Power Assets (6) H2 2025 earnings summary

Executive summary

• Achieved net profit of HK$6,236 million for 2025, up 2% year-over-year, with funds from operations rising 8%.

• Maintained total dividend at HK$2.82 per share, unchanged from 2024.

• Portfolio demonstrated resilience amid global volatility, with regulated businesses providing stable returns.

• Major divestments include UK Rails (January 2026) and planned sale of UK Power Networks (UKPN) to Engie S.A.

Financial highlights

• Revenue from principal activities was HK$771 million, with share of joint ventures' revenue at HK$20,934 million.

• Earnings per share increased to HK$2.93 from HK$2.87 year-over-year.

• Total comprehensive income rose to HK$9,659 million from HK$4,334 million in 2024.

• Net assets stood at HK$90,725 million as of 31 December 2025.

Outlook and guidance

• Business model expected to deliver stable, ongoing returns due to diversified, regulated asset base.

• Focus remains on organic growth, new acquisitions in mature, well-regulated markets, and expansion in renewables.

• AI-driven solutions and sustainability criteria will guide future investments.