Huaneng Power International (902) Q1 2026 earnings summary

Executive summary

• Operating revenue for Q1 2026 was RMB 56.78 billion, down 5.89% year-over-year due to lower power generation and tariffs from domestic operations.

• Net profit attributable to equity holders was RMB 4.48 billion, a decrease of 9.83% compared to the same quarter last year.

• Net cash flows from operating activities dropped 28.51% year-over-year to RMB 12.44 billion.

Financial highlights

• Profit before tax was RMB 7.69 billion, down 6.20% year-over-year.

• Net profit after deducting non-recurring items was RMB 4.22 billion, down 12.04% year-over-year.

• Basic and diluted EPS were both RMB 0.25, down 8.45% year-over-year.

• Return on net assets (weighted average) was 5.78%, down 1.37 percentage points from last year.

• Total assets at quarter-end were RMB 614.70 billion, up 0.48% from year-end 2025.

Outlook and guidance

• Revenue and profit declines attributed to lower domestic power generation and tariffs, partially offset by reduced fuel costs.