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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.
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H1 2025 earnings summary1 Aug, 2025

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.

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Frequently asked questions

PCCW Limited is a Hong Kong-based company focused on telecommunications, media, IT solutions, and property development. The company operates through various business segments, providing services such as broadband internet, mobile communications, and pay television. PCCW also offers enterprise solutions, including data centers, cloud computing, and IT infrastructure services. Additionally, through its media arm, the company delivers content and streaming services, enhancing its digital media offerings. The company is headquartered in Hong Kong, and its shares are listed on the HKEX.

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