Clp Holdings Limited · HKEX:2
Clp — FY2025 Earnings Presentation
26 slides from Clp's earnings presentation, Feb 26, 2026
Slide 1: Presentation on Annual Results for the year ended 31 December 2025
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relia
Slide 2: CLP Holdings Limited
中電控股有限公司 CLP Holdings Limited (incorporated in Hong Kong with limited liability) (Stock Code: 00002) The Directors of CLP Holdings as at the date of this announcement are: Non-executive Directors: The Hon Sir Michael Kadoorie, Mr Andrew Brandler, Mr Philip Kadoorie, Mrs Yuen So Siu Mai Betty and Mr
Slide 3: 2025 Annual Results Presentation
CLP Holdings 2025 Annual Results Presentation 26 February 2026
Slide 4: Disclaimer
Disclaimer CLP Holdings Limited (the “Company”, together with its subsidiaries, the “Group”, or “we”, “our” or “us” as the context requires) is providing this document and making an oral presentation thereon (together, this presentation) for information only. We do not represent or warrant (expressl
Slide 5: Agenda
Agenda Overview TK Chiang, Chief Executive Officer Financial Performance and Outlook Alex Keisser, Chief Financial Officer Strategy and Roadmap TK Chiang, Chief Executive Officer Questions and Answers Appendices CLP Headquarters in Kai Tak, Hong Kong. 3
Slide 6: Overview
Overview Juancheng Wind Farm in Shandong, Chinese Mainland. 4
Slide 7: 2025 highlights
2025 highlights Strong core Hong Kong performance with Development Plan ensuring stability and growth, moderated by market pressures on the Chinese Mainland and at EnergyAustralia Operational delivery on projects and fleet contributing to energy security and energy transition Investing for value in
Slide 8: 2025 highlights
2025 highlights Financial Highlights Operational Highlights Change Change Operating Earnings Safety & Customers (before Fair Value Movements) HK$10,685 million 2% Total recordable injury rate 2 0.16 0.08 Unplanned customer minutes lost 1.79 min 4.23 min Total Earnings HK$10,468 million 11% in Hong K
Slide 9: Financial Performance and Outlook
Financial Performance and Outlook Queen’s Hill substation in Fanling, Northern Metropolis, Hong Kong. 7
Slide 10: 2025 financial overview
2025 financial overview Operating Earnings 1 EBITDAF 1 before Fair Value Movements Total Earnings HK$25,747 million −% HK$10,685 million 2% HK$10,468 million 11% Capital Investment 2 Dividend Per Share (DPS) Fourth Interim DPS Declared HK$1.31 HK$16,418 million 13% Total DPS Declared for 2025 HK$3.2
Slide 11: Operating earnings by business unit
Operating earnings by business unit Strong Hong Kong performance drives stability; Group results reflect market pressures and one-offs HK$M 2025 2024 Change Hong Kong energy and related activities 9,544 8,895 7% Solid operations and continued capital investments in lower interest rate environment Ch
Slide 12: Hong Kong Operating Earnings
Hong Kong Solid operations and continued capital investments in lower interest rate environment 7% 12,000 239 7 9,544 8,895 5 398 8,000 Operating Earnings 4,000 (HK$M) - 2024 FX Return on Lower interest costs Others * 2025 higher fixed assets * Includes non-SoC items and CLPe operations in Hong Kong
Slide 13: Chinese Mainland Operating Earnings
Chinese Mainland Yangjiang nuclear tariff pressure and supply-demand headwinds offset gains in renewable additions 12% 2,000 1,851 27 1,598 ( 24 ) ( 187 ) ( 62 ) (7) 1,200 Nuclear Operating Earnings 1,487 Renewables (HK$M) 400 Thermal 511 Corporate expenses (2) (398) & others (400) 2024 FX Nuclear R
Slide 14: EnergyAustralia Operating Earnings
EnergyAustralia Retail market pressures and transformation costs offset gains in generation and flexible capacity 800 84% 591 121 Operating Earnings ( 12 ) 5,181 Energy EBITDAF ( 167 ) (HK$M) 400 591 121 53 Customer EBITDAF ( 177 ) 53 85 ( 12 ) (134) ( 167 ) ( 177 ) ( 190 ) Enterprise EBITDAF ( 134
Slide 15: Apraava Energy Operating Earnings
Apraava Energy Solid underlying performance from diversified portfolio impacted by one-offs 29% 400 58 329 140 Renewables ( 13 ) 6 Transmission 221 2 (130) Operating Earnings (4) AMI 200 ( 25 ) 112 Thermal (HK$M) 52 Group adjustment (52) Corporate expenses - (33) 2024 FX Renewables Transmission AMI
Slide 16: Taiwan Region and Southeast Asia Operating Earnings
Taiwan Region and Southeast Asia Lower fuel cost recovery at Ho-Ping power station and investment in regional growth 35% 300 260 9 200 ( 38 ) (3) Operating Earnings 179 ( 49 ) (HK$M) 100 231 Thermal Solar - 7 Corporate expenses (59) (100) 2024 FX Thermal Solar Corporate expenses 2025 Performance Out
Slide 17: Cash inflows and outflows
Cash inflows and outflows Growth capex increase funded by free cash flow HK$ billion 21.6 22.7 Cash inflows of HK$22.7b (2024: HK$21.6b) 0.6 0.2 Proceeds from Increase in free cash flow: EBITDAF divestments EBITDAF 25.7 Free cash flow • Hong Kong SoC: Higher EBITDAF contributions and fuel cost 20.9
Slide 18: Financial structure and liquidity
Financial structure and liquidity Sound balance sheet and low risk profile Net Debt Leverage Ratios Liquidity Position Net Debt / Total Capital Undrawn bank facilities Bank balances HK$57.9billion 33.0% (31 Dec 2024: 33.0%) 1 (31 Dec 2024: HK$56.3b) 1 HK$25.5billion HK$3.9billion FFO / Debt – FY2025
Slide 19: Strategy and Roadmap
Strategy and Roadmap The Shandong Centralised Control Centre, launched in 2025 features big data analytics capabilities to deliver enhanced support for our low-carbon development strategy. 17
Slide 20: Strategic growth plan: Hong Kong
Strategic growth plan Hong Kong – foundation for growth and long term stability Powering Hong Kong’s Building a Maintaining economic growth & 2024-28 resilient smart city world class reliability new industries Development Plan Completed the installation of over Energised 6 data centres in 2024-2
Slide 21: Strategic growth plan: Chinese Mainland renewable energy
Strategic growth plan Chinese Mainland renewable energy 2030 Target: FY25 Capacity additions (GW) ~5GW renewables Clear policy mandates (greenhouse emissions Under construction - BESS pledge and 15th-5 Year Plan) and rising energy Under construction - Solar Under construction - Wind demand for ren
Slide 22: Strategic growth plan: Apraava Energy non-carbon investments
Strategic growth plan Apraava Energy non-carbon investments FY25 Capacity additions (GW) 2030 Target: Under construction - AMI ~9GW non-carbon Under construction - Transmission Under construction - Solar Under construction - Wind Transmission Clear national long term roadmap set by Solar ambitious
Slide 23: Strategic growth plan: EnergyAustralia flexible capacity
Strategic growth plan EnergyAustralia flexible capacity 2030 Ambition: FY25 Capacity additions (GW) ~3GW flexible capacity Under construction - BESS BESS (contracted) Critical investments to capture value in growing Solar (contracted) Development 2 volatility, supporting renewable firming and Wind
Slide 24: Capital allocation and funding strategy
Capital allocation and funding strategy Strong free cash flow generation Solid investment grade rating (S&P A, Moody’s A2) Sustained and committed growth capex in Hong Kong Enabling growth of ordinary dividends in line with underlying earnings Disciplined capital allocation Self funding of establish
Slide 25: Uplift and enhance capability
Uplift and enhance capability Operational excellence Best-in-class assets and operations across energy value chain and diversified portfolio Efficiency Asset Customer Management Experience A safe, future-ready Digital and data workforce capability Refreshed values, new way of working culture Strateg
Slide 26: Thank you!
Thank you！ You can access this presentation and other materials through our website or CLP IR App which can be downloaded onto your mobile device by clicking here or by scanning this code below. If you have any questions, please contact IR team or email ir@clp.com.hk. 24