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( H K S E : 1 6 8 6 ) FY25/26 RESULTS PRESENTATION September 2026
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2 DISCLAIMER The information contained in these materials is intended for reference and general information purposes only. Neither the information nor any opinion contained in these materials constitutes an offer or advice, or a solicitation, recommendation or suggestion by SUNEVISION Holdings Limited (“SUNEVISION”) or its subsidiaries, associated or affiliated companies, or any of their respective directors, employees, agents, representatives or associates (collectively, “SUNEVISION Companies and Personnel”) to buy or sell or otherwise deal in any investment products, securities, futures, options or other financial products and instruments (whether as principal or agent) or the provision of any investment advice or securities related services. Readers of these materials must, and agree that they will, make their own investment decisions based on their specific investment objectives and financial positions, and using such independent advisors as they believe necessary or appropriate. SUNEVISION Companies and Personnel cannot and does not represent, warrant or guarantee the accuracy, validity, timeliness, completeness, reliability or otherwise of any information contained in these materials. SUNEVISION Companies and Personnel expressly excludes and disclaims any conditions or representations or warranties of merchantability or fitness for a particular purpose or duties of care or otherwise regarding the information. Any forward-looking statements and opinions contained in these materials are based on current plans, beliefs, expectations, estimates and projections at the date the statements are made, and therefore involve risks and uncertainties. The past performance of SUNEVISION is not necessary indicative of the future performance of SUNEVISION and that the actual results may differ materially from those set forth in any forward-looking statements herein. All information is provided on an "as is" basis, and is subject to change without prior notice. In no event will any of SUNEVISION Companies and Personnel be responsible or liable for damages of whatever kind or nature (whether based on contract, tort or otherwise, and whether direct, indirect, special, consequential, incidental or otherwise) resulting from access to or use of any information contained in these materials including (without limitation) damages resulting from the act or omission of any third party, even if SUNEVISION Companies and Personnel have been advised of the possibility thereof. SUNEVISION Companies and Personnel makes no guarantees or representations or warranties as to, and shall have no responsibility or liability for the information contained in these materials which are provided by other third party. Access to and use of such information is at the user's own risk. SUNEVISION Companies and Personnel is not responsible for any losses or damage caused by any defects or omissions that may exist in the services, information or other content provided by such other third party, whether actual, alleged, consequential, punitive, or otherwise.
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3 AGENDA •Financial Review •Business Review •Outlook
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FINANCIAL OVERVIEW N o e l L o k C h i e f F i n a n c i a l O f f i c e r
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5 DELIVERING ROBUST PERFORMANCE ACROSS ALL KEY METRICS • Recurring revenue from data centre and IT facilities grew by 8% YoY, with total revenue increased 6% YoY to HK$3,117mn • EBITDA grew an 8% YoY to HK$2,300mn, with margins expanding from 72% to 74% • Net profit increased 17% YoY to HK$1,146mn, bolstered by strong operating performance and lower cost of debt • Operating cash inflow1 increased 9% YoY to HK2,240mn, demonstrating high cash conversion • Proposed dividend of HK14.00 cents per share representing 17% YoY growth and a payout ratio of approximately 50% • Lowered Financing Costs with Narrower Spreads: Completed refinancing of bank loans with ~30bps narrower spreads and extended HK$5.8B in SHKP shareholder loans to 1H30 Note: 1. Operating cash inflow excludes movement in working capital.
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6 Recurring revenue from data centre and IT facilities rose 8% YoY from full-year contribution of previous move- ins and positive reversions which more than offset the normalisation of one-off project income Revenue (HK$mn) Note: 1. Installed IT capacity in MW as at end of financial period refers to power capacity of all data halls fitted out in megawatt (MW); 2. IT capacity occupied in percentage as at end of financial period. 1 BUILDING DURABLE REVENUE GROWTH Designed IT Capacity up to 280MW IT Capacity 2 Occupancy ~87MW ~73% ~101MW ~74% ~104MW ~90% 1,940 2,161 2,461 2,720 2,888 146 185 213 218 229 2,086 2,346 2,674 2,938 3,117 FY21/22 FY22/23 FY23/24 FY24/25 FY25/26 Data Centre and IT Facility ELV and IT System ~78MW ~80% ~105MW ~92% Major Customer Win: MEGA IDC Phase 1 Full move-in will increase IT Capacity from 105MW to 130MW (+24% capacity expansion)
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7 2,196 2,360 438 496 86 322,720 2,888 FY24/25 FY25/26 Robust top-line expansion led by rapid ramp-up in new sites1, complemented by footprint expansion and positive price reversions across established sites2 REVENUE EXPANSION DRIVEN BY NEW SITE RAMP-UP AND ORGANIC PORTFOLIO GROWTH Note: 1. New sites include MEGA IDC, MEGA Fanling, MEGA Gateway and HKIS-1; 2. Established sites include MEGA Plus, MEGA-i, MEGA Two, One and JUMBO; 3. Revenue from data centre and IT facilities Revenue Mix3 ▪ Recurring revenue increased 8% to ~HK$2,856mn, driven by: ▪ Full-year annualisation of major deployments initiated in FY24/25; ▪ New capacity ramp-ups across flagship assets including MEGA IDC and MEGA Two; and ▪ Positive rental reversions and contractual rate escalations across key financial institution and enterprise accounts ▪ Overall growth comfortably absorbed the normalisation of one-off revenues from high move-in activity in the prior period (HK$mn) Total recurring revenue: YoY +8% Total recurring revenue One-off revenue Recurring revenue from established sites Recurring revenue from new sites Recurring revenue from established sites: YoY +7%
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8 EBITDA1 and EBITDA Margin (HK$mn) DRIVING SOLID GAINS IN EBITDA AND NET EARNINGS EBITDA rose 8% to HK$2,300mn with margins expanded to 74% driven by operational efficiency. Net Profit increased 17% YoY to HK$1,146mn, supported by lower borrowing costs NPAT and NPAT Margin Note: 1. Excluding one-off gain on liquidation of a subsidiary amounted to HK$15 million for the year ended 30 June 2023 and decrease i n fair value of investment property amounted to HK$4 million for the year ended 30 June 2025 and HK$2 million for the year ended 30 June 2026 (HK$mn) Lower borrowing costs led to a rise in NPAT margin 1,674 1,849 2,128 2,300 71% 69% 72% 74% FY22/23 FY23/24 FY24/25 FY25/26 EBITDA Margin 905 907 979 1,146 39% 34% 33% 37% FY22/23 FY23/24 FY24/25 FY25/26 NPAT Margin
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9 87 101 104 105 1,700 2,300 2,300 2,300 IT Load Capacity in Place (MW) GFA (k.sq.ft.) Note: 1. Operating cash flows excluding movement in working capital. Net Cash used in Investing Activities DRIVING STRONG CASH GENERATION & CAPITAL PRECISION Operating cash flow grew a solid 9% YOY, backed by a disciplined, demand-driven capital investment strategy designed to maximise returns Operating Cash Flows1 IT load increased slightly which aligns with the strategy to match customer deployment schedules CAPEX peak upon completion of construction of MEGA Gateway and MEGA IDC Phase One in FY23/24 662 715 982 1,026 882 956 1,082 1,2141,544 1,671 2,063 2,240 FY22/23 FY23/24 FY24/25 FY25/26 1H (HK$mn) 2H (HK$mn) 883 1,555 775 544 1,057 1,410 407 230 1,940 2,965 1,182 774 FY22/23 FY23/24 FY24/25 FY25/26 1H (HK$mn) 2H (HK$mn)
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10 STRENGTHENING FINANCIAL POSITION Aligning capital spending with market demand, combined with the tailwinds of declining interest rates, creates enhanced flexibility to fund future growth while optimising the balance sheet Note: 1. Effective borrowing cost is sum of interest on bank borrowings, interest on shareholder’s loans and other finance costs on a rolling 12-month basis and divided by the average of opening and closing balance of bank borrowings and shareholder’s loans; 2. as of end of financial period Total Debt Effective borrowing cost (HK$mn) Loan Maturity and Debt Structure (HK$mn) • Strong Bank Support & Refinancing Success: Confirmed the refinancing of a HK$3 billion bank loan (maturing CY2H26), successfully extending its maturity to CY2H31 • Tightening Credit Spreads: Secured narrowed borrowing spreads on recent facility renewals, with remaining bank facilities expected to follow a similar margin reduction trend In calendar year (HK$mn) Unutilised Facilities: HK$3.55bn2 1 Note: BOC $3B loan maturing in Nov 2026 will be extended for 60 months, pushing out maturity to CY2H31 (Actual extension starts counting from date of drawdown) s 9,810 12,000 11,900 11,050 3,800 3,800 700 5,000 5,000 13,610 16,500 16,900 16,050 FY22/23 FY23/24 FY24/25 FY25/26 Floating Rate Bank Borrowings Fixed Rate Shareholder's Loan Floating Rate Shareholder's Loan 3.3% 5.2% 4.9% 3.3% FY22/23 FY23/24 FY24/25 FY25/26 Refinanced at narrower spread Strong Parent Group Support • Ongoing financial support from our parent group, SHKP, including flexible shareholder loan facilities and leveraging their construction scale for optimised CAPEX control Robust Banking Relationships & Capital Cost Optimisation FY24/25 FY25/26 Credit spreads narrowed by 30bps on certain bank facilities 1,000 1,200 5,850 5,0001,000 400 1,350 800 3,000 2H26 1H27 2H27 1H28 2H28 1H29 2H29 1H30 Bank borrowings utilised Shareholders' loans utilised Bank borrowings unutilised Shareholders' loans unutilised Confirmed refinancing HK$3.8B extended and HK$2.0B obtained parent support to be extended to 1H30 Favaourable HIBOR and refinancing spreads narrowed
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BUSINESS OVERVIEW H e l e n L o E x e c u t i v e D i r e c t o r & D i r e c t o r , C o m m e r c i a l
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12 BUSINESS UPDATE • Accelerated Demand & Market Tightening: Demand for premium Hong Kong data centre infrastructure accelerated meaningfully in 2H26, driving rapid absorption of available market capacity and creating scarcity for high-specification space • Secured Major Anchor Commitment: Secured a landmark customer commitment at MEGA IDC Phase 1, increasing facility occupancy from ~30% to ~70% (+25MW), with active discussions ongoing for remaining capacity • Expanded Development Pipeline: Progressing integrated development plans for MEGA IDC Phase 2 & 3 (RFS targeted for 2028), designed for next-generation, high-density AI deployments including liquid-cooling readiness with strong early customer interest for larger-block commitments • Strong Demand for AI Interconnection: MEGA-i ecosystem is well-positioned to support interconnection for AI inference, posing large upside as capacity increases • Disciplined Commercial Approach: Prioritising high-yield, fungible workloads with longer lifecycles over simple volume occupancy to ensure sustainable pricing, protected margins, and long-term shareholder value
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13 TWO DEMAND ENGINES POWERING A STRUCTURAL DEMAND INFLECTION IN HK CHINESE TECH GOING GLOBAL GLOBAL CLOUD & AI INFERENCE TAKING OFF SUPPLY SCARCITY LEADS TO TECH FIRMS FAVOURING MEGA IDC • Large-scale, high-spec, power-ready carrier-neutral capacity readily available before 2027/2028 remains limited, especially in existing cluster locations Drivers • Chinese AI & Cloud leaders aggressively expanding internationally • Tokenisation, data localisation and globalisation needs drive demand for internationally-connected, neutral capacity HK as the strategic data hub facilitates free data flow, with proximity to Mainland China Requirements in Hong Kong • Top-tier tech companies and leading AI firms seeking multiple large-scale deployments (10–30MW) with fast ramp-up • Short time-to-market and scalability within the same campus • Large floor plate to host AI deployment clusters Drivers • Top hyperscalers guide ~US$720 billion combined 2026 capex • Proven AI monetisation is channeling further investment into inference, applications and cloud usage • APAC Tier 1 hubs (Singapore, Tokyo, Seoul) effectively sold out at 94–99% occupancy — demand spills back to HK • Outbound Chinese firms frequently adopt MNC AI cloud, further accelerating MNC cloud demand in HK Requirements in Hong Kong • Re-accelerated expansion in HK, with increased density • More selective on location — prefer an existing cluster or even an existing campus at premium rate • Prefer neutral, experienced operators that have proven long-term relationships
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14 International Cloud & Tech Chinese Cloud & Tech Network & ICT Providers Enterprises PREMIUM, DIVERSIFIED CUSTOMER BASE TO CAPTURE GROWTH Note: 1. Customer mix based on occupied GFA as at the end of 30 June 2026 excluding bareshell area occupied by third party Customer Mix1 Top Customers’ Revenue Contribution for FY25/26 Largest Customer, 19% Second Largest Customer, 14% Other, 67% • Proven Execution Track Record: Unrivalled operational excellence and reliable, on-time delivery • Anchor Client Ecosystem: Established partnerships with top 3 international hyperscalers and top 5 Chinese tech firms • Disciplined Growth & Diversification: Capitalising on tight market supply and strong demand in the short-to-medium term, SUNeVision prioritises high-yield, long-term contracts with a strategically diversified customer mix
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15 MEGA IDC PHASE ONE SECURES MAJOR AI & CLOUD DEPLOYMENT • Significant Occupancy Uplift: – Secured a major AI & cloud deployment with a leading Chinese tech firm – Long-term commitment (10+ years with built-in annual rate escalations) at attractive pricing – Fast-track delivery, with the first phase targeted for delivery in 2026 and full delivery within FY26/27 • Strong Pipeline: The remaining ~30% capacity is already supported by a strong pipeline and is expected to be predominantly filled by MNC customer profile • Diversified Tenant Mix: spanning MNCs, Chinese tech, and top-tier financial institutions, reflecting a compelling value proposition across all lucrative and growing segments Major Customer Win Drives Phase 1 Toward Full Occupancy Verbally Committed Occupied Verbally Committed Moving-in in FY26/27 Occupied Phase One1 Recent customer win6/F 5/F 3/F 7/F 8/F 9/F 10/F Note: 1. Chart reflects data hall floors only. Ground Floor and 1st Floor house facility amenities and meeting rooms and are excluded from the building occupancy breakdown 30% 70% Before Contract Win After Contract Win Total GFA: 500,000 sq.ft. Significant Uplift in MEGA IDC Phase 1 Occupancy Following Major Win
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16 ACCELERATING DEVELOPMENT OF MEGA IDC PHASES TWO & THREE • Single Integrated Development: Accelerating Phases 2 & 3 as a unified project, targeting Ready- For-Service (RFS) by 2028 • Purposely-built for Next-Generation AI workload – Guaranteed large power scale of 130+MW with a total of 7 power substations – Large floor plate for AI clusters – Zero flooding risk – Support high-density AI workloads with native liquid cooling support – Dedicated, self-owned subsea cable TKO Connect to connect to MEGA-i • Active Pre-commitment Pipeline: In advanced discussions with leading MNC and Chinese technology platforms for substantial capacity pre- commitments SUNeVision’s TKO Campus with a total of 200MW IT capacity MEGA IDC Phase 1 MEGA PLUS MEGA IDC Phase 2 MEGA IDC Phase 3 Accelerating to Phase 2 and 3 as one single development (~700,000sf) 30% 70% 95% Occupancy Occupancy
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17 FY25/26: SUSTAINED PERFORMANCE ACROSS THE AI & CLOUD ECOSYSTEM Connectivity c.38%1 • Started MEGA-i revitalisation 3.0 - with managed relocation of low-yield customers, we have recouped space that can be upgraded as high-density inventory for future growth • First liquid-cooling deployment delivered at MEGA-i • AI inference and token globalisation driving major network expansion plans from international and Chinese hyperscalers • Connectivity and colocation pricing expected to rise in line with global trends Hyperscale c.42%1 Enterprise Solutions c.20%1 Note: 1. Percentage of total recurring revenue from data centre and IT facilities FY25/26 Business Mix YoY Growth Looking forward • c.2% • c.18% • c.7% • Revenue growth mainly driven by rental reversion. • Completed renewals with two of our largest customers with strong rental reversion • Secured a major deal at MEGA IDC Phase I, billing to commence in 2H 2026 • Accelerating subsequent phases of MEGA IDC in response to strong demand from both Chinese and international hyperscalers • Banking-sector demand growing healthily on rising AI adoption • Under the MEGA-i revitalisation, selected customers were intentionally moved to MEGA Gateway and MEGA IDC, where power density and yield are higher • While completion of parallel-run arrangements are expected to result in legacy-site returns and a near-term revenue impact in FY26/27, it creates immediately available, powered capacity in MEGA-i that can be repurposed to address future customer demand
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18 Continuous Platform Growth: Pursuing new sites and further expansion across Hong Kong Yield Over Volume: Disciplined prioritisation of returns over capacity fill Diversified Customer Base: Strategically maintained across MNC hyperscalers, Chinese tech, carriers and enterprise Delivery and Speed: Short time-to-market and consistently meeting promised delivery schedules Capitalising on AI Network Density: Deepening interconnection ecosystem advantage to drive return AI-enabled Cloud & Inference Workloads: Favouring committed, long-term contracts over short-cycle transient demand DISCIPLINED STRATEGY DELIVERING SUPERIOR FINANCIAL RETURNS Prioritising yield, premium pricing, and long-term customer partnerships to outperform across key financial metrics • Sustained Premium Pricing • Industry-leading rental rates maintained at ~HK$2,500/kW/month • Recent new deals & renewals at 10–15-year contract terms with annual escalation • Rising Asset Yield • EBITDA per sq. ft. climbed continuously to ~HK$130/sq.ft./month in FY25/26 (up from ~HK110 in FY23/24) • EBITDA margin expanding from 72% to 74% • True Net Profitability • NPAT expanded +17% YoY in FY25/26 — standing out as one of the few operators with genuine post- depreciation profit • Robust Operating Cash Flow • Operating Cash Flow grew +9% YoY in FY25/26 (12% 5-yr CAGR)
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19 SUPERIOR UNIT ECONOMICS UNDERSCORE PREMIUM ASSET Prime locations, connectivity density, and yield-focused strategy consistently generate industry-leading pricing power and profitability ~2,200 SUNeVision a Chinese DC operator an Australian DC operator a US DC operator ~2,500 SUNeVision a Chinese DC operator an Australian DC operator a US DC operator EBITDA economics among global peers (HK$/kW/month) Revenue economics among global peers (HK$/kW/month) Equivalent to: • FY25/26: ~HK$130/sq.ft./month • 1H25/26: ~HK$120/sq.ft./month • FY23/24: ~HK$110/sq.ft./month
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20 SUSTAINABILITY UPDATES & HIGHLIGHTS Awards & accreditations MEGA IDC MEGA Gateway MEGA Plus SUNeVision Pioneers the Application of iPaint • Deployed iPaint (passive radiative cooling) across generator enclosures, chiller condensers, and rooftops to lower surface temps and cooling demand Updates in FY25/26 • Procured Over 1,058 MWh of RECs Entered into a 6-year agreement with CLP Power for site- specific RECs (1,058,692 kWh billed/procured in FY25/26), reducing emissions by ~360 tCO₂e • Expanded Green Finance to >65% Secured HK$9B in Sustainability-Linked Loans (SLLs), increasing green/sustainability-linked bank financing to over 65% of total facilities • Recognised with Top ESG & Technology Awards Honoured at CLP Smart Energy Award 2025, UNSDG Achievement Awards HK 2025, HKQAA Green and Sustainable Finance Awards 2025, and Stevie® Awards for Tech Excellence • Promoted Gender Diversity & Workforce Inclusion Female representation stands at 26% overall, 15% in technical ops, and 67% in non-technical roles Other ESG Highlights SUNeVision Startup Programme • Completed its 3rd edition, attracting nearly 100 local tech startups across AI, greentech, and smart city sectors • Provided mentorship, workshops, and digital infrastructure credits (cloud, AI, connectivity) to accelerate growth and commercialisation Staff Volunteer Initiative • SUNeVision partnered with Feeding Hong Kong to provide opportunities for staff to help with waste food upcycling • Reflects our commitment to environmental sustainability by minimising landfill impact
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OUTLOOK A l l e n F u n g V i c e C h a i r m a n & E x e c u t i v e D i r e c t o r
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22 OUTLOOK • Strong Demand Dynamics: Accelerating adoption of high-density AI and cloud infrastructure is driving robust, real demand across our premier data centre portfolio • Quality-First Client Selection: Applying commercial discipline to prioritise long-term, high-value tenant commitments that reflect the premium quality and strategic scarcity of our assets • Rapid Expansion & Pipeline Growth: Confident in rapidly filling MEGA IDC Phases Two & Three, while proactively evaluating strategic growth opportunities, including within the wider SHKP parent portfolio • Superior Profitability & Shareholder Value: Demonstrating clear cash generation and true net profitability after depreciation—underpinning a reliable dividend policy that balances capital deployment for growth with disciplined returns
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Q&A
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24 THANK YOUTHANK YOU