Hong Kong & China Gas Co. Ltd. · HKEX:3
Hong Kong & China Gas — The Hong Kong and China Gas Company — FY2025 Earnings Presentation
44 slides from Hong Kong & China Gas's earnings presentation, Mar 20, 2026
Slide 1: 2025 Annual Results
The Hong Kong and China Gas Company Limited (0003.HK) 2025 Annual Results 20 March 2026 The Hong Kong and China Gas | 2025 Annual Results 1
Slide 2: 2025: Business Highlights – Utility Business
2025: Business Highlights Utility Business Hong Kong Mainland Mainland Water Gas Business Gas Business and Environment • Steady gas sales volume • Steady gas sales volume • Steady growth in water & solid waste volume • On-site hydrogen power generation • Dollar margin increased by 0.02 RMB/m³ and ch
Slide 3: 2025: Business Highlights – Growth Business
2025: Business Highlights Growth Business Advanced Green Renewable Extended Biofuels Methanol Energy Business • Increased SAF output in • Established a JV company • Strengthened AuM cooperation to • Secured US$45 million in Zhangjiagang VENEX with Foran Energy self-balance cash flow and issued serie
Slide 4: 2025: Overview of Business Operations
2025: Overview of Business Operations Utility Business Growth Business Hong Kong Mainland Green Fuels Renewable Energy Extended Business Gas Sales Volume (TJ) Gas Sales Volume (billion m³) Advanced Biofuels Accumulated PV Customer Coverage (million) 27,181 Remains Remains (thousand tonnes) Grid-conn
Slide 5: Agenda
Agenda Financial Highlights P. 6 Business Review Utility Business o Hong Kong Gas Business P. 11 o Mainland Gas Business P. 14 o Mainland Water and Environment P. 20 Growth Business o Green Fuels P. 22 o Renewable Energy P. 29 o Extended Business P. 34 ESG P. 37 The Hong Kong and China Gas | 202
Slide 6: Financial Highlights
Financial Highlights The Hong Kong and China Gas | 2025 Annual Results 6
Slide 7: 2025: Profit from Operations
2025: Profit from Operations (Unit: HK$) Utility Business Growth Business Others Hong Kong Mainland Extended Renewable Green Rental、 Business Energy Fuels Telecommun ications 3,640 million 3,041 million 468 million 278 million -158 million 232 million (City Gas: 2,514 million) (Towngas Lifestyle: (1
Slide 8: 2025 Annual Results
2025 Annual Results (Unit: HK$ million) 2024 2025 Change (%) Revenue 55,473 54,326 -2 Profit from Operations 7,379 7,501 +2 Corporate Financial Expenses (1,623) (1,502) +7 Core Operating Profit 5,756 5,999 +4 Profit Attributable to Shareholders 5,712 5,688 Remains Steady Basic Earnings per Share (HK
Slide 9: Financial Position
Financial Position (Unit: HK$ billion) 2024 2025 Total Assets 158.3 163.6 Net Assets 68.3 71.4 Borrowings 57.4 59.7 Net Gearing Ratio* 42.8% 42.7% *Note: Net Debt / (Net Debt + Equity） Credit Rating: A- A1 The Hong Kong and China Gas | 2025 Annual Results 9
Slide 10: Capital Expenditure
Capital Expenditure (Unit: HK$ billion) 2024 2025 0003.HK 6.0 5.1 1083.HK 3.3 2.4* *Note: Renewable Energy AuM financing enough to cover capital expenditure The Hong Kong and China Gas | 2025 Annual Results 10
Slide 11: Utility Business – Hong Kong Gas Business
Utility Business ——Hong Kong Gas Business The Hong Kong and China Gas | 2025 Annual Results 11
Slide 12: Gas Sales Volume Remains Steady
Gas Sales Volume Remains Steady Gas Sales Volume (Unit: TJ) Changes in Gas Sales Volume (Unit: TJ) 27,181 (Remains Steady) (Equivalent to ~0.8 Billion m³of Natural Gas) Residential +347 Catering +40 Residential 14,783 54% Hotels -21 Commercial Hospitals & Social Welfare Agencies -25 Commercial 40% 1
Slide 13: Leading Hydrogen Development in HK
Leading Hydrogen Development in HK Hydrogen Gas Business Energy Business Stable gas sales volume • of tourism and economy • energy-efficient dehumidifier/dryers, gas cooling and electricity-to-gas applications • Green hydrogen production at a landfill site reached Northern Metropolis development acc
Slide 14: Utility Business – Mainland Gas Business
Utility Business ——Mainland Gas Business The Hong Kong and China Gas | 2025 Annual Results 14
Slide 15: Gas Sales Volume Remains Steady
Gas Sales Volume Remains Steady Gas Sales Volume (Unit: billion m3) Remains Steady • PRC NG usage remains steady YoY 36.36 36.35 Residential 8.07 8.15 22% • Warm winter, real estate market downturn and traditional industry production cuts reduced Commercial 5.25 4.99 14% C&I gas volume Industrial 15
Slide 16: Steadily Rising Dollar Margin
Steadily Rising Dollar Margin Selling Price, Gas Cost and City Gas Dollar Margin (Unit: RMB/m3) 2024 2025 Changes • Dollar margin improved Residential 2.82 2.83 +0.01 Selling Price Commercial 3.61 3.59 -0.02 • Dynamic sourcing optimised gas supply costs Industrial 3.48 3.42 -0.06 • C&I cost pass-thr
Slide 17: Connection Business Revenue
Connection Business Revenue PRC real estate market remained weak, new connections under pressure The number of household connections • Affected by weak PRC real estate market, (Unit: thousands) new connections declined User Type 2024 2025 Changes (%) Residential 1,679 1,446 -14 Industrial & • Expand
Slide 18: Market Expansion
Market Expansion Introduced HK Experience - Dishwasher “Electricity-to-gas” Retrofit, Saving 30% Energy • Deepening existing markets, advancing gas-for-steam/electricity substitution. Secured 127 major clients in 2025, adding 0.367 billion m³annual volume • Gas+ business rapid growth; strategic push
Slide 19: Gas Supply Chain: Assurance of Gas Supply
Gas Supply Chain: Assurance of Gas Supply • Enhance gas supply security & cost efficiency management The Group’s total gas sales volume to sustain business growth reached 36.35 billion m³in 2025 1 Fully implemented a 15 billion m³(1.5 billion m³/year) pipeline gas LTA with the “Three Majors” Jinchen
Slide 20: Utility Business – Mainland Water & Environment
Utility Business ——Mainland Water & Environment The Hong Kong and China Gas | 2025 Annual Results 20
Slide 21: Water and Environmental Business Sustains Growth
Water and Environmental Business Sustains Growth Water Volume Net Profit (Unit: billion tonnes) (Unit: HK$ billion) • Despite domestic economic pressure, water volume +0.6% and solid waste volume remained steady growth +4% 1.65 1.66 0.53 • Strict cost control and new business development 0.51 to boo
Slide 22: Growth Business – Green Fuels
Growth Business ——Green Fuels The Hong Kong and China Gas | 2025 Annual Results 22
Slide 23: Air: Malaysia Plant - Successful Commissioning and First Cargo
Air: Malaysia Plant - Successful Commissioning and Delivered First Cargo of Products • Trial production successfully delivered first qualified products, with first SAF shipment delivered within the year • This project received strong support from local government to boost local SAF supply chain Open
Slide 24: Air: Supporting HKSAR Government to Develop GBA SAF Supply Chain
Air: Actively Support The HKSAR Government to Develop GBA SAF Supply Chain The Chief Executive’s 2025 Policy Address Promote the Development of the New Energy Industry “…The Government will work with the Mainland authorities to enable a local enterprise, one of the world’s major SAF 2025 suppliers,
Slide 25: Marine: Green Methanol - Business Development Strategies
Marine: Green Methanol - Business Development Strategies Inner Mongolia’s production plant upgraded to produce green methanol Production Capacity Northeast Asia • 2025 full-year sales: ~17,000 tonnes • ~8,000 tonnes supplied to 2 Singaporean major bunkering players (Golden Island / Global Energy) •
Slide 26: Marine: Green Methanol - Foshan Project
Marine: Green Methanol - Foshan Project Industrial/Forestry Wood Waste Bark Processing Foshan Chemical Industry Park Phase 1 production capacity: 0.2 million tonnes/year Start production: 1H2028 Nansha JV Partner Nansha Oil Depot Yantian Shekou Hong Kong Phase 1: Phase 2: Phase 3: Expansion Plan 0.2
Slide 27: Marine: Green Methanol - Marine Fuel Market Prospects
Marine: Green Methanol - Marine Fuel Market Exhibits Enormous Development Prospects Green Methanol Will Become The Primary International Marine Transportation Low-carbon Marine Fuel (Unit: million tonnes) Emissions Reduction is Beneficial to The average demand for methanol in the The Green Methanol
Slide 28: Land: Promoted Hydrogen Power Generation in HK
Land: Promoted Hydrogen Power Generation in HK, Pilots Progressing Orderly Hydrogen Power Hydrogen Powered Generation Charging Station HK’s First Hydrogen Hydrogen Powered Power Generation Charging Station in System Application Science Park Nov 2025 3Q2026 EMSD、 Science Park National Games 80 kg hyd
Slide 29: Growth Business – Renewable Energy
Growth Business ——Renewable Energy The Hong Kong and China Gas | 2025 Annual Results 29
Slide 30: Challenges & Opportunities under New Policy
Challenges & Opportunities under New Policy PV Installed Capacity Growth Trend (GW) Electricity Supply and Demand Growth Trend (%) 12% 500 High-speed Deceleration Acceleration Supply exceeds demand Supply-demand adjustment Supply-demand balance 6% 0% 2022 2023 2024 2025 (E) 2026 (E) 2027 (E) 2028 (E
Slide 31: Operational Performance
Operational Performance Operational Data 2024 2025 Changes PV Grid-connected (GW) 2.3 2.8 +0.5 Power Generation Volume (billion kWh) 1.83 2.48 +36% Energy Storage Grid-connected Capacity (MWh) 60 487 +712% Gross Margin per kWh (RMB/kWh) 0.294 0.242 -0.052 Financial Data (RMB million) BU Profit Contr
Slide 32: Performance Affected by Electricity Tariff Policies
Performance Affected by Electricity Tariff Policies Equity scale: +200 MW YoY; power generation profit: up RMB50 million PV AuM management fees: RMB33 million (up RMB27 million) PV Business Net Profit With implementation of “Midday Off-peak Tariff” in 28 provinces, Decreased by RMB39 million g
Slide 33: Significant Growth in AuM Performance
Significant Growth in AuM Performance Reinvestment 457 MW of PV assets sold under AuM model, 1 100% Management with a cumulative total of 910 MW Investment Management AuM AuM financing in 2025: RMB1.8 billion, High Return Cost Reduction Quasi-REITs 2 including RMB1.3 billion from 2 tranches of Quasi
Slide 34: Growth Business – Extended Business
Growth Business ——Extended Business The Hong Kong and China Gas | 2025 Annual Results 34
Slide 35: Overview of Extended Business
Overview of Extended Business Population Coverage Customer Penetration Rate ~0.13 Billion 80 % 15 % Financial Data (HK$ million) Total Hong Kong Mainland Revenue 3,933 1,777 2,156 Net Profit 495 435 60 Operational Data Smart Kitchen 0.94 0.25 0.69 (Kitchen Appliances, Million Units) Secured insuranc
Slide 36: Financing Milestone; Three Core Business Upgrades Drive Growth
Financing Milestone; Three Core Business Upgrades Drive Growth Upgrade Kitchen Innovation in Upgrade of home Appliance Product insurance products safety services • Diversified white goods with a gas-to-electricity production ratio of 18:1 • Comprehensive • Launched trial sales of Hong Kong operation
Slide 37: ESG
ESG The Hong Kong and China Gas | 2025 Annual Results 37
Slide 38: Recognition for Outstanding ESG Performance
Recognition for Outstanding ESG Performance In 2025, the Group’s ESG practices received widespread Awarded the recognition, securing over 30 prestigious ESG awards Highest Rating from various authoritative institutions for the First Time 2024 2025 Hang Seng Corporate Sustainability Index Series AA+
Slide 39: 2025 Challenges & Solutions; 5-Year Energy Tech Footprints; 2026 Business Guidance
2025 Challenges & Solutions 5-Year Energy Tech Footprints 2026 Business Guidance The Hong Kong and China Gas | 2025 Annual Results 39
Slide 40: 2025: Overall Operating Environment and Group Strategy
2025: Overall Operating Environment and Group Strategy Macro Environment Group Strategy Expected consolidation in gas volume amid economic pressure Seizing Northern Metropolis opportunities for growth by prioritizing hydrogen expansion and new gas applications Mainland real estate market downturn, i
Slide 41: Group's 5-Year Energy Tech Transformation Footprints
Group’s 5-Year Energy Tech Transformation Footprints • Launched the international smart • Century energy legacy powers energy innovation competition tech transition to carbon neutrality in 2021 Hong Kong Mainland Mainland Water Advanced Biofuels Green Methanol Renewable Energy Extended Business Gas
Slide 42: 2026 Business Guidance
2026 Business Guidance Utility Business Growth Business Hong Kong Mainland Green Fuels Renewable Energy Extended Business Gas Sales Volume (TJ) Gas Sales Volume (billion m³) Advanced Biofuels Accumulated PV Customer Coverage (million) Remains (thousand tonnes) Grid-connected (GW) 27,181 Steady 36.55
Slide 43: Thank You
THANK YOU The Hong Kong and China Gas | 2025 Annual Results 43
Slide 44: Disclaimer
Disclaimer This presentation and corresponding discussion may contain certain forward-looking statements, including statements regarding our intent, belief or current expectations with respect to The Hong Kong and China Gas’s businesses and operations, market conditions, results of operation and fin
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