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PCCW (8) investor relations material
PCCW H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue increased 7% year-over-year to US$2,426 million (HK$18,922 million), with EBITDA up 6% to US$771 million (HK$6,010 million), and consolidated profit rising 116% to HK$758 million.
OTT business maintained No. 1 position in Asia, with paid subscribers up 19% to 13.8 million and digital memberships rising to 3.3 million.
HKT achieved 4% revenue growth, leveraging digital infrastructure and AI for enterprise transformation.
Free TV & Related Business saw lower revenue due to event timing, but expects a rebound in H2 with a strong content lineup.
Interim dividend declared at 9.77 HK cents per share, supporting stable shareholder returns.
Financial highlights
Consolidated revenue rose 7% year-over-year to US$2,426 million; EBITDA increased 6% to US$771 million.
HKT revenue up 4% to US$2,221 million (HK$17,322 million); EBITDA up 3% to US$818 million (HK$6,380 million).
OTT revenue grew 10% to US$153 million (HK$1,194 million), with EBITDA up 51% to US$44 million (HK$346 million); margin expanded to 29%.
Free TV & Related Business revenue declined to US$44 million (HK$343 million), EBITDA at US$6 million (HK$47 million).
Opex decreased 5% to US$376 million, improving opex-to-revenue ratio to 15.5%; Capex at US$142 million (HK$1,106 million), 5.8% of revenue.
Outlook and guidance
Strong content and live events expected to drive Free TV & Related Business revenue rebound in H2.
OTT business on track for positive cash flow, supported by content expansion and partnerships.
Prudent dividend policy and focus on sustainable growth amid changing market conditions.
Next PCCW earnings date

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