ACWA Power (2082) Q4 2025 earnings summary

Executive summary

• Leadership transition with Dr. Samir Serhan appointed CEO, succeeding Marco Arcelli, ensuring continuity and strong governance, with the outgoing CEO remaining as advisor.

• 2025 marked by accelerated growth, record project financing, and significant expansion in power and water capacity, including 25 GW and 2.1m m³/day added to the portfolio.

• Achieved key milestones: first desalination projects outside GCC, first operational green hydrogen project, and largest electricity investor in Africa.

• Strategic focus on operational excellence, risk management, and selective market pursuit to drive profitability.

• Robust response to geopolitical risks, prioritizing employee safety and business continuity.

Financial highlights

• Operating income rose by 20% year-over-year, reaching SAR 3,594 million, with net income up 5.4%.

• Adjusted net profit rose 59.9% to SAR 2,196 million, reflecting one-time adjustments.

• Parent operating cash flow reached SAR 3,226 million, up 13.5% from last year, achieved without capital recycling.

• Record SAR 70 billion in project financial closes and SAR 7.1 billion rights issue, 96% subscribed.

• Parent net debt decreased by 7.5% to SAR 16,709 million, with net debt to POCF ratio at 5.18x.

Outlook and guidance

• Targeting SAR 250 billion in assets under management by 2030, with plans to double company size again.

• On track to deliver 2030 targets: 175+ GW power and 15+ million m³/day water capacity.

• Continued investment of SAR 2–2.5 billion equity annually over the next five years.

• Capital recycling to remain a core strategy, aiming for optimal 30–40% project ownership.

• Identified demand pipeline is approximately three times the targeted 2030 capacity, but policy development remains a barrier to long-term offtake contracting.