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Grandblue Environment (600323) investor relations material
Grandblue Environment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for the first nine months of 2025 reached ¥9.74 billion, up 11.52% year-over-year, with net profit attributable to shareholders at ¥1.60 billion, up 15.85%.
Major acquisition of Yuefeng Environmental completed in June, significantly expanding waste incineration capacity and boosting consolidated results.
Cash flow from operating activities surged 98.21% year-over-year to ¥2.66 billion, driven by improved receivables collection and government support.
EBITDA for the first nine months was ¥3.96 billion, with an EBITDA margin of 40.69%.
Financial highlights
Q3 revenue was ¥3.97 billion, up 36.70% year-over-year; net profit attributable to shareholders was ¥638 million, up 28.08%.
Basic and diluted EPS for the first nine months were ¥1.97, up 15.88% year-over-year.
Total assets at September 30, 2025, were ¥62.63 billion, up 59.33% from year-end 2024, mainly due to the Yuefeng acquisition.
Operating cash flow for the first nine months was ¥2.66 billion, up 98.21% year-over-year.
Outlook and guidance
Capital expenditures are expected to decline for the full year 2025 (excluding Yuefeng), as fewer new projects are initiated.
Free cash flow is expected to improve as ongoing projects complete and debt policies remain supportive.
The company plans to complete integration of Yuefeng by year-end, aiming for further synergy realization.
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