MTR (66) H2 2025 earnings summary

Executive summary

• Recurrent business profit for 2025 was HK$5,653 million, reflecting a year-on-year decline due to changing travel patterns and economic conditions.

• Property development profit rose 8% year-on-year to HK$11,084 million, with total net profit attributable to shareholders at HK$14,677 million.

• Local patronage exceeded 1.9 billion, with 99.9% on-time journeys and record-high customer satisfaction.

• Major new railway projects advanced, including Kwu Tung Station, Tung Chung Line Extension, and Northern Link, with targeted commissioning dates between 2027 and 2034.

• Expansion continued in Chinese Mainland and international markets, with new metro lines in Beijing and Shenzhen and the opening of Melbourne Metro Tunnel.

Financial highlights

• Total revenue from recurrent businesses fell 7.6% year-on-year to HK$55,451 million.

• Recurrent business profit dropped 21.6% year-on-year to HK$5,653 million.

• Property development profit (post-tax) rose 8% to HK$11,084 million, driving underlying business profit to HK$16,700 million.

• Net profit attributable to shareholders was HK$14,677 million.

• Full year ordinary dividend per share maintained at HK$1.31.

Outlook and guidance

• Focus on new railway construction, service quality, and developing new growth drivers.

• Cautiously optimistic for 2026 amid gradual global economic recovery and improving property sector.

• Expect to tender Kam Sheung Road Station phase II and Tuen Mun A16 Station Package 2 in the next 12 months.

• Anticipate booking property profits from several ongoing projects, with recurring railway investment and operating expenditures.

• Continued investment in new railway projects and property development to drive future growth.