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光大 绿色 环保 Everbright Greentech ( Incorporated in the Cayman Islands with limited liability ) Stock Code : 1257 2026 Interim Results Presentation Aug 2026
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2 2 Forward-looking Statements This presentation may contain forward-looking statements. Any such forward-looking statements are based on a number of assumptions about the operations of China Everbright Greentech Limited (the “Company” or “Everbright Greentech”) and factors beyond the Company's control and are subject to significant risks and uncertainties, and accordingly, actual results may differ materially from these forward-looking statements. The Company undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates. The information in this presentation should be considered in the context of the circumstances prevailing at the time of its presentation and has not been, and will not be, updated to reflect material developments which may occur after the date of this presentation. The slides forming part of this presentation have been prepared solely as a support for oral discussion about background information about the Company. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of any information or opinion contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Information and opinion contained in this presentation may be based on or derived from the judgment and opinion of the management of the Company. Such information is not always capable of verification or validation. None of the Company or financial adviser of the Company, or any of their respective directors, officers, employees, agents or advisers shall be in any way responsible for the contents hereof, or shall be liable for any loss arising from use of the information contained in this presentation or otherwise arising in connection therewith. This presentation does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. It shall not to be construed as a solicitation or an offer or invitation to buy or sell any securities or related financial instruments. No part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This presentation may not be copied or otherwise reproduced.
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33 Financial Analysis Business Prospects Operating Results
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44 Everbright Greentech Financial Analysis
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5 5 Financial Analysis HK$’ million For the six months ended 30/6/2026 For the six months ended 30/6/2025 Change Revenue 3,492 3,400 3% EBITDA 1,039 974 7% Net profit 256 164 56% Profit attributable to equity shareholders 195 191 2% Basic earnings per share (HK cents) 9.46 9.23 2% Interim dividend per share (HK cents) 2.9 2.8 +0.1
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6 6 Financial Analysis HK$’ million As at 30/06/2026 As at 31/12/2025 Change Total assets 35,572 34,604 3% Total liabilities 21,792 21,804 0% Equity attributable to equity shareholders of the Company 10,495 9,506 10% Current ratio (%) 124.63 129.60 -4.97 ppt Gearing ratio (%) 61.26 63.01 -1.75 ppt
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7 7 2,711,473 515,235 72,680 100,734 2,791,673 530,941 62,373 106,580 0 1,000,000 2,000,000 3,000,000 1H2025 1H2026 Hazardous and Solid Waste TreatmentIntegrated Biomass Utiliation Solar Energy and Wind PowerEnvironmental Remediation Unit: HK$'000 Primarily due to an industry structural downturn, which led to a year-on- year contraction in business scale as well as lower-than-expected performance from newly expanded projects. Increased by 3% year-on-year, primarily due to the exchange rate impact between Renminbi and Hong Kong dollar during the period, as well as the favourable development momentum of the heating supply segment during the period, which boosted operating revenue. The unit treatment price for hazardous waste incineration increased by 3% year-on-year, while the unit treatment price for hazardous waste landfill decreased by 3% year-on-year, resulting the comprehensive unit treatment price remaining largely at par compared with last year. Primarily due to better wind resources for wind power projects during the period compared with the same period last year, resulting in an 18% year-on-year increase in on-grid electricity. Operating Data 1H 2026 1H 2025 YoY Biomass on-grid electricity (100m kWh) 31.2 32.7 -4% Steam supplied (10k tonnes) 259.6 217.6 19% Biomass processed (10k tonnes) 389.7 374.2 4% Household waste processed (10k tonnes) 211.4 207.4 2% Haz./solid waste intake (10k tonnes) 23.3 23.8 - Analysis of Segments Revenue
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8 8 1,021,719 26,738 -59,052 86,761 974,422 2,681 5,835 89,346 -200,000 300,000 800,000 Integrated Biomass Utiliation Hazardous and Solid Waste Treatment Environmental Remediation Solar Energy and Wind Power 1H2025 1H2026 Unit: HK$'000 Declined by 5%, primarily due to a 14% increase in biomass fuel costs compared to the same period last year. Significant results were achieved in cost reduction and efficiency enhancement on the operational front, with a notable decrease in treatment costs, offsetting partial loss. Decreased 90% mainly due to increase from asset impairment. Increased by 110%, primarily due to the goodwill impairment loss of the ecological restoration company in the same period last year. Increased by 3%, primarily due to the year-on-year increase in on-grid electricity during the year, which led to higher revenue. Analysis of Segments EBITDA
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9 9 01 Achieved breakthroughs in both national subsidy and non-national subsidy receivable collections 02 Accounts receivable management: shifting from passive waiting to active management Through a diversified combination of “proactive collection and asset securitization”, the accounts receivable balance decreased by RMB124 million compared to the beginning of the year. The successful issuance of RMB700 million in carbon-neutral green ABS, with a priority tranche coupon rate of 1.7%, effectively improved asset turnover efficiency and marked the beginning of a shift in cash flow management from passive reliance to active management. Including a national subsidy recovery rate of 103.5% | June alone saw over 100% During the period, national subsidy settlements amounted to RMB 460 million | national subsidy recovery rate of 113.2% (including ABS) Long-accumulated subsidy assets have officially entered the substantive recovery phase. This has not only significantly improved the current-period cash flow position and effectively strengthened the cash flow safety buffer, but also substantially reduced seasonal fluctuations in operating cash flow, thereby securing the working capital needed for daily operations. During the period under review, operating cash flow reached a record high. 84.8 103.5 Jan-Jun 2025 Jan-Jun 2026 Comparison of accounts receivable recovery rate (%) 9.51 6.59 9.96 Jan-Jun 2024 Jan-Jun 2025 Jan-Jun 2026 Operating cash flow (RMB 100 million) Accelerated Receivable Collections Drove a Dual Leap in Cash Flow Resilience and Asset Value Realization
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10 10 3.38% 2.67% 2.63% 2024年1-12月 2025年1-12月 2026年1-6月 Effective interest rate (finance costs) 0 50 100 150 200 250 1H 2026 2025 2024 Financing structure Bank loans Medium-term notes Other loans The composite effective interest rate (including ABS right maintenance fees) has been continuously reduced since 2024, with a cumulative decrease of 75 basis points compared to 2024. Interest expenses decreased by HK$44.54 million compared to the same period last year. The financing structure continues to undergo optimisation with well-diversified and accessible financing channels. Unutilised bank loan facilities amounted to approximately HK$7 billion, while the remaining DFI issuance quota was RMB3 billion. Finance costs have hit a historic low. 67% 32% 1% 63% 35% 2% 61% 37% 2% Ongoing Financing Structure Optimization and Sustained Finance Costs Reduction Jan-Dec 2024 Jan-Dec 2025 Jan-Jun 2026
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1111 Everbright Greentech Operating Results
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12 12 Northern Jiangsu Region 9 biomass and waste-to-energy projects | 8 hazardous and solid waste projects Southern Jiangsu Region Northern Anhui Region Northern Region Southern Anhui Region Southern Region 13.40% 18.20% 15.20% 11.10% 16.70% 23.30% Operating revenue Northern Southern Northern Jiangsu Southern Jiangsu Northern Anhui Southern Anhui Six-region synergistic development, gaining strong momentum 7 biomass and waste-to-energy projects | 6 hazardous and solid waste projects 9 biomass and waste-to-energy projects | 3 hazardous and solid waste projects 8 biomass and waste-to-energy projects | 4 hazardous and solid waste projects 9 biomass and waste-to-energy projects | 8 hazardous and solid waste projects 10 biomass and waste-to-energy projects | 2 hazardous and solid waste projects 8.90% 19.20% 22.40% 9.30% 19.20% 20.20% Net profit Deepening Regional Reforms with Early Signs of Management Success
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13 13 Treatment costs kept falling; incineration treatment prices saw their first rise in years, significant reduction in losses reached 6% . 6% 1,541 1,419 1,474 1,505 2024 2025 lowest price 2025 1H 2026 A Significant Improvement in the Hazardous and Solid Waste Segment Compared to lowest point in 2025 incineration treatment price（RMB） 16% 10% 16% 16% 13% 7% Landfill Incineration Range of hazardous waste unit treatment cost decrease 2024 2025 1H 2026
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14 14 Making phased achievements in disposing of low-profit and ineffective assets. Continuously clearing up legacy risks while asset quality and capital returns are gradually improving, laying a solid foundation for the sound development of the Company. Revitalising legacy assets: a dual-track approach of restoration and exit - Unlocking asset value through refined operational management instead of mere divestiture, maximizing overall asset value while continuously optimising the profit structure and cash flow levels; - Adhering to a differentiated strategy of “operational restoration + capital exit”, with the Xuyi Project achieving profitability for two consecutive years. - 3 projects were disposed of during the period under review, among which the Xinyi Solid Waste Phase I Project secured a high-premium price transaction; - Low-profit and ineffective assets have been successfully disposed of, generating substantial financial inflows. Asset disposal: exiting with high-premium value and clearing-up effectively Accelerating Asset Disposal with Ongoing Structural Optimisation
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15 1512 Operating project profitability is gradually recovering, supported by coordinated progress in heat supply volume expansion, hazardous waste loss reduction, and smart operations to drive high-quality growth. Heat supply business: a new growth engine Steam sales volume: 2.60 million tons | 19% year-on-year Successfully upgraded to an “environmental protection + energy service" model, significantly enhancing revenue stability and becoming a core pillar driving performance growth. Hazardous & solid waste segment: significant reduction in losses Reducing losses by RMB10.91 million | 5 projects turned from losses to profit Implementing the “One Enterprise, One Policy” targeted support approach, continuously optimising asset quality, substantially reducing operational burdens, and laying a solid foundation for unfolding future profit potential. Smart operations: unlocking operating leverage Efficiency gains RMB4 million | Equipment failure rate 85% - Digital empowerment drives cost reduction and efficiency improvements, with the Zhongxiang project delivering remarkable demonstration effects, initiating the three-year promotion plan to build a replicable profit model; - Focusing on addressing pain points in fluid bed boiler operations and energy efficiency shortcomings, and completed systematic efficiency improvement and technical upgrade plans, achieving a 5%+ efficiency improvement. Enhancing Operational Quality and Efficiency, Restoring Asset Profitability
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16 16 Everbright Greentech Business prospects
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17 17 Heat supply business: from a synergistic operation to a core transformation lever 16.1% Heat supply revenue share hits a new high Coordinating synergy among three heat sources: integrating biomass, general industrial solid waste, and waste incineration to build a diversified, low- carbon green energy structure. Green and low-carbon reserve projects advancing smoothly Lingbi biomass sugar project Exploring new pathways for high-value biomass utilisation, extending industrial chain value, and converting traditional waste into high-value-added products. Experimental design plans are currently underway. Fengxian and Dangshan zero- carbon park projects Facilitating the transition toward comprehensive green energy and low-carbon service platforms, creating regional zero-carbon demonstration benchmarks, and supporting the achievement of “dual-carbon” goals and industrial upgrading. Nanjing Pukou independent energy storage project Closely aligning with the policy direction of new power system development, effectively regulating grid peak-valley mismatches, enhancing grid stability, and having significant medium- to long-term valuation redevelopment potential. Accelerating Low-Carbon Transition and Fostering New Growth Engines
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18 18 New power assets Biomass high-value utilisation Solid waste recycling ▍Breakthrough goals Deeply integrating into the asset matrix of the new power system, seizing the crucial expansion opportunity in the new energy industry, capitalising on large-scale deployment to secure a first-mover advantage in market development, and solidifying the asset base and revenue foundation. ▍Core of business Focusing on new energy projects to strengthen the foundation on the power generation side, complemented by independent energy storage projects to refine the regulating-side layout, forming an integrated asset portfolio of “power generation + regulation”. ▍Breakthrough goals Leveraging mature heat supply assets to secure users in high-loading industrial parks, reducing operational volatility risks; Accelerating the deployment of high-value technologies and market expansion for biomass projects, creating a business advantage that combines profitability with ecological value. ▍Core of business Stabilising the traditional heat supply foundation to ensure stable cash flow and maintaining the basic regional energy service base; Fostering the high-value utilisation of biomass to establish a green and low-carbon business growth pole, thereby broadening the scope for sustainable development. ▍Breakthrough goals Enhancing asset profitability through slag recycling projects while properly managing team stability and talent retention following the hazardous waste business contraction, thereby solidifying development foundation. ▍Core of business Deeply exploring the high-margin potential of slag recycling, and leveraging the disposal advantages of the hazardous waste segment to create new profit growth drivers. Anchoring the Track, Focusing on Breakthroughs
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19 19 Centered on the core principles of “green and low carbon, smart and efficient, safe and controllable”, we have established an intelligent management mechanism covering the entire process of “receiving, storage, retrieval and management” for material yards. Taking the Zhongxiang project as a pilot, we aim to create an industry-level model of green and eco-friendly smart material yards, achieving a comprehensive upgrade of production models and value reconstruction. Efficiency Leap By implementing unattended dynamic management, the retrieval efficiency improved by more than 20%, and automatic sampling accuracy reached 99%, which substantially lowered labour costs. Zero-risk Safety Implement a three-dimensional security system integrating “human defence + technical defence + smart defence”, and eliminate hazards at the source with real-time risk alerts, ensuring zero incidents throughout the entire production process. Green and Low-Carbon Improve smart measurement and CCER carbon footprint management to achieve precise control over carbon emissions, ensuring that enterprise operations transition toward a low- carbon, sustainable direction. Industry Benchmark Develop standardised construction and operation models to create a replicable and scalable industry benchmark, providing strong demonstrations and guidance for the intelligent upgrading of peer enterprises in the same industry. Full-scenario Smart Control Platform Leveraging a digital foundation to enable real-time perception and intelligent decision- making across all elements and processes in the material yards. The image on the left demonstrates the full-site 3D visualization monitoring of the plant area, while the image on the right displays an AI-driven data analysis and early warning dashboard for the yard, genuinely achieving “visibility, controllability, and accuracy”, providing solid technical support for the efficient operation of smart material yards. AI Empowerment in Building a Smart Demonstration Site
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20 20 E v e r b r i g h t G r e e n t e c h Q&A
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