Slide 1: MTR Corporation Interim Results 2026 Announcement
MTR Corporation Interim Results 2026 Announcement 13 August 2026 13/8/2026 Page 1 MTR Corporation
Slide 2: Forward-looking statements
Forward-looking statements Certain statements contained in this presentation may be viewed as forward-looking statements. Such forward- looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of opera
Slide 3: Business Review: HK$15.9 Billion Net Profit
Interim Results 2026 Business Review The first half of the year HK15.9 Billion Net profit Page 3
Slide 4: World-Class Service Enhanced Travel Experience
World-Class Service Enhanced Travel Experience The total patronage of Cumulative patronage of the Passenger Journeys On-time Hong Kong Transport Services High Speed Rail on heavy rail network* >970 million >100 million 99.9% Page 4 * Train Service Delivery and Passenger Journeys On-time for heavy ra
Slide 5: Railway Infrastructure Driving Hong Kong's Growth and Northern Metropolis Development
Railway Infrastructure Driving Hong Kong’s Growth and Northern Metropolis Development *Planning is in progress Page 5
Slide 6: Railway Infrastructure Driving Hong Kong's Growth and the Northern Metropolis Development
Railway Infrastructure Driving Hong Kong’s Growth and the Northern Metropolis Development Northern Link Project Northern Link (Part 2) Project Agreement Northern Link (Part 1) Project Agreement
Slide 7: Forward-looking Financial Planning
Forward-looking Financial Planning Page 7
Slide 8: "Rail plus Property" Model Supporting Long-term Development
“Rail plus Property” Model Supporting Long-term Development Awarded the property development project at Kam Sheung Road Station Phase 2 Tendering the Tuen Mun A16 Station Package Two project This visual is provided for concept illustration only, and the content is subject to change “Rail plus Proper
Slide 9: Harnessing AI to Enhance Business Efficiency and Customer Service
Harnessing AI to Enhance Business Efficiency and Embedding I&T Across Businesses: Customer Service ▪ Expanding the functions of our Virtual Service Ambassador ▪ Exploring and testing the use of drones for inspection ▪ Applying Design for Manufacture and Assembly (DfMA) to build new railways Page 9
Slide 10: Expanding Beyond Hong Kong Creating New Opportunities
Expanding Beyond Hong Kong Creating New Opportunities Chinese Mainland Business Shenzhen Metro Line 13 commenced full-line service Expanding station commercial businesses Page 10
Slide 11: Expanding Beyond Hong Kong Creating New Opportunities
Expanding Beyond Hong Kong Creating New Opportunities Remaining section of Sydney Metro M1 Line is expected to open International in the second half of this year Business Major contract won for the Sydney Metro West project Page 11
Slide 12: Go Green Building Sustainable Communities
Go Green Building Sustainable Communities Page 12
Slide 13: Financial Results
Financial Results —
Slide 14: Financial Highlights
Financial Highlights Favourable/ (HK$m) 1H2026 1H2025 (Unfavourable) change (%) - in Hong Kong (1) 17,386 17,163 1.3 - outside Hong Kong (1) 8,845 10,183 (13.1) Revenue from recurrent businesses 26,231 27,346 (4.1) - in Hong Kong (1)(2) 2,917 2,973 (1.9) - outside Hong Kong (1)(3) 517 418 23.7 Recur
Slide 15: Segmental Profit/(Loss) of Underlying Businesses
Segmental Profit/(Loss) of Underlying Businesses (HK$m) 1H2026 1H2025 Favourable/ (Unfavourable) change (%) EBIT (1) - Hong Kong Transport Operations (141) 98 (239) n/m - Hong Kong Station Commercial 1,755 1,798 (43) (2.4) - Total Hong Kong Transport Services 1,614 1,896 (282) (14.9) - Hong Kong Pro
Slide 16: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (HK$m) 30 Jun 2026 31 Dec 2025 Increase/ (Decrease) % Fixed Assets 248,102 245,704 2,398 1.0 Railway Construction in Progress 22,357 17,879 4,478 25.0 Property Development in Progress 43,378 43,054 324 0.8 Interests in Associates and Joint Ventures 14,435
Slide 17: Consolidated Cash Flows for the six months ended 30 Jun 2026
Consolidated Cash Flows for the six months ended 30 Jun 2026 (HK$m) 82,149 (618) 339 80,518 (5,541) (250) Increase in Bank 10,763 Medium-Term Investments Increase in Cash, Bank 69,755 16,356 Balances and Deposits 10,045 7,862 (3,330) 358 4,439 (10,496) Net Cash Net Receipts Variable Capital Other In
Slide 18: Financing and Credit Ratios
Financing and Credit Ratios Group’s consolidated gross debt(1): HK$170,355m Company Debt Profile (30 Jun 2026) (HK$88,923m as at 31 Dec 2025) >7 years Average cost of interest-bearing borrowings: 3.5% (FY2025: 3.5%; 1H2025: 3.7%) 44% Fixed 74% Average fixed rate debt maturity: 10.0 years Hedged 100%
Slide 19: Capital Expenditure & Investments
Capital Expenditure & Investments 2026-2028 HK$1.6 Chinese Mainland Hong Kong billion Property & Overseas Investments 2% HK$10.3 billion 12% Estimated spend (HK$Billion): Total 2026 : 27.2 HK$41.9 HK$84.8B billion Hong Kong Railway 2027 : 29.8 49% Maintenance CAPEX 2028 : 27.8 Hong Kong HK$31.0 New
Slide 20: Outlook
Outlook Page 20
Slide 21: Capturing National Development Opportunities
Capturing National Development Opportunities Preparing for the Construction Peak Period Page 21
Slide 22: Driving Transformation Through Technology to Enhance Business Competitiveness
Driving Transformation Through Technology to Enhance Business Competitiveness
Slide 23: Planning Ahead to Strengthen the Foundation for Long-Term Development
Planning Ahead to Strengthen the Foundation for Long-Term Development Page 23
Slide 24: Keep Cities Moving
Keep Cities Moving Page 24
Slide 25: Appendix
Appendix @MTR
Slide 26: Consolidated Cash Flows
Consolidated Cash Flows (HK$m) 1H2026 1H2025 Net Cash Generated from Operating Activities 7,862 6,481 Net Receipts from Property Development 10,045 9,127 Variable Annual Payment (3,330) (3,025) Capital Expenditure (10,496) (8,632) Net Purchase of Investment in Securities (10,763) (4,760) Other Net C
Slide 27: Hong Kong Transport Operations: Market Share
Hong Kong Transport Operations: Market Share Hong Kong Franchised Public Transport Green Trams & Green Trams & minibuses ferries minibuses ferries 12.6% 2.1% 12.6% 2.0% MTR MTR 50.0% 50.2% Buses Buses 35.3% 35.2% Jan-May 2025 Jan-May 2026 Cross-harbour Cross-boundary & HSR Airport Express 72.5% 72.9
Slide 28: Hong Kong Transport Operations
Hong Kong Transport Operations EBIT (HK$m) 1H2026 • Average weekday patronage increased by 1.5% to 5.73 415 98 500 - (337) (478) (352) million (500) (774) (141) (1,958) • The decrease in EBIT was mainly attribute to (i) higher (1,000) 1H (2,775) 2H (1,500) railway support and maintenance expenses; (
Slide 29: Hong Kong Transport Operations
Hong Kong Transport Operations 1H2026 1H2025 Favourable/ (Unfavourable) change (%) Patronage (million) - Domestic Service 789.6 786.0 0.5 - Cross-boundary Service 55.4 51.2 8.2 - High Speed Rail 16.6 14.7 12.8 - Airport Express 6.4 6.4 0.6 - Light Rail and Bus 107.4 105.4 1.8 Total 975.4 963.7 1.2 A
Slide 30: Hong Kong Station Commercial Businesses
Hong Kong Station Commercial Businesses EBIT (HK$m) 1H2026 • The decrease in EBIT was mainly attribute to overall negative rental reversions for station kiosks 2,000 1,800 • 1,600 1,400 Rental reversion and average occupancy rates for our station 1,200 1H 1,000 1,798 1,994 1,897 1,876 1,798 1,862 1,
Slide 31: Hong Kong Station Commercial Businesses
Hong Kong Station Commercial Businesses Favourable/ (Unfavourable) Hong Kong Station Commercial (HK$m) 1H2026 1H2025 change (%) - Retail Rental Revenue 1,828 1,834 (0.3) - Advertising Revenue 452 451 0.2 - Telecommunication Income 268 272 (1.5) - Other Station Commercial Income 67 64 4.7 Total Reven
Slide 32: Hong Kong Property Rental and Management Businesses
Hong Kong Property Rental and Management Businesses EBIT (HK$m) 1H2026 2,500 • The EBIT reduction was attributable to changing consumer 2,000 behaviour under retail new normal and continued outbound 1,500 consumption 1H 1,000 1,865 1,935 1,990 2,009 2,154 2,015 2,084 2,011 2H • Retail market sentime
Slide 33: Hong Kong Property Development Businesses
Hong Kong Property Development Businesses 1H2026 Hong Kong Property Development Profit (Post-tax) • Hong Kong property development profit was mainly derived from Tai Wai Station and THE (HK$m) SOUTHSIDE Package 5 • Pre-sales/sales for LA MIRABELLE I, THE PAVILIA FARM III and DEEP WATER SOUTH were la
Slide 34: Hong Kong Property Rental and Management; and Hong Kong Property Development
Hong Kong Property Rental and Management; and Hong Kong Property Development Favourable/ (Unfavourable) Hong Kong Property Rental and Management (HK$m) 1H2026 1H2025 change (%) - Property Rental 2,426 2,500 (3.0) - Property Management 167 157 6.4 Total Revenue 2,593 2,657 (2.4) Operating Expenses (5
Slide 35: Chinese Mainland and International Businesses
Chinese Mainland and International Businesses Chinese Mainland and Macao EBIT* 1H2026 600 (HK$m) Chinese Mainland and Macao: 1H 500 • Recurrent business profit increased, mainly due to higher contributions 2H 400 from our Hangzhou businesses and the ramp up of operations at 300 ^ Shenzhen Metro Line
Slide 36: Chinese Mainland and International Businesses
Chinese Mainland and International Businesses (HK$m) 1H2026 1H2025 Favourable/(Unfavourable) change (%) Recurrent Businesses Revenue of Subsidiaries 8,845 10,183 (13.1) EBITDA - Australia 527 448 17.6 - Chinese Mainland and Macao SAR 116 40 190.0 - Sweden 10 94 （89.4） - United Kingdom 118 94 25.5 77
Slide 37: Net Debt to Equity ratio
Net Debt to Equity ratio (HK$m) 30 Jun 2026 31 Dec 2025 Short-term loans 16 49 Loans and other obligations 170,339 88,874 Gross debt^ 170,355 88,923 Obligations under service concession 9,839 9,886 Loans from holders of non-controlling interests 129 125 Gross debt, other obligations and loans 180,32
Slide 38: Outstanding Public Bond, Perpetual Capital Securities and Loans
Outstanding Public Bond, Perpetual Capital Securities and Loans Coupon Tenor Remaining Subscription Security Ranking Currency Pricing date Maturity date Total size (%) (yr) (yr) (x) 3.25 10 Jun 2034 8 7.8 EUR1,000m EUR Bonds (Green) Senior Unsecured EUR 3 Jun 2026 3.625 10 Jun 2038 12 11.8 EUR1,000m
Slide 39: Net Debt to Equity Ratio and Average Borrowing Cost
Net Debt to Equity Ratio and Average Borrowing Cost (%) (%) Debt to Equity ratio (LHS) Average borrowing cost (RHS) 80 8 70 7 60 6 50 5 40 4 30 3 20 2 10 1 0 0 1H2026 2014 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 202
Slide 40: Annual Debt Repayment
0 1 2 3 4 (US$bn) 2026 MTR Corporation 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Annual Debt Repayment 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 Average fixed rate debt maturity: 10.0 years 2049 2050 2051 2052 2053 2054 Page 40 2055 2056
Slide 41: New Railway Projects
New Railway Projects Estimated cost Projects 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 (HK$B) Tung Chung Line Extension 24.2 Oyster Bay Station 6.7* Tuen Mun South Extension 18.2 Kwu Tung Station 10.8** Hung Shui Kiu Station 8.3 Northern Link TBC# South Island Line (West) TBC## Pak
Slide 42: Awarded Landbank
Awarded Landbank Kam Sheung Road Yau Tong Station Phase 2 Ventilation Building 0.11m sqm GFA 0.03m sqm GFA Pak Shing Kok Tuen Mun A16 Station Ventilation Building 0.06m sqm GFA 0.03m sqm GFA Tung Chung LOHAS Park East Station 0.14m sqm GFA 0.03m sqm GFA Tung Chung THE SOUTHSIDE Traction Substation 0
Slide 43: Unawarded Landbank
Unawarded Landbank Hung Shui Kiu Station Kwu Tung Station 0.57m sqm GFA 0.30m sqm GFA NOL Part 1 Tuen Mun A16 Station Development sites 0.34m sqm GFA 1.11 m sqm GFA Oyster Bay 0.86m sqm GFA Tung Chung East Station 0.60m sqm GFA Note: GFA: 3.78m sqm (unawarded) MTR Corporation Page 43
Slide 44: Hong Kong Property Development
Hong Kong Property Development Development profit to be recognised: 9,700 residential units (GFA : 0.53 million sqm) Property Project Date of Developers Residential Units Profit model Expected Tender Gross Floor completion Award Area (sq m) Lump-sum Share of Sharing upfront and/or surplus in kind ba
Slide 45: New Railway Projects
New Railway Projects Kwu Tung Station Est. cost: $10.8B* Construction start: 2023 Northern Link Est. completion: 2027 Est. completion: 2034 Status: Construction in progress Part 1 Est. cost: $38.9B Hung Shui Kiu Station Construction start: 2025 Est. cost: $8.3B Est. completion: 2032 Construction sta
Slide 46: MTR Corporation
MTR Corporation www.mtr.com.hk investor@mtr.com.hk