HK Electric Investments and HK Electric Investments Limited (2638) H2 2025 earnings summary

Executive summary

• Celebrated 135th anniversary, emphasizing long-term commitment to innovation, reliability, and environmental responsibility.

• Advanced key projects in the 2024–2028 Development Plan, including new gas-fired and oil-fired units to support decarbonization.

• Achieved over 99.9999% supply reliability in 2025, with less than half a minute of unplanned power interruption per customer.

• Completed smart meter rollout and expanded digital customer engagement, with 40% of transactions and 70% of bill payments now digital.

• Continued community support through targeted social and environmental programs.

Financial highlights

• Revenue rose to HK$12,125 million (2024: HK$12,057 million), and consolidated profit reached HK$3,149 million (2024: HK$3,111 million).

• EBITDA was HK$8,749 million (2024: HK$8,719 million).

• Earnings per share stapled unit were 35.64 cents (2024: 35.21 cents).

• Total distribution per SSU maintained at HK32.03 cents, with interim and final distributions unchanged from prior year.

• Capital expenditure increased to HK$4,193 million (2024: HK$3,659 million), funded by operations and borrowings.

Outlook and guidance

• Net Tariff reduced by 2.2% year-on-year in January 2026 to HK163.3 cents/unit, driven by lower fuel costs.

• Focus remains on balancing affordability, reliability, and sustainability, with ongoing investment in decarbonization and resilience.

• Exploring time-of-use tariffs to support EV adoption and off-peak charging.

• Committed to carbon neutrality before 2050, with plans for future zero-carbon energy imports.