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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.comAcwa 3Q & 9M 2026 Earnings Call For the period ending and as of 30 September 2026 05 November 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 Business update
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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 Resilient Portfolio and Growth Momentum Support Long -Term Value Creation Despite Near-Term Headwinds Business update 5 Nine-month achievements 5.2 GW (2 PPAs) 0.6mn m³/day (1 PWPA) 6 GWh (3 SSAs) SAR 19.2 Bn 4 financial closes 2.9 GW 2 GWh BESS 1.2mn m³/day 93.5% (Renewable Power 97.7%) 98.6% 58 Mn 0.012 LTIR 396 PFPI events Noor Energy 1 Refinancing completed, enhancing financial flexibility Headwinds Geopolitics Certain group facilities in the Middle East impacted by security incidents; operational, contractual and financial assessment ongoing Earnings timing Near-term recognition affected by milestone delays, operational disruptions and timing of acquisitions, divestments and FCs Our focus Safety and operational continuity the main priority. Accelerate development portfolio conversion into recurring cash flows and sustainable returns. HPO: strengthening accountability, organizational effectiveness, cost efficiency and performance management Subsequently in October ✓ JV agreement signed with EIG – strategic partnership to pursue business development opportunities in USA ✓ WPA signed for Hassyan IWP expansion, adding c.273,000 m³/day Safe man-hours New Off-take agreements Plant Availability Water Power Assets TIC achieving FC Safety Capital Recycling—Refinancing Capacity added to operations
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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 Portfolio grew to 98.2 GW and SAR 478 Bn AUM, with BESS more than doubling Business update 6Source: Company information. * Representing projects that have achieved PCOD. 1. Portfolio as of 30 Sept 2026 Portfolio snapshot: YE2025 vs. Today Power GW 98.2 YE2025: 93 ▲ +5.2 Water Million m³/day 9.7 YE2025: 9.2 ▲ +0.5 Green Hydrogen Million tonnes/year 0.2 YE2025: 0.2 ● Unchanged BESS GWh 11.6 YE2025: 5.6 ▲ +6.0 Renewables % of gross GW 53% YE2025: 56% ▼−3 pp AUM SAR billion 478 YE2025: 438 ▲ +40 112 Assets 16 Countries Portfolio by stage¹ Operational* Under construction Advanced development Power 98.2 GW 44.2 46.2 7 .8 Water 9.7 million m³/day 6.9 2.0 0.8 Green Hydrogen 223k tpa 2203
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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. Projects awarded but pending contract signing. 2. Projects where bids submitted and results are awaited. Project pipeline | as at 3Q 2026 Business update Power (GW) 96.3 Current Active Pipeline NEAR-TERM CONVERSION Submitted2 6.8 BESS (GWh) 69.1 Current Active Pipeline NEAR-TERM CONVERSION Water (Mm³/day) 5.1 Current Active Pipeline NEAR-TERM CONVERSION GH2 (MTPA) 1.3 Current Active Pipeline NEAR-TERM CONVERSION Awarded¹ 2.9 Awarded¹ 1.2 Awarded¹ 0.6 Awarded¹ – Submitted2 8.5 Submitted2 1.4 Submitted2 –
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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 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 Financial Performance 9 SAR 2,550 Mn Operating income −8.8% vs. 9M25 SAR 1,288 Mn Net profit +0.6% vs. 9M25 SAR 0.46 2025 cash dividend per share Distributed Outlook to year-end Interest-rate pressure, geopolitical uncertainty and slower business development expected to persist; focus on disciplined capital allocation, cost optimization, and operational reliability are key for continued resilience Noor Energy 1 refinancing SAR 9.7 Bn Debt refinanced for a critical CSP asset in the UAE, executed within 10 months ✓ Diversified syndicate of regional and international banks, despite a challenging environment ✓ Lower financing costs and enhanced liquidity ✓ Capital flexibility: enables shareholder distributions and release of selected collateral ✓ SAR 165 million net gain (Acwa effective share) 9M 2026 Financial Performance Headwinds Geopolitics drove operational disruptions, milestone delays across development and construction, and slower divestments Tailwinds New operating assets and the recently acquired portfolio are strengthening recurring income and cash flows Despite the geopolitical and elevated interest rate pressures, we successfully raised SAR 30 billion of non-recourse funding to progress with new assets as well as refinancing existing assets.
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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 10 Variance 9M2026 v 9M2025 - Million Source: Company information. 2794,0 344,0 290,0 (464,0) (326,0) (88,0) 2550,0 9M20269M2025 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 fromdevelopment, procurement and construction services due to certain large-sized projects achieving milestones in 9M2025 and slow progress in achieving milestone on account of geopolitical volatility 3 4 Prior period had higher settlement and insurance claims compared to this year; partially offset by large Noor Energy 1 refinancing gains. 4 5 Others representing additional provisions on receivables, investment in digital initiatives and other costs. 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 (Attributable to equity holders of the parent ) Financial Performance 11 Variance 9M2025 v 9M2026 - Mn Source: Company information. 231,0 92,0 1280,0 (70,0) (245,0) 1288,0 9M2025 1 Higher impairment losses recognized in 9M2025 pertaining to Noor 3 CSP 3 Higher exchange losses in Moroccan assets, finance cost on new projects partially offset by finance income on better cash management. 2 Others, mainly Non-Controlling Interest (NCI) on subsidiaries on settlements and refinancing gain in 9M2025. 4 Lower Operating Income before impairment loss and other expenses 1 2 3 4 Net Profit Net Profit 9M2026 Net adjustments of SAR 9 Mn resulted in an Adjusted Net Profit of SAR 1,297 Mn
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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 Q&A
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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 THANK YOU! www.acwapower.com
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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 14 • POCF – Parent Operating Cash Flow • MTM – Mark T o Market • PPA – Power Purchase Agreement • PWPA – Power and Water Purchase Agreement • WPA – Water Purchase Agreement • SSA – Storage Services Agreement • IWP – Independent Water Project • LTIR – Lost Time Injury Rate • TIC – T otal 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 Performing Organization • FC – Financial Close • UC – Under Construction • AD – Advanced Development • RCF – Revolving Credit Facility • USA – United States of America • O – Operational • MTPA – Million T onnes Per Annum • Mm³/day – Million cubic meters per day • GH2 – Green Hydrogen • PCOD – Project Commercial Operation Date • TPA – T onnes Per Annum • Mn – Million • pp – Percentage points • 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