APT Satellite (1045) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was HK$739.1 million, down 5.8% year-over-year, mainly due to lower satellite transponder capacity income.

• Profit attributable to equity shareholders fell 31.1% to HK$141.4 million, with EPS at HK15.23 cents.

• The Group maintained stable operations, a healthy financial position, and continued investment in satellite and ground infrastructure.

Financial highlights

• Gross profit dropped 29.0% to HK$201.9 million; EBITDA decreased 16.9% to HK$501.0 million, with margin down to 67.8%.

• Total cash and bank balances rose 11.7% to HK$2,734.7 million; net assets per share increased to HK$6.64.

• Gearing ratio improved to 11.2% from 12.6%; liquidity ratio increased to 13.82 times.

• Interim dividend of HK2.50 cents and proposed final dividend of HK6.00 cents per share.

Outlook and guidance

• Market oversupply and competition, especially from LEO operators, expected to persist in 2026, pressuring prices and demand.

• The Group will focus on expanding satellite bandwidth, improving resource utilization, and deepening cooperation with associates.

• Plans to complete the CHK Station in Hong Kong and invest in new-generation satellite projects.