Hongkong Land Holdings (H78) Q1 2025 TU earnings summary

Executive summary

• Q1 underlying profit was in line with Q1 2024; lower Hong Kong Central Portfolio contributions were offset by higher build-to-sell contributions, mainly due to completion timing on the Chinese mainland.

• Progress continued on the 2035 strategy focused on ultra-premium integrated commercial assets in Asian gateway cities and long-term growth.

Financial highlights

• Net cash inflows in Q1 reduced net debt to US$4.9 billion at 31 March 2025.

• At 31 March 2025, committed liquidity was US$3.2 billion and 68% of debt interest was at fixed rates.

Outlook and guidance

• FY2025 underlying earnings guidance was unchanged.

• Hong Kong Central contributions are expected to decline on negative office rental reversions; luxury retail contributions are expected to be lower, with up to 40% of LANDMARK leasable area under renovation in 2025.