Clp Holdings Limited · HKEX:2
Clp — H1 2025 Earnings Presentation
35 slides from Clp's earnings presentation, Aug 4, 2025
Slide 1: 2025 Interim Results Highlights
CLP Holdings 2025 Interim Results Highlights 4 August 2025
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 Bobai wind farm in Guangxi, Chinese Mainland. Commissioned in January 2025. 3
Slide 4: Overview
Overview Ho To West substation, Northern Metropolis, Hong Kong. 4
Slide 5: 2025 interim highlights
2025 interim 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. Growth moment
Slide 6: 1H2025 highlights
1H2025 highlights Financial Highlights Operational Highlights Change Change Operating Earnings Safety & Customers (before Fair Value Movements) HK$5,227 million 8% Total recordable injury rate 2 0.15 0.06 Unplanned customer minutes lost 1.35 min 4.70 min Total Earnings HK$5,624 million 5% in Hong Ko
Slide 7: Financial Performance and Outlook
Financial Performance and Outlook Simulated photo of Wooreen BESS located adjacent to Jeeralang Power Station, Victoria, Australia. 7
Slide 8: 1H2025 financial overview
1H2025 financial overview Operating Earnings 1 EBITDAF 1 before Fair Value Movements Total Earnings HK$12,404 million 5% HK$5,227 million 8% HK$5,624 million 5% Capital Investment 2 Dividend Per Share (DPS) Second Interim DPS Declared HK$0.63 HK$8,213 million 21% Total DPS Declared for 1H2025 HK$1.2
Slide 9: Operating earnings by business unit
Operating earnings by business unit Strong core Hong Kong business offset by market pressure on the Mainland and EnergyAustralia and Apraava Energy one-offs HK$M 1H2025 1H2024 Change Hong Kong energy and related activities 4,568 4,291 6% Continued reliable performance and capital investments to supp
Slide 10: Hong Kong Operating Earnings
Hong Kong Continued reliable performance and capital investments to support growth 6% 6,000 4,291 2 189 51 35 4,568 4,000 Operating Earnings (HK$M) 2,000 - 1H2024 FX Return on higher Lower interest costs Others * 1H2025 fixed assets * Includes non-SoC items and CLPe operations in Hong Kong Performan
Slide 11: Chinese Mainland Operating Earnings
Chinese Mainland Lower market prices and curtailments offset gains in new renewables capacity additions 15% 1,200 988 33 870 Nuclear 800 ( 73 ) ( 56 ) ( 19 ) (3) Operating Earnings Renewables 761 400 (HK$M) Thermal 295 Corporate expenses - (7) (179) & others (400) 1H2024 FX Nuclear Renewables Therma
Slide 12: EnergyAustralia Operating Earnings
EnergyAustralia Retail margin compression and end of coal price caps offset gains in generation and flexible capacity 3,000 69% 2,000 EBITDAF Energy EBITDAF 2,618 Operating Earnings 1,000 611 124 Customer EBITDAF 11 167 16 ( 21 ) Enterprise EBITDAF (HK$M) - ( 82 ) (144) ( 489 ) (3) (683) Interest, t
Slide 13: Apraava Energy Operating Earnings
Apraava Energy Solid performance from diversified portfolio impacted by one-offs from KMTL transmission asset 58% 300 203 39 Operating Earnings - 200 - Renewables (7) 23 90 (HK$M) 100 79 Transmission & AMI ( 140 ) ( 39 ) 77 - 27 Thermal (83) (100) (32) Group adjustment Corporate expenses (200) 1H202
Slide 14: Taiwan Region and Thailand Operating Earnings
Taiwan Region and Thailand Lower fuel cost recovery at Ho-Ping power station 100 77% 79 1 80 Operating Earnings 60 (HK$M) 40 Thermal (52 ) 19 Solar 20 - 28 (9 ) Corporate expenses - 4 (13) (20) 1H2024 FX Thermal Solar Corporate 1H2025 expenses* * Mainly include development expenses and group operati
Slide 15: Cash inflows and outflows
Cash inflows and outflows Growth capex increase funded by free cash flow and net debt HK$ billion Cash inflows of HK$7.1b (1H2024: HK$8.0b) 8.0 EBITDAF 7.1 Decrease in free cash flow in line with the underlying EBITDAF EBITDAF 13.0 Free cash flow performance and unfavourable working capital movement
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 bank facilities Bank balances HK$62.4billion 35.0% (31 Dec 2024: 33.0%) 1 (31 Dec 2024: HK$56.3b) 1 HK$26.6billion HK$3.0billion FFO / Debt – FY2024
Slide 17: Strategy and Roadmap
Strategy and Roadmap Enhancing the reliability and transmission capability of the Clean Energy Transmission System (CETS) connecting Hong Kong and the Chinese Mainland for using more zero-carbon energy in the future. 17
Slide 18: Hong Kong - foundation for growth and long-term stability
Hong Kong - foundation for growth and long-term stability Powering Hong Kong’s Building a Maintaining economic growth & resilient smart city world class reliability new industries 2024-28 Development Plan Completed 6 out of 18 data centres Maintaining 99.999% world-class of the current developme
Slide 19: Sound progress in strategic growth plan: Chinese Mainland renewable energy
Sound progress in strategic growth plan Chinese Mainland renewable energy 2029 Target: 1H25 Capacity additions ~6GW (renewables) Under construction - BESS Targeted ~6GW by 2029 subject to: Under construction - Solar Under construction - Wind Strict investment and geographical BESS criteria. Solar
Slide 20: Sound progress in strategic growth plan: Apraava Energy
Sound progress in strategic growth plan Apraava Energy non-carbon investments 1H25 Capacity additions 2029 Target: Under construction - AMI ~8GW (non-carbon) Under construction - Transmission Under construction - Solar Under construction - Wind Targeted ~ 8GW by 2029: Transmission Strict investmen
Slide 21: Sound progress in strategic growth plan: EnergyAustralia
Sound progress in strategic growth plan EnergyAustralia flexible capacity 1H25 Capacity additions 2030 Target: Targeted ~3GW contracted renewable and Under construction - BESS (equity) ~1.6GW (flexible capacity) ~1.6GW flexible capacity by 2030 BESS (contracted) Solar (contracted) Strict investmen
Slide 22: Uplift and enhance capability
Uplift and enhance capability A safe, future-ready workforce Refreshed values, new way of working culture Strategic workforce development Digital and data capability Operational excellence Digital fully embedded into our business Best-in-class assets and operations across energy value chain and dive
Slide 23: Appendices
Appendices CLP Power is conducting Beyond Visual Line of Sight (BVLOS) drone operations to inspect overhead power lines and transmission towers, it is one of the first batch of Low-altitude Economy Regulatory Sandbox Pilot Projects in Hong Kong. 23
Slide 24: Financial highlights
Financial highlights 1H2025 1H2024 Change Revenue (HK$M) 42,854 44,086 -3% Operating Earnings (before Fair Value Movements) (HK$M) 5,227 5,683 -8% Operating Earnings (HK$M) 5,192 5,855 -11% Total Earnings (HK$M) 5,624 5,951 -5% Operating Earnings per share (HK$) 2.06 2.32 -11% Total Earnings per sha
Slide 25: Operating highlights
Operating highlights 1H2025 1H2024 Change Safety (Total recordable injury rate) 1 0.15 0.21 -0.06 Reliability in Hong Kong (Minutes lost pa) 2 1.35 6.05 -4.70 Customer accounts (Thousand) Hong Kong 2,863 2,814 +49 Australia 2,330 2,418 -88 Electricity sent out (TWh) 3 36.5 37.6 -3% Generation and en
Slide 26: Dividends
Dividends A history of returning cash to shareholders CLP Ordinary Dividend Per Share* (1987 – 1H2025) and Shareholding by Category (as at 31 December 2024) HK$ 3.50 33% 35% 3.10 3.10 3.10 3.10 3.15 Retail Interests 3.02 3.08 As at 2.91 3.00 investors associated with 2.80 31 Dec 2024 2.70 Kadoorie F
Slide 27: Hong Kong – Growing business scale
Hong Kong – Growing business scale Generation Transmission Distribution Retail 9,399MW* > 17,300 km of transmission and 257 primary and > 15,800 16,453GWh sold and generation portfolio high voltage distribution lines secondary substations 2.863 million customer accounts During 1H2025: • Local electr
Slide 28: Hong Kong – Electricity sales, earnings and capex
Hong Kong – Electricity sales, earnings and capex Electricity sales Capital expenditure (Accrual basis) GWh 1H2025 1H2024 Change Proportion HK$M 1H2025 1H2024 Change Residential 4,222 4,375 3.5% 26% CLP Power 3,307 3,209 3.1% Commercial 6,560 6,610 0.8% 40% CAPCO * 1,222 851 43.6% Infrastructure & P
Slide 29: Hong Kong – Tariff, reliability, fuel prices and environmental improvement
Hong Kong – Tariff, reliability, fuel prices and environmental improvement Low tariff Residential tariff % increase from Jan 2021 to Jan 2025 High reliability (FY2024) Unplanned customer minutes lost per year HK$/kWh London +57% 4.0 30 3.0 Singapore +38% 21 20 2.0 12 13 Sydney +24% 10 1.0 6.0* +19%
Slide 30: Decarbonising our operations
Decarbonising our operations CLP’s Past and Projected Greenhouse Gas Emissions Intensity Retired Retiredthree threegeneration generationunits unitsat at Castle Peak Power Station Castle Peak A1, A2 and A3 units were retired in 2024; A4 Castle PeakAAPower executed Power Station and an earlyStation an
Slide 31: CLP Group – Generation and energy storage portfolio – 30 Jun 2025
CLP Group – Generation and energy storage portfolio1 – 30 Jun 2025 18,664 Equity MW and 4,582 MW Long Term Purchase (total 23,246 MW) HONG KONG total 7,222 MW* ENERGYAUSTRALIA total 5,787 MW* Operational 7,222 MW* Operational 5,612 MW* Castle Peak – A & B 2 3,058 / 3,058* (c) Yallourn 1,480 / 1,480
Slide 32: CLP Group – Renewable generation portfolio – 30 Jun 2025
CLP Group – Renewable generation portfolio1 – 30 Jun 2025 4,313 Equity MW and 590 MW Long Term Purchase (total 4,903MW) - 21.1% of CLP total generation portfolio HONG KONG total 14 MW* CHINESE MAINLAND APRAAVA ENERGY total 987 MW Operational 14 MW Operational (cont’d) Operational 712 MW West New Ter
Slide 33: CLP Group – Generation and energy storage capacity by fuel mix
CLP Group – Generation and energy storage capacity1 by fuel mix 23,246 MW Attributable to CLP Group Operational Under construction Capacity by Total MW % MW % MW % Energy Type (a) + (b) (a) (b) Coal 8,140 35% 8,140 35% - - Gas 6,118 26% 6,118 26% - - Nuclear 2,685 12% 2,685 12% - - Wind 2,750 12% 2,
Slide 34: CLP Group – Energy sent out by asset type – 1H2025
CLP Group – Energy sent out1 by asset type – 1H2025 TWh 16 CLP 1H2025 Generation 14.4 as Sent Out (1) 13.5 12.6 36% 12 10.9 43% 27% 22% 1H2025 1H2024: 37.6 TWh 8.5 7.9 1H2025: 36.5 TWh 8 10% 1H2024 25% 10% 27% 4 2.3 2.6 0.6 0.7 0 -4 1H2024 1H2025 1H2024 1H2025 1H2024 1H2025 1H2024 1H2025 1H2024 1H20
Slide 35: Thank you
Thank you CLP@ re