Enn Energy Holdings Limited · HKEX:2688
Enn Energy — FY2025 Earnings Presentation
37 slides from Enn Energy's earnings presentation, March 2026
Slide 1: ENN Energy Holdings Limited 2025 Annual Results
~) ENN #2 ENN Energy Holdings Limited 2025 Annual Results Win-win Situation with Customers srowing Profit by Increasing Sales Volume Diverse Energy Products and Services March 2026
Slide 2: Business Highlights
Business Highlights Core profit reached RMB6.74 bn，gross profit share of IE and smart home businesses reached 41%, an increase of 2.3 percentage points yoy Retail gas sales volume increased by 1.5% yoy to 26.61 bn m³ with the newly installed designed daily capacity of 13.44 mn m³ for C/I customers,
Slide 3: Content: 1. Financial Review
Content 1. Financial Review 2. Business Overview 3. Outlook 3
Slide 4: Overall Financial Review
Overall Financial Review n Facing a complex internal and external environment, with a firm strategy and multiple measures, the business has maintained a steady development RMB mn Gross Profit Mix Item 2025 2025 2024 Changes GP Contribution from transformation businesses increased by 2.3 ppt 111,905
Slide 5: Efficient Working Capital Management and Robust Cash Flow
Efficient Working Capital Management and Robust Cash Flow n Strengthen the working capital management, promote capital recovery, and ensure sufficient cash flow to support enterprise’s long-term stable development Working Capital Capital Expenditure Cash Flow Management Working capital achieved impr
Slide 6: Stable Debt Structure, Healthy Credit Rating
Stable Debt Structure, Healthy Credit Rating n Continuously optimise the debt structure, with net gearing ratio and debt level steadily decreasing, credit ratings assigned to the company by S&P, Moody's, and Fitch, are BBB+(Stable)、Baa1(Stable)、BBB+(Stable), respectively Decreasing Net Debt Debt Mat
Slide 7: Continuously Increase the Dividend Payout Ratio to Create Stable Returns for Shareholders
Continuously Increase the Dividend Payout Ratio to Create Stable Returns for Shareholders n Sufficient financial flexibility and healthy cash flow support a stable dividend policy in the future 5.00 50% 45.2% 45.5% 4.50 45% 40% 4.00 37% 37% 40% 35% 3.50 32% 35% 2.91 2.95 3 3 3.00 2.7 30% 2.42 0.64 0
Slide 8: Content: 2. Business Overview
Content 1. Financial Review 2. Business Overview 3. Outlook 8
Slide 9: Uphold Strategy, Enhance Capabilities, Enable Long-Term Success
Uphold Strategy, Enhance Capabilities, Enable Long-Term Success n Accumulate sustainable development capabilities, innovate business models to meet customer needs and support enterprise’s long-term development Project Footprint in Continuously Meet Customers Need Economically Developed Regions No. o
Slide 10: Apply Intelligence to Empower All Business Scenarios and Enhance Service and Operational Capabilities
Apply Intelligence to Empower All Business Scenarios and Enhance Service and Operational Capabilities n Apply intelligence throughout the entire scenario of customer development, construction, production and operation and customer service, enhancing operational efficiency, ensuring production safety
Slide 11: Enhance ESG Governance Capability, Lead New Industry Benchmarks
Sustainability Natural Gas Integrated Energy Smart Home Enhance ESG Governance Capability, Lead New Industry Benchmarks n Fulfill environmental and social responsibilities, and continuously improve the ESG governance structure. Our outstanding ESG performance in 2025 received high recognition from c
Slide 12: Natural Gas Retail Volume Achieves Steady Growth
Sustainability Natural Gas Integrated Energy Smart Home Natural Gas Retail Volume Achieves Steady Growth n Deepen the understanding of customer gas demand, flexibly integrate natural gas resources, and achieve a 1.5% increase in retail gas sales volume ü Significant gas consumption growth Retail Gas
Slide 13: Proactively Identify Customer Needs, Innovative Model, and Continuously Expand Customer Base
Sustainability Natural Gas Integrated Energy Smart Home Proactively Identify Customer Needs, Innovative Model, and Continuously Expand Customer Base n Focus on customer needs, formulate differentiated development strategies, utilise intelligence to enhance development efficiency, and continuously ex
Slide 14: Coordinate and Optimise Resource Structure to Continuously Reduce Procurement Costs
Sustainability Natural Gas Integrated Energy Smart Home Coordinate and Optimise Resource Structure to Continuously Reduce Procurement Costs n Strengthen the foundation of the three major oil companies, build a resilient resource portfolio, advance the dynamic optimisation of resource allocation, and
Slide 15: Leveraging on Customer Needs and Flexible Resource Portfolio to Achieve Supply-Demand Matching
Sustainability Natural Gas Integrated Energy Smart Home Leveraging on Customer Needs and Flexible Resource Portfolio to Achieve Supply- Demand Matching n Identify customer needs, consolidate short- and long-term resources, and leverage the ability to allocate and coordinate the resources to achieve
Slide 16: IE Business Structure and Quality Continue to Improve
Sustainability Sustainability Natural Gas Integrated Energy Smart Home IE Business Structure and Quality Continue to Improve n In 2025, in line with the “Load-Source-Grid-Storage-Sales-Carbon” development strategy, the company vigorously expanded power business portfolio, including PV power and ener
Slide 17: Focus on Customers' Energy Needs and Drive Business Growth with Digital Intelligence
Sustainability Natural Gas Integrated Energy Smart Home Focus on Customers’ Energy Needs and Drive Business Growth with Digital Intelligence n Enrich application scenarios, enhance capabilities, innovate models, and steadily acquire new customers and load from factories, public buildings and industr
Slide 18: Demand-led and Intelligence-driven: Implement New Models for Integrated Energy and Power Business
Sustainability Natural Gas Integrated Energy Smart Home Demand-led and Intelligence-driven: Implement New Models for Integrated Energy and Power Business n Power market reform unlocks substantial potential. Implement the integrated load-source-grid-storage-carbon model to accelerate the development
Slide 19: Steady Growth in Smart Home Business Driven by Intelligent Products
Sustainability Natural Gas Integrated Energy Smart Home Steady Growth in Smart Home Business Driven by Intelligent Products n Focus on household needs to upgrade smart home’s products and services, achieving stable business growth Strengthening Expanding Core Product Offerings Intelligent Product Po
Slide 20: Optimise Product Structure Based on Upgraded Service System
Sustainability Natural Gas Integrated Energy Smart Home Optimise Product Structure Based on Upgraded Service System n Enhance customer service capabilities, apply intelligence to drive product upgrading, meet basic household living needs, unlock value from residential customers, and steadily increas
Slide 21: Iteration of Intelligent Products and a Steadily Increasing Contribution to Profit
Sustainability Natural Gas Integrated Energy Smart Home Iteration of Intelligent Products and a Steadily Increasing Contribution to Profit n Leveraging intelligent operation capabilities featuring “smart monitoring + specialised services,” we enable proactive risk alerts and efficient response, and
Slide 22: Content: 3. Outlook
Content 1. Financial Review 2. Business Overview 3. Outlook 22
Slide 23: The Operating Environment is Complex and Volatile, Giving Rise to Operational Uncertainties
The Operating Environment is Complex and Volatile, Giving Rise to Operational Uncertainties n In 2026, we are facing multiple challenges including ongoing geopolitical conflicts and sluggish growth momentum, while policies under the 15th Five-Year Plan will bolster stable economic development. Globa
Slide 24: Focusing on the Natural Gas Industry, Adhere to Driving Profits by Increasing Sales Volume
Focusing on the Natural Gas Industry, Adhere to Driving Profits by Increasing Sales Volume and Expanding our Gas Volume Scale n Focus on customer needs, optimise resource portfolio, leverage intelligent capabilities, enable dynamic supply-demand alignment, steadily expand customer scale, and consoli
Slide 25: Take electricity as the core, implement the integrated load-source-grid-storage-carbon model
Take electricity as the core, implement the integrated load-source-grid-storage-carbon model, and optimise the integrated energy business structure n Aggregate flexible loads and flexible resources, build a virtual power plant operation model, enhance energy- carbon trading capabilities, and achieve
Slide 26: Family Demand Drives Supply Capacity, and We Leverage the Platform to Upgrade Smart Home
Family Demand Drives Supply Capacity, and We Leverage the Platform to Upgrade Smart Home Business n Relying on the e-City e-Home platform, build a family demand cognition model, continuously expand scenarios from gas use to kitchen, food, elderly care, etc., and aggregate internal and external ecolo
Slide 27: THANK YOU
Unis YOU rT me OU 7 \ i
Slide 28: ENN—To Become A Service Provider That Creates Multi-product Value For Customers
ENN—To Become A Service Provider That Creates Multi-product Value For Customers Based On Natural Gas By Using Intelligent And Innovative Services Company Profile Ø Established in 1993, ENN is one of the leading private clean energy distributor in China Ø ENN's principal business includes investment
Slide 29: Business Landscape
Business Landscape By the end of 2025, ENN Energy provided energy services to 32.76 mil Residential households and 。黑龙江 Heilongjiang 316 thousand C/I customers in 22 provinces, 。内蒙古Inner Mongolia cities and autonomous regions. 。辽宁 Liaoning Gas projects in operation 264 。北京 Beijing Covering a populat
Slide 30: Upstream Value Chain, Self-Operation, Downstream Value Chain
@ Upstream Vatue Chain @® Setf-Operation @® Downstream Value Chain @ENNaB 30
Slide 31: Typical Industrial Park IE Project - Cash Flow Projection
Typical Industrial Park IE Project - Cash Flow Projection* 1. Stable & Recurring Income • Integrated energy solutions reduce customers' overall energy bills by 10% • S elling t he t yp e s o f e n e r g y c u s t o m e r n e e d increases their stickiness Cash flow break-even 2. Rapid Cash Flow Gene
Slide 32: Simplified Model for a Typical City-gas Project
Simplified Model for a Typical City-gas Project* Revenue/Cost Cash flow break-even Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Revenue Gas Usage Fee Connection Fee CAPEX Free Cash Flow ØConnection fee dominates in early years when the project companies are signing
Slide 33: Gas Delivery Process
Gas Delivery Process Vehicle & ship gas users 33
Slide 34: IE Business Model
IE Business Model Multi-energy Coupling, Provide Load Source, Network And Storage Integrated Solutions Supply Network Heat Customer p Hosting Services Load p Energy Saving Boiler p Charging Post p Demand Response Gas p Utilization Of Residual Energy Customer p Demineralized Water Customer Pressure R
Slide 35: IE Business Logic
IE Business Logic Cooling, Heating, Electricity, Warming Different Installed Capacity Different Investment Amount Forecast Calculation Key Factor Customer Installed Investment Load Capacity Quota Macro- environment Affect Industrial Policy Practice Energy IRR Energy Optimization Calculation Energy K
Slide 36: Value Added Business: Linking Home, Community and Public Services Based on IoT
Value Added Business: Linking Home, Community and Public Services Based on IoT to Innovate Services and Products Intelligent Security Stove Innovative New Service Xiaoe E Smart Zhijia Innovative Maintenance Concealed Piping Home Smart Community Security Guard Appliance Upgrade Services Community Gua
Slide 37: Disclaimer
Disclaimer: This presentation material and any oral discussions made in conjunction with the briefing are provided for your reference only. They may involve some forward-looking statements, including our intentions, beliefs, or current expectations regarding the business, operations, market conditio