CGN POWER (1816) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB31,483.3 million, down 2.8% year-over-year, mainly due to longer refuelling outages and decreased construction revenue.

• Net profit attributable to shareholders rose 2.7% to RMB6,105.1 million, while EBITDA decreased 5.6% to RMB19,307.3 million year-over-year; adjusted net profit (excluding non-recurring items) was slightly down 0.5%.

• On-grid power generation (including associates) was 109,597 GWh, down 3.32% year-over-year, with new units commencing operation.

• 30 nuclear units were in operation and 18 under construction, with total installed capacity of 56,060 MW, accounting for 44.47% of China's nuclear capacity.

• Two new nuclear units (Huizhou Unit 1 and Cangnan Unit 1) began commercial operation in April 2026.

Financial highlights

• Operating revenue: RMB31,483.3 million (down 2.8% year-over-year).

• Net profit: RMB9,324.4 million (up 5.7% year-over-year); net profit attributable to shareholders: RMB6,105.1 million (up 2.7%).

• EBITDA margin: 61.3% (down from 63.2%); net profit margin: 29.6% (up from 27.3%).

• Basic EPS: RMB0.121; diluted EPS: RMB0.118.

• Total assets: RMB591.2 billion; total liabilities: RMB403.5 billion; total equity: RMB187.7 billion.

Outlook and guidance

• The company targets high-quality, safe, and efficient growth, focusing on expanding nuclear capacity, technological innovation, and market development tailored to local conditions.

• Focus on risk-informed supervision, cost control, digital-intelligent solutions, and enhanced outage management.

• Targeting average utilization hours in 2026 not less than the average of the last three years.

• No interim dividend is recommended for H1 2026.