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Results

At 31st December Note 2025
HK$M
2024
HK$M
Change
in %
Revenue 16,041 14,428 11%
Profit/(Loss) attributable to the Company’s shareholders  
Underlying (a), (b) 8,620 6,768 27%
Recurring underlying (a), (b) 6,260 6,479 -3%
Reported (1,533) (766) -100%
Cash generated from operations 10,024 6,489 54%
Net cash inflow/(outflow) before financing 10,661 (2,515) N/A

HK$

HK$
Earnings/(Loss) per share  
Underlying (c) 1.49 1.16 28%
Recurring underlying (c) 1.09 1.11 -2%
Reported (c) (0.27) (0.13) -108%
Dividend per share  
First interim 0.35 0.34 3%
Second interim 0.80 0.76 5%

Financial Position

Financial Position
At 31st December
Note 2025
HK$M
2024
HK$M
Change
in %
Total equity (including non-controlling interests) 271,342 278,427 -3%
Net debt 39,540 43,746 -10%
Gearing ratio (a) 14.6% 15.7% -1.1%pt.

HK$

HK$
Equity attributable to the Company’s shareholders per share (a), (d) 46.80 47.35 -1%
(a) Refer to glossary on page 68 for definition.
(b) A reconciliation between reported loss and underlying profit attributable to the Company’s shareholders is provided on page 9.
(c) Refer to note 9 to the financial statements for the weighted average number of shares.
(d) Refer to note 18 to the financial statements for the number of shares at the year end.

Underlying profit / (loss) by segment

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