MTR (66) investor relations material

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.