Acwa Power · TADAWUL:2082
Acwa Power — Investor Day (January 2026)
39 slides from Acwa Power's investor day presentation, Jan 22, 2026
Slide 1: Analyst Day (Virtual)
Acwa INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Analyst Day (Virtual) 22 January 2026 Strictly private and confidential
Slide 2: Disclaimer
Disclaimer This document and the information contained therein (the "Information") has been prepared by ACWA POWER Company [Tadawul:2082] (the "Company“ or “Acwa”) for background purposes only and does not purport to be full, accurate or complete. No reliance may be placed for any purpose on the Inf
Slide 3: Objective
Objective • Refresh on the Company’s business model and financial framework • Provide deeper insights on: • Financial statements – Consolidation impacts • Returns across the project life cycle Acwa INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com • Financial Disclosures • Upcoming accountin
Slide 4: Agenda
Agenda 1.Business Model • Contractual framework • Capital structure & indebtedness • Financial building blocks 2.Consolidated Financial Statements Acwa INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com • Statement of Profit or Loss • Statement of Financial Position • Statement of Cash Flows
Slide 5: Business Model
Business Model Strictly private and confidential 5
Slide 6: Our integrated business model delivers visible and stable returns
Our integrated business model delivers visible and stable returns Develop Invest Operate Optimise • Critical assets in fundamentally • Lead investor with significant stakes • Standardised operating model • Capital structure and financing strong growth markets & de-facto control over asset optimizati
Slide 7: 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, with proven capabilities across technologies, offers a synergistic and scalable operating model. Replicable operations and learnings across the project portfolio Reliability of supply aiming to improve the
Slide 8: Project contractual framework
Project contractual framework Agreement Framework 1 • Capacity and tolling agreements on a take or pay basis for 3 Services P(W)PAs(1) conventional power & water desalination assets Fee • Take or pay contracts for renewable energy assets O&M Fee Dividends (Conditional (if operated Management on Dist
Slide 9: Capitalization and Indebtedness Structure
Capitalization and Indebtedness Structure Diverse sources of equity and debt financing optimized to enhance returns Overview Typical structure (illustrative) • Financing and funding facilities of the Group Tier 1 • Direct parent borrowings on balance sheet, e.g. comprise recourse or non-recourse fac
Slide 10: ACWA's financial building blocks
ACWA’s financial building blocks Develop Invest Operate Optimise Future Income Under Operating Advanced Other Lead Operator Lead Developer Construction Financial optimisation Projects development Pipeline(1) (NOMAC) Projects Operational optimisation captured within the Invest & Acwa INVESTOR RELATIO
Slide 11: Consolidated Financial Statements
Consolidated Financial Statements Strictly private and confidential 11
Slide 12: Structure
Structure The Group consolidates its subsidiaries, applies equity accounting for associates and joint ventures • Controlled by ACWA directly or indirectly • Accounted for line-by-line consolidation Subsidiaries • Control elements reassessed if facts and • Elimination of intragroup transactions circu
Slide 13: Statement of Profit or Loss (Income statement)
Statement of Profit or Loss (Income statement) Elimination /Consol CONSOLIDATED STATEMENT OF PROFIT OR LOSS Sub EAI Corporate Adj Revenue Operating costs Gross profit Development cost, provision and write offs, net of reversals General and administration expenses Shar
Slide 14: Statement of Financial Position (Balance sheet)
Statement of Financial Position (Balance sheet) Elimination /Consol CONSOLIDATED STATEMENT OF FINANCIAL POSITION Sub EAI Corporate Adj ASSETS NON-CURRENT ASSETS Property, plant and equipment Intangible assets and Goodwill Equity accounted investees Net investment in finance l
Slide 15: Statement of Financial Position (Balance sheet) – cont.'d
Statement of Financial Position (Balance sheet) – cont.’d Elimination /Consol CONSOLIDATED STATEMENT OF FINANCIAL POSITION Sub EAI Corporate Adj LIABILITIES NON-CURRENT LIABILITIES Long-term financing and funding facilities Due to related parties Deferred tax liability Obliga
Slide 16: Statement of Cash Flows
Statement of Cash Flows CONSOLIDATED STATEMENT OF CASH FLOWS Sub EAI Corporate Cash flows from Operating activities Profit before zakat and tax from continuing operations Adjustments for: Depreciation and amortization Financial charges Unrealized exchange gain Share in net re
Slide 17: Statement of Cash Flows – cont.'d
Statement of Cash Flows – cont.’d CONSOLIDATED STATEMENT OF CASH FLOWS Sub EAI Corporate Cash flows from investing activities Addition to property, plant and equipment, and intangible assets Funding in relation to construction activities Proceeds on disposal of equity accounted investees
Slide 18: Mapping of Business Model to Financial Statements
Mapping of Business Model to Financial Statements Income statement Balance sheet Cash flows Stage Projects Corporate Projects Corporate Projects Corporate Pre-Bid / Bid N/A Devt cost expense N/A N/A N/A N/A PPA N/A Devt cost expense N/A N/A N/A N/A PPA FC cost get Collection of capitalized. On FC
Slide 19: Mapping of Business Model to Financial Statements – cont.'d
Mapping of Business Model to Financial Statements – cont.’d Income statement Balance sheet Cash flows Stage Projects Corporate Projects Corporate Projects Corporate NOMAC Collects O&M revenue from projects, NOMAC start recognizing Collects Dividend income from O&M Receivable from Distribution receiv
Slide 20: Sophisticated Accounting Matters
Sophisticated Accounting Matters Strictly private and confidential 20
Slide 21: Sophisticated Accounting Matters
Sophisticated Accounting Matters Topic Nature of Transaction Accounting Implications • Triggering event : Prolonged & repetitive outages, permanent • Impairment loss = carrying amount > recoverable amount (usually VIU for ACWA) performance deterioration (without recovery from counter party), • Impai
Slide 22: Finance lease vs Operating lease (under IFRS)
Finance lease vs Operating lease (under IFRS) No Classification Criterion under IFRS Typical indicators Impact on Net income Operating lease Does not transfer substantially all risks Shorter-term (less than 75%) relative to the economic Relatively lower profitability in early and rewards incidenta
Slide 23: Deeper Insights on Financial Disclosures
Deeper Insights on Financial Disclosures Strictly private and confidential 23
Slide 24: Management's key financial metrics
Management’s key financial metrics Metric Description Relevance Operating income before Consolidated Operating income before impairment loss and other expenses which also • Reflects overall operating results impairment loss and other includes share in net results of equity accounted investees. of th
Slide 25: EBITDA Bridge
EBITDA Bridge • ACWA Management doesn’t monitor EBITDA as Key performance matrix but the market does • In the absence of methodological guidance, market uses the generic calculation methods using our disclosures ignoring the impact of sophisticated accounting matters and the group’s reporting struct
Slide 26: EBITDA – Reference note
EBITDA – Reference note • Operating Income before impairment loss and other expenses • Share in net results of equity accounted investees, net of zakat and tax • Depreciation and amortization of subsidiaries. Acwa INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com B D A • Group’s share in Fin
Slide 27: EBITDA – Reference note
EBITDA – Reference note • Share in operating profit/(loss) before depreciation of equity accounted investees, Acwa INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com E • Finance lease principal amortization – Subsidiaries C Strictly private and confidential 27
Slide 28: Parent Cash & POCF
Parent Cash & POCF POCF represents parent level, or corporate, operating cash and comprises 1) distributions from the project companies and NOMAC; 2) development, construction management and other fee revenues; 3) cash generated by financial optimization activities including partial and/or full dive
Slide 29: Parent Cash & POCF
Parent Cash & POCF From Audited group Cash balance to Parent cash From Audited consolidated financial statement B 3,803 4,084 Acwa INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com 2,592 -1,491 All projects and hold cos which are subsidiaries are reduced to arrive at parent cash A 281 Short
Slide 30: Parent Cash – Reference note
Parent Cash – Reference note Acwa INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com A Short term investments B Cash and cash equivalents Strictly private and confidential 30
Slide 31: Parent Cash & POCF (3/3)
Parent Cash & POCF (3/3) Cash investment structural deviation from consolidated financial statement to Uses of cash in Parent cash Audited Consolidated Cash flow statement Uses of Cash - Investment SAR Mn Cash investment in projects (incl EBL repayment) (2,146) Acwa INVESTOR RELATIONS | www.acwapowe
Slide 32: Parent Level Debt
Parent Level Debt Long–term financing and funding facilities Refer Refer note 16 Million, as at 30 Jun 2025 note 7 of of Interim FS Interim Non-recourse debt Recourse debt FS F 43,758 On balance sheet recourse debt 30,110 13,648 10,582M On balance sheet D E 24,230 Acwa INVESTOR RELATIONS | www.acwap
Slide 33: Parent Leverage – Reference note
Parent Leverage – Reference note • On Balance sheet Borrowings • Off Balance sheet C D Acwa INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com A B F F F E Strictly private and confidential 33
Slide 34: IFRS 18 – Key Implications
IFRS 18 – Key Implications Strictly private and confidential 34
Slide 35: IFRS Presentation and Disclosure in Financial Statements
IFRS 18 Presentation and Disclosure in Financial Statements Implementation What’s new ? Impact on ACWA financial statements date The new standard will impact all companies across different industries. Whilst detailed assessment is underway, The Group’s financial statements may be impacted in followi
Slide 36: Impact on Income statement (IFRS 18)
IFRS 18 Presentation and Disclosure in Financial Statements Impact on Income statement (IFRS 18) Revenue X Operating* Operating expenses (analyzed by nature, function or both as appropriate) (X) Operating profit X Share of profit or loss of equity-accounted investees X Acwa INVESTOR RELATIONS | www.
Slide 37: IFRS 18 – Management Performance Measures (MPMs)
IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 – Management Performance Measures (MPMs) Only ‘non-GAAP’ measures that are subtotals of income and expenses – i.e. MPMs – are reported. The definition of MPMs is narrow and excludes the following: Acwa INVESTOR RELATIONS | www.acwap
Slide 38: Q&A
Q&A Strictly private and confidential 38
Slide 39: THANK YOU!
Acwa INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com THANK YOU!