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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.H1 2025 earnings summary14 Aug, 2025
Executive summary
Net profit attributable to shareholders rose 27.5% year-over-year to HK$7,709 million, driven by a 218.5% surge in property development profit despite a 15.7% decline in recurrent business profit due to higher costs and challenging retail conditions.
Total revenue for the first half of 2025 was HK$27.4 billion, down 6.5% year-over-year, mainly due to lower contributions from Mainland China and international subsidiaries.
Interim ordinary 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.
CEO transition announced, with Jeny Yeung to succeed Jacob Kam as CEO from 1 January 2026.
Financial highlights
Underlying business profit increased 55.0% year-over-year to HK$8,933 million.
Property development profit after tax surged 218.5% to HK$5,542 million, mainly from Ho Man Tin and THE SOUTHSIDE projects.
Recurrent business profit dropped 15.7% year-over-year to HK$3,391 million.
Loss from fair value measurement of investment properties was HK$1,224 million, compared to a gain of HK$280 million last year.
Net debt-to-equity ratio improved to 18.8% as of 30 June 2025, from 31.6% at year-end 2024.
Outlook and guidance
Focus remains on expanding the Hong Kong rail network, with major projects like the Northern Link, Tung Chung Line Extension, and Oyster Bay Station underway.
Property development profit expected from LOHAS Park Package 12 and continued profit from THE SOUTHSIDE Package 5 in the second half.
Prudent cost control and robust financial management will continue, with capital expenditure for 2025–2027 estimated at HK$90.8 billion.
Ongoing risks from macroeconomic uncertainties, changing travel patterns, and slow retail recovery.
Committed to cutting about half of GHG emissions by 2030.
Assess impact of fare freeze on profitability.
Explain the lower contributions from HK businesses.
Elaborate on TOD consultancy services in China.
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H2 20255 Mar, 2026
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Frequently asked questions
MTR Corporation Limited is a Hong Kong-based company that operates and manages Hong Kong’s mass transit railway system, providing comprehensive public transportation services. In addition to rail operations, MTR Corporation is involved in property development and management, with investments in residential, commercial, and retail projects around its railway network. The company also manages rail projects and offers consultancy services internationally, with operations and partnerships in Mainland China, the United Kingdom, Australia, and other regions. The company is headquartered in Hong Kong, China, and its shares are listed on the HKEX.
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