Ck Infrastructure Holdings Limited · HKEX:1038
Ck Infrastructure — H1 2026 Earnings Presentation
30 slides from Ck Infrastructure's earnings presentation, Aug 12, 2026
Slide 1: Interim Results
CK Infrastructure Holdings Limited
Slide 2: Contents
Contents Highlights ► Key Messages ► Sustainable Dividend Growth Financial Review and Financial Management ► 2026 Interim Results Overview ► Financial Positions International Business Updates ► Operational Updates M&A Outlook Appendices 1 CK Infrastructure Holdings Limited
Slide 3: Key Messages
Key Messages Record Performance in ▪ Profit attributable to shareholders at HK$21.3 billion (+389% y-o-y) 1H26 ▪ Funds from operations at HK$3.5 billion in 1H26 (+11% y-o-y) Strong Financial Position ▪ Net cash position of HK$33.9 billion Sustainable Dividend ▪ Interim DPS at HK$0.75 per share (+2.7
Slide 4: Sustainable Dividend Growth Since Listing in 1996
Sustainable Dividend Growth Since Listing in 1996 Dividends per Share (HK$) Interim Dividend Final Dividend 2.8 2.560 2.580 2.610 2.500 2.530 2.6 2.430 2.460 2.470 2.380 2.4 2.260 2.150 2.2 2.000 2.0 1.860 1.8 1.660 1.530 1.850 1.860 1.880 1.6 1.810 1.830 1.750 1.780 1.790 1.710 1.330 1.630 1.4 1.20
Slide 5: Financial Review and Financial Management
FINANCIAL REVIEW AND FINANCIAL MANAGEMENT CK Infrastructure Holdings Limited
Slide 6: 2026 Interim Results Overview
2026 Interim Results Overview (in HK$ million) 1H26 1H25 Change Investment in Power Assets (PAH) 5,294 1,095 +383% ▪ Disposal gains and solid operational performance ▪ +589% y-o-y in local currency term (LC) ▪ Gains from UKPN and UK Rails disposals United Kingdom portfolio 14,784 2,223 +565% ▪ Opera
Slide 7: Profit Contribution by Region
Profit Contribution by Region 1H20262 1H2025 40% 44% UK UK Canada Canada 6 5% 6% Continental Continental 9% Europe 11% Europe New Zealand 2% New Zealand 2% 25% PAH 2% 22% PAH -3% 19% HK & Mainland 16% HK & Mainland China China Australia Australia PAH’s profit contribution before PAH’s profit contrib
Slide 8: Group Financial Positions
Group Financial Positions Jun 30, 2026 Dec 31, 2025 Cash on Hand (HK$ million) 55,279 7,350 Debts (HK$ million) 21,384 20,835 Net Cash/(Debt) (HK$ million) 33,895 (13,485) Total Equity (HK$ million) 157,869 137,852 Net Debt to Net Total Capital ratio Net Cash 8.9% 1H26 1H25 Funds from operations (HK
Slide 9: Gearing Ratio Since 2010
Gearing Ratio Since 2010 Net Debt / Net Total Capital 25% 20% 17.6% 16.5% 14.7% 15% 13.5% 13.1% 12.5% 10.2% 10% 8.9% 8.1% 7.7% 7.7% 7.8% 7.3% 5.4% 5.3% 4.5% 5% Net cash 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 End-Jun 2026 CK Infrastructure Holdings Limited
Slide 10: Credit Rating and Debt Maturity
Credit Rating and Debt Maturity Credit Rating Debt Maturity Profile 30 June 2026 31 Dec 2025 “A/Stable” by S&P Last updated on 28 May 2026 13% 42% “A-” or above by S&P since 1997 HK$21,384mn HK$20,835mn 58% 87% Within 1 year 2-5 years Within 1 year 2-5 years CK Infrastructure Holdings Limited 9
Slide 11: International Business
INTERNATIONAL BUSINESS CK Infrastructure Holdings Limited
Slide 12: Operational updates
Operational updates United Kingdom Australia Gas Distribution Networks Electricity Distribution Networks ▪ NGN and WWU commenced new price control ▪ VPN and UE commenced new price control periods on 1 April 2026 periods on 1 July 2026 ▪ Allowed returns and totex were higher than the ▪ Higher totex a
Slide 13: Operational updates continued
Operational updates continued Continental Europe Canada ▪ Strong growth driven by organic expansion ▪ Completed an acquisition to expand its Ontario and cost savings Portfolio ▪ Operational efficiency further enhanced from ▪ Reliance received an award from Great Place to AI implementation strategies
Slide 14: Regulatory Resets Timetable
Regulatory Resets Timetable Our water, gas and electricity distribution networks have completed their regulatory resets. 1Q27 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 2Q27 3Q27 4Q27 1Q28 2Q28 3Q28 4Q28 1Q29 2Q29 3Q29 4Q29 1Q30 2Q30 3Q30 4Q30 Northumbrian Water KINGDOM UNITED Northern Gas Networks Wal
Slide 15: CKI Regulated Businesses RAV Growth
CKI Regulated Businesses RAV Growth UK Regulatory Asset Values1 Australian Regulatory Asset Base2,3 £bn A$bn 10.0 12.0 10.6 7.7 8.0 10.0 8.6 5.8 8.0 6.0 5.9 6.0 5.3 4.0 3.3 3.4 4.2 4.3 3.1 3.0 4.0 3.4 3.0 2.0 1.7 1.9 2.0 0.0 0.0 NWG NGN WWU SAPN VPN UE AGN MGN RY2025 RY2026 RY2027 RY2028 RY2025 RY20
Slide 16: UK Portfolio – Gas Distribution Networks
UK Portfolio – Gas Distribution Networks The Final Determinations (FD) for NGN and WWU for the RIIO-GD3 regulatory period were published by Ofgem in December 2025. The new five-year price control commenced on 1 April 2026. Comparison of RIIO-GD3 FD (2026-31) vs RIIO-GD2 FD (2021-26) Totex allowance
Slide 17: Australian Portfolio – Victoria Power Networks and United Energy
Australian Portfolio – Victoria Power Networks and United Energy Victoria Power Networks and United Energy commenced their new regulatory periods on 1 July 2026. Final Decisions (FD) from the AER were published on 30 April and were very favourable, awarding higher total expenditure and allowed retur
Slide 18: Australian Portfolio – Australian Gas Networks (South Australia)
Australian Portfolio – Australian Gas Networks (South Australia) Australian Gas Networks (South Australia) commenced its new regulatory period on 1 July 2026. Its Final Decision (FD) from the AER was published on 21 May. Comparison of 2026-31 FD vs 2021-26 FD Revenue Capex Allowed return Allowed cos
Slide 19: M&A Outlook
M&A OUTLOOK CK Infrastructure Holdings Limited
Slide 20: M&A Outlook
M&A Outlook M&A activity and pipeline remains robust ▪ Financial investors continue to dispose of assets as closed-end funds reach maturity ▪ Carveouts and portfolio rationalization by corporates creating additional acquisition opportunities ▪ Broad based opportunity set across core and core plus in
Slide 21: Appendices
APPENDICES CK Infrastructure Holdings Limited
Slide 22: The CK Group Infrastructure Portfolio
Appendix 1 – The CK Group Infrastructure Portfolio 36.01% CKI (1038-HK/ CKI LN) CKA (1113-HK) PAH (6-HK) Continental Mainland China/ UK Australia Canada New Zealand Europe Hong Kong/Asia 30- 27% 23.1% SA Power 16.25% Canadian 100% 35% 40% China Toll 39% Northumbrian 65% Networks Midstream Enviro NZ
Slide 23: CKI's World-Class Portfolio is Embedded with Considerable Value
Appendix 2 - CKI’s World-Class Portfolio is Embedded with Considerable Value Power Assets Global infrastructure investment United Kingdom Gas distribution HK and Mainland China Cement production Water supply and sewerage services Concrete and aggregate production Power generation Toll roads and brid
Slide 24: CKI Has Built a Global, Diversified Portfolio
Appendix 3 - CKI Has Built a Global, Diversified Portfolio GLOBALISATION DIVERSIFICATION CK Infrastructure Holdings Limited 23
Slide 25: CKI's 30-Year Journey: Demonstrating the Cheung Kong Spirit
Appendix 4 - CKI’s 30-Year Journey: Demonstrating the “Cheung Kong Spirit” ▪ The Yangtze River – also known as “Cheung Kong” as in our company name in Chinese and literally meaning “Long River” – is China’s longest and deepest river formed by the convergence of countless streams and tributaries. ▪ T
Slide 26: Sustainability Updates
Appendix 5 - Sustainability Updates Sustainability Progress in 2025 ▪ Decarbonisation continues ▪ Progressing well and on track to achieve the Group’s carbon emission targets ▪ Capture energy transition opportunities and invest in future resilience and efficiencies ▪ Expanding opportunities in renew
Slide 27: UK Regulated Businesses
Appendix 6 - UK Regulated Businesses Regulatory Capital Regulatory Asset Regulatory Asset Total Regulatory Value1 Value1 Value1 Value1 £5.8 billion £3.1 billion £3.0 billion £0.8 billion as of 31 Mar 2025 as of 31 Mar 2025 as of 31 Mar 2025 as of 31 Dec 2024 (+7% y-o-y) (+5% y-o-y) (+4% y-o-y) (+1%
Slide 28: Australia and NZ Regulated Businesses
Appendix 7 - Australia and NZ Regulated Businesses Electricity Distribution Excellent operational performances – top ranks in the regulator’s benchmarking report1 All our electricity distribution networks underwent regulatory resets during 2025 and 2026 4th 1st 9th 3rd Place1 Place1 Place1 Place1 Re
Slide 29: Disclaimer
Disclaimer The information, statements, and opinions contained in this Presentation (and disclosed in any subsequent discussions or related documents) are provided for informational purposes only and do not constitute an offer to sell or solicitation of any offer to subscribe for or purchase any sec
Slide 30: Thank You
THANK YOU CK Infrastructure Holdings Limited
CK Infrastructure Holdings — H1 2026 Earnings Presentation on 6ix