2082 Q2 2026 Earnings Presentation

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acwa Acwa 2Q & 1H 2026 Earnings Call 06 August 2026

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Confidential Internal Public www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Disclaimer 2 This document and the information contained therein (the "Information") has been prepared by Acwa (the "Company“ or “Acwa”) for background purposes only and does not purport to be full, accurate or complete. No reliance may be placed for any purpose on the Information or its accuracy, fairness or completeness. The Information and opinions contained herein are provided as at the date of the presentation and are subject to change without notice. The presentation is the sole responsibility of the Company and has not been reviewed or approved by any regulatory or supervisory authority. This presentation contains financial information regarding the businesses and assets of the Company. Such financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this presentation or any related presentation should not be regarded as a representation or warranty by the Company or its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information’s portrayal of the financial condition or results of operations of the Company and its consolidated subsidiaries. Certain information contained in this presentation is based on management accounts, current financial statements and estimates of the Company and has not been audited or reviewed by the Company’s auditors. Recipients should not place undue reliance on this information. This presentation includes certain non-IFRS financial measures and other metrics which have not been subject to a financial audit for any period. Certain financial and statistical information in this presentation has been subject to rounding off adjustments. Accordingly, the sum of certain data may not conform to the expressed total. To the extent available, the industry, market and competitive position data contained in the Information come from official or third-party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company reasonably believes that each of these publications, studies and surveys has been prepared by a reputable party, neither the Company nor any of its directors, officers, employees, affiliates, advisors or agents have independently verified the data contained therein. In addition, certain industry, market and competitive position data contained in the Information come from the Company’s own internal research and estimates based on the knowledge and experience of the Company’s management in the markets in which the Company operates. While the Company reasonably believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, reliance should not be placed on any of the industry, market or competitive position data contained in the Information. The Information does not purport to be comprehensive, complete or without error or omission. To the fullest extent permitted by law, neither the Company nor any of its directors, officers, employees, agents, affiliates or advisors, accepts any responsibility or liability whatsoever for (whether in contract, tort or otherwise) or makes any representation, warranty or undertaking, express or implied, as to the truth, fullness, fairness, accuracy or completeness of the Information (or whether any information has been omitted from it) or any other information or opinion relating to the Company, its subsidiaries, affiliates or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss or liability (including in respect of direct, indirect or consequential loss or damage) howsoever arising from any use of the Information or otherwise arising in connection therewith. In giving this presentation, neither the Company nor any of its directors, officers, employees, agents, affiliates or advisors undertake any obligation to provide access to any additional information or to update the Information, or to correct any inaccuracies in the Information, including any data or forward-looking statements. The Information may include forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, any statements preceded by, followed by or including words such as "target", "believe", "expect", "aim", "intend", "may", "anticipate", "estimate", "plan", "project", "will", "can have", "likely", "should", "would", "could" and other words and terms of similar meaning or the negative thereof. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and its investments, including, among other things, the development of its business, financial condition, prospects, growth, strategies, as well as the trends in the industry and macroeconomic developments in Saudi Arabia and other countries in which the Company operates. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and any changes in applicable laws or government policies. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur and past performance should not be taken as a guarantee of future results. No representation or warranty is made that any forward-looking statement will come to pass. No one undertakes to update, supplement, amend or revise any such forward-looking statement. Except where otherwise indicated, the Information and the opinions contained herein are provided as at the date of the presentation and are subject to change without notice. Past performance of the Company cannot be relied on as a guide to future performance. Nothing in this presentation is to be construed as a profit forecast. Acronyms and abbreviations FC: Financial Close; ICOD: Initial Commercial Operation Date; IPP: Independent Power Project; IWP: Independent Water Project; IWPP: Independent Water and Power Project; KSA: Kingdom of Saudi Arabia; MW: Megawatts; Mwac: Megawatt, alternating current; O&M: Operations and Maintenance; PCOD: Project Commercial Operation Date; PIF: Public Investment Fund (of the KSA); PPA: Power Purchase Agreement; PPP: Public Private Partnership; PV: Photovoltaic; RO: Reverse Osmosis; SWRO: Seawater Reverse Osmosis.

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Confidential Internal Public www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com TODAY’S PRESENTERS 3 CEO Dr. Samir Serhan CFO Mr. Abdulhameed Al Muhaidib Head of IR & Strategy Mr. Ozgur Serin

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Confidential Internal Public www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Strategic Momentum Supports Long - Term Growth Despite Short - term Volatility Due To The Geopolitical Situation Business update 5 Business Development & Growth • Acwa granted exclusive rights to export Saudi green fuels, together with a mandate to export renewable electricity. • Acwa Board approved entry into the USA as a strategic market providing optionality across our business verticals. • In six months, 1) signed offtake agreements totaling 5.2 GW of power and 0.6mn m3/day of water, 2) achieved FC for projects with SAR 3.7 bn in TIC, and 3) brought three plants online, adding 0.8 GWh of BESS and 0.9 Mn m3/day water desalination in operations. Operations • Despite operational setbacks due to forced outages in some of our power plants, overall plant availability remained solid: Power, 92.4% (2025: 91%); Renewable Power, 98.1% (2025: 96.2%); Water, 98.4% (2025: 98.3%). • In six months, recorded 38mn safe man-hours; LTIR of 0.018; 80 PFPI events reported. • Distributions from operating companies reinforced by new operational plants continues to feed into our strong operating cash position. • Timing shifts in project development milestones affected financial performance to date; some impact will not be recovered in 2026. • Leverage edged higher on account of committed growth pipeline. • High Performance Organization Program was launched to transform organizational efficiency and enhance execution discipline, which will help reduce and normalize our expense base. Financial performance

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Confidential Internal Public www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Scaling with discipline, creating long - term value Business update 6 Source: Company information. * Representing projects that have achieved PCOD. 1. Portfolio as of 30 June 2026 June 2023 YE2025 Today1 Power GW 50.4 93 98.2 Water mm3/day 6.8 9.2 9.7 Green Hydrogen Million Tonnes/Year 0.2 0.2 0.2 Renewables % of Gross GW 46 56 53 AUM US $ billion 78 117 127 98.2 GW 43.9 46.5 7.8 Power1 O* UC AD 9.7m m3/day 6.9 2 0.8 Water1 O* UC AD 223k tpa 3 220 - Green Hydrogen1 O* UC AD O – Operational UC – Under construction AD – Advanced Development

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Confidential Internal Public www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Source: Company information. 1. Including projects that are either contracted or awarded but pending contract signing. 2. Of which, financial closes expected in the current year represents 8.2 GW of Power, 5.3 GWh of BESS, and 1 Mm3/day of water. Water (Mm3/day) Financial close ongoing1 3.02 GH2 (MTPA) Awarded, pending contract signing 0.6 - - Bids/Deals pipeline 7.9 2.2 Submitted, Results Awaited 1.2 - Project pipeline | as at 2Q 2026 Business update Immediate Pipeline 18-month Outlook Power (GW) 13.42 2.9 119.6 4.2 BESS (GWh) 6.12 9.2 95.5 -

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Confidential Internal Public www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Government mandate supporting Acwa's role in advancing clean energy export opportunities 8 Green fuel exports Renewable electricity exports • Extends Acwa’s developer-owner-operator model, does not replace it • 2030 targets unchanged; future opportunities to be assessed and disclosed as they mature • Exclusive right to export Saudi green fuels1 globally • KSA projects in development and commercialization • Future opportunities shaped by demand, infrastructure and stakeholder alignment • Mandate to export2 renewable electricity • Near-term export focus: GCC and the Middle East • Bahrain first export route, agreement signed with Bapco Energies; offtake and investment decision next Strategic Implications Note: 1) including green hydrogen and its derivatives, such as green ammonia, green methanol, and green fuel manufactured using green hydrogen 2) including production and transmission Saudi Arabia is advancing green fuels and renewable electricity exports, entrusting Acwa with the exclusive mandate

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Confidential Internal Public www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com 6M 2026 Financial Performance Financial Performance 11 • Distributions from operating companies continue to feed into our strong operating cash position • However, financial performance adversely impacted by: • Timing shifts between 6-12 months in project development milestones and a planned divestment. • Multiple plant outages during the period • As a result, we recorded lower operating income and net profit than last year same period • We remain focused on executing and accelerating key milestones and planned transactions, restoring performance momentum, and maintaining prudent cost and cash management while delivering our long-term growth strategy. • In July 2026, the Board proposed 2025 cash dividend of SAR 0.461/share and approved the dividend distribution program for 2026-2030. Source: 1. Subject to shareholders’ approval at the General Assembly meeting currently scheduled on 25 August 2026.

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Confidential Internal Public www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Operating Income (before impairment loss and other expenses) Financial Performance 12 Variance 6M2026 v 6M2025 - Million Source: Company information. 2,207 215 184 (444) (563) (155) 1,444 6M20266M2025 1 Contribution from existing and new projects coming into operations and improved operating efficiency netted off with certain outages 2 Contribution from the acquisitions in KSA, Bahrain, and Kuwait 1 2 3 Lower income from development, procurement and construction services due to smaller number and size of projects achieving milestones compared to 6M2025. 3 4 Lower settlements due to higher claims during 6M2025 mainly from Noor 3 CSP in addition to other CCGT assets. 4 5 Higher general and administrative expenses and additional investments in digital activities. 5

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Confidential Internal Public www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Net Profit & Adjusted Net Profit ( Attributable to equity holders of the parent ) Financial Performance 13 Variance 6M2025 v 6M2026 - Million Source: Company information. 248 134 125 909 (763) 653 6M2025 1 Lower impairment losses pertaining to Noor 3 CSP 2 Lower finance cost mainly due to MTM loss on derivative for a project in Africa in the previous period and higher finance income, net of forex Loss. 3 Lower non-controlling interest and Others, primarily driven by the NCI share on account of the LD & Insurance settlement income in Noor 3 during previous period 4 Lower Operating Income before impairment loss and other expenses 1 2 3 4 Net Profit Net Profit 6M2026 Net adjustments of SAR 2million resulted in an Adjusted Net Profit of SAR 655 million

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Confidential Internal Public www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Net Profit by Building Block ( Attributable to equity holders of the parent ) Financial Performance 14 Certain figures for the prior period have been reclassified to conform to the presentation in the current period. Source: Company information. Development and construction management services 349 778 -55% • Lower income from development, procurement and construction services mainly due to slower progress in development and financial close activities on account of the ongoing geopolitical volatility, in addition to higher recognition of the same last year from comparatively larger-sized projects. Share of Net Income of Projects 509 653 -22% • Incremental income from new online projects and acquisitions in KSA, Bahrain, and Kuwait, as well as improved operating efficiency across the fleet, negated by unplanned outages, net of impairment. Acwa Operations profit attributable to owners of the Company 374 237 58% • Contributions from new online projects including newly acquired assets in addition to renewable project mobilization services income and the expansion of Acwa field services, partially offset by outage-related activities and increase of platform overheads related to new projects. Other operating income and Other income 491 410 20% • Higher income from deposits due to better cash management. Capital recycling gains / (loss) - - - • No capital recycling gains/(loss) booked during the periods. Corporate and Holding Entities Operating and Financing Costs and FX (1,070) (1,169) -8% • Lower finance cost due to Mark to Market (MTM) loss in 2025 on hedging instruments in Africa together with higher hedge Income in 2026, offset by higher general and administration expenses due to growth-related hiring ahead of the curve. Net Profit 653 909 -28% Millions 6M 2026 B C A D F E 6M 2025 Change Major drivers

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Confidential Internal Public www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com POCF (Parent Operating Cash Flow) Financial Performance 15 Build Up, 6M2026 - Million Source: Company information. 1 Certain distributions include those from ACWA39 pledged entities therefore financial expenses pertaining to ACWA39 are deducted from the POCF by the Company. 838 982 1,820 (935) 885 Distributions Develop., CMSA, & Others Total Cash Inflows G&A, Zakat, CAPEX POCF 1 Represents distributions from Acwa’s investments in the project companies and Acwa Operations. 51% higher distribution than last period. 2 Represents development business and construction management services income. 11% lower income than last period. 3 Mainly represents Zakat & VAT, staff costs and consultancy fees. 13% higher expenses than last period. 1 2 3 +51% -11% -13% 1 Cash inflows Cash outflows 1 +7%

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Confidential Internal Public www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Sources and Uses of Parent Cash Financial Performance 16 Build Up, 6M2026 - Million Source: Company information. 1 Including movement in Acwa Operations. 2. In relation to the company’s long-term employee incentive program. Cash inflows Cash outflows 885 6,172 30 7,087 (1,188) 5,899 POCF Period opening cash1 Total Discretio- nary Cash Total Uses of Cash Period-end Cash 72% 11% 17% Investments: Cash equity injections net of advances to contractors Parent Debt drawdown Financial charges of Sukuk and others Share buyback2

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Confidential Internal Public www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Parent Net Debt – Long - Term Financing and Funding Financial Performance 17 Build Up, 6M2026 - Million Source: Company information. 1. LTM POCF of SAR 3,283 million. Non-recourse debt Recourse debt 0 19,465 22,590 26,948 31,541 22,590 32,399 22,59019,465 3,124 4,358 4,593 858 9,809 17,736 27,545 Total on b/s financing & funding facilities Total long-term financing and funding facilities Financing facilities in relation to projects 50,135 Off b/s comm- itments Project company debt ACWA39 and Project Bonds PIF loanSukuk & RCF On balance sheet recourse debt 9,809M On balance sheet non-recourse debt 22,590M 32,399 EBLs, Equity LCs and guarantees, other equity commitments million (M) Total parent level leverage Total parent level net leverage Less: Cash Parent net debt to POCF ratio Times 3,497 (1,146) 2,35121,645 27,545 (5,899) 5.2 6.6 Parent net debt / POCF 31 Dec 2025 Parent net debt / POCF 30 Jun 2026 LTM1

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Confidential Internal Public www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Reinstating dividends alongside disciplined growth investment Financial Performance 18 Proposed FY2025 cash dividend • Board recommendation on 07 July 2026 • Subject to OGA approval currently scheduled on 25 August 2026 • All cash payment – within 15 business days from OGA approval 2026–2030 distribution framework • Funding of growth remains priority but predictable and consistent shareholder return is important • Hybrid—cash and non-cash (bonus shares)— dividend framework to maintain total dividend payout while preserving cash for growth • Cash dividends—minimum 50% of declared dividends Source: 1. SAR 352,585,629.08 353 Mn Proposed cash dividend 0.46 per eligible share 19% payout 2027 Framework Effective including FY2026 dividends 30% Min Payout 1

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Confidential Internal Public www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com www.acwapower.com ir@acwapower.com ACWA INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Appendix 1 – Glossary Appendices 21 • POCF – Parent Operating Cash Flow • MTM – Mark To Market • PPA – Power Purchase Agreement • PWPA – Power and Water Purchase Agreement • LTIR – Lost Time Injury Rate • TIC – Total Investment Cost • GW – Gigawatt • m3/day – Cubic meters per day • PFPI – Potential Fatality and Permanent Impairment • GWh – Gigawatt per hour • BESS – Battery Energy Storage System • HPO – High Performance Organization • FC – Financial Close • UC – Under Construction • AD – Advanced Development • RCF – Revolving Credit Facility • USA – United States of America • O – Operational • MTPA – Million Tonnes Per Annum • GH2 – Green Hydrogen • PCOD – Project Commercial Operation Date • TPA – Tonnes Per Annum • Mn – Million • AUM – Assets Under Management • OGA – Ordinary General Assembly • LD – Liquidated Damages • KPI – Key Performance Indicator • CSP – Concentrated Solar Power • CMSA – Construction Management Services Agreement • EBLs – Equity Bridge Loans • Equity LCs – Equity Letters of Credit • YE – Year End • G&A – General and Administration • FX – Foreign Exchange • SAR – Saudi Riyal

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