CGN New Energy Holdings (1811) investor relations material

Executive summary

• Revenue for H1 2026 was US$772.8 million, down 9.8% year-over-year, mainly due to lower tariffs and power generation from PRC wind projects and lower tariffs in Korea.

• Profit attributable to equity shareholders was US$82.1 million, a 49.8% decrease year-over-year, impacted by lower wind project performance and absence of prior year disposal gains.

• Operating profit fell 26.7% to US$186.2 million, reflecting declines in wind project performance and Korea tariffs.

• Interim dividend of 0.67 US cents per share declared, totaling US$28.7 million, compared to nil in the prior year.

Financial highlights

• Operating expenses decreased 2.6% to US$586.6 million, mainly due to lower gas and coal costs.

• Finance costs dropped to US$70.4 million, down US$9.9 million year-over-year, due to lower average interest rates.

• Cash and cash equivalents stood at US$161.0 million as of 30 June 2026.

• Net debt/equity ratio increased to 3.20 from 3.13 at year-end 2025, due to higher bank borrowings.

• Capital expenditures for H1 2026 were US$196.5 million, down from US$398.5 million in H1 2025.

Outlook and guidance

• Focus on high-quality wind and solar projects with strong grid absorption and stable returns.

• Emphasis on cost control, optimizing financing structure, efficiency, and innovation to reverse profit decline.

• Continued alignment with national new energy strategy, reforms, and safety enhancements to meet annual targets.