Beijing Energy International (0686) investor relations material

Executive summary

• Recorded a net loss of RMB69 million for H1 2026, compared to a net profit of RMB293 million in H1 2025, mainly due to lower average electricity prices and higher O&M and depreciation expenses.

• Revenue declined to RMB3,784 million from RMB4,086 million year-over-year, with EBITDA down to RMB2,935 million from RMB3,276 million.

• Total electricity generation increased by 1% to 11,630,543 MWh, with grid-connected installed capacity rising to 14,995 MW.

Financial highlights

• Average tariff per kWh (net of VAT) decreased to RMB0.33 from RMB0.35 year-over-year.

• Finance costs dropped 14.1% to RMB944 million due to refinancing at lower interest rates.

• Current assets stood at RMB17,771 million, current liabilities at RMB23,975 million as of 30 June 2026.

• Gearing ratio increased to 69.6% from 66.8% at year-end 2025.

• Final dividend of HK8.00 cents per share (RMB154 million) declared for 2025; no interim dividend for H1 2026.

Outlook and guidance

• Company remains committed to wind and solar as core businesses, with strategic focus on large-scale transmission bases and green hydrogen projects.

• Plans to enhance operational efficiency, cost control, and asset-light business models to diversify income and improve resilience.

• Management expects to maintain sufficient liquidity through refinancing, support from controlling shareholders, and operating cash flows.

• Expects long-term growth driven by policy support, ultra-high-voltage transmission, and rising power demand from AI and digital sectors.