China Everbright Environment Group Limited (EB Environment, 00257.HK) released its audited results for the year ended 31 December 2025.
Financial Highlights • Revenue fell 9.05 % yoy to HK$27.52 billion, driven by a 52.6 % slide in construction-service turnover. • EBITDA edged up 1.97 % to HK$10.27 billion; EBITDA margin expanded to 37.3 % (2024: 33.3 %). • Profit attributable to equity holders rose 16.23 % to HK$3.93 billion, reflecting sharply lower finance costs (-20.4 % to HK$2.39 billion) and reduced asset impairments. • Basic EPS increased to HK63.90 cents (2024: HK54.98 cents). • Full-year dividend lifted 17.4 % to HK27.0 cents, implying a 42.3 % payout ratio.
Segment Performance (Adjusted EBITDA) • Environmental Energy: HK$7.11 billion (+3.2 %), supported by higher waste-to-energy volumes and steam sales. • Environmental Water: HK$1.92 billion (-12.8 %), hit by lower construction activity. • Greentech: HK$1.64 billion (+62.5 %), benefiting from reduced impairments and stronger heat/steam output.
Balance-Sheet & Liquidity • Total assets stood at HK$189.14 billion (+1.7 % yoy); net assets rose 8.7 % to HK$72.21 billion. • Cash and cash equivalents increased to HK$10.33 billion, while total interest-bearing borrowings declined to HK$88.55 billion (-3.4 %). • Gearing ratio improved to 62 % (2024: 64 %). • Undrawn banking facilities totalled HK$34.28 billion.
Operational Metrics • Household-waste treatment volume grew 3 % to 53.70 million tonnes. • Wastewater treatment volume rose 3 % to 1.81 billion m³. • On-grid power generation reached 24.54 million MWh across energy and greentech segments (+2.6 %). • Heat and steam supply surged 39 % to 3.50 million tonnes.
Capital Expenditure & New Business • Eight new projects secured with committed investment of RMB3.25 billion and RMB1.28 billion of asset-light service contracts. • Overseas expansion advanced with two waste-to-energy projects in Uzbekistan and equipment-supply deals in Thailand and other markets. • R&D focus remained on “3+1” priority areas; granted 191 new intellectual-property rights, lifting the portfolio to 2,340 items.
Post-balance-sheet Event In February 2026 the company issued RMB2.00 billion of 3-year medium-term notes at a 2.15 % coupon to refinance existing debt.
Outlook Management targets a “high-quality start” to China’s 15th Five-Year Plan, prioritising technological innovation (fly-ash resource utilisation, biomass high-value use), deeper internationalisation in Central and Southeast Asia, and expansion of ecosystem-based services such as zero-carbon parks and virtual power plants. Robust cash reserves and ample undrawn facilities are expected to support planned growth while maintaining prudent leverage.