China Shenhua Energy Company (1088) investor relations material

Executive summary

• Achieved profit attributable to equity holders of RMB54.22 billion, basic EPS of RMB2.73, and a gearing ratio of 23.2% at year-end 2025.

• Revenue declined 13.2% year-over-year to RMB294.92 billion, with net profit down 8.9% to RMB54.22 billion.

• Completed major asset acquisitions, including Hangjin Energy and 11 other core companies, enhancing resource reserves and reducing horizontal competition.

• Maintained high self-produced coal output and expanded renewable power capacity by 259 MW.

• Proposed a final cash dividend of RMB1.03/share, with total 2025 cash dividends representing 79.1% of net profit under PRC standards.

Financial highlights

• Revenue: RMB294.92 billion, down 13.2% year-over-year.

• Net profit attributable to equity holders: RMB54.22 billion, down 8.9% year-over-year.

• EBITDA: RMB108.17 billion, down 5.5% year-over-year.

• Total assets: RMB671.64 billion; total equity: RMB500.26 billion.

• Gearing ratio: 23.2%, improved from 25.5% last year.

• Basic EPS: RMB2.73, down from RMB2.997.

• Net cash from operating activities: RMB75.06 billion, down 17.6% year-over-year.

Outlook and guidance

• 2026 targets: commercial coal production 332.1 million tonnes, coal sales 430.9 million tonnes, gross power generation 220.2 billion kWh.

• Revenue target for 2026: RMB294.92 billion; cost of sales: RMB206.72 billion.

• Planned capital expenditure for 2026: RMB38.02 billion, focusing on coal, power, transportation, and chemical projects.

• Continued focus on green development, technological innovation, and integrated operations.