China Everbright Greentech (1257) H2 2025 earnings summary

Executive summary

• Achieved a turnaround from losses to profitability in 2025, with net profit attributable to shareholders of HK$113 million, reversing a loss of HK$415 million in 2024, driven by improved operational performance, cost control, and lower impairment losses.

• EBITDA surged 62% to HK$1.614 billion, supported by efficiency gains and reduced impairment losses.

• Revenue declined 4% year-over-year to HK$6.729 billion, mainly due to a sluggish hazardous and solid waste market and reduced construction services revenue.

• Profitability was attained even for projects without national subsidies, and new business areas such as biomass natural gas and green certificates saw breakthroughs.

• Full-year dividend per share increased to HK5.6 cents, with a payout ratio of 102% and a 300% increase year-over-year.

Financial highlights

• Gross profit increased to HK$1.58 billion from HK$1.46 billion year-over-year.

• Basic EPS was HK5.47 cents, compared to a loss per share of HK20.1 cents last year.

• Cash and bank balances rose to HK$2.34 billion; available cash and unutilised bank facilities totaled HK$9.73 billion.

• Total assets decreased 5% to HK$34.6 billion; total liabilities fell 12% to HK$21.8 billion.

• Gearing ratio improved to 63.01% from 67.90%; current ratio increased to 129.6%.

Outlook and guidance

• Strategic focus on clean energy, integrated biomass utilization, and innovative business models aligned with national “Dual Carbon” goals.

• Plans to deepen reforms, enhance governance, and expand international presence, especially in Belt and Road markets.

• Emphasis on developing renewable energy, smart energy systems, and B2B Dual Carbon business for a secondary growth curve.

• Focus on integrated biomass utilisation, new energy, and asset-light B2B businesses for growth.

• Plans to leverage policy support for green energy, carbon markets, and zero-carbon industrial parks.