Analogue Holdings Limited · HKEX:1977
Analogue — H1 2026 Earnings Presentation
56 slides from Analogue's earnings presentation, Aug 28, 2026
Slide 1: Analogue Holdings Limited FY2026 Interim Results
(Stock Code : 1977) ANALOGUE HOLDINGS LIMITED FY2026 Interim Results Investor Presentation 28 August 2026
Slide 2: Disclaimer
DISCLAIMER Disclaimer • All information including statements, views and opinions contained herein this report, this presentation and accessory discussions whether in writing, orally provided or in any other form (the “Information”) does not constitute an offer of any form for the purposes of any app
Slide 3: Contents
CONTENTS OUTLOOK & COMPANY FINANCIAL BUSINESS GROWTH Q&A OVERVIEW REVIEW HIGHLIGHTS STRATEGIES 1 2 2 3 4 5 3
Slide 4: Company Overview
COMPANY OVERVIEW A leading provider of E&M engineering solutions and ICT services for smart cities A 49-year legacy of trusted partnerships with headquarters in HK and operations in with an extensive client portfolio the Chinese Mainland, Macau, the US, the UK, Germany, Singapore and Malaysia, cover
Slide 5: Company Overview - Recognition of Excellence
Company Overview - Recognition of Excellence Numerous accolades underscore the Group’s leadership in Innovation, Sustainability & Talent Development. Construction Industry Council (CIC) AI Award 2026 UNSDG Achievement Awards 2026 1. Gold Award - AI Research and Development Category in Total 1. Gold
Slide 6: Key Highlights
KEY HIGHLIGHTS ◼ Record-high interim contracts-in-hand with contracts across sectors, up by 34.9% year-on-year, providing a solid foundation for the business over the next three years and beyond ◼ Strong cash position provides the financial flexibility for working capital, additional projects, futur
Slide 7: Key Highlights
KEY HIGHLIGHTS ◼ With accelerating development of the Northern Metropolis as a growth engine, projects have been won in Fanling, Kwu Tung and other areas, with further opportunities from infrastructure, university, data centre, innovation and technology, housing and smart city developments in the pi
Slide 8: Key Highlights
KEY HIGHLIGHTS ◼ Maintained leadership in AI, Digital Twins, DfMA, and E&M innovations by combining extensive project experience with own R&D to advance smart buildings, construction technology and Commitment to infrastructure. AI R&D and ◼ Expanded MiMEP adoption to boost project quality, safety, a
Slide 9: Financial Review
FINANCIAL REVIEW 9
Slide 10: Financial Highlights
FINANCIAL HIGHLIGHTS Sustained Market Leading Position Order Intake (HK$’M) Contracts-in-hand (HK$’M) 2,807.2 17,649.3 + 34.9% Revenue (HK$’M) Bank Balances and Cash (HK$’M) 3,036.6 1,214.1 + 5.7% Profit Attributable to Owners of the Company (HK$’M) Low Gearing Ratio 152.0* 9.2% + 88.1% * Including
Slide 11: Key Financial Data
KEY FINANCIAL DATA 1H2026 1H2025 (HK$’M) (HK$’M) Growth Revenue 3,036.6 2,874.2 5.7% Gross profit 387.8 484.3 (19.9%) Gross profit margin 12.8% 16.8% (3.2 p.p.) Profit attributable to owners of the company 152.0* 80.8 88.1% Basic earnings per share (cents) 11 6 83.3% Dividend per share (cents) 4.9 2
Slide 12: Revenue Breakdown
REVENUE BREAKDOWN Revenue by Segment Revenue by Nature (HK$’M) (HK$’M) 1,649.60 1,564.90 2,429.7 2,208.2 840.2 717.0 303.2 569.3 616.8 290.9 255.9 289.0 49.2 54.3% 27.7% 9.6% 8.4% 37.6 54.5% 24.9% 10.5% 10.1% 80.0% 18.8% 76.8% 21.5% 1.2% 1.7% Total: 3,036.6 Total: 2,874.2 Total: 3,036.6 Total: 2,874
Slide 13: Healthy Financial Position
HEALTHY FINANCIAL POSITION 30 Jun 2026 31 Dec 2025 (HK$’M) (HK$’M) Current assets 3,850.2 3,719.5 Current liabilities 2,489.2 2,571.7 Bank balances and cash 1,214.1 1,020.8 Net current assets 1,361.0 1,147.8 Total assets less current liabilities 2,725.5 2,592.9 Current ratio 1.5x 1.4x Gearing ratio
Slide 14: Stably & Proactively Returning Capital to Shareholders
STABLY & PROACTIVELY RETURNING CAPITAL TO SHAREHOLDERS 8.52 4.90 4.50 4.27 2.90 2.60 2.38 2.00 1.00 8.77 9.52 4.38 5.5 4.9 FY2022 FY2023 FY2024 FY2025 1H2026 Dividend per share (HK cents) 14
Slide 15: Business Highlights
BUSINESS HIGHLIGHTS 15
Slide 16: Building Services: Contracts-in-hand and Segment Revenue
Contracts-in-hand: HK$7,996.6 million, up 15.3% Segment Revenue: (HK$’M) 1,467.9 1,363.5 181.3 201.2 0.4 0.3 1H2026 1H2025 Contracting work Maintenance work Sales of goods 16
Slide 17: Leadership in Advanced Techniques: MiMEP
LEADERSHIP IN ADVANCED TECHNIQUES Multi-trade Integrated Mechanical, Electrical and Plumbing (MiMEP) Modern Manufacturing • “MiMEP Design and Manufacturing Centre” and “MiMEP High Productivity Research Centre” in Zhuhai • Other MiMEP manufacturing facilities in Hong Kong MiMEP +AI • Leverage AI to t
Slide 18: 85% MiMEP Adoption
The Highest Rates of MiMEP Application in Hong Kong A Grade A Office & Commercial Complex at Caroline Hill Road in Causeway Bay 85% MiMEP Adoption Quality-assured MiMEP enhances quality, productivity and stakeholder value. Advanced MiMEP solutions address key industry challenges, including labour sh
Slide 19: Captured the Shifting Market with Diverse Sectors
Captured the Shifting Market with Diverse Sectors Infrastructure Data Centres Hospitals Public & Private Housing Commercial Development Universities 19
Slide 20: Signature Projects of Housing Authority and Housing Society
SIGNATURE PROJECTS OF HOUSING AUTHORITY AND HOUSING SOCIETY Public Housing Developments across Hong Kong Kwu Tung North Fanling Southern District Kwai Chung 20
Slide 21: Signature Projects of Housing Authority and Housing Society
SIGNATURE PROJECTS OF HOUSING AUTHORITY AND HOUSING SOCIETY Public Housing Developments across Hong Kong Kai Tak Tung Chung 21
Slide 22: Signature Projects: Hospitals
SIGNATURE PROJECTS Hospitals Pok Oi Hospital – Expansion of Buildings at a Hospital Expansion of North District Hospital The Elderly Home Development in Lai King Hospital Photos’ source credited: Architectural Services Department Website 22
Slide 23: Signature Projects: Commercial Developments
SIGNATURE PROJECTS Commercial Developments Causeway Bay Central West Kowloon Tung Chung 23
Slide 24: Signature Projects: Private Housing
SIGNATURE PROJECTS Private Housing Tung Chung Jordan Whampoa Wan Chai 24
Slide 25: Signature Projects: Universities and Infrastructure
SIGNATURE PROJECTS Universities Residence, Student Hostels and Academic Buildings at Various Universities Infrastructure HKIA Three Runway System New Works Tunnels and Sky Links 25
Slide 26: Signature Projects: Chinese Mainland and Macau
SIGNATURE PROJECTS Hangzhou, Chinese Mainland Jiangsu, Chinese Mainland Macau Commercial Development Project Residential Project Signature Hotel Project 26
Slide 27: Environmental Engineering: Contracts-in-hand and Segment Revenue
ENVIRONMENTAL ENGINEERING Contracts-in-hand: HK$8,164.2 million, up 78.3% Segment Revenue: (HK$’M) 636.5 478.9 179.9 203.4 23.8 34.7 1H2026 1H2025 Contracting work Maintenance work Sales of goods 27
Slide 28: Continuous Optimisation of Environmental and Climate Solutions
ENVIRONMENTAL ENGINEERING Continuous Optimisation of Business Development Unit Environmental and Climate Solutions Smart Data Automation (SDA) Self-developed AI-enabled Digital Twin Solutions−Algo Series Deploy AI and robotics across infrastructure operations to enhance • AlgoWater® efficiency, reli
Slide 29: Signature Projects: Sha Tin Sewage Treatment Works Relocation
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Relocation of Sha Tin Sewage Treatment Works to Caverns Future Cavern Sewage Treatment Works Existing Sha Tin Sewage Treatment Works Project Photo source credited: Website of Development Bureau, HKSAR 29
Slide 30: Signature Projects: Sewage, Flood Prevention, Water
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Sewage Yuen Long Effluent Polishing Plant Cheung Chau Sewage Treatment San Shek Wan Sewage Treatment Works and Disposal Facilities Flood Water Prevention Yuen Long Barrage and Nullah In-situ Reprovisioning of Tsuen Wan Water Treatment Works Improvement Sc
Slide 31: Signature Projects: Landfill Gas Treatment
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Landfill Gas Treatment Leachate Treatment Works for New Leachate Treatment Plant West New Territories (WENT) Landfill West New Territories Landfill for North East New Territories Landfill Gas Power Generation Phase II Extension (WENTX) Extension (NENTX) D
Slide 32: Signature Projects: Laundry and Storage Systems
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Laundry Service System Automatic Storage & Transportation System Supply and Installation of a Laundry Service System Supply and installation of an Automatic Storage & for Garment Sorting and Finishing, Shum Wan Laundry Transportation System for Hospital A
Slide 33: Operation and Maintenance Projects
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Organic Resources Recovery Centre Food Waste Pre-treatment facilities at Food Waste Pre-treatment facilities at (O PARK1) Tai Po Sewage Treatment Works Sha Tin Sewage Treatment Works Operation and Maintenance Projects (Operation Stage) Pillar Point Sewage
Slide 34: Signature Projects: Chinese Mainland Wastewater and CHP
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Chinese Mainland Projects – Wastewater Treatment & Combined Heat and Power Wastewater Treatment Plant, Combined Heat and Power, Combined Heat and Power, Qingdao Shanghai Chongming Shanghai Qingpu 34
Slide 35: Signature Projects: Overseas Wastewater Treatment
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Overseas Projects – Wastewater Treatment Dhobighat Wastewater Treatment Plant, Nepal Rijeka Wastewater Treatment Plant, Croatia 35
Slide 36: ICBT: Contracts-in-hand and Segment Revenue
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES Contracts-in-hand: HK$830.8 million Segment Revenue: (HK$’M) 213.1 200.0 80.8 81.6 10.1 8.5 1H2026 1H2025 Contracting work Maintenance work Sales of goods 36
Slide 37: Go Forward with the Trends in Advanced Technology
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES Go Forward with the Trends in Advanced Technology • The Group’s proprietary smart building management platform, integrates Digital Twin technology, Data Lake, AI-powered analytics, and IoT data to enable total lifecycle building management. This su
Slide 38: Smart Property & Asset Management
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES Smart Property & Asset Management • Cloud-based "Central Office for Property and Asset" (COPA) Platform • Unified standalone systems into a unified platform • Integrated real-time IoT sensors for estate monitoring and data-driven decisions Remark:
Slide 39: Signature Projects: ICBT Technologies
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES SIGNATURE PROJECTS Supply and installation of advanced technologies into the projects (e.g. BMS, ICT, ELV, IoT Systems etc.) Laundry Service System Hospital Infrastructure North Lantau Hospital (Real-Time Hong Kong-Shenzhen The University of Hong K
Slide 40: Signature Projects: Data Centre and Hospital
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES SIGNATURE PROJECTS Data Centre Hospital Design and Build a Major Data Centre North District Hospital Expansion Project in Tseung Kwan O Hospital Photo source credited: Website of Hospital Authority for illustrative purposes 40
Slide 41: Lifts & Escalators: Contracts-in-hand and Segment Revenue
Contracts-in-hand: HK$657.7 million Segment Revenue: (HK$’M) 152.7 125.3 127.2 130.6 3.4 5.7 1H2026 1H2025 Contracting work Maintenance work Sales of goods 41
Slide 42: Extending the Quality Service Going Global As Always
Extending the Quality Service Going Global As Always Hong Kong & Chinese Mainland • Maintenance contracts for a diverse range of buildings in Hong Kong were major profit contributors • Nanjing factory has streamlined manufacturing processes, broadened product portfolio and strengthened the overall p
Slide 43: Signature Projects: Diverse Sectors
SIGNATURE PROJECTS Diverse Sectors Tin Shui Wai Hospital West Kowloon Law Courts Building Private Residence in Kowloon City 43
Slide 44: Signature Projects: Diverse Sectors
SIGNATURE PROJECTS Diverse Sectors Joint-user Government Office Building Provision of Universal Accessibility Facilities Public Housing Estates in Tseung Kwan O at Footbridges, Elevated Walkways and Subways in Shatin 44
Slide 45: Signature Projects: Automated Parking System
SIGNATURE PROJECTS Automated Parking System Joint-user Government Office Building Tsuen Wan Kai Tak Inland Revenue Tower in Tseung Kwan O 45
Slide 46: Signature Projects: Overseas Projects
SIGNATURE PROJECTS Overseas Projects Mexico City Sao Paulo, Brazil Florida, US Manhattan, New York City Newcastle upon Tyne, UK Manchester, UK London, UK 46
Slide 47: Maintenance Business: 19% in 1H2026
MAINTENANCE BUSINESS Contribution to the Group’s Revenue 19% in 1H2026 Recurring Revenue Generated (HK$’M) 616.9 569.3 1H2026 1H2025 47
Slide 48: Maintenance Business
MAINTENANCE BUSINESS Hong Kong Zhuhai Macao Bridge Castle Peak Power Station, ◼ Contracts for Maintenance of Penny's Bay Power Station Mechanical Installations, and & Waste-to Energy (WE) Station Main Power Supply & Distribution ◼ Provision of Integrated Equipment at the Hong Kong Port Maintenance a
Slide 49: Maintenance Business
MAINTENANCE BUSINESS Housing Authority EMSD ◼ Maintenance Contracts ◼ Term Contract for Operation & Maintenance Services for Kowloon West & Sai Kung (KWS), Tai Po, North & for various Disciplined Services Departments and Independent Shatin (TNS) and Kwai Chung (KC) Region Commission Against Corrupti
Slide 50: Maintenance Business: Hong Kong Port and Shenzhen Bay
MAINTENANCE BUSINESS Hong Kong Port and Shenzhen Bay Control Point in the Hong Kong Zhuhai Macao Bridge ◼ Maintenance Services for Automatic Vehicle Clearance Support System 50
Slide 51: Maintenance Business
MAINTENANCE BUSINESS Central to Mid-Levels Escalator and Walkway System Ocean Park ◼ Management, Operation and ◼ Maintenance Contract Maintenance Contract for Central for Lifts and Escalators to Mid-Levels Escalator and Walkway System System Hong Kong Science Park Kowloon East Regional Headquarters
Slide 52: Outlook & Growth Strategies
OUTLOOK THANK YOU & GROWTH STRATEGIES 52
Slide 53: Continuous Improvement of Core Strengths and Innovation for Quality
GROWTH OPPORTUNITIES Continuous Improvement of Core Strengths and Innovation for Quality Building Core Strengths Innovating for Quality ◼ Comprehensive service provider with global vision, ◼ Advanced cutting-edge technologies throughout entire cross-disciplinary capabilities, and innovative technolo
Slide 54: Capturing Valuable Business Opportunities in Multiple Markets
GROWTH OPPORTUNITIES Capturing the Valuable Business Opportunities Arising in the Multiple Markets Hong Kong Chinese Mainland Overseas ◼ Government capital works alone ◼ Chinese Mainland continues to show ◼ Progressing expansion in worth HK$128 billion resilience, technological southeastern part of
Slide 55: Q&A
Q&A 55
Slide 56: Thank You
THANK YOU 56