SUNeVision (1686) H1 25/26 earnings summary

Executive summary

• Recurring revenue from data centre and IT facilities rose 7% YoY to HK$1,377 million, with total revenue up 3% YoY to HK$1,508 million, driven by new sites and organic growth.

• EBITDA increased 4% YoY to HK$1,096 million, with margin expanding to 73%.

• Net profit attributable to owners grew 10% YoY to HK$531 million, supported by lower borrowing costs and strong operations.

• Robust demand for premium data centre infrastructure, especially from AI-driven workloads and hyperscale customers, underpinned performance.

• The company is well-positioned for AI-led growth, with advanced discussions on large-scale mandates and a focus on high-specification, yield-prioritised projects.

Financial highlights

• Revenue for the six months ended 31 December 2025 was HK$1,507.9 million, up from HK$1,469.9 million in the prior year period.

• Gross profit increased to HK$857.6 million from HK$827.0 million YoY.

• Net cash generated from operating activities (excluding working capital) increased 5% YoY to HK$1,026 million.

• Finance costs decreased by 25% YoY to HK$128 million.

• Basic and diluted EPS were 13.01 HK cents, up from 11.92 HK cents.

Outlook and guidance

• Hong Kong is positioned as a critical hub for AI inference, with strong demand for high-density, low-latency infrastructure.

• The company is engaged in advanced discussions for large-scale customer mandates, prioritising yield and quality of earnings.

• Agile, just-in-time capacity delivery model supports rapid AI deployments and CAPEX efficiency.

• Sustainability and decarbonisation remain core priorities, with ongoing investments in renewable energy and green finance.

• The company is equipped to deliver space within four to six months of order confirmation.