Clp Holdings Limited · HKEX:2
Clp — FY2025 Earnings Presentation
56 slides from Clp's earnings presentation, Feb 26, 2026
Slide 1: 2025 Annual Results Presentation
CLP Holdings 2025 Annual Results Presentation 26 February 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 Headquarters in Kai Tak, Hong Kong. 3
Slide 4: Overview
Overview Juancheng Wind Farm in Shandong, Chinese Mainland. 4
Slide 5: 2025 highlights
2025 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 Investing for value in
Slide 6: 2025 highlights
2025 highlights Financial Highlights Operational Highlights Change Change Operating Earnings Safety & Customers (before Fair Value Movements) HK$10,685 million 2% Total recordable injury rate 2 0.16 0.08 Unplanned customer minutes lost 1.79 min 4.23 min Total Earnings HK$10,468 million 11% in Hong K
Slide 7: Financial Performance and Outlook
Financial Performance and Outlook Queen’s Hill substation in Fanling, Northern Metropolis, Hong Kong. 7
Slide 8: 2025 financial overview
2025 financial overview Operating Earnings 1 EBITDAF 1 before Fair Value Movements Total Earnings HK$25,747 million −% HK$10,685 million 2% HK$10,468 million 11% Capital Investment 2 Dividend Per Share (DPS) Fourth Interim DPS Declared HK$1.31 HK$16,418 million 13% Total DPS Declared for 2025 HK$3.2
Slide 9: Operating earnings by business unit
Operating earnings by business unit Strong Hong Kong performance drives stability; Group results reflect market pressures and one-offs HK$M 2025 2024 Change Hong Kong energy and related activities 9,544 8,895 7% Solid operations and continued capital investments in lower interest rate environment Ch
Slide 10: Hong Kong Operating Earnings
Hong Kong Solid operations and continued capital investments in lower interest rate environment 7% 12,000 239 7 9,544 8,895 5 398 8,000 Operating Earnings 4,000 (HK$M) - 2024 FX Return on Lower interest costs Others * 2025 higher fixed assets * Includes non-SoC items and CLPe operations in Hong Kong
Slide 11: Chinese Mainland Operating Earnings
Chinese Mainland Yangjiang nuclear tariff pressure and supply-demand headwinds offset gains in renewable additions 12% 2,000 1,851 27 1,598 ( 24 ) ( 187 ) ( 62 ) (7) 1,200 Nuclear Operating Earnings 1,487 Renewables (HK$M) 400 Thermal 511 Corporate expenses (2) (398) & others (400) 2024 FX Nuclear R
Slide 12: EnergyAustralia Operating Earnings
EnergyAustralia Retail market pressures and transformation costs offset gains in generation and flexible capacity 800 84% 591 121 Operating Earnings ( 12 ) 5,181 Energy EBITDAF ( 167 ) (HK$M) 400 591 121 53 Customer EBITDAF ( 177 ) 53 85 ( 12 ) (134) ( 167 ) ( 177 ) ( 190 ) Enterprise EBITDAF ( 134
Slide 13: Apraava Energy Operating Earnings
Apraava Energy Solid underlying performance from diversified portfolio impacted by one-offs 29% 400 58 329 140 Renewables ( 13 ) 6 Transmission 221 2 (130) Operating Earnings (4) AMI 200 ( 25 ) 112 Thermal (HK$M) 52 Group adjustment (52) Corporate expenses - (33) 2024 FX Renewables Transmission AMI
Slide 14: Taiwan Region and Southeast Asia Operating Earnings
Taiwan Region and Southeast Asia Lower fuel cost recovery at Ho-Ping power station and investment in regional growth 35% 300 260 9 200 ( 38 ) (3) Operating Earnings 179 ( 49 ) (HK$M) 100 231 Thermal Solar - 7 Corporate expenses (59) (100) 2024 FX Thermal Solar Corporate expenses 2025 Performance Out
Slide 15: Cash inflows and outflows
Cash inflows and outflows Growth capex increase funded by free cash flow HK$ billion 21.6 22.7 Cash inflows of HK$22.7b (2024: HK$21.6b) 0.6 0.2 Proceeds from Increase in free cash flow: EBITDAF divestments EBITDAF 25.7 Free cash flow • Hong Kong SoC: Higher EBITDAF contributions and fuel cost 20.9
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$57.9billion 33.0% (31 Dec 2024: 33.0%) 1 (31 Dec 2024: HK$56.3b) 1 HK$25.5billion HK$3.9billion FFO / Debt – FY2025
Slide 17: Strategy and Roadmap
Strategy and Roadmap The Shandong Centralised Control Centre, launched in 2025 features big data analytics capabilities to deliver enhanced support for our low-carbon development strategy. 17
Slide 18: Strategic growth plan
Strategic growth plan Hong Kong – foundation for growth and long term stability Powering Hong Kong’s Building a Maintaining economic growth & 2024-28 resilient smart city world class reliability new industries Development Plan Completed the installation of over Energised 6 data centres in 2024-2
Slide 19: Strategic growth plan: Chinese Mainland renewable energy
Strategic growth plan Chinese Mainland renewable energy 2030 Target: FY25 Capacity additions (GW) ~5GW renewables Clear policy mandates (greenhouse emissions Under construction - BESS pledge and 15th-5 Year Plan) and rising energy Under construction - Solar Under construction - Wind demand for ren
Slide 20: Strategic growth plan: Apraava Energy non-carbon investments
Strategic growth plan Apraava Energy non-carbon investments FY25 Capacity additions (GW) 2030 Target: Under construction - AMI ~9GW non-carbon Under construction - Transmission Under construction - Solar Under construction - Wind Transmission Clear national long term roadmap set by Solar ambitious
Slide 21: Strategic growth plan: EnergyAustralia flexible capacity
Strategic growth plan EnergyAustralia flexible capacity 2030 Ambition: FY25 Capacity additions (GW) ~3GW flexible capacity Under construction - BESS BESS (contracted) Critical investments to capture value in growing Solar (contracted) Development 2 volatility, supporting renewable firming and Wind
Slide 22: Capital allocation and funding strategy
Capital allocation and funding strategy Strong free cash flow generation Solid investment grade rating (S&P A, Moody’s A2) Sustained and committed growth capex in Hong Kong Enabling growth of ordinary dividends in line with underlying earnings Disciplined capital allocation Self funding of establish
Slide 23: Uplift and enhance capability
Uplift and enhance capability Operational excellence Best-in-class assets and operations across energy value chain and diversified portfolio Efficiency Asset Customer Management Experience A safe, future-ready Digital and data workforce capability Refreshed values, new way of working culture Strateg
Slide 24: Question and Answers
Question and Answers CLPe has launched an EV charging service focusing on fast and super-fast charging, and offers a variety of charging solutions for commercial vehicles, including taxi fleets, light goods vehicle fleets, and limousines in April 2025. 24
Slide 25: Appendices
Appendices CLP Power Hong Kong introduces and implements an Advanced Distribution Management System (ADMS) to help engineers integrate data and enhance grid management. 25
Slide 26: Financial highlights
Financial highlights 2025 2024 Change Revenue (HK$M) 88,018 90,964 -3% Operating Earnings (before Fair Value Movements) (HK$M) 10,685 10,949 -2% Operating Earnings (HK$M) 10,909 11,648 -6% Total Earnings (HK$M) 10,468 11,742 -11% Operating Earnings per share (HK$) 4.32 4.61 -6% Total Earnings per sh
Slide 27: Items affecting comparability
Items affecting comparability Hong Kong Profit from sale of properties HK$M 2025 2024 Sale of properties relating to Argyle Street. Hong Kong – Profit from sale of properties 185 56 Hong Kong Revaluation loss on investment property Hong Kong – Revaluation loss on investment property (63) (67) Retail
Slide 28: Reconciliation of EBITDAF and Operating Earnings
Reconciliation of EBITDAF and Operating Earnings HK$M 2025 2024 Change Depreciation and amortisation • Hong Kong: Higher depreciation mainly due to commissioning of Recurring EBITDAF 25,747 25,725 -% T&D assets • Chinese Mainland: Increased depreciation upon commissioning of Less: renewable energy a
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 2025 Annual Recurring EBITDAF 20,096 2,655 3,475 232 181 (89
Slide 30: Cash flow and financial structure
Cash flow and financial structure Free Cash Flow • Hong Kong: Higher operating inflow from SoC operations (+HK$1.6 billion) primarily attributable to higher EBITDAF contributions and fuel cost recovery from declining fuel prices. • Chinese Mainland: Higher collection of renewable national subsidies.
Slide 31: Dividends
For more information Dividends A history of returning cash to shareholders CLP Ordinary Dividend Per Share* (1987 – 2025) and Shareholding by Category (as at 31 December 2025) HK$ 3.50 35% 35% 3.10 3.10 3.10 3.10 3.15 3.20 3.02 3.08 Retail As at Interests 2.91 3.00 2.80 investors 31 Dec 2025 associa
Slide 32: Financial obligations at a glance
Financial obligations at a glance HK$M 31 Dec 2025 31 Dec 2024 1 HONG KONG Total borrowings of CLPH, CLPP, CAPCO & PSDC 50,266 52,259 Higher consolidated net debt at Minus: Bank balances and liquid funds (1,892) (3,673) 31 Dec 2025 primarily driven by Net debt – Hong Kong 48,374 48,586 funding of re
Slide 33: Credit ratings
Credit ratings CLP Holdings CLP Power CAPCO EnergyAustralia S&P Moody’s S&P Moody’s S&P Moody’s Moody’s Long-term Rating Foreign Currency A A2 A+ A1 AA- A1 Baa2 Outlook Stable Stable Stable Stable Stable Stable Positive S&P re-affirmed the A, A+ and AA- credit ratings of CLP Holdings, CLP Power and
Slide 34: Highlights of financing activities
For more information on Highlights of financing activities CLP Climate Action Finance Framework CLP Holdings: Ample liquidity in the Group as of 31 December 2025 Chinese Mainland: Major financing to support business growth • The Group maintained adequate liquidity with undrawn bank facilities • Exec
Slide 35: Loan balances by type and maturity
Loan balances by type and maturity Loan Balance 1 – Type Proportion of Debt on Fixed and Loan Balance 1 – Maturity 2 Floating Rate HK$M HK$M 70,000 70,000 60,000 6% 5% 60,000 16% 20% 50,000 28% 32% 50,000 13% 29% 40,000 40,000 52% 29% 48% 49% Dec 2025 30,000 30,000 51% 31% 58% 20,000 60% 20,000 Dec
Slide 36: Hong Kong – Growing business scale
Hong Kong – Growing business scale Generation Transmission Distribution Retail 9,464MW* > 17,300 km of transmission and 257 primary and > 15,900 35,760GWh sold and generation portfolio high voltage distribution lines secondary substations 2.895 million customer accounts During 2025: • Local electric
Slide 37: Hong Kong – Electricity sales, earnings and capex
Hong Kong – Electricity sales, earnings and capex Electricity sales Capital expenditure (Accrual basis) GWh 2025 2024 Change Proportion HK$M 2025 2024 Change Residential 9,966 10,204 2.3% 28% CLP Power 7,971 8,010 0.5% Commercial 13,824 13,882 0.4% 39% CAPCO * 2,588 2,808 7.8% Infrastructure & Publi
Slide 38: 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 2026 High reliability (FY2025) Unplanned customer minutes lost per year HK$/kWh London +64% 4.0 30 3.0 Sydney +34% 20 18 18 2.0 11 Singapore +31% 10 1.0 1.8* 0.2 1
Slide 39: Hong Kong – Tariff, energy cost, fuel mix and gas volume
Hong Kong – Tariff, energy cost, fuel mix and gas volume Tariffs Energy Costs HK¢/kWh 160 HK$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 2006 2011
Slide 40: Chinese Mainland – Financials
Chinese Mainland – Financials Operating / Total Earnings HK$M RMB M 2025 2024 2025 2024 Renewables 511 571 470 528 - Wind 222 312 204 288 - Hydro 141 111 130 103 - Solar 148 148 136 137 Nuclear 1,487 1,671 1,368 1,543 - Daya Bay 917 911 844 841 - Yangjiang 570 760 524 702 Thermal (2) 5 (2) 5 - Shand
Slide 41: Chinese Mainland – Market sales 2025
Chinese Mainland – Market sales 2025 Province Projects with Market Sales (Equity MW) Yunnan Xundian Wind (100MW) Xicun Solar (84MW) Dali Yang_er Hydro (50MW) Inner Mongolia Zhungeer Thermal (257MW) Hebei Sanhe Thermal (219MW) Tianjin Panshan Thermal (207MW) Liaoning Lingyuan Solar (17MW) Suizhong Th
Slide 42: EnergyAustralia – Financials
EnergyAustralia – Financials HK$M A$M 2025 2024 2025 2024 EBITDAF (before items affecting comparability) Customer (Retail) (134) 34 (27) 7 Energy (Wholesale) 5,181 5,164 1,029 1,005 Enterprise (Corporate) (1,572) (1,424) (312) (277) Total EBITDAF 3,475 3,774 690 735 Depreciation & Amortisation (2,79
Slide 43: EnergyAustralia – Wholesale Market Conditions
EnergyAustralia – Wholesale Market Conditions Physical Supply and Demand: Financial Spot Price: Operational demand became increasingly variable, with daytime load reduced by solar NEM wholesale prices showed year-on-year decrease across all region with increased rooftop while total load continued to
Slide 44: EnergyAustralia – Outlook
EnergyAustralia – Outlook The Market • Supply reliability has improved due to increased renewable and storage projects. • NEM wholesale prices eased in Q425 supported by improved grid stability and Eraring extension. However, ageing thermal assets and rising demand continue to present upward pressur
Slide 45: EnergyAustralia – Price volatility and intraday price movement
EnergyAustralia – Price volatility and intraday price movement Market Trends Need similar graphs for caps • Spot price volatility remained elevated through 2025, with all NEM states experiencing sharp price spikes during peak-demand period. • Intraday price variability continued to increase — most n
Slide 46: EnergyAustralia – Customer operations
EnergyAustralia – Customer operations Customer Account Numbers Sales Volume & Revenue Dec 2025 Dec 2024 FY 2025 FY 2024 Customer Account Numbers Sales Volume & Revenue Electricity Electricity (000s) Gas (PJ) Gas (PJ) Electricity Gas Total Electricity Gas Total (TWh) (TWh) Mass Market Mass Market 1,4
Slide 47: EnergyAustralia – Customer operations
EnergyAustralia – Customer operations Supporting customers 543MW Demand Response capacity with experiencing hardship with 60k Commercial & Industrial and Residential customer accounts on customers EnergyAssist programme Strong customer uptake under the Cheaper Home Batteries Program, 64% reduction i
Slide 48: Apraava Energy – Financials
Apraava Energy – Financials Operating / Total Earnings HK$M Rs M 2025 2024 2025 2024 Renewables 140 85 1,567 912 Thermal (Jhajjar) 112 120 1,253 1,288 Transmission (52) 81 (582) 869 AMI 2 (4) 22 (43) Group adjustments & 19 47 213 504 corporate expenses 1 Operating earnings 221 329 2,473 3,530 One-of
Slide 49: Taiwan Region and Southeast Asia – Financials
Taiwan Region and Southeast Asia – Financials Operating / Total Earnings HK$M Local Currency (M) 2025 2024 2025 2024 Thermal 231 261 NT$922 NT$1,077 Renewables 7 9 THB31 THB42 Corporate expenses 1 (59) (10) Operating / Total earnings 179 260 1. Corporate expenses mainly include development expenses
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 Jhajjar Power Station Support Ho
Slide 51: CLP Group – Capabilities along the value chain
CLP Group – Capabilities along the value chain 23,366 MW (18,740 Equity MW and 4,626 MW Long Term Purchase) Generation and energy storage capacity1 Over 17,500 km transmission lines1,2,3 Over 3.7 million smart meters connected in Hong Kong and Australia; ~ 5.2 million customer accounts 9.7 million s
Slide 52: CLP Group – Renewable generation portfolio
CLP Group – Renewable generation portfolio1,2 4,953 MW (4,363 Equity MW and 590 MW Long Term Purchase) 21.2% 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 Territories Landfill 1
Slide 53: CLP Group – Generation and energy storage capacity by asset type
CLP Group – Generation and energy storage capacity1 by asset type 23,366 MW Attributable to CLP Group Operational Under construction Capacity by Total MW % MW % MW % Asset Type (a) + (b) (a) (b) Coal 8,140 35% 8,140 35% - - Gas 6,118 26% 6,118 26% - - Nuclear 2,750 12% 2,750 12% - - Wind 2,800 12% 2
Slide 54: CLP Group – Energy sent out by asset type – 2025
CLP Group – Energy sent out1 by asset type – 2025 TWh 35 CLP 2025 Generation 30.7 30.6 as Sent Out (1) 30 36% 25.2 25 23.9 40% 28%25% 2025 2024: 79.8 TWh 20 2025: 77.3 TWh 17.6 16.1 10% 2024 15 25% 10% 26% 10 4.7 4.9 5 1.6 1.7 0 -5 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 Hong Kong Chinese
Slide 55: Additional Resources
Additional Resources Scan or click on the QR codes to go to appropriate pages Materiality Annual Report Sustainability Report Assessment Report Climate Vision 2050 Introductory Pack 2025* 2025* 2025* 2024 Edition February 2026 Interim Results Presentation August 2025 * To be published in early March
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