ACWA POWER Co. announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	1,331,444	1,151,272	15.65	1,568,090	-15.09
Gross Profit (Loss)	701,445	583,503	20.21	894,331	-21.57
Operational Profit (Loss)	558,914	521,951	7.08	737,045	-24.17
Net Profit (Loss) after Zakat and Tax	269,735	151,851	77.63	656,611	-58.92
Total Comprehensive Income	-367,013	1,855,370	-	441,776	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after Deducting Minority Equity)	18,292,874	15,339,716	19.25
Profit (Loss) per Share	0.37	0.21
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The increase in net profit attributable to equity holders of the parent for the first quarter of 2023 compared to the first quarter of 2022 is mainly due to:

• Higher operating income before impairment and other expenses mainly due to higher contribution from existing projects including plants that experienced outages in the same quarter of last year; and contribution from new projects, including the respective O&M income, that achieved their ICOD/PCODs during or after the first quarter of 2022. These were partially offset by lower contribution from development and construction management services fees earned for projects; and higher general and administration expenses in line with business growth.

• Lower Zakat and tax charge mainly due to recognition of a deferred tax credit during the period mainly on account of foreign currency fluctuations in Morocco.

• Increase in other income mainly due to higher income earned on deposits and gain on change in fair value of derivatives.

• These increases in net profit were partially offset by higher finance charges mainly due to increased finance costs on account of higher market interest rates together with increased finance costs from additional debt mainly pertaining to the second tranche of Sukuk issued in February 2023.The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is The decrease in net profit attributable to equity holders of the parent for the first quarter of 2023 compared to the fourth quarter of 2022 is mainly due to:

• Lower operating income before impairment and other expenses mainly due to lower contribution from development and construction management services fees compared to the previous period; and lower other operating income compared to the previous period.

• Lower other income mainly on account of income in relation to early settlement of long-term financing and funding facilities, recognized in the previous period.

• Lower profit from discontinued operations mainly on account of a gain recognised in the previous period on sale of a 49% stake in a plant in Uzbekistan.

• These decreases in net profit were partially offset mainly by lower Zakat and tax charge; and lower impairment loss and other expenses, net.Statement of the type of external auditor's report Unmodified conclusionReclassification of Comparison Items Certain prior period figures have been re-classified to conform with the presentation in the current period.Additional Information A comprehensive Investor Report comprising the Company’s interim financial statements and the independent auditor’s review report for the three months period ending 31 March 2023, along with the CEO’s letter to shareholders and a management discussion and analysis of the financial results, is available on ACWA’s Power’s Investor Relations website at https://acwapower.com/en/investor-relations/overview/ . The company will hold an investor conference call on May 10, 2023 at 16:00 KSA time, (13:00 GMT) following the close of trading on Tadawul.Attached Documents

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