Acwa PowerTADAWUL: 2082

Investor Report (acwa power q1 report 2026 en v14 hq)

· Issued by Acwa Power


Investor Report

For the three-months period ended 31 March 2026

Dr. Samir J. Serhan

Chief ExecuĠve Officer



Dear Stakeholders,

I am pleased to deliver my first formal message on Acwa's quarterly performance since assuming the role of Chief Executive Officer in March. The last two months have truly demonstrated Acwa's resilience, and I am honored to lead an organization well positioned to navigate complexity and deliver long-term value.

We entered 2026 with clear priorities: strengthening operational discipline, advancing our growth platforms, reinforcing capital discipline, and continuing to transform Acwa into a more data-driven, and performance-led organization. At the same time, heightened geopolitical tensions across the region have introduced a level of uncertainty that demands caution, adaptability, and steady leadership. Despite the challenging external environment, there has been no material adverse impact on our operational or financial performance to date. However, the circumstances we face as a region remind us of the importance of vigilance, particularly regarding energy security, market volatility, and fiscal pressures for net energy-importing countries. Management has proactively monitored developments via our 24/7 Central Command Center, keeping our people safe and ensuring seamless continuity of operations. Safeguarding the wellbeing of our people across every country where we operate remains as a critical guiding principle.

While overall performance remains strong, we continue to reinforce discipline, accountability, and leadership focus, particularly across operating assets. Year-to-date, the Group achieved 38.5 million man-hours across operations and construction, with a low lost-time injury rate of 0.01.

Our portfolio continues to scale and diversify. As of the end of March, Acwa managed 109 assets across operations, construction, and advanced development, representing455 billion of assets under management. This includes 95.7 GW of power capacity and

9.7 million cubic meters per day of water capacity, reflecting the continued execution of our long-term growth strategy across our

regions and technologies.

Business development delivered a strong quarter. The Group secured its first greenfield project in Kuwait, Az-Zour North Phase 2 & 3 IWPP, adding 2.7 GW of power capacity and 0.6 million cubic meters per day of desalinated water to the development pipeline and successfully achieved financial close on the Nukus 2 wind project in Uzbekistan.

Construction activity continues at scale, with 32 projects under construction representing 44.2 GW of power and 2.6 million cubic meters per day of water desalination capacity. During the quarter, we achieved two CODs, adding 0.77 GWh of BESS capacity and

0.6 million cubic meters per day of desalinated water.

Across the development and construction pipelines, the Group is advancing with heightened caution and particular prudence in execution, calibrated to the current external environment. Our operating portfolio has delivered robust contribution to operating income, reinforced by contributions from the recent acquisitions in Bahrain and Kuwait and the increased stake in Shuaibah Water and Electricity Company. However, lower business development revenues compared to the same quarter in 2025 weighed on our bottom-line performance in the first quarter of this year, a cyclical pattern that is typical in our business model and consistent with historical patterns. We continue to prioritize the timely execution of projects through financial close and COD milestones, alongside capital recycling and refinancing initiatives as we deliver on our growth.

Our organizational transformation agenda continues to advance. We have now completed the rollout of a new operating model, the expansion of shared services and offshoring, and we are accelerating digitalization, which is improving visibility, control, and accountability across the Group. Central to this is our High-Performance Organization (HPO) program, which links strategy to execution through disciplined governance and data-driven performance management.

Sustainability and governance are integral to this transformation. During the quarter, Acwa achieved an upgrade in its MSCI ESG rating to 'A' from 'BBB', alongside improvements in our S&P Global ESG assessment, now above industry standards, and a reduction in our third-party ESG risk rating, which moved into the Medium Risk category. These improvements reflect our active and constructive engagement with ESG rating agencies, enhanced transparency and disclosures, and continued strengthening of our governance framework. Importantly, they also reinforce growing external confidence in how Acwa delivers long-term value through positive impact on the communities we serve, responsible environmental stewardship, and strong, accountable governance practices.

As Acwa enters the remainder of 2026, I am energized by the quality of the company's assets, the strength of our partnerships, and the discipline, commitment, and professionalism shown across our sites, offices, and teams over the past period. My commitment to you is simple: disciplined execution, transparent communication, and a relentless focus on long-term value creation.

Thank you for your continued trust and partnership.

Dr. Samir J Serhan

Chief ExecuĠve Officer

Highlights

Portfolio Metrics

(as of 31 March 2026)

Achievements During the Period

Signed 1 P(W)PA, adding 2.7 GW of power and

0.6 million m³/day of water to our portfolio.

109 Assets

15 Countries AUM

455billion



Financially closed 1 project with an aggregate total investment cost of 1 billion.

0.77 GWh of BESS and 0.6 million m³/day of water was added to our operational portfolio through projects reaching initial or plant commercial operations dates.

95.7GW

Gross power capacity

Water Desalination Capacity

9.7

million

m3/day



Financial Highlights

(1Q2026 vs 1Q2025)

mn

729

Operating income before impairment loss and other expenses

345

mn

Net profit attributable to equity

holders of the parent

1.2+million tonnes/pa green ammonia

BESS

5.6GWh



16

19

OperaĠonal Highlights

52.3GW

Renewable

Assets Capacity

54.7%

of the Gross

Power Capacity

Health, Safety,

& Environment (HSE)

Power Availability Water Availability

0.01

Lost Time Injury Rate (LTIR)

(1Q 2025: 0.01)

89.4%

(1Q 2025: 89.9%)

98.6%

(1Q 2025: 96.9%)



ACWA POWER COMPANY AND ITS SUBSIDIARIES (Saudi Listed Joint Stock Company) ('Acwa' or the 'Company' or the 'Group')

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL RESULTS FOR THE THREE-MONTHS PERIOD ENDED 31 MARCH 2026

  1. IntroducĠon

    This section provides an analytical review of the financial results of Acwa for the three-months ended 31 March 2026, and it should be read in conjunction with the Company's Interim Audited Consolidated Financial Statements and Independent Auditor's Report for the period ended 31 March 2026 issued by KPMG Professional Services (Certified Public Accountants) (the "Interim Condensed Consolidated Financial Statements").

    All amounts are in  (SAR) million, rounded up to one decimal point, unless stated herein otherwise. Percentages have also been rounded up to the available number of digits presented in the tables, when applicable. A calculation of the percentage increase/ decrease based on the amounts presented in the tables may not therefore be precisely equal to the corresponding percentages as stated.

    "Current quarter" or "Current period" or "1Q2026" or the "first quarter of 2026" corresponds to the three months ended 31 March 2026 and may be used interchangeably. Similarly, "previous quarter" or "1Q2025" or the "first quarter of 2025" corresponds to the three months ended 31 March 2025 and may be interchangeably.

    This section may contain data and statements of a forward-looking nature that may entail risks and uncertainties. The Company's actual results could differ materially from those expressed or implied in such data and statements because of various factors. Refer to the full disclaimer at the end of this document.

  2. Key factors affecĠng the comparability of operaĠonal and financial results between reporĠng periods

    1. DefiniĠon

      Although the Company's business model of Develop, Invest, Operate, and Optimize allows it to generate and capture returns over the full life cycle of a project, these returns may differ from one reporting period to another, depending on where these projects are in their project life cycles (i.e., in advanced development, under construction or in operation). Projects achieving financial close ("FC") and projects achieving either initial or plant commercial operation dates ("ICOD" or "PCOD" respectively) are typical examples that may lead to such variances in the values presented on the financial statements from one period to another, potentially rendering analysis of these variations unreasonable without additional information.

    2. Key factors for the current period

      Projects achieving financial close ("FC")

      Typically, a project company achieves its FC when the financing documents between the project company and the lenders are signed, and the project company has access to funding from its lenders following the completion of the conditions precedent. At this point, the Company normally becomes entitled to recognize development fees from the project company, if any, and recover the project development and bidding costs incurred to-date, including reversal of any related provisions. Moreover, the Company typically earns additional service fees such as project and construction management fees, which are recognized during the construction period of the project based on pre-determined milestones. Additionally, the Company may recognize income in connection with the procurement and related facilitation services that it provides to the EPC contractors in relation to the purchase of equipment from the Original Equipment Manufacturers (OEMs). If the completion of any of these services is conditional on FC, the revenue is recognized at FC, otherwise revenue is recognized at the time of completion and acceptance of the performance obligation.

      The following table lists all projects that achieved their respective FCs in the past 15 months to 31 March 2026.

      Month

      Project

      Financial Closes in the past 15 months (January 2025 - March 2026)

      Location Total Investment Cost

      (SAR) Billion

      Contracted Gross Capacity

      During 2026

      Mar '26

      Nukus 2 Wind IPP

      Uzbekistan

      1.0

      200 MW +155 MWh BESS

      Total

      1.0

      200 MW +155 MWh BESS

      During 2025

      Dec '25

      Ras Muhaisen IWP

      Saudi Arabia

      2.6

      300,000 m³/day

      Nov '25

      Bisha PV IPP

      Saudi Arabia

      5.6

      3,000 MW

      Nov '25

      Al Humaij PV IPP

      Saudi Arabia

      5.6

      3,000 MW

      Nov '25

      Al Khulais PV IPP

      Saudi Arabia

      3.8

      2,000 MW

      Nov '25

      Afif 1 PV IPP

      Saudi Arabia

      3.8

      2,000 MW

      Nov '25

      Afif 2 PV IPP

      Saudi Arabia

      3.8

      2,000 MW

      Nov '25

      Shaqra Wind IPP

      Saudi Arabia

      3.0

      1,000 MW

      Nov '25

      Starah Wind IPP

      Saudi Arabia

      5.6

      2,000 MW

      Financial Closes in the past 15 months (January 2025 - March 2026)

      During 2025

Month

Project

Location

Total Investment Cost

(SAR) Billion

Contracted Gross Capacity

Nov '25

Suez Wind IPP

Egypt

4.1

1,100 MW

Sep '25

Hajr Expansion CCGT IPP

Saudi Arabia

13.4

3,010 MW

Aug '25

Al Nairyah 1 CCGT IPP

Saudi Arabia

7.9

1,890 MW

Aug '25

Rumah 1 CCGT IPP

Saudi Arabia

7.9

1,890 MW

Aug '25

Saguling Floating PV IPP

Indonesia

0.2

60 MW

May '25

Chirquiq GH2

Uzbekistan

0.4

52 MW + 3 ktons/annum

May '25 Tashkent (Riverside) PV + BESS

IPP

Uzbekistan 2.4 200 MW + 770 MWh

23,202 MW of Power

Total 70.1

Source : Company information.

Projects achieving iniĠal or project commercial operaĠon dates ("ICOD" or "PCOD")

300,000 m³/day of Water 3 ktons/annum of GH2

A project starts providing its offtake product, partially or fully, under its offtake agreement in the period it achieves either ICOD or PCOD and subsequently begins recognizing revenue and charging costs into the its profit or loss statement. It is typically at this stage that Acwa Operations (previously NOMAC) starts recognizing its stable and visible O&M fees too. When the project company becomes eligible to distribute dividends and when such dividends are declared, the Company additionally receives dividends in proportion to its effective share in the project.

Depending on its effective ownership and control relationship in the project, the Company either consolidates the financial results of the project (a subsidiary of the Company) or recognizes its share of net income in the project (an equity accounted investee of the Company) on the Company's consolidated financial statements.

The following table lists all projects that achieved their respective ICOD or PCOD and thus have begun contributing to the Company's results in the past 15 months to 31 March 2026.

ICOD/PCOD in the past 15 months (Jan 2025- March 2026)

ICOD/PCOD* Project Location Incremental capacity Online Capacity1 Remaining capacity to

bring online

During 2026

Mar'26

Rabigh 4 IWP

Saudi Arabia

600,000 m3/day

600,000 m3/day

-

Jan'26

Riverside PV + BESS

Uzbekistan

771 MWh

200 MW + 771 MWh

-

Total 771 MWh

600,000 m³/day

During 2025

Dec '25

Azerbaijan Wind IPP

Uzbekistan

162 MW

240 MW

-

Oct '25

Karatau Wind (Nukus) IPP

Uzbekistan

35 MW

100 MW

-

Sep '25

Ar Rass-2 PV IPP

Saudi Arabia

1,000 MW

2,000 MW

-

Sep '25

Saad 2 PV IPP

Saudi Arabia

1,125MW

1,125MW

-

Sep '25

Chirquiq GH2

Uzbekistan

3 KTons/annum (GH2)

3 KTons/annum (GH2)

-

Sep '25

Karatau Wind (Nukus) IPP

Uzbekistan

65 MW

65 MW

35 MW

Aug '25

Azerbaijan Wind IPP

Azerbaijan

78 MW

78 MW

162 MW

Aug '25

Ar Rass-2 PV IPP

Saudi Arabia

1,000 MW

1,000 MW

1,000 MW

Aug '25

Al Kahfah PV IPP

Saudi Arabia

1,425 MW

1,425 MW

-

May '25

Chirquiq GH2

Uzbekistan

52 MW

52 MW

3 KTons/annum

May '25

Redstone CSP IPP

South Africa

100 MW

100 MW

-

May '25

Shuaibah 3 SWRO IWP

Saudi Arabia

600,000 m3/day

600,000 m3/day

-

Mar '25

Bash Wind IPP

Uzbekistan

500 MW

500 MW

-

Mar '25

Dzhankeldy wind

Uzbekistan

500 MW

500 MW

-

Feb '25

Al Shuaibah 2 PV IPP

Saudi Arabia

2,060 MW

2,060 MW

-

Jan '25

Layla PV IPP

Saudi Arabia

91 MW

91 MW

-

Total

8,193 MW

600,000 m³/day

3 KTons/annum (GH2)

Source: Company information.

* Some projects may not have reached their full operational capacity and obtained official certificate of full commercial operations from the off taker yet.

1 Online capacity that is in operation as at the stated ICOD/PCOD date.

Details for the Company's entire portfolio of projects can be found on the Company's website (https://www.acwapower.com) in addition to the appendix at the end of this Investor Report.

Increase of Ownership at Shuaibah Water and Electricity Company ("SWEC")

On 24 December 2025, the Group entered into a Share Purchase Agreement ("SPA") to acquire the entire stake owned by Water and Electricity Holding Company "Badeel" (a subsidiary of the Public Investment Fund "PIF") in the Shuaibah Water and Electricity Company ("SWEC") representing 32% of the share capital for a total consideration price of 777 million (net of consideration adjustments). The transaction was closed on 13 January 2026 following the satisfaction of conditions precedent. This transaction resulted in an increase in the Group's effective ownership in SWEC from 30% to 62%. The Group continues to account for this investment as an equity-accounted investee as there is no change in control.

Temporary limitaĠon on power dispatch

Al Kahfah Solar PV IPP (1,425 MW) received the commercial operation certificate in November 2025 and thereafter has been under dispatch limitation since 12 December 2025, with partial dispatch permitted since 11 February 2026. Ar Rass 2 Solar PV IPP (2,000 MW) received the initial commercial operation certificate in September 2025 and thereafter has been under dispatch limitation since 16 January 2026, with partial dispatch permitted since 8 March 2026. The accumulated estimated revenue challenged by Principal Buyer up to March-end is 84 million at Acwa level.

Both project companies have challenged the matter and are currently conducting detailed technical assessments, including independent third-party analysis, and coordinating with the relevant authorities to enable full restoration of plants operations. Both companies have reserved all of their rights under the relevant project agreements and have issued deemed energy invoices in accordance with the terms of those agreements.

GeopoliĠcal Developments

The Group continues to monitor the regional geopolitical developments and their potential impact on Middle East environment given that the majority of the Group's operations are conducted within GCC region. While the situation remains evolving, the Group maintains a robust operational framework to manage associated risks. These developments have not had a material impact on Group's financial statements for the period ended 31 March 2026; however, given the evolving nature of the conflict, the potential long-term impact on the Group's business will continue to be assessed on future reporting dates.

Treasury Shares

Pursuant to the Employees Stock Incentive Program ("Program") of the Company, the Board of Directors approved on 22 January 2026 the purchase of 1.19 million of the Company's shares to be reserved for and subsequently granted to eligible employees under the Company's long-term incentive scheme. Subsequent to the approval by the shareholders of the Company in the EGM conducted on 23 February 2026, the Company purchased 238,565 shares amounting to 39.98 million at the prevailing market prices during the first quarter of 2026.

As of 31 March 2026, the Company holds 1,104,376 treasury shares.

  1. Material transacĠons that resulted in adjustment to the Reported Net Profit for the Current period

There was no transaction that resulted in adjustment to the Reported Net Profit for the period ended 31 March 2026. There were several adjustments in the previous period, which are covered in detail in the Company's investor reports for the periods concerned.

  1. Discussion and analysis of management's key financial indicators

    Acwa's management uses several key performance metrics to review its financial performance. These metrics and their typical reporting frequencies are listed below followed by the management's discussion and analysis of the current period.

    Key financial performance indicator

    Typical MD&A Reporting frequency

    IFRS / non-IFRS

    Operating income before impairment loss and other expenses

    Quarterly

    IFRS

    Consolidated net profit attributable to equity holders of parent

    Quarterly

    IFRS

    Parent Operating Cash Flow (POCF)

    Semi-annually

    Non-IFRS

    Parent Net Debt and Net Debt Ratio

    Semi-annually

    Non-IFRS

    Historical Analysis of First Quarter Earnings Trends

    Due to the business model of the company, the timing of project development milestones that drive income recognition produces cyclical volatility in our quarterly results. The first quarter of 2025 was lifted by unusually high development, procurement and construction services earned from comparatively larger-sized projects, and the more normalized first quarter of 2026 illustrates the nature of this underlying pattern.

    Below is management's analysis of historical 1Q performance of the company's operating income and net profit:

    Development, procurement and construction services

    Q1/26

    Q1/25

    Q1/24

    Q1/23

    Q1/22

    Q1/21

    24

    99

    148

    174

    227

    401

    432

    526

    559

    522

    Avg.

    '21 -'25

    557

    729

    870

    OperaĠng income 1 -Million

    Q1/26

    Q1/25

    Q1/24

    Q1/23

    Q1/22

    Q1/21

    23%

    17%

    16%

    10%

    18%

    % of

    FY NP

    152

    139

    270

    Avg.

    '21 -'25

    257

    296

    345

    427

    Net Profit2 -Million

    Source: Company information.

    1 Before impairment loss and other expenses

    2 Attributable to equity holders of the parent

    OperaĠng income before impairment loss and other expenses

    First Quarter (1Q)

    (SAR) in millions

    Operating income before impairment loss and other expenses represents Acwa's consolidated operating income before impairment loss and other expenses for the continuing operations and includes Acwa's share in net income of its equity accounted for investors.

    2026

    2025

    % Change

    Operating income before impairment loss and other expenses

    729

    870

    (16%)

    Source: Reviewed financial statements

    Current Period's

    Operating Income

    Prior Period's

    Operating Income

    729

    (35)

    Others

    (299)

    Development, procurement and construction services

    Contribution from

    operations

    870

    Contribution from

    acquisitions

    115

    78

    OperaĠng income before impairment loss and other expenses

    Variance 1Q2026 versus 1Q2025- Million

    Source: Company information

    Operating income before impairment loss and other expenses ("Operating Income") for 1Q2026 was 729 million and 16%, or

    141 million, lower than 870 million of 1Q2025.

    The decrease of 299 million is primarily driven by lower revenue from development, procurement and construction services mainly due to recognition of the services and procurement margin from comparatively larger-sized projects in 1Q2025 based on pre-determined milestones;

    which was offset by

    • contributions from projects amounted to 115 million, driven mainly by performance from existing and new projects reaching commercial operations, and also settlement of claims and improved operating efficiency netted off with outages and higher maintenance costs.

    • An additional 78 million was attributable to acquisitions, including the 32% stake acquisition in SWEC (for more details refer to Increase of Ownership at Shuaibah Water and Electricity Company ("SWEC") above), as well as contributions from fully operational power generation and water desalination assets acquired in Bahrain and Kuwait in the prior year (Refer to section 2.2 Acquisition under YE 2025 investor report).

      Consolidated Net Profit attributable to equity holders of parent

      Consolidated net profit attributable to equity holders of parent ("Net Profit") represents the consolidated net profit for the period attributable to equity holders of the parent.

      (SAR) in millions

      First Quarter (1Q)

      2026 2025 % Change

      Profit attributable to equity holders of the parent 345 427 (19%)

      Source: Reviewed financial statements

      Current Period's

      Net Profit

      Previous Period's

      Net Profit

      345

      (74)

      Zakat & Tax charges

      (141)

      Operating Income

      Financial Charges

      427

      Others incl. NCI

      104

      29

      Net Profit

      1Q2026 versus 1Q2025 -Million

      Sources: Company information

      Net Profit for 1Q2026 was 345 million and 19%, or 82 million, lower than 427 million for 1Q2025. Main variance drivers were:

    • Lower finance cost 104 million mainly due to MTM loss on derivative related to project in Africa 92 million in 1Q2025. Offset by:

    • Lower Operating Income before impairment loss and other expenses by 141 million, which was largely driven by the negative variance in development business and construction management services as explained above;

    • Higher Zakat and taxes expenses of 74 million mainly due to deferred tax impact on account of foreign exchange fluctuation in Moroccan projects and local pillar two rules. In 1Q 2026, MAD depreciated 2.69% against USD resulted in a deferred tax liability for Moroccan projects, partly offset by deferred tax benefits on carried-forward losses and reduced deferred tax liability on leases. In contrast, 1Q 2025 saw higher deferred tax benefit due to 4.46% appreciation of MAD.

    Adjusted profit attributable to equity holders of parent

    First Quarter (1Q)

    (SAR) in millions

    2026

    2025

    % Change

    Adjusted profit attributable to equity holders of parent ("Adjusted Net Profit") represents profit after adjusting the Net Profit for the financial impact of non-routine, unusual and/or non-operational items.

    Net Profit

    345

    427 (19.3%)

    Adjustments:

    Impairment Loss (A)

    -

    6

    Termination of Project in Africa (B)

    -

    92

    Net adjustments

    -

    97

    Adjusted Net Profit

    345

    525 (34.3%)

    Sources: Company information

    For details on adjusted items for 2025:

    1. Impairment loss for refer Section 2.2.2 of 1Q 2025 Investor report .

    2. Termination of project in Africa refer to section 2.2.1 of 1Q 2025 Investor report.

  2. Safety, OperaĠons and Sustainability Review

    1. Safety

      During the first quarter of 2026, Acwa recorded 38.5 million manhours, with the Lost Time Injury Rate (LTIR) remaining unchanged at 0.01.

      The ongoing enhancements in the monitoring of critical safety controls reflects a maturing HSSE system, with a clear focus on early detection and prevention. This is expected to be further strengthened with the go live of Navigating Oversight, Visibility, and Accountability (NOVA) program, reinforcing transparency, accountability, and consistent HSSE reporting across all projects.

    2. OperaĠonal Performance

During 1Q2026, 0.77GWh of BESS capacity and 0.6 million m³/day of desalinated water were added as incremental operational capacity, bringing the total operational capacity to 45.9 GW of power and 6.9 million m³/day of water.

Consolidated power availability reached 89.4% in 1Q2026 (1Q2025: 89.9%). Both renewable power and water desalination portfolios continued with solid, high availabilities of 97.4% (1Q2025: 93.7%) and 98.6% (1Q2025: 96.9%), respectively.

OUR ASSETS

For the three-month period ended 31 March 2026

No. of Assets

Total Investment Cost

($ million)

Total Investment Cost (million)

Contracted Power (MW)

Contracted Water (000' m3/

day)

Contracted Green Hydrogen (Ktons/ annum)

BESS MWh

(Gross)

Operational capacity (MW)

Operational Capacity (000' m3/

day)

Under construction capacity (MW)

Under construction capacity (000' m3/

day)

Total operational assets

67

64,124

240,467

43,928

6,325

3

869

43,928

6,325

-

-

Total assets under construction & partially operational

32

47,394

177,727

44,203

2,596

220

4,725

2,000

600

42,203

1,996

Total assets in the advanced development

10

9,733

36,500

7,550

810

-

-

-

-

-

-

Grand total portfolio

109

121,252

454,693

95,681

9,731

223

5,594

45,928

6,925

42,203

1,996

Additions during 1Q 2026

1

4,596

17,234

2,700

545

-

-

-

-

3,000

245

Total

Project

Name

ACWA Water4

Country No. of Investment Power Power4 (000'

Assets Cost Effective (MW) m3/

(million) Share1 day)

Green

Hydrogen4 (Ktons/ annum)

Operational Capacity3

BESS

MWh (Gross)

Contract

PCOD

Technology (Actual / Expected)/Status

Control

(EAI/ Accounting SUB)2

Offtaker

(MW) (000'm3/

day)

FULLY OPERATIONAL ASSETS

Shuaibah

Expansion Saudi Arabia IWP

1

874

30.00%

-

150

-

-

150

BOO-20 YR

SWRO

Q1 2009

EAI Operating Water & Electricity

lease Company

Petro-

Rabigh Saudi Arabia IWSPP

1

4,466

69.00%

360

134

-

360

134

BOO-33 YR

SWRO

Q2 2008

Operating Petro-Rabigh

SUB lease Petrochemical

Complex

Petro-

Rabigh Saudi Arabia

0

3,689

69.00%

160

54

-

160

54

BOO-25 YR

SWRO

Q2 2016

Petro-Rabigh

SUB Operating Petrochemical

(Phase 2)

IWSPP

Marafiq

IWPP Saudi Arabia

1

11,561

20.00%

2,744

800

-

2,744

800

BOOT-20 YR

MED

Q1 2010

lease Complex

Finance Tawreed (a

EAI lease subsidiary of

Marafiq)

Rabigh IPP Saudi Arabia

1

9,398

40.00%

1,204

-

-

1,204

-

BOO-20 YR

Oil

Q2 2013

EAI Operating Saudi Electricity

lease Company

Barka 1

IWPP Oman

1

1,556

41.91%

427

91

-

427

91

BOO-27 YR

CCGT

Q2 2003

Operating Oman Power and SUB lease Water Procurement

Co.

Hajr IPP Saudi Arabia

1

10,219

25.00%

3,927

-

-

3,927

-

BOO-20 YR

CCGT

Q2 2014

EAI Operating Saudi Electricity

lease Company

Noor I CSP IPP

Morocco 1 3,153 73.13% 160 - - 160 - BOOT-25 YR CSP -

Parabolic

Q4 2015 SUB Finance

lease

Moroccan Agency for Solar Energy

Bokpoort South Africa CSP IPP

1

1,939

20.40%

50

-

-

50

-

BOO-20 YR

CSP -

Parabolic

Q1 2016

EAI Operating Eskom Holdings

lease

Rabigh 2

IPP Saudi Arabia

1

5,854

50.00%

2,060

-

-

2,060

-

BOO-20 YR

CCGT

Q2 2017

Operating Saudi Power

EAI lease Procurement

Company (SPPC)

FULLY OPERATIONAL ASSETS CONTD.

BESS

PCOD

Control

MWh

Contract

Technology

(Actual /

(EAI/

Accounting

Offtaker

Total

Project

Name

Country No. of Investment

Assets Cost

(million)

ACWA

Power Effective Share1

Power4

(MW)

Water4

(000'

m3/ day)

Green

Hydrogen4

Operational Capacity3

(Ktons/

annum)

(Gross)

(MW)

(000'm3/

day)

Expected)/Status SUB)2

Kirikkale CCGT IPP

Khalladi

Turkey 1 3,488 73.00% 950 - - 950 - Merchant-

Merchant YR

CCGT Q2 2017 EAI Operating

lease

Operating

NA (Merchant market)

Industrial

Wind IPP Morocco 1 655 26.01% 120 - - 120 - BOO-20 YR Wind Q1 2018 EAI

lease

companies (captive

PPAs)

Noor II CSP Morocco 1 4,125 75.00% 200 - - 200 - BOOT-25 YR IPP

CSP - Q3 2017 SUB

Parabolic

Finance

lease

Moroccan Agency for Solar Energy

Noor III CSP Morocco IPP

1

3,233

75.00%

150

-

-

150

-

BOOT-25 YR CSP - Tower Q4 2017 SUB Finance Moroccan Agency

lease for Solar Energy

Shuaa

Energy PV UAE IPP

1

1,222

24.99%

200

-

-

200

-

BOO-25 YR PV Q2 2017 EAI Finance DEWA

lease

Salalah

2 IPP - Oman Existing

1

629

27.00%

273

-

-

273

-

Finance Oman Power and BOO-30 YR OCGT Q1 2003 EAI lease Water Procurement

Co.

Salalah

2 IPP - Oman Greenfield

1

1,687

27.00%

445

-

-

445

-

Operating Oman Power and BOO-15 YR CCGT Q1 2018 EAI lease Water Procurement

Co.

Hassyan IPP UAE

1

12,140

26.95%

2,400

-

-

2,400

-

Pulverized Dubai Electricity

BOO-25 YR coal fired Q4 2023 EAI Finance and Water

boiler

technology

lease Authority (DEWA)

Ibri IPP

Oman

1

3,683

44.90%

1,509

-

-

1,509

-

BOO-15 YR

CCGT

Q2 2019

Operating Oman Power and

EAI lease Water Procurement

Co.

Operational Capacity3

Project

Name

Country

m /

BESS

MWh (Gross)

Contract

(MW)

(000'm3/

day)

PCOD

Technology (Actual / Expected)/Status

Control

(EAI/ Accounting SUB)2

Offtaker

Sohar 3 IPP

Oman

1

3,686

44.90%

1,710

-

-

1,710

-

BOO-15 YR

CCGT

Q2 2019

Operating Oman Power and

EAI lease Water Procurement

Co.

Operating National Electric

FULLY OPERATIONAL ASSETS CONTD.

No. of

Total

Investment

ACWA

Power

Power4

Water4

(000'

Green

Hydrogen4

Assets

Cost

Effective

(MW)

3

(Ktons/

(million)

Share1

day)

annum)

Zarqa IPP Jordan

1

1,834

60.00%

485

-

-

485

-

BOO-25 YR

CCGT

Q2 2018

SUB lease Power Company

(NEPCO)

NOOR PV1 Morocco IPP

3

788

75.00%

135

-

-

135

-

BOT-20 YR

PV

Q4 2018

EAI Finance Moroccan Agency

lease for Solar Energy

Mafraq PV

IPP Jordan

1

265

51.00%

50

-

-

50

-

BOO-20 YR

PV

Q4 2018

Operating National Electric SUB lease Power Company

(NEPCO)

Shuaibah 2 Saudi Arabia IWP

1

1,155

100.00%

-

250

-

-

250

BOO-25 YR

SWRO

Q2 2019

SUB Operating Water & Electricity

lease Company

Risha PV IPP Jordan

1

254

51.00%

50

-

-

50

-

BOO-20 YR

PV

Q3 2019

Operating National Electric EAI lease Power Company

(NEPCO)

BenBan 1 Egypt

1

281

32.81%

50

-

-

50

-

BOO-25 YR

PV

Q2 2019

Operating Egyptian Electricity EAI lease Transmission

Company (EETC)

Ben Ban 2 Egypt

1

300

32.81%

50

-

-

50

-

BOO-25 YR

PV

Q2 2019

Operating Egyptian Electricity EAI lease Transmission

Company (EETC)

Ben Ban 3 Egypt

1

113

18.05%

20

-

-

20

-

BOO-25 YR

PV

Q2 2019

Operating Egyptian Electricity

EAI lease Transmission

Company (EETC)

FULLY OPERATIONAL ASSETS CONTD.

Total

Project

Name

ACWA Water4

Country No. of Investment Power Power4 (000'

Assets Cost Effective (MW) m3/

(million) Share1 day)

Green

Hydrogen4 (Ktons/ annum)

Operational Capacity3

BESS

MWh (Gross)

Contract

PCOD

Technology (Actual / Expected)/Status

Control

(EAI/ Accounting SUB)2

Offtaker

(MW) (000'm3/

day)

Salalah IWP Oman 1 600 50.10% - 114 - - 114 BOO-20 YR SWRO Q1 2021 SUB

Sakaka PV Saudi Arabia 1 1,133 70.00% 300 - - 300 - BOO-25 YR PV Q2 2020 SUB IPP

Noor Energy UAE 1 17,145 24.99% 950 - - 950 - BOO-35 YR CSP - Tower Q1 2024 EAI

1

Rabigh 3 Saudi Arabia 1 2,576 70.00% - 600 - - 600 BOO-25 YR SWRO Q4 2021 SUB IWP

Operating

lease

Finance

lease

Operating

lease

Finance

lease

Oman Power and Water Procurement Co.

Saudi Power Procurement Company (SPPC)

Dubai Electricity and Water Authority (DEWA)

Saudi Water Partnership Co. (SWPC)

Al Dur Phase II IWPP

Bahrain 1 4,125 60.00% 1,500 227 - 1,500 227 BOO-20 YR

CCGT / Q2 2022 EAI SWRO

Operating

lease

Electricity and Water Authority

Taweelah IWP

UAE 1 3,278 40.00% - 909 - - 909 BOO-30 YR SWRO Q1 2024 EAI Finance

lease

EWEC(ADWEC)

UAQ IWP UAE 1 2,988 40.00% - 682 - - 682 BOO-35 YR SWRO Q3 2022 EAI Finance

lease

Operating

Etihad Water and Electricity

Oman Power and

Ibri 2 PV IPP Oman 1 1,481 50.00% 500 - - 500 - BOO-15 YR PV Q3 2021 EAI

Jazlah IWP Saudi Arabia 1 2,468 40.20% - 600 - - 600 BOO-25 YR SWRO Q1 2023 EAI

Shuaa UAE 1 2,108 24.90% 900 - - 900 - BOO-25 YR PV Q4 2023 EAI

Energy 3

lease

Finance

lease

Operating

lease

Water Procurement

Co.

Saudi Water Partnership Co. (SWPC)

Dubai Electricity and Water Authority (DEWA)

FULLY OPERATIONAL ASSETS CONTD.

Total

Project

Name

ACWA Water4

Country No. of Investment Power Power4 (000'

Assets Cost Effective (MW) m3/

(million) Share1 day)

Green

Hydrogen4 (Ktons/ annum)

Operational Capacity3

BESS

MWh (Gross)

Contract

PCOD

Technology (Actual / Expected)/Status

Control

(EAI/ Accounting SUB)2

Offtaker

(MW) (000'm3/

day)

Sirdarya Uzbekistan 1 3,814 51.00% 1,500 - - 1,500 - BOOT-25 YR CCGT Q4 2024 EAI CCGT IPP

Finance

lease

National Electric Grid of Uzbekistan (NEGU)

Egyptian Electricity

Kom Ombo Egypt 1 611 100.00% 200 - - 200 - BOO-25 YR PV Q3 2024 SUB Operating

lease

Transmission Company (EETC)

Redstone CSP IPP

Sudair PV

South Africa 1 2,715 36.00% 100 - - 100 - BOO-20 YR CSP - Tower Q2 2025 EAI Operating

lease

Operating

Eskom Holdings Saudi Power

IPP Saudi Arabia 1 3,465 35.00% 1,500 - - 1,500 - BOO-25 YR PV Q4 2024 EAI

lease

Procurement

Company (SPPC)

Jazan IGCC Saudi Arabia 1 45000 25.00% 3,800 - - 3,800 - OOT-25 YR IGCC Q4 2021 EAI Finance

lease

ARAMCO

Shuaibah 3 Saudi Arabia 1 3,113 47.48% - 600 - - 600 BOO-25 YR SWRO Q2 2025 EAI IWP

Bash Wind Uzbekistan 1 2,588 65.00% 500 - - 500 - BOOT-25 YR Wind Q1 2025 EAI IPP

Dzhankeldy Uzbekistan 1 2,468 65.00% 500 - - 500 - BOOT-25 YR Wind Q1 2025 EAI Wind IPP

Finance

lease

Operating

lease

Operating

lease

Saudi Water Partnership Co. (SWPC)

National Electric Grid of Uzbekistan (NEGU)

National Electric Grid of Uzbekistan (NEGU)

Azerbaijan Azerbaijan 1 1,073 100.00% 240 - - 240 - BOO-20 YR Wind Q1 2026 SUB Wind IPP

Operating Azerenerji OJSC

lease

FULLY OPERATIONAL ASSETS CONTD.

Total

Project

Name

ACWA Water4

Country No. of Investment Power Power4 (000'

Assets Cost Effective (MW) m3/

(million) Share1 day)

Green

Hydrogen4 (Ktons/ annum)

Operational Capacity3

BESS

MWh (Gross)

Contract

PCOD

Technology (Actual / Expected)/Status

Control

(EAI/ Accounting SUB)2

Offtaker

(MW) (000'm3/

day)

Ar Rass PV Saudi Arabia 1 1,688 40.10% 700 - - 700 - BOO-25 YR PV Q4 2024 EAI IPP

Laylaa PV Saudi Arabia 1 400 40.10% 91 - - 91 - BOO-30 YR PV Q1 2025 EAI IPP

Shuaibah Saudi Arabia 2 8,250 35.01% 2,660 - - 2,660 - BOO-35 YR PV Q4 2025 EAI 1& 2 PV IPP

Riverside Uzbekistan 1 2,381 100.00% 200 - - 771 200 - BOOT-25 YR PV+BESS Q1 2026 SUB

Solar

Karatau Uzbekistan 1 439 100.00% 100 - - 100 - BOOT-25 YR Wind Q4 2025 SUB Wind IPP

Saad 2 PV Saudi Arabia 1 3,000 50.10% 1,125 - - 1,125 - BOO-35 YR PV Q3 2025 EAI IPP

Al Kahfah Saudi Arabia 1 3,900 50.10% 1,425 - - 1,425 - BOO-35 YR PV Q4 2025 EAI PV

Uzbekistan Uzbekistan 1 375 80.00% 52 - 3 52 - BOO-25 YR GH2 / Wind Q3 2025 SUB GH2

Operating

lease

Operating

lease

Operating

lease

Operating

lease

Operating

lease

Operating

lease

Operating

lease

Operating

lease

Saudi Power Procurement Company (SPPC)

Saudi Power Procurement Company (SPPC)

Saudi Power Procurement Company (SPPC)

National Electric Grid of Uzbekistan (NEGU)

National Electric Grid of Uzbekistan (NEGU)

Saudi Power Procurement Company (SPPC)

Saudi Power Procurement Company (SPPC)

HPA -

Uzkimyosanoat; PPA

- NEGU

Mingyang China 1 413 100.00% 100 - - 30 100 - BOO-20 YR Wind Q2 2025 SUB Wind

Operating State Grid Co.

lease

Total

Project

Name

ACWA Water4

Country No. of Investment Power Power4 (000'

Assets Cost Effective (MW) m3/

(million) Share1 day)

Green

Hydrogen4 (Ktons/ annum)

Operational Capacity3

BESS

MWh (Gross)

Contract

PCOD

Technology (Actual / Expected)/Status

Control

(EAI/ Accounting SUB)2

Offtaker

(MW) (000'm3/

day)

FULLY OPERATIONAL ASSETS CONTD.

Sungrow China

Solar

3

356

85.00%

133

-

-

13

133

-

BOO-25 YR

PV

Q1 2025

SUB Operating Southern Grid Co.

lease

Az Zour

North Kuwait

1

6,030

17.50%

1,520

486

-

1,520

486

BOO(T)-25 YR

CCGT

Q1 2016

Finance Kuwait, Ministry EAI lease of Electricity and

Water

Al Ezzel Bahrain

1

1,200

45.00%

940

-

-

940

-

BOO-25 YR

CCGT

Q1 2007

Finance Bahrain Electricity

EAI lease and Water

Authority

Al Dur Bahrain 1

5,358.8

45.00%

1,224

218

-

1,224

218

BOO-25 YR

CCGT / SWRO

Q1 2012

Finance Bahrain Electricity

EAI lease and Water

Authority

Al Hidd Bahrain 1

1,440.0

30.00%

929

409

-

929

409

BOO-25 YR

CCGT

Q1 2008

Operating Bahrain Electricity EAI lease and Water

Authority

Mingshang China 1

wind

364.4

100.00%

100

-

-

30

100

-

BOO-20 YR

Wind

Q4 2024

SUB Operating State Grid Co.

lease

Boli II China 1

696.4

100.00%

250

-

-

25

250

-

BOO-20 YR

Wind

Q2 2025

SUB Operating State Grid Co.

lease

Shuaibah Saudi

IWPP Arabia 0

9,187.5

62.00%

-

-

-

-

-

BOO

MSF

Q1 2010

Finance Saudi Water EAI lease Partnership Co.

(SWPC)

Total 67

240,467

43,928

6,325

3

869

43,928

6,325

UNDER CONSTRUCTION & PARTIALLY OPERATIONAL ASSETS

Operational Under construcion

(million) Share1

annum)

Total ACWA Water4 Green BESS capaci

Project No. of Investment Power Power4 Hydrogen4

Name Country Assets Cost Effective (MW) (000' (Ktons/ MWh

m3/day) (Gross) (MW)

ty3

(000'

m3/ day)

capac

(MW)

ity PCOD Control

(Actual /

(000' Contract Technology Expected)/ (EAI/ Accounting Offtaker

m3/ SUB)2

Status

day)

The Red Saudi Arabia Sea Project

Neom

1

5,966

50.00%

340

33

-

1,227

-

-

340

PV, BESS, The Red Sea

33 BOOT-25 ICE, RO, Q2 2026 EAI Finance Utilities Company YR district lease (TRSUC)

cooling

BOO-30 Operating

Green Saudi Arabia

Hydrogen

1

31,875

33.33%

3,883

-

220 600

Kungrad 1 Uzbekistan Wind IPP

1

3,998

100.00%

500

-

- 326.0

Kungrad 2 Uzbekistan Wind IPP

1

2,501

100.00%

500

-

- 326.0

Kungrad 3 Uzbekistan

1

2,501

100.00%

500

-

-

-

-

3,883

- YR Electolyzers Q4 2026 EAI lease Air Product

National

-

-

500

- BOOT-25 Wind+BESS Q2 2028 SUB Operating Electric Grid

YR lease of Uzbekista

(NEGU)

National

-

-

500

- BOOT-25 Wind+BESS Q2 2028 SUB Operating Electric Grid

YR lease of Uzbekista

(NEGU)

National

s

0 n

0 n

Wind IPP

326.00

- - 500 - BOOT-25 YR

Wind+BESS Q2 2028 SUB Operating

lease

Electric Grid of Uzbekistan (NEGU)

Egyptian

Suez Wind

Egypt

1

4,125

70.00%

1,100

-

-

-

-

1,100

- BOO-25 Wind Q4 2026 SUB Operating Electricity YR lease Transmission

Company (EETC)

Saguling Floating PV

Indonesia

1

225

100.00%

60

-

-

-

-

60

- BOO-25 PV Q2 2026 EAI Operating PT PLN

YR lease (PERSERO)

IPP

UNDER CONSTRUCTION & PARTIALLY OPERATIONAL ASSETS CONTD.

Operational Under construcion

Total ACWA Water4 Green BESS capacity3 capacity PCOD Control

Project No. of Investment Power Power4 Hydrogen4 (Actual /

Name Country Assets Cost Effective (MW) (000' (Ktons/ MWh (000' (000' Contract Technology Expected)/ (EAI/ Accounting Offtaker

m3/day) (Gross) (MW) m3/ (MW) m3/ SUB)2

(million) Share1 annum) Status

day)

day)

Rabigh 4

IWP Saudi Arabia

1

2,516

45.00%

-

600

-

-

600

-

BOO-25 Finance Saudi Water

- YR SWRO Q1 2026 EAI lease Partnership Co.

(SWPC)

Sazagan Solar 1

Sazagan Solar 2

Ar Rass 2

Uzbekistan 1 2,644 51.00% 500 - - 883 - - 500 - BOOT-25

YR

Uzbekistan 1 3,229 51.00% 500 - - 883 - - 500 - BOOT-25

YR

BOO-35

PV+BESS Q2 2027 SUB Operating

lease

PV+BESS Q4 2026 SUB Operating

lease

Operating

National Electric Grid of Uzbekistan (NEGU)

National Electric Grid of Uzbekistan (NEGU)

Saudi Power

PV IPP Saudi Arabia 1 5,299 50.10% 2,000 - - - - 2,000 -

YR PV Q2 2026 EAI

lease

Procurement

Company (SPPC)

Hassyan UAE 1 3,428 20.40% - 818 - - - - 818

IWP

BOO-30 SWRO Q1 2027 EAI YR

Finance

lease

Dubai Electricity and Water Authority (DEWA)

Taibah 1 Saudi Arabia 1 6,676 40.00% 1,934 - - - - 1,934 -

IPP

BOO-25 CCGT Q2 2027 EAI YR

Finance

lease

Saudi Power Procurement Company (SPPC)

Qassim 1 Saudi Arabia 1 6,619 40.00% 1,896 - - - - 1,896 -

IPP

BOO-25 CCGT Q2 2027 EAI YR

Finance

lease

Saudi Power Procurement Company (SPPC)

UNDER CONSTRUCTION & PARTIALLY OPERATIONAL ASSETS CONTD.

Project

Name

Total

Country No. of Investment

Assets Cost

(million)

ACWA

Power Effective Share1

Power4 Water4

(MW) (000'

m3/day)

Green

Hydrogen4 (Ktons/ annum)

BESS

MWh (Gross)

Operational

capacity3

(000'

Under construcion

capacity

(000' Contract Technology

m3/

day)

(MW)

m3/

day)

PCOD

(Actual / Expected)/ Status

Control

(EAI/ SUB)2

Accounting

Offtaker

(MW)

Nukus II wind+BESS

Uzbekistan 1 971 100.00% 200 - - 155 - - 200 - BOO-25

YR

Wind+BESS Q3 2026 SUB Operating

lease

National Electric Grid of Uzbekistan (NEGU)

PIF 4

Haden Solar PV

Saudi Arabia

1

4,376

35.10%

2,000

-

-

-

-

2,000

-

BOO-25 YR

PV

Q1 2027

EAI

Finance

lease

Saudi Power Procurement Company (SPPC)

PIF 4

Al-Muwaih

Saudi Arabia

1

4,429

35.1%

2,000

-

-

-

-

2,000

BOO-25 Finance Saudi Power

- YR PV Q1 2027 EAI lease Procurement

Solar PV

Company (SPPC)

PIF 4 Al-

Khushaybi

Saudi Arabia

1

3,458

35.1%

1,500

-

-

-

-

1,500

BOO-25 Operating Saudi Power

- YR PV Q1 2027 EAI lease Procurement

Solar PV

Company (SPPC)

Rumah 1

Saudi Arabia

1

7,875

35.0%

1,890

-

-

-

-

1,890

BOO-25 Finance Saudi Power

- YR CCGT Q2 2028 EAI lease Procurement

Company (SPPC)

Nairyah1 Saudi Arabia 1 7,875 35.0% 1,890 - - - - 1,890 -

BOO-25 CCGT Q2 2028 EAI YR

Finance

lease

Saudi Power Procurement Company (SPPC)

Ras Muhaisen IWP

Saudi Arabia 1 2,569 45.0% - 300 - - - - 300

BOO-25 SWRO Q4 2029 EAI YR

Finance

lease

Saudi Water Partnership Co. (SWPC)

UNDER CONSTRUCTION & PARTIALLY OPERATIONAL ASSETS CONTD.

Operational Under construcion

Total ACWA Water4 Green BESS capacity3 capacity PCOD Control

Project No. of Investment Power Power4 Hydrogen4 (Actual /

Name Country Assets Cost Effective (MW) (000' (Ktons/ MWh (000' (000' Contract Technology Expected)/ (EAI/ Accounting Offtaker

m3/day) (Gross) (MW) m3/ (MW) m3/ SUB)2

(million) Share1 annum) Status

day)

day)

Hajr

Expansion Saudi Arabia

1

13,350

40.0%

3,010

-

-

-

-

3,010

BOO-25 Finance Saudi Power

- YR CCGT Q2 2028 EAI lease Procurement

Company (SPPC)

Bisha PV Saudi Arabia 1 5,625 35.1% 3,000 - - - - 3,000 -

BOO-25 PV Q1 2028 EAI YR

Operating

lease

Saudi Power Procurement Company (SPPC)

Al Humaij Saudi Arabia 1 5,625 35.10% 3,000 - - - - 3,000 -

PV

BOO-25 PV Q1 2028 EAI YR

Operating

lease

Saudi Power Procurement Company (SPPC)

Al Khulais Saudi Arabia 1 3,750 35.10% 2,000 - - - - 2,000 -

PV

BOO-25 PV Q4 2027 EAI YR

Operating

lease

Saudi Power Procurement Company (SPPC)

Afif 1 PV Saudi Arabia 1 3,750 35.10% 2,000 - - - - 2,000 -

BOO-25 PV Q4 2027 EAI YR

Operating

lease

Saudi Power Procurement Company (SPPC)

Afif 2 PV Saudi Arabia 1 3,750 35.10% 2,000 - - - - 2,000 -

BOO-25 PV Q4 2027 EAI YR

Operating

lease

Saudi Power Procurement Company (SPPC)

Shaqra Saudi Arabia 1 3,000 35.10% 1,000 - - - - 1,000 -

Wind

BOO-25 Wind Q4 2027 EAI YR

Operating

lease

Saudi Power Procurement Company (SPPC)

UNDER CONSTRUCTION & PARTIALLY OPERATIONAL ASSETS CONTD.

(MW)

Offtaker

Accounting

Control

(EAI/ SUB)2

PCOD

(Actual / Expected)/ Status

m3/

day)

(MW)

m3/

day)

Under construcion

capacity

(000' Contract Technology

Operational

capacity3

(000'

BESS

MWh (Gross)

Green

Hydrogen4 (Ktons/ annum)

Power4 Water4

(MW) (000'

m3/day)

ACWA

Power Effective Share1

Total

Country No. of Investment

Assets Cost

(million)

Project

Name

Starah Wind Saudi Arabia 1 5,625 35.10% 2,000 - - - - 2,000 - BOO-25

YR

Az-Zour

Wind Q1 2028 EAI Operating

lease

Saudi Power Procurement Company (SPPC)

Kuwait, Ministry

North

Phase 2 &

3 IWPP *

ACWA

Power Gijduvan Wind

Kuwait 1 17,250 24.00% 2,700 545 - - - 2,700 545 BOT-25

YR

Uzbekistan 1 1,349 100.00% 300 - - - - - 300 - BOOT-

25 YR

CCGT Q4 2029 EAI [TBC]

Wind Q1 2027 SUB Operating

lease

of Electricity and

Water

National Electric Grid of Uzbekistan (NEGU)

Azerbaijan Caspian Sea IWP

Azerbaijan 1 1,500 75.00% - 300 - - - - - 300 BOO-25

YR

SWRO Q4 2028 SUB Finance

lease

ADSEA water resource agency Azerbaijan

Total

32 177,727

44,203 2,596

220

4,725 2,000 600 42,203 1,996

ADVANCED DEVELOPMENT ASSETS5

Project Name Country

Total

No. of Investment Assets Cost

(million)

ACWA

Power Effective Share1

Power4

(MW)

Water4

(000' m /

day)

3

Green

Hydrogen4 (Ktons/ annum)

BESS

MWh (Gross)

Contract

Technology

PCOD

(Actual / Control Expected)/ (EAI/SUB)2

Status

Accounting

Offtaker

Singkarak Floating PV IPP

Indonesia 1 188 100.00% 50 - - BOO-25 YR PV Q4 2026 SUB

Operating PT PLN (PERSERO)

lease

ACWA Power KRKP WIND

Uzbekistan 1 2,188 100.00% 500 - - BOO(T)-25 YR Wind Q2 2027 SUB Operating

lease

National Electric Grid of Uzbekistan (NEGU)

FE Acwa

Power Moynaq Uzbekistan Aral One, LLC

1

4,055

100.00%

1,000

-

-

BOO(T)-25 YR

Wind

Q2 2031

SUB Operating National Electric Grid

lease of Uzbekistan (NEGU)

FE Acwa

Power Kyrkkyz Uzbekistan Aral Two, LLC

1

4,055

100.00%

1,000

-

-

BOO(T)-25 YR

Wind

Q2 2031

SUB Operating National Electric Grid

lease of Uzbekistan (NEGU)

FE Acwa Power

Kunkhodzha Uzbekistan Aral Three,

LLC,

1

3,963

100.00%

1,000

-

-

BOO(T)-25 YR

Wind

Q2 2031

SUB Operating National Electric Grid

lease of Uzbekistan (NEGU)

FE Acwa

Power Beleuli Uzbekistan Aral Four, LLC

1

3,963

100.00%

1,000

-

-

BOO(T)-25 YR

Wind

Q2 2031

SUB Operating National Electric Grid

lease of Uzbekistan (NEGU)

FE Acwa

Power Uzbekistan

Karakalpakia

1

3,896

100.00%

1,000

-

-

BOO(T)-25 YR

Wind

Q2 2031

SUB Operating National Electric Grid

lease of Uzbekistan (NEGU)

Aral Five, LLC

Hamriyah IWP

UAE

1

2,569

45.00%

-

410

-

BOO-30 YR

SWRO

Q2 2028

Operating SEWA (Sharjah

EAI lease Electricity and Water

Authority)

ADVANCED DEVELOPMENT ASSETS5 CONTD.

Project Name Country

No. of Assets

Total

Investment Cost (million)

ACWA

Power Effective Share1

Power4 (MW)

Water4 (000' m3/

day)

Green

Hydrogen4 (Ktons/ annum)

BESS

MWh (Gross)

Contract

Technology

PCOD

(Actual / Expected)/ Status

Control Accounting Offtaker (EAI/SUB)2

Hurghada

Wind Egypt

1

8,625

100.00%

2,000

-

-

BOO-25 YR

Wind

Q2 2029

Operating Egyptian electricity

SUB lease Transmission Company (EETC)

Grand Cote

Desalination Senegal Project

1

3,000

67.00%

-

400

-

BOO-30 YR

SWRO

Q3 2031

SUB Finance Sones

lease

Total

10

36,500

7,550

810

-

0

Source: Company information.

  1. ACWA's effective share as at 31 March 2026.

  2. Equity accounted investee (EAI) or Subsidiary (SUB)

  3. Operational capacity includes fully operational projects and under construction project's capacity that has achieved partial commercial operations

  4. Contracted capacity

  5. Advanced development projects represent projects that have been signed purchase agreements or have been officially awarded to ACWA. These projects are subject to financial close and the information disclosed in the table maybe subject to changes.















KPMG Professional Services Company

Roshn Front, Airport Road

P.O. Box 92876

Riyadh 11663

Kingdom of Saudi Arabia

Commercial Registration No 1010425494



Headquarters in Riyadh

Independent auditor's report on review of interim condensed consolidated financial statements

To the Shareholders of ACWA Power Company (A Saudi Joint Stock Company)

Introduction

We have reviewed the accompanying 31 March 2026 interim condensed consolidated financial statements of ACWA Power Company ("A Saudi Joint Stock Company") and its subsidiaries ("the Group") which comprises:

the interim condensed consolidated statement of financial position as at 31 March 2026;

the interim condensed consolidated statement of profit or loss for the three months period ended 31 March 2026;

the interim condensed consolidated statement of comprehensive income for the three months period ended 31 March 2026;

the interim condensed consolidated statement of cash flows for the three months period ended 31 March 2026;

the interim condensed consolidated statement of changes in equity for the three months period ended 31 March 2026; and

the notes to the interim condensed consolidated financial statements.

Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with IAS 34, 'Interim Financial Reporting' that is endorsed in the Kingdom of Saudi Arabia. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' that is endorsed in the Kingdom of Saudi Arabia. A review of interim condensed consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing that are endorsed in the Kingdom of Saudi Arabia, and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

KPMG Professional Services Company, a professional closed joint stock company registered in the Kingdom of Saudi Arabia with a paid-up capital of SAR110,000,000 and a non-partner member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

(

)

.





Independent auditor's report on review of interim condensed consolidated financial statements

To the Shareholders of ACWA Power Company (A Saudi Joint Stock Company) (continued)

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying 31 March 2026 interim condensed consolidated financial statements of ACWA Power Company ("A Saudi Joint Stock Company") and its subsidiaries ("the Group") are not prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting' that is endorsed in the Kingdom of Saudi Arabia.

KPMG Professional Services Company

Dr. Abdullah Hamad Al Fozan



License Number 348



Riyadh on 23 Duh Al-Qi'dah 1447H Corresponding to: 10 May 2026

- 2 -

ACWA POWER Company

(Saudi Listed Joint Stock Company)

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(All amounts in N thousands unless otherwise stated)

ASSETS

Note

As of

31 Mar 2026

As of 31 Dec 2025

Non-current assets

Property, plant and equipment

3

15,785,317

16,407,155

Intangible assets and goodwill

2,497,658

2,509,907

Equity accounted investees

4

23,992,169

22,690,118

Net investment in finance lease

5

11,726,267

10,739,577

Deferred tax asset

423,408

364,015

Fair value of derivatives

18

389,298

404,334

Other assets

552,370

572,263

Total non-current assets

55,366,487

53,687,369

Current assets Inventories

763,933

767,162

Net investment in finance lease

5

384,333

387,523

Fair value of derivatives

18

114,948

79,203

Due from related parties

9

2,297,962

3,117,125

Accounts receivable, prepayments and other receivables

5,294,358

3,856,214

Short term investments

7

1,236,242

106,000

Cash and cash equivalents

6

6,596,284

8,057,630

Total current assets

16,688,060

16,370,85 7

Total assets

72,054,547

70,058,226



Chairman B.O.D. CEO CFO

The attached notes 1 to 21 form an integral part of these interim condensed consolidated financial statements.

ACWA POWER Company

(Saudi Listed Joint Stock Company)

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

Note

As of

31 Mar 2026

As of

31 Dec 2025

EQUITY AND LIABILITIES

Equity

Shareholders' equity Share capital

7,664,905

7,664,905

Share premium

11,874,971

11,874,971

Treasury shares

(251,908)

(211,927)

Statutory reserve

1,399,866

1,399,866

Retained earnings

6,898,673

6,553,917

Equity attributable to owners of the Company before other

reserves

27,586,507

27,281,732

Other reserves

10

1,855,147

1,743,030

Equity attributable to owners of the Company

29,441,654

29,024,762

Non-controlling interest

2,663,523

2,626,520

Total equity

32,105,177

31,651,282

Liabilities

Non-current liabilities

Long-term financing and funding facilities

8

29,236,709

28,442,759

Due to related parties

9

934,603

926,134

Deferred tax liability

243,521

226,053

Obligation for equity accounted investees

4

416,247

445,382

Fair value of derivatives

18

45,545

71,786

Deferred revenue

166,232

172,956

Employee end of service benefits' liabilities

335,064

329,266

Other liabilities

561,677

588,965

Total non-current liabilities

31,939,598

31,203,30 1

Current liabilities

Accounts payable, accruals and other financial liabilities

5,685,284

4,633,852

Short-term financing facilities

365,702

328,927

Current portion of long-term financing and funding facilities

8

1,592,446

1,875,778

Due to related parties

9

92,825

98,991

Fair value of derivatives

18

19,535

12,807

Zakat and taxation

1 i

253,980

253,288

Total current liabilities

8,009,772

7,203,643

Total liabilities

39,949,370

38,406,944

Total equity and liabilities

72,054,547

70,058,226

(All amounts in A. thousands unless otherwise stated)



Chairman B.O.D. CEO CFO

The attached notes 1 to 21 form an integral part of these interim condensed consolidated financial statements.

4

ACWA POWER Company

(Saudi Listed Joint Stock Company)

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

(All amounts in N thousands unless otherwise stated)

2026

2025

Revenue

t2

2,022,303

1,967,235

Operating costs

(1,095,736)

(866,391)

Gross profit

926,567

1,100,844

Development cost, provision and write offs, net ofreversals

(25,137)

(34,838)

General and administration expenses

(412,139)

(3 89,615)

Note

For the three months period ended

31 March

4

Share in net results of equity accounted investees, net of zakat and tax

76,783

55,219

Other operating income

t3

162,770

138,344

Operating income before impairment loss and other expenses

728,844

869,954

Impairment expense

(7,408)

Other expenses

(1,598)

(8,454)

Operating income after impairment loss and other expenses

727,246

854,092

Other income

6,163

11,705

Finance income

95,546

65,879

Exchange (loss) / gain, net

(28,736)

500

Financial charges

14

(389,596)

(493,187)

Profit before zakat and income tax

410,623

438,989

Zakat and tax (charge) / credit

11. 1

(52,697)

21,119

Profit i'or the period

357,926

460,108

Profit attributable to: Equity holders of the parent

344,756

427,152

Non-controlling interests

13,170

32,956

357,926

460,108

Basic earnings per share to equity holders of the parent (ñ)

15.2

0.45

0.58

Diluted earnings per share to equity holders of the parent (ñ)

15.2

0.45

0.58



Chairman B.O.D. CEO

CFO

The attached notes 1 to 21 form an integral part of these interim condensed consolidated financial statements.

ACWA POWER Company

(Saudi Listed Joint Stock Company)

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(All amounts in N thousands unless otherwise stated)

Note

For the three months period ended

31 March

2026

2025

Profit i'or the period

357,926

460, 108

Other comprehensive income / (loss)

Items that are or may be reclassified subsequently to profit or

loss

Foreign operations - foreign currency translation differences

(6,682)

9,708

Change in fair value of cash flow hedge reserve net of settlements and NCI share

23,235

(464,153)

Settlement of cash flow hedges transferred to profit or loss

819

(85,899)

Equity accounted investees - share of OCI

4, 10

119,421

(781,214)

Items that will not be reclassified to profit or loss Re-measurement of defined benefit liability

(7,072)

3,924

Total other comprehensive income / (loss)

129,721

(1,317,634)

Total comprehensive income / (loss)

487,647

(857,526)

Total comprehensive income / (loss) attributable to:

Equity holders of the parent

445,973

(872,908)

Non-controlling interests

41,674

15,382

487,647

(857,526)



Chairman B.O.D. CEO

CFO

The attached notes 1 to 21 form an integral part of these interim condensed consolidated financial statements.

6

ACWA POWER Company

(Saudi Listed Joint Stock Company

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(All amounts in N thousands unless otherwise stated)

Note

For the three months period ended 31 March

Cash flows from operating activities

2026

2025

Profit before zakat and tax

410,623

438,989

Adjustments for.

Depreciation and amortisation

154,795

139,078

Financial charges

14

389,596

493,187

Unrealised exchange loss / (gain)

26,108

(4,398)

Share in net results of equity accounted investees, net of zakat and tax

(76,783)

(55,219)

Charge for employees' end of service benefits

29,726

19,074

Fair value of cash flow hedges recycled to profit or loss

(2,448)

789

Provisions

10,480

10,219

Provision for long-term incentive plan

6,362

24,915

Gain on disposal ofproperty, plant and equipment

(464)

(1,333)

Impairment loss

7,408

Development cost, provision and write offs, net ofreversals

25,137

34,838

Finance income from shareholder loans and deposits

(162,391)

(119,546)

Changes in operating assets and liabilities:

810,741

988,001

Accounts receivable, prepayments and other receivables

(1,545,848)

(974,609)

Inventories

12,577

(38,435)

Accounts payable, accruals and other liabilities

1,036,164

732,606

Due from related parties

(80,310)

(69,292)

Due to related parties

(5,667)

(2,229)

Net investment in finance lease

231,747

69,101

Deferred revenue

(6,724)

57,028

Net cash from operations

452,680

762,171

Payment of employees' end of service benefits and long-term incentive

(50,562)

(26,088)

Zakat and tax paid

(56,536)

(17,938)

Dividends received from equity accounted investees

1,211

Net cash generatedfrom operating activities

345,582

719,356

Cash flows from investing activities

Addition to property, plant and equipment, and intangible assets

(872,238)

(831,445)

Proceeds on disposal ofproperty, plant and equipment

33,030

3,629

Investments in equity accounted investees

4

(1,134,983)

(1,758,645)

Funding inrelation to construction activities

966,318

1,087,192

Finance income from deposits

95,546

65,879

Short-term deposits with original maturities of more than three months

7

(1,130,242)

162,800

Cash deconsolidated on loss of control

(261,026)

Acquisition of subsidiary net of cash received

(47,969)

Net cash used in investing activities

(2,042,569)

(1,579,585)



Chairman B.O.D. CEO

CFO

The attached notes 1 to 21 form an integral part of these interim condensed consolidated financial statements.

7

ACWA POWER Company

(Saudi Listed Joint Stock Company)

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

(All amounts in N thousands unless otherwise stated)

Note

For the three months period

ended 31 March

Cash flows from financing activities

2026

2025

Proceeds from financing and funding facilities, net of transaction cost

811,047

1,704,011

Repayment of financing and funding facilities

(160,138)

(340,959)

Purchase of treasury shares

(39,981)

Financial charges paid

(312,409)

(430,055)

Payments against debt buyout for project company

(62,752)

Dividends paid

(4,670)

Net ca.sh generatedfromfinancing activitie.s

231,097

932,997

Net (decrease) / increase in cash and cash equivalents during the period

(1,465,890)

72,768

Cash and cash equivalents at beginning of the period

8,057,630

3,802,995

Net foreign exchange difference

4,544

(6,559)

Cash and cash equivalents at end of the period

6

6,596,284

3,869,204



Chairman B.O.D. CEO CFO

The attached notes 1 to 21 form an integral part of these interim condensed consolidated financial statements.

8

Acwa Investor Report

For the three-months period ended 31 March 2026 38

ACWA POWER Company

(Saudi Listed Joint Stock Company)

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Other

Equity auributable

to owners

Non-

Share

Share

Treasury

Statutory

Retained

Proposed

Reserves

of the

controlling

Total

Capital

premium

shares

reserve

earnings

dividends

(note 10}

parent

interests

equity

Balance at 1 January 2025

7,148,765

5,335,893

(106,620)

1,214,643

4,872,289

3,394,115

21,859,085

2,447,127

24,306,212

Profit for the period

427,152

427,152

32,956

460,108

Other comprehensive loss

(1,300,060)

(1,300,060)

(17,574)

(1,317,634

Total comprehensive income / (loss)

427,152

(1,300,060)

(872,908)

15,382

(857,526)

Share-based payment transactions

7,863

7,863

7,863

Balance at 3t March 202a

7,148,765

5,335,893

(106,620)

1,214,643

5,299.441

-

2,10 1,918

20,994,040

2,462,509

23,456,549

Balance at 1 January 2026

7,664,905

11,874,971

(211,927)

1,399,866

6,553,917

1,743,030

29,024,762

2,626,520

31,651,282

Profit for the period

344,756

344,756

13,170

357,926

Other comprehensive income

101,217

101,217

28,504

t29,22 j

Total comprehensive income

344,7fi6

101,217

44fi,973

41,674

487,647

Dividends

(4,670)

(4,670)

Purchase of treasury shares

(39,98t)

(39,981)

(39,981)

Share-based payment transactions

10,900

10,900

10,900

Balance at 31 March 2026

7,664,905

11,874,971

(2fi1,908)

1,399,866

6,898,673

-

1,8fifi,l47

29,44l,6fi4

2,663,fi23

32,10fi,l77

(All amounts in ñ thousands unless otherwise stated)

)









Chairman B.O.D.

CEO

CFO

The attached notes 1 to 21 form an integral part of these interim condensed consolidated financial statements.

9

acwapower.com EI^^'3 ir@acwapower.com



Acwa Investor Report

For the three-months period ended 31 March 2026 39

ACWA POWER Company

(Saudi Listed Joint Stock Company)

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in k thousands unless otherwise stated)

  1. ACTIVITIES

    ACWA POWER Company (the *Company" or "ACWA" or the "Group" or the "Parent") is a Saudi listed joint stock company established pursuant to a ministerial resolution numbered 215 dated 2 Rajab 1429H (corresponding to 5 July 2008) and is registered in Riyadh, Kingdom of Saudi Arabia, under commercial registration number 10 10253392 dated 10 Rajab 1429H (corresponding to 13 July 2008). The Company's Head Office is located at Exit 8, Eastern Ring Road, Qurtubah District, P.O.Box 22616, Riyadh 11416, Kingdom of Saudi Arabia. Shortly after its establishment in 2008, ACWA POWER acquired ACWA Power Projects (APP), which hadbeen active since 2004.

    The Company's main activities are the development, investment, operation and maintenance of power generation, water desalination and green hydrogen production plants andbulk sale of electricity, desalinated water, green hydrogen and/or green ammonia to address the needs of state utilities and industries on long-term offtaker contracts under utility services outsourcing models in the Kingdom of Saudi Arabia and internationally. Additionally, the group also has short-term offtaker contracts in certain jurisdictions.

  2. BASIS OF PREPARATION AND CHANGES TO GROUP ACCOUNTING POLICIES

    1. STATEMENT OF COMPLIANCE

      These interim condensed consolidated financial statements for the three months period ended 31 March 2026 of the Group have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB"); and IAS 34 issued by IASB as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements as issued by the Saudi Organisation for Chartered and Professional Accountants ("SOCPA"), (collectively referred as "IAS 34 as endorsed in KSA").The Group has prepared the financial statements on the basis that it will continue to operate as a going concern.

      These interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual consolidated financial statements as of 31 December 2025. These interim condensed consolidated financial statements for the three months period ended 31 March 2026 are not affected significantly by seasonality of results. The results shown in these interim condensed consolidated financial statements may not be indicative of the annual results of the Group's operations.

      These interim condensed consolidated financial statements are prepared under the historical cost convention and accrual basis of accounting except for the following:

      1. Derivative financial instruments including commodity derivatives, options and hedging instruments which are measured at fair value;

      2. Employee end of service benefits' liability is recognised at the present value of future obligations using the Projected Unit Credit method; and

      3. Assets held for sale which are measured at the lower of their carrying amount and fair value less costs to sell.

        These interim condensed consolidated financial statements are presented in Saudi Riyals ("d") which is the functional and presentation currency of the Company. All values are rounded to the nearest thousand ("ñ"), except when otherwise indicated. The Group's financial risk management objectives and policies and the methods to determine the fair values are consistent with those disclosed in the annual consolidated financial statements for the year ended 31 December 2025.

    2. MATERIAL ACCOUNTING POLICIES

      The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation ofthe Group's annual consolidated financial statements for the year ended 31 December 2025. There are no new standards issued that are effective from 1 January 2026, however, there are anumber of amendments to standards which are effective from 1 January 2026 that have been explained in Group's annual consolidated financial statements, but they do not have a material effect on these interim condensed consolidated financial statements.

    3. SIGNIFICANT ACCOUNTING ESTIMATES

      The preparation of the interim condensed consolidated financial statements in conformity with IAS 34 as endorsed in KSA requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and the reported amounts ofrevenue and expenses during the reporting period. Actual results may differ from these estimates. The significant estimates and judgments used in the preparation of these interim condensed consolidated financial statements are consistent with those used in preparation of the Group's annual consolidated financial statements for the year ended 31 December 2025.

      10

      Acwa Investor Report

      For the three-months period ended 31 March 2026 40

      ACWA POWER Company

      (Saudi Listed Joint Stock Company)

      NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

      (All amounts in k thousands unless otherwise stated)

  3. PROPERTY, PLANT AND EQUIPMENT ("PPE")

    Note

    31 Mar 2026

    31 Dec 2025

    At the beginning of the period / year

    16,407,155

    12,060,529

    Additions for the period / year

    3.1

    876,318

    5,391,741

    Depreciation charge for the period / year

    (141,243)

    (560,605)

    Disposals / write-offs

    (32,565)

    (7,279)

    Transfers to finance lease receivables

    5

    (1,334,371)

    Impairment reversal

    (127,024)

    De-recognition on loss of control of a subsidiary

    (399,750)

    Foreign currency translation

    10,023

    49,543

    At the end of the period / year

    15,785,317

    16,407,155

    1. Additions during the period primarily represents Capital Work In Progress ("CWIP") in relation to certain of the Group's projects under construction. The additions include borrowing cost capitalised amounting to ñ 69.5 million (31 December 2025: ñ 118.2 million).

  4. EQUITY ACCOUNTED INVESTEES

    Set out below is the contribution of equity accounted investees in the interim condensed consolidated statement of financial position, the interim condensed consolidated statement ofprofit or loss and other comprehensive income, and the *Dividends received from equity accounted investees" line of the interim condensed consolidated statement of cash flows.

    Note

    31 Mar 2026

    31 Dec 2025

    At the beginning of the period / year

    22,244,736

    18,701,879

    Additions during the period / year, net

    4.1

    1,134,982

    4,984,183

    Share of results for the period / year

    76,783

    454,780

    Share of other comprehensive income for the period / year

    10

    119,421

    (898,918)

    Dividends received during the period / year

    (997,188)

    At the end of the period / year

    23,575,922

    22,244,73 6

    Equity accounted investees shown under non-current assets

    23,992,169

    22,690,118

    Net obligations for equity accounted investees shown under non-current liabilities

    (416,247) (445,382)

    23,575,922 22,244,736

    1. The major addition during the period relates to the Group's investment in Shuaibah Water and Electricity Company amounting to ñ 777 million (net of consideration adjustments) arising from the acquisition of an additional 32% equity interest. The Group continues to account for this investment as an equity-accounted investee.

  5. NET INVESTMENT IN FINANCE LEASE

Note

3I Mar 2026

31 Dec 2025

At the beginning of the period / year

11,127,100

11,125,001

Finance income recognized during the year

119,569

390,731

Lease payment received

(351,316)

(784,385)

Finance leases recognized during the year

3

1,334,371

Foreign exchange impact

(113,699)

639,384

Impairment

(239,863)

Other changes

At the end of the period / year

Less: Current portion of net investment in finance lease Non-current portion of net investment in finance lease

(5,425) (3,768)

12,110,600 11,127,100

(384,333) (387,523)

11,726,267 10,739,577

11

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