Earnings release
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– 1 – 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. THIRD QUARTERLY REPORT OF 2025 Pursuant to the regulations of Shanghai Stock Exchange, the Company is required to publish a quarterly report for each of the first and third quarters. All financial information set out in this quarterly report is unaudited and prepared in accordance with the PRC Accounting Standards (“PRC GAAP”). This announcement is made by the Company pursuant to Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong). IMPORTANT NOTICE (1) The board of directors of Huaneng Power International, Inc. (the “Company”, “Huaneng International”) together with the members thereof and the senior management warrant that the information contained in this report does not contain any false statements, misleading representations or material omissions. All of them jointly and severally accept responsibility as to the truthfulness, accuracy and completeness of the content of this report. (2) All financial information set out in this quarterly report is unaudited and prepared in accordance with the PRC GAAP. (3) The legal representative, person in charge of accounting function and person in charge of the accounting department warrant the truthfulness, accuracy and completeness of the content of the quarterly report.
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– 2 – (4) This announcement is made by the Company pursuant to Rule 13.09 and Rules 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong). I. MAJOR FINANCIAL DATA (1) Major accounting data and financial indices (Amounts: In RMB Yuan) Items Current reporting period Fluctuation from same period of last year (%) For the nine months ended 30 September 2025 Fluctuation from same period of last year (%) Operating revenue 60,942,812,034 (7.09) 172,974,894,698 (6.19) Profit before tax 8,397,486,356 59.32 23,159,498,090 40.70 Net profit attributable to equity holders of the Company 5,579,020,173 88.54 14,840,905,124 42.52 Net profit after deducting non-recurring profit or loss items attributable to equity holders of the Company 5,235,104,448 82.97 14,040,650,863 39.83 Net cash flows generated from operating activities 22,024,543,598 13.59 52,772,770,228 22.75 Basic earnings per share (RMB per share) 0.31 106.67 0.81 52.83 Diluted earnings per share (RMB per share) 0.31 106.67 0.81 52.83 Return on net assets (weighted average) (%) 7.59 Increased by 3.48 percentage points 20.29 Increased by 5.36 percentage points End of current reporting period End of last year Fluctuation from end of last year (%) Total Assets 596,198,991,252 586,842,753,960 1.59 Equity attributable to equity holders of the Company 147,023,485,400 137,414,784,587 6.99 Notes: i. Current reporting period refers to the quarter ended 30 September 2025.
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– 3 – (2) Non-recurring items and amounts (Amounts: In RMB Yuan) Items Total amount of current reporting period Total amount for the nine months ended 30 September 2025 Notes Net gain on disposal of non-current assets, including the reversal of impairment loss on assets 208,775,673 313,719,896 Mainly includes income from the scrapping of fixed assets of the Company’s subsidiaries. Government grants recognized in profit or loss for the current period (except for government grants that are closely related to normal business operations, comply with national policies and regulations, are enjoyed according to determined standards, and have a sustained impact on profit or loss) 221,940,566 379,077,517 Mainly includes the heating subsidies and coal purchase subsidies received by the Company’s subsidiaries. Profit or loss on investment or management of assets entrusted to others (2,595,056) (13,054,056) Reversal of impairment loss on receivables tested individually for impairment 1,811,090 7,159,753 Income from custodian fees obtained from entrusted operations 63,824,907 178,710,716 Net amount of other non-operating income and expenses excluding the above items (20,278,579) 151,188,456 Mainly included the income recognised by the Company’s subsidiaries from insurance claims and receiving assets transfer. Other non-recurring profit or loss items (6,661,561) (6,748,059) Less: Income tax impact 53,945,980 106,063,502 Impact of non-controlling interests, net of tax 68,955,335 103,736,460 Total 343,915,725 800,254,261
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– 4 – When items not listed in the Explanatory Announcement No. 1 on Information Disclosure of Companies Offering Their Securities to the Public – No n-recurring Profit and Loss are recognised as non-recurring profit and loss items with significant amounts, and non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure of Companies Offering Their Securities to the Public – Nonrecurring Profit and Loss are recognised as recurring profit and loss items, the reasons should be explained. ✓ Applicable ½ Not applicable (Amounts: In RMB Yuan) Items Total amount for the nine months ended 30 September 2025 Reason Value-added tax levied immediately returned, refund of individual income tax handling fee 205,903,593 Closely related to the normal business of the Company Carbon emissions trading fee 177,165,070 Closely related to the normal business of the Company Carbon emissions trading income 130,845,828 Closely related to the normal business of the Company (3) Disclosure as to, and reasons for, material changes in accounting data and financial indices ✓ Applicable ½ Not applicable Items Fluctuation (%) Reasons Items of Major Accounting Data and Financial Indices for the nine months ended 30 September 2025 Operating revenue (6.19) Mainly due to the decrease of tariff from domestic operations over the same period of last year. Net profit attributable to equity holders of the Company 42.52 Mainly due to the year-on-year decrease in decrease in domestic fuel costs. Net profit after deducting non-recuring profit or loss items attributable to equity holders of the Company 39.83 Mainly due to the year-on-year decrease in decrease in domestic fuel costs.
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– 5 – Items Fluctuation (%) Reasons Basic earnings per share 52.83 Mainly due to the year-on-year decrease in decrease in domestic fuel costs. Diluted earnings per share 52.83 Mainly due to the year-on-year decrease in decrease in domestic fuel costs. Items of Consolidated Statement of Financial Position: Accounts receivable (2.05) Mainly due to the decrease in electricity bill receivable. Long-term equity investments 3.99 Mainly due to the Company’s recognition of the income from associates and joint ventures in the current period and the impact on new investments in associates and joint ventures. Fixed assets 3.56 Mainly due to the combined effects of the fact that construction-in-progress transferred into fixed assets and the depreciation of fixed assets. Construction-in-progress (5.03) Mainly due to the combined effects of the increase in infrastructure projects such as new energy and the fact that construction-in-progress transferred into fixed assets. Intangible assets 7.09 Mainly due to the combined effects of direct purchases and amortization of intangible assets. Short-term loans (5.94) Mainly due to the repayment of short-term loans. Contractual liabilities (76.21) Mainly due to decrease in the advance payments for heat sales resulting from the end of residential heating season. Other payables (14.83) Mainly due to the decrease in construction payables Current portion of non-current liabilities (12.69) Mainly due to the decrease in loans maturing within one year. Other current liabilities 14.40 Mainly due to the increase in short-term bonds. Derivative financial liabilities (non-current liabilities) 65.55 Mainly due to changes in the fair value of fuel contracts and foreign exchange contracts held by SinoSing Power. Bonds payable 22.16 Mainly due to the increase in bond issuance during the period.
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– 6 – Items Fluctuation (%) Reasons Items of Consolidated Income Statement for the nine months ended 30 September 2025: Operating cost (10.58) Mainly due to the decrease in domestic coal purchase price. Income tax expense 19.96 Mainly due to the increase in profit before tax from domestic power segment over the same period of last year. Items of Consolidated Statement of Cash Flows for the nine months ended 30 September 2025: Net cash flows generated from financing activities (546.58) Mainly due to the decrease in net financing amount during the period compared to the same period last year. (4) The profits from the power segments in domestic (Unit: RMB100 million) Profit before tax for the nine months ended 30 September Fluctuation (%)The domestic power segments 2025 2024 Coal-fired 132.68 65.68 102 Combined cycle 8.84 8.56 3 Wind-power 46.30 52.00 (11) PV 33.07 24.30 36 Hydro-power 0.90 1.19 (24) Biomass power (0.19) (4.53) 96
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– 7 – II. SHAREHOLDER INFORMATION (1) Total number of shareholders of ordinary shares and shareholders of preference shares with restored voting rights and shareholdings of the top ten shareholders Unit: share Total number of ordinary shareholders at the end of the reporting period 94,586 Total number of preference shareholders whose voting rights have been restored at the end of the reporting period (if any) – Shareholdings of the top ten shareholders (excluding shares lent through securities lending and refinancing) Name of shareholders Nature of shareholder Number of shares held Percentage of shareholding (%) Number of shares held with selling restriction Shares pledged, marked or frozen Status of shares Number Huaneng International Power Development Corporation State-owned entity 5,066,662,118 32.28% – Nil – HKSCC Nominees Limited Foreign entity 4,203,419,830 26.78% – Nil – China Huaneng Group Co., Ltd. State-owned entity 1,555,124,549 9.91% – Nil – Hebei Construction & Investment Group Co., Ltd. State-owned entity 493,316,146 3.14% – Nil – China Hua Neng Group Hong Kong Limited Foreign entity 472,000,000 3.01% – Nil – China Securities Finance Corporation Limited State-owned entity 466,953,720 2.97% – Nil – Dalian State-Owned Capital Management and Operation Co., Ltd. State-owned entity 265,500,000 1.69% – Pledged 100,000,000 Jiangsu Guoxin Investment Group Limited State-owned entity 258,452,600 1.65% – Nil – Liaoning Energy Investment (Group) Limited State-owned entity 244,205,000 1.56% – Nil – Hong Kong Securities Clearing Company Limited Others 163,827,035 1.04% – Nil –
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– 8 – Shareholdings of the top ten shareholders whose shares are not subject to selling restrictions (excluding shares lent through securities lending and refinancing) Name of shareholders Number of shares in circulation without any selling restrictions Type and number of shares Type Number Huaneng International Power Development Corporation 5,066,662,118 RMB denominated ordinary shares 5,066,662,118 HKSCC Nominees Limited 4,203,419,830 Overseas listed foreign invested shares 4,203,419,830 China Huaneng Group Co., Ltd. 1,555,124,549 RMB denominated ordinary shares 1,555,124,549 Hebei Construction & Investment Group Co., Ltd. 493,316,146 RMB denominated ordinary shares 493,316,146 China Hua Neng Group Hong Kong Limited 472,000,000 Overseas listed foreign invested shares 472,000,000 China Securities Finance Corporation Limited 466,953,720 RMB denominated ordinary shares 466,953,720 Dalian State-Owned Capital Management and Operation Co., Ltd. 265,500,000 RMB denominated ordinary shares 265,500,000 Jiangsu Guoxin Investment Group Limited 258,452,600 RMB denominated ordinary shares 258,452,600 Liaoning Energy Investment (Group) Limited 244,205,000 RMB denominated ordinary shares 244,205,000 Hong Kong Securities Clearing Company Limited 163,827,035 RMB denominated ordinary shares 163,827,035 Details relating to the related relationship of the above shareholders or the parties acting in concert Among the above shareholders, China Huaneng Group Co., Ltd., Huaneng International Power Development Corporation and China Hua Neng Group Hong Kong Limited are regarded as parties acting in concert under the “Management Rules on Acquisition of Listing Companies”. The Company is not aware any related relationship among other shareholders. Description of the top 10 shareholders and the top 10 unrestricted shareholders participating in margin trading and securities lending and refinancing business (if any) –
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– 9 – Information on shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10 shareholders holding shares in circulation without selling restrictions who participated in securities lending and refinancing business Applicable ✔ Not applicable Changes in the top 10 shareholders and top 10 shareholders of shares without selling restrictions from previous period due to lending/returning of shares through securities lending and refinancing business Applicable ✔ Not applicable III. OTHER REMINDERS Other important information about the operation of the Company during the reporting period that needs to be reminded of investors Applicable ✔ Not applicable IV. QUARTERLY FINANCIAL STATEMENTS (1) Type of Audit Opinion Applicable ✔ Not applicable
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– 10 – (2) Financial Statements HUANENG POWER INTERNATIONAL, INC. UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (PRC GAAP) As at 30 September 2025 Amounts: In RMB Yuan, Except as noted 30 September 2025 31 December 2024 ASSETS CURRENT ASSETS Bank balances and cash 23,357,857,642 19,932,035,366 Derivative financial assets 25,155,285 256,065,161 Notes receivable 401,329,751 419,949,382 Accounts receivable 46,676,706,029 47,653,275,009 Advances to suppliers 4,355,966,571 4,926,966,476 Other receivables 4,633,673,497 3,501,815,820 Inventories 9,526,683,981 13,444,393,643 Contract assets 46,194,611 47,863,241 Current portion of non-current assets 1,096,149,884 1,049,886,560 Other current assets 4,881,656,560 5,067,403,846 Total current assets 95,001,373,811 96,299,654,504 NON-CURRENT ASSETS Derivative financial assets (long-term) 5,889,262 38,104,951 Long-term receivables 6,173,548,190 7,115,271,095 Long-term equity investments 25,628,385,239 24,645,900,611 Other equity instrument investments 590,814,597 589,919,597 Investment property 568,637,319 591,511,948 Fixed assets 340,190,438,514 328,511,290,218 Construction-in-progress 68,230,510,121 71,844,297,025 Right-of-use assets 11,664,032,040 10,032,927,974 Intangible assets 19,502,009,063 18,211,165,654 Goodwill 11,938,068,051 11,523,428,427 Long-term deferred expenses 369,515,312 324,977,964 Deferred income tax assets 2,545,510,416 3,256,059,471 Other non-current assets 13,790,259,317 13,858,244,521 Total non-current assets 501,197,617,441 490,543,099,456 TOTAL ASSETS 596,198,991,252 586,842,753,960
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– 11 – 30 September 2025 31 December 2024 LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term loans 57,532,341,663 61,165,907,856 Derivative financial liabilities 376,598,876 176,614,037 Notes payable 3,409,101,969 2,721,899,076 Accounts payable 15,564,731,019 16,452,989,043 Contract liabilities 839,454,097 3,528,663,617 Salary and welfare payables 3,168,032,094 1,153,030,328 Taxes payable 2,720,471,619 2,235,282,697 Other payables 35,224,203,665 41,358,132,876 Current portion of non-current liabilities 35,929,431,274 41,152,560,129 Other current liabilities 10,058,839,909 8,792,986,775 Total current liabilities 164,823,206,185 178,738,066,434 NON-CURRENT LIABILITIES Derivative financial liabilities (long-term) 449,668,934 271,621,472 Long-term loans 151,840,011,306 151,827,548,212 Bonds payable 45,503,298,657 37,248,234,560 Lease liabilities 8,047,721,373 6,683,805,553 Long-term payables 2,107,132,051 1,462,886,537 Long-term employee benefits payable 24,948,421 25,209,571 Provision 1,344,900 42,066,382 Deferred income 1,581,318,077 1,454,942,456 Deferred income tax liabilities 1,720,314,859 1,711,661,531 Other non-current liabilities 4,149,065,341 4,328,884,882 Total non-current liabilities 215,424,823,919 205,056,861,156 TOTAL LIABILITIES 380,248,030,104 383,794,927,590
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– 12 – 30 September 2025 31 December 2024 LIABILITIES AND EQUITY (CONTINUED) EQUITY Share capital 15,698,093,359 15,698,093,359 Other equity instruments 80,169,086,100 80,170,696,120 Capital surplus 16,829,697,137 16,520,150,916 Other comprehensive income (350,964,717) (540,803,705) Special reserves 1,386,565,915 771,123,728 Surplus reserves 8,186,274,738 8,186,274,738 Undistributed profits 25,104,732,868 16,609,249,431 Equity attributable to equity holders of the Company 147,023,485,400 137,414,784,587 Non-controlling interests 68,927,475,748 65,633,041,783 Total equity 215,950,961,148 203,047,826,370 TOTAL LIABILITIES AND EQUITY 596,198,991,252 586,842,753,960 Legal representative: Person in charge of accounting function: Person in charge of accounting department: Wang Kui Wen Minggang Zhou Yuanhui
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– 13 – HUANENG POWER INTERNATIONAL, INC. UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (PRC GAAP) For the nine months ended 30 September 2025 Amounts: In RMB Yuan, Except as noted For the nine months ended 30 September 2025 2024 Operating revenue 172,974,894,698 184,395,715,008 Less: Operating cost 138,469,447,153 154,845,258,722 Tax and levies on operation 1,772,604,558 1,426,557,153 Selling expenses 195,223,744 180,191,612 General and administrative expenses 4,854,324,712 4,595,961,601 Research and development expenses 956,067,660 1,152,795,604 Financial expenses 4,975,177,567 5,958,262,388 Add: Other income 575,213,198 663,828,183 Investment income 1,024,212,053 1,089,675,836 Including: In vestment income from associates and joint ventures 1,021,699,676 1,091,823,960 Credit impairment (loss)/reversal (5,336,846) 136,326,686 Asset impairment loss (621,447,183) (1,193,359,466) Gain/(loss) on disposal of assets 176,991,055 (8,306,769) Operating profit 22,901,681,581 16,924,852,398 Add: Non-operating income 600,683,224 328,281,095 Less: Non-operating expenses 342,866,715 793,230,264 Profit before tax 23,159,498,090 16,459,903,229 Less: Income tax expense 3,723,354,777 3,103,733,070 Net profit 19,436,143,313 13,356,170,159 (1) Cl assification according to the continuity of operation Net profit from continuous operating 19,436,143,313 13,356,170,159 (2) Cl assification according to ownership Equity holders of the Company 14,840,905,124 10,412,915,465 Non-controlling interests 4,595,238,189 2,943,254,694
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– 14 – For the nine months ended 30 September 2025 2024 Other comprehensive income/(loss), net of tax 74,298,460 (22,642,204) Other comprehensive income/(loss) attributed to equity holders of the Company, net of tax 189,838,988 (26,808,148) Other comprehensive income/(loss) that may not be reclassified to profit or loss 76,442,869 (101,028,580) Share of other comprehensive income/(loss) of the equity-accounted investee that may not be reclassified to profit or loss 76,442,869 (101,028,580) Other comprehensive income that may be reclassified to profit or loss 113,396,119 74,220,432 Share of other comprehensive (loss)/income of investees accounted for under the equity method (10,093,361) 12,209,432 Effective portion of cash flow hedges (392,913,768) (241,844,065) Translation differences of the financial statements of foreign operations 516,403,248 303,855,065 Other comprehensive (loss)/income attributable to non-controlling interests, net of tax (115,540,528) 4,165,944 Total comprehensive income 19,510,441,773 13,333,527,955 Equity holders of the Company 15,030,744,112 10,386,107,317 Non-controlling interests 4,479,697,661 2,947,420,638 Earnings per share (expressed in RMB per share) – Basic earnings per share 0.81 0.53 – Diluted earnings per share 0.81 0.53 Legal representative: Person in charge of accounting function: Person in charge of accounting department: Wang Kui Wen Minggang Zhou Yuanhui
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– 15 – HUANENG POWER INTERNATIONAL, INC. UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS (PRC GAAP) For the nine months ended 30 September 2025 Amounts: In RMB Yuan, Except as noted For the nine months ended 30 September 2025 2024 Cash flows generated from operating activities Cash received from sales of goods and services rendered 194,701,324,443 204,420,768,120 Cash received from return of taxes and fees 293,331,477 372,576,154 Other cash received relating to operating activities 758,599,206 1,053,947,137 Sub-total of cash inflows of operating activities 195,753,255,126 205,847,291,411 Cash paid for goods and services received 117,664,330,184 140,069,434,235 Cash paid to and on behalf of employees 12,693,846,735 12,665,468,524 Payments of taxes 9,895,556,864 8,809,961,799 Other cash paid relating to operating activities 2,726,751,115 1,309,642,228 Sub-total of cash outflows of operating activities 142,980,484,898 162,854,506,786 Net cash flows generated from operating activities 52,772,770,228 42,992,784,625 Cash flows generated from investing activities Cash received from return of investments 5,570,532 14,385,800 Cash received on investment income 467,048,963 466,354,386 Cash received from disposal of fixed assets, intangible assets and other long-term assets 873,255,373 355,213,892 Net cash received from disposing subsidiaries and other business units 9,597,769 –
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– 16 – For the nine months ended 30 September 2025 2024 Net cash received from acquiring subsidiaries and other business units – 360,243,390 Other cash received relating to investing activities 11,588,488 – Sub-total of cash inflows of investing activities 1,367,061,125 1,196,197,468 Payment for the purchase of fixed assets, intangible assets and other long-term assets 36,936,144,448 35,781,556,504 Cash paid for investments 207,184,337 897,000,800 Net cash paid for acquiring subsidiaries and other business units – 22,842,000 Other cash paid relating to investing activities 33,224,515 10,630,019 Sub-total of cash outflows of investing activities 37,176,553,300 36,712,029,323 Net cash flows used in investing activities (35,809,492,175) (35,515,831,855) Cash flows generated from financing activities Cash received from investments 21,404,899,053 22,681,768,355 Including: cash received from non-controlling interests of subsidiaries 616,788,917 22,681,768,355 Cash received from borrowings 82,546,353,909 83,329,253,033 Cash received from bonds 29,800,000,000 52,100,000,000 Other cash received related to financing activities 331,948,455 – Sub-total of cash inflows of financing activities 134,083,201,417 158,111,021,388
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– 17 – For the nine months ended 30 September 2025 2024 Repayments of borrowings 112,411,251,170 140,260,168,371 Redemption of other equity instruments 20,500,000,000 – Payments for dividends, profit or interest expense 13,472,852,023 12,481,689,112 Including: dividends paid to non-controlling interests of subsidiaries 1,813,036,729 1,022,988,462 Other cash paid relating to financing activities 1,029,971,416 2,384,072,473 Sub-total of cash outflows of financing activities 147,414,074,609 155,125,929,956 Net cash flows (used in)/generated from financing activities (13,330,873,192) 2,985,091,432 Effect of exchange rate fluctuations on cash held (12,654,316) 19,510,189 Net increase in cash and cash equivalent 3,619,750,545 10,481,554,391 Add: Ca sh and cash equivalent at beginning of period 18,601,106,276 16,150,634,831 Cash and cash equivalent at end of period 22,220,856,821 26,632,189,222 Legal representative: Person in charge of accounting function: Person in charge of accounting department: Wang Kui Wen Minggang Zhou Yuanhui By Order of the Board Huaneng Power International, Inc. Huang Chaoquan Company Secretary
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– 18 – As at the date of this announcement, the directors of the Company are: Wang Kui (Executive Director) Liu Ancang (Executive Director) Du Daming (Non-executive Director) Zhou Yi (Non-executive Director) Li Lailong (Non-executive Director) Li Jin (Non-executive Director) Cao Xin (Non-executive Director) Gao Guoqin (Non-executive Director) Ding Xuchun (Non-executive Director) Wang Jianfeng (Non-executive Director) Xia Qing (Independent Non-executive Director) He Qiang (Independent Non-executive Director) Zhang Liying (Independent Non-executive Director) Zhang Shouwen (Independent Non-executive Director) Dang Ying (Independent Non-executive Director) Beijing, the PRC 29 October 2025