Great Eagle (41) H2 2025 earnings summary

Executive summary

• Core revenue rose 114.6% to HK$16,808.1m and core profit attributable to equity holders increased 33.7% to HK$2,076.7m; core EPS was HK$2.77.

• Statutory loss attributable to equity holders narrowed 4.6% to HK$1,654.3m; statutory revenue rose 80.7% to HK$19,658.1m.

• Core earnings exclude specified fair-value changes and account for Champion REIT and LHI through attributable distributions.

Financial highlights

• Property-sales revenue increased 650.4% to HK$10,059.0m, while property-sales income fell 14.3% to HK$513.6m amid lower ONMANTIN margins.

• Core operating income before expenses fell 3.0% to HK$2,798.8m; core profit before tax rose 29.6% to HK$2,293.1m.

• Interest income increased to HK$1,004.4m, largely from ONMANTIN development funding; core net finance costs declined 16.5% to HK$427.4m.

• Hotels revenue grew 4.4% to HK$5,307.1m and EBITDA rose 4.3% to HK$1,152.2m.

Outlook and guidance

• 2026 Hong Kong residential demand is expected to benefit from lower rates, talent schemes and high-net-worth arrivals; modest price growth is expected, while retail faces cross-border competition.

• Sales strategies will target remaining ONMANTIN and ONTOLO inventory; development will progress at Kai Tak, Ma Tau Chung and Choi Hung, with further residential acquisitions planned.

• Eight to ten Ying'nFlo outlets are planned for 2026; hotel operations will focus on revenue enhancement, cost discipline and operating refinements.

• Hong Kong office rents face negative rental reversion; higher-for-longer rates may weigh on Champion REIT and LHI profitability.