Earnings release
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Page 1 of 36 CLP 中 電 125 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement , make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement . 中 電 控股 有限公司 CLP Holdings Limited ( incorporated in Hong Kong with limited liability ) ( Stock Code : 00002 ) Announcement of Interim Results as from 1 January 2026 to 30 June 2026 , Dividend Declaration and Closure of Books Financial Highlights Group operating earnings before fair value movements increased 9.7 % to HK $ 5,733 million for the first half of 2026 ; mainly driven by steady contributions of the regulated business in Hong Kong , improved earnings from the rest of the portfolio and corporate cost optimisation . Total earnings for the first six months of this year increased to HK $ 5,997 million after taking into account the items affecting comparability , mainly the gain on divestment of Jhajjar Power Station in India . Consolidated revenue of HK $ 42,856 million remained broadly stable compared with the first half of 2025 , as increased revenue from Hong Kong and the Chinese Mainland was largely offset by lower revenue from EnergyAustralia's Energy business . Second interim dividend of HK $ 0.63 per share , same as 2025 , was declared by the Board . CHAIRMAN'S STATEMENT I am pleased to report that CLP delivered a resilient performance and maintained robust operations in the first half of 2026 despite ongoing geopolitical conflicts and volatile energy markets . During the period , CLP's total earnings increased 6.6 % to HK $ 5,997 million , compared with HK $ 5,624 million in the same period last year . Operating earnings before fair value movements were 9.7 % higher at HK $ 5,733 million . This achievement was underpinned by steady contributions from Hong Kong - which continued to serve as a reliable anchor for the Group - and improved earnings from the rest of the portfolio . The Board has declared a second interim dividend of HK $ 0.63 per share , unchanged from the prior year .
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Page 2 of 36 Supporting Hong Kong’s next phase of growth With deep roots in Hong Kong, CLP remains fully committed to supporting the city’s long -term development. During the period, we actively engaged in the Hong Kong Special Administrative Region Government’s public consultation on the city’s inaugural Five -Year Plan (2026 -2030), positioning electricity as strategic economic infrastructure for the city’s growth. Our submission emphasised energy security, resilience and forward -looking infrastructure planning, including timely investments to strengthen the power system for major developments such as the Northern Metropolis. We also outlined proposals to accelerate decarbonisation in line with national targets and enhance climate resilience. CLP will continue to work closely with the Government as the Five-Year Plan is formulated and implemented. We are committed to contributing to a low-carbon, resilient and sustainable energy future that Hong Kong needs for its next phase of growth. Against a backdrop of persistent global energy security challenges, the importance of long -term planning and a diversified fuel strategy has become ever more evident. CLP’s balanced mix of generation, including natural gas, nuclear power and renewable ener gy, supported by procurement from the Chinese Mainland and international markets, underpins the resilience of our power system in Hong Kong and helps moderate the impact of market volatility on customers. Fuel prices, however, remained elevated during the period. To help alleviate the pressure on households, I was pleased to see the company introduced a three-month special fuel rebate to eligible residential customers during the hot summer months. At the same time, we continued to deliver a highly reliable electricity supply, even during periods of extreme heat and adverse weather in the first half of the year. This is a testament to our operational excellence and resilience under challenging conditions. Staying aligned with national priorities With a longstanding presence on the Chinese Mainland, CLP remains committed to supporting the country's high-quality development. In April, my son and fellow director Philip and I, together with members of CLP’s senior management team, had the privilege of meeting Director of the Hong Kong and Macau Affairs Office Mr Xia Baolong and Deputy Director of the National Energy Administration Mr He Yang in Beijing. These meetings provided an important opportunity to reaffirm CLP’s long-term commitment to Hong Kong and the Chinese Mainland, and to exchange views on the evolving energy landscape, including CLP’s role in safeguarding electricity supply amid a complex international environment and supporting the national energy blueprint set out in the 15 th National Five-Year Plan. In addition, we have strengthened our presence in Beijing to deepen engagement with policymakers and partners. We have also established a new office in Qianhai, Shenzhen to enhance our strategic positioning in the Greater Bay Area with key functional support to our business, and bring us closer to our customers. During the first half, CLP China’s generation portfolio operated reliably, although market conditions remained challenging. Lower electricity tariff earlier in the year put pressure on earnings, moderating CLP China’s financial contribution. Nevertheless, our businesses remained sound, as we continued to support the country’s decarbonisation goals through prudent investment in additional renewable projects.
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Page 3 of 36 Strengthening operations and preparing for the future In Australia, EnergyAustralia delivered higher contributions, supported by improved retail operation. We continued to navigate a competitive retail market, while advancing flexible generation and energy storage capacity to support the country’s energy tran sition. However, weakened wholesale electricity prices, increased storage capacity and lower average retail tariff levels are expected to moderate returns in the coming months. Our joint venture Apraava Energy in India performed steadily and we continued to explore acquisition opportunities alongside greenfield investments. In March, Apraava Energy completed the divestment of Jhajjar Power Station, fully exiting coal generation as part of CLP’s Group-wide decarbonisation strategy and aligning with India’s clean energy ambitions. After the divestment, Apraava Energy owns 100% zero-carbon assets across renewable generation, transmission and smart metering. Meanwhile, we continued to pursue growth opportunities in Taiwan Region and Southeast Asia with discipline. We remain active in exploring investments in renewable energy that meet our strategic and financial criteria, and support long-term value creation. Across the Group, we stepped up initiatives to drive operational efficiency and position the business for the future. We are finalising the second-phase rollout of our new enterprise system in Hong Kong to transform our business through digitalisation and processes optimisation to further improve productivity. We are also optimising our Mainland operations to improve cost - effectiveness and upgrading digital platforms in Australia. These initiatives are making CLP more agile, while improving service for cust omers. They also strengthen the Group’s resilience and competitiveness as the energy landscape continues to evolve. Safety is always our top priority. I am saddened by a fatal incident at Castle Peak Power Station in Hong Kong in May that claimed the life of a contractor worker aboard a coal vessel. We have taken comprehensive steps to prevent any recurrence, including conducting rigor ous internal reviews and reinforcing our safety practices, and we are cooperating with the authorities in their investigation. The tragic incident is a reminder that our commitment to a safe workplace must be relentless and we will continue investing in our people, systems and culture to strengthen our safeguards and uphold the highest standards of safety. Delivering 125 years of commitment and trust This year marks CLP’s 125 th anniversary, a milestone we have commemorated through community programmes in Hong Kong to support vulnerable customers while contributing to the local economy. It is also an occasion to reflect on the trust CLP has earned over the generations. For 125 years, we have provided Hong Kong with world-class supply reliability, safeguarded the city’s energy security and supported its long -term development. This enduring foundation has also enabled CLP to grow into a regional energy business. Looking ahead to the remainder of 2026 and beyond, we are vigilant but confident. Geopolitical tensions, regulatory developments and broader economic uncertainties will require prudent management, but CLP’s fundamentals remain robust. Our diversified portf olio, strong financial position and continued focus on innovation and efficiency place us in a strong position to capture opportunities from the energy transition and major developments such as the Northern Metropolis.
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Page 4 of 36 CLP will continue to uphold the commitment that has guided us for 125 years to provide reliable and sustainable energy, create long -term value and power the continued progress of the communities we serve. On behalf of the Board, I thank our shareholders, partners, customers and employees for their unwavering support. The Honourable Sir Michael Kadoorie
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Page 5 of 36 FINANCIAL PERFORMANCE Group operating earnings before fair value movements increased 9.7% to HK$5,733 million for the first half of 2026; mainly driven by steady contributions of the regulated business in Hong Kong, improved earnings from the rest of the portfolio and corporate cost optimisation. Total earnings for the first six months of this year increased to HK$5,997 million after taking into account the items affecting comparability, mainly the gain on divestment of Jhajjar Power Station in India. Six months ended 30 June 2026 HK$M 2025 HK$M Increase % Hong Kong energy business 1 4,736 4,469 6.0 Hong Kong energy business related 2 94 99 Chinese Mainland 1 899 870 3.3 Australia 223 167 33.5 India 105 79 32.9 Taiwan Region and Southeast Asia 71 19 273.7 Other earnings in Hong Kong (5) (45) Unallocated net finance income 7 26 Unallocated Group expenses (397) (457) Operating earnings before fair value movements 5,733 5,227 9.7 Fair value movements (92) (35) Operating earnings 5,641 5,192 8.6 Items affecting comparability 356 432 Total earnings 5,997 5,624 6.6 Notes: 1 Including CLPe business in Hong Kong and on the Chinese Mainland respectively 2 Hong Kong energy business related includes Hong Kong Pumped Storage Development Company, Limited and Hong Kong Branch Line supporting Scheme of Control (SoC) business The financial performance of individual business segment is analysed as below: Hong Kong Higher earnings mainly reflected an increase in average SoC net fixed assets, supported by growing capital investment in electricity infrastructure, and reduced interest costs. Chinese Mainland Higher nuclear earnings benefited from stronger financial performance at Daya Bay Power Station, partly offset by a lower contribution from Yangjiang Power Station, reflecting a higher proportion of market sales at reduced tariffs amid increased competition. Higher earnings from renewable energy assets with contributions from wind projects that were newly commissioned or in pre-commissioning, partly offset by increased grid curtailment across most operating regions and marginally lower average tariffs across the wind and solar portfolios. Lower earnings from minority-owned coal-fired investments were mainly driven by lower tariffs, partly mitigated by lower fuel costs.
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Page 6 of 36 Australia Excluding the exchange rate impact from a stronger Australian dollar in the first half of 2026, performance in Customer business improved, mainly driven by higher average tariffs from re - contracting and re-pricing in line with market offers and regulatory guidance, and lower Customer business expenses. Energy business recorded a lower contribution mainly due to weaker realised prices captured at Mount Piper Power Station, together with increased coal and gas fuel costs. This was partly offset by increased generation from Yallourn Power Station primarily due to improved plant availability. Increased Enterprise expenditure spent on transformation projects. Higher depreciation was mainly attributable to the timing of capitalisation of outage costs at Yallourn Power Station and Mount Piper Power Station . Decrease in tax charge reflected lower taxable profits. India Increase in Apraava Energy’s earnings was mainly due to the absence of a non-cash impairment charge recognised in 2025 for a transmission asset, which was partly offset by reduced contribution from Jhajjar Power Station driven by planned overhaul in March, and absence of any contribution from April following its divestment. Lower contribution from renewable energy assets was mainly driven by lower wind resources and generation. Taiwan Region and Southeast Asia Higher share of profit from Ho -Ping Power Station reflected favourable coal cost recoveries and higher generation due to fewer outage days. Operations of Lopburi Solar remained stable. Development and operating expenses increased in line with the execution of the growth strategy. Fair value movements Unfavourable fair value movements were mainly driven by lower forward electricity prices in New South Wales at end -June impacting the bought energy contracts. Items affecting comparability Including gain on divestment of Jhajjar Power Station in India of HK$318 million and gain on sale of Argyle Street properties of HK$55 million, partly offset by revaluation loss of retail portion of Laguna Mall of HK$17 million.
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Page 7 of 36 BUSINESS PERFORMANCE AND OUTLOOK Hong Kong In the first half of 2026, electricity sales rose 3.6% year -on-year to 17,038 gigawatt hours (GWh) as stronger economic growth lifted power demand in all sectors. Growing demand from innovation and technology (I&T) industries including artificial intellige nce (AI) drove a 11.8% increase in sales to data centres, which accounted for 7.1% of total electricity consumption. Power consumption from transport electrification also grew significantly. The table below shows electricity sales by sector with year-on-year changes. Sales by Sector (GWh) Change % of Total Sales Residential 4,300 1.8% 25% Commercial 6,860 4.6% 40% Infrastructure and Public Services 5,139 4.0% 30% Manufacturing 739 1.1% 5% During the period, operating earnings for the Hong Kong energy business and related activities before fair value movement s increased 5.7% to HK$4,830 million, benefitting from growing capital investments in electricity infrastructure and reduced interest costs. Powering growth amid global volatility Guided by the 2024 -2028 Development Plan, CLP Power Hong Kong Limited (CLP Power) continued to invest in electricity infrastructure to meet increasing energy demand arising from economic development and the growth of AI and other I&T industries. CLP Power is taking a forward-looking approach to plan and invest in expanding power supply capacity in the Northern Metropolis, a key centre of development for the data centre and other strategic industries. Following the Government’s announcement on the Sandy Ridg e Data Facility Cluster development project in March, CLP Power is working closely with the successful tenderer to support the project’s phased development through tailored electricity supply solutions that meet demand at different stages. CLP Power continued to invest in electricity infrastructure to underpin a highly reliable, lower - carbon power supply for data centres at reasonable cost. In the first half of 2026, two major data centre substations with a combined capacity of 260 megavolt-amperes (MVA) were completed, bringing the total completed during the current 2024 -2028 Development Plan period to eight, compared to three in the previous period. Accelerating electricity network investment is critical to Hong Kong’s growth as an international data centre hub, complementing its robust legal protections for data and intellectual property, seamless cross-border data flows and ready access to capital. Despite global energy market instability, CLP Power’s diversified fuel mix including stably priced nuclear energy from Daya Bay Nuclear Power Station in Guangdong ensured continued electricity supply reliability during the period. Prudent cost controls and targeted tariff relief measures also helped soften the impact of higher international fuel costs on customers.
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Page 8 of 36 Further reinforcing energy security, CLP signed a Memorandum of Understanding (MoU) with China National Offshore Oil Corporation (CNOOC) in April to strengthen cooperation on natural gas and low -carbon energy opportunities including hydrogen, liquified nat ural gas (LNG) bunkering and carbon capture, utilisation and storage. The MoU builds on the Group’s 30 -year partnership with CNOOC to advance new energy solutions and support Hong Kong’s energy transition towards a more secure and lower-carbon future. Decarbonising the economy In March, the upgrade of the Clean Energy Transmission System was completed on schedule. The enhancement of cross-border transmission overhead line circuits provides greater flexibility for future imports of more non-carbon energy from the Chinese Mainland. CLP Power customers continued to install their own renewable energy systems by taking advantage of the Feed- in Tariff (FiT) Scheme. By the end of June, applications for about 462 megawatts (MW) of FiT capacity have been approved, equal to the annual energy consumption of more than 117,200 households. In the first half, enhanced AI tools helped customer service staff to access information on electricity services such as account opening procedures and reward scheme details more quickly, and provide more consistent support for customers. CLP Power also introduced more personalised energy saving tips using AI in its Summer Saver Rebate programme this year, based on residential customers’ historical energy consumption patterns. CLP Power continued to offer commercial and industrial (C&I) customers a comprehensive portfolio of demand-side decarbonisation services. In the first half, more C&I customers including retail, catering and property management businesses joined the Peak Demand Management programme, which enables over 2,400 participating organisations to earn rebates for reducing electricity consumption during designated peak demand periods. Airport Authority Hong Kong adopted CLP Power’s energy efficiency and conservation solutions to reduce energy consumption at the newly opened Terminal 2. CLP Power also advised Hong Kong Aircraft Engineering Company Limited on replacing traditional diesel- based aircraft tow tractors and gas -based dehumidification systems for aircraft engine storage with electric alternatives and supported Hongkong International Terminals Limited on electrifying cranes and introducing autonomous electric trucks in the port area. In May, CLP Power and the Hong Kong Quality Assurance Agency launched the “Climate Resilience Care” platform to strengthen climate resilience management among businesses and building owners, and to promote forward-looking risk management and response strategies. Meanwhile, CLPe Holdings Limited (CLP e) completed four LNG bunkering operations in partnership with CNOOC (Shenzhen) International Marine Clean Energy Co., Ltd. in the first half. These included Hong Kong’s first LNG ship- to-ship bunkering operation for a Very Large Crude Carrier in February, and the city’s first LNG bunkering operation for a dry bulk carrier in May. These operations helped cement Hong Kong’s dev elopment as a world -class green marine fuel bunkering hub.
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Page 9 of 36 In the first half, CLPe signed a contract with Great Eagle Group (Great Eagle) to provide Cooling - as-a-Service (CaaS) at the Cordis, Hong Kong in Mong Kok, including a new high-efficiency cooling system equipped with advanced AI technologies to enhance the hotel’s energy performance . CLPe and Great Eagle also signed an MoU to explore the deployment of innovative energy management solutions at other Great Eagle hotels, shopping malls and office buildings in Hong Kong, as well as hotel properties on the Chinese Mainland. CLPe deepened its partnership with property group Henderson Land on low -carbon solutions. Two shopping malls in Tseung Kwan O and Fanling became the latest properties in Henderson Land’s portfolio to deploy CLP e’s advanced CaaS solutions for expected energy efficiency improvements of around 20% and 60%, respectively. Accelerating transport electrification CLP Power joined a new working group set up by the Environment and Ecology Bureau to support the Updated Hong Kong Roadmap on Popularisation of Electric Vehicles, leveraging its power expertise and experience to accelerate the growth of transport electrification. Working closely with the Government and EV charge point operators, CLP Power provided technical support and tailored power supply solutions to accelerate the rollout of more fast-charging services for the public. These included Hong Kong’s first combined EV charging and petrol filling station that opened in Diamond Hill in February, and the city’s first full electric high- speed EV charging station converted from a petrol filling station site that began operations in Fo Tan in May. Over 13,000 CLP Power customers have applied for the EV Residential Time -of-Use Tariff by the end of June, more than double the number received six months earlier, to take advantage of discounted off-peak charging. The scheme is part of CLP Power’s growing efforts to meet demand for smarter EV charging. More than 20 businesses including HKTVmall and KLN are benefitting from professional support from CLP Power to electrify their vehicle fleets through the Fleet Electrification Advisory Service. CLPe is installing around 570 EV charging bays at two sites to meet increasing demand. When completed, they will increase the scale of CLP e’s EV charging network, which currently provides around 300 charging bays and focuses on serving commercial EVs including e-Taxis, electric light goods vehicles and heavy trucks. CLP e is also installing EV charging infrastructure at more than 20 designated taxi stands across Hong Kong after a government tender was awarded in January. In the first half, CLPe secured EV charging collaborations with three additional taxi fleets and now supports all five licensed taxi fleet operators in Hong Kong. Outlook Amid higher fuel costs resulting from the ongoing Middle East crisis, the Average Net Tariff for CLP Power customers in August was 4% higher than January's level. Looking ahead, global fuel price volatility is expected to continue to impact electricity tariffs. A three -month special fuel rebate funded by the CLP Community Energy Saving Fund will be offered from August to October to ease the financial burden of around half of residential customers. CLP Power will maintain its diversified fuel supply and prudent cost controls to ensure continued power supply reliability and the reasonable cost of energy.
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Page 10 of 36 CLP has submitted its recommendations on Hong Kong’s first Five -Year Plan, focusing on addressing the energy needs of the city’s long-term priorities including Northern Metropolis, I&T , decarbonisation and transport electrification. CLP will work closely w ith the Government in achieving high quality development and long-term stability and prosperity for Hong Kong. As AI and other I&T industries continue to drive demand for data centre capacity in Hong Kong, an additional data centre substation is targeted for completion in the second half. CLP Power will also continue to advance electricity network planning and inve stments to meet the growing energy needs of the Northern Metropolis. Near -term priorities include power network development in the Lok Ma Chau Loop and Hung Shui Kiu areas to support the growth of innovation and technology industries and the build-out of new development areas. Chinese Mainland Operating earnings from the Chinese Mainland rose 3.3% to HK$899 million as non-carbon energy assets continued to perform reliably. CLP China benefitted from solid contributions from its nuclear energy investments in Guangdong province in the first half. Daya Bay Nuclear Power Station continued to deliver a safe and reliable supply of non- carbon energy to Hong Kong and Guangdong with s trong financial performance. Yangjiang Nuclear Power Station also maintained robust generation, though average tariffs dropped slightly compared to last year as the proportion of market sales increased and competition strengthened. Renewable energy generation rose year-on-year as output from new projects offset the impact of increased grid curtailment across most operating regions as well as exceptionally weak wind and solar resources in eastern China this year. Hydro generation remained stable. Earnings for renewable energy decreased moderately due to ma rginally lower average tariffs for wind and solar generation. Financial contributions from CLP China’s minority-owned coal-fired assets dropped due to strong market competition. Operationally, the use of locally sourced coal shielded the plants from the impact of global energy market volatility this year. Investing in new energy assets In the first half, CLP China began commercial operations of two more wind farms that are located near existing assets – Sandu II (100MW) in Guizhou province and Xundian III (50MW) in Yunnan province. Two other wind projects in Shandong province – Juancheng I (300MW) and Guanxian I (125MW) – started generation after completing grid connections, and are undergoing pre - commissioning testing. CLP China began construction of the Juancheng II wind project in Shandong this year, while work continued to progress at the Hepu solar project in Guangxi Zhuang Autonomous Region with part of the plant already generating electricity for the grid. To support renewable energy development on the Chinese Mainland, the Group’s wholly owned subsidiary CLP Power China Limited issued a three -year RMB1.0 billion (HK$1.2 billion) bond in the China interbank market in March at a competitive interest rate of 1.85%. The inaugural Panda bond offering attracted strong market demand, and aligned with the CLP’s Climate Action Finance Framework. The successful issuance of bond exemplifies CLP China’s continued efforts in progressing towards a self-funded model.
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Page 11 of 36 CLP China focuses on the development of grid -parity renewable energy projects that operate without government subsidies. Outstanding national subsidy payments owed to CLP China’s renewable energy subsidiaries for legacy projects totalled HK$ 2,767 million at the end of June, compared with HK$2,517 million six months earlier. Outlook The 15th Five-Year Plan for National Economic and Social Development of the People’s Republic of China (2026-2030) establishes the blueprint for the country’s high-quality development in the coming years, with decarbonisation and energy security among key policy priorit ies. Reforms towards the development of a unified power market are accelerating under new guidelines issued by the State Council this year, supporting continued growth of renewable energy. With these fast -changing regulatory and market environments offering favourable long -term prospects, CLP China is committed to supporting the country’s energy transition by investing in high-quality renewable energy projects in a disciplined approach. Thes e include pursuing potential opportunities in Jiangsu, Shandong and Yunnan where the business has built up strong renewable energy operations, as well as in Hebei and Zhejiang that offer stronger demand growth. To ensure more predictable revenue streams, C LP China will prioritise wind and solar projects with long-term offtake agreements. In practice, it will seek contracts with secured mechanism tariff arrangements with local grids, and enter into more corporate power purchase agreements and Green Electricity Certificates contracts with corporate users. Amid evolving dynamics in the renewable energy sector, CLP China has embarked on a multi-year transformation to enhance operational efficiency, strengthen financial performances and expand capacity in a disciplined manner. To improve investment returns of its renewable portfolio and support sustained growth, CLP China will continue to progress towards a self -funded capital structure by exploring cost -effective sources of financing including further Panda bond transactions. In addition, CLP China will explore potential collaboration with external investors through a clean energy fund. Australia EnergyAustralia’s operating earnings before fair value movements increased 33.5% to HK$223 million in the first half as the financial performance of its retail energy business strengthened. Performance in the generation business, meanwhile, was affected by less favourable conditions in wholesale electricity markets. Financial contributions from the retail business increased due to customer contract renewal activities and price adjustments in line with market offers and regulatory guidance. However, competition remained intense and customer accounts dropped by around 99 ,000, or 4. 3%, to 2.23 million in the 12 months ended June. To further improve the competitiveness of the retail business, a multi-year programme to modernise its technology platform and operating model has advanced to the final planning stage. Customer participation in the Community Battery Ease plan remained strong, enabling households in eligible regions to benefit from lower -cost electricity supported by a growing network of over 20MW of battery storage capacity installed by partners. In parallel, accelerated EV adoption continued to drive strong uptake of the EV Night Boost plan, with customers taking advantage of discounted charging rates during off-peak hours.
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Page 12 of 36 In the commercial and industrial segment, the Australian Football League (AFL) signed a five-year power purchase agreement to use renewable energy from EnergyAustralia at Marvel Stadium and AFL House in Melbourne. EnergyAustralia continued to provide tailored support such as flexible payment arrangements to customers experiencing financial hardship, as cost -of-living pressures for Australian households and businesses remained elevated. Maintaining reliable electricity supply EnergyAustralia’s generation fleet operated reliably in the first half. Output at Yallourn Power Station in Victoria increased as the plant benefitted from major outage works carried out to all four generation units in recent years. This included replacing a failed turbine to enable Unit 2 to resume operations in February. EnergyAustralia is focused on running Yallourn safely and reliably through to its scheduled retirement in 2028. Mount Piper Power Station in New South Wales and EnergyAustralia’s gas-fired generation assets maintained solid operations, although commercial utilisation declined compared to last year reflecting increased competition from new peaking capacity and battery energy storage systems entering the market, which dampened wholesale electricity prices and reduced market volatility. The generation business was not materially affected by increased global energy market volatility as fuel supplies remained reliable and competitively priced through long -term contracts with domestic coal and gas producers, supported by EnergyAustralia’s hedging strategy. Growing capacity for energy transition EnergyAustralia expanded its low-carbon electricity supply capacity after commencing 84MW of offtake contracts in the first phase of the Golden Plains wind farm in Victoria this year. In June, the Orana battery project in New South Wales reached commercial operation, expanding EnergyAustralia’s flexible capacity by 200MW/800MWh through an offtake arrangement. In addition, construction of the Hallett battery project (50MW/245MWh) in South Australia started in February. When completed in the second half next year , the battery system will have the capacity to power approximately 81,000 homes for up to five hours. The Wooreen battery project (350MW/1,400MWh) in Victoria is also in construction, while planning continued to progress for the Mount Piper battery project (250MW/1,000MWh) in New South Wales. Community stakeholders provided feedback to the Lake Lyell pumped hydro project (385MW/3,080MWh) in New South Wales when the Environmental Impact Statement was opened for public exhibition in March and April. Responses from EnergyAustralia and project partner EDF power solutions Australia will also be considered by federal and state governments as part of their final determinations for the pumped hydro project expected this year. In May, EnergyAustralia submitted an application to the New South Wales Government for modification of the proposed Marulan gas -fired project. The application seeks to modify the power station design in line with market and environmental developments since the Marulan project was approved by the State Government in 2009. The modified design will provide up to 1,430MW of flexible capacity.
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Page 13 of 36 Outlook EnergyAustralia will focus on maintaining robust operations of its generation fleet to deliver reliable supply during the major outage planned for Mount Piper Power Station in September, which will further enhance the plant’s operational performance and flexibility. Wholesale electricity prices in the recent period in Australia had been lower than the previous year. This is expected to persist through the remainder of the year due to continued rapid battery deployment and milder weather conditions. These conditions are expected to compress margins in the second half of the year. The business seeks to further increase its flexible capacity by progressing more investments and partnerships, with final investment decisions expected for the Lake Lyell pumped hydro project and Mount Piper battery project this year subject to government approvals. Retail electricity tariffs have been reduced from July following EnergyAustralia’s latest annual pricing adjustments. Combined with regulatory reforms in the second half, the lower average tariff levels are expected to negatively affect the margins of the retail business. To strengthen the operation, EnergyAustralia will focus on delivering more competitive services enabled by technology transformation, improved cost efficiencies and a growing lower -carbon capacity portfolio. Execution of the multi- year technology transformation programme for the ret ail business is expected to commence in the second half of 2026. In addition, EnergyAustralia will continue to advance its partnership with Tata Consultancy Services (TCS) as part of its enterprise transformation programme, focused on delivering further operational and cost efficiencies, enabling the business to focus on strategic growth priorities. The first phase of the partnership has been completed, with select back -office operations successfully transitioned to TCS. India First-half operating earnings from Apraava Energy increased 32.9% year -on-year to HK$105 million as improved contributions from transmission assets offset reduced contributions from Jhajjar Power Station following divestment of the coal-fired asset in March. CLP recognised a gain of HK$318 million from the divestment. Apraava Energy had meanwhile distributed proceeds from the transaction to its shareholders. Apraava Energy is now a 100% non- carbon business and its renewable energy assets continued to operate reliably during the period. Overall generation fell year -on-year as reduced resources drove wind energy output lower, although this was partially offset by increased solar generation due to higher irradiance. Kohima-Mariani Transmission Ltd., an interstate transmission asset in north -eastern India, maintained high availability in the first half. The Satpura Transco Private Ltd. transmission line in Madhya Pradesh state also continued its stable operations. The Fatehgarh IV transmission asset in Rajasthan state performed well after its commissioning in January. Investing in non-carbon growth In the first half, Apraava Energy began construction of a 300MW wind farm in Karnataka state, its biggest wind project to date. Meanwhile, construction continued to progress at the 250MW NHPC Bhanipura I and the 300MW NTPC Bhanipura II solar projects in Rajasthan.
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Page 14 of 36 Construction entered the final stages at three transmission projects: the Karera project in Madhya Pradesh with 43 kilometres of transmission lines and a 3,000MVA substation; the Fatehgarh III project with 230 km of transmission lines in Rajasthan; and also in the same state, the Rajasthan IV A project comprising around 200 km of power lines and a 6,000MVA substation. Including around 1.1 million smart meters installed in the first six months of this year, Apraava Energy has installed more than 3.6 million smart meters in its nine advanced metering infrastructure (AMI) contracts across India at the end of June. The contracts comprise 9.7 million smart meters in total. Outlook In July, Apraava Energy won auctions for two new transmission projects in the states of Andhra Pradesh and Maharashtra. Together with the Fatehgarh III, Rajasthan IV A and Karera projects targeted for commissioning in the second half of the year, Apraava Energy’s transmission business will be significantly expanded. The NHPC Bhanipura I and NTPC Bhanipura II solar projects are on track for completion in 2027, while the new wind project in Karnataka is scheduled to begin operations in phases from the third quarter of 2027, with full commissioning targeted the following year. Against intense competition from other developers, Apraava Energy will continue to seek opportunities in renewable energy, transmission, AMI and battery energy storage to grow its new project portfolio. Taiwan Region and Southeast Asia Operating earnings from Taiwan Region and Southeast Asia more than tripled to HK$71 million in the first half, driven by the strong performance of Ho-Ping Power Station in Taiwan Region. Plant availability at Ho -Ping was higher as operations were strengthened after a planned maintenance programme was completed ahead of schedule. Lopburi Solar Farm in Thailand maintained stable operations. Outlook With its current power purchase agreement (PPA) due to expire in 2027, Ho -Ping is evaluating options including a possible extension of the PPA. CLP will continue to explore potential low -carbon energy acquisitions and greenfield developments in Taiwan Region and Southeast Asia to capture growth opportunities driven by the region’s energy transition. Human Resources The CLP Group had 8,437 full-time and part-time employees on 30 June, compared with 8,442 at the same time in 2025. This included 6,220 employees across Hong Kong and the Chinese Mainland, compared with 6,156 a year earlier. Total remuneration for the six months to 30 June was HK$3,771 million compared with HK$ 3,568 million for the same period in 2025, including retirement benefit costs of HK$388 million compared with HK$359 million a year earlier.
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Page 15 of 36 To enhance employee experience, drive operational efficiency and support wider AI adoption, the Group strengthened its AI platform during the period, empowering employees to make greater use of digital tools in their work. In Hong Kong, an AI-powered assistant was launched in July to provide employees with real- time, on -demand access to personalised information on human resources policies and enabling more streamlined and consistent handling of staff enquiries. CLP’s efforts in supporting employees’ adoption of digital tools through training and e -learning resources were reaffirmed in March when the Group won the LinkedIn AI Learning Champion award. In a recognition of its continued leadership on workforce develo pment, CLP Power received seven accolades at the Hong Kong Institute of Human Resource Management HR Excellence Awards in March. They included Excellent Employer of the Year and awards for employee wellness, talent management and age-friendly workplace practices. Health and Safety CLP places the utmost priority on safety. It is therefore a matter of profound regret that a contractor worker at Castle Peak Power Station passed away on 16 May while aboard a coal vessel. An internal review has been completed and the authorities' investigation is ongoing. The findings of the review and investigation will be used to further strengthen the Group's safety practices. Throughout the first half, CLP continued to focus on identifying and controlling critical risks with the potential to cause serious injury or loss of life. Greater emphasis is placed on verifying the effectiveness of critical safety controls such as electrical isolation to mitigate potential critical risks. CLP also increased monitoring of leading indicators to track the presence of critical safety controls and deployed improved digital tools to support better decision-making. To support employee health and wellbeing, assessments were conducted across the Group to identify psychosocial risks and more related learning resources were provided. During the period, total recordable injury rate (TRIR) for employees and contractors dropped to 0.12 compared with 0.15 the same period a year earlier following a reduction in injuries across the Group. However, lost time injury rate (LTIR) increased to 0.10 from 0.03 a year earlier as overall hours worked were lower. LTIR tracks injuries that result in missed days of work, relative to total work hours. TRIR is a broader measure covering other injury categories in cluding those that do not lead to absences. Environment CLP Power completed a climate risk and adaptation assessment focused on coastal wave and rainfall flooding risks arising from projected extreme weather events at Black Point Power Station and Castle Peak Power Station. Recommended measures including improvements to existing seawalls will be reviewed and implemented. Employees Employees and Contractors January – June 2026 January – June 2025 January – June 2026 January – June 2025 TRIR 0.05 0.24 0.12 0.15 LTIR 0.05 0.05 0.10 0.03
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Page 16 of 36 To minimise materials consumption and reduce waste, CLP progressed a study focused on potential circular economy opportunities from decommissioning coal-fired generation assets. At the Qian’an wind farms in Jilin province, CLP China reused scrap and retired components as spare parts and training equipment. EnergyAustralia refurbished an externally sourced old power station turbine for use as spare equipment at Yallourn Power Station. No environmental regulatory non -compliance and license exceedance cases were recorded for CLP’s businesses during the first half of 2026.
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Page 17 of 36 FINANCIAL INFORMATION The financial information set out below in this announcement represents an extract from the condensed consolidated interim financial statements, which are unaudited but have been reviewed by the Group’s external auditor, PricewaterhouseCoopers (PwC), in ac cordance with Hong Kong Standard on Review Engagements 2410 and by the Audit & Risk Committee. PwC’s unmodified review report is included in the Interim Report to be sent to shareholders. Consolidated Statement of Profit or Loss – Unaudited for the six months ended 30 June 2026 2026 2025 Note HK$M HK$M Revenue 2 42,856 42,854 Expenses Purchases and distributions of electricity and gas (14,437) (14,908) Staff expenses (2,843) (2,711) Fuel and other operating expenses (13,200) (13,837) Depreciation and amortisation (5,163) (4,721) (35,643) (36,177) Other gain 4 - 460 Operating profit 4 7,213 7,137 Finance costs (897) (899) Finance income 82 101 Share of results, net of income tax Joint ventures 582 183 Associates 854 824 Profit before income tax 7,834 7,346 Income tax expense 5 (1,305) (1,210) Profit for the period 6,529 6,136 Earnings attributable to: Shareholders 5,997 5,624 Perpetual capital securities holders 107 93 Other non-controlling interests 425 419 6,529 6,136 Earnings per share, basic and diluted 7 HK$2.37 HK$2.23
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Page 18 of 36 Consolidated Statement of Profit or Loss and Other Comprehensive Income – Unaudited for the six months ended 30 June 2026 2026 2025 HK$M HK$M Profit for the period 6,529 6,136 Other comprehensive income Items that can be reclassified to profit or loss Exchange differences on translation 1,084 1,766 Cash flow hedges 498 (1,018) Costs of hedging 259 41 Share of other comprehensive income of joint ventures (30) - Cash flow hedge reserve reclassified upon deconsolidation of subsidiaries - 112 1,811 901 Items that cannot be reclassified to profit or loss Remeasurement gains/(losses) on defined benefit plans 19 (4) 19 (4) Other comprehensive income for the period, net of tax 1,830 897 Total comprehensive income for the period 8,359 7,033 Total comprehensive income attributable to: Shareholders 7,752 6,531 Perpetual capital securities holders 107 93 Other non-controlling interests 500 409 8,359 7,033
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Page 19 of 36 Consolidated Statement of Financial Position – Unaudited Audited 30 June 31 December 2026 2025 Note HK$M HK$M Non-current assets Fixed assets 8 168,384 166,094 Right-of-use assets 9 9,995 10,034 Investment property 737 754 Goodwill and other intangible assets 12,672 12,685 Interests in and loans to joint ventures 11,526 12,125 Interests in associates 9,106 9,508 Deferred tax assets 1,916 1,943 Derivative financial instruments 771 514 Other non-current assets 2,346 2,149 217,453 215,806 Current assets Inventories – stores and fuel 4,498 3,717 Renewable energy certificates 631 1,179 Properties for sale 328 714 Trade and other receivables 10 17,401 12,856 Derivative financial instruments 1,119 444 Short-term deposits and restricted cash 33 23 Cash and cash equivalents 4,401 3,905 28,411 22,838 Current liabilities Customers’ deposits (7,766) (7,542) Fuel clause account (1,055) (1,043) Trade payables and other liabilities 11 (17,345) (18,598) Income tax payable (766) (504) Bank loans and other borrowings (14,628) (9,673) Derivative financial instruments (1,416) (1,054) (42,976) (38,414) Net current liabilities (14,565) (15,576) Total assets less current liabilities 202,888 200,230
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Page 20 of 36 Consolidated Statement of Financial Position – Unaudited (continued) Audited 30 June 31 December 2026 2025 Note HK$M HK$M Financed by: Equity Share capital 23,243 23,243 Reserves 13 87,219 84,367 Shareholders’ funds 110,462 107,610 Perpetual capital securities 3,872 3,872 Other non-controlling interests 5,943 5,943 120,277 117,425 Non-current liabilities Bank loans and other borrowings 52,015 52,156 Deferred tax liabilities 18,542 17,978 Derivative financial instruments 877 1,437 Scheme of Control (SoC) reserve accounts 12 2,789 2,871 Asset decommissioning liabilities and retirement obligations 5,075 5,063 Other non-current liabilities 3,313 3,300 82,611 82,805 Equity and non-current liabilities 202,888 200,230
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Page 21 of 36 Notes: 1. Basis of Preparation The unaudited condensed consolidated interim financial statements have been prepared in compliance with Hong Kong Accounting Standard (HKAS) 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants. The accounting policies adopted are consistent with those set out in the Group’s annual financial statements for the year ended 31 December 2025, except for the adoption of the amendments and improvements to HKFRS Accounting Standards (HKFRSs) that are effective for the current accounting period as set out below: Amendments to HKFRS 9 and HKFRS 7 Classification and Measurement of Financial Instruments Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity Annual Improvements Project Annual Improvements to HKFRS Accounting Standards — Volume 11 The adoption of the amendments and improvements to HKFRSs referred to above has had no significant impact on the results and financial position of the Group. The Group has not early adopted any new or amended standards that are not yet effective for the current accounting period. The financial information relating to the year ended 31 December 2025 that is included in the 2026 Interim Report as comparative information does not constitute the Company’s statutory annual consolidated financial statements for that year but is derived f rom those financial statements. Further information relating to these statutory financial statements required to be disclosed in accordance with Section 436 of the Hong Kong Companies Ordinance (Cap. 622) is as follows: The Company has delivered the financial statements for the year ended 31 December 2025 to the Registrar of Companies as required by Section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance (Cap. 622). The Company’s auditor has reported on the financial statements for the year ended 31 December 2025. The auditor’s report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under Sections 406(2), 407(2) or 407(3) of the Hong Kon g Companies Ordinance (Cap. 622). The condensed consolidated interim financial statements were approved for issue by the Board of Directors on 6 August 2026.
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Page 22 of 36 2. Revenue The Group’s revenue primarily represents sales of electricity and gas and is disaggregated as follows: Six months ended 30 June 2026 HK$M 2025 HK$M Revenue from contracts with customers Sales of electricity in Hong Kong 23,880 22,872 Transfer for SoC to revenue (note) 65 531 SoC sales of electricity 23,945 23,403 Sales of electricity outside Hong Kong 14,832 15,550 Sales of gas in Australia 2,685 2,409 Sales of properties in Hong Kong 462 577 Others 761 670 42,685 42,609 Other revenue 171 245 42,856 42,854 Note: Under the SoC Agreement, if the gross tariff revenue in a period is less than or exceeds the total of the SoC operating costs, permitted return and taxation charges, such deficiency shall be deducted from, or such excess shall be added to, the Tariff Stabi lisation Fund. In any period, the amount of deduction from or addition to the Tariff Stabilisation Fund is recognised as a revenue adjustment to the extent that the return and charges under the SoC are recognised in the profit or loss.
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Page 23 of 36 3. Segment Information The Group operates, through its subsidiaries, joint ventures and associates, in five major geographical regions – Hong Kong, Chinese Mainland, Australia, India, and Taiwan Region and Southeast Asia. Hong Kong Chinese Mainland Australia India Taiwan Region and Southeast Asia Unallocated Items Total HK$M HK$M HK$M HK$M HK$M HK$M HK$M Six months ended 30 June 2026 Revenue from contracts with customers 24,970 1,023 16,690 - 2 - 42,685 Other revenue 69 21 73 - - 8 171 Revenue 25,039 1,044 16,763 - 2 8 42,856 EBITDAF* 9,945 911 2,082 (1) (52) (379) 12,506 Share of results, net of income tax Joint ventures (9) 4 (11) 474 124 - 582 Associates - 854 - - - - 854 Consolidated EBITDAF 9,936 1,769 2,071 473 72 (379) 13,942 Depreciation and amortisation (3,070) (500) (1,575) - - (18) (5,163) Fair value movements (2) - (128) - - - (130) Finance costs (565) (99) (231) - - (2) (897) Finance income 53 5 9 6 - 9 82 Profit/(loss) before income tax 6,352 1,175 146 479 72 (390) 7,834 Income tax expense (1,056) (179) (13) (56) (1) - (1,305) Profit/(loss) for the period 5,296 996 133 423 71 (390) 6,529 Earnings attributable to Perpetual capital securities holders (107) - - - - - (107) Other non-controlling interests (422) (3) - - - - (425) Earnings/(loss) attributable to shareholders 4,767 993 133 423 71 (390) 5,997 Excluding: Items affecting comparability # (38) - - (318) - - (356) Operating earnings 4,729 993 133 105 71 (390) 5,641 At 30 June 2026 Fixed assets, right-of-use assets and investment property 151,349 15,267 12,392 - - 108 179,116 Goodwill and other intangible assets 6,933 2,428 3,207 - - 104 12,672 Interests in and loans to joint ventures 2,117 4,504 269 2,536 2,100 - 11,526 Interests in associates - 9,106 - - - - 9,106 Deferred tax assets 1 53 1,862 - - - 1,916 Other assets 10,234 7,017 13,076 1,115 30 56 31,528 Total assets 170,634 38,375 30,806 3,651 2,130 268 245,864 Bank loans and other borrowings 52,206 9,953 4,484 - - - 66,643 Current and deferred tax liabilities 18,224 1,076 - 7 1 - 19,308 Other liabilities 24,974 2,063 12,181 1 10 407 39,636 Total liabilities 95,404 13,092 16,665 8 11 407 125,587 * EBITDAF stands for earnings before interest, taxes, depreciation and amortisation, and fair value movements . For this purpose, fair value movements include fair value gains or losses on non-debt related derivative financial instruments relating to transactions not qualified for hedge accounting, ineffectiveness and discontinuation of cash flow hedges. # Details of the items affecting comparability can be found on page 6.
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Page 24 of 36 3. Segment Information (continued) Hong Kong Chinese Mainland Australia India Taiwan Region and Southeast Asia Unallocated Items Total HK$M HK$M HK$M HK$M HK$M HK$M HK$M Six months ended 30 June 2025 Revenue from contracts with customers 24,482 906 17,220 - 1 - 42,609 Other revenue 62 20 157 - - 6 245 Revenue 24,544 926 17,377 - 1 6 42,854 EBITDAF 9,354 760 2,251 (3) (19) (434) 11,909 Share of results, net of income tax Joint ventures (9) 72 - 81 39 - 183 Associates - 824 - - - - 824 Consolidated EBITDAF 9,345 1,656 2,251 78 20 (434) 12,916 Depreciation and amortisation (2,915) (443) (1,340) - - (23) (4,721) Fair value movements 32 - (83) - - - (51) Finance costs (602) (86) (206) - - (5) (899) Finance income 52 8 9 1 - 31 101 Profit/(loss) before income tax 5,912 1,135 631 79 20 (431) 7,346 Income tax expense (919) (163) (127) - (1) - (1,210) Profit/(loss) for the period 4,993 972 504 79 19 (431) 6,136 Earnings attributable to Perpetual capital securities holders (93) - - - - - (93) Other non-controlling interests (416) (3) - - - - (419) Earnings/(loss) attributable to shareholders 4,484 969 504 79 19 (431) 5,624 Excluding: Items affecting comparability (37) - (395) - - - (432) Operating earnings 4,447 969 109 79 19 (431) 5,192 At 31 December 2025 Fixed assets, right-of-use assets and investment property 149,853 14,106 12,812 - - 111 176,882 Goodwill and other intangible assets 6,813 2,578 3,189 - - 105 12,685 Interests in and loans to joint ventures 2,152 4,379 292 3,300 2,002 - 12,125 Interests in associates - 9,508 - - - - 9,508 Deferred tax assets 1 52 1,890 - - - 1,943 Other assets 7,518 5,823 10,714 156 30 1,260 25,501 Total assets 166,337 36,446 28,897 3,456 2,032 1,476 238,644 Bank loans and other borrowings 50,157 7,902 3,770 - - - 61,829 Current and deferred tax liabilities 17,385 1,096 - - 1 - 18,482 Other liabilities 26,467 2,052 11,891 - 6 492 40,908 Total liabilities 94,009 11,050 15,661 - 7 492 121,219
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Page 25 of 36 4. Operating Profit Operating profit is stated after charging/(crediting) the following: Six months ended 30 June 2026 HK$M 2025 HK$M Charging Retirement benefits costs 301 275 Variable lease expenses 16 13 Cost of properties sold 394 486 Net losses on disposal of fixed assets 119 90 Impairment of trade receivables 199 225 Revaluation loss on investment property 17 37 Crediting Rental income from investment property (10) (10) Fair value gains on investments at fair value through profit or loss (48) (17) Net exchange gains (39) (2) Net fair value gains on non-debt related derivative financial instruments Cash flow hedge Reclassified from cash flow hedge reserve and cost of hedging reserve to Purchases and distributions of electricity and gas (310) (282) Fuel and other operating expenses (74) (28) Ineffectiveness of cash flow hedge 209 10 Not qualified for hedge accounting (79) 41 Other gain (note) - (460) Note: In June 2025, the Group introduced a 50% joint venture partner to its wholly -owned subsidiaries, which engage in the development of an energy storage system in Australia, for a consideration of HK$188 million. As a result of the transaction, the Group’s equity interest in the energy storage system project was reduced from 100% to 50%, and the associated entities ceased to be subsidiaries of the Group and were deconsolidated. Accordingly, the Group’s 50% retained interest has been recognised as an investment in joint venture at its fair value.
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Page 26 of 36 5. Income Tax Expense Six months ended 30 June 2026 HK$M 2025 HK$M Current income tax expense 839 696 Deferred tax expense 466 514 1,305 1,210 Hong Kong profits tax has been provided at the rate of 16.5% (2025: 16.5%) on the estimated assessable profits for the period. Income tax on profits assessable outside Hong Kong has been provided at the rates prevailing in the respective jurisdictions. The Group is within the scope of the Organisation for Economic Co -operation and Development Pillar Two model rules (the Rules). Under the Rules, a top-up tax liability arises when the effective tax rate of the Group’s operations in a jurisdiction, calculated using principles set out in the Pillar Two legislation, is below 15%. As at 30 June 2026, Pillar Two legislation has been enacted and in effect in certain jurisdictions where the Group operates, including Hong Kong and Australia. It has been assessed that the impact of the Rules is immaterial to the Group for the six months ended 30 June 2026. The Group has applied the mandatory temporary relief from the accounting requirement to recognise and disclose deferred taxes arising from the jurisdictional implementation of the Rules, as provided in HKAS 12. 6. Dividends Six months ended 30 June 2026 2025 HK$ per Share HK$M HK$ per Share HK$M First interim dividend 0.63 1,592 0.63 1,592 Second interim dividend 0.63 1,592 0.63 1,592 1.26 3,184 1.26 3,184 At the Board meeting held on 6 August 2026, the Directors declared the second interim dividend of HK $0.63 per share (2025: HK$0.63 per share). The second interim dividend is not reflected as a dividend payable in the interim financial statements.
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Page 27 of 36 7. Earnings per Share The earnings per share are computed as follows: Six months ended 30 June 2026 2025 Earnings attributable to shareholders (HK$M) 5,997 5,624 Weighted average number of shares in issue (thousand shares) 2,526,451 2,526,451 Earnings per share (HK$) 2.37 2.23 Basic and fully diluted earnings per share are the same as the Company did not have any dilutive equity instruments throughout the six months ended 30 June 2026 and 2025. 8. Fixed Assets Freehold Land Buildings Plant, Machinery and Equipment Total HK$M HK$M HK$M HK$M Net book value at 1 January 2026 294 25,620 140,180 166,094 Additions - 448 5,539 5,987 Transfers and disposals - (36) (122) (158) Depreciation - (485) (4,010) (4,495) Exchange differences 11 97 848 956 Net book value at 30 June 2026 305 25,644 142,435 168,384 Cost 385 44,217 272,245 316,847 Accumulated depreciation and impairment (80) (18,573) (129,810) (148,463) Net book value at 30 June 2026 305 25,644 142,435 168,384
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Page 28 of 36 9. Right-of-Use Assets Leasehold Land Buildings Plant, Machinery and Equipment Total HK$M HK$M HK$M HK$M Net book value at 1 January 2026 8,962 323 749 10,034 Additions 126 12 20 158 Depreciation (156) (50) (49) (255) Exchange differences 16 11 31 58 Net book value at 30 June 2026 8,948 296 751 9,995 10. Trade and Other Receivables 30 June 2026 31 December 2025 HK$M HK$M Trade receivables 15,255 11,466 Deposits, prepayments and other receivables 1,579 1,285 Loans to a joint venture 67 67 Dividend receivables from Joint ventures 153 29 An associate 337 - Current accounts with Joint ventures 9 7 An associate 1 2 17,401 12,856 The ageing analysis of the trade receivables based on invoice date is as follows: 30 June 2026 31 December 2025 HK$M HK$M 30 days or below* 13,129 9,437 31 − 90 days 853 857 Over 90 days 1,273 1,172 15,255 11,466 * Including unbilled revenue
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Page 29 of 36 11. Trade Payables and Other Liabilities 30 June 2026 31 December 2025 HK$M HK$M Trade payables 5,776 6,188 Other payables and accruals 9,775 10,819 Lease liabilities 169 163 Advances from non-controlling interests 343 207 Current accounts with Joint ventures 12 11 An associate 733 364 Deferred revenue 537 846 17,345 18,598 The ageing analysis of the trade payables based on invoice date is as follows: 30 June 2026 31 December 2025 HK$M HK$M 30 days or below 5,558 5,931 31 − 90 days 178 186 Over 90 days 40 71 5,776 6,188 12. SoC Reserve Accounts The Tariff Stabilisation Fund and Rate Reduction Reserve of the Group’s major subsidiary, CLP Power, are collectively referred to as SoC reserve accounts. The respective balances at the end of the period/year are: 30 June 2026 31 December 2025 HK$M HK$M Tariff Stabilisation Fund 2,756 2,786 Rate Reduction Reserve 33 85 2,789 2,871
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Page 30 of 36 13. Reserves The movements in reserves attributable to shareholders during the period are shown as follows: Translation Reserve Cash Flow Hedge Reserve Cost of Hedging Reserve Other Reserves Retained Profits Total HK$M HK$M HK$M HK$M HK$M HK$M Balance at 1 January 2026 (7,737) (1,058) 338 1,534 91,290 84,367 Earnings attributable to shareholders - - - - 5,997 5,997 Other comprehensive income Exchange differences on translation of Subsidiaries 835 (13) - - 13 835 Joint ventures (20) - - - - (20) Associates 269 - - - - 269 Cash flow hedges Net fair value gains - 1,081 - - - 1,081 Reclassification to profit or loss - (491) - - - (491) Tax on the above items - (128) - - - (128) Costs of hedging Net fair value gains - - 288 - - 288 Reclassification to profit or loss - - (24) - - (24) Tax on the above items - - (44) - - (44) Remeasurement gains on defined benefit plans - - - - 19 19 Release of revaluation gains upon sale of properties - - - (262) 262 - Share of other comprehensive income of joint ventures - (30) - - - (30) Total comprehensive income attributable to shareholders 1,084 419 220 (262) 6,291 7,752 Transfer to fixed assets - 2 - - - 2 Appropriation of reserves - - - 17 (17) - Dividends declared 2025 fourth interim - - - - (3,310) (3,310) 2026 first interim - - - - (1,592) (1,592) Balance at 30 June 2026 (6,653) (637) 558 1,289 92,662 87,219 14. Commitments (A) Capital expenditure on fixed assets and intangible assets contracted for but not yet incurred at 30 June 202 6 amounted to HK$ 11,008 million (31 December 202 5: HK$11,213 million). (B) The Group has entered into a long-term Energy Storage Services Agreement (ESSA) to be the market operator of the 250MW Kidston pumped hydro energy storage facility in Queensland. This facility is currently under construction and the ESSA is subject to a number of conditions precedent which must be satisfied before the lease commencement date, which is expected to occur in 2027. At 30 June 2026, the expected undiscounted contractual lease payments under this agreement were approximately HK$2.1 billion (31 December 2025: HK$2.0 billion).
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Page 31 of 36 14. Commitments (continued) (C) Wooreen Energy Storage System in Victoria is under construction and will be a four- hour utility-scale battery of 350MW capacity. The Group will retain first rights to the energy offtake for the project. This will be accounted for as a lease arrangement on the lease commencement date, which is expected to occur in 2027. At 30 June 2026, the expected undiscounted contractual lease payments under this arrangement were approximately HK$3.1 billion (31 December 2025: HK$3.0 billion). (D) At 30 June 2026, equity contributions to be made for joint ventures and private equity partnerships were HK$469 million (31 December 2025: HK$548 million) and HK$315 million (31 December 2025: HK$354 million) respectively. (E) At 30 June 2026, the Group’s share of capital, lease and other commitments of its joint ventures and associates were HK$4,302 million (31 December 2025: HK$5,978 million) and HK$353 million (31 December 2025: HK$342 million) respectively.
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Page 32 of 36 SUPPLEMENTARY INFORMATION ON TREASURY ACTIVITIES CLP maintained a strong financial position during the first half of the year, supported by disciplined risk management and access to diversified, sustainable and cost -effective sources of funding. The Group proactively managed its funding portfolio, securing cost-effective financing in a timely and orderly manner to ensure sufficient funding for ongoing operations and strategic investment needs. Strong liquidity reserves and solid investment -grade credit ratings continued to provide CLP with the financial flexibility to pursue growth opportunities arising from the energy transition while remaining resilient to unexpected market developments. The Group upheld its prudent financial management approach through rigorous monitoring of liquidity, risk exposures and market conditions, safeguarding financial strength and resilience. Effective treasury and financial management, together with ongoing efforts to enhance efficiency and effectiveness, remained central to CLP’s financial strategy. As at 30 June, the Group maintained healthy liquidity, comprising HK$1 5.1 billion in undrawn committed loan facilities and HK$4.4 billion in cash and bank balances. CLP Holdings had available liquidity of HK$2.8 billion and expects liquidity to remain at a robust level throughout the year, supported by disciplined capital allocation, prudent dividend management and cash inflows from subsidiaries, joint ventures and associates. During the first half of 2026, CLP Power arranged a total of HK$1. 7 billion medium term loan facilities to refinance existing borrowings and support business requirements, securing funding at competitive interest margins amid strong liquidity in the banking system. Castle Peak Power Company Limited (CAPCO) secured HK$ 6.5 billion loan facilities and HK$640 million in three-year private placement bond under the CLP’s Climate Action Finance Framework (CAFF) to refinance existing borrowings at competitive margins. The loan facilities included HK$2.5 billion in emission reduction -linked loan facilities and HK$3.7 billion in energy transition loan facilities. To mitigate foreign exchange risk, all foreign currency -denominated financing in the Scheme of Control business was fully swapped into Hong Kong dollars. Both CLP Power and CAPCO continued to maintain Medium Term Note programmes, providing issuance capacity of up to US$4.5 billion and US$2.0 billion respectively. As at 30 June, outstanding notes issued under these programmes amounted to approximately US$3.2 billion (HK$25 billion) for CLP Power and US$1.6 billion (HK$12.2 billion) for CAPCO. EnergyAustralia maintained adequate liquidity to support its business operations and retained sufficient financial headroom to manage potential contingencies. In April, EnergyAustralia successfully secured an A$600 million corporate syndicated facility to refinance its existing A$450 million syndicated loan facility following strong bank demand. CLP China successfully issued its inaugural RMB1.0 billion (HK$1.2 billion) three-year Panda bond in the China interbank bond market to support renewable energy development. The transaction attracted total demand of RMB3. 4 billion and was priced at 1.85% p.a., with RMB1. 3 billion of demand at final price. The issuance represents the first framework-based green bond in the China interbank market. Proceeds were allocated in accordance with the CAFF to finance or refinance eligible renewable energy projects on the Chinese Mainland.
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Page 33 of 36 As at 30 June, the Group’s net debt -to-total capital ratio was 3 4%, compared with 33% at 31 December 2025. Fixed -rate debt accounted for 5 0% of total debt (excluding perpetual capital securities), or 52% including perpetual capital securities, compared with 52% and 55%, respectively, six months earlier.
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Page 34 of 36 CORPORATE GOVERNANCE Highlights for the First Half of 2026 • Hybrid Annual General Meeting (AGM): Our 2026 AGM was held in a hybrid format offering for our shareholders the option of attending the AGM at the Principal Meeting Place or participating through the Online AGM. More than 1,000 shareholders attended the AGM in person or online. The Online AGM was attended by both registered and non -registered shareholders who were able to view a live webcast of the AGM, pose questions and cast votes in near real-time through the online platform. • Board and Board Committee Refresh: Mr Peter Brien was elected as a Director with 99.90% of the votes in favour of his election. At the same time, Ms Christina Gaw stepped down from the Board through retirement. Mr Bernard Chan was appointed as a Member of the Nomination Committee with effect from 27 February 2026. • Presentation on Annual Results: The presentation materials for the analyst briefing for the Group’s 202 5 Full Year Results were issued and appended to our regulatory “inside information” announcement shortly before the analyst briefing was held on the day of our results announcement. Having regard to the information contained in the presentation materials, the dissemination of the information through our regulatory announcement channel is to ensure that the public has equal, timely and effective access to this set of information. Corporate Governance Practices The Company has its own CLP Code on Corporate Governance (CLP Code) built on CLP’s own standards and experience. The CLP Code is on the CLP website and available on request. The CLP Code incorporates the code provisions on a “comply or explain” basis and certain recommended best practices as set out in the Corporate Governance Code, Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (Hong Kong Stock Exchange) (Listing Rules). During the six months ended 30 June 2026, the Company had complied with the code provisions as well as applied all the principles in the Corporate Governance Code. CLP deviates from only two recommended best practice in the Corporate Governance Code – that (i) an issuer should announce and publish quarterly financial results, and (ii) the appointment of a lead independent non-executive director. We do not issue quarterly financial results, but we issue quarterly statements which set out key financial and business information such as electricity sales, dividends and progress in major activities. In respect of not having appointed a lead independent non-executive director, this was considered by the Nomination Committee and our position is that the existing communication and engagement channels available to other Directors and shareholders to the Chairman and management are adequate. Our considered reasons for these two deviations have been set out in the Corporate Governance Report on pages 82 and 83 of our 2025 Annual Report. The Audit & Risk Committee has reviewed the accounting principles and practices adopted by the Group and the unaudited condensed consolidated interim financial statements for the six months ended 30 June 2026.
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Page 35 of 36 At the Company’s AGM held on 8 May 2026, the re-appointment of PricewaterhouseCoopers as the Company’s independent auditor for the financial year ending 31 December 2026 was approved by our shareholders with the support of 85.04% of the votes. Further information of CLP’s corporate governance practices is set out in the “About” and “Investor Relations” sections of the CLP website. Remuneration – Non-executive Directors The fees for our Non -executive Directors (including Independent Non -executive Directors) who serve on the Board and Board Committees including a Board level Panel of the Company for the period from 2025 to the date of the AGM in 202 8 were approved by shareholders at the 2025 AGM and full details are set out in the Notice of 2025 AGM. For other details on the principles of remuneration for our Non -executive Directors, please refer to the Human Resources & Remuneration Committee Report of our 2025 Annual Report. Risk Management and Internal Control The Audit & Risk Committee has the delegated responsibility from the Board to assure that effective risk management and internal control systems are in place and followed. The Audit & Risk Committee has continued to oversee CLP Group’s risk management and internal control approaches and consider the internal audit reports submitted by Group Internal Audit. Details of CLP’s risk management and internal control systems were set out in the Corporate Governance Report on pages 100 and 101 of the Company’s 2025 Annual Report. During the six-month period ended 30 June 2026, Group Internal Audit issued a total of two audit reports and one special review report. None of the reports carried a not satisfactory audit opinion. None of the control weaknesses identified had a material impact on financial statements. Interests in CLP Holdings’ Securities All Directors have confirmed, following specific enquiry by the Company, that they have complied with the required standard set out in the Model Code and the CLP Code for Securities Transactions (CLP Securities Code) throughout the period from 1 January to 30 June 2026. The CLP Securities Code is largely based on the Model Code set out in Appendix C3 of the Listing Rules and is on terms no less exacting than those in the Model Code. PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SHARES There had been no purchase, sale or redemption of the Company’s listed shares by the Company or any of its subsidiaries during the six months ended 30 June 2026. SECOND INTERIM DIVIDEND Today, the Board of Directors of the Company declared the second interim dividend for 2026 of HK$0.63 per share (202 5: HK$0.63 per share) payable on 1 5 September 2026 to shareholders registered as at 4 September 2026. The dividend of HK$0.63 per share is payable on the existing 2,526,450,570 shares in issue.
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Page 36 of 36 The Register of Shareholders will be closed on 4 September 202 6, also the record date for determining dividend entitlement. To rank for this second interim dividend, all transfers should be lodged with the Company’s Registrars, Computershare Hong Kong Investor Services Limited, Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong, for registration not later than 4:30 p.m. on Thursday, 3 September 2026. By Order of the Board Michael Ling Joint Company Secretary Hong Kong, 6 August 2026 The Company’s 2026 Interim Report containing financial statements will be made available on the websites of the Company (www.clpgroup.com) and the Hong Kong Stock Exchange from 13 August 2026. Hard copies of the Interim Report will be despatched on 21 August 2026 only to shareholders as per the Company’s Corporate Communications Arrangement. 中電控股有限公司 CLP Holdings Limited (incorporated in Hong Kong with limited liability) (Stock Code: 00002) The Directors of CLP Holdings as at the date of this announcement are: Non-executive Directors: The Hon Sir Michael Kadoorie, Mr Andrew Brandler, Mr Philip Kadoorie, Mrs Yuen So Siu Mai Betty and Mr Diego Gonzalez Morales Independent Non-executive Directors: Mr Nicholas C. Allen, Ms May Siew Boi Tan, Mr Chunyuan Gu, Mr Chan Bernard Charnwut, Ms Wang Xiaojun Heather, Mrs Kung Yeung Yun Chi Ann and Mr Peter Brien Executive Director: Mr Chiang Tung Keung