Hongkong & Shanghai Hotels Ltd. · HKEX:45
Hongkong & Shanghai Hotels — The Hongkong and Shanghai Hotels — H1 2026 Earnings Presentation
22 slides from Hongkong & Shanghai Hotels's earnings presentation, Aug 5, 2026
Slide 1: Stronger Earnings Momentum and Return to Profitability
Stronger Earnings Momentum and Return to Profitability 2026 Interim Results 5 August 2026
Slide 2: Disclaimer
Disclaimer This presentation (“Presentation”) is made available by The Hongkong and Shanghai Hotels, Limited (“HSH”) for general purposes only. Nothing contained in this Presentation is intended to constitute a public offer under any legislation or an invitation or inducement to engage in any invest
Slide 3: Agenda
Agenda Key Messages Financial Results Operational Highlights Outlook Q&A 3
Slide 4: Key Messages
Key Messages Resilient Luxury in an Uneven Market Luxury demand proved resilient; HSH well placed to benefit Stronger Operating Performance Growth in key markets Strong, double-digit RevPAR gains in Greater China and the US Return to Profitability HK$23m profit attributable to shareholders (
Slide 5: Financial Highlights at a Glance
Financial Highlights at a Glance Revenue Profitability Cash Debt Credit Rating Rating Project Update +8% +20% +22% 22% A YoY YoY YoY Revenue from Operating EBITDA 1 Net cash from Net external debt to Credit rating from JCRA Sold 2 units of The operations1 operating activities total assets and R&I2 P
Slide 6: Investing over HK$2bn in Flagship Assets to Strengthen Long-Term Growth
Investing over HK$2bn in Flagship Assets to Strengthen Long-Term Growth Revenue Profitability Cash Debt Credit Rating Rating 6
Slide 7: Hotels Led Earnings Recovery While Other Businesses Largely Delivered Stable Growth
Hotels Led Earnings Recovery While Other Businesses Largely Delivered Stable Growth Hotels Division Led Commercial Properties Growth at Peak Tram, Earnings Growth Delivered Stable Earnings Retail and Others RevPAR increased across all regions, Strong occupancy at The Repulse Bay Peak Tram perf
Slide 8: Financial Results
Financial Results 8
Slide 9: Revenue Growth and Operating Leverage Drove a Return to Profitability
Revenue Growth and Operating Leverage Drove a Return to Profitability H1 2026 profit attributable to shareholders increased to HK$23m, compared with a loss of HK$289m in H1 2025, driven by revenue growth, and EBITDA expansion Revenue from operations (HK$m) Statement of Profit or Loss (HK$m) H1 26 H1
Slide 10: Revenue and EBITDA Growth Across All Divisions
Revenue and EBITDA Growth Across All Divisions Revenue and EBITDA increased across all business divisions, reflecting continued recovery in luxury travel demand, resilient commercial property performance and positive contributions from Peak Tram, Retail and Others. 2025 2026 Contribution by division
Slide 11: Operating Leverage Drove EBITDA CAGR of 40% Since H1 2024
Operating Leverage Drove EBITDA CAGR of 40% Since H1 2024 Revenue growth and disciplined cost management delivered significant EBITDA and margin expansion. (HK$m) 3,534 3,281 Revenue CAGR: ~10% Revenue from 2,908 operations1 EBITDA CAGR: ~40% EBITDA margin: 13.6% → 21.8% (+8.2ppt) EBITDA gre
Slide 12: Improved EBITDA Drove Stronger Operating Cash Flow
Improved EBITDA Drove Stronger Operating Cash Flow Net cash generated from recurring operating activities increased 22% to HK$727m, reflecting continued improvement in operating performance and higher EBITDA. Net cash generated from operating activities before changes in working capital (HK$m) +22%
Slide 13: Strong Balance Sheet Supporting Future Growth
Strong Balance Sheet Supporting Future Growth Balance sheet Credit metrics 30 Jun 31 Dec 22% Net debt to total assets (HK$m) 2026 2025 HK$ 1.9bn Undrawn committed facilities Total cash 951 762 Total assets 54,675 55,051 3.70% Weighted average gross interest rate Net debt before lease and other liabi
Slide 14: Hotel Highlights
Hotel Highlights 14
Slide 15: All Regions Contributed to Improved Hotel Performance
All Regions Contributed to Improved Hotel Performance RevPAR increased across all regions, led by Greater China and the United States, reflecting stronger occupancy, higher average rates and continued resilience in luxury travel demand. Greater China (RevPAR: 29% YoY) Strong occupancy and rate gro
Slide 16: Commercial Properties & Peak Tram, Retail and Others Highlights
Commercial Properties & Peak Tram, Retail and Others Highlights 16
Slide 17: The Repulse Bay Continued to Deliver Strong and Stable Performance
The Repulse Bay Continued to Deliver Strong and Stable Performance Robust residential occupancy at 97% and a quality tenant base Curated cultural and community-led activations supported footfall, tenant engagement and the long-term relevance of the property 17
Slide 18: The Peak Complex Delivered Resilient Performance Despite Weather Headwinds
The Peak Complex Delivered Resilient Performance Despite Weather Headwinds The Peak Tower Delivered YoY growth in H1 2026, supported by cost discipline and commercial initiatives Visitor traffic was impacted by adverse weather during the period The Peak Tram Softer visitor demand due to advers
Slide 19: Peninsula Merchandising Sharpened Strategic Focus and Enhanced Brand Positioning
19 Peninsula Merchandising Sharpened Strategic Focus and Enhanced Brand Positioning Rationalised retail footprint in Japan and China Focused on product elevation, destination retail and opportunities that are more closely aligned with The Peninsula brand experience Growing wholesale opportunit
Slide 20: FY 26 Outlook
FY 26 Outlook 20
Slide 21: FY Outlook: Positioned for Continued Growth Amid a Dynamic Environment
FY 26 Outlook: Positioned for Continued Growth Amid a Dynamic Environment Macro Environment & Industry Fundamentals Mixed external environment Global travel demand continuing to grow Shift towards experiences and experiences and hyper-personalisation Geopolitical uncertainty, currency volati
Slide 22: Q&A
Q &A 22
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