Swire Pacific Limited Class A · HKEX:19
Swire Pacific Limited Class A — Swire Pacific Ltd A — FY2025 Earnings Presentation
39 slides from Swire Pacific Limited Class A's earnings presentation, Mar 12, 2026
Slide 1: 2025 Annual Results Analyst Briefing
EXD Swire PACIFIC 2025 ANNUAL RESULTS ANALYST BRIEFING 12 MARCH 2026 | HONG KONG
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Swire Pacific Limited (the “Company”, and together with its subsidiaries, the “Group”) solely for information purposes and information in it has not been independently verified. No representation or warranty, express or implied, is made as to, and no rel
Slide 3: Agenda
AGENDA 2 0 2 5 ST R AT EG IC & F IN AN C IAL H IG H LIGHT S 2 0 2 5 F IN AN C IAL PER F O R M AN CE BU SIN ESS R EVIEW O U T L OOK Q &A 3
Slide 4: 2025 Strategic & Financial Highlights
2025 STRATEGIC & FINANCIAL HIGHLIGHTS GUY BRADLEY, CHAIRMAN 4
Slide 5: 2025 Strategic Highlights
2025 STRATEGIC HIGHLIGHTS Delivering on our growth strategy across all core businesses PROPERTY BEVERAGES AVIATION Remain focused on the HK$100Bn Strengthened market position and margins HAECO completed sale of USA business in investment plan, with the majority of the in the Chinese Mainland through
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS Underlying profit up by 9% to HK$11.4Bn driven by capital recycling and strong recurring profit in Aviation 9% Underlying Profit 10% Revenue HK$11.4Bn 2024: HK$10.5Bn HK$90.5Bn 2024: HK$82.0Bn 5% Recurring Underlying Profit HK$9.8Bn 2024: HK$9.3Bn 13% Ordinary Dividend per ‘A’ S
Slide 7: Financial Highlights by Division
FINANCIAL HIGHLIGHTS BY DIVISION Strong recurring underlying profit of HK$9.8Bn (+5%) driven by high demand for air travel and resilient performances from Property and Beverages Recurring Underlying Profit PROPERTY BEVERAGES AVIATION 2025: HK$5.2Bn 2025: HK$1.4Bn 2025: HK$5.5Bn 2024: HK$5.3Bn 1% 202
Slide 8: 2025 Financial Performance
2025 FINANCIAL PERFORMANCE MARTIN MURRAY, FINANCE DIRECTOR 8
Slide 9: 2025 Financial Summary
2025 FINANCIAL SUMMARY Strong fundamentals support a 13% increase in dividends Underlying Profit Recurring Underlying Profit Statutory Attributable Profit 2025: HK$11,373m 2025: HK$9,754m 2025: HK$2,938m 9% 5% 32% 2024: HK$10,471m 2024: HK$9,284m 2024: HK$4,321m Equity Attributable to Revenue the Co
Slide 10: 2025 Movement in Underlying Profit
2025 MOVEMENT IN UNDERLYING PROFIT 9% underlying profit growth driven by asset recycling and strong aviation performance, partly offset by one-offs HK$M +9% (721) +573 (601) 11,373 +1,651 10,471 • Absence of 2024 Thailand • Absence of disposal and remeasurement and • Strong recurring profit in fair
Slide 11: 2025 Reconciliation of Profits
2025 RECONCILIATION OF PROFITS 2025 2024 Sale of Brickell City HK$M HK$M Centre and land in Miami, Tsing Yi industrial site, Recurring underlying profit 9,754 9,284 43/F of OIE, and Taikoo Shing car parks in Hong Significant non-recurring items: Kong Gain on disposals of interests in investment prop
Slide 12: Underlying Profit by Year
UNDERLYING PROFIT BY YEAR Growth in underlying profit driven by capital recycling strategy and exit from unprofitable businesses HK$M 5,293 4,748 36,177 10,471 11,373 Property divestments: HK$3,513m Property divestments: HK$1,966m Disposal of Swire Coca- Cola USA: HK$22,907m Disposal of HAECO Americ
Slide 13: Liquidity and Maturity Profile
LIQUIDITY AND MATURITY PROFILE December December December December Change % 2022 2023 2024 2025 (December 25 vs HK$M HK$M HK$M HK$M December 24) Bank balances and short-term deposits 11,614 14,082 21,028 23,172 +10% Total undrawn facilities - Committed 21,510 34,850 22,092 29,565 +34% Group committe
Slide 14: Financial Position
FINANCIAL POSITION Robust balance sheet allowing us to deliver on our capital allocation plan Net Debt Movements (HK$Bn) Gearing Ratio HK$M % 70.6 400,000 30.0 5.3 65.3 6.4 25.0 8.6 300,000 20.0 (17.0) 22.1 20.6 200,000 18.0 17.0 15.0 (8.6) 10.0 100,000 11.9 5.0 0 0.0 December December December Dece
Slide 15: Shareholder Returns
SHAREHOLDER RETURNS Disciplined approach to capital allocation, balancing investments and shareholder returns Long-term Sustainable dividend Focus on Strong balance strategic growth operational sheet investments in excellence core markets Share buy-backs 2025 outcomes: • Healthy gearing ratio at • H
Slide 16: Dividends per 'A' Share
DIVIDENDS PER 'A' SHARE Committed to delivering sustainable, progressive dividends, reflecting our disciplined capital allocation and long-term shareholder value HK$ 5-Year CAGR: +17.5% 3.80 3.35 3.20 3.00 2.60 1.70 2020 2021 2022 2023 2024 2025 Ordinary dividends Note: 1. Special dividend of HK$8.1
Slide 17: Sustainability Progress
SUSTAINABILITY PROGRESS Our re-named “SD 2050” strategy reflects unwavering commitment to a sustainable future and clear timeline for action TARGETS PROGRESS ► 46% reduction in scope 1 and 2 GHG emissions compared with baseline. ► Swire Pacific included in the CDP Climate A-List for the first time.
Slide 18: Business Review - Property
BUSINESS REVIEW - PROPERTY GUY BRADLEY, CHAIRMAN 18
Slide 19: Property - 2025 Overview
PROPERTY – 2025 OVERVIEW Strong underlying profit driven by capital recycling ▪ Underlying profit increased by 27% primarily driven by gains from disposal of non-core assets. Underlying Profit ▪ Recurring HK$M Non-recurring Recurring underlying profit decreased by 3% mainly 8,620 due to loss of rent
Slide 20: Property - Chinese Mainland Portfolio
PROPERTY – CHINESE MAINLAND PORTFOLIO A key contributor to growth with a robust opening pipeline ▪ Attributable rental contributions from Chinese Mainland retail portfolio exceeded those from Hong Kong office portfolio. ▪ Chinese Mainland portfolio contributed 43% attributable gross rental income in
Slide 21: Property - Hong Kong
PROPERTY – HONG KONG Hong Kong Office Hong Kong Retail Steady occupancy and well-positioned to capture a recovery in Malls fully let and retail sales outperformed market demand One Island East & The Mall, Pacific Pacific Place (1) Two Taikoo Place Cityplaza Citygate Outlets One Taikoo Place Place GF
Slide 22: Property - HK$100 Billion Investment Plan
PROPERTY – HK$100 BILLION INVESTMENT PLAN Solid progress focusing on disciplined execution Chinese Mainland – Retail-led mixed-use projects in Tier-1 / emerging Tier-1 cities; doubling of GFA by 2032 HK$46 Bn ▪ Taikoo Li Xi’an ▪ Taikoo Li Sanya (2) HK$ 50 Bn ▪ Increased stake at Taikoo Li Chengdu ▪
Slide 23: Property - Strategic Updates
PROPERTY – STRATEGIC UPDATES ▪ Divestment of non-core assets in Miami and Hong Kong released capital for higher-return opportunities. ▪ Focus is on the disciplined execution of the HK$100Bn investment plan across our core markets. ▪ In the Chinese Mainland, five new developments will open from 2026
Slide 24: Property - Strategic Updates
PROPERTY – STRATEGIC UPDATES A strong and diversified pipeline of developments across all markets Expected Attributable Expected Completion Year GFA to be Completed From 2026 From 2027 2028 onwards ▪ Taikoo Li Xi’an + 12.4 M Total sq ft Hong Kong (1) Artist Impression Artist Impression Artist Impres
Slide 25: Business Review - Swire Coca-Cola
BUSINESS REVIEW – SWIRE COCA-COLA KAREN SO, CHIEF EXECUTIVE OFFICER, SWIRE COCA - COLA 25
Slide 26: Swire Coca-Cola - 2025 Overview
SWIRE COCA-COLA – 2025 OVERVIEW Recurring profit remained flat with headwinds in Vietnam and Thailand offset by central cost savings ▪ Chinese Mainland – Recurring profit increased by 1%. Revenue increased slightly despite structural shift away from traditional distribution channels and Recurring Pr
Slide 27: Swire Coca-Cola - 2025 Overview
SWIRE COCA-COLA – 2025 OVERVIEW EBITDA margin increased slightly to 12.6% Recurring Profit by Region EBITDA Margin by Region HK$M 1,000 20% % change 18.1% 18.6% +1% 900 16.6% 800 700 15% 14.5% 13.2% 600 12.6% 11.7% 11.5% 11.9% 11.5% 500 400 10% 300 +14% -35% -16% -6% 200 100 5% 0 Chinese Hong Kong T
Slide 28: Swire Coca-Cola - Strategic Updates
SWIRE COCA-COLA – STRATEGIC UPDATES Chinese Mainland ▪ New production facility in Zhengzhou officially started operations in October 2025. ▪ New production facilities near Shanghai and in Guangzhou expected to commence operations in Q2 2026. ▪ Construction work for new production facility in Hainan
Slide 29: Business Review - Aviation
BUSINESS REVIEW – AVIATION MARTIN MURRAY, FINANCE DIRECTOR 29
Slide 30: Aviation - 2025 Overview
AVIATION – 2025 OVERVIEW Robust demand for passenger travel and cargo drove strong results at both our aviation businesses Attributable Profit/(Loss) Key Financial Data HK$M Total Total HK$M 2025 2024 Change % $5,270 $4,697 HAECO group 5,500 936 399 Revenue 23,856 21,662 +10% 4,500 Attributable prof
Slide 31: Aviation - HAECO - 2025 Overview
AVIATION – HAECO – 2025 OVERVIEW Robust demand for base maintenance and engine services in Hong Kong and Xiamen drove increase in recurring profit Key Financial Data – Recurring Profit/(Loss) Key Operating Statistics HK$M 2025 2024(1) Change % Manhours Line maintenance movements handled (Million) (T
Slide 32: Aviation - HAECO - Strategic Updates
AVIATION – HAECO – STRATEGIC UPDATES ▪ Strategy re-focused on serving global customer base from core locations following exit of US airframe business. ▪ HAECO group is on track with plans for South East Asia market entry as well as additional capacity expansion. ▪ The construction of our new, indust
Slide 33: Aviation - Cathay - 2025 Overview
AVIATION – CATHAY - 2025 OVERVIEW Third consecutive profitable year as travel demand has recovered following pandemic Cathay Group Profit (HK$Bn) Travel 15 Cathay Pacific Change ▪ Passenger volume was robust as yields saw an 10.8 9.9 expected decline. Available seat kilometres +25.8% ▪ Cathay Pacifi
Slide 34: Aviation - Cathay - Strategic Updates
AVIATION – CATHAY – STRATEGIC UPDATES ▪ Adding more than 100 new-generation aircraft to the fleet to meet increasing demand from the launch of the Three-Runway System. ▪ Bought back remaining 50% of preference shares and all warrants issued to HKSAR Government. ▪ Repurchased approximately 68% of the
Slide 35: Healthcare - Strategic Updates
HEALTHCARE – STRATEGIC UPDATES Continue to deepen our understanding of healthcare business and take advantage of sector dynamics DeltaHealth Indonesia Healthcare Corporation (IHC) ▪ Clear vision to be the leading Class III standard ▪ Continue to see resilient demand for quality healthcare Cardiovasc
Slide 36: Outlook
OUTLOOK GUY BRADLEY, CHAIRMAN 36
Slide 37: Outlook
OUTLOOK Despite global uncertainty, our core divisions are expected to perform well ▪ Continued focus on successful execution of investment plans in Hong Kong, Chinese Mainland and South East Asia ▪ Stronger Q4 2025 consumer sentiment in core markets continuing in Q1 2026 ▪ Our capital allocation st
Slide 38: Q&A
Q&A 12 MARCH 2026 | HONG KONG 38
Slide 39: 2025 Annual Results Analyst Briefing
EXD Swire PACIFIC 2025 ANNUAL RESULTS ANALYST BRIEFING 12 MARCH 2026 | HONG KONG