Clp Holdings Limited · HKEX:2
Clp — H1 2026 Earnings Presentation
56 slides from Clp's earnings presentation, Aug 6, 2026
Slide 1: 2026 Interim Results Presentation
CLP Holdings 2026 Interim Results Presentation 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 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 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 Active asset rotation, Group-wide cost optimisation, Consistent dividend anchoring a diversified
Slide 24: Questions and Answers
Questions and Answers CLP Power’s Smart Meter Replacement Programme – Customers can now manage their electricity consumption more effectively by using the CLP One mobile app to check their hourly electricity consumption anytime, anywhere, and set personalised usage alerts. 24
Slide 25: 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. 25
Slide 26: 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 27: Items affecting comparability
Items affecting comparability HK$M 1H2026 1H2025 Hong Kong – Profit from sale of properties 55 74 Hong Kong Profit from sale of properties Sale of properties relating to Argyle Street. Hong Kong – Revaluation loss on investment property (17) (37) Hong Kong Revaluation loss on investment property Apr
Slide 28: Reconciliation of EBITDAF and Operating Earnings
Reconciliation of EBITDAF and Operating Earnings Depreciation and amortisation HK$M 1H2026 1H2025 Change • Hong Kong: Higher depreciation mainly reflected commissioning of T&D assets. Recurring EBITDAF 13,575 12,404 9% • Chinese Mainland: Higher depreciation followed commissioning of renewable energ
Slide 29: Reconciliation of EBITDAF and Operating Earnings by business units
Reconciliation of EBITDAF and Operating Earnings by business units Hong Kong energy Taiwan Region and Other earnings & HK$M Chinese Mainland EnergyAustralia Apraava Energy Group total and related activities Southeast Asia unallocated items 2026 Interim Recurring EBITDAF 10,134 1,505 2,071 155 72 (36
Slide 30: Cash flow and financial structure
Cash flow and financial structure Free Cash Flow • Hong Kong: Modestly lower operating cash inflow from SoC operations (-HK$0.2 billion) reflecting unfavourable working capital movements, partially offset by higher EBITDAF contributions. • Chinese Mainland: Resilient cash generation, supported by ro
Slide 31: Dividends
For more information Dividends A history of returning cash to shareholders CLP Ordinary Dividend Per Share* (1987 – 1H2026) and Shareholding by Category (as at 31 December 2025) HK$ 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 32: Financial obligations at a glance
Financial obligations at a glance HK$M 30 Jun 2026 31 Dec 2025 HONG KONG Total borrowings of CLPH, CLPP, CAPCO & PSDC 52,294 50,266 Minus: Bank balances and liquid funds (407) (1,892) Increase in net debt at 30 Jun 2026 mainly due to capital investments Net debt – Hong Kong 51,887 48,374 and dividen
Slide 33: Credit ratings
Credit ratings CLP Holdings CLP Power CAPCO EnergyAustralia S&P Moody’s S&P Moody’s S&P Moody’s Moody’s Long-term Rating Foreign Currency A A2 A+ A1 AA- A1 Baa2 Outlook Stable Stable Stable Stable Stable Stable Positive S&P re-affirmed the A, A+ and AA- credit ratings of CLP Holdings, CLP Power and
Slide 34: Highlights of financing activities
For more information on Highlights of financing activities CLP Climate Action Finance Framework CLP Holdings: Ample liquidity in the Group as of 30 June 2026 Chinese Mainland: Major financing to support business growth • The Group maintained adequate liquidity with undrawn committed • CLP China issu
Slide 35: Loan balances by type and maturity
Loan balances by type and maturity Loan Balance 1 – Type Proportion of Debt on Fixed and Loan Balance 1 – Maturity 2 Floating Rate HK$M 70,000 HK$M 1% 70,000 60,000 5% 60,000 22% 16% 40% 50,000 32% 50,000 40,000 29% 25% 40,000 50% Jun 2026 30,000 30,000 50% 48% 52% 31% 35% 20,000 60% 57% 20,000 Dec
Slide 36: Hong Kong – Growing business scale
Hong Kong – Growing business scale Generation Transmission Distribution Retail 9,464MW * > 17,500 km of transmission and 262 primary and > 16,000 17,038GWh sold and generation portfolio high voltage distribution lines secondary substations 2.922 million customer accounts During 1H2026: • Local elect
Slide 37: Hong Kong – Electricity sales, earnings and capex
Hong Kong – Electricity sales, earnings and capex Electricity sales Capital expenditure (Accrual basis) GWh 1H2026 1H2025 Change Proportion HK$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 38: Hong Kong – Tariff, reliability, fuel prices and environmental improvement (FY2025)
Hong Kong – Tariff, reliability, fuel prices and environmental improvement (FY2025) Low tariff Residential tariff % increase from Jan 2021 to Jan 2026 High reliability (FY2025) Unplanned customer minutes lost per year HK$/kWh London +64% 4.0 30 3.0 Sydney +34% 20 18 18 2.0 11 Singapore +31% 10 1.0 1
Slide 39: Hong Kong – Tariff, energy cost, fuel mix and gas volume (FY2025)
Hong Kong – Tariff, energy cost, fuel mix and gas volume (FY2025) Tariffs Energy Costs HK¢/kWh 160 HK$M 140.6 Average Net Tariff -8% 140 30,000 25,513 120 23,559 100 101.2 Basic Tariff 245 166 80 20,000 8,316 Others 60 8,647 Non-carbon 40 39.4* Fuel Cost Adjustment 20 Gas 10,000 14,344 Coal 0 2001 2
Slide 40: Chinese Mainland – Financials
Chinese Mainland – Financials Operating / Total Earnings HK$M RMB M 1H2026 1H2025 1H2026 1H2025 Nuclear 791 761 692 706 - Daya Bay 480 433 420 402 - Yangjiang 311 328 272 304 Renewables 320 295 280 274 - Wind 224 161 196 150 - Solar 53 84 46 78 - Hydro 43 50 38 46 Thermal (28) (7) (24) (6) - Guohua
Slide 41: Chinese Mainland – Renewable energy tariffs
Chinese Mainland – Renewable energy tariffs Wind and Solar Fixed tariff versus Market-Based Tariff RMB/kWh （Price） Fixed Tariff versus Market-Based Tariff 0.4 （% share of generation） 0.3 0.2 53% 0.1 60% 0.0 44% 2024 2025 1H2026 56% Wind Fixed tariff versus Market-Based Tariff 2024 RMB/kWh （Price） 40
Slide 42: EnergyAustralia – Financials
EnergyAustralia – Financials HK$M A$M 1H2026 1H2025 1H2026 1H2025 EBITDAF (before items affecting comparability) Customer (Retail) 232 (144) 42 (29) Energy (Wholesale) 2,647 2,618 481 528 Enterprise (Corporate) (808) (683) (147) (138) Total EBITDAF 2,071 1,791 376 361 Depreciation & Amortisation (1,
Slide 43: EnergyAustralia – Wholesale market conditions
EnergyAustralia – Wholesale market conditions Increased renewables and storage capacity continues to reshape wholesale market dynamics Market Trends in Physical Supply NEM Generational Capacity and Operational Demand • The generation mix continued to shift towards renewables in the first half of 202
Slide 44: EnergyAustralia – Wholesale market prices
EnergyAustralia – Wholesale market prices Wholesale prices moderating in the near-term amid stronger renewable and storage penetration 44
Slide 45: EnergyAustralia – Portfolio flexibility capturing value
EnergyAustralia – Portfolio flexibility capturing value EnergyAustralia’s diversified portfolio is strongly positioned for evolving market dynamics Negative Spot Price Trend in Victoria Demand (MW) Premium to Market Price 30% 70,000 Shape % Impact 130% Percentage Occurrence 25% 65,000 120% Negative
Slide 46: EnergyAustralia – Customer operations
EnergyAustralia – Customer operations Retail operations impacted by increased competition across the market Sales Volume and Revenue Sales Volume Sales Volume 1H2026 1H2025 6.2 TWh 11.1 PJ Electricity (TWh) Gas (PJ) Electricity (TWh) Gas (PJ) Mass Market 3.9 10.9 4.2 12.1 Electricity ↓ 2% Gas ↓ 10%
Slide 47: EnergyAustralia – Customer operations
EnergyAustralia – Customer operations Targeted programmes & operational improvements are strengthening affordability, support and customer experience +92% 68k -67% 73% Customer Satisfaction Customer Accounts Ombudsman Complaints E-billing Adoption improvement since 2019 on hardship support reduction
Slide 48: Apraava Energy – Financials
Apraava Energy – Financials Operating / Total Earnings HK$M Rs M 1H2026 1H2025 1H2026 1H2025 Thermal (Jhajjar) 19 77 227 848 Renewables 74 90 1,245 991 Transmission 13 (77) 156 (848) AMI (7) (6) (84) (66) Group adjustments & 6 (5) (287) (55) corporate expenses 1 Operating earnings 105 79 1,257 870 G
Slide 49: Taiwan Region and Southeast Asia – Financials
Taiwan Region and Southeast Asia – Financials Operating / Total Earnings HK$M Local Currency (M) 1H2026 1H2025 1H2026 1H2025 Thermal 121 28 NT$487 NT$112 Renewables 4 4 THB18 THB18 Corporate expenses 1 (54) (13) Operating / Total earnings 71 19 1. Corporate expenses mainly include development expens
Slide 50: 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 51: 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 capacity 1 Over 17,800 km transmission/ distribution lines 1,2,3 Over 3.8 million smart meters connected in Hong Kong and Australia; Over 5.1 million customer acc
Slide 52: CLP Group – Renewable generation portfolio
CLP Group – Renewable generation portfolio 1,2 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 Territ
Slide 53: CLP Group – Generation and energy storage capacity by asset type
CLP Group – Generation and energy storage capacity 1 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%
Slide 54: 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 55: Additional Resources
Additional Resources Scan or click on the QR codes to go to appropriate pages Materiality Interim Report Annual Report Sustainability Report Assessment Report 2026 * 2025 2025 2025 Annual Results Introductory Pack Presentation Climate Vision 2050 August 2026 February 2026 2024 Edition * To be publis
Slide 56: 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. 56