• Financially closed 15 projects with an aggregate total investment cost of SAR 70 billion
  • New capacity of 13.2 GW of power and 1.7 million m³/day of water entered operations during the year

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 consolidated financial results for the twelve months ended 31 December 2025.

The Company’s net profit attributable to equity holders of the parent reached SAR 1.9 billion in 2025, while the adjusted net profit rose by 60% to SAR 2.2 billion, offering a clearer view of underlying earnings momentum. Driven by a year-on-year rise of 20% in operating income, it reached SAR 3.6 billion before impairment losses and other expenses. Greater contributions from the development side of the business and operating assets were the primary drivers of this result.

Dr. Samir J. Serhan, Chief Executive Officer of Acwa, commented: “We financially closed 15 projects at an aggregate total investment cost of SAR 70 billion in 2025 - a record year for closures. Nine PPAs and three WPAs, alongside acquisitions in Bahrain, Kuwait, and China, added 25 GW of power and 2.1 million m³/day of water to our portfolio while our operational capacity has increased by 13.2 GW of power and 1.7 million m³/day of water. At year-end, the portfolio stood at 108 assets, 93 GW of power generation, and 9.2 million m³/day of desalinated water, across 15 countries, with SAR 437 billion (USD 117 billion) in assets under management.”

Dr. Serhan added: “I want to thank Marco Arcelli for building a strong momentum in driving growth over the past three years. As I step in, we will build on that foundation by sharpening our focus on strict selectivity in our market pursuits, operational transformation, solid project execution, and ensuring every riyal of growth contributes directly to our bottom-line profitability. Solid project execution that is built on safety first, front-end alignment, proactive risk management, transparent project controls, rigorous change control, and operational readiness focus.”

Abdulhameed Al Muhaidib, Chief Financial Officer of Acwa, commented: “We delivered our target of building a robust balance sheet with the successful capital raise of SAR 7.1 billion and completing accretive acquisitions of operating assets. Our full-year financial performance reflects the operating profit momentum built across our portfolio, which rose by 20%. The Company reported a net profit of SAR 1.9 billion, corresponding to SAR 2.47 EPS, underscoring the strength of its diversified revenue streams generated across different stages of the project life cycle. We will continue to grow and plant the seeds into key markets while building more discipline in cost and efficiency.”

Acwa also completed its SAR 7.1 billion (US$ 1.9 billion) rights issue during the year. The capital is being deployed in line with the approved use of funds, channeled primarily into the Company’s growth projects.

Acwa’s acquisitions in Bahrain, Kuwait, and China comprised nine projects, with a total capacity of 4.9 GW of power generation and 1.1 million m³/day of desalination. Aggregate power capacity additions amounted to 0.3 GW in China, 4.6 GW in Kuwait and Bahrain combined, with the desalination capacity of 1.1 million m³/day attributable to the Kuwaiti and Bahraini assets.

By year-end, with all new capacities added to the portfolio, gross power capacity reached 93 GW - 56% of it renewable at 52.3 GW. The total desalination capacity was 9.2 million m³/day, and battery energy storage (BESS) stood at 5.6 GWh. Accordingly, Acwa’s operating portfolio has reached 43 GW of power, 6.3 million m³/day of desalinated water, and three thousand tons per annum of green hydrogen. Looking at the Company’s full year health, safety and environment record, numbers held firm with the lost time injury rate (LTIR) remaining at 0.01, unchanged from 2024. Power availability by the close of the year was strong at 91.2%, and water availability increased to 98.7%.

In 2026, Acwa's ambition remains high. Safety, operational excellence, disciplined growth, cost optimization, and consistent value creation for shareholders, partners, and the communities it serves will drive every priority — driven by ingenuity, integrity, and impact.

The Company will host a conference call discussing the financial results and business updates on Wednesday, 4 March 2026, at [16:00 KSA / 13:00GMT]. For more information on the financial results and MD&A, please refer to the Annual Investor Report for the twelve months ended 31 December 2025 on our website.

About Acwa

Acwa (TADAWUL: 2082) 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. For the purpose of this FY 2025 announcement, by year-end 2025, Acwa’s portfolio comprised 108 projects in either operation, advanced development, or under construction with an investment value of SAR 437 billion (USD 117 billion) and the capacity to generate 93 GW of power (of which 52.3 GW is renewables) and manage 9.2 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.com

Investor Relations Contact:
Acwa Media Contacts:

Jihad Almohanna
Halah Mohsen

Director – Investor Relations
Director - Media Affairs & External Comms

jalmohanna@acwapower.com
hmohsen@acwapower.com
media.inquiries@acwapower.co