Swire Pacific Limited Class A · HKEX:19
Swire Pacific Limited Class A — Swire Pacific Ltd A — 1H2026 Earnings Presentation
39 slides from Swire Pacific Limited Class A's earnings presentation, Aug 6, 2026
Slide 1: Interim Results Analyst Briefing 2026
Interim Results Analyst Briefing 2026 6th August 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 1H2026 STRATEGIC & FINANCIAL HIGHLIGHTS 1 H 2 0 26 FI N AN CIAL PER FO R M ANCE SUST AI N A BIL IT Y PR O GR E S S B USI N E S S R E V I E W K EY T A K E A W AY S Q &A 3
Slide 4: 1H2026 Strategic & Financial Highlights
1H2026 STRATEGIC & FINANCIAL HIGHLIGHTS GUY BRADLEY, CHAIRMAN 4
Slide 5: 1H2026 Strategic Highlights
1H2026 STRATEGIC HIGHLIGHTS Highest first-half recurring underlying profit driven by improving consumer sentiment in all divisions Executing on record levels of planned investment to support future growth in our core markets PROPERTY BEVERAGES AVIATION ▪ Disciplined execution of HK$100Bn investment
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS Underlying profit increased by 43% to HK$7.8Bn, driven by strong demand and one-off gains in Aviation, robust retail sales and residential trading profits in Property, with Swire Coca-Cola also recording an improving performance in the Chinese Mainland 43% Underlying Profit 8% R
Slide 7: Financial Highlights by Division
FINANCIAL HIGHLIGHTS BY DIVISION Record recurring underlying 1H2026 profit of HK$7.0bn (+48%), with improved consumer sentiment lifting performance in core divisions Record recurring underlying 1H2026 profit of HK$7.0bn (+48%), with improved consumer sentiment lifting performance in core divisions R
Slide 8: 1H2026 Financial Performance
1H2026 FINANCIAL PERFORMANCE MARTIN MURRAY, FINANCE DIRECTOR 8
Slide 9: 1H2026 Financial Summary
1H2026 FINANCIAL SUMMARY Strong fundamentals continue to support progressive dividend policy with 15% increase in interim dividends Underlying Profit Recurring Underlying Profit Statutory Attributable Profit 1H2026: HK$7,843m 1H2026: HK$6,962m 1H2026: HK$6,769m 1H2025: HK$5,476m 43% 1H2025: HK$4,712
Slide 10: 1H2026 Movement in Recurring Underlying Profit
1H2026 MOVEMENT IN RECURRING UNDERLYING PROFIT 48% recurring underlying profit growth driven by residential sales and strong aviation performance HK$M +48% • HAECO group had robust demand for base maintenance, • Sale of 6 Deep Water Bay with more line maintenance Road houses. and repair and overhaul
Slide 11: 1H2026 Reconciliation of Profits
1H2026 RECONCILIATION OF PROFITS 1H2026 1H2025 HK$M HK$M Recurring underlying profit 6,962 4,712 Sale of investment property Significant non-recurring items: in Hong Kong Gain on disposals of interests in investment properties and properties held 199 833 Mainly gain on sale of for development shares
Slide 12: Liquidity and Maturity Profile
LIQUIDITY AND MATURITY PROFILE Liquidity headroom normalised following substantial 1H2026 debt repayments December December December June Change % 2023 2024 2025 2026 (June 26 vs HK$M HK$M HK$M HK$M December 25) Bank balances and short-term deposits 14,082 21,028 23,172 22,247 -4% Total undrawn faci
Slide 13: Financial Position
FINANCIAL POSITION Strong operating cash flow and capital recycling resulted in lower gearing, while WACD also declined Net Debt Movements (HK$Bn) Gearing Ratio 65.3 HK$M % 2.4 0.7 62.5 2.5 400,000 30.0 3.6 (9.2) 25.0 (2.8) 300,000 22.1 20.0 20.6 200,000 18.0 19.3 15.0 17.0 10.0 100,000 5.0 0 0.0 De
Slide 14: Shareholder Returns
SHAREHOLDER RETURNS Disciplined approach to capital allocation, balancing significant investments with continued focus on shareholder returns Long-term Sustainable dividend Focus on Strong balance strategic growth operational sheet investments in excellence Share buy-backs core markets • Healthy gea
Slide 15: Sustainability Progress
SUSTAINABILITY PROGRESS MARTIN MURRAY, FINANCE DIRECTOR 15
Slide 16: Sustainability Progress
SUSTAINABILITY PROGRESS Sustainability is embedded across our operations and business performance TARGETS PROGRESS ► 46% reduction in GHG emissions. (4) 50% reduction in greenhouse gas emissions (1) by 2030 ► Swire Properties is first real estate company in Hong Kong and the Chinese Mainland to have
Slide 17: Business Review: Property
BUSINESS REVIEW PROPERTY GUY BRADLEY, CHAIRMAN 17
Slide 18: HK$100 Billion Investment Plan
HK$100 BILLION INVESTMENT PLAN Continuous execution and positioning for growth Investing in Long-term Hong Kong – Asset reinforcement opportunities at Pacific Place and Taikoo Place Growth HK$ 13 Bn / ▪ Increased stake at Citygate ▪ 100% ownership at 1067 King’s Road and 8 Shipyard Lane (2) HK$ 30 B
Slide 19: Property – Upcoming New Projects
PROPERTY – UPCOMING NEW PROJECTS PROPERTY – UPCOMING NEW PROJECTS Diversified portfolio across our core markets Expected Completion Year Expected Attributable From Q4 2026 GFA to be Completed ▪ Taikoo Li Sanya Taikoo Li Sanya ▪ Taikoo Place Beijing 15.4 M sq ft ▪ Redevelopment of Total Building N1 a
Slide 20: Property – 1H2026 Results
PROPERTY – 1H2026 RESULTS PROPERTY – 1H2026 RESULTS Strong profit growth driven by significant residential profit ▪ Underlying profit increased by 11% primarily driven by profit on sale of two residential properties at 6 Deep Water Bay Road in Hong Kong, partly offset by a lower gain on divestments.
Slide 21: Property – The Chinese Mainland Portfolios
PROPERTY – THE Chinese MAINLAND PORTFOLIOs PROPERTY – THE CHINESE MAINLAND PORTFOLIOS Growing contribution with a robust opening pipeline • Attributable rental contributions from the Chinese Mainland retail portfolio exceeded those from Hong Kong office portfolio. • The Chinese Mainland portfolios c
Slide 22: Property – Hong Kong Office
PROPERTY – HONG KONG OFFICE PROPERTY – HONG KONG OFFICE High occupancy, office rents rising in Pacific Place One Island East & Other Taikoo Place Pacific Place (2) Two Taikoo Place Overall Occupancy (4) One Taikoo Place Office Towers (3) 92% Attributable Gross Rental Income Flat (vs 1H2025) 98% Occu
Slide 23: Property – Outlook
PROPERTY – OUTLOOK PROPERTY – OUTLOOK Positive momentum across all portfolios Office Portfolio Retail Portfolio ▪ Resilient, with high occupancy and narrowing reversions ▪ Positive growth momentum in the Chinese Mainland in Hong Kong, especially at Pacific Place ▪ Sustained recovery in Hong Kong as
Slide 24: Business Review: Swire Coca-Cola
BUSINESS REVIEW SWIRE COCA-COLA KAREN SO, CHIEF EXECUTIVE OFFICER, SWIRE COCA-COLA 24
Slide 25: Swire Coca-Cola – 1H2026 Market Overview
SWIRE COCA‐COLA – 1H2026 MARKET OVERVIEW SWIRE COCA-COLA – 1H2026 MARKET OVERVIEW • Improving market conditions, particularly in the Chinese Mainland ✓ Well-positioned to capture the recovery through volume growth in immediate consumption and eating & drinking channels, and through our investment in
Slide 26: Swire Coca-Cola – Strategic Updates
SWIRE COCA‐COLA – STRATEGIC UPDATES SWIRE COCA-COLA – STRATEGIC UPDATES Investment in Greater China • Continue to advance RMB12Bn investment plan in new facilities and equipment in the Chinese Mainland to support expected growth. • New Kunshan and Guangzhou plants with over 20 lines commenced operat
Slide 27: Swire Coca-Cola – 1H2026 Results
SWIRE COCA‐COLA – 1H2026 RESULTS SWIRE COCA-COLA – 1H2026 RESULTS Stronger performance led by the Chinese Mainland • The Chinese Mainland – Recurring profit increased by 24%. Strong volume growth Recurring Profit/(Loss) across emerging channels such as e-commerce, but this was partly offset by prici
Slide 28: Swire Coca-Cola – 1H2026 Results
SWIRE COCA‐COLA – 1H2026 RESULTS SWIRE COCA-COLA – 1H2026 RESULTS EBITDA margin increased from 12.8% to 12.9% driven by higher revenue, offset by pricing and cost pressures Recurring Profit by Territory EBITDA Margin by Territory HK$M 1,000 15% 14.3% 14.2% % change 13.1% 12.8% 13.4% 12.9% +24% 11.9%
Slide 29: Swire Coca-Cola – Outlook
SWIRE COCA‐COLA – OUTLOOK SWIRE COCA-COLA – OUTLOOK Margin outlook: Continued geopolitical uncertainty affecting commodity prices and logistics costs may impact margins, with mitigation measures underway to reduce exposure. The Chinese Mainland: Improving consumer sentiment; accelerating growth thro
Slide 30: Business Review: Aviation
BUSINESS REVIEW AVIATION MARTIN MURRAY, FINANCE DIRECTOR 30
Slide 31: Aviation – Strategic Updates
AVIATION – STRATEGIC UPDATES AVIATION – STRATEGIC UPDATES HAECO group Cathay group • Strategy focused on serving global customers from bases in Greater • Already committed around HK$150Bn in investments in fleet, cabin China and South East Asia following the sale of the US airframe business. and lou
Slide 32: Aviation – 1H2026 Results
AVIATION – 1H2026 RESULTS AVIATION – 1H2026 RESULTS Passenger and cargo demand drove strong performance across our aviation businesses, despite higher fuel prices due to Middle East conflict Recurring Profit Key Financial Data HK$M Total (1) Total (1) HK$M 1H2026 1H2025 Change % $3,056 $2,195 HAECO
Slide 33: HAECO Group – 1H2026 Results
HAECO GROUP – 1H2026 RESULTS HAECO GROUP – 1H2026 RESULTS Robust demand for base maintenance and engine services in Hong Kong and Xiamen while growth in line maintenance in Hong Kong continued Key Financial Data – Recurring Profit/(Loss) Key Operating Statistics Manhours Line maintenance movements h
Slide 34: Cathay Group – 1H2026 Results
CATHAY GROUP – 1H2026 RESULTS CATHAY GROUP – 1H2026 RESULTS High demand for air travel drove a strong performance, despite higher fuel prices in the second quarter Cathay Group Profit Travel Total Total HK$M $6,243 $3,651 Cathay Pacific Change ▪ Capacity continued to increase from 2025 levels with 7
Slide 35: Aviation – Outlook
AVIATION – OUTLOOK AVIATION – OUTLOOK HAECO Group • Demand for base maintenance and engine services in Hong Kong and the Chinese Mainland is expected to remain stable in 2H2026. • HAECO Xiamen will relocate to new airport in late 2026. The transition to the new facilities is on track. • HAECO’s grow
Slide 36: Healthcare – Updates & Outlook
HEALTHCARE – UPDATES OUTLOOK HEALTHCARE – UPDATES & OUTLOOK Continue to deepen our understanding of healthcare business and take advantage of sector dynamics Updates Outlook • DeltaHealth recorded best EBITDA performance since • Seeking further investment opportunities at reasonable acquisition, ref
Slide 37: Key Takeaways
KEY TAKEAWAYS GUY BRADLEY, CHAIRMAN 37
Slide 38: Key Takeaways
KEY TAKEAWAYS KEY TAKEAWAYS Excellent 1H2026 on improving customer sentiment • Stronger consumer sentiment in 2026 in core markets. • Property Division performance supported by robust residential trading, stronger retail sales and ongoing capital recycling. • Swire Coca-Cola saw significantly improv
Slide 39: Q&A
Q&A 6TH AUGUST 2026 | HONG KONG 39