APT Satellite Holdings released its audited results for the year ended 31 December 2025. Group revenue receded 5.8% year on year to HK$739.09 million, driven mainly by a 7.9% drop in satellite transponder capacity income to HK$626.56 million. Other satellite-related service income grew 8.9% to HK$109.04 million, partly offsetting the shortfall, while satellite-based broadcasting and telecommunications services contributed HK$3.49 million, down 15.3%.
Gross profit declined 29.0% to HK$201.86 million as cost-of-services rose to HK$537.23 million. EBITDA retreated 16.9% to HK$500.98 million, with margin contracting 9.0 percentage points to 67.8%. Profit before tax fell 31.3% to HK$160.24 million, and profit attributable to equity shareholders slipped 31.1% to HK$141.39 million. Basic and diluted EPS came in at HK15.23 cents (2024: HK22.10 cents).
Other net gains decreased 13.8% to HK$96.36 million, primarily reflecting lower interest income on bank deposits. Finance costs eased 18.8% to HK$4.11 million, while income tax expense declined 40.4% to HK$18.45 million.
The Board declared a cash final dividend of HK6.00 cents per share (2024: HK6.50 cents), subject to approval at the AGM on 22 May 2026. Together with the interim dividend of HK2.50 cents already paid, total FY2025 dividends amount to HK8.50 cents, versus HK11.00 cents a year earlier.
Balance-sheet metrics remain solid. Cash and bank balances increased 11.7% to HK$2.73 billion, while total liabilities fell 11.2% to HK$779.34 million, trimming the gearing ratio to 11.2% (2024: 12.6%). Net assets per share edged up 1.2% to HK$6.64, and the liquidity ratio improved to 13.82 times (2024: 12.27 times). Capital expenditure for the year totalled HK$49.10 million, funded by internal resources, and contracted capital commitments stood at HK$116.14 million at year-end.
Management noted sustained oversupply and pricing pressure in the global and Asia-Pacific transponder market, compounded by increasing competition from low-Earth-orbit operators. To counteract market headwinds, the company is intensifying efforts to expand bandwidth leasing on its APSTAR-5C, 6C, 7 and 9 satellites, while leveraging high-throughput satellites APSTAR-6D and 6E via associated companies for mobility and broadband services across Southeast Asia and China. Completion of the new Chung Hom Kok satellite earth station in Hong Kong is scheduled for 2026, aimed at enhancing TT&C security and ground-network capacity.
As at 31 December 2025, the Group employed 124 staff. The Audit and Risk Management Committee has reviewed the FY2025 financial statements and confirmed the effectiveness of internal controls and auditor independence.
The shares register will close 19–22 May 2026 for AGM eligibility and 4–5 June 2026 for the proposed final dividend, payable on or about 17 June 2026 to shareholders on record as of 4 June 2026.
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