China Everbright Water (U9E) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 22% YoY to HK$5.355bn, EBITDA fell 12% to HK$1.935bn and profit attributable to equity holders fell 17% to HK$842.5m; gross margin rose 6 ppt to 44%.

• Operations treated ~1.811bn m³ of wastewater, supplied ~103m m³ of raw water and over 40m m³ of reusable water; subsidies exceeded RMB42m.

Financial highlights

• Gross profit declined 10% YoY to HK$2.358bn; basic EPS fell 17% to HK29.45 cents.

• Total assets rose to HK$38.218bn from HK$35.889bn; equity attributable to equity holders increased to HK$12.835bn from HK$11.835bn.

• Full-year dividend per share was HK10.31 cents, down 13% YoY; payout ratio rose to 35% from 33%.

Outlook and guidance

• For 2026, priorities include pursuing opportunities in China and global environmental protection, especially green, low-carbon transition and high-quality development.

• Strategic execution will focus on key regions and new business areas, production safety, trade receivables management, technology breakthroughs and talent development.