CLP Holdings released its 2026 interim report showing resilient growth despite volatile energy markets and geopolitical uncertainties.
Financial Highlights • Operating earnings before fair-value movements increased 9.70% year-on-year to HK$5.73 billion. • Total earnings climbed 6.60% to HK$5.99 billion. • Revenue was broadly flat at HK$42.86 billion (up HK$2 million). • Earnings per share rose 6.60% to HK$2.37. • The first-half dividend remains unchanged at HK$1.26 per share (HK$0.63 first interim, HK$0.63 second interim).
Segment Performance (Operating Earnings, first six months) • Hong Kong energy business: HK$4.74 billion, up 6.00%. • Chinese Mainland: HK$899 million, up 3.30%. • Australia: HK$223 million, up 33.50%. • India: HK$105 million, up 32.90%. • Taiwan Region & Southeast Asia: HK$71 million, up 273.70%.
Operating Metrics • Hong Kong electricity sales rose 3.60% to 17,038 GWh, led by an 11.80% surge in data-centre demand. • Group EBITDAF (excluding items affecting comparability) grew 9.40% to HK$13.58 billion; Hong Kong contributed HK$9.89 billion. • Net debt increased 7.40% to HK$62.21 billion, lifting the net debt-to-total capital ratio to 34%. • Group liquidity: HK$15.10 billion undrawn committed facilities plus HK$4.40 billion cash.
Investment & Capex • Total additions to fixed assets and intangible assets reached HK$6.41 billion, dominated by HK$4.50 billion in Hong Kong network upgrades and HK$1.00 billion for Chinese Mainland renewables. • Free cash flow improved to HK$7.81 billion, supported by HK$1.21 billion dividends from joint ventures and associates and HK$967 million proceeds from the Jhajjar Power Station divestment in India.
Strategic & Operational Developments • Completion of the Clean Energy Transmission System upgrade enhances Hong Kong’s ability to import non-carbon power. • CLP signed an MoU with CNOOC to deepen collaboration on gas supply and low-carbon projects, reinforcing fuel security. • EnergyAustralia’s retail operations recorded margin improvement; construction began on the 50MW/245MWh Hallett battery in South Australia. • Apraava Energy completed its exit from coal with the sale of Jhajjar Power Station and commenced a 300MW wind project in Karnataka, India. • On the Chinese Mainland, two wind farms (Sandu II and Xundian III) entered commercial operation, while 531MW of wind and 139MW of solar are under construction. • CLP issued its inaugural RMB1.00 billion (HK$1.20 billion) Panda green bond at a 1.85% coupon to finance mainland renewables.
Outlook Management anticipates persistent fuel-price volatility and lower Australian wholesale electricity prices will moderate margins in the second half, but believes the diversified portfolio, strong balance sheet and ongoing investments in flexible and zero-carbon capacity position the Group for sustainable growth.