Anhui Expressway Company (995) H1 2026 earnings summary

Executive summary

• Maintained focus on core expressway business, advancing operational upgrades and digital transformation, with strong safety and emergency response performance.

• Revenue for the six months ended 30 June 2026 was RMB3,226.58 million, down 13.75% year-over-year, mainly due to a decrease in construction services revenue.

• Net profit attributable to shareholders increased 4.89% year-over-year to RMB1,008.18 million; basic EPS rose 2.17% to RMB0.5901.

• Toll revenue grew 0.92% year-over-year to RMB2,473.57 million, with policy relief measures reducing toll income by RMB566.34 million.

• No interim dividend declared for H1 2026; 2025 final dividend of RMB1,128 million paid in July 2026.

Financial highlights

• Gross profit increased to RMB1,418.67 million from RMB1,373.29 million year-over-year.

• Operating profit rose to RMB1,492.41 million, up from RMB1,405.75 million year-over-year.

• Profit before tax was RMB1,411.24 million, up 10.37% year-over-year.

• Net cash from operating activities was RMB1,530.43 million, up from RMB1,406.52 million year-over-year.

• Total assets reached RMB32.18 billion as of June 30, 2026.

Outlook and guidance

• Continued focus on core expressway operations, digital upgrades, and external investments to drive future growth.

• Ongoing project construction and financing support for key infrastructure projects.

• Stable dividend policy with payout ratio above 60% for 2025, maintaining strong shareholder returns.

• Strategic emphasis on leveraging regional advantages, improving operational efficiency, and enhancing road marketing.

• Focus on mitigating policy, economic, and market risks, including regulatory uncertainties and increased competition.