Slides
Page 2
© Nebras Energy Q.P .S.C. 2 Disclaimer This release/announcement/report contains forward-looking and future-based prospective statements and/or information concerning the financial condition, results of operations, activities and businesses of Nebras Energy Q.P.S.C (“Nebras Energy”). All statements/information other than statements/information of historical fact are deemed to be forward-looking statements/information, being statements of future expectations that are based on current expectations and assumptions and not guarantees of future performance. Such forward looking statement /information, involve known and unknown risks and uncertainties that could cause actual results, operations and business performance or events impacting the group to differ materially from those expressed or as may be inferred from these statements. These and all subsequent written and oral forward-looking information incorporated in this release/announcement/report are based on estimates and opinions on the dates they are made as shown in the cover page herein and are expressly qualified in their entirety by this notice. Nebras Energy, its affiliated and subsidiary companies, its Directors, officers, partners, employees, advisors, contractors and agents shall not be liable in any way for any costs, special, direct, indirect, consequential or incidental damage, losses or other detrimental effects whether in tort, contract or quasi contract etc., resulting or arising from the use of or reliance by any party on any forward-looking, and future-based perspective statement and / or other material contained herein. Nebras Energy, its subsidiaries, joint ventures, affiliate and associated companies are further in no way obliged to update or publish revisions to any forward-looking and/or future-based prospective statement/information or any other material contained herein should circumstances or managements opinions change or which may or may not be known to have changed or to be inaccurate as a result of new information, future events or any reason whatsoever. Nebras Energy does not guarantee the accuracy of the historical statements contained herein.
Page 3
© Nebras Energy Q.P .S.C. Table of Contents 3 Executive Summary 4–5 Operational performance 6 Financial performance 7–14 Shareholder trading information 15 Appendix 16 – 21
Page 4
© Nebras Energy Q.P .S.C. 4 Stable Earnings While Advancing the Investment Program (1) EBITDA reconciliation is available in Appendix (2) Net profit for the period attributable to equity holders of the Company REVENUES QAR 2,412m Up 5% vs. previous year EBITDA1 QAR 1,533m Vs 1,516m previous year NET INCOME2 QAR 1,036m Up by QAR 8m vs. previous year 8.7 GW & 110 MiGD Under Construction (gross basis) Regional tensions – Plant operations remain business as usual across the portfolio. The Company continues to closely monitor developments while maintaining a disciplined and resilient approach to its operations and growth strategy. Prudent Capital Allocation – The Company and other sponsors continue to fund the construction of Facility E with target financial close before the year-end. The Board will continue to assess the Company's financial position, funding requirements and market conditions in determining its year-end dividend recommendation. Q3 2026 Change from Q4 2025 Gross Installed capacity - Operational 20.0 - out of which Renewables* 4.2 - Gross capacity under Construction 8.7 2.6 Net* Installed capacity - Operational 8.5 - out of which Renewables** 1.0 - Net capacity under Construction 4.0 1.1 Gross Installed capacity - Operational 541 - Gross capacity under Construction 110 - Net Installed capacity - Operational 392 - Net capacity under Construction 61 - Capacities Power - GWWater *“net” means Ow nership adjusted ** Capacity figures for solar PV assets are in MWp RAF Peaker Unit 0.5 GW OCGT, COD 2027 Facility E 2.4 GW / 110 MiGD CCGT, COD 2028-29 Syrdarya II 1.6 GW CCGT, COD 2026 Surkhandarya 1.6 GW CCGT, COD 2028 Duqm IPP 0.9 GW CCGT, COD 2029 Misfah IPP 1.7 GW CCGT, COD 2029
Page 5
© Nebras Energy Q.P .S.C. 5 Key Investment Highlights LEADING UTILITIES PLAYER IN THE MENA REGION CRITICAL INFRASTRUCTURE ASSETS IN QATAR DIVERSIFIED INTERNATIONAL PORTFOLIO COMPETITIVE STRUCTURE STRONG CASH GENERATION & DIVIDEND TRACK RECORD SOLID FINANCIAL POSITION & CREDIT QUALITY One of the largest utilities company in power generation and water desalination in the MENA region. Main supplier of electricity and desalinated water in Qatar via its critical infrastructure assets – market share of 55% of electricity1 and 69% of water1 - with Guaranteed revenue generation from long-term contracts with State-owned Qatar General Electricity and Water Corporation (“Kahramaa”). Well-diversified international portfolio of renewable and thermal assets across 10 countries with stable and visible cash flows secured by long-term contracts. Stable operating costs from long-term fuel supply agreements with QatarEnergy. Excellent cash generation capability with strong track record of dividend distribution year on year. Solid financial position confirmed by credit rating ‘A1’ with stable outlook. (1) Based on 2025 electricity and water sent out data
Page 6
© Nebras Energy Q.P .S.C. Sent out water* (Million m3) Sent out power* (TWh) Operational Performance – YTD September 2026 6 ▪ Power and water output increased by 2% versus 2025. ▪ Higher power and water availability mainly due to planned outages. ▪ Operational Figures (Proportionately Consolidated) from Nebras Energy and JV Companies in Qatar. ● Total perimeter (Fully consolidated subsidiaries + Equity-accounted investees) ● Fully consolidated perimeter (impact on revenue, cost of sales and other P&L lines) ● Equity-accounted investees (impact reflected in share of results line in P&L) * Qatar operations only Power plant availability* (%) Water plant availability* (%) 25.4 24.9 9.4 9.0 16.0 15.9 YTD SEP 2026 YTD SEP 2025 356 348 170 161186 187 YTD SEP 2026 YTD SEP 2025 98.1% 97.5%99.4% 97.9%97.7% 97.4% YTD SEP 2026 YTD SEP 2025 99.4% 98.8%99.9% 99.5%98.8% 98.0% YTD SEP 2026 YTD SEP 2025
Page 7
© Nebras Energy Q.P .S.C. Key Financial Highlights – YTD September 2026 7 ▪ Higher output and higher capacity charge rates supported revenue growth of 5% ▪ Higher share of profit from JVs & Associates ▪ Favorable variance in income tax, partially offset by ▪ Lower dividends from AFS Investments ▪ Lower interest income from lower cash balances 1 Note: Based on profit for the period attributable to equity holders of the Company
Page 8
© Nebras Energy Q.P .S.C. Financial Performance – P&L YTD September 2026 Vs PY 8 • Revenue increased by 5%, supported by higher power and water output, improved availability, and higher capacity charge rates as per PWPA, partially offset by lower finance lease income. • Higher Gross profit reflects revenue growth, partially offset by higher fuel costs driven by higher sent out power. • Higher EBITDA largely driven by higher gross profit and higher share of results from equity-accounted investees, partly offset by lower other income and slightly higher G&A expenses.
Page 9
© Nebras Energy Q.P .S.C. Financial Performance – P&L YTD Sep 2026 Vs PY, continued 9 Share of profit from JVs/Associates increased by QAR 28m compared to prior year, mainly due to the following drivers: • Qatar: Finance income on service concession asset at Facility E* and higher availability and higher capacity rates at Ras Girtas plant. • International: Lower earnings in UK Wind mainly due to one-time fair value adjustment driven by the change in subsidy indexation, lower wind speeds and power prices impacting wind farms in Australia, partially offset by higher income from IPP4 plant in Jordan from finance lease recalculation. • Lower Other income, including interest, driven by lower dividends from AFS Investments. • Net profit showed slight increase compared to previous year. Solid operational performance, contributions from JVs/Associates and lower income tax expense was offset by higher finance expenses and lower other income as explained above. * Ras Abu Fontas Power Company Q.P.S.C. is the project company for Facility E
Page 10
© Nebras Energy Q.P .S.C. Key Financial Highlights – Q3 2026 10 ▪ Revenue increased by 2%, supported by higher capacity charge rates and higher output revenues ▪ Higher share of profit from equity-accounted investees ▪ Net FX loss recorded in Q3 2025, partially offset by ▪ Lower dividends from AFS Investments ▪ Higher finance expense ▪ Unfavorable variance in income tax 1 Note: Based on profit for the period attributable to equity holders of the Company
Page 11
© Nebras Energy Q.P .S.C. Financial Performance – P&L Q3 2026 Vs PY 11 • 2% increase in Revenue compared to previous year driven by higher power and water capacity charges and output revenues, partially offset by lower finance lease income. • Higher Gross profit due to higher revenue partially offset by higher fuel costs. • Higher EBITDA of QAR 641m (+18%) was driven by higher gross profit and higher share of results from equity-accounted investees partially offset by lower other income.
Page 12
© Nebras Energy Q.P .S.C. Financial Performance – P&L Q3 2026 Vs PY, continued 12 Higher Share of profit from JVs/Associates mainly due to the following drivers: • Qatar: Finance income on service concession asset at Facility E* and higher availability and higher capacity rates at Ras Girtas plant. Facility E* income in Q3 2026 (QAR 76m) includes catch-up for H1 2026 and 2025. • International: Largely due to unfavorable impact from the change in functional currency from UZS to EUR at Surkhandarya project (Uzbekistan) recorded in 2025. • Lower Other Income, including interest, mainly driven by lower dividends from AFS Investments. • Higher Net profit of QAR 456m (+25%) primarily due to stronger equity-accounted results, including Facility E* income, net FX loss recorded in Q3 2025, partially offset by higher finance expense, lower other income as explained above, and higher income tax expense. * Ras Abu Fontas Power Company Q.P.S.C. is the project company for Facility E
Page 13
© Nebras Energy Q.P .S.C. Financial Position – Comparison with Previous year-end 13 * Ras Abu Fontas Power Company Q.P.S.C. is the project company for Facility E • Increase in Total Assets largely driven the capital expenditures on Facility E* and RAF Peaker Unit projects and increase in equity-accounted investments • Lower Cash and Cash Equivalents mainly due to maturity of USD 300m syndicated corporate facility at Nebras Power and capital expenditures on Facility E* and RAF Peaker Unit projects • Decrease in value of AFS investments reflects sale of securities and fair value losses recognized in Other Comprehensive Income (OCI)
Page 14
© Nebras Energy Q.P .S.C. Financial Position – Vs Previous year-end, continued 14 • Increase in Total Equity largely driven by profit for the period and positive cash flow hedge reserve movements recognized in Other Comprehensive Income • ~1% increase in Total Debt mainly driven by additional borrowings to support the investment program in Qatar partially offset by the maturity of USD 300m syndicated corporate facility at Nebras Power • Increase in Net Debt is largely due to additional drawdowns to support ongoing strategic investments
Page 15
© Nebras Energy Q.P .S.C. 15 Shareholder Information (as of 30 September 2026) 90.09% 0.57% 9.34% Qatari GCC Foreigners Company name Nebras Energy Q.P .S.C. Ticker (QE) QEWS Share price QAR 13.3 Market Capitalization QAR 14.6bn Common Shares Outstanding 1.1b Free Float* 59.97% *as of 7 September 2026 Mr. Mohammed El Atmani Phone: +974 4052 0035 Email: IR@nebrasenergy.qa General information Shareholder structure (ownership percentage – 30 September 2026) Investor relations contact Source: QSE / QNBFS Share price performance (as at) QEWS % change QSE Index % change July +3.3% -3.1% August -7.9% -1.1% September -2.3% -5.7% Share price performance versus QSE General index for 3rd Quarter 2026
Page 17
© Nebras Energy Q.P .S.C. Profit and Loss Statement – YTD September 2026 17*Note: Based on profit for the period attributable to equity holders of the Company QAR millions YTD Sep 2026 YTD Sep 2025 Revenue 2,412 2,289 Cost of sales (1,679) (1,578) Gross profit 733 711 Interest income 133 144 Other Income 111 132 General and administrative expenses (205) (196) Operating profit 772 791 Finance costs (excl. FX) (287) (283) Foreign exchange gain / (loss) – net (2) 11 Share of results from equity-accounted investees 584 556 Income Tax (Expenses) / Credit (21) (36) Profit for the Period 1,046 1,037 Non-Controlling Interest (10) (10) Profit attributable to the Owners of the Company 1,036 1,027 Basic and diluted EPS (QAR per share)* 0.94 0.93
Page 18
© Nebras Energy Q.P .S.C. EBITDA Reconciliation – YTD September 2026 18 *EBITDA includes interest income on loans due from equity-accounted investees QAR millions YTD Sep 2026 YTD Sep 2025 Profit from continuing operations 1,046 1,038 [+] Income tax 21 36 [+] Finance costs (excl. FX) 287 283 [+] Foreign exchange gain / (loss) – net 2 (11) [-] Interest income excluding shareholder loans (78) (87) [+] Depreciation & Amortization 256 257 EBITDA* 1,533 1,516
Page 19
© Nebras Energy Q.P .S.C. Profit and Loss Statement – Q3 2026 19*Note: Based on profit for the period attributable to equity holders of the Company QAR millions Q3 2026 Q3 2025 Revenue 864 844 Cost of sales (599) (585) Gross profit 264 259 Interest income 42 44 Other Income 21 47 General and administrative expenses (67) (63) Operating profit 260 287 Finance costs (excl. FX) (104) (93) Foreign exchange gain / (loss) – net (0) (16) Share of results from equity-accounted investees 318 193 Income Tax (Expenses) / Credit (10) (1) Profit for the Period 464 370 Non-Controlling Interest (8) (5) Profit attributable to the Owners of the Company 456 365 Basic and diluted EPS (QAR per share)* 0.41 0.33
Page 20
© Nebras Energy Q.P .S.C. EBITDA Reconciliation – Q3 2026 20 *EBITDA includes interest income on loans due from equity-accounted investees QAR millions Q3 2026 Q3 2025 Profit from continuing operations 464 370 [+] Income tax 10 1 [+] Finance costs (excl. FX) 104 93 [+] Foreign exchange gain / (loss) – net 0 16 [-] Interest income excluding shareholder loans (25) (25) [+] Depreciation & Amortization 87 89 EBITDA* 641 544
Page 21
© Nebras Energy Q.P .S.C. Company Profile 21 About us Success ▪ Nebras Energy (formerly QEWC) is a Qatari public joint stock company established for the purpose of owning and managing power generation and water desalination stations and the sale of their products ▪ Nebras Energy is one of the first private sector companies in the region engaged in the generation of electricity and desalination of water ▪ The company is managed by the Board of Directors consisting of eleven members headed by His Excellency Saad Bin Sherida Al-Kaabi, Minister of State for Energy Affairs Capacity One of the largest companies in the field of power generation and water desalination in the MENA region Main supplier of electricity and desalinated water in Qatar Well-diversified international portfolio of renewable and thermal assets across 10 countries Nebras Energy is credit rated ‘A1’ by Moody’s, with a stable outlook Operational outreach Assets inside Qatar1 Assets outside Qatar2 Operational Under construction Operational Under construction Unit Power GW Water MIGD Power GW Water MIGD Power GW Power GW Gross 10.6 541 2.9 110 9.4 5.7 Net 6.3 392 1.8 61 2.2 2.2 (1) incl. JVs (2) Nebras Power, 100% owned by Nebras Energy