ENN Energy (2688) Q1 2026 earnings summary

Executive summary

• Retail gas sales volume rose 0.5% year-over-year to 7,294 million m³, with growth in both commercial/industrial and residential segments and 206,200 new residential customers added.

• Integrated energy (IE) business electricity sales volume reached 9,338 million kWh, but declined 7.0% year-over-year due to business mix optimization and external economic adjustments.

• Smart home business penetration reached 3.6% among existing customers and 63.1% among new customers, with self-owned brand sales up 10.6%.

• The company advanced innovation-driven transformation and implemented key strategies to support high-quality development.

Financial highlights

• Revenue for 2025 reached RMB 111.91 billion, with total assets exceeding RMB 106.02 billion.

• Retail gas sales to commercial/industrial customers increased 0.7% year-over-year to 5,267 million m³, while residential gas sales grew 1.0% to 1,988 million m³.

• Sales of self-owned brand Gratle increased by 10.6% to 74,365 units year-over-year.

• Revenue generated per smart home household rose 5.8% year-over-year to RMB 358.

• Installed designed daily capacity for new commercial/industrial customers was 1.883 million m³, down 24.7% year-over-year.

Outlook and guidance

• Focus on expanding customer base, increasing sales volume, and pursuing scale-driven profitability in natural gas.

• Continued investment in integrated energy and smart home solutions to enhance value creation and deepen customer engagement.

• Plans to capitalize on green upgrading opportunities and optimize resource allocation and procurement cost management.

• Intends to accelerate power business development and refine the integrated energy business model.