China Resources Power Holdings Company (836) investor relations material

Executive summary

• Turnover for H1 2026 rose 9.4% year-over-year to HK$54,977 million, driven by a 12.8% increase in net generation volume, offsetting a 7.2% decrease in average on-grid tariffs.

• Profit attributable to owners fell 15.5% year-over-year to HK$6,649 million, mainly due to lower tariffs, higher coal prices, and increased operating expenses.

• Basic earnings per share decreased to HK$1.28 from HK$1.52 in H1 2025.

• Interim dividend of HK$0.321 per share declared, totaling approximately HK$1,662 million, with a payout ratio of 25.0%.

• Core business profit from renewable energy dropped 30.7%, while thermal power core profit rose 16.1%.

Financial highlights

• Operating profit dropped 19.6% year-over-year to HK$9,763 million.

• EBITDA interest coverage was 8.5x, and net debt to total equity improved to 115.5% from 145.3% at year-end 2025.

• Cash and cash equivalents at period-end were HK$33,153 million, up from HK$9,364 million a year earlier.

• Total assets reached HK$453,173 million, with equity attributable to owners at HK$121,783 million.

• Fuel costs rose 19.9% year-over-year to HK$26,030 million, mainly due to higher coal prices and increased generation.

Outlook and guidance

• Cash capital expenditure for 2026 is expected to be approximately HK$47,200 million, focusing on renewable energy, integrated energy services, and digital transformation.

• The group aims to further increase the proportion of clean energy capacity and accelerate new business growth in energy storage, energy-saving services, and international markets.

• Continued optimization of industrial structure and enhancement of sustainable competitiveness.