Clp Holdings Limited · HKEX:2
Clp — 1H2025 Earnings Presentation
57 slides from Clp's earnings presentation, Aug 4, 2025
Slide 1: 2025 Interim Results Presentation
CLP Holdings 2025 Interim Results Presentation 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 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 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
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: Question and Answers
Question and Answers CLPe teams up with CNOOC to supply approximately 10,000 cubic metres of LNG bunkering for a German container vessel during cargo handling operations at Kwai Tsing Container Terminals, Hong Kong. 23
Slide 24: 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. 24
Slide 25: 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 26: 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 27: Items affecting comparability
Items affecting comparability Hong Kong Profit from sale of properties HK$M 1H2025 1H2024 Sale of properties relating to Argyle Street. Hong Kong – Profit from sale of properties 74 23 Hong Kong Revaluation loss on investment property Hong Kong – Revaluation loss on investment (37) (33) property Ret
Slide 28: EBITDAF by business unit
EBITDAF by business unit HK$M EBITDAF 4% 14,000 80 12,990 160 1 12,404 20 202 (47) (168) (354) 78 (117) (61) 1,791 2,224 Taiwan Region & 1,524 1,389 Thailand 9,000 Apraava Energy EnergyAustralia Chinese Mainland Hong Kong Other earnings & 9,424 9,586 4,000 unallocated items (464) (460) (1,000) 1H202
Slide 29: Operating earnings before fair value movements
Operating earnings before fair value movements HK$M 8% 6,000 79 5,683 11 203 130 5,227 19 160 79 611 167 (539) (4) (214) 870 988 4,000 Taiwan Region & Thailand Apraava Energy EnergyAustralia 2,000 4,568 Chinese Mainland 4,291 Hong Kong Other earnings & unallocated items - (489) (476) (2,000) 1H2024
Slide 30: Reconciliation of EBITDAF and Operating Earnings
Reconciliation of EBITDAF and Operating Earnings HK$M 1H2025 1H2024 Change Depreciation and amortisation • Hong Kong: Higher depreciation mainly due to commissioning of Recurring EBITDAF 12,404 12,990 5% T&D assets. Less: • Chinese Mainland: Higher depreciation upon commissioning of renewable energy
Slide 31: Reconciliation of EBITDAF and Operating Earnings by business units
Reconciliation of EBITDAF and Operating Earnings by business units Hong Kong energy and Taiwan Region and Other earnings & HK$M Chinese Mainland EnergyAustralia Apraava Energy Group total related activities Thailand unallocated items 2025 Interim Recurring EBITDAF 9,586 1,389 1,791 78 20 (460) 12,40
Slide 32: Cash flow and financial structure
Cash flow and financial structure Free Cash Flow HK$M 1H2025 1H2024 Change • Hong Kong: Reduced operating inflow from SoC operations (-HK$0.3 billion) was primarily Consolidated EBITDAF 12,916 13,091 (175) attributable to lower electricity sales from lower units sold and Fuel Cost Adjustment as the
Slide 33: Dividends
Dividends A history of returning cash to shareholders CLP Ordinary Dividend Per Share* (1987 – 1H2025) and Shareholding by Category (as at 31 December 2024) HK$ 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 34: Financial obligations at a glance
Financial obligations at a glance HK$M 30 Jun 2025 31 Dec 2024 1 HONG KONG Total borrowings of CLPH, CLPP, CAPCO & PSDC 54,439 52,259 Group’s net/total debt to Minus: Bank balances and liquid funds (1,390) (3,673) total capital was driven by Net debt – Hong Kong 53,049 48,586 higher net debt, primar
Slide 35: Credit ratings
Credit ratings CLP Holdings CLP Power CAPCO EnergyAustralia S&P Moody’s S&P Moody’s S&P Moody’s Moody’s Long-term Rating Foreign Currency A A2 A+ A1 AA- A1 Baa2 Outlook Stable Stable Stable Stable Stable Stable Stable S&P re-affirmed the A, A+ and AA- credit ratings of CLP Holdings, CLP Power and CA
Slide 36: Highlights of financing activities
For more information on Highlights of financing activities CLP Climate Action Finance Framework CLP Holdings: Ample liquidity in the Group as of 30 June 2025 Chinese Mainland: Major financing to support business growth • The Group maintained adequate liquidity with undrawn bank facilities of HK$26.6
Slide 37: Loan balances by type and maturity
Loan balances by type and maturity Loan Balance 1 – Type Proportion of Debt on Fixed and Loan Balance 1 – Maturity 2 Floating Rate HK$M HK$M 70,000 70,000 5% 60,000 6% 60,000 20% 20% 50,000 28% 35% 50,000 13% 17% 40,000 40,000 48% 49% Jun 2025 29% 52% 51% 30,000 30,000 40% 58% 20,000 55% 20,000 Dec
Slide 38: Hong Kong – Growing business scale
Hong Kong – Growing business scale Generation Transmission Distribution Retail 9,399MW* > 17,300 km of transmission and 257 primary and > 15,800 16,453GWh sold and generation portfolio high voltage distribution lines secondary substations 2.863 million customer accounts During 1H2025: • Local electr
Slide 39: Hong Kong – Electricity sales, earnings and capex
Hong Kong – Electricity sales, earnings and capex Electricity sales Capital expenditure (Accrual basis) GWh 1H2025 1H2024 Change Proportion HK$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 40: 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$/kWh London +57% 4.0 30 3.0 Singapore +38% 21 20 2.0 12 13 Sydney +24% 10 1.0 6.0* +19%
Slide 41: Chinese Mainland – Financials
Chinese Mainland – Financials Operating / Total Earnings HK$M RMB M 1H2025 1H2024 1H2025 1H2024 Renewables 295 351 274 325 - Wind 161 228 150 211 - Hydro 50 36 46 33 - Solar 84 87 78 81 Nuclear 761 836 706 774 - Daya Bay 433 344 402 318 - Yangjiang 328 492 304 456 Thermal (7) 12 (6) 11 - Shandong -
Slide 42: Chinese Mainland – Market sales 1H2025
Chinese Mainland – Market sales 1H2025 Province Projects with Market Sales (Equity MW) Yunnan Xundian Wind (99.5MW) Xicun Solar (84MW) Dali Yang_er Hydro (50MW) Inner Mongolia Zhungeer Thermal (257MW) Hebei Sanhe Thermal (219MW) Tianjin Panshan Thermal (207MW) Liaoning Lingyuan Solar (17MW) Suizhong
Slide 43: EnergyAustralia – Financials
EnergyAustralia – Financials Operating / Total Earnings HK$M A$M 1H2025 1H2024 1H2025 1H2024 EBITDAF (before items affecting Previous Current Previous Current Reallocation Reallocation comparability) Reporting Reporting Reporting Reporting 2 2 Customer (Retail) 1 (144) 630 (272) 358 (29) 123 (54) 69
Slide 44: EnergyAustralia - Wholesale Market Conditions
EnergyAustralia - Wholesale Market Conditions Physical Supply and Demand: Financial Spot Price: 1. Demand rises from weather, electrification, digital growth 3. Spot Market continues resurgence in H1 2025 Annual electricity demand across the NEM increased marginally in H1 2025 despite the Wholesale
Slide 45: EnergyAustralia - Outlook
EnergyAustralia - Outlook The Market • Australia targeting 82% of renewable energy by 2030. Challenges with development and connection of new infrastructure threatens to slow progress. • Wholesale price steady on moderate demand and strong generation/fuel availability. Additional capacity may lower
Slide 46: EnergyAustralia – Price Volatility and Intraday Price Movement
EnergyAustralia – Price Volatility and Intraday Price Movement NSW Average Hourly Prices 600 500 400 300 Need similar graphs for caps 200 100 Market Trends - Higher spot price volatility. 0:00 6:00 12:00 18:00 0:00 6:00 12:00 18:00 0:00 6:00 12:00 18:00 0:00 6:00 12:00 18:00 0:00 6:00 12:00 18:00 0:
Slide 47: EnergyAustralia – Customer operations
EnergyAustralia – Customer operations Customer account numbers Sales volume & revenue 1H 2025 1H 2024 1H 2025 1H 2024 Customer Account Numbers (000s) Sales Volume & Revenue Electricity Electricity Electricity Gas Total Electricity Gas Total Gas (PJ) Gas (PJ) (TWh) (TWh) Mass Market 1,510.4 815.9 2,3
Slide 48: EnergyAustralia – Customer operations
EnergyAustralia – Customer operations Supporting customers experiencing hardship 18 Ombudsman complaints/10k accounts • Ombudsman Complaints volumes 73% • 59k customers utilising reduction since 1H 2015. EnergyAssist programme. • EA % Share of Ombudsman Complaints 26% reduction since 2023. Behind th
Slide 49: Apraava Energy – Financials
Apraava Energy – Financials Operating / Total Earnings HK$M Rs M 1H2025 1H2024 1H2025 1H2024 Renewables 90 54 991 575 Thermal (Jhajjar) 77 56 848 596 Transmission (77) 60 (848) 639 AMI (6) (1) (66) (11) Group adjustments & (5) 34 (55) 362 corporate expenses 1 Operating earnings 79 203 870 2,161 One-
Slide 50: Taiwan Region and Thailand – Financials
Taiwan Region and Thailand – Financials Operating / Total Earnings HK$M Local Currency (M) 1H2025 1H2024 1H2025 1H2024 Thermal 28 79 NT$112 NT$325 Renewables 4 4 THB18 THB21 Corporate expenses 1 (13) (4) Operating / Total earnings 19 79 Taiwan Region and Thailand 1. Corporate expenses mainly include
Slide 51: 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 52: 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 53: 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 54: 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 55: 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 56: Additional Resources
Additional Resources Scan or click on the QR codes to go to appropriate pages Interim Report * Annual Report Sustainability Report Climate Vision 2050 Introductory Pack 2025 2024 2024 2024 Edition August 2025 Annual Results Presentation February 2025 * To be published in August 2025. 56
Slide 57: 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. 57