Slide 1: 2025 Annual Results
2025 ANNUAL RESULTS For the year ended 31 December 2025 Hong Kong
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation may contain “forward-looking statements” that are not historical in nature. These forward-looking statements, which include, without limitation, statements regarding PCCW's future results of operations, financial condition or business prospects, are based
Slide 3: Business Overview
Business Overview Susanna Hui Acting Group Managing Director & Group Chief Financial Officer
Slide 4: 2025 Achievements
2025 Achievements OTT Business Free TV & Related Business HKT • Expanded Viu’s paid subscriber base to • Digital memberships grew by 3.6% to • Accelerating Hong Kong’s AI adoption 16.8 million with a focus on reach 3.4 million with best-in-class digital infrastructure high-growth markets • Investing
Slide 5: 2025 Financial Highlights
2025 Financial Highlights FY25 % change (US $ million) Consolidated Revenue 5,160 7% YoY Consolidated EBITDA 1,704 3% YoY By Segment FY25 % change FY25 % change Revenue (US $ million) EBITDA (US $ million) HKT 4,686 5% YoY HKT 1,825 4% YoY OTT 331 5% YoY OTT 79 56% YoY Free TV & Related 133 Free TV
Slide 6: Pursuing a Disciplined Dividend Policy
Pursuing a Disciplined Dividend Policy PCCW Disciplined Dividend Policy: 2025 Full-Year Dividend per Share: Focus on strengthening the Group’s financial position for sustainable growth while also striving to provide returns for our shareholders 38.25 HK cents 37.05 38.04 38.25 38.25 38.25 29.75 31.2
Slide 7: Contributing to a Sustainable Future
Contributing to a Sustainable Future Deepening Community Engagements • Offered media content and programmes to advance sports culture, promote well-being, and foster cultural exchange through ViuTV and Now TV • Mentored underprivileged students through Strive and Rise Programme, and backing culture
Slide 8: OTT Business
© OTT Business
Slide 9: Significant EBITDA Growth
Significant EBITDA Growth Underpinned by Solid Performance in Subscription, Prudent Investments and Enhanced Efficiency 2025 Paid Subscribers 2025 SVOD Revenue 2025 EBITDA Growth YoY Growth YoY 16.8million +13% +56% • Expanded content slate to drive • Prioritising high-growth Southeast Asian No. 1 e
Slide 10: Viu Originals
Content Diversity and Excellence Driving Viewer Engagement Monthly Active Users1 Streaming Minutes1 Strong Slate Released in 2H 2025 1 Netflix 1 Netflix Accelerated expansion of content library to build upon the Chinese Drama growing international appeal of top titles 2 Viu 2 Viu 3 Vidio 3 Vidio 4 i
Slide 11: Strong Momentum for 2026 with New Growth Engines
Strong Momentum for 2026 with New Growth Engines Viu-HBO Max Streaming Bundle: Expanding Reach Viu Shorts: Accelerating Engagement and Monetisation • First-of-its-kind regional collaboration combining premium • Capitalises on the rapid rise of the micro-drama format Asian content and the “best of Ho
Slide 12: Free TV & Related Business
© Free TV & Related Business
Slide 13: Amplifying Local Content Impact and Driving Monetisation
Amplifying Local Content Impact and Driving Monetisation with Integrated Ad Capabilities 2025 Highlights Exciting Slate of New Content Planned for 2026 ViuTV digital membership New Dramas 3.4million +3.6% YoY1 • COURT! – a legal drama from renowned filmmaker Johnnie To’s (杜琪峯) production company, fe
Slide 14: Talent Development, Live Performances and Content Creation
Harnessing Our Strength through Continued Talent Development, Live Performances and Content Creation * ZPOT * Keung To’s “Lava” | COLLAR’s “Game On” | Anson Lo’s “Kingdom” • Be ON Game IV (膠戰 4) Talent Development Live Performances Content Creation • Elevated the international profile for our artist
Slide 15: Financial Overview
Financial Overview Marco Wong Head of Investor Relations
Slide 16: Strong Financial Performance
Strong Financial Performance Adjusted Funds Flow grew to US$795 million. Full Year Distribution of 81.77 HK cents per SSU HKT Revenue HKT EBITDA 5% YoY 4% YoY US $ Million 4,686 US $ Million 4,456 453 Mobile Product Sales 349 + 30% YoY 1,762 1,825 1,123 1,174 Mobile Services + 5% YoY 714 Mobile 681
Slide 17: Prudent Investments and Economies of Scale
Prudent Investments and Economies of Scale OTT Business Revenue OTT Business EBITDA US $ Million 331 5% YoY US $ Million 56% YoY 315 45 41 79 274 286 51 Total Others Viu 2024 2025 2024 2025 EBITDA 16% 24% Margin • Robust subscription revenue growth of 13% at Viu, • Remarkable uplift in EBITDA of 56%
Slide 18: Strengthening Talent Pool and Building Momentum for 2026
Strengthening Talent Pool and Building Momentum for 2026 Free TV & Related Business Revenue Free TV & Related Business EBITDA US $ Million US $ Million 136 133 25 20 2024 2025 2024 2025 EBITDA 18% 15% Margin • Reflects a strategic focus on sub-group and solo • EBITDA and margin declined reflecting f
Slide 19: Enhanced Efficiency and Cost Optimisation Across the Group
Enhanced Efficiency and Cost Optimisation Across the Group Operating Expenses US $ Million 716 696 3% YoY • Opex decreased by 3% driven by cost optimisation across 293 289 the Group • OTT Business enhanced operating efficiency and marketing Total effectiveness through business process upgrades, incl
Slide 20: Emerging from the Capex Cycle with Heightened Discipline
Emerging from the Capex Cycle with Heightened Discipline Capital Expenditure US $ Million 6% YoY 300 • Mobile capex decreased by 4% reflecting the efficiency 282 24 gains from capacity upgrades and network maintenance 16 18 11 following the achievement of territory-wide 5G coverage 88 85 • TSS capex
Slide 21: Debt Maturity Profile
Debt Maturity Profile As of As of (US $ million) Dec 2025 Jun 2025 HKT (US $ million) As of 31 December 2025 Cash Balance 249 Proforma(1) 312 Undrawn Facilities 2,048 2,528 Total 2,297 2,840 213 300 1,063 1,167 500 750 767 650 320 2026 2027 2028 2029 2030 2031 2032 HKT Bank Loans HKT Bonds 1. Assumi
Slide 22: Healthy Liquidity
Healthy Liquidity US$ million As of Jun 2025(5) As of Dec 2025(5) As of Dec 2025 Proforma(5)(6) Gross Cash Undrawn Gross Cash Undrawn Gross Cash Undrawn Debt(1)) Balance(4) Facilities Debt(1)) Balance(4) Facilities Debt(1)) Balance(4) Facilities HKT 5,568 249 2,048 5,737 312 2,319 5,528 312 2,528 PC