ENN Energy (2688) Q3 2025 earnings summary

Executive summary

• Retail gas sales volume rose 2.0% year-over-year to 19,190 million m³, with 9.5 million m³ new installed daily capacity added.

• Integrated energy business connected 529.6MW new PV capacity, reaching 1,194.1MW total installed.

• Smart home business sales of self-owned branded products surged 70.2% to 301,049 units; smart product contracts up 46.3% to RMB801 million.

• Two new city gas projects acquired, adding 985,500 new residential customers.

• MSCI ESG rating upgraded to AAA; S&P and Sustainalytics scores among highest in Asia Pacific utilities.

Financial highlights

• Retail gas sales volume increased 2.0% year-over-year to 19,190 million m³ for 1-3Q2025.

• Commercial & industrial gas volume up 2.5% to 15,208 million m³; residential gas volume up 1.5% to 3,804 million m³.

• Smart home revenue per household (existing customers) rose to RMB349.7 from RMB324.6 year-over-year.

Outlook and guidance

• Integrated energy projects emphasize stable, recurring income with 7-8 year payback periods and low risk due to diversified customer base.

• City gas projects expected to generate positive free cash flow after 5 years of operation.