Everbright Environment Announces 2025 Annual Results

HONG KONG, March 20, 2026 /PRNewswire/ -- China Everbright Environment Group Limited ("Everbright Environment" or the "Company") (257.HK) announces the consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2025 ("2025" or the "year under review").

During the year under review, facing a complex and severe internal and external environment, the Group remained focused on its core responsibilities and core business areas. It empowered industrial development through technological innovation, expanded development horizons through international expansion, and solidified development foundations through industrial ecosystem construction, steadily implementing all business operations to deliver tangible results, while advancing high-quality development. As a result, the Group deepened its three major development strategies, namely technology as a driving force, an internationalisation path, and an industrial ecological system, making every effort to drive its "Second-Stage Entrepreneurship" and laying a solid foundation for a smooth commencement of the 15th Five-Year Plan period.

In terms of operating results, during the year under review, the Group recorded a total revenue of approximately HK$27.521 billion; gross profit amounted to approximately HK$11.085 billion; earnings before interest, taxes, depreciation and amortisation ("EBITDA") amounted to approximately HK$10.273 billion; profit attributable to equity holders of the Company amounted to HK$3.925 billion; and basic earnings per share amounted to HK63.90 cents.

The Group upholds the principle of sharing its operating results with shareholders of the Company (the "Shareholders"). To reward the Shareholders' support and in line with business development and strategic planning, the board of directors of the Company recommended the distribution of a final dividend of HK12.0 cents per share for the year ended 31 December 2025 (2024: HK9.0 cents per share), with a full-year dividend per share of HK27.0 cents (2024: HK23.0 cents per share). The proposed dividend payout ratio stood at 42.3%, representing an increase of 0.5 percentage point from 2024.

As of 31 December 2025, the Group's business presence had expanded to 24 provinces, autonomous regions, municipalities and 1 special administrative region in China, with its footprint spanning 228 districts, counties and cities, in addition to overseas markets in 16 countries, including Germany, Poland, Vietnam and Uzbekistan. The total number of environmental protection projects invested in and held by the Group was 605, with an aggregate investment of approximately RMB164.691 billion. Additionally, the Group undertook various asset-light services, including environmental remediation, waste sorting, design and consulting, equipment supply, and technical services. The Group secured a total of 196 Waste-to-Energy ("WTE") projects under its environmental energy and greentech sectors, with a designed daily household waste processing capacity of 163,050 tonnes (including capacity under the operation and management ("O&M") model).

The designed treatment or supply capacities of new projects secured in 2025 are summarised below:

*Including treatment capacity under the O&M model

On the market expansion front, during the year under review, the Group adhered to the principle of pursuing development at home and abroad and advancing both asset-light and

asset-heavy businesses, steadily advancing its expansion efforts. On the one hand, the Group continued to solidify and innovate domestic market deployment: while further consolidating its strengths in areas such as WTE and waste water treatment ("WWT"), the Group vigorously expanded the Business-to-Business market and other emerging growth drivers; it achieved business breakthroughs in key regions such as Beijing and Guangzhou and successfully signed the first biomethane project, marking a breakthrough in high-value utilisation of biomass. The diversification and contribution of synergy-based businesses, such as heat and steam supply, continued to increase, leading to ongoing optimisation of the business structure. At the same time, the Group accelerated its internationalisation progress, steadily building its global service capability: It secured 2 WTE projects in Uzbekistan, marking a key footprint in the Central Asia market; in markets such as Egypt, Thailand, and Malaysia, it secured asset-light businesses, with contract value of overseas equipment sales reaching new highs. It established representative offices in Vietnam, Indonesia, and Central Asia, driving the transformation of the overseas expansion structure from a project-driven model to a region-focused model.

On the technology deployment front, during the year under review, the Group centred on the "3+1" key directions and made solid progress: forming a 100 tonnes/day waste charcoal production process and a fly ash recirculation treatment process; and completing the straw natural gas explosion + enzymatic hydrolysis research trails. The Group also completed independent research and development ("R&D") and full set manufacturing of micro-scale waste grate furnace. In respect of commercialisation and application of research results, technologies for energy-saving, efficiency enhancement, digitalisation were converted into tangible commercial applications. For example, technologies for efficiently producing biomethane from biogas in synergy with waste incineration facilitated the Group's projects to sell biomethane to external clients; breakthroughs were achieved in selective catalytic reduction ("SCR") high-dust denitrification technology for biomass boilers with a water-cooled vibrating grate; key technologies for high efficiency pyrolysis of waste power batteries and complete equipment for recovering valuable components were included in a national catalogue, helping to establish the first full-industry-chain battery recycling demonstration project in Jiangsu Province. As of 31 December 2025, the Group had cumulatively been granted more than 2,300 intellectual property rights.

On the operations management front, during the year under review, the Group pursued incremental improvements while also digging into the potential to reduce costs and enhance efficiency in existing businesses. Leveraging on measures such as the "Twenty Refined Management Measures", the "Fifteen Special Measures to Increase Operating Revenue" and other requirements to enhance the operating quality and efficiency of existing projects, operating indicators have been continuously improved. In the environmental energy sector, WTE projects generated about 467 kWh of electricity per tonne of incoming waste fed into the furnace, an increase of 1% from 2024; heat and steam supply volume was about 3.50 million tonnes, an increase of 39% from 2024; slag production volume was about 12 million tonnes, an increase of 55% from 2024. In the environmental water sector, WWT volume was about 1.811 billion m³, an increase of 3% from 2024; more than 30 external business contracts were signed leveraging existing projects, generating additional revenue streams; the "In-Plant Solar Power" program continued to advance. In the greentech sector, heat and steam supply volume of integrated biomass utilisation projects and solid waste treatment projects increased 17% compared with 2024.

On the project construction front, during the year under review, 31 projects of the Group commenced operation, 1 project completed construction, and 8 environmental remediation services were completed and delivered. Meanwhile, 18 projects commenced construction, and 4 environmental remediation services entered the implementation phase.

On the environmental contribution front, in 2025, the Group processed a total of nearly 66 million tonnes of household waste, hazardous and solid waste and agricultural and forestry waste, generating approximately 28.5 billion kWh of electricity, equivalent to saving more than 11 million tonnes of standard coal. The volume of heat and steam supplied was approximately 8.19 million. Nearly 15 million tonnes of CO₂ equivalent greenhouse gas emissions were displaced in total. The volume of waste water and WTE plants' leachate treated exceeded 1.8 billion m³, reducing chemical oxygen demand emission by more than 920,000 tonnes.

Mr. Luan Zusheng, Executive Director and CEO of Everbright Environment, said, "In 2025, Everbright Environment focused on its core responsibilities and core businesses, strived to increase revenue and create value, prevented and resolved risks, and steadily implemented all business operations to deliver tangible results, deepen its three major development strategies, and made every effort to drive its 'Second-Stage Entrepreneurship'. In the future, the Group will anchor its strategic directions and deepen its core responsibilities and core businesses. By solidifying its business fundamentals, it will focus on market expansion, promote industrial upgrading, and maintain risk bottom lines, in order to push its own high-quality development to a new level, thereby creating sustainable value for the Shareholders and other stakeholders."

Mr. Wang Silian, Executive Director and Chairman of the Board of Everbright Environment, said, "In 2026, Everbright Environment will anchor the goal and vision of 'Building a World-Class Environmental Company with Chinese Characteristics', seize the 'Four Adherences' including problem orientation, people-centeredness, focus on core businesses and unite efforts. By focusing on the 'Six Key Areas' namely solidifying the leading position, racing to the front, controlling risks, creating value, taking the lead in innovation and expanding into international markets, the Group will effectively enhance its core competitiveness. With a strong start to the 15th Five-Year Plan, the Group will strive to create more achievements through high-quality development, in order to contribute to building a Beautiful China and a beautiful world."

Business Review by Sectors

ENVIRONMENTAL ENERGY

In respect of market expansion, during the year under review, environmental energy continued to pursue both domestic and international growth. Internationally, it achieved new breakthroughs in Central Asia and Thailand by securing WTE projects in the Fergana Region and Namangan Region of Uzbekistan, and signing a WTE plant engineering management service contract in Thailand. Domestically, it secured Hainan Sanya WTE Project Phase V, continuing to solidify its market position in the region. At the same time, environmental energy further diversified its market expansion, with asset-light and WTE synergy-based business in areas such as waste sorting, sanitation integration, and heat and steam supply as key driving forces. It also actively explored new business opportunities, such as pilot projects on gasification for hydrogen production and methanol synthesis at biomass grate furnace, expanding the space for business development. In 2025, environmental energy invested in and secured 4 new projects with a total investment of approximately RMB2.953 billion, and signed contracts for asset-light businesses, with a total contract value of approximately RMB240 million. These new projects added a designed daily household waste processing capacity of 3,750 tonnes.

As of 31 December 2025, environmental energy business had invested in and held a total of 284 projects, with an aggregate investment of approximately RMB101.378 billion, and undertook different types of asset-light businesses including 4 O&M and EPCO (Engineering Design-Procurement-Construction-Operation) projects. The designed capacities of these projects (including processing capacity under the O&M model) include but not limited to: an annual processing capacity of 55,297,500 tonnes of household waste, an annual on-grid electricity generation of 19,288,795,800 kWh, an annual processing capacity of 3,151,045 tonnes of food and kitchen waste, and an annual heat and steam supply capacity of 1,910,832 tonnes.

In respect of operations management, during the year under review, environmental energy advanced refined management measures, including deeper application of intelligent power plant-related results to improve operating performance against the headwinds. The core indicators improved as compared with 2024: the average power generation per tonne of incoming waste fed into the furnace of the WTE projects was approximately 467 kWh, increased by 1% as compared with 2024; the comprehensive plant power consumption rate was approximately 15.5%, maintained at a similar level as compared with 2024; supply of heat and steam increased by 39% as compared with 2024; and 2 WTE projects received regulatory approval to increase waste treatment fee.

In respect of project construction, during the year under review, 17 projects commenced operation, and 10 projects commenced construction.

ENVIRONMENTAL WATER

As of 31 December 2025, the Group held a 72.87% stake in China Everbright Water Limited ("Everbright Water").

In respect of market expansion, during the year under review, Everbright Water proactively promoted market expansion. First, it accelerated its key regional presence. Domestically, it acquired a minority equity stake in an industrial WWT project serving the cosmetics manufacturing sector in Huadu District, Guangzhou City of Guangdong Province. This marked a dual breakthrough in both new markets and niche business areas. Internationally, it expanded its footprint in Southeast Asia by securing equipment procurement service contracts for a municipal water plant in Thailand, further supporting China's "Belt and Road" Initiative. Second, it broadened its business scope, continuing to extend along both the upstream and downstream segments of the industry value chain. Notably, it signed an investment cooperation agreement with Daxing District People's Government of Beijing Municipality in relation to zero-carbon energy projects, and also explored opportunities in agricultural waste resource utilisation across multiple provinces. In 2025, Everbright Water invested in and secured 2 projects, in addition to the extension of the concession rights for 1 existing project, with a total investment value of approximately RMB223 million. It also undertook various asset-light projects and services, with a total contract value of approximately RMB266 million. The newly secured projects and services have added a designed daily water treatment capacity of 11,050 m³ (including O&M capacity).

As of 31 December 2025, Everbright Water had invested in and held 172 projects, with a total investment of approximately RMB31.853 billion. It also undertook 16 O&M services and other asset-light businesses. The designed capacities of these projects (including treatment capacity under the O&M model) are as follows: an annual WWT capacity of 2,352,443,250 m³, an annual reusable water supply capacity of 118,479,000 m³, an annual water supply capacity of 310,250,000 m³, an annual sludge treatment capacity of 793,875 tonnes, and an annual livestock and poultry manure treatment capacity of 109,500 tonnes.

In respect of operations management, during the year under review, in respect of cost control, Everbright Water streamlined its supply chain and optimised procurement processes, achieving notable reductions in key operating cost items, including unit procurement costs and chemical consumption per tonne of water. In respect of efficiency enhancement, supported by the development of intelligent capabilities, it deployed a range of practical digital applications such as "dark factory", artificial intelligence-driven visual inspections and intelligent dosing algorithms. These initiatives effectively strengthened automation, improved operational efficiency and reduced reliance on manual labour and material consumption. As of 31 December 2025, solar power generation facilities had been put into operation at 12 projects, with a total installed capacity of approximately 20 MWp, generating an average annual power of approximately 20 million kWh.

In respect of project construction, during the year under review, Everbright Water had 9 projects that commenced operation upon completion of construction work and 4 projects that commenced construction,

GREENTECH

As of 31 December 2025, the Group held a 69.70% stake in China Everbright Greentech Limited ("Everbright Greentech").

In respect of market expansion, during the year under review, Everbright Greentech continued to push forward its business structure transformation and achieved remarkable results: it implemented the Group's first biomethane project, supplying natural gas to Jingjiang Special Steel Co., Ltd., marking an important advance in high-value utilisation of biomass; secured Jiangsu Huai'an Xinhuai Energy Heat Pipeline Network Project, strengthening its advantages in heat and steam supply; and further boosted the market share and earnings contribution of the electricity sales business. In 2025, Everbright Greentech invested in and secured 2 new projects with a total investment of approximately RMB72 million, and signed new contracts for 6 environmental remediation services with a total contract value of approximately RMB155 million. The new projects are designed to have an annual biomass raw material processing capacity of 50,000 tonnes and a biomethane supply capacity of 10,000,000 Nm³.

As of 31 December 2025, Everbright Greentech had invested in and held 143 projects, with a total investment of approximately RMB30.663 billion. These projects are designed to have an annual biomass raw material processing capacity of 8,259,800 tonnes, an annual household waste processing capacity of 4,237,650 tonnes, an annual hazardous and solid waste processing capacity of 2,234,876 tonnes, an annual on-grid electricity supply capacity of 7,144,334,985 kWh, an annual heat and steam supply of 6,306,663 tonnes, a solar and wind power installed capacity of 276.91 MW, and an energy storage capacity of 22.2 MW. In addition, Everbright Greentech undertook 14 environmental remediation services (excluding services that had been completed and delivered).

In respect of operations management, during the year under review, Everbright Greentech focused on revenue growth, cost reduction, and green value-add initiatives, effectively enhancing the competitiveness of its projects. In terms of revenue growth, the heat and steam supply volume of relevant projects increased by about 17% from 2024, driving a significant increase in related revenue. In terms of cost reduction, the biomass fuel settlement costs declined by 8.6% from 2024, effectively easing cost pressures. Notably, Anhui Dangshan Biomass Utilisation Project became the Group's first benchmark for turning a loss into a profit without relying on national subsidies. In terms of green value-added initiatives, the green certificate trading volume increased approximately 11.3 times from 2024, further strengthening green profitability.

In respect of project construction, during the year under review, Everbright Greentech had 3 projects that commenced operation, and 8 environmental remediation services were completed and delivered. In addition, 4 projects commenced construction, and 4 environmental remediation services started remediation works.

EQUIPMENT MANUFACTURING

In respect of market expansion, during the year under review, equipment manufacturing adhered to the approach of "seizing major market opportunities, expanding overseas markets, and seeking breakthroughs in new fields", achieving solid domestic and international sales results. In the domestic market, it tackled key challenges and tapped internal potential to solidify growth support: winning the bid for SCR denitrification upgrade works, achieving a breakthrough in turnkey EPC (Engineering, Procurement and Construction) projects for flue gas treatment in the coal-fired power sector; deeply developing mini-scale waste incineration technology and securing related projects in Sichuan Province and other places; focusing on sub-fields such as flue gas treatment upgrading and implementing multiple projects, further extending the technology road map for the industry chain. In overseas markets, it shifted from equipment import to service upgrading: signing an equipment supply project in Thailand, achieving a breakthrough in overseas application of its self-developed water-cooled grate technology; subsequently signing or winning the bid for asset-light contracts for equipment supply and technical services in Malaysia, Italy, Turkey, and other countries, laying a solid foundation for deeper expansion into the European and Asian markets.

In 2025, equipment manufacturing signed 20 contracts for external sales of equipment, with a total contract value of approximately RMB528 million. On the equipment supply and after-sales service front, supply services were initiated for 211 projects; production was completed for 5 sets of grate furnaces for internal and external clients; 48 sets of furnaces and leachate treatment systems were delivered; and 66 instances of unmanned coking services were completed. The sector also signed 210 contracts in relation to external after-sale services, with a total contract value of approximately RMB88 million. In 2025, equipment manufacturing provided 199 after-sales service projects for internal and external clients.

ENVIROTECH

In respect of technological innovation, during the year under review, envirotech advanced in an orderly manner around the Group's "3+1" priority directions: developing a unique charcoal production process plan and a key performance indicator system, and forming a 100 tonnes/day waste charcoal production process; developing a fly ash recirculation treatment process with independent intellectual property rights; completing the straw natural gas explosion + enzymatic hydrolysis research trails; and completing the independent R&D and full-set manufacturing of 10 tonnes/day micro-scale waste grate furnace.

In addition, envirotech actively participated in developing industry standards during the year under review, including driving the formulation of 2 national standards, undertaking 1 national key R&D project, and, as part of the core team, driving the formulation of multiple association standards, thereby continuously enhancing its industry influence.

(End)

About China Everbright Environment Group Limited

China Everbright Environment Group Limited ("Everbright Environment") is a flagship enterprise of China Everbright Group Ltd. in the industrial sector. Everbright Environment is listed on the Main Board of The Stock Exchange of Hong Kong Limited ("HKEX") (257.HK). It has two listed subsidiary companies: China Everbright Water Limited, which is dual listed on Singapore Exchange Securities Trading Limited and HKEX (U9E.SG and 1857.HK) and China Everbright Greentech Limited, which is listed on HKEX (1257.HK). Since its transformation into the environmental field in 2003, Everbright Environment has become the largest environmental enterprise in China, a leading player in Asia's environmental protection industry, as well as a world-renowned environmental group.

As the world's largest waste-to-energy operator, Everbright Environment has a designed daily household waste processing capacity of more than 160,000 tonnes. The Company has a business presence in 24 provinces, autonomous regions, municipalities and a special administrative region in China, as well as 18 overseas markets including Germany, Poland, Vietnam and Uzbekistan. Focusing on the areas of solid waste, water-related business and clean energy, the Company's main businesses cover waste-to-energy and synergistic waste treatment, integrated biomass utilisation, hazardous and solid waste treatment, new energy, environmental remediation, water environment management, equipment manufacturing, waste sorting, environmental sanitation integration, resource recycling, development of zero-waste cities, research and development relating to green technologies, ecological and environmental planning and designing, as well as environmental protection industrial parks.