EB ENVIRONMENT (00257) announced its annual results for the period ended December 31, 2025. The group recorded revenue of HKD 27.521 billion, a decrease of 9% compared to the previous year. Profit attributable to equity holders was HKD 3.925 billion, an increase of 16% year-on-year. Basic earnings per share were 63.9 HK cents, and a final dividend of 12 HK cents per share is proposed.
During the year under review, the group focused on enhancing its "technological capabilities," building innovative capacity throughout its value chain. At the institutional level, it established a system covering the entire scientific research process and deepened R&D management mechanisms. In terms of R&D innovation, significant progress was made in key areas: a 100-ton/day waste-to-carbon process package and a fly ash recycling co-processing package were developed; research on straw "neutral steam explosion + enzymatic hydrolysis" was completed; and independent R&D and manufacturing of miniature waste incinerators were achieved.
In the application of results, technologies for energy savings, efficiency improvements, and digitalization were successfully transformed and applied. Technology for efficient co-processing of biogas and waste incineration to produce bio-natural gas supported the group's projects in launching bio-natural gas sales. Breakthroughs were made in high-dust denitrification technology using selective catalytic reduction for water-cooled vibrating grate biomass boilers. Key technology for efficient pyrolysis of waste power batteries and equipment for recovering valuable components were included in a national catalog and helped establish Jiangsu province's first full-industry-chain demonstration project for battery recycling.
In digitalization and intelligent upgrades, technologies for unmanned operation in slag crane systems and other smart plant applications showed effective results. The automation level of wastewater treatment plants continued to improve. The "Equipment Cloud Service" platform was launched, establishing a full-process digital service system for equipment and technical products. Data governance and smart platform upgrades progressed steadily, providing strong support for management decisions.
During the year, the group accelerated its "internationalization" efforts, steadily building global service capabilities. Market expansion combined asset-light and diversified approaches: two waste-to-energy projects were secured in Uzbekistan, marking a key entry into the Central Asian market. Light-asset businesses were established in Egypt, Thailand, and Malaysia, with overseas equipment sales contracts reaching a new high. The export model for technology and services matured, reinforcing the "market-oriented external sales" business path. Representative offices were set up in Vietnam, Indonesia, and Central Asia, shifting the overseas expansion structure from "project-driven" to "regional深耕."
In global capability building, the group actively participated in and organized high-level international exchanges, leveraging professional insights and ESG practices to enhance its global brand influence. The group deepened its "ecosystem-oriented" development, building a multi-level, open, and collaborative industrial ecosystem. In its business ecosystem, it extended the industrial chain and enhanced internal synergy: expanding synergistic services such as heating and steam supply from waste-to-energy projects, launching bio-natural gas supply businesses, and developing market-oriented equipment and technology products like power battery recycling solutions.
In the energy ecosystem, innovation and integration accelerated: electricity trading was conducted via a "virtual power plant" platform, expanding the customer base for power sales. The "zero-carbon park" model provided integrated energy and environmental solutions. In the social ecosystem, the group promoted the establishment of a national-level innovation center for environmental protection equipment manufacturing, creating an integrated platform for industry-academia-research-application. It systematically engaged with government departments, associations, and partners through strategic cooperation and in-depth exchanges, building a broad collaboration network and laying a foundation for long-term cooperation.