Ck Infrastructure Holdings LimitedHKEX: 1038

2025 Annual Results Investor Presentation

· Issued by Ck Infrastructure Holdings Limited


Contents

Highlights - 2025 and Our 30-Year Journey

  • FY2025 Results at a Glance

  • Dividends and Shareholder Return

  • Our 30-Year Journey

    Financial Review and Financial Management

  • 2025 Results Overview

  • Financial and Gearing Positions

    International Business

  • Operational Update

  • MCA Transactions



MsA Outlook Appendices

1



HIGHLIGHTS - 2025 AND OUR

30-YEAR JOURNEY



FY2025 Results At a Glance

Profit Attributable to Shareholders

  • Profit attributable to shareholders at HK$8.3 billion in 2025 (+2% y-o-y)

Financial Position

  • Funds from operations at HK$8.5 billion in 2025 (+14.8% y-o-y)

  • Cash on hand at HK$7.4 billion

  • Net debt to net total capital at 8.9%

  • Standard & Poor's has reaffirmed CKI's credit rating of "A/Stable"

  • Proposed final DPS at HK$1.88; Full year DPS at HK$2.61 (+1.2% y-o-y)

  • 29th consecutive year of dividend growth since listing in 1996

Dividends

Subsequent Events

  • UK Rails divestment completed in January 2026; £1.1 billion total cash

    proceeds received by CK Group consortium at completion

  • UK Power Networks divestment announced in February 2026. Completion of the transaction is expected before end of June 2026, subject to fulfillment of certain conditions

CKI Has Delivered 2G Consecutive Years of Dividend Growth Since Listing in 1GG6

Dividends per Share (HK$)

Interim Dividend Final Dividend

2.380

2.430 2.460 2.470 2.500

2.530 2.560 2.580 2.610

2.260

2.150

2.000

1.860

1.660

1.530

1.880

1.330

1.830 1.850 1.860

1.710 1.750 1.780 1.790 1.810

1.630

1.100 1.135

1.201

1.550

1.475

0.948 1.000

1.360

1.260

0.790

1.165

0.630 0.680 0.715

1.000

0.600

0.708 0.750

0.830 0.838 0.880

0.320

0.380 0.420

0.400

0.420 0.465 0.500 0.570

0.160

0.220

0.260 0.290

0.500 0.525 0.600

0.630 0.670 0.680 0.680 0.680 0.690 0.700 0.710 0.720 0.730

0.160 0.100 0.120 0.130 0.200 0.210 0.215 0.215 0.220 0.240

0.250 0.270 0.297 0.321 0.330 0.365 0.400

2.8

2.6

2.4

2.2

2.0

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

What a Long-Term CKI Investor Would Have Gained Over 30 Years?

An investor who bought CKI's shares at the IPO in July 1996 and still holds them to date - having reinvested all dividends back into the company - would have achieved a total shareholder return of about 15 times.

SINCE IPO in July 1996

13th March, 2026

17th July, 1GG6

(IPO)

17.3

Market Capitalization (HK$ billion)

161.9



  • Profit attributable to shareholders was HK$8.3 billion in 2025,

    +8.3 times versus 1GG6

  • Net assets have increased over 15 times, from HK$8.4 billion as at 31/12/1GG6 (the year CKI was listed) to HK$137.G billion as at 31/12/2025

  • CKI's cumulative dividends since listing is HK$45.4 per share,

    about 3.6 times of its IPO listing price of HK$12.65

  • An investment in CKI's shares at the IPO would have realised a

    total shareholder return of about 15 times (as of 13/3/2026)

  • Annualised total shareholder return is about G.7% p.a. since listing (as of 13/3/2026)



    CKI's 30-Year Journey: Demonstrating the "Cheung Kong Spirit"

    • The Yangtze River - also known as "Cheung Kong" as in our company name in Chinese and literally meaning "Long River" - is China's longest and deepest river formed by the convergence of countless streams and tributaries.

    • This resonates with CKI's globalisation journey, built on over 30 acquisitions throughout three decades - a convergence of quality assets delivering collaborative success.

Powercor

Australia

Meridian

Cogeneration Plant

Canada

Dutch Enviro Energy

Netherlands

Canadian Midstream Assets

Canada

Reliance Home Comfort

Canada

CKI Listing

ETSA

Cambridge Water1

United Kingdom

UK Power Networks3

United Kingdom

Park'N Fly

Canada

ista

Phoenix Energy

United Kingdom

Utilities

Australia

CitiPower

Australia

Wellington Electricity

New Zealand

Enviro NZ

New Zealand

UK Rails1

United Kingdom

Germany

1GG6 … 1GGG

2000 2001 2002 2003 2004 2005 2006 2007 2008 200G 2010 2011 2012 2013 2014 2015 2016 2017 2018 … 2025

Toll Roads s Power

Envestra

Australia

Northern Gas Networks

United Kingdom

Seabank Power

United Kingdom

Australian

Gas Networks2

United Energy Multinet Gas

UK Renewables Energy Group

United Kingdom

Stations

Hong Kong C

Canadian Power

Canada

Northumbrian Water

United Kingdom

Australia

Dampier Bunbury Pipeline

Energy Developments

Chinese

Wales s West

Portugal

Australia

Mainland

Gas Networks

Initial Overseas Investments

International Expansion

Accelerated Globalisation

United Kingdom

Renewable Energy1

Portugal

Regional

Development

Notes:

  1. Subsequently divested

  2. Formerly named Envestra Limited

  3. Signed agreement to sell UKPN in February 2026

DIVERSIFICATION

CKI Has Built a Global, Diversified Portfolio Throughout Its 30 -Year Journey

GLOBALISATION





New Zealand Power distribution

Waste management

Energy-from-waste

Dutch Enviro Energy

Sub-metering

Continental Europe

Gas distribution

Gas transmission

Distributed energy and clean energy

Power distribution & transmission

Victoria Power Networks

Australia

Cement production

Concrete and aggregate production

Toll roads and bridges

HK and Chinese Mainland

Global infrastructure investment

Power Assets



Canada

Household infrastructure



Power generation



Oil & gas midstream assets



Off-airport parking facilities







Today, CKI's World-Class Portfolio is Embedded with Considerable Value



United Kingdom

Power distribution



Gas distribution



Water supply and sewerage services



Power generation





FINANCIAL REVIEW AND FINANCIAL MANAGEMENT

2025 Results Overview

(in HK$ million) 2025 2024 Change

Investment in Power Assets (PAH)

2,246

2,203

+2%

  • Solid performance from international businesses and HK Electric

United Kingdom portfolio

3,983

3,981

-%

  • -3% y-o-y in local currency term (LC)

  • Higher true-ups for UKPN in 2024

  • Operating performances were solid across the major businesses; Northumbrian Water entered into new regulatory period from 1 April 2025

Australia portfolio

1,784

1,784

-%

▪ +2% y-o-y in LC

  • Lower contribution from Energy Developments due to expiry of various contracts and low electricity prices

  • Solid operating performances for the regulated electricity and gas distribution businesses

Continental Europe portfolio

961

607

+58%

▪ +50% y-o-y in LC

  • Strong operating performance and favourable deferred tax credit due to reduction in corporate tax rate in Germany

Canada portfolio

528

524

+1%

▪ +3% y-o-y in LC

  • Reliance Home Comfort completed two home services acquisitions in the U.S.

New Zealand portfolio

200

185

+8%

▪ +13% y-o-y in LC

  • Strong performances for both Enviro NZ and Wellington Electricity

HK & Chinese Mainland portfolio

68

132

-48%

  • Weak volumes for the cement business in Chinese Mainland

  • Lower prices for the concrete business in Hong Kong

Total Contribution from Businesses

9,770

9,416

+4%

Treasury Related Activities & Others

(1,067)

(863)

  • Higher net finance costs and overheads compared to last year

Distribution to Perpetual Securities

(438)

(438)

Profit Attributable to Shareholders

8,265

8,115

+2%

Earnings per share (HK$)

3.28

3.22

+2%

Profit Contribution by Region 2025 2024

Canada

Continental Europe

5%

10%

41% UK



HK$9,770mn

Canada

6%

Continental 7%

Europe

42%



UK

HK$9,416mn

New Zealand 2%

23%

New Zealand 2%

HK & 1%

PAH

1% 23%

PAH

Chinese Mainland

18%

HK & Chinese Mainland

19%

Australia

PAH's profit contribution before

all-other activities

Australia

PAH's profit contribution before

all-other activities

Others

HK

14% UK

Others

HK

14% UK

Note:

Figures above before unallocated items

Electric

Australia

16%

22%

48%

Electric Australia

16%

21%

49%

Group Financial Positions

Dec 31, 2025

Dec 31, 2024

Cash on Hand (HK$ million)

7,350

8,105

Debts (HK$ million)

20,835

19,241

Net Debt (HK$ million)

13,485

11,136

Total Equity (HK$ million)

137,852

131,243

Net Debt to Net Total Capital ratio

Group level

8.9%

7.8%

Look through basis1

48.5%

47.0%

2025

2024

Funds from operations (HK$ million)

8,515

7,416

Note:

1. Include sharing of net debt in infrastructure investment portfolio on a look-through basis

Gearing Ratio Since 2010

Net Debt / Net Total Capital

17.6%

16.5%

12.5%

13.5%

14.7%

13.1%

10.2%

8.1%

7.7%

8.9%

7.3%

7.7%

7.8%

5.4%

5.3%

4.5%



25%

20%

15%

10%

5%

0%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Credit Rating and Debt Maturity

Debt Maturity Profile



Credit Rating

A/Stable by S&P

Last updated on 19 February 2025

"A-" or above by S&P since 1997



2025 2024

13%

HK$20,835mn

87%

24%

HK$19,241mn

76%

Within 1 year 2-5 years Within 1 year 2-5 years



INTERNATIONAL BUSINESS

Regulatory Resets Timetable

Our UK water and gas distribution networks and most of our Australian and New Zealand electricity and gas distribution networks have completed or are undergoing their regulatory resets over 2025 and 2026.

UNITED KINGDOM

1Q25

2Q25

3Q25

4Q25

1Q26

2Q26

3Q26

4Q26

1Q27

2Q27

3Q27

4Q27

1Q28

2Q28

3Q28

4Q28

1Q29

2Q29

3Q29

4Q29

1Q30

2Q30

3Q30

4Q30

UK Power Networks Northumbrian Water Northern Gas Networks Wales and West Utilities Phoenix Energy

AUSTRALIA

SA Power Networks Victoria Power Networks United Energy

Australian Gas Networks - SA Australian Gas Networks - Vic/Albury Multinet Gas Networks

NZ

Dampier Bunbury Pipeline Wellington Electricity



CK Infrastructure Holdings Limited

Current price control period

Future price control period Past price control period

16

CKI Regulated Businesses RAV Growth

£bn

12.0

10.0

8.0

6.0

4.0

2.0

UK Regulatory Asset Values1

9.2

7.7

5.8

3.1

3.3

3.0

3.4

10.4

A$bn

12.0

10.0

8.0

6.0

4.0

2.0

Australian Regulatory Asset Base2,3

8.6

5.9

5.3

4.2

4.4

3.0

3.4

1.7

1.9

10.3

0.0

UKPN NWG NGN WWU

RY2025 RY2026 RY2027 RY2028

0.0

SAPN VPN UE AGN MGN

RY2025 RY2026 RY2027 RY2028

Notes:

  1. UKPN's figures based on its regulatory disclosures; NGN and WWU figures based on its regulatory disclosures and the RIIO-GD3 Final Determination; NWG figures based on Ofwat's PR24 final determination

  2. SAPN's figures based on its regulatory disclosures and the AER's 2025-30 Final Decision; VPN's, UE's, and AGN (South Australia)'s figures based on the AER's 2026-31 Draft Decisions; AGN (Vic/Albury)'s and

    MGN's figures are based on its regulatory disclosures and the AER's 2023-28 Final Decisions

  3. AGN's figure comprises AGN (South Australia) and AGN (Victoria/Albury) only

  4. RY represents Regulatory Year-end. All figures are presented on a nominal basis

UK Portfolio - Gas Distribution Networks

The Final Determinations (FD) for NGN and WWU for the RIIO-GD3 regulatory period were published by Ofgem in

December 2025. The new five-year price control will commence on 1 April 2026.

Comparison of RIIO-GD3 FD (2026-31) vs RIIO-GD2 FD (2021-26)



Totex allowance (£ billion)1

Allowed return

on equity2

Cost of debt

allowance2

Allowed return

on capital2





RIIO-GD3

1.66

1.78

6.12%

3.15%

4.34%

RIIO-GD2

1.48

1.44

4.30%

1.88%

2.85%

Difference

+12%

+24%

+182bps

+127bps

+149bps

Source: Ofgem

Notes:

  1. Totex allowances are baseline totex allowances, presented in £23/24 prices

  2. Figures are presented on a real basis and represent the average over the price control period

UK Portfolio - Northumbrian Water

The Competition and Markets Authority (CMA) has announced its final determination for Northumbrian Water PR24 (2025-30) appeal on 10 March 2026. Allowed return on capital has been set at 4.20%, improving over Ofwat's PR24 FD. Detailed analysis on the final determination is underway.

Comparison of PR24 FD (2025-30) vs PR19 FD (2020-25) post-CMA appeal

Totex allowance1 (£ billion)

Allowed return on equity (real)

Allowed cost of debt (real)

Allowed return on capital2 (real)

PR24

6.70

5.10%

3.15%

4.03%

PR19 (post-CMA)

3.85

4.73%

2.18%

3.20%

Difference

+74%

+37bps

+97bps

+83bps

Source: Ofwat

Notes:

  1. Totex allowances presented in 2024/25 prices

  2. Appointee WACC, including a 6bps retail margin

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