ACWA Power (2082) Q3 2026 earnings summary

Executive summary

• Managed 112 assets across 16 countries, with SAR 478.4bn in AUM; portfolio included 98.2 GW power, 52.3 GW renewables, 11.6 GWh storage and 9.7 million m³/day water capacity.

• 9M operating income was SAR 2,550m, down 8.8% YoY; net profit was SAR 1,288m, up 0.6%, while adjusted net profit fell 16.0%.

• Portfolio growth and acquired assets supported recurring income, while geopolitical disruption, delayed milestones and higher costs weighed on near-term results.

Financial highlights

• 9M operating income was SAR 2,550m versus SAR 2,790m in 9M 2025; Q3 operating income was SAR 1,106m, up 88.2% YoY.

• 9M net profit attributable to parent equity holders was SAR 1,288m versus SAR 1,280m; Q3 net profit was SAR 635m, up 71.1% YoY.

• Adjusted 9M net profit was SAR 1,297m after SAR 9m of net adjustments, down 16.0% from SAR 1,544m.

• Results reflected higher operating-asset contributions and acquisitions, offset by lower development and construction-management income, fewer settlements and insurance claims, FX losses and finance costs.

Outlook and guidance

• Q4 business development is expected to be slow, with many opportunities shifting toward 2027; annual investment is expected below the $2bn–$2.5bn target.

• Priorities include disciplined capital allocation, cost optimization, operational reliability, safety and converting development projects into recurring cash flows and sustainable returns.

• The 2026–2030 dividend framework is intended to balance predictable shareholder returns with flexibility to fund growth.

• NEOM green hydrogen was 97% complete, with commissioning underway and energization and production ramp-up expected throughout 2027.