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MTR (66) investor relations material
MTR H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net profit attributable to shareholders rose 27.5% year-over-year to HK$7,709 million, driven by strong property development profit despite a decline in recurrent business profit and higher costs.
Underlying business profit increased 55.0% year-over-year to HK$8,933 million, mainly from property development gains.
Total revenue decreased 6.5% to HK$27,360 million, mainly due to lower contributions from Mainland China and international subsidiaries.
Interim dividend of HK$0.42 per share declared, unchanged from the prior year.
Major capital works and network expansion projects advanced, including the signing of the Northern Link (Part 1) Project Agreement.
Financial highlights
Recurrent business profit attributable to shareholders fell 15.7% year-over-year to HK$3,391 million due to higher operating costs.
Property development profit surged 218.5% year-over-year to HK$5,542 million, mainly from Ho Man Tin Station and THE SOUTHSIDE projects.
Loss from fair value measurement of investment properties was HK$1,224 million, compared to a gain of HK$280 million last year.
Underlying business EPS up 54.8% year-over-year to HK$1.44.
Net debt-to-equity ratio improved to 18.8% as of 30 June 2025, from 31.6% at year-end 2024, due to perpetual capital securities issuance.
Outlook and guidance
Focus remains on expanding Hong Kong’s rail network, with HK$140 billion committed to new projects and HK$65 billion earmarked for asset maintenance and renewal through 2027.
Property development profit expected from LOHAS Park Package 12 and continued profit from THE SOUTHSIDE Package 5 in the second half, subject to market conditions.
Ongoing risks from macroeconomic uncertainties, changing travel patterns, and slow retail recovery.
Committed to cutting about half of GHG emissions by 2030.
Potential tenders for Tung Chung East Station Package 2 and Tuen Mun A16 Station Package 1 in the next 12 months, subject to market conditions.
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