ENN Natural Gas (600803) investor relations material

Executive summary

• Total gas sales volume rose 6.4% year-over-year to 20.33 bcm, with medium- and long-term demand locked in at 3.4 bcm.

• Core profit increased 1.4% year-over-year to RMB2,736 million, while operating cash flow grew 15.7% to RMB5,573 million.

• The company maintained a strong financial position, with net gearing ratio reduced to 21.2%.

• Shareholder returns improved, with a 2025 cash dividend per share not less than RMB1.14 and a payout ratio of at least 50% of core profit from 2026 to 2028.

• Received an MSCI AAA ESG rating, the first and only Chinese public utility to do so.

Financial highlights

• Total revenue decreased 1.5% year-over-year to RMB66,015 million.

• Gross profit remained stable at RMB9,857 million.

• Net profit attributable to parent declined 4.8% year-over-year to RMB2,408 million, but net profit after deducting non-recurring items rose 21.1% to RMB2,414 million.

• Free cash flow increased, supported by higher operating cash flow and prudent investment strategies.

• Total assets at period end were RMB 13,143.72 million, down 0.79% from last year end.

Outlook and guidance

• Annual cash dividend payout ratio set at not less than 50% of core profit from 2026 to 2028.

• Continued focus on expanding customer base, optimizing resource structure, and enhancing operational efficiency.

• Ongoing investment in integrated energy and smart home businesses to drive future growth.