ACWA Power (2082) Analyst Day presentation summary

Business model and value creation

• Integrated model spans development, investment, operation, and optimization of critical assets in growth markets, focusing on long-term contracts and resilient cash flows.

• Emphasis on innovation, cost leadership, and digitalization to enhance asset performance and operational reliability.

• O&M platform (NOMAC) is fully integrated, providing scalable operations, reliability, and additional margins through vertical integration.

• Capital structure leverages both recourse and non-recourse financing, optimizing returns and risk management.

• Revenue streams include project management fees, shareholder distributions, and capital recycling through refinancing and divestments.

Financial framework and statements

• Consolidated financials include subsidiaries (line-by-line), associates, and joint ventures (equity method), with elimination of intragroup transactions.

• Profit or loss statement details revenue, operating costs, share in net results of investees, and gains from divestments.

• Balance sheet highlights significant investments in property, plant, equipment, and equity-accounted investees, with clear separation of current and non-current assets and liabilities.

• Cash flow statements distinguish between operating, investing, and financing activities, reflecting the impact of project cycles and capital structure.

• Mapping of business model stages to financial statements clarifies how development, operation, and optimization activities are reflected in financials.

Key financial metrics and disclosures

• Management focuses on operating income before impairment, adjusted profit attributable to equity holders, parent operating cash flow (POCF), and parent net leverage.

• EBITDA is not a primary KPI for management, but a bridge is provided for market reference, reconciling operating income, depreciation, and share of investee results.

• Parent cash and POCF are derived from distributions, fees, divestments, and are net of corporate expenses and debt service.

• Parent level debt includes both on-balance sheet and off-balance sheet commitments, with detailed breakdowns of recourse and non-recourse obligations.