SUNeVision (1686) H1 24/25 earnings summary

Executive summary

• Revenue grew 14% year-over-year to HK$1,470 million, driven by new data centre launches and steady growth at existing sites.

• EBITDA increased 17% year-over-year to HK$1,053 million, with margin improving to 72%.

• Net profit attributable to owners rose 11% year-over-year to HK$484 million, supported by higher revenues and improved rental.

• Operating cash inflow surged 37% year-over-year to HK$982 million, reflecting strong cash generation.

• MEGA IDC Phase One, Hong Kong's largest hyperscale data centre, was pre-launched, with Phase Two construction underway.

Financial highlights

• Data centre and IT facilities revenue increased 15% year-over-year to HK$1,361 million; ELV and IT systems revenue up 4% to HK$109 million.

• Operating profit rose 21% year-over-year to HK$752 million.

• Finance costs increased 65% year-over-year to HK$172 million due to lower interest capitalisation.

• No interim dividend declared for the period.

• Recurring revenue from data centre and IT facilities increased 18% year-over-year to ~HK$1,288 million, with new sites and positive rental reversion as key drivers.

Outlook and guidance

• Strong demand for premium data centre infrastructure in Hong Kong expected to continue, driven by AI and digital transformation.

• MEGA IDC Phase Two scheduled for completion in 2026/2027, expanding capacity by 350,000 sq ft.

• Focus remains on disciplined capital allocation, cost control, and just-in-time investments aligned with confirmed customer orders.

• Ongoing commitment to ESG, energy efficiency, and carbon neutrality for internal operations.

• Anticipates accelerated cloud and AI adoption in Hong Kong, benefiting from network-dense infrastructure.