• Net profit amounts to 345 million Saudi Riyals
• Assets under management rise to SAR 455 billion, compared to SAR 403 billion in the first quarter of 2025

Riyadh, Saudi Arabia: ACWA Power (formerly ACWA Power), the world’s largest privately owned desalination company, a leader in energy transformation, and the first developer of large-scale green hydrogen projects, listed on the Saudi Stock Exchange, today announced its financial results for the first quarter ended March 31, 2026, confirming the continued expansion of its portfolio, the volume of projects under execution, and strong operational performance across its global operations.

The company maintained its asset growth during the first quarter of this year, with a total of 109 assets in operation, under development, or under construction, valued at SAR 455 billion, representing a 12.9% increase compared to SAR 403 billion at the end of the first quarter of 2025. Total power generation capacity reached 95.7 GW, including 52.3 GW from renewable energy, which now represents 54.7% of the company's total portfolio across 15 countries. Desalination capacity reached 9.7 million cubic meters per day, while battery energy storage capacity reached 5.6 GWh.

The company's net profit in the first quarter of this year reached SAR 345 million, compared to SAR 427 million in the first quarter of 2025. The company's performance in the first quarter of 2025 was exceptional compared to the historical pattern of first-quarter results, as it was supported by increased revenues from business development and construction management resulting from relatively large projects. This is the reason behind the decline in operating profits and net profit recorded in the first quarter of 2026 compared to the same quarter of the previous year.

Commenting on these results, Dr. Samir Sarhan, CEO of ACWA Power, said

ACWA Power began 2026 with clear priorities focused on operational and capital discipline, alongside the continued execution of its growth strategy. Escalating geopolitical tensions in the region introduced a degree of uncertainty, but these did not result in any material adverse impact on our financial results or operating performance during the first quarter. While we continue to address these challenges with vigilance, resilience, and firm leadership, we remain cautiously approaching the remainder of the year.

The company made significant progress in the first quarter in both project execution and growth. Business development resulted in the awarding of ACWA Power’s first new project in Kuwait, adding 2.7 GW of generating capacity and 0.6 million cubic meters of desalinated water per day. Also during the first quarter, ACWA Power completed financial closure for the Nukus 2 wind farm project in Uzbekistan, representing an investment of SAR 1 billion, further strengthening its long-term contractual revenue base.

Dr. Samir Sarhan added

First-quarter performance reflects the resilience of our project portfolio and the steady progress of our transformation plan, including the implementation of our new operating model and corporate performance enhancement program. We will continue to focus on safe and disciplined execution, proceed cautiously with the development of our projects and future plans, and continue to deliver long-term value to our shareholders and the countries in which we operate.

Operationally, ACWA Power continued to deliver consistent performance across its various assets. Power generation plants maintained a robust availability rate of 89%, while desalination plants saw their availability rate rise to 99%, reflecting asset reliability and strong operational discipline. Health and safety remained a top priority, with the company recording 38.5 million work hours across operations and construction since the beginning of the year, achieving a low workplace injury rate of 0.01, consistent with the previous year's levels.

The company continued its large-scale construction activities, with 32 projects underway representing a total power generation capacity of 44.2 gigawatts and a desalination capacity of 2.6 million cubic meters per day. During the quarter, the company achieved commercial operation of two projects, adding 0.77 gigawatt-hours of battery energy storage and 0.6 million cubic meters per day of desalinated water, further strengthening the company's integrated approach to energy and water solutions. Through its business development, construction, and implementation activities, the company continues to pursue its projects and future plans with a high degree of caution and discipline, paying particular attention to the current geopolitical climate.

ACWA's Chief Financial Officer, Abdul Hameed Al-Muhaidib, commented on the company's financial performance, saying:

The slowdown in project development has a noticeable impact on the company's revenue and naturally leads to cyclical fluctuations in our quarterly financial results. However, given the volume of projects under development and those being launched, we are confident in the stability of our business development revenues in the medium and long term.

Al-Muhaidib added, saying

Our performance in the first quarter reflects the continued strength and resilience of our long-term contract-based business model, underpinned by stable operations and the continued expansion of our project portfolio. We remain committed to disciplined capital allocation and maintaining a strong financial position and high liquidity levels to support future growth. As we expand into the energy, water, and new energy solutions sectors, our focus remains on delivering sustainable, long-term returns while maintaining a robust financial position.

On the financial front, operating income before impairment losses and other expenses for the first quarter reached SAR 729 million, compared to SAR 870 million for the same period last year, while net profit attributable to shareholders of the parent company amounted to SAR 345 million, compared to SAR 427 million. The operating portfolio contributed significantly to operating income, including recent acquisitions in Bahrain and Kuwait and the increased stake in Shuaiba Water and Electricity Company.

Looking ahead, ACWA Power remains well-positioned to continue its growth trajectory, underpinned by a robust portfolio of projects in key markets and sustained demand for sustainable energy, water, and infrastructure solutions. The company will continue to prioritize prudent and disciplined capital allocation, while maintaining operational excellence and strategic partnerships, thereby contributing to long-term value and supporting the global energy transition.

The company will hold a virtual conference to discuss its financial results and latest business developments on Sunday, May 10, 2026, at 4:00 PM Saudi time.

About Aqua Company

ACWA Power (trading symbol: 2082) is a Saudi Arabian company listed on the Saudi Stock Exchange (Tadawul). It is the world's largest privately owned desalination company and a pioneer in green hydrogen, as well as a key player in the global energy transition. Founded and registered in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and currently operates in 15 countries across the Middle East, Africa, Central Asia, and Southeast Asia. Its portfolio comprises 109 projects that are either operational, in advanced stages of development, or under construction, with a total investment value of SAR 455 billion (USD 121.3 billion). The company has a production capacity of up to 95.7 gigawatts of power (of which 52.3 gigawatts are from renewable energy sources), in addition to managing a desalination capacity of 9.7 million cubic meters per day. The power and water produced from ACWA Power's assets are supplied on a bulk basis to meet the needs of government entities, public utilities, and industrial sectors, under long-term purchase agreements within utility contract and public-private partnership models.

Please visit the company's website via the link.

www.acwapower.com

For media communication with Aqua Company

Hala Mohsen

Director of Media Affairs and External Communications

hmohsen@acwapower.com

media.inquiries@acwapower.com

To contact investor relations

Jihad Al-Muhanna

Investor Relations Manager

jalmohanna@acwapower.com

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