CGN New Energy Holdings (1811) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was US$856.5 million, down 12.8% year-over-year, mainly due to lower tariffs and power generation in Korea and PRC solar projects, and the disposal of a PRC cogen project.

• Profit attributable to equity shareholders was US$163.5 million, a decrease of 10.9% year-over-year, with EPS at 3.81 US cents.

• EBITDA for H1 2025 was US$485 million, up from US$437 million in H1 2024.

• Attributable installed capacity reached 10,501.4 MW, up 8.6% year-over-year, with wind and solar accounting for 67.6%.

• The Board resolved not to declare an interim dividend for H1 2025.

Financial highlights

• Operating profit was US$254.0 million, down 16.4% year-over-year.

• Operating expenses decreased by 11.2% to US$602.5 million, mainly due to lower gas and coal costs.

• Finance costs fell 12.3% to US$80.3 million, reflecting lower average interest rates.

• Net debt/equity ratio improved to 3.35 from 3.49 at year-end 2024.

• Cash and cash equivalents increased to US$197.1 million as of 30 June 2025.

Outlook and guidance

• The company will focus on high-quality development, risk management, and innovation in green energy models.

• Plans include strengthening party leadership, safety, reform, innovation, and operational excellence.

• The second half of 2025 is critical for meeting annual operating goals, with emphasis on risk management and adapting to market reforms.

• No interim dividend was declared for H1 2025.