CLP (2) H1 2025 earnings summary

Executive summary

• Operating earnings before fair value movements fell 8% year-over-year to HK$5,227 million, mainly due to weaker results in Australia and Mainland China, partially offset by strong Hong Kong performance and one-off gains from the Wooreen Energy Storage System partnership.

• Total earnings for H1 2025 were HK$5,624 million, down 5.5% from the prior year, with resilient core performance in Hong Kong and continued investment in decarbonisation and energy transition projects.

• Strategic focus on decarbonisation, electrification, disciplined capital allocation, and operational excellence across core and growth markets.

• Consolidated revenue decreased 2.8% to HK$42,854 million, primarily due to lower revenue in Australia and Mainland China.

• Interim dividend of HK$0.63 per share declared, unchanged from last year.

Financial highlights

• Revenue for H1 2025 was HK$42,854 million, down 2.8% year-over-year; operating earnings before fair value movements fell 8% to HK$5,227 million.

• Total earnings decreased 5.5% to HK$5,624 million; EBITDAF dropped 4.5% to HK$12,404 million.

• Earnings per share were HK$2.23, down from HK$2.36 a year ago.

• Interim dividend maintained at HK$0.63 per share, with a 4.8% yield.

• Net debt increased to HK$62.4 billion; net debt/total capital at 35.0%.

Outlook and guidance

• Hong Kong: Continued focus on reliable, affordable, and sustainable energy, infrastructure upgrades, smart meter rollout, and decarbonisation to meet 2035 climate targets.

• Mainland China: Selective approach to new renewables under new tariff policy, focus on regions with strong demand and lower curtailment, and ongoing portfolio evaluation.

• Australia: Margin improvement targeted through repricing, recontracting, cost optimization, and flexible capacity investments; retail margins remain under pressure.

• India: Disciplined expansion in renewables, transmission, and AMI, leveraging partnerships and self-funded models; new projects to begin construction in H2 2025.