Assets Under Management Enable Energy Transition • Flexible (Natural Gas) Generation 15
Slide 16: Well positioned to drive the energy transition in and outside Saudi Arabia
We are well positioned to drive the energy transition in and outside Saudi Arabia Secure Pipeline Growth in KSA • Developing 70% of MOE’s Renewables Program • 103 GWac opportunity by 2030(1) Selective M&A Opportunities • Constantly screening for the right synergistic M&A opportunities Bilateral Nego
Slide 17: Strong pipeline to execute our 2030 target
Strong pipeline to execute our 2030 target Power Water GH2 # of (GW) (Mm3/day) (MTPA) Countries ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Awarded, pending 5.6 1.1 - 5 contract signing + 1.2 GWh BESS Submitted, Results 2.4 - - 2 Awaited +8.0 GWh BESS Bids/Deals in Pipeline
Slide 18: ACWA Power 2030 Renewable Target KSA
ACWA Power 2030 Renewable Target KSA 2030 78+ GW ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Today 34+ GW Operational Capacity 10 GW 18
Slide 19: Portfolio by 2030 & Guideline estimates
Portfolio by 2030 & Guideline estimates Equity June 2023 Today 2030 Commitment (Avg./Year) Power GW 50.4 93.0 175+ ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com 15+ US $ Water 6.8 9.3 mm3/day ~2.5bn Green Hydrogen 0.2 0.2 1 Million Tonnes/Year 19
Slide 20: Geographic Breakdown – Today and Projected by 2030
Geographic Breakdown – Today and Projected by 2030 Today 2030 China South East Asia South East Asia China 10+% 9% 0% <1% 2% 0-5% <1% 0% ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Africa ~8% Africa 10-15% 10% Central Asia 13% $114bn $250bn Saudi Central Asia Arabia 12% 10-15
Slide 21: Net zero by 2050 – On course
Net zero by 2050 – On course 2050 3 Net Zero 90+% Renewable ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com 2 2030 1 70% Renewable 50% reduction in emission intensity 2021 No Coal 45% Renewable 21
Slide 22: Closing Remarks
Closing Remarks An industry innovator A strong Saudi ecosystem ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Scale as a differentiator Pioneering the future Energy transition enabler Strong development and operational skills 22
Slide 23: You
ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com You 23
Slide 24: Appendix
ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Appendix 24
Slide 25: Earnings Call for Three and Nine Months Ended 30 September 2025
ACWA Power Company Earnings Call For the Three and Nine Months Ended 30 September 2025
Slide 26: Realizing Business Growth at Unprecedented Scale
Realizing Business Growth at Unprecedented Scale IN NINE MONTHS … • Added 24.7 GW of Power and 1.8 million m³/day of desalinated water capacity including the acquired power and water assets in Kuwait, Bahrain, China ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com • Largest under
Slide 27: Strong pipeline to execute our 2030 target
Strong pipeline to execute our 2030 target Power Water GH2 # of (GW) (Mm3/day) (MTPA) Countries ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Awarded, pending 5.6 1.1 - 5 contract signing + 1.2 GWh BESS Submitted, Results 2.4 - - 2 Awaited +8.0 GWh BESS Bids/Deals in Pipeline
Slide 28: Remarkable progress towards our 2030 targets
Remarkable progress towards our 2030 targets … A boost in our confidence for our ambition June 2023 Today 2030 Power GW 50.4 93.0 175+ ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Water 6.8 9.3 15+ mm3/day Green Hydrogen 0.2 0.2 1.0* Million Tonnes/Year * Ready capacity waiti
Slide 29: Safety remains foremost priority with further room to improve
Safety remains foremost priority with further room to improve. Availability performs consistently above standards. HEALTH, SAFETY, 0.01 ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com & ENVIRONMENT (HSE) LOST TIME INJURY RATE (LTIR) 9M2024: 0.02 POWER AVAILABILITY 91.7% 9M2024:
Slide 30: Financial Results
ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Financial Results 30
Slide 31: Overview
Overview • Following the successful completion of SAR 7.1 billion rights issue, proceeds received on ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com July 31, 2025. • SAR 17.7 billion worth of financial close in nine months; SAR 32.2 billion subsequently in October. • Achieved co
Slide 32: Financial closes achieved to date
32 billion of FCs achieved to date (Nov 3) Project Time TIC Contracted capacity Saguling Floating PV IPP Aug '25 0.2 B 60 MW In 3Q25 Al-Nairyah-1 Aug '25 7.9 B 1,890 MW Rumah-1 ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Aug '25 7.8 B 1,890 MW Uzbek GH2 Phase 1 May '25 0.4 B
Slide 33: Highest-ever power capacity brought online
In nine months, we brought highest-ever power capacity online in addition to first-ever GH2 Remaining to bring Project Time Incremental capacity Total online capacity online 52 MW1 & 52 MW & Chirquiq GH₂ Sep’25 3 K tons/annum (GH₂) 3 K tonnes/annum (GH₂) – Karatau Wind (Nukus) Sep’25 65 MW 65 MW 35
Slide 34: Robust increase in financial KPIs driven by operating income
Robust increase in financial KPIs driven by operating income Fav/(Unfav) vs. ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Million 9M25 9M24 Operating Income1 2,764 16.9% Net Profit2 1,280 2.0% Adjusted Net Profit3 1,355 21.8% Source: Company information. 1 Before impairment l
Slide 35: Operating Income
Operating Income1 Operating income Variance 9M25 versus 9M24 – Million 103 1 Including settlements and insurance recovery (402) 486 3 (368) ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Development 599 2 cost, 4 (20) Services and procurement income from 2 provisions, and write
Slide 36: Reported Net Profit
Reported Net Profit1 Consolidated Net Profit Variance 1 Higher operating income 9M2025 versus 9M2024 – Million 399 22 (214) Income recognized in relation to the recycling of hedge reserves upon (151) ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com 2 2 3 discontinuation of certai
Slide 37: ACWA Power's robust financial performance demonstrates resilience
ACWA Power’s robust financial performance demonstrates the resilience of our business model Operating Income 1 ( million ) Net Income 2 ( million ) ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com 2,764 1,255 1,280 2,365 1,082 2,103 1,870 883 9M22 9M23 9M24 9M25 9M22 9M23 9M24 9M
Slide 38: Earnings lagging capacity is inherent in our model
Earnings lagging capacity is inherent in our model. Still, we are not outside the comfort zone. Revenue/Cash Drivers Operating Income1 ( million) Power Capacity (GW, Gross) 2Y CAGR Fully Operational: 18% Financial close: 4% 2,764 35 31 2,365 ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acw
Slide 39: Earnings Call for the Six Months Ended September 2025 (Select Slides)
ACWA Power Company Earnings Call For the six Months Ended 30 September 2025 (Select Slides)
Slide 40: Parent Level Debt
Parent Level Debt Long–term financing and funding facilities million (M) Million, as at 30 Jun 2025 43,758 Non-recourse debt Recourse debt (2,543) (1,146) 3,497 On balance sheet 24,230 21,687 2,351 recourse debt 30,110 13,648 ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com 10,58
Slide 41: Net Profit by Building Block
Net Profit by Building Block 6M 6M Millions 2025 2024 Change Major drivers A • Higher development business and construction management services Development and construction 778 166 612 income primarily due to the services and procurement income from management services eight projects in 1H2025 . • H
Slide 42: Parent Operating Cash Flow
Parent Operating Cash Flow Fav / (Unfav) vs. Million 6M25 6M24 Distributions1 555 17.4% Higher distributions from operating projects and NOMAC ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Development, construction mgmt Higher fees from projects in development service and othe
Slide 43: Sources and Uses of Parent Cash Flow
Sources and Uses of Parent Cash Flow Sources and Uses of funds, 6M 2025 Million Financial charges of Cash inflows Cash outflows Sukuk and others 3,205 4,033 ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com 20% 80% 2,543 (1,490) Investments: Cash equity injections net of advances
Slide 44: Sustainability and ESG Centric Agenda
Sustainability and ESG Centric Agenda
Slide 45: Digital Innovation, a Key Enabler for Growth Strategy
Digital Innovation, a Key Enabler for ACWA Power’s Ambitious Growth Strategy ACWA Power is investing heavily in an ambitious digital transformation programme that is expected to generate long-term value and is within the top 15% of worldwide companies with integrated generative AI into their process
Slide 46: Our People Lay A Strong Foundation For Successful Scale Up
Our People Lay A Strong Foundation For Successful Scale Up To Support Our Growth Ambitions ACWA Power's People & Culture function enables a best employer experience, invests in building capability, fosters a culture of collaboration and drives organizational agility to attract, nurture and retain ex
Slide 47: Integral Part of Communities With A Strong Sense of Social Responsibility
Integral Part of Communities With A Strong Sense of Social Responsibility ACWA Power is fully committed to community development, social responsibility and supporting sustainable livelihoods. The company channels resources to CSR initiatives and encourages business units operating in diverse locatio
Slide 48: Striving for Corporate Governance Excellence
Striving for Corporate Governance Excellence We aim to be a world class entity in our corporate governance affairs by continuing to model our framework in line with international best practice in terms of transparency, sufficient disclosure and fair administration. Robust corporate structure with de
Slide 49: Acquisition
Acquisition
Slide 50: Landmark SPA to acquire power and water assets in Kuwait and Bahrain
Landmark SPA in Middle East and the Largest of ACWA Power to date to acquire power and water assets in Kuwait and Bahrain Acquisition of four gas-fired generation assets, three of which include combined water desalination, along with associated operation and maintenance companies. Geographic Footpri
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