Kunlun Energy Co. Ltd. · HKEX:135
Kunlun Energy — H1 2025 Earnings Presentation
33 slides from Kunlun Energy's earnings presentation, Aug 19, 2025
Slide 1: Kunlun Energy Company Limited 2025 Interim Results
KUNLUN ENERGY COMPANY LIMITED Rw ARDS] B71 Bo + Ol wig ENRICHING SESS W EMPOWERINR PC HINAS aA eas ~ 2025 Interim Report — Reni 2025.08.19
Slide 2: Presenters
LIU Guohai Jin Guanghui WU Yi Chairman and Chief Financial Officer Deputy Executive Director General Manager 2
Slide 3: Agenda
01 Chai rman’s Speech 主席致辞 02 Business Review 业务回顾 Financial Performance 03 财务表现 04 Business O utlook 业务展望
Slide 4: Performance Highlight
Performance Highlight Retail gas sales volume up 2.2% to 16.67 bcm Revenue up 5.0% to RMB 97.54 billion 399 thousand new users and accumulated Net profit RMB 3.16 billion 16.85 million users Six-year CAGR of 24.3% in industrial sales volume Interim dividend of RMB 16.60 cents/share 86.8% average uti
Slide 5: Environmental, Social, and Governance
Environmental, Social, and Governance ESG Ratings Environmental Social Governance In 2025, RMB 640 million GHG emissions will be allocated to the Corruption cases or A AA have been Hidden Hazard Rectification environmental verified with Plan, comprising 223 violation penalties: ISO14064 million for
Slide 6: Business Review
01 Chairman’s Speech 主席致辞 02 Busi ness Revi ew 业务回顾 Financial Performance 03 财务表现 04 Business O utlook 业务展望
Slide 7: Natural Gas Sales
NATUP®t GAS SALES x ait 2
Slide 8: National Layout & New Projects
Heilongjiang National Layout & New Projects 3 Jilin As of June 30, 2025, to t a l 2 9 3 city gas projects 5 Beijing Xinjiang Uygur Aut. Reg. Liaoning 4 In 1H2025, 5 new city gas projects 20 Gansu Inner Mongolia Beijing Aut. Reg. Tianjin 12 12 3 10 Hebei Ningxia Hui Shanxi 20 Shandong Project Type Lo
Slide 9: Sales Volume
Sales Volume （million m3） Change Change Retail Gas Sales Volume Item 2025/06/30 2024/06/30 Value Rate Breakdown Total Volume of 29,095.1 26,438.1 2,657.0 10.0% NG Sales 16,666 16,302 Retail Gas sales 16,665.9 16,302.2 363.7 2.2% 74.8% 70.9% Industrial 12,471.0 11,546.6 924.4 8.0% Commercial 1,692.9
Slide 10: Dollar Margin
Dollar Margin （RMB Yuan/m3 ） Item 2025/06/30 2024/06/30 Change Value 2024/12/31 Average Gas Tariff 2.77 2.87 (0.10) 2.84 Average Cost 2.33 2.42 (0.09) 2.37 Weighted Average 0.44 0.45 (0.01) 0.47 Dollar Margin • Reliable and Stable Resource 0.495 0.45 0.44 • A long-term price pass-through mechanism •
Slide 11: Customer Base
Customer Base 2025/06/30 2025/06/30 2024/06/30 Change Item Rate New Users Accumulated Users Accumulated Users Total Users 398.8 thousand 16,852.6 thousand 16,052.9 thousand 5.0% Residential 389.8 thousand 16,688.4 thousand 15,911.5 thousand 4.9% Industrial 1,142 18,079 15,874 13.9% Commercial 7.9 th
Slide 12: Gas Power & New Energy Businesses
Gas Power & New Energy Businesses Accelerating the pace of green & Focusing on creating service value low-carbon transformation across the entire industry chain Green & low- 零售气量结构 carbon 零售气量结构 • Acquired 25 thousand kWh of new clean • Number of registered users of ‘KunLun energy capacity permissio
Slide 13: LNG Processing and Terminal
LNG PROCESSING ANDO TERMINAL
Slide 14: LNG Terminal
LNG Terminal LNG Terminals LNG Processing Volume Tangshan LNG Terminal： 7,770 7,899 Capacity of 6.5 million tons/year 4.8% 8.3% 95.2% 91.7% Rudong LNG Terminal： Capacity of 6.5 million tons/year 1H2024 1H2025 Fuzhou LNG Terminal： Entrucking Gasification Capacity of 3.0 million tons/year (million m3)
Slide 15: LNG Plants
LNG Plants 零售气量结构 LNG Processing Volume & Xinjiang Uyghur 零售气量结构 Gansu Beijing Aut. Reg. 3 Number of LNG Plants in Operation 1 Inner Mongolia Aut. Reg. 1 Hebei Shandong Qinghai Shanxi 2 1 1 Shaanxi 1 1,773 1,752 1 Shanghai Hubei Sichuan 1 14 Plants 14 Plants 2 1H2024 1H2025 1H2024 1H2025 (million m3
Slide 16: Sales of Liquefied Petroleum Gas
anhaesue yin SALES OF LIGQUFF'IE PETROLEUM GAS Riana as
Slide 17: LPG Sales Volume
LPG Sales Volume （thousand tons） Change Change 零LPG 售气 量结 Sales 构 Volume Item 2025/06/30 2024/06/30 Value Rate Breakdown LPG Sales Volume 3,068.4 2,925.8 142.6 4.9% Retail 1,003.1 976.2 26.9 2.8% 2,926 3,068 33.4% 32.7% Wholesale 2,065.3 1,949.6 115.7 5.9% 66.6% 67.3% LPG Upstream Resources Breakdow
Slide 18: Exploration and Production
EXPLORATION ANDO PRODUCTION Blin a c=
Slide 19: Exploration & Production
Exploration & Production Oilfields Location 零售气量结构 零售气 Equity Sales Volume of 量 结构 Crude Oil 4,043 4,120 1H2024 1H2025 Change Change Item 2025/06/30 2024/06/30 Value Rate Equity Sales Volume of Crude Oil 4,120.3 4,042.6 77.7 1.9 （thousand Barrels) ASP of Crude Oil (USD/Barrel) 62.9 67.8 (4.9) (7.2)
Slide 20: Financial Performance
01 Chairman’s Speech 主席致辞 02 Business Review 业务回顾 Financi al Per for mance 03 财务表现 04 Business O utlook 业务展望
Slide 21: Financial Performance Highlight
Financial Performance Highlight Asset-Liability Ratio Current Ratio 零 售 气Interest 量 结 构Coverage 零 售 气Ratio 量结构 29.45 39.09% 35.33% 24.14 1.61 1.89 Steady financial position 1H2024 1H2025 1H2024 1H2025 1H2024 1H2025 Revenue Net Profit Ratio Return on Asset Return on Equity 97.54 5.73% 83.86 5.13% 5.1
Slide 22: Highlights of Financial Results
Highlights of Financial Results （RMB million） Item 2025/06/30 2024/06/30 零 售 气Value Change 量 结 Change 构 Rate 零售气量结构 Revenue 97,543.2 92,922.3 4,620.9 5.0% Profit before Income Tax Expense 6,737.4 7,249.3 (511.9) (7.1%) Profit after Income Tax Expense 5,002.3 5,320.1 (317.8) (6.0%) Profit for the per
Slide 23: Revenue
Revenue （RMB million） Change Change 零 售 气 量 结 构 Item 2025/06/30 2024/06/30 零 售 气 量 Breakdown Revenue 结构 Value Rate Total 97,543.2 92,922.3 4,620.9 5.0% 81.2% 82.1% Natural Gas Sales 80,078.4 75,506.2 4,572.2 6.1% Gas Sales 78,293.3 73,736.1 4,557.2 6.2% LNG Processing & Terminal 4,371.0 4,441.3 (70.
Slide 24: Profit Before Income Tax
Profit Before Income Tax （RMB million） Change Change Profit Before Income Item 2025/06/30 2024/06/30 零 售Tax 气量 结构 Breakdown Value Rate Total 6,737.4 7,249.1 （511.7） （7.1%） 69.0% 66.4% Natural Gas Sales 4,476.8 5,005.0 （528.2） (10.6%） LNG Processing & Terminal 1,836.0 1,647.6 188.4 11.4% LNG Terminal
Slide 25: Analysis of Profit Before Income Tax
Analysis of Profit Before Income Tax Natural Gas Sales 零and LNG Processing 售气 量结构 Terminal 5,005 335 4,477 1,648 88 100 1,836 -407 -456 1H2024 Gross Other Gain & Expenses 1H2025 Profit Interest 1H2024 Revenue Profit from 1H2025 Income from Terminals LNG Plants LPG Sales Exploration and Production 56
Slide 26: Balance Sheet
Balance Sheet （RMB million） Item 2025/06/30 2024/12/31 Change Value Change Rate Total Assets 140,825.4 143,389.9 (2,564.5) (1.8%) 零售气量结构 Bank Balance and Cash 42,874.7 45,092.0 (2,217.3) (4.9%) Total Interest-bearing Liabilities 20,425.1 24,279.3 (3,854.2) (15.9%) -- Current Liabilities 4,517.7 9,39
Slide 27: Borrowing Structure
Borrowing Structure （RMB million） Borrowing Currency （RMB million） Long- & Short-Term Structure Borrowing Structure Item Amount 0.4% Item Amount 18.2% 21.6% < 1 year Less than 1 year 4,242.8 RMB RMB 16,017.7 29.5% USD 15.7% 1-2 year 零 1-2售 气量结构 year 3,089.5 81.4% Others USD 3,579.3 2-5 year 33.2% 2-
Slide 28: Cash Flow Analysis & CAPEX
Cash Flow Analysis & CAPEX Cash Flow Analysis CAPEX 586 14 零售气量结构 4,386 Total：2,817 3,060 -1,926 Total：1,926 2,696 1,680 1H2025 Dividend from Net Financial CAPEX 1H2025 121 246 Operating CF Associates Expense Free CF 1H2024 1H2025 & JVs Total Increase Decrease （RMB million） NG Sales LNG Terminals 28
Slide 29: Dividend Policy
Dividend Policy Three-year dividend payout ratio plan 45% 43% from 2023 to 2025: 40% 零售气量结构 2023 2024 2025 Dividend policy from 2017 to 2022: The total annual dividend payment is 25-35% of the company’s profits attributable to shareholders. （RMB cents/share） DPS (RMB cents/share) Item 1H2025 2H2024
Slide 30: Business Outlook
01 Chairman’s Speech 主席致辞 02 Business Review 业务回顾 Financial Performance 03 财务表现 04 Busi ness O utl ook 业务展望
Slide 31: Business Outlook
Business Outlook 1 Vigorously optimize and expand the urban gas business 2 Vigorously enhance the efficiency of the LNG industry chain 3 Focus on improving LPG resource efficiency 4 Accelerate green and low-carbon transformation and upgrading 5 Deepen reform and innovation to stimulate vitality 31
Slide 32: Business Outlook: 2025 Operation Guidance
Business Outlook 2025 Operation Business Segment Item Guidance Natural Gas Sales Retail natural gas sales volume ↑ 5% New connected users 600-700 thousand LNG Processing and Average utilization rate of LNG Terminal 85-90% terminals Processing volume of LNG plants ↑ 0-2% LPG Sales LPG sales volume 5.
Slide 33: Disclaimer
Disclaimer This presentation of Kunlun Energy includes historical facts and forward-looking statements. Forward- looking statements are based on assumptions and expectations, management experience, assessments and observations on historical trends, current conditions, predictable future trends, and
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