<div id="readability-page-1"><div><ul><li>Net profit reaches SAR 345 million</li><li>Assets under management stand at SAR 455 billion compared to SAR 381 billion in Q1 2025</li></ul>Riyadh, Saudi Arabia – Saudi-listed Acwa (formerly ACWA Power), the world’s largest private water desalination company, a leader in the energy transition, and a first mover into green hydrogen at scale, today announced its financial results for the first quarter ended March 31, 2026, highlighting the continued expansion of its portfolio, the scale of projects under execution, and the strong operational performance across its global footprint.During the first quarter, the company maintained the growth of its asset base, with a total of 109 assets in operation, advanced development, or under construction, to the value of SAR 455 billion – up 12.9 percent from SAR 403 billion at the close of Q1 2025. Gross power capacity increased to 95.7 GW, including 52.3 GW of renewable capacity, which now accounts for 54.7 percent of the total portfolio across 15 countries. Water desalination capacity reached 9.7 million cubic meters per day, while battery energy storage systems (BESS) capacity stood at 5.6 GWh.Net profit reached SAR 345 million, compared with SAR 427 million in Q1 2025. The first quarter of 2025 was unusually strong against the historical first-quarter pattern, lifted by higher business development and construction management income earned on comparatively larger-sized projects, which was the principal driver of the lower operating and net profit recorded in Q1 2026.Commenting on the results, Dr. Samir J Serhan, Chief Executive Officer of Acwa, said: “Acwa entered 2026 with clear priorities around operational and capital discipline and the continued advancement of our growth strategy. The heightened geopolitical tensions across the region have introduced a level of uncertainty but it did not result in material adverse impact on our financial results and operating performance in the first quarter. While we are navigating the challenge with vigilance, adaptability, and steady leadership, we remain reasonably cautious about the rest of the year.”During the quarter, the company made tangible progress in project execution and growth. Business development delivered Acwa’s first greenfield project in Kuwait, adding a combined total capacity of 2.7 GW of power generation and 0.6 million cubic meters per day of desalinated water. The Nukus 2 wind project in Uzbekistan reached financial close, with an investment value of SAR 1 billion, further strengthening its long-term contracted revenue base.Dr. Samir added: “Our first quarter performance reflects the resilience of the portfolio and the steady progress of our transformation agenda, including the rollout of our new operating model and our High-Performance Organization program. We remain focused on safe and disciplined execution, on advancing our pipeline with prudence, and on continuing to deliver long-term value for our shareholders and host countries.”Operationally, Acwa continued to deliver stable performance across its assets. Power plant availability remained robust at 89 percent, while water desalination availability improved to 99 percent, reflecting strong asset reliability and operational discipline. Health and safety remained a priority, with a year-to-date record of 38.5 million man-hours across operations and construction, and a low lost-time injury rate of 0.01, consistent with the previous year.Construction activity continued at scale, with 32 projects under construction representing 44.2 GW of power and 2.6 million cubic meters per day of water desalination capacity. During the quarter, the company achieved two commercial operation dates (CODs), adding 0.77 GWh of BESS and 0.6 million cubic meters per day of desalinated water, reinforcing the integrated approach to energy and water solutions. Across business development, construction and execution, the company is advancing its pipeline with heightened caution and particular prudence as it navigates the current external environment.Commenting on the financial performance, Abdulhameed Al Muhaidib, Chief Financial Officer of Acwa, said: “The slowdown in development activities in the beginning of the year has had a noticeable impact, and naturally resulted in cyclical fluctuation in our quarterly financial results. Given the scale of projects currently under development and tendering, we remain confident in the stability of business development revenues over the medium and long term.”Mr. Al Muhaidib added: “Our first quarter performance reflects the continued strength and resilience of our contracted business model, supported by stable operations and ongoing portfolio expansion. We remain disciplined in our capital allocation while maintaining a strong balance sheet and strong liquidity position to support future growth. As we expand across power, water and new energy solutions, our focus remains on delivering sustainable, long-term returns while preserving financial strength.”Financially, operating income before impairment loss and other expenses for the quarter stood at SAR 729 million, compared to SAR 870 million in the same period last year, while net profit attributable to equity holders of parent reached SAR 345 million, compared to SAR 427 million. The operating portfolio delivered a robust contribution to operating income, including from recent acquisitions in Bahrain and Kuwait and the increased stake in Shuaibah Water and Electricity Company.Looking ahead, Acwa remains well-positioned to sustain its growth trajectory, supported by a robust pipeline of projects across key markets and continued demand for power, water and sustainable infrastructure solutions. The company will continue to prioritize cautious, prudent and disciplined capital allocation while maintaining operational excellence and strategic partnerships to deliver long-term value and support global energy transition goals.The Company will host a conference call discussing the financial results and business updates on Sunday, 10 May 2026, at [16:00 KSA / 13:00GMT].About AcwaAcwa is a Saudi-listed company and the world’s largest private water desalination company, the first mover into green hydrogen, and a leader in the global energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, Acwa employs over 4,000 people and is currently present in 15 countries in the Middle East, Africa, Central Asia, and Southeast Asia. As of March 31, 2026, Acwa’s portfolio comprises 109 assets in operation, advanced development, or under construction, representing SAR 455 billion (USD 121.3 billion) of assets under management and the capacity to generate 95.7 GW of power (of which 52.3 GW is renewables) and manage 9.7 million m³/day of desalinated water. The energy and water capacity generated by Acwa’s assets is 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.Learn more: www.acwapower.comInvestor Relations Contact:Jihad AlmohannaDirector – Investor Relationsjalmohanna@acwapower.comAcwa Media Contacts:Halah MohsenDirector Media Affairs &amp; External Commshmohsen@acwapower.commedia.inquiries@acwapower.comSend us your press releases to pressrelease.zawya@lseg.comDisclaimer: The contents of this press release was provided from an external third party provider. 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Acwa Power announced its Q1 2026 results, reporting a net profit of SAR 345 million and assets under management of SAR 455 billion, a 12.9% increase from Q1 2025. The company has 109 assets in operation or development, with a gross power capacity of 95.7 GW, including 54.7% renewable energy. Despite geopolitical tensions, Acwa remains focused on operational discipline and growth, achieving significant project milestones, including a greenfield project in Kuwait and the Nukus 2 wind project in Uzbekistan. The CFO emphasized the strength of their contracted business model and disciplined capital allocation.

ZAWYA: Acwa announces Q1 2026 results with SAR 455bln assets under management and global portfolio expansion