Stable Group EBITDAF and Operating Resilience
EBITDAF was stable year‑on‑year at HKD 25.7 billion, and operating earnings before fair value movements declined only marginally (~2%) to ~HKD 10.7 billion, reflecting resilience in core operations despite market headwinds.
Strong Hong Kong Performance
Core Hong Kong earnings increased 7% to just over HKD 9.5 billion. Completed smart meter rollout, maintained high supply reliability through record Black Rainstorms and 14 typhoons, and capital expenditure focused on growth and decarbonization (HKD 10.6 billion invested in Hong Kong SoC activities).
Dividend Increase and Strong Free Cash Flow
Board recommended total dividends of HKD 3.20 per share for FY2025, up 1.6% versus 2024. Free cash flow improved by HKD 1.6 billion to HKD 22.6 billion, supporting shareholder returns and liquidity.
Progress on Low‑carbon Projects and Capacity Additions
Non‑carbon capacity rose ~3% driven by renewables and battery investments. Major project milestones: largest Mainland wind farm brought into commercial operation, first independent battery energy storage system in Mainland, 2nd centralized control centre in Shandong, Apraava commissioned 251 MW Sidhpur wind farm, and multiple solar/wind projects commissioned in Mainland (4 projects, ~400 MW) with 5 projects (~900 MW) under construction.
Financial and Funding Strength
Capital structure and liquidity remained strong with ~HKD 29 billion in available facilities, over HKD 17 billion of debt successfully raised for Hong Kong SoC, and credit ratings reaffirmed by S&P and Moody's (Moody's upgraded EnergyAustralia outlook to positive).
Successful Partnerships & Project Finance Execution
Formed a 50% joint venture (Wooreen battery) with Banpu delivering a one‑off positive contribution (HKD 390 million) and demonstrating a partnership model (sell‑down) to optimize capital use and enhance project returns.
Operational Improvements & Transformation Progress
Completed Phase 1 ERP rollout in Hong Kong, advanced enterprise transformation at EnergyAustralia (outsourcing partnership with Tata), and achieved safety/reliability improvements including lower injury rates and reduced unplanned customer minute loss in Hong Kong.
China Contracting Success Under Document 136
Secured full eligible mechanism tariff volumes for 4 Mainland projects (around 1 GW) with attractive tariffs and 10–12 year tenors, improving long‑term revenue visibility for those assets.