CGN POWER (1816) H1 2026 earnings summary

Executive summary

• Operates 30 nuclear units with 18 under construction, totaling 56,060 MW (56.06 GW) installed capacity, representing 44.47% of China's nuclear capacity as of June 30, 2026.

• H1 2026 revenue was RMB31,483.3 million, down 2.8% year-over-year, mainly due to longer refuelling outages and decreased on-grid power generation.

• Net profit attributable to shareholders rose 2.7% to RMB6,105.1 million, while EBITDA margin was 61.3%.

• On-grid power generation (including associates) was 109,597 GWh, down 3.32% year-over-year, with significant contributions to CO₂ emission reduction.

• Maintains industry-leading nuclear safety, with no INSE incidents at level 2 or above and high WANO performance indicators.

Financial highlights

• Net profit excluding non-recurring items was RMB5,577 million, down 0.49% year-over-year.

• EBITDA margin was 61.3% (down from 63.2%); net profit margin improved to 29.6% from 27.3%.

• Basic EPS was RMB0.121, up from RMB0.118.

• Operating costs fell 8.5% year-over-year, mainly due to lower power generation and construction activity.

• Other gains increased 34.4% due to higher VAT refunds; non-recurring gains nearly doubled, driven by new subsidiary consolidations.

Outlook and guidance

• Aims to become a world-class nuclear power enterprise by 2035, leading in installed capacity and operational efficiency.

• Plans to enhance safety, promote new project approvals, and maintain high utilization hours in H2 2026.

• Focus on risk-informed supervision, cost control, and digital-intelligent solutions to enhance competitiveness.

• No interim dividend is recommended for H1 2026.