Earnings Call Q1 2026

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

Dr. Samir Serhan

CEO

Mr. Abdulhameed Al

Muhaidib

CFO

Mr. Ozgur Serin

Head of IR & Strategy

3

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

Business update

• 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

  ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

• 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

6

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

Business update

0.01

LTIR

Improved a combined 50% over last 3 years

38.5M

Manhours

Up 3.2% YoY

37

PFPI Events

vs 21 in Q1 2025

7

Business update

(3M2025: 93.7%)

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

Power Availability Water Availability

(3M2025: 89.9%)

(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

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

95.7 GW

O UC AD

43.9 44.2 7.6

Water

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)

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

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.

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

Business update

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.

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

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)

  ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

  ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

• 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

Million

Avg

'21 - '25

557

432

174

522 559

148

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

401

870

526

729

227

Avg

'21 - '25

% of

139 152

270 296

427

345

24

99 FY NP

18% 10%

16%

17%

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

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

Variance 1Q2026 v 1Q2025 - Million

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

1

2

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

1

3 (35) 2

4

Lower revenue from development, procurement

3 and construction services income compared to 1Q2025

Others mainly represents general and administrative expenses

4

1Q2025

1Q2026

Source: Company information. 15

Operational & Financial Performance

Variance 1Q2025 v 1Q2026 - Million

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

29 1

2

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

Higher financial income, lower NCI offset

by higher forex loss

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

427 2

1 3

Lower Operating Income before impairment loss and other expenses

3

Mainly higher deferred tax

4

1Q2025 1Q2026

Source: Company information. 16

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

Internal

https://www.acwapower.com

ACWA INVESTOR RELATIONS | https://www.acwapower.com | [email protected]

ACW