ACWA Power (2082) investor relations material

Executive summary

• Financial performance for H1 2026 was impacted by timing shifts in project milestones, geopolitical volatility, and operational outages, but underlying business fundamentals and recurring income from operating projects remained strong.

• Achieved strategic milestones, including exclusive Saudi mandate for green fuels and renewable electricity export, entry into the U.S. market, and expansion to 111 assets across 16 countries.

• Operational performance remained robust, with high plant availability (power above 92%, renewables above 98%, water above 98%) and strong safety metrics.

• Launched a High-Performance Organization program to drive efficiency, reduce expenses, and support sustainable growth.

• Independent auditor's review found no material misstatements and compliance with IAS 34.

Financial highlights

• Revenue for H1 2026 was SAR 4,034.4 million, up from SAR 3,714.7 million year-over-year.

• Net profit for H1 2026 was SAR 653 million, down from SAR 909 million in H1 2025, mainly due to lower operating income and project milestone delays.

• Operating income before impairment was SAR 1,444 million, compared to SAR 2,207 million in H1 2025.

• Operating cash flow increased 7% year-over-year, with distributions from operating companies up 51%.

• Cash and cash equivalents at period end were SAR 3,207.2 million, down from SAR 8,057.6 million at 31 December 2025.

Outlook and guidance

• Confident in long-term growth trajectory, supported by a robust project pipeline, strategic mandates, and continued demand for power, water, and sustainable infrastructure.

• Several project milestones and financial impacts are delayed by 6–12 months due to ongoing geopolitical uncertainty, but do not affect long-term pipeline value.

• Board proposed FY2025 cash dividend of SAR 0.46/share, with a new five-year dividend framework for 2026–2030 ensuring minimum 30% payout, at least 50% in cash.