Title :

Ongoing Discussion for a New Power Purchase Agreement Disclosure

Content :

Phoenix Power Company SAOG (the “Company”) advises the Financial Services Authority, the Muscat Stock Exchange and the investors’ community and  further to the disclosure issued on 12 November 2025 regarding the new Power Purchase Agreement, the Company announces that it has received on 16 March 2026 a Letter of Award from Nama Power and Water Procurement Company (PWP) regarding a new Power Purchase Agreement (PPA).

The new agreement would commence on 1 April 2029, immediately following the expiry of the current agreement, and would remain in effect for a period of 15 years, ending on 31 March 2044.

PWP requested that PPC confirms its acceptance of the Letter of Award by 18 March 2026. Therefore, the Company is currently in the process of reviewing and preparing a response to the correspondence received from PWP and will announce any material developments in accordance with the applicable disclosure requirements.

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Ahmed Al Abri

Chief Financial Officer / Disclosure Officer