HK Electric Investments and HK Electric Investments Limited (2638) H1 2025 earnings summary

Executive summary

• Delivered steady performance in H1 2025, maintaining supply reliability above 99.9999% and progressing on a HK$22 billion 2024–2028 Development Plan to support Hong Kong’s zero-carbon transition.

• Achieved a 40% reduction in carbon emissions by 2024 compared to 2005, with further decarbonisation initiatives underway, including new gas-fired and contingency generation units.

• Reduced net tariffs due to softer global fuel prices while continuing major capital investments.

• Supported community decarbonisation, expanded smart metering to over 90% of customers, and advanced e-transportation infrastructure.

• Key projects include new gas-fired generation, smart meter rollout, and support for e-transportation and renewables.

Financial highlights

• Revenue for H1 2025 was HK$5,567 million, nearly flat year-over-year (2024: HK$5,572 million).

• EBITDA reached HK$3,979 million (2024: HK$3,989 million); profit attributable to SSU holders was HK$1,001 million, up from HK$947 million in 2024.

• Interim distribution per Share Stapled Unit (SSU) was HK15.94 cents, unchanged from the prior year.

• Distributable income for the period was HK$1,408 million, fully distributed to SSU holders.

• Basic and diluted EPS for H1 2025 was 11.33 cents (2024: 10.72 cents).

Outlook and guidance

• The 2024–2028 Development Plan remains on track, with continued focus on operational efficiency, technology deployment, and infrastructure to support decarbonisation.

• Anticipates more stringent emissions caps and is proactively planning to meet future regulatory requirements.

• Ongoing collaboration with the HKSAR Government on potential zero-carbon electricity imports and regional cooperation.