Analogue Holdings Limited · HKEX:1977
Analogue — FY2025 Earnings Presentation
53 slides from Analogue's earnings presentation, Mar 27, 2026
Slide 1: FY2025 Annual Results Investor Presentation
(Stock Code : 1977) ANALOGUE HOLDINGS LIMITED FY2025 Annual Results Investor Presentation 27 Mar 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 REVIEW 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 with headquarters in HK and operations in partnerships with an extensive client the Chinese Mainland, Macau, the US, the portfolio UK, Germany, Singapore and Malaysia, cover
Slide 5: Key Highlights: Solid Foundation for Business Going Forward
KEY HIGHLIGHTS ◼ Record-high contracts-in-hand, up by 61.8% year-on-year, with contracts won across diverse sectors ◼ Strong cash position and reduced gearing ratio, to take on additional work and other business opportunities arising Solid Foundation for Business Going Forward ◼ 113.7% increase in o
Slide 6: Key Highlights: Varied Business Opportunities Driven by New Technology, Market and Model
KEY HIGHLIGHTS ◼ ATAL Design, Research and Training Centre serves as a timely platform for making innovation actionable to create value for customers, thus winning many significant contracts across diverse sectors Varied Business ◼ Lifts & Escalators segment continued to advance its vertically integ
Slide 7: Key Highlights: Commitment to Innovation
KEY HIGHLIGHTS ◼ Leadership in MiMEP, DfMA and BIM with transformed engineering workflows to improve quality, enhance safety, reduce site time, minimise waste, and ultimately prevent site issues before they Commitment to arise Innovation ◼ Further expanded the use of advanced construction technologi
Slide 8: Financial Review
FINANCIAL REVIEW 8
Slide 9: Financial Highlights
FINANCIAL HIGHLIGHTS Sustained Market Leading Position Order Intake (HK$’M) Contracts-in-hand (HK$’M) 12,913.6 17,878.7 + 113.7% + 61.8% Revenue (HK$’M) Bank Balances and Cash (HK$’M) 6,087.6 1,020.8 Profit Attributable to Owners of the Company (HK$’M) Low Gearing Ratio 167.0 10.1% + 23.5% 9
Slide 10: Key Financial Data
KEY FINANCIAL DATA FY2025 FY2024 (HK$’M) (HK$’M) Growth Revenue 6,087.6 6,450.1 (5.6%) Gross profit 997.8 1,002.3 (0.4%) Gross profit margin 16.4% 15.5% 0.9 p.p. Profit attributable to owners of the company 167.0* 135.3^ 23.5% Basic earnings per share (cents) 12 10 20% Dividend per share (cents) 5.5
Slide 11: Revenue Breakdown
REVENUE BREAKDOWN Revenue by Segment Revenue by Nature (HK$’M) (HK$’M) 3933.0 5081.0 4753.3 3278.9 1591.4 1348.1 1228.5 1230.1 630.3 587.0 640.2 528.8 139.0 105.8 53.9% 26.1% 10.4% 9.6% 61.0% 20.9% 9.9% 8.2% 78.1% 20.2% 78.8% 19.0% 1.7% 2.2% Total: 6,087.6 Total: 6,450.1 Total: 6,087.6 Total: 6,450.
Slide 12: Healthy Financial Position
HEALTHY FINANCIAL POSITION 31 Dec 2025 31 Dec 2024 (HK$’M) (HK$’M) Current assets 3,719.5 3,699.4 Current liabilities 2,571.7 2,632.6 Bank balances and cash 1,020.8 1,035.9 Net current assets 1,147.8 1,066.9 Total assets less current liabilities 2,592.9 2,567.5 Current ratio 1.4x 1.4x Gearing ratio
Slide 13: Stably & Proactively Returning Capital to Shareholders
STABLY & PROACTIVELY RETURNING CAPITAL TO SHAREHOLDERS 8.52 7.25 4.50 4.27 4.02 2.90 2.60 2.38 2.00 1.00 11.27 8.77 9.52 4.38 5.5 FY2021 FY2022 FY2023 FY2024 FY2025 Dividend per share (HK cents) 13
Slide 14: Business Review
BUSINESS REVIEW 14
Slide 15: Building Services: Contracts-in-hand HK$8,297 million
Contracts-in-hand: HK$8,297 million, up 62.5% Segment Revenue: (HK$’M) 3,506.7 2,867.3 409.8 421.5 1.8 4.8 FY2025 FY2024 Contracting work Maintenance work Sales of goods 15
Slide 16: 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 Own Methodologies • The deve
Slide 17: 85% MiMEP Adoption
The Highest Rates of MiMEP Application in Hong Kong A Grade A office building at Caroline Hill Road in Causeway Bay 85% MiMEP Adoption The development of quality assurance for MiMEP aims to ensure win-win benefits for various stakeholders and to enhance quality and productivity. Advanced MiMEP can a
Slide 18: Captured the Shifting Market with Diverse Sectors
Captured the Shifting Market with Diverse Sectors Infrastructure Data Centres Hospitals Public & Private Housing Commercial Development Universities 18
Slide 19: Signature Projects of Housing Authority and Housing Society
SIGNATURE PROJECTS OF HOUSING AUTHORITY AND HOUSING SOCIETY Public Housing Development in Various Districts Kwu Tung North Fanling Southern Kwai Chung 19
Slide 20: Signature Projects of Housing Authority and Housing Society
SIGNATURE PROJECTS OF HOUSING AUTHORITY AND HOUSING SOCIETY Public Housing Development in Various Districts Kai Tak Tung Chung 20
Slide 21: Signature Projects: Data Centre and Hospitals
SIGNATURE PROJECTS Data Centre Hospitals Data Centre Fitting-out Work for Expansion of Lai King Building in Expansion of North District Hospital a Major Data Centre Service Provider in Tseung Kwan O Princess Margaret Hospital Hospital Photos’ sources credited: Architectural Services Department Websi
Slide 22: Signature Projects: Commercial Development
SIGNATURE PROJECTS Commercial Development Causeway Bay Central West Kowloon Tung Chung 22
Slide 23: Signature Projects: Private Housing
SIGNATURE PROJECTS Private Housing Tung Chung Jordan Whampoa Wan Chai 23
Slide 24: 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 24
Slide 25: Signature Projects: Mainland and Macau
SIGNATURE PROJECTS Shanghai, Chinese Mainland Macau Commercial Development Mega Integrated Podium Construction Project Signature Hotel Project Project Construction Project 25
Slide 26: Environmental Engineering: Contracts-in-hand HK$8,094 million
ENVIRONMENTAL ENGINEERING Contracts-in-hand: HK$8,094 million, up 86.9% Segment Revenue: (HK$’M) 1,138.0 851.7 396.7 426.1 56.7 70.3 FY2025 FY2024 Contracting work Maintenance work Sales of goods 26
Slide 27: Continuous Optimisation of Environmental and Climate Solutions
ENVIRONMENTAL ENGINEERING Continuous Optimisation of Business Development Unit Environmental and Climate Solutions Smart Data Automation (SDA) Bringing the various AI and Robotic technologies to the infrastructure market and customer, to enhance operational Environmental Engineering Technologies: ef
Slide 28: Signature Projects: Sha Tin Sewage Treatment Works Relocation
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Relocation of Sha Tin Sewage Treatment Works to Caverns Project Photo’ source credited: Website of Development Bureau, HKSAR 28
Slide 29: 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 Prevention Water In-situ Reprovisioning of Sha Tin Tsuen Wan Water Treatment Works Yuen Long Barrage and Nullah Cerami
Slide 30: Signature Projects: Landfill Gas Treatment
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Landfill Gas Treatment Leachate Treatment Works for New Leachate Treatment Plant for West New Territories (WENT) Landfill West New Territories Landfill North East New Territories Landfill Gas Power Generation Phase II Extension (WENTX) Extension (NENTX) D
Slide 31: Signature Projects: Laundry and Storage Systems
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Laundry Service System Automatic Storage & Transportation System Supply and Installation of Laundry Service System Supply and installation of Automatic Storage & Transportation for Garment Sorting and Finishing, Shum Wan Laundry System for Hospital Author
Slide 32: 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 33: Chinese Mainland Projects – Wastewater Treatment & 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 33
Slide 34: Overseas Projects – Wastewater Treatment
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Overseas Projects – Wastewater Treatment Dhobighat Wastewater Treatment Plant, Nepal Rijeka Wastewater Treatment Plant, Croatia 34
Slide 35: ICBT: Contracts-in-hand HK$852 million
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES Contracts-in-hand: HK$852 million Segment Revenue: (HK$’M) 444.1 450.4 159.5 141.9 26.7 47.9 FY2025 FY2024 Contracting work Maintenance work Sales of goods 35
Slide 36: Go Forward with the Trends in Advanced Technology
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES Go Forward with the Trends in Advanced Technology Leveraging our own R&D, design and talent development, the green and intelligent building solutions offered by the ICBT segment integrate a wide range of technologies: • AI-enabled Digital Twin • En
Slide 37: Signature Projects: ICBT Commercial and Private Housing
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES SIGNATURE PROJECTS Supply and installation of advanced technologies into the projects (e.g. BMS, ICT, ELV, IoT Systems etc.) Commercial Development Private Housing Tung Chung Sheung Wan Private Residence in The Peak 37
Slide 38: Signature Projects: ICBT Infrastructure
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES SIGNATURE PROJECTS Laundry Service System Infrastructure Hong Kong-Shenzhen The University of Hong Kong Hong Kong Convention and Exhibition Centre Innovation and Technology Park 38
Slide 39: Signature Projects: Hospital
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES SIGNATURE PROJECTS Hospital Alice Ho Miu Ling Nethersole Hospital 39
Slide 40: Lifts & Escalators: Contracts-in-hand HK$635 million
Contracts-in-hand: HK$635 million Segment Revenue: (HK$’M) 303.9 262.5 272.2 240.6 20.6 16.0 FY2025 FY2024 Contracting work Maintenance work Sales of goods 40
Slide 41: 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 42: Signature Projects: Diverse Sectors
SIGNATURE PROJECTS Diverse Sectors Tin Shui Wai Hospital West Kowloon Law Courts Building Private Residence in Kowloon City 42
Slide 43: Signature Projects: Diverse Sectors
SIGNATURE PROJECTS Diverse Sectors Joint-user Government Office Building in Provision of Universal Accessibility Facilities at Public Housing Tseung Kwan O Footbridges, Elevated Walkways and Subways in Shatin 43
Slide 44: Signature Projects: Automated Parking System
SIGNATURE PROJECTS Automated Parking System Joint-user Government Office Building in Tsuen Wan Kai Tak Inland Revenue Tower Tseung Kwan O 44
Slide 45: 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 45
Slide 46: Maintenance Business
MAINTENANCE BUSINESS Generate FY2025 FY2024 Contribution to the FY2025 Recurring Revenue HK$1,229M HK$1,230M Group’s revenue 20.2% Hong Kong Zhuhai Macao Bridge Castle Peak Power Station ◼ Contracts for Maintenance of ◼ Provision of Integrated Mechanical Installations, and Maintenance and Project Ma
Slide 47: Maintenance Business
MAINTENANCE BUSINESS Housing Authority Hong Kong Port and Shenzhen Bay ◼ Maintenance Contracts Control Point in the Hong Kong Zhuhai for Kowloon West & Sai Kung (KWS), Tai Po, North & Shatin Macao Bridge (TNS) and Kwai Chung (KC) Region ◼ Maintenance Services of Automatic Vehicle Clearance Support S
Slide 48: 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 49: Outlook & Growth Strategies
OUTLOOK THANK YOU & GROWTH STRATEGIES 49
Slide 50: Continuous Improvement of Core Strengths and Investment in Innovation
GROWTH OPPORTUNITIES Continuous Improvement of Core Strengths and Investment in Innovation Building Core Strengths Innovating for Quality ◼ Leading provider of E&M engineering solutions and ◼ Advanced adoption of cutting-edge technologies ICT services for smart cities throughout entire project lifec
Slide 51: Capturing the Valuable Business Opportunities Arising in the Multiple Markets
GROWTH OPPORTUNITIES Capturing the Valuable Business Opportunities Arising in the Multiple Markets Hong Kong Chinese Mainland Overseas ◼ Government capital works worth ◼ Chinese Mainland continues to show ◼ Progress with expansion in the HK$90 to HK$120 billion resilience, technological southeastern
Slide 52: Q&A
Q&A 52
Slide 53: Thank You
THANK YOU 53