Clp Holdings Limited · HKEX:2
Clp — H1 2026 Earnings Presentation
35 slides from Clp's earnings presentation, Aug 6, 2026
Slide 1: 2026 Interim Results Highlights
CLP Holdings 2026 Interim Results Highlights 6 August 2026
Slide 2: 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 3: Agenda
Agenda Overview Financial Performance and Outlook Strategy and Roadmap Appendices CLP’s 125th anniversary celebration ceremony. 3
Slide 4: Overview
Overview Sandu II Wind Farm located in Guizhou, Chinese Mainland. Commenced commercial operation in March 2026. 4
Slide 5: 1H2026 highlights
1H2026 highlights Strong earnings performance Led by regulated Hong Kong’s continued capital investments, and improved performances from all regions. Portfolio value creation and capital discipline Active asset rotation: decarbonisation milestone delivered with sale of Jhajjar. Capital efficie
Slide 6: 1H2026 highlights
1H2026 highlights Financial Highlights Operational Highlights Change Change Operating Earnings Safety & Customers (before Fair Value Movements) HK$5,733 million 10% Total recordable injury rate 2 0.12 0.03 Unplanned customer minutes lost 1.83 min 0.48 min Total Earnings HK$5,997 million 7% in Hong K
Slide 7: Financial Performance And Outlook
Financial Performance And Outlook Ma Sik Road Substation in Fanling, located within Northern Metropolis in Hong Kong. 7
Slide 8: 1H2026 financial overview
1H2026 financial overview Operating Earnings 1 EBITDAF 1 before Fair Value Movements Total Earnings HK$13,575 million 9% HK$5,733 million 10% HK$5,997 million 7% Capital Investment 2 Dividend Per Share (DPS) Second Interim DPS Declared HK$0.63 HK$7,319 million 11% Total DPS Declared for 1H2026 HK$1.
Slide 9: Operating earnings by business unit
Operating earnings by business unit Strong earnings performance led by regulated Hong Kong and improved performances from all regions HK$M 1H2026 1H2025 Change Hong Kong energy and related activities 4,830 4,568 6% Continued capital investments and lower interest costs Nuclear reliability and renewa
Slide 10: Hong Kong Operating Earnings
Hong Kong Continued capital investments and lower interest costs 6% 6,000 4,568 176 147 4,830 - Operating Earnings ( 61 ) 4,000 (HK$M) 2,000 - 1H2025 FX Return on Lower interest costs Others * 1H2026 higher fixed assets * Includes non-SoC items and CLPe operations in Hong Kong Performance Outlook •
Slide 11: Chinese Mainland Operating Earnings
Chinese Mainland Nuclear reliability and renewable additions offset sector-wide supply-demand (curtailment and tariff) headwinds 3% 1,200 870 51 10 7 899 Operating Earnings 900 ( 21 ) ( 18 ) (HK$M) 600 791 Nuclear 300 Renewables 320 Thermal - (28) Corporate expenses (184) & others (300) 1H2025 FX Nu
Slide 12: EnergyAustralia Operating Earnings
EnergyAustralia Retail uplift and strong fleet commercial availability offset softer market conditions and transformation costs 400 22% 392 Operating Earnings ( 51 ) 45 223 2,647 Energy EBITDAF 200 167 19 ( 90 ) Customer EBITDAF (HK$M) (4) 232 Enterprise EBITDAF (808) - Interest, tax, depreciation a
Slide 13: Apraava Energy Operating Earnings
Apraava Energy Jhajjar sold; non-carbon platform scaling; earnings lifted by one-off items 200 150 41% 150 Renewables Operating Earnings 100 105 11 Transmission 100 79 84 (HK$M) 74 AMI (1) 50 (6) 50 13 Thermal 19 Group adjustments ( 52 ) 17 - - ( 10 ) (7) Corporate expenses 1H2025 FX Thermal Renewab
Slide 14: Taiwan Region and Southeast Asia Operating Earnings
Taiwan Region and Southeast Asia Solid Ho-Ping performance offset higher devex for advancing regional growth platform 274% 150 93 - 100 71 121 Operating Earnings 50 ( 41 ) Thermal 19 - Solar (HK$M) - 4 Corporate expenses (54) (50) (100) 1H2025 FX Thermal Solar Corporate expenses 1H2026 Performance O
Slide 15: Cash inflows and outflows
Cash inflows and outflows Strong free cash flow to support growth and dividends HK$ billion 8.8 Proceeds from divestment Cash inflows of HK$8.8b (1H2025: HK$7.1b) 7.1 1.0 EBITDAF EBITDAF Free cash flow 12.4 13.6 Increase in free cash flow: (deducting maint. capex) 7.1 7.8 Recurring EBITDAF • Higher
Slide 16: 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 committed facilities Bank balances HK$62.2billion 34.0% (31 Dec 2025: 33.0%) HK$15.1billion HK$4.4billion (31 Dec 2025: HK$57.9b) FFO / Debt – FY202
Slide 17: Strategy and Roadmap
Strategy and Roadmap CLP Power has completed its upgrade of the Clean Energy Transmission System (CETS) in 2026. 17
Slide 18: Strategic growth plan: Hong Kong
Strategic growth plan Hong Kong – foundation for growth and long-term stability Building a Regulated stability Powering Hong Kong’s resilient smart city economic growth & new industries 2024-28 Completed the installation of over Maintaining world-class reliability Development Plan Energised 8 da
Slide 19: Strategic growth plan: Chinese Mainland renewable energy
Strategic growth plan Chinese Mainland renewable energy 2030 Target: ~5GW renewables Clear policy mandates (greenhouse emissions Project highlights in 1H2026: pledge and 15th 5-Year Plan) and rising energy Pipeline demand for renewable energy growth. ~1.2 GW ~1.5 GW Pipeline actively managed for v
Slide 20: Strategic growth plan: Apraava Energy non-carbon investments
Strategic growth plan Apraava Energy non-carbon investments 2030 Target: ~9GW non-carbon Clear national long-term roadmap set by ambitious Project highlights in 1H2026: Pipeline national goals: 500GW non-carbon capacity by 2030. * New project wins in July 2026: Growth funded through disciplined
Slide 21: Strategic growth plan: EnergyAustralia flexible capacity
Strategic growth plan EnergyAustralia flexible capacity 2030 Ambition: ~3GW flexible capacity Project highlights in 1H2026: Critical investments to capture value in growing volatility, supporting renewable firming and Progressing: enhancing grid resilience. - Mt Piper BESS (250MW/1,000MWh): progre
Slide 22: Repurposing Yallourn for future opportunities
Strategic growth plan Repurposing Yallourn for future opportunities The Yallourn Energy Security Precinct — a strategic advantage: 5,500 hectares of freehold land (≈ Melbourne CBD and inner suburbs combined), existing high-voltage transmission (220kV & 500kV), water access and a skilled local workfo
Slide 23: Our investment proposition
Our investment proposition 01 02 03 04 Earnings Portfolio value Operational Shareholder resilience creation and excellence and returns capital efficient transformation- growth driven Regulated Hong Kong Group-wide cost Consistent dividend track Active asset rotation, record underpinned by anchoring
Slide 24: Appendices
Appendices Celebrating 30 years of partnership between CLP and CNOOC in natural gas supply for Hong Kong – CLP management visited CNOOC’s natural gas pipeline facilities at Zhuhai Gaolan Terminal, exchanging views on business cooperation. 24
Slide 25: Financial highlights
Financial highlights 1H2026 1H2025 Change Revenue (HK$M) 42,856 42,854 - Operating Earnings (before Fair Value Movements) (HK$M) 5,733 5,227 +10% Operating Earnings (HK$M) 5,641 5,192 +9% Total Earnings (HK$M) 5,997 5,624 +7% Operating Earnings per share (HK$) 2.23 2.06 +9% Total Earnings per share
Slide 26: Dividends
For more information Dividends A history of returning cash to shareholders CLP Ordinary Dividend Per Share* (1987 – 1H2026) and Shareholding by Category (as at 31 December 2025) HK$ 3.50 35% 35% 3.20 3.10 3.10 3.10 3.10 3.15 Retail As at Interests 3.00 investors 31 Dec 2025 associated with Kadoorie
Slide 27: Hong Kong – Growing business scale
Hong Kong – Growing business scale Generation Transmission Distribution Retail 9,464MW * > 17,500 km of transmission and 262 primary and > 16,000 17,038GWh sold and generation portfolio high voltage distribution lines secondary substations 2.922 million customer accounts During 1H2026: • Local elect
Slide 28: Hong Kong – Electricity sales, earnings and capex
Hong Kong – Electricity sales, earnings and capex Electricity sales Capital expenditure (Accrual basis) GWh 1H2026 1H2025 Change Proportion HK$M 1H2026 1H2025 Change Residential 4,300 4,222 1.8% 25% CLP Power 3,677 3,307 11.2% Commercial 6,860 6,560 4.6% 40% CAPCO * 1,085 1,222 11.2% Infrastructure
Slide 29: Hong Kong – Tariff, reliability, fuel prices and environmental improvement
Hong Kong – Tariff, reliability, fuel prices and environmental improvement Low tariff Residential tariff % increase from Jan 2021 to Jan 2026 High reliability (FY2025) Unplanned customer minutes lost per year HK$/kWh London +64% 4.0 30 3.0 Sydney +34% 20 18 18 2.0 11 Singapore +31% 10 1.0 1.8* 0.2 1
Slide 30: Decarbonising our operations
Decarbonising our operations CLP’s Past and Projected Absolute Greenhouse Gas Emissions of CLP’s Past and Projected Greenhouse Gas Emissions Intensity Electricity Sold and Phase-out Schedule of Fossil Fuel Assets Fangchenggang Power Station 2020-2050 Divested in 2022 Support Hong Kong’s journey to r
Slide 31: CLP Group – Capabilities along the value chain
CLP Group – Capabilities along the value chain 22,672 MW (17,962 Equity MW and 4,711 MW Long Term Purchase) Generation and energy storage capacity1 Over 17,800 km transmission/ distribution lines1,2,3 Over 3.8 million smart meters connected in Hong Kong and Australia; Over 5.1 million customer accou
Slide 32: CLP Group – Renewable generation portfolio
CLP Group – Renewable generation portfolio1,2 4,878 MW (4,204 Equity MW and 674 MW Long Term Purchase) 21.5% of CLP total generation and storage portfolio HONG KONG total 14 MW* CHINESE MAINLAND APRAAVA ENERGY total 987 MW Operational 14 MW* Operational (cont’d) Operational 712 MW West New Territori
Slide 33: CLP Group – Generation and energy storage capacity by asset type
CLP Group – Generation and energy storage capacity1 by asset type 22,672 MW Attributable to CLP Group Operational Under construction Capacity by Total MW % MW % MW % Asset Type (a) + (b) (a) (b) Coal 7,480 33% 7,480 33% - - Gas 6,138 27% 6,138 27% - - Nuclear 2,750 12% 2,750 12% - - Wind 2,884 13% 2
Slide 34: CLP Group – Energy sent out by asset type – 1H2026
CLP Group – Energy sent out 1 by asset type – 1H2026 TWh 16 15.5 CLP 1H2026 Generation 14.4 as Sent Out (1) 12 10.9 37% 36% 10.4 31% 27% 1H2025: 36.5 TWh 1H2026 8 7.9 7.9 1H2026: 36.0 TWh 1H2025 10% 27% 22% 10% 4 2.6 1.5 0.8 0.7 0 -4 1H2025 1H2026 1H2025 1H2026 1H2025 1H2026 1H2025 1H2026 1H2025 1H2
Slide 35: Thank you!
Thank you ! CLP@ re | 25