GUANGDONG INVESTMENT (270) Q3 2025 earnings summary

Executive summary

• Unaudited consolidated profit attributable to owners for 9M25 rose 13.2% to HK$4,067 million year-over-year, with profit before tax from continuing operations up 9.5% to HK$6,241 million.

• Revenue for 9M25 reached HK$14,281 million, up 1.3% year-over-year, driven by water resources growth offsetting declines in other segments.

• Net finance costs from continuing operations decreased by HK$295 million to HK$263 million.

• Special dividend in specie of GD Land shares was completed in January 2025, and GD Land ceased to be a subsidiary.

• Dividend for 1H25 was HK$26.66 cents, an increase of 11.2%.

Financial highlights

• Net gain from fair value adjustments for investment properties was HK$1 million (9M24: net loss of HK$73 million).

• Net finance costs from continuing operations dropped to HK$263 million from HK$558 million year-over-year.

• Equity attributable to owners increased to HK$41,762 million as of 30 September 2025.

• Total assets decreased 27.2% to HK$98,758 million, mainly due to the distribution of GD Land shares.

• Loss from GD Land up to 21 January 2025 was HK$17 million (9M24: loss of HK$39 million).

Outlook and guidance

• Annual water supply revenue for 2025 is projected between HK$5.18–5.26 billion, with a unit rate of HK$0.323/ton.

• Water supply ceiling remains at 820 million tons for 2025.

• Management expects moderate recovery in China's economy and will focus on expanding high value-added water resources and optimizing asset allocation.

• The company will pursue investment and M&A opportunities, especially in the Greater Bay Area.