Swire Pacific (19) investor relations material

Executive summary

• Achieved record first-half recurring underlying profit, driven by improved consumer sentiment and robust performance across all divisions, including property, beverages, and aviation.

• Maintained record levels of capital investment and executed significant planned investments to support future growth in core markets.

• Interim dividend per 'A' share increased 15% to HK$1.50, reflecting strong financial performance and confidence in future prospects.

• Continued progress on sustainability targets, including emissions reduction, waste diversion, and investments in green facilities.

Financial highlights

• Underlying profit rose 43% year-over-year to HK$7.8B; recurring underlying profit up 48% to HK$7.0B.

• Revenue increased 8% year-over-year to HK$49.4B.

• EBITDA for beverages increased by 11%, with margin improving from 12.8% to 12.9%.

• Gearing ratio improved to 19.3%, with HK$45.8B in available liquidity and 75% of borrowings on fixed rates.

• Basic EPS for 'A' shares was HK$5.02, up from HK$0.60 in 2025.

Outlook and guidance

• Positive momentum expected across all property portfolios, with resilient office occupancy and growth in retail and residential segments.

• Aviation outlook remains strong, with Cathay targeting 10% passenger capacity growth in 2026 and stable MRO demand.

• Beverages division confident in long-term growth, especially in the Chinese Mainland and Southeast Asia, despite margin pressures from commodity prices.

• Progressive, mid-single digit dividend growth anticipated.

• Continued long-term investment and innovation planned, especially in property and beverages.