Anhui Expressway Company (995) investor relations material

Executive summary

• Net profit attributable to shareholders was RMB 536.43 million, down 2.67% year-over-year.

• Operating revenue for Q1 2026 was RMB 1.57 billion, a 44.22% decrease compared to the same period last year, mainly due to a decrease in construction services revenue.

• Cash flow from operating activities was RMB 712.90 million, down 18.09% year-over-year.

• Adjusted net profit (excluding non-recurring items) increased 16.17% year-over-year to RMB 544.31 million.

• Weighted average return on equity increased by 0.78 percentage points to 4.10%.

Financial highlights

• Basic and diluted EPS were RMB 0.3140, down 5.51% year-over-year.

• Total assets at quarter-end were RMB 31.56 billion, up 3.78% from year-end 2025.

• Shareholders’ equity increased 4.33% to RMB 13.36 billion.

• Net cash flow from operating activities was RMB 713 million, down 18.09% year-over-year.

• Gross margin improved as construction service costs fell 63.52% year-over-year.

Outlook and guidance

• Major expansion and reconstruction projects are underway, including G50 and G30 expressway upgrades with total estimated investments of RMB 123.03 billion and RMB 54.2 billion, respectively.

• Company continues to invest in new expressway projects and equity investments in related infrastructure.

• Continued implementation of policy relief measures, including toll exemptions and reductions, is expected to impact revenue.