TORONTO, Nov. 27, 2025 (GLOBE NEWSWIRE) — CF Energy Corp. (TSXV:CFY) (“CF Energy” or the “Company”, together with its subsidiaries, the “Group”), an energy provider in the People’s Republic of China (the “PRC” or “China”), announces that the Company has filed its unaudited interim consolidated financial results for the three-month and nine-month periods ended September 30, 2025.
The unaudited condensed interim consolidated financial statements and Management’s Discussion and Analysis (“MD&A”) can be downloaded from www.sedarplus.com or from the Company’s website at www.cfenergy.com.
The unaudited condensed interim consolidated financial statements have been prepared in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”) (collectively, “IFRS Accounting Standards”). This news release contains financial terms that are non-IFRS Accounting Standards (“non-GAAP”) financial measures.
Results for the three-month period ended September 30, 2025 (“Q3 2025”)
Continuing Operations
In millions
Q3 2025
Q3 2024
Change
%
Q3 2025
Q3 2024
Change
(except for % figures)
RMB
RMB
RMB
CAD
CAD
CAD
Continuing Operations
Revenue
88.5
126.9
(38.4
)
-30
%
17.2
24.0
(6.8
)
Gross Profit
27.4
33.3
(5.9
)
-18
%
5.3
6.3
(1.0
)
Gross Profit Margin
31.0%
26.2%
4.8%
Net Profit
3.8
4.3
(0.5
)
-11
%
0.7
0.8
(0.1
)
EBITDA
23.2
24.9
(1.7
)
-7
%
4.5
4.7
(0.2
)
Revenue in Q3 2025 was RMB88.5 million (approx. CAD17.2 million), a decrease of RMB38.4 million (approx. CAD6.8 million), or 30%, from RMB126.9 million (approx. CAD24.0 million) for the three-month period ended September 30, 2024 (“Q3 2024”).
Revenue in Q3 2024 included revenue from an urban gas pipeline facility renovation project, which was not repeated in Q3 2025. Excluding such revenue, revenue in Q3 2025 decreased RMB12.7 million (approx. CAD2.4 million), or 12.5% from RMB101.2 million (approx. CAD19.6 million) in Q3 2024 on a comparable basis. The decrease was mainly attributed to the continuous unfavorable factors and sentiment in the property market in the PRC that hindered the growth of China’s real estate market in recent years, which in turn affects the business growth of city natural gas operators in Sanya City.
Gross profit in Q3 2025 was RMB27.4 million (approx. CAD5.3 million), a decrease of RMB5.9 million (CAD1.0 million) or 18% from RMB33.3 million (approx. CAD6.3 million) in Q3 2024. Overall gross margin in Q3 2025 was 31.0%, an increase of 4.8 percentage points from 26.2% in Q3 2024.
Revenue from the urban gas pipeline facility renovation project in Q3 2024 was recognized at relatively competitive prices as compared to other residential projects which had a dilutive effect on the overall gross profit margin in Q3 2024. Excluding such effect, the gross profit margin in Q3 2024 was 29.2% on a comparable basis. The increase in gross profit margin in Q3 2025 reduced from 4.8 to 1.8 percentage points based on the comparable gross profit margin in Q3 2024.
The overall increase in gross profit margin in Q3 2025 as compared to the comparable gross profit margin in Q3 2024 was mainly attributable to the favorable effects of increase in unit selling price of residential pipeline installation connection projects due to the provision of auxiliary services at a low cost which boosted the profit margin of pipeline installation connection sub-segment in Q3 2025, narrow of the negative margin of the Integrated Smart Energy segment in Q3 2025 and reduction in costs due to centralization of procurement of materials for residential pipeline installation connection projects in Q3 2025, which was offset by the increase in the purchase price of pipeline gas resulting from the renewal of the three-year gas purchase contracts during the period.
Net profit in Q3 2025 was RMB3.8 million (approx. CAD0.7 million), a decrease of RMB0.5 million (approx. CAD0.1 million) from RMB4.3 million (approx. CAD0.8 million) in Q3 2024.
Basic earnings per share (“EPS”) in Q3 2025 from continuing operations was RMB0.07 (CAD0.01) per share, a decrease of RMB0.03 (CAD0.01), as compared to RMB0.10 (CAD0.02) per share in Q3 2024.
EBITDA (non-GAAP) in Q3 2025 was RMB23.2 million (approx. CAD4.5 million), a decrease of RMB1.7 million (approx. CAD0.2 million), or 7%, from RMB24.9 million (approx. CAD4.7 million) in Q3 2024.
Results for the nine-month period ended September 30, 2025 (the “Nine Months in 2025”)
Continuing Operations
In millions
1-9 2025
1-9 2024
Change
%
1-9 2025
1-9 2024
Change
(except for % figures)
RMB
RMB
RMB
CAD
CAD
CAD
Continuing Operations
Revenue
292.0
376.4
(84.4
)
-22
%
56.6