ACWA POWER Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	1,411,920	1,293,723	9.14	1,331,444	6.04
Gross Profit (Loss)	794,171	671,067	18.34	701,445	13.22
Operational Profit (Loss)	729,808	675,264	8.08	558,914	30.58
Net Profit (Loss) after Zakat and Tax	414,402	389,869	6.29	269,735	53.63
Total Comprehensive Income	1,340,795	1,804,979	-25.72	-367,013	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	2,743,364	2,444,995	12.2
Gross Profit (Loss)	1,495,616	1,276,133	17.2
Operational Profit (Loss)	1,288,722	1,218,798	5.74
Net Profit (Loss) after Zakat and Tax	684,137	541,720	26.29
Total Comprehensive Income	973,782	3,660,349	-73.4
Total Share Holders Equity (after Deducting Minority Equity)	19,026,856	16,581,748	14.74
Profit (Loss) per Share	0.94	0.74
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 second quarter of 2023 compared to the second quarter of 2022 is mainly due to:

• Higher operating income before impairment and other expenses resulting from (i) higher contribution from existing projects on account of plants that experienced outages in prior period; (ii) contribution from new projects, including the respective O&M income, that achieved their ICOD/PCODs during or after June 2022, which were partially offset by (iii) lower contribution from development and construction management services fees received for projects;

• Lower Zakat and tax charge mainly because of deferred tax credit

These increases in net profit were partially offset by higher finance charges, mainly due to additional debt including the Sukuk tranche two issuance by the Company and higher market rates.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 increase in net profit attributable to equity holders of the parent for the second quarter of 2023 compared to the first quarter of 2023 is mainly due to higher operating income before impairment and other expenses, net, mainly on higher share of net results of equity accounted investees, net of tax, along with higher other operating income and gross profit from continuing operation partially offset by higher financial charges, zakat & tax charge.The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The increase in net profit attributable to equity holders of the parent for the first six-months of 2023 compared to the same period in 2022 is mainly due to:

• Higher operating income before impairment and other expenses resulting from (i) higher contribution from existing projects on account of plants that experienced outages in prior period in Morocco and Saudi Arabia; (ii) contribution from new projects, including the respective O&M income, that achieved their ICOD/PCODs during or after June 2022, which were partially offset by (iii) lower contribution from development and construction management services fees received for projects; (iv) other income/collection during the first six months of 2022 ; and (v) higher corporate general and administration expenses

• Lower Zakat and tax charge mainly because of deferred tax credit

• Higher Other Income, mainly driven by higher income earned on deposits, partially offset by gain on sale of strategic inventory recognized in first six months of 2022.

These increases in net profit were partially offset by the following:

• Higher finance charges, mainly due to additional debt including the Sukuk tranche two issuance by the Company and the refinancing in one of the subsidiaries in addition to higher finance costs on account of higher market rates

• Higher net profit attributable to Non-controlling Interests (NCI)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 six months period ending 30 June 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 Aug 14, 2023 at 16:00 KSA time, (13:00 GMT) following the close of trading on Tadawul.Attached Documents

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.