CK Infrastructure (1038) H2 2025 earnings summary

Executive summary

• Profit attributable to shareholders reached HK$8.3 billion in 2025, up 2% year-over-year.

• Celebrated 30th anniversary of listing, with net assets growing over 15 times since 1996.

• Funds from operations rose 14.8% year-over-year to HK$8.5 billion.

• 29th consecutive year of dividend growth, with full-year DPS at HK$2.61 (+1.2% y-o-y).

• Major divestments: UK Rails completed in Jan 2026 (£1.1bn proceeds); UK Power Networks sale announced, expected to complete by June 2026.

Financial highlights

• Turnover reached HK$41,679 million, up from HK$38,985 million in 2024.

• Total business contribution increased 4% year-over-year to HK$9,770 million.

• Earnings per share rose to HK$3.28 from HK$3.22 year-over-year.

• Funds from operations at HK$8.5 billion (+14.8% y-o-y).

• Net debt to net total capital ratio at 8.9%, maintaining a strong balance sheet.

Outlook and guidance

• M&A pipeline remains robust, with opportunities from fund maturities and corporate carveouts.

• Proceeds from major disposals to be redeployed into value-accretive acquisitions.

• Regulatory resets across UK, Australia, and New Zealand expected to support future growth.

• Commitment to investment discipline and long-term value creation.

• Focus remains on organic growth, portfolio diversification, and strict financial discipline.