Acwa PowerTADAWUL: 2082

Earnings Call Q1 2026

May 10, 2026 at 12:39 PM UTC · Issued by Acwa Power

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Acwa 1Q2026 Earnings Call 10 May 2026

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Dr. Samir Serhan

CEO

Mr. Abdulhameed Al

Muhaidib

CFO

Mr. Ozgur Serin

Head of IR & Strategy

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Business update

Business Development & Growth Operational Excellence Financial performance

First Kuwait greenfield (Az-Zour North Phase 2 & 3 IWPP: 2.7 GW + 0.6Mn m³/day)
SAR 1.0 billion FC achieved
Achieved 2 COD's adding 0.77 GWh and 0.6mn m3/day
Solid availability in Renewables, Water; stable progress continued with CSP,
CCGT legacy forced outage issues, down by 50% in the past three years
Clocked 38.5 million man-hours with an LTIR of 0.01
MSCI ESG upgraded to 'A' from 'BBB'; S&P Global ESG assessment improved to
above industry standards; Sustainalytics risk rating reduced to Medium Risk
1Q2026 performance highlights portfolio resilience, with no material adverse financial or operational impact despite heightened geopolitical disruption.
While the business remains robust, we remain reasonably cautious about the
rest of the year.
1 Inclusive of SAR 9.8 billion refinancing of two projects. 5

Business update

Safety & Crisis Management Business development & pipeline Operational & financial resilience
24/7 command center (currently offline but closely monitoring the situation)
Safety and operational continuity remains our main priority with enhanced
HSSE measures in place
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No systematic delay in bid-submission pipeline to-date
No adverse outlook on our financial close targets
No material or sustained asset unavailability or revenue disruptions
Contractual protections in place and activated as necessary
Risk Management
- Prolonged disturbance in the Strait of Hormuz results in supply chain
  disruption and insurance tightening
- Maritime rerouting, contractual protections, and inventory build-up in critical stock items are mitigating the impact

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Business update

0.01

LTIR

Improved a combined 50% over last 3 years

38.5M

Manhours

Up 3.2% YoY

PFPI Events

vs 21 in Q1 2025

67 operational assets. 32 under-construction assets.

More work delivered safely. Fewer severe outcomes. Stronger detection.

Business update

97.4%

(3M2025: 93.7%)

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Power Availability Water Availability

89.4%

(3M2025: 89.9%)

Renewable Power Availability 98.6%

(2025: 96.9%)

Solid availability in Renewables, Water; promising progress with CSP, CCGT legacy issues with forced outages down by 50% in the past three years

Source: Company information.

Business update

Power

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95.7 GW

O UC AD

43.9 44.2 7.6

Water

2021 (IPO)

Today

2030

Power

Water

mm3/day

Green Hydrogen

Million Tonnes/Year

Renewables

% of Gross GW

AUM

US $ billion

6.4

0.2

95.7

9.7

0.2

121

175+

15+

Up to 11

250

9.7m m3/day

O UC AD

6.3 2.5 0.8

Green Hydrogen

223k tpa

O UC AD

3 220 -

Source: Company information. 1 Identified demand pipeline is approximately 3x of the company's targeted capacity by 2030. However, due to slow policy development creates barrier in front of long-term offtake contracting.

Accordingly, the company keeps a conservative position in its 2030 target versus original guidance shared with the market in 2023. 9

Business update

Power

(GW)

Water

(Mm3/day)

GH2

(MTPA)

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Immediate Pipeline

Awarded, pending contract signing

2.9

+ 8.8 GWh BESS

0.6 -

Submitted, Results Awaited

1.2 0.27 -

Short-term Outlook

Bids/Deals pipeline 91.5

+ ~20 GWh BESS

10.8 1.2

+1.8 GWh BESS

Financial close ongoing 8.9

2.2 -

Source: Company information.

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Business update

Industry Average Score

Active engagement with rating agencies, collective work across the company, +430 data points, and +120 disclosure metrics led to improve performance across all the major rating agencies - increasing confidence in the company as a global player.

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Operational & Financial Performance

Operating Income reached SAR 729 million, lower by 16% (vs 1Q2025)
Net profit reached SAR 345 million, lower by 19% (vs 1Q2025)
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Overall performance reflects the continued strength and resilience of our contracted business model, stable operations, and portfolio expansion
Operating portfolio delivered a robust contribution to operating income; including additional upside coming from our acquisitions last year
1Q2025 was 'unusually' stronger drive by higher business development

income from comparatively larger-sized projects

1 Inclusive of SAR 9.8 billion refinancing of two projects. 13

Operational & Financial Performance

Million

Avg

'21 - '25

557

432

174

522 559

148

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401

870

526

729

227

Avg

'21 - '25

% of

257

139 152

270 296

427

345

99 FY NP

18% 10%

16%

17%

23%

Q1/21 Q1/22 Q1/23 Q1/24 Q1/25 Q1/26

Development Revenues

Q1/21 Q1/22 Q1/23 Q1/24 Q1/25 Q1/26

The timing of project development milestones produces cyclical volatility in our quarterly results
1Q2025 had unusually high business development and construction management income earned from comparatively larger-sized projects
Earnings remain structurally back-ended, with Q1 typically representing the lowest share of full-year performance

Source: Company information. Before impairment loss and other expenses Attributable to equity holders of the parent 14

Operational & Financial Performance

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Variance 1Q2026 v 1Q2025 - Million

115

(299)

Contribution from existing and new projects coming into operations and settlement of claims

870

Additional contribution from 32% stake purchase of project SWEC and acquisition of projects in Bahrain and Kuwait

729

3 (35) 2

Lower revenue from development, procurement

3 and construction services income compared to 1Q2025

Others mainly represents general and administrative expenses

1Q2025

1Q2026

Source: Company information. 15

Operational & Financial Performance

Variance 1Q2025 v 1Q2026 - Million

104

(141)

Lower finance cost mainly due to MTM loss on derivative for project in Africa in the previous period

29 1

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(74)

Higher financial income, lower NCI offset

by higher forex loss

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427 2

345

1 3

Lower Operating Income before impairment loss and other expenses

Mainly higher deferred tax

1Q2025 1Q2026

Source: Company information. 16

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Internal

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ACW

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