Hutchison Port (NS8U) H2 2025 earnings summary

Executive summary

• Throughput grew 3% year-on-year in 2025, led by a 7% increase at Yantian/YICT, while Hong Kong/HPHT Kwai Tsing volumes declined by 6%, mainly in transshipment.

• Revenue rose 3% to HKD 11.9 billion, with operating profit up 8% to HKD 4.7 billion and profit after tax attributable to unitholders up 15% to HKD 748 million.

• Distribution per unit (DPU) for 2025 was set at HKD 0.115 (11.5 HK cents), down from 2024, mainly due to new statutory reserve requirements and higher interest costs.

• Outbound cargoes to Europe increased 14%, offsetting a 10% decline to the US.

Financial highlights

• Throughput reached 23 million TEU, up 3% year-on-year; Yantian/YICT grew 7%, offsetting a 6% drop at Kwai Tsing.

• Revenue and other income for 2025 was HKD 11.863 billion, up 3% year-on-year; operating profit increased 8% to HKD 4.733 billion.

• Profit before tax rose 12% to HKD 3.807 billion; profit after tax up 13% to HKD 2.454 billion.

• Net attributable debt dropped 6% year-on-year to HKD 17.9 billion.

• Total capex for 2025 was HKD 445 million, up 20% year-on-year.

Outlook and guidance

• 2026 DPU guidance is HKD 0.11–0.12, with a target to maintain HKD 0.115, subject to interest rates, refinancing, and profitability.

• Expects low single-digit (1–3%) annual volume growth, with Yantian as the main driver and Hong Kong stabilizing.

• Monitoring impact of global trade agreements, Red Sea/Suez Canal reopening, and U.S./Europe trade dynamics.

• Maintenance CapEx for 2026 expected to remain around HKD 500 million.

• HPH Trust aims to reduce emissions intensity by 30% by 2030; achieved 29% reduction by end-2025.