ACWA Power announces 17% increase in Operating Income in third quarter financial results for 2025

Summary

· Operating profit and Adjusted net profit increased by 17% and 22%, respectively, in the nine-months period of 2025

· Brought 7 GW of power, 600 thousand m³/day of water and 3,000 tonnes per annum of green hydrogen to operations during the nine –months period of 2025.

Riyadh, Saudi Arabia: Saudi-listed ACWA Power, the world’s largest private water desalination company, a leader in the energy transition, and a first mover into green hydrogen, today announced its consolidated financial results for the nine months ended 30 September 2025.

Primarily driven by higher operating income (+17% year-on-year), the Company’s net profit attributable to equity holders of the parent reached SAR 1,280 million in the first nine months of 2025, recording a moderate increase when compared to the same period in 2024, mainly on account of the downside impact of higher financing and impairment charges.

On the other hand, adjusted net profit attributable to equity holders of the parent—a non-IFRS key financial indicator for the Company to normalize for the financial impact of non-routine transactions—increased by 22% to SAR 1,355 million.

Operating income before impairment losses and other expenses stood at SAR 2,764 million, an increase of 17% versus the comparable period, primarily due to greater contributions from operating assets and strong performance in the development business.

“

We are delivering growth at an unprecedented pace, with a record number of assets currently under construction, laying the groundwork for our future visible, stable income and cash streams. By swiftly mobilizing our own resources as well as our financial partners, we are equally bringing these projects into their financial closes and into operation within the committed timelines. The nine-months of 2025 was a true demonstration of this speed and scale.

Marco Arcelli, Chief Executive Officer of ACWA Power„

“

Our financial performance for the nine-months period of 2025 underscores the momentum in our operating profits as we continue to translate our growth into results. This was marked by exceptional portfolio delivery and scale, with five financial closes at a total investment value of SAR 17.7 billion, and the addition of an unprecedented 7GW of power and 600 thousand m³/day of water to our operational portfolio. This demonstrates the strength of our execution and the diversity of our portfolio, reinforcing our ability to deliver sustainable long-term value to our stakeholders.

Abdulhameed Al Muhaidib, Chief Financial Officer of ACWA Power„

ACWA Power began the third quarter with the landmark signing of Power Purchase Agreements in KSA, comprising 15 GW of renewable capacity across five large-scale solar PV plants and two large-scale wind farms, with a total investment value of SAR 31 billion (US$ 8.3 billion). Further on the sidelines of FII9 last week, ACWA Power signed the financing documents with lenders to finance the five large-scale solar PV plants.

Earlier in the quarter, ACWA Power successfully completed its landmark SAR 7.1 billion (US$1.9 billion) rights issue on the Saudi Exchange (Tadawul). The proceeds, received on 31 July 2025, are being deployed in line with the approved use of funds — primarily to support the company’s growth projects.

During the third quarter, the Company also achieved financial close for three projects, including for the two CCGT plants in Saudi Arabia—Rumah 1 IPPand Al-Nairiyah- 1IPP—at total aggregate investment cost of SAR15.1 billion (US$ 4.2 billion). This brings the total financial close achieved during the nine-months period of 2025 to SAR 17.7 billion (US$ 4.7 billion).

Operationally, the Company achieved commercial operation across several key projects during the quarter, including Chirchiq Green Hydrogen, Karatau and Azerbaijan Wind projects, Saad 2, Al Rass 2, and Al Khafah PV projects, adding 3.7 GW of power capacity and 3,000 tonnes per annum of green hydrogen to its operational portfolio. The total capacity added during the nine-months period of 2025 is 7 GW of power 600 thousand m³/day of water and 3,000 tonnes per annum of green hydrogen.

By closing another phase of acquisitions in China, the Company added the 100 MW Mingyang Wind Power Project in its portfolio during the third quarter, reinforcing its presence in a market that remains strategically important to the Company’s long-term growth and energy transition objectives.

Looking into the final quarter of the year, ACWA Power’s focus remains firmly on disciplined execution and delivering on its ambitious growth pipeline, advancing projects to financial close, maintaining strong momentum in construction, and bringing assets into operation as planned.

The Company will host a conference call discussing the financial results and business updates on Monday 3 November 2025 at 16:00 KSA / 13:00 GMT.