• Accelerated new business development across all verticals

• 7 additional assets adding 9.7 GW of power and 1.4 million m³/day of water to the portfolio

Riyadh, Saudi Arabia; 8 May 2025: Saudi-listed ACWA Power, the world’s largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, announced its interim financial results for the first quarter ended 31 March 2025.

Operating income before impairment losses and other expenses increased by 117% reaching SAR 870 million, driven by higher development business and construction management services income, while net profit—attributable to equity holders of the parent—reached SAR 427 million for the period, 44% higher compared to the same period in 2024.

"Our financial results for the first three months of 2025 demonstrate the success of the ACWA Power strategy to accelerate new business development across the company. We achieved significant growth in operating income and net profit, underpinned by the foundation we've laid for growing revenue streams," said Marco Arcelli, Chief Executive Officer of ACWA Power. "In Saudi Arabia, we are in an advanced stage of concluding the next giga wave of projects as part of the 2030 renewable energy target of 130 GW as announced by the Ministry of Energy, solidifying our position as a global leader in energy transition and water desalination."

Abdulhameed Al Muhaidib, Chief Financial Officer of ACWA Power, said: “We've delivered strong and encouraging results for the first quarter of the year. This not only reflects ACWA Power's disciplined approach to our growth objectives for 2030 but also demonstrates our focus on sustainable value creation for our shareholders.”

Earlier in the year, ACWA Power has announced signing of a share purchase agreement to acquire operational gas power and water desalination assets from Engie, adding 4.6GW of power generation and 1.1 million cubic meters per day of water desalination capacity on its overall portfolio.

“Once this acquisition is complete expected in 2025, we will further strengthen our stable, visible revenue and cash flow streams,” added Abdulhameed Al Muhaidib.

During the first quarter, the Company added 9.7 GW of energy capacity and 1.4 million m³/day of desalinated water. The portfolio now includes 101 assets with total investment cost of USD 107 billion and a total gross capacity of 78.9 GW of power generation, 5.3 GWh of BESS, and 9.5 million m³/day of desalinated water production.

Additionally, the Company achieved key milestones as 4 projects come into operation, namely, the 2.1 GW Al Shuaiba 2 and the 91 MW Layla Solar PV IPPs in Saudi Arabia, along with the 500MW each Bash and Dzhankeldy wind IPPs in Uzbekistan. The Noor 3 CSP also resumed operations subsequently in April following an extended outage that was experienced last year.

ACWA Power’s interim financial statements for the first quarter ended 31 Mar 2025 issued by KPMG Professional Services (the company’s Certified Public Accountants), along with the Investor Report including a management’s discussion and analysis on the financial results, are available on the company’s Investor Relations page at http://acwapower.com/en/investor-relations/

The company will host a conference call discussing financial results and business updates on Thursday 8 May 2025 at 17:30 KSA / 14:30 GMT.

About ACWA Power

ACWA Power (TADAWUL:2082) is a Saudi-listed company and the world's largest private water desalination company, the first mover into green hydrogen, and a leader in energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 14 countries in the Middle East, Africa, Central Asia, and Southeast Asia. ACWA Power’s portfolio comprises 101 projects in operation, advanced development, or under construction with an investment value of SAR 381 billion (USD 107.5 billion) and the capacity to generate 78.89GW of power and manage 9.5 million m3/day of desalinated water per day. This energy and water are delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models.