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Lai Fung Holdings (1125) investor relations material

Lai Fung Holdings H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary21 Oct, 2025

Executive summary

  • Demonstrated resilience amid challenging market conditions, focusing on cost control, asset disposals, and refinancing to strengthen financial position.

  • Net loss attributable to owners increased to HK$419.4 million from HK$267.7 million year-over-year, mainly due to reduced property sales and fair value losses, partially offset by lower expenses and finance costs.

  • Turnover dropped 41.1% to HK$1,291.3 million, driven by a 75.5% decline in property sales and lower theme park revenue, while rental income remained resilient.

  • Non-property businesses, including F&B and cinema, showed improved results through consolidation and streamlining.

  • No final dividend was declared for the year.

Financial highlights

  • Revenue down 41.1% year-over-year to HK$1,291.3m; net loss widened to HK$419.4m from HK$267.7m.

  • Adjusted EBITDA fell 46.8% to HK$416.3m; gross profit decreased 41.0% to HK$525.2m.

  • Loss per share widened to HK$1.267 from HK$0.809.

  • Net asset value per share decreased to HK$36.34 from HK$37.21.

  • Net debt to equity ratio rose to 70% from 65%.

Outlook and guidance

  • Asset disposal target of HK$2,000 million over two years is progressing, with advanced discussions for certain assets.

  • Focus on concluding sales of existing projects and launching new developments, such as 79 Broadcast Drive and 1 Kotewall Road.

  • Continued cost control, refinancing, and asset sales expected to support liquidity and financial stability.

  • No new projects unless financially feasible; current developments fully funded.

  • Management remains confident in the Greater Bay Area and continues a rental-led strategy.

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