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2026 Interim Results August 2026 Win - win Situation with Customers Growing Profit by Increasing Sales Volume Value Creation through Diverse Energy Products and Services 1
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2 ◆ Accelerated development of the new-type energy system and deepened market-oriented reforms in the power sector Total electricity consumption up 5.3% yoy ◆ Industries driven by new-quality productive forces, e.g., AI, computing power, high-end manufacturing, grow rapidly High-end manufacturing up 13.3% yoy Opportunities ◆ Overall consumer spending growth slowed significantly Total Retail Sales of Consumer Goods up 1.3% yoy, reflecting slower growth ◆ Middle East conflict disrupted energy supplies and heightened energy price volatility Average Asian LNG spot price up 45% yoy in Q2 ◆ Property-related sectors and traditional low-end manufacturing industries kept downsizing Newly started floor space of residential buildings down 24.1% yoy Challenges Navigating a Volatile Environment: Challenges and Opportunities ◆ The “Two-New Policies*” create structural domestic- demand opportunities Retail sales of household appliances with high energy- efficiency ratings by retailers above-designated-size up over 30% yoy Note: *Equipment-upgrade and consumer-goods trade-in policies
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Results Highlights 3 EBITDA increased by 7.8% yoy to RMB6.22 bn, and core profit reached RMB3.18 bn Retail gas sales volume increased by 0.8% yoy to 13.05 bn m³, with gross profit up 10.4% yoy Electricity business continued to improve, with sales volume up 40.5% yoy Smart home business saw an improved business mix. Gross profit contribution from intelligent products rose to 32.2%, and gross profit generated from existing household customers increased by 3% yoy Free cash flow at RMB730 mn. Proposed an interim dividend of HK$0.68 per share
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Content 1. Financial Review 2. Business Overview 3. 2026 Outlook 4
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Flexible Matching of Supply and Demand to Strengthen Business Resilience △ Core profit =Profit attributable to owners of the Company but stripping out other gains and losses (excluding net settlement amount realised from commodity derivative financial instruments and net compensation income), and relevant tax expense arose from net unrealised (loss) gain of commodity derivative financial instruments RMB mn Item 1H2026 1H2025 Changes Revenue 57,021 55,673 2.4% Gross Profit 6,655 6,457 3.1% EBITDA 6,221 5,773 7.8% Profit attributable to owners of the Company 2,667 2,429 9.8% Core Profit △ 3,175 3,223 -1.5% In which: Overseas LNG-related sales 365 121 201.2% 5 ◼ Dynamic and flexible matching of demand and resources in terms of volume, pricing, timing and spatial allocation; securing stable and low-cost supply for customers while capturing overseas sales opportunities, demonstrating strong business resilience
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6 Optimised Profit Mix and Improved Quality of Earnings Gross Profit Mix GPM up to 11.7% Construction & installation business’s share of GP decreased to 8.4% Ratio of Net Operating Cash Flow to Core Profit ◼ Gross margin improved, with continued optimisation of the profit mix, driving stronger cash conversion Note: Net operating cash flow includes realised gains from commodity hedging and dividends received from associates and joint ventures. 47.9% 12.7% 16.9% 22.7% Retail gas sales Wholesale of gas Construction & installation Integrated energy Smart home 51.3% 6.9% 8.4% 14.2% 19.2% 1H2025 1H2026 92.9% 106.1% 1H2025 1H2026 Significant improvement in the earnings-to- cash conversion rate +13.2 ppts
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1,143 1,160 478 2,694 3,016 2,936 2,365 2,132 3,734 3,871 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Ample Free Cash Flow to Support Sustainable Shareholder Returns 7 0 10 20 30 40 -201 +729 3,185* 1H2026 Operating Cash Flow Dividend from JVs, Associated Companies & Others Net CAPEX -2,518 1H2026 Free Cash Flow (RMB mn) Net Finance Costs Free Cash Flow of RMB730 mn -2,438 Capital Recovery +80 +183 Free Cash FlowCapital Expenditure 223 150 1,995 1,554 1,253 814 1H2025 1H2026 IE Busniess Gas Business Others (RMB mn) CAPEX of RMB2,518 mn 2,518 3,471 10-Year Free Cash Flow Trend (RMB mn) ◼ Selectively developing high-quality projects and accelerating capital recovery, with a healthy cash flow position and robust free cash flow Note: * This includes realised gains from commodity hedging
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Sufficient Financial Flexibility, a Strong Backup for Business Transformation 8 Net Gearing Ratio 19.1% 103.9 ◼ Net gearing ratio continued to decline alongside a stable debt scale, retaining ample leverage headroom for future capital expenditure and business transformation 11,077 10,390 20.5% 19.1% 17. 0% 22. 0% 0 2,0 00 4,0 00 6,0 00 8,0 00 10, 000 12, 000 FY2025 1H2026 Net Debts Net Gearing Ratio (RMB mn) 10,356 5,743 8,785 13,201 FY2025 1H2026 Long-term debts Short-term debts 19,141 18,944 (RMB mn) Interest-bearing Debts
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Content 1. Financial Review 2. Business Overview 3. 2026 Outlook 9
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Transform from "single-purpose energy consumption" toward "green, cost-effective and safety-focused solutions" Transform from "basic domestic gas supply" toward "smart living and best-in-class safety" 10 Focusing on Customer Needs to Transform Business Model ESG Governance Capabilities Operational Safety Capabilities Customer Service Capabilities ◼ Capitalising on ample market opportunities driven by an expanding customer base and evolving energy demands, we accelerated the transformation of our business model and the development of our core capabilities to seize the window of opportunity for growth C/I Customers 328,000 Accessible Customers Accessible C/I Customers Over 1 mn Natural Gas Capabilities in customer development and resource allocation, supply-demand matching, and profit growth driven by scale expansion Smart Home Business Capabilities in precise customer demand identification, product and service innovation, and platform operation model IE Business Capabilities in integrated “source-load- grid-storage” solutions, electricity trading and operations over 150 mn Expand Customer Scale Analyse Customers’ Need Enhance Business Capabilities Household Customers 33.26 mn
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3,092 3,415 458 1H2025 1H2026 Wholesale Business Retail Business 11 Profit Growth Driven by Scale Expansion, Unlocking Incremental Returns Gas Sales Volume Natural Gas Gross Profit +25.9% RMB mn 3,873 3,077 Natural gas GP up 25.9% yoy; Retail gas GP up 10.4% yoy 9,793 9,904 3,041 3,076 119 74 4,687 4,975 1H2025 1H2026 C/I Residential Gas refueling stations Wholesale of gas Mn m³ Retail gas sales volume up 0.8% yoy; Wholesale gas volume up 6.1% yoy +2.2% 17,640 18,028 ◼ Based on gas demand from customers, we leveraged our resource allocation capabilities across both international and domestic markets to drive sustained growth in the natural gas business Natural Gas Integrated Energy Smart Home
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12 Expanding Gas Sales Volume Through Differentiated Development Strategies ◼ Through differentiated customer development strategies tailored to the varying needs of C/I and residential customers, we achieved growth in retail gas sales volume despite a challenging operating environment Customer Needs Key Strategies Food Industry Automotive Maintenance Laundry Services & Others Demand for low-cost, flexible and reliable gas supply Large Industrial Customers Installation for 501,595 residential households, in which 175,000 installations from existing households Intelligent Opportunity Identification Bundled Product Solutions Rapid Delivery Estimated yearly gas consumption 480 mn m³ Newly installed designed capacity from C/I customers 6.398 mn m³ /day A large-scale chemical enterpriseStable long-term demand Flexible peak-shaving capability Self-generated energy with switching flexibility Matching of natural gas supply and gas usage demand Sinopec long-term contracts + Annual contracts / Incremental spot volumes Resource optimisation through ENN’s integrated supply sources Customer Needs Resource Alignment Added 22 new gas customers in 1H2026, contributing gas sales volume of 53 mn m³ Demand for cost efficiency, decarbonisation and environmental benefits, and enhanced product quality General C/I Customers Demand for safe and clean gas usage with low upfront investment Small Commercial Customers Safe, clean and convenient gas supply Residential Customers Tailored customer strategies, flexible pricing and optimized resource allocation to meet customer needs Strengthen energy-efficiency expertise and leverage ecosystem partnerships to lower customer energy costs while capturing additional value from existing customers Unlock commercial customer potential in existing markets through diversified installation packages and flexible customer development strategies In response to government initiatives e.g. “Gas Pipeline to Replace Cylinder Gas for High-Rise Users” and “Gas Access for Every Household,” we innovated our customer development model and unlocked growth opportunities among existing residential customer base. Energy Efficiency Energy Efficiency Energy Efficiency Retrofit projects added 1.78 mn m³ /day of installed designed capacity in 1H2026 Natural Gas Integrated Energy Smart Home
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13 Building a flexible resource portfolio Implementation of price pass-through mechanism ◼ Core Resources: Strengthened supply from the three major oil companies to ensure stable and reliable gas supply ◼ Flexible Resources: • Actively expanded diversified gas sources as an effective supplement • Overseas long-term contract resources of 1.16mn tons/year to ensure flexibility in resource supply ◼ Price Volatility Mitigation: Utilised hedging strategies to generate returns, manage price exposure and enhance resource price stability ◼ Residential gas cost pass-through: Actively advanced residential price pass-through and completed price adjustments for projects in Hefei, Guigang, Xuancheng and Kaifeng, bringing the cumulative gas price adjustment rate to 74.8% ◼ Non-residential gas cost pass-through: Enhanced the price pass-through mechanism and optimized the adjustment cycle, enabling timely and full pass-through of upstream cost fluctuations Demand-Driven Resource Allocation Dynamic Price Pass-Through Enhancing Profitability Through Resource Matching and Effective Price Pass-Through Capabilities ◼ We optimised our resource portfolio, enhanced resource matching capabilities, managed risk exposure through a physical-paper hedging strategy, and carried out downstream price pass-through to improve profitability Demand- Supply Matching Natural Gas Integrated Energy Smart Home
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14 • Leverage price pass-through mechanisms and actively secure regulatory approvals to facilitate non- residential price pass-through • Prioritize residential gas cost pass- through in key markets, including Luoyang, Huai’an and Zhejiang • Forecast customer demand and resource market trends to enable dynamic supply- demand matching and resource optimisation • Plan winter supply in advance and optimise incremental procurement based on resource price movements • Closely monitor global oil and gas market trends, proactively formulate the 2027 contract exposure management plan, and execute it at the optimal timing • Assess opportunities in high energy- consuming industries covered by national energy-efficiency and carbon- reduction programs • Leverage energy-efficiency retrofit expertise to unlock growth potential within the existing customer base, targeting a newly installed designed capacity of 3.0 mn m³ /day from retrofit projects Leveraging price pass-through mechanisms to fully pass through upstream cost increases Strengthen demand and supply forecasting capabilities to dynamically optimise resource allocation Deepen technology and business model innovation to expand our customer base Key Initiatives in 2H2026 to Strengthen Natural Gas Business ◼ As resource price volatility arising from Middle East conflicts becomes more apparent in 2H, we will manage its impact through downstream price pass-through and enhanced resource optimisation capabilities, while continuing to expand our customer base Natural Gas Integrated Energy Smart Home
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1H2025 1H2026 15 Steady Growth in Installed Capacity and Optimisation of IE Business Structure IE Business Sales Mix 96.4% 94.5% 3.6% 5.5% 1H2025 1H2026 Electricity Cooling, Heating & Steam Electricity sales volume: 1.01 bn kWh +40.5% 19.76 18.44 Electricity increased its share of sales volume by 1.9 ppts (bn kWh) Installed Capacity under Operation 13.9 14.7 (GW) +5.9% ◼ Our installed capacity grew steadily, with the power business contributing an increasing share of revenue and the overall business mix continuing to shift towards electricity Natural Gas Integrated Energy Smart Home
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16 Centered on customer needs, we innovate an integrated “Load-Solar-Storage-Sales” solution to enhance system efficiency and PV power utilisation and reduce electricity costs Manufacturing Factory in Guangdong Province • Company Type: High-tech enterprise • Industry: Precision hardware manufacturing • Company Size: Annual revenue exceeding RMB 1 bn • Energy Consumption Profile: Annual electricity consumption of 22 mn kWh Deploy PV-storage facilities tailored to operational needs Energy efficiency optimization and upgrades Optimise electricity procurement and sales through precision trading Load-Source Interaction Green Energy / Cost / Power Output Optimization Aggregation Across Time, Location and Hierarchical Levels Power Load Distributed PV 38.5MW Heat Supply Network Compressed-Air Pipeline Network Multi-Load Integration Multi-Source OptimizationIntra-Grid Balancing Coal-fired Thermal Power Plant Utility Power Textiles & Apparel 142 mn kWh Steam Load Rubber Tires, Biopharmaceuticals 600,000 tons Compressed Air Load Demand across multiple industries 400 mn m³ Waste-to-Energy Power Plant Distribution Network 90% PV utilisation rate 15% Reduction in customers’ costs Industrial Park Project in Jiangsu Province • Planned Area: One zone with three industrial parks, covering 7.9 km² • No. of Customers: 187 enterprises • Industry Portfolio: Textiles and Apparel, Rubber and Tires, Power Equipment, Biomedicine, etc. Load Storage Source Cutting Forming Welding AssemblyUtilities CNC MachiningProcessing PV Energy Storage Power DistributionGrid Load-Solar-Storage Synergy Load Forecasting Solar Power Forecasting Electricity Price Forecasting Sales Customers’ electricity costs decreased by 5% PV utilisation rate increased by 8% Power Business 1H2026 PV Revenue: RMB282mn +48% PV Power Generation: 666mn kWh +61% Accumulated Installed PV capacity: 1.48GW +50% YoY Adopting the Source-Grid-Load-Storage development strategy, we leverage IE’s core strengths to enhance the risk resilience of standalone assets, meet customer requirements and reach broader market Driving Rapid Business Growth Through Customer-Centric Innovation ◼ Leveraging experience and expertise in the IE sector, we continued to innovate business models and optimise our business structure. Focusing on the vast power market, we achieved strong business growth Natural Gas Integrated Energy Smart Home Standalone CustomersIndustrial Park Customers Building on our integrated energy philosophy, we developed an innovative multi-load, multi-source aggregation and optimisation model to capitalize on integrated energy synergies and enhance on-network energy utilization
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17 Building Operational Capabilities and Improving Asset Efficiency ◼ Developing core capabilities including smart PV cleaning, intelligent energy efficiency optimisation, and intelligent anomaly diagnostics, to maximise operational efficiency, reduce costs and lay a solid foundation for future growth Build Operational Capabilities Enhance Asset Efficiency Pipeline Loss Mitigation Heating Cost Reduction Power Operation & Maintenance Intelligent Energy-efficiency Optimization Revenue from third-party asset operation rose 104% yoy ✓ Intelligent analysis of operational data, energy- efficiency diagnosis, consumption reduction & efficiency improvement Intelligent Fault Diagnosis ✓ Real-time status monitoring, rapid fault handling and timely recovery Average pipeline loss rate dropped from 7.3% to 6.2% Operational Strategy Optimization ✓ Adjust hydraulic and thermal schemes based on working conditions and heat demand Intelligent Anomaly Diagnostics ✓ Online monitoring to identify abnormal losses and pinpoint problem sources Smart Heat-source Substitution Gas consumption per unit decreased by 6% ✓ Optimal switching among diverse heat sources to reduce consumption of high-cost heat sources Over-temperature Intelligent Control ✓ Intelligent early warning & automatic intervention to suppress over-limit heat-supply temperature PV Performance Enhancement Smart PV Cleaning PV system efficiency improved to 82.8% ✓ Intelligent alerts, differentiated cleaning strategies and closed-loop management Inverter Health Management ✓ Early prediction & precise positioning to shorten maintenance response time Natural Gas Integrated Energy Smart Home
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18 Intelligent Aggregation of Ecosystem Resources to Consolidate and Optimise Power Business Power Market Potential 29% in 2025 Projected to reach 35% in 2030 Terminal Electrification Rate 10.3 trillion kWh in 2025 Projected to reach 13 trillion kWh in 2030 Total Social Electricity Consumption 22% in 2025 Projected to reach 36% in 2030 Proportion of Wind & Solar Power Generation 16 mn kW in 2025 Projected to reach 50mn kW in 2030 Virtual Power Plant Regulation Capacity Key Strategies Asset Operation Services Guided by the IE philosophy, we manage and operate massive ecological-system assets, build full-lifecycle operational capabilities, prioritize intelligence, and ensure safe operation and stable returns Aggregation & Optimization Services Aggregate massive distributed flexible resources into unified-scale demand pools and supply pools to realize multi-energy complementarity, supply-demand interaction and matching optimization Build Core Intelligent Capabilities Co-innovate with ecosystem partners to develop core intelligent capabilities in coordinated load-PV-storage optimisation, cold and heat storage optimisation, multi- load and multi-source aggregation, comprehensive O&M, and multi-market portfolio trading, strengthening IE business through intelligence Portfolio Trading Services Deliver precise market forecasting and optimized portfolio-trading strategies, unlocking multi-dimensional value including multi-variety portfolio optimization and value monetization of flexible resources Power Market Spot transactions Medium-to-long-term transactions Support services Capacity market …… Green electricity trading Green certificate trading Heater Electric furnace Motor Charging pile Air conditioner Lighting Computing rack Energy storage · · · Distributed PV Distributed wind power Energy storage … Assets—Resource Cornerstone2 Load-side Demand Pool (Flexible Loads) Generation-side Supply Pool (Flexible Power Sources) Aggregation— Adjustable Capability 3 Medium-to-long term Support servicesSpot Capacity… Trading—Value Monetization4 Intelligence—Driving Engine Comprehensive O&M capability Source-Grid-Load-Storage collaborative optimisation capability Cold-heat storage optimization capability Multi-load & multi-source aggregation optimization capability Multi-market portfolio trading capability … 1 Natural Gas Integrated Energy Smart Home
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19 Enhancing Reputation of Our Proprietary Brand and Expanding Customer Reach ◼ Leveraging product and service capabilities to drive value creation and growth among existing customers, further reduce reliance on new real estate customers, and continuously optimise the profit mix +37.6% 250,000 Units 1H2025: 182,000 Units Sales volume of our proprietary brand 69.0% 67.3% 30.7% 32.2% 0.3% 0.5% 1H2025 1H2026 Quality-Oriented Lifestyle Products and Services Smart Products and Services Basic Products and Services Kitchen products accounted for 16% Smart products increased its share of GP by 1.5 ppts Kitchen products increased its share of GP by 5 ppts Demand Customers Revenue from customer outreach: RMB48.34 mn Gas Customers: 33.26 mn Kitchen products accounted for 21% +3.4% RMB 570 mn 1H2025: RMB550 mn Smart Product Contract Value Leverage core capabilities to extend boundaries and unlock the value of reachable customers Breakdown of GP by Product Existing household customers: Gross profit +3.0% Natural Gas Integrated Energy Smart Home
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• A large existing customer base with diverse needs offers significant potential • Significant customer demand remains untapped Continued release of replacement demand from existing customers Served for 15+ Years: 8.12 mn households Served for 20+ Years: 0.60 mn households Stable market demand for gas appliances Replacement of gas appliance replacements, further penetration of the existing-customers and safety-related rectification represent an annual market demand of 3-5 mn gas appliances ... 20 Demand-driven Growth: Enhancing Integrated Service and Value-creation Capabilities to Unlock Household Customer Value ◼ Gaining insights into evolving household needs in the kitchen, we accurately identified customer intent and enhanced value creation by developing a product ecosystem and strengthening service capabilities Entertainment Dining Broader Households Needs Wellness Travel ….. Quality Household Living ➢ Engaging customers earlier in the renovation process and developing standardized workmanship and product solutions ➢ Enhancing delivery efficiency and strengthening customer trust Extending from product sales to upstream service engagement ➢ Identifying replacement needs and strengthening product portfolios and bundled offerings ➢ Improving customer conversion through product innovation and service commitments Shifting from standalone product sales to scenario-based bundled offerings ➢ Consolidating proven operating models and product suites into capabilities for external deployment ➢ Leveraging scenario-based experience to empower external partners, expand business boundaries and monetize established capabilities Expanding from internal capability development to external capability deployment ➢ Strengthening offerings for whole-space needs and enhancing household service efficiency ➢ Integrating ecosystem resources to provide comprehensive solutions Expanding from individual product upgrades to comprehensive space renovation Addressing diverse customer needs through intelligent identification of latent demand to unlock greater market potential Key Strategies Urban development entering an era of existing housing stock Boosting consumption of home appliances and home improvement services Advancing partial renovation of existing homes Supporting household appliance upgrades Customer insight and scenario-based product bundling capabilities Solution development and standardized service delivery capabilities Integrated whole-space solutions and ecosystem capabilities Standardized business capabilities for external deployment 33.26 mn household customers Natural Gas Integrated Energy Smart Home Population Coverage: 150 mn Population Coverage: 150 mn
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21 Building an Intelligent Household Consumption Platform Centred on Demand Analysis; Pioneering a New Model for Smart Living ◼ We accelerated the development of customer need analysis capabilities, enhanced intelligence-driven supply capacity, and implemented a platform-based model to drive business transformation • Focused on high-frequency, essential household scenarios, including quality living spaces and gas safety solutions, and validated capabilities across three pilot cities to establish a proven platform- based operating model Key Strategies • Scaling needs analysis capabilities across 33.26 mn household customers through the platform, continuously expanding into new scenarios based on customer needs while enhancing supply-side efficiency to achieve platform-wide scalability • Building a leading intelligent household consumption platform to serve hundreds of millions of families and meet demand for better-quality living Diverse household needs complicate joint decision-making: Different preferences among family members make alignment difficult, while decisions may be difficult to reverse, leaving little room for error and making risks challenging to assess Information overload complicates evaluation: Vast amounts of standardised and fragmented information create decision fatigue, while reliable information is difficult to obtain and high knowledge barriers make informed judgement challenging Uneven supply quality complicates comparison: Complex products and services and varying supplier capabilities make solutions costly to compare, while opaque evaluation systems increase the cost of building trust Driven by customer needs; Enabling smarter decisions; Connecting a comprehensive ecosystem; Delivering better-quality living | Safe gas supply | Healthy diet | Ideal living space | Enjoyable leisure | “Clearer needs, smarter decisions, better life” Precise Needs Capability Delivery “Customised solutions, quality delivery, on-demand services, continuous evolution” Intent recognition: Help customers clarify needs and foster smarter consumption capabilities Intelligent enablement: upgrade supply capacity and deliver precise services Household quality-of-life consumption model matrix Diversified lifestyle consumption model High-frequency / Essential consumption model | Home services | Quality vacations | Premium home living | … Full-domain ecosystem supply Diversified Ecosystem Supply In-house Supply | City gas supply | Travel & leisure | … Natural Gas Integrated Energy Smart Home Quality- of-Life Supply | High-frequency / Essential + Low-frequency & Complex-repeat scenarios | Demand-driven Supply Household Customers e-City e-Home
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Natural Gas Smart Applications to Enhance Operational Safety and Customer Service Capabilities Strengthening the foundations of safe operations Strengthened production safety safeguards; Operation and maintenance expenses decreased by 3.4% PV system efficiency increased to 82.8%; Energy consumption for heat supply reduced by 6% Customer satisfaction improved; Customer service staffing costs decreased by 11.2% ◼ Leveraging intelligent capabilities to strengthen operational safety, enhance operational efficiency and continuously improve customer experiences Unlocking further project efficiency gains Integrated Energy Creating a closed-loop customer service ecosystem Smart Home Smart Pipeline Inspection Using AI to identify risks arising from third-party constructions and reduce safety hazards Smart Transmission and Distribution Applying IoT-enabled algorithms to balance gas transmission and distribution, forecast demand and monitor leakage Smart Metering Deploying and continuously refining metering models to reduce measurement variances and enhance efficiency Smart IE Operations Leveraging big data, AI and IoT technologies to enable intelligent alerts and optimised diagnostics, thereby improving efficiency Smart Heating Model Applying IoT-enabled algorithms to optimize heat-source dispatch, network control and indoor temperature monitoring, thereby enhancing heating service quality Intelligent Management of IE Projects Leveraging AI and big data to manage the entire project construction and delivery process, improving both efficiency and quality Smart Work Order Dispatch Integrating work order assignment and service delivery on a unified platform to improve service response efficiency Smart Customer Service “Smart Companion” Provides customers with uninterrupted 24/7 support Needs Identification “Home Safety Pass” enables automated inspections and automatically delivers the results to customers, allowing them to place self-service orders for identified needs and converting these needs into value-generating opportunities Suite of Intelligent Applications … 22
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23 Outstanding ESG Ratings Widely Recognized by International Institutions and the Capital Markets MSCI AAA TOP 5 Globally TOP 1 APAC S&P Global Top 1% China TOP 5 Globally TOP 1 APAC SUSTAINALYTICS Low Risk TOP 5 Globally TOP 1 APAC ESG-Focused Institutional Shareholders • No. of institutional shareholders: 234 • Value of shareholdings: US$490 mn • Aggregate shareholding: 6.78% Ranking No.1 among industry peers in value and aggregate shareholding Green Finance • The first tranche of carbon-neutral green asset- backed scheme (quasi-REITs) was successfully listed on SZSE • Published the Annual Green Bond Report for two consecutive years (2025–2026), with both reports independently assured by a third party Deepening Sustainability Governance to Cement Industry Leadership ◼ Fully implementing the “4S” ESG strategy and continuously enhancing the governance framework, with outstanding ESG ratings and recognition from international institutions in 1H2026 Unlocking Capital Market Value Enhancing the ESG governance structure Strengthening the ESG risk management system Unlocking the value of digital intelligence Reinforcing the foundations of safety Empowering a self-driven workforce Advancing the “4S” Sustainability Strategy Innovation Guided by the integrated energy philosophy and powered by digital intelligence, developing benchmark zero-carbon industrial parks in Wuxi and Lanxi to drive the green transformation through innovative practices Green Secured biomethane projects, expanding green energy applications and creating new growth momentum for green and low-carbon businesses Intelligence Initiated ISO 42001 certification and established an AI lifecycle governance framework, reinforcing compliance and proactive risk management to support the safe and responsible adoption of AI Safety Undertook three industry standards development projects, including The 15th Five- Year Plan for Technological Development of China’s City Gas Industry, supporting the advancement of industry safety standards
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Content 1. Financial Review 2. Business Overview 3. 2026 Outlook 24
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25 2026 Guidance Annual Results 项目 2026年指引 Retail gas sales volume Flat to slight growth Newly developed residential customers c.1 mn households CAPEX c.RMB6.0bn Free cash flow Broadly flat yoy Dividend No less than HK$3.00 per share
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THANK YOU 26
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➢ Established in 1993, ENN is a service provider that That Creates Multi-product Value For Customers Based On Natural Gas By Using Intelligent And Innovative Services. ➢ ENN's principal business includes investment in, and operation management of gas pipeline infrastructure, vehicle/ship gas refueling stations and IE stations, sales and distribution of piped gas, LNG and other energy forms, integrated energy business, energy trading business and other energy supply-related smart home business within the PRC ➢ ENN was listed on the GEM in 2001 and transitioned to the Main Board of HKEX (stock code: 2688) in 2002 Company Profile Key Business Segments 17 4,149 23,328 26,963 29,569 33,096 33,096 32,697 33,651 36,793 122 11,215 60,698 70,183 71,617 93,113 110,051 110,051 109,853 111,905 2000 2010 2018 2019 2020 2021 2022 2023 2024 2025 Total Natural Gas Sales Volume (mil cubic meter) Revenue (RMB mil) Retail Gas Sales Business • Sell piped gas to residential and C/I users • Construct and operate CNG/LNG gas refueling stations Construction & Installation • Conduct gas pipeline construction and installation for residential and C/I users Wholesale of Gas Business • Develop energy trading business by capitalizing on the advanced dispatch system, logistics fleet and upstream resources Integrated Energy Business • In accordance with customers' requirements, offer diverse energy products derived from locally accessible sources, and tailor integrated energy solutions Smart Home Business • Smart kitchen, heating, and security products • Starting from intelligent gas usage to safety and catering ENN—To Become A Service Provider That Creates Multi-product Value For Customers Based On Natural Gas By Using Intelligent And Innovative Services 27 2001 − 2010 2011 − 2018 2019 2020 2021 20222000 2023 2024 2025
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28 Business Landscape As of 30 June 2026, ENN Energy provided energy services to 33.26 mil Residential households and 328 thousand C/I customers in 22 provinces, cities and autonomous regions. Revenue amounting to RMB 57.02 bn in 1H 2026 Total assets over RMB 105.76 bn Gas projects in operation 264 Covering a population of 150 million. 。黑龙江 Heilongjiang 。内蒙古 Inner Mongolia 。辽宁 。北京 。天津 。河北 。山东 。河南 。安徽 。云南 。陕西 。四川 南海诸岛 。湖南 。江西 。福建 。广西 。广东 江苏 。上海 。浙江 。海南 。湖北 Liaoning Beijing Tianjin Hebei Shandong Jiangsu Henan Shaanxi Hubei ShanghaiAnhui Zhejiang Jiangxi Fujian Sichuan Yunnan Hunan Guangxi Guangdong Hainan South China Sea Islands
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1. Stable & Recurring Income • Capex are invested by stages depending on the number of customers and their energy consumption scale • Our projects are mostly industrial parks with existing customers, once the energy stations completed, energy sales can be generated • Payback period: 7-8 years • Integrated energy solutions reduce customers' overall energy bills by 10% • Selling the types of energy customer need increases their stickiness 2. Rapid Cash Flow Generation y1 y2 y3 y4 y5 y6 y7 y8 y9 y10 y11 CAPEX Revenue Free cash flow Cash flow break-even • Diversified customer base in industrial parks helps reduce cyclical risks of certain industry • Sign minimum energy offtake volume and establish automatic passthrough mechanism with customers • Market-oriented business model with low regulatory risk 3. Low Risk Typical Industrial Park IE Project - Cash Flow Projection* 30 *Note: This projection is the result of a theoretical model simulation and does not constitute a commitment to or guarantee of future actual cash flows.
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Simplified Model for a Typical City-gas Project* Revenue/Cost ➢Connection fee dominates in early years when the project companies are signing up new customers ➢Gas usage increases as projects mature, becoming the major source of recurring income ➢Prior to the completion of the whole pipeline network in cities, revenue will be generated as soon as gas supply becomes available in certain districts. Each connection contract normally takes 6–12 months to complete ➢In general, gas projects would generate positive free cash flow after 5 years of operation Cash flow break-even Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Revenue Gas Usage Fee Connection Fee CAPEX Free Cash Flow 31*Note:This projection is derived from a theoretical model simulation and does not constitute a commitment to or guarantee of future actual cash flows.
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Gas Delivery Process Vehicle & ship gas users 32
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IE Business Model Customer Customer Customer Customer Customer Multi-energy Coupling, Provide Load Source, Network And Storage Integrated Solutions Customer Heat Gas Electricity Cold Boiler Pressure Regulator Photovoltaic Cooling Machine Hosting Services Energy Saving Charging Post Demand Response Utilization Of Residual Energy Demineralized Water Security Visualization Carbon Emission Accounting Carbon Service Green Power Trading ...... Supply Network Load Storage Internet of Things (IoT) micro- grid Access to information control strategy ..... 33
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34 Continuously Delivering Stable Returns to Shareholders ◼ Proposed an interim dividend of HK$0.68 per share, up 4.6% yoy; full-year dividend expected to be no less than HK$3.00 per share 2.11 2.27 2.31 2.35 2.35 0.59 0.64 0.64 0.65 0.65 0.68 35% 37% 40% 45.2% 45.5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 2021 2022 2023 2024 2025 2026 Final dividend (HKD) Interim dividend (HKD) Payout ratio based on core profit 2.7 2.91 2.95 3.0 3.0
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35 Investors Relations Contact: Ms. Karen Liu / Ms. Chelsea Sun / Ms. Kaia Qi Tel: +852 2528 5666 / +86 316 2599928 Fax: +852 2865 7204 Email: IR@enn.cn/ Website: http://ir.ennenergy.com Disclaimer: This presentation material and any oral discussions made in conjunction with the briefing are provided for your reference only. They may involve some forward-looking statements, including our intentions, beliefs, or current expectations regarding the business, operations, market conditions, management and financial conditions, capital rationality, specific management regulations, and risk management measures of ENN Energy. We caution readers not to rely excessively on these forward-looking statements when holding, purchasing, or selling securities or other financial products. ENN Energy assumes no obligation to publicly update any forward -looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events. Past performance is not a guide to future performance. This presentation material is not and is not intended to be directly or indirectly published, distributed, released, or disseminated in any other jurisdiction, as such actions would be restricted, illegal, or in violation of legal or regulatory requirements. Please do not directly or indirectly transfer, publish, distribute, release, or announce any part of this presentation material to other persons.