The Hong Kong and China Gas Company (3) investor relations material

Executive summary

• Revenue for H1 2025 was HK$27,514 million, remaining stable year-over-year, with after-tax operating profit up 3% to HK$3,996 million and core operating profit (excluding FX) up 4%.

• Profit attributable to shareholders decreased 3% to HK$2,964 million, with basic EPS at HK15.9 cents.

• Interim dividend maintained at HK12 cents per share.

• Navigated macro headwinds, including tariff uncertainties and weak PMI, but benefited from government stimulus and green energy initiatives.

• Maintained steady gas sales volumes in both Hong Kong and Mainland China, with growth in renewables and extended business segments.

Financial highlights

• Revenue for 1H2025 was HK$27,514 million, flat year-over-year; after-tax operating profit rose to HK$3,996 million.

• Profit attributable to shareholders was HK$2,964 million; basic EPS at 15.9 HK cents.

• Total operating expenses decreased 1% to HK$22,877 million; interest expense fell 12% to HK$985.5 million.

• Capital expenditure reduced to HK$2.5 billion from HK$3.3 billion in 1H2024.

• Number of customers in Hong Kong rose to 2.04 million; mainland city-gas customers increased by 980,000 to 43.47 million.

Outlook and guidance

• 2025 guidance projects steady gas sales, customer growth, and increased PV grid connection.

• Malaysia biofuels plant to commence production before year-end; green methanol sales target set at 0.02 million tonnes.

• Electricity trading volume expected to rise 5% to 8.8 billion kWh.

• Mainland business to focus on asset-light model, operational optimisation, and leveraging AI for productivity.

• Renewable energy, green fuels, and hydrogen energy identified as key future growth drivers.