MTR (66) H1 2026 earnings summary

Executive summary

• Net profit attributable to shareholders surged 105.9% year-over-year to HK$15.9 billion, driven by a significant increase in property development profit and steady recurrent business performance.

• Achieved steady progress in transport services, network expansion, and property development amid a recovering Hong Kong economy and stabilized property market.

• Seven new railway projects are advancing, supporting Hong Kong’s development and future sustainable growth.

• Significant milestones reached in both Hong Kong and international operations, including new project commencements in the Chinese Mainland and overseas.

• Interim dividend of HK$0.42 per share declared, unchanged from the prior year.

Financial highlights

• Recurrent business profit rose 1.3% to HK$3,434 million for the first half of 2026, with higher contributions from international operations.

• Net profit reached HK$15.9 billion, boosted by one-off property development profits of HK$12.2 billion from Tai Wai Station and THE SOUTHSIDE Package 5.

• Total revenue from recurrent businesses declined 4.1% to HK$26.2 billion, mainly due to the end of certain international service contracts.

• EBIT loss of HK$141 million in Hong Kong transport operations, mainly due to higher maintenance expenses, no fare increase, and increased depreciation.

• Cash and deposits increased to HK$114.0 billion, reflecting strong financing activities.

Outlook and guidance

• Preparing for a construction peak period with multiple railway projects underway, including Northern Link, Tuen Mun South Extension, Tung Chung Line Extension, and investments in Tuen Mun, Lantau, and the Northern Metropolis.

• Continued booking of property development profits expected in phases this year, supporting railway construction and operations.

• Emphasis on digital transformation, AI, and technology to enhance competitiveness and service quality.

• Ongoing expansion of Hong Kong’s rail network and pursuit of international growth opportunities.

• Ongoing forward-looking financial planning to address substantial investment needs and market uncertainties.