Ck Hutchison Holdings Ltd · HKEX:1
Ck Hutchison — Ck Hutch Hld Ltd Ord — FY2025 Earnings Presentation
48 slides from Ck Hutchison's earnings presentation, Mar 19, 2026
Slide 1: 2025 Annual Results Operations Analysis
2025 Annual Results Operations Analysis
Slide 2: Disclaimer
Disclaimer The information, statements and opinions contained in this Presentation and subsequent discussion do not constitute an offer to sell or solicitation of any offer to subscribe for or purchase any securities or other financial instruments or any advice or recommendation in respect of such s
Slide 3: Financial Highlights
Financial Net Earnings EPS Revenue DPS Highlights (1) (1) (post-IFRS 16) (post-IFRS 16) $507.3bn $476.7bn $2.312 $2.202 Underlying (2) Underlying (2) Underlying (2) $22.3bn Underlying (2) $5.82 $20.8bn $5.44 Reported Reported $1.514 $1.602 $17.1bn $4.46 Reported Reported $11.8bn $3.09 $0.688 $0.710
Slide 4: Financial Highlights
Financial EBITDA EBIT OpFCF Net Debt Ratio Highlights (1) (1) (2) (1) (pre-IFRS 16) (pre-IFRS 16) (pre-IFRS 16) (pre-IFRS 16) Underlying (2) Underlying (2) $115.7bn $106.3bn Underlying (2) Reported Reported Underlying (2) $104.8bn $63.3bn $40.5bn $102.6bn $58.2bn $38.9bn Reported Reported $54.4bn $5
Slide 5: EBITDA Breakdown
EBITDA Breakdown EBITDA Change by Division EBITDA Geographical HK$ m +7% in local currencies F&I 18% 129,105 Canada 125,108 2% 24,289 Europe 22,508 1,294 2,379 1,362 2,413 IFRS 16 Asia, Underlying IFRS 16 1,055 895 Australia 55% impact 3,740 impact EBITDA F&I & Others (UK: 25%) ( 10,922 ) 20% 20% (p
Slide 6: OpFCF by Core Business
OpFCF by Core Business OpFCF by Division Operating HK$ m FCF Telecom F&I 8% Ports 23% 24% Retail OpFCF Infrastructure 17% 28% (1)(2) (pre-IFRS 16) $40.5bn +4% OpFCF HK$ m Ports Retail Infrastructure CKHGT F&I Total 63,879 62,907 11,509 12,303 EBITDA – Co & Subsidiaries 13,320 12,414 945 22,321 1,604
Slide 7: Free Cash Flow
Free Cash Free Cash Flow Free Cash Flow Year-on-Year Change Flow 14,902 2025 Operating Free Cash Flow 40,459 HK$ m FCF Interests and taxes paid ( 14,839 ) 72 1,563 967 (pre-IFRS 16) 8,604 Working capital 3,297 $41.2bn changes ( 3,949 ) 794 366 41,201 +102% Others(2) ( 2,618 ) 26,299 26,299 ( 1,766 )
Slide 8: Financial Profile
4.8 years Net Debt Improvement Financial Avg. Maturity (Dec 2024: 5.3 years) HK$ m 185,298 168,169 Profile 133,109 131,810 129,614 113,789 22.2% 20.3% $151.3bn 16.7% 16.1% 16.2% 13.9% Liquid Assets (sufficient to cover all debt maturing before December 2020 2021 2022 2023 2024 (2) 2025 2028 and cove
Slide 9: Ports & Related Services
(1) TEUs EBITDA Ports & 90.1m 23.0 $17,439m 4% 8% 4% HPH Trust Chinese Mainland and Other Hong Kong +3% (+3%) +8% Europe 36.5 Related services (+3%) 14.2 (+7% in local currencies) 57% 27% Asia, Australia and Others Corporate costs & other port related services (+6%) 16.4 (1) Under Post-IFRS 16 basis
Slide 10: Ports & Related Services
Revenue (HK$ billion) Ports & YoY Change 6.1 % 3.0 % 0.6 % -7.1 % 28.7 % 4.4 % -7.5% 10.8 % 8.0 % Related services 42.3 44.1 45.3 48.9 40.9 34.1 35.2 35.4 32.2 32.9 Demonstrated speedy recovery from the 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 pandemic and a track COVID record of sustained
Slide 11: Retail
(1) (2) Store number EBITDA H&B China 348 Retail 1% 1% H&B Asia 17,114 2,880 3,465 H&B Western Europe +2% $18,238m 21% 22% H&B Eastern Europe Other Retail (3) +11% Outlook 5,943 4,478 (+5% in local currencies) (1) Excludes dark stores in H&B China. (2) Under Post-IFRS 16 basis, EBITDA was • H&B Euro
Slide 12: Retail
Revenue (HK$ billion) Retail YoY Change 3.1 % 8.2 % 0.1 % -5.7 % 8.8 % -2.3 % 8.1 % 3.7 % 10.0 % 209.3 183.3 190.2 169.0 169.2 173.6 169.6 151.5 156.2 159.6 Demonstrated history of 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 resilient growth through COVID economic cycles driven by geographic d
Slide 13: Infrastructure
Earnings per share (HK$) 8.9% Infrastructure Net Debt Ratio (Dec 2024: 7.8%) 2006 2007 2008 2009 2010 2011 2012 2013 2014 * 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 S&P A/Stable Dividends per share (HK$) 2.470 2.500 2.530 2.560 2.580 2.610 2.380 2.430 2.460 2.260 2.150 1.860 2.000 1.66
Slide 14: Telecommunications
(1) Total Revenue Underlying EBITDA Telecommunications $93,839m $25,877m 12% 6% 26% UK Italy 3 Group Europe +15% (+10% in local currencies) +12% (+6% in local currencies) 4% Sweden Denmark 9% Austria Ireland 43% (1) Under Post-IFRS 16 basis, underlying EBITDA was HK$33,617 million. Outlook • Expecte
Slide 15: Telecommunications Group Europe
Telecommunications 3 Group Europe UK (1) Italy Sweden Denmark Austria Ireland 3 Group Europe In million GBP EURO SEK DKK EURO EURO HK$ (4) FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 Total Revenue 3,475 2,748 3,820 3,782 8,549 8,205
Slide 16: Telecommunications
Telecommunications UK Synergies run rate (1) Merger Highlights • 99% 5G standalone population coverage target by 2030 • The Group completed the merger >£700m • More than 8,000 radio sites activated of the UK telecommunications business with Vodafone UK in c.20% • Eliminated 16,500 km2 "not spot" are
Slide 17: Telecommunications Growth Strategies
Telecommunications Growth Strategies Beyond The Core Cost Management Investment New Services Centralized Disciplined Capex Increased Use of Group Scale • Energy & Gas Strategy • Insurance • Security • Digital Market Place Significant Potential to Use AI Across Operations 5G Investment Completed FWA
Slide 18: Other operations
Other operations Cenovus Energy Indosat Ooredoo Hutchison TPG HUTCHMED • Higher earnings due to increased • EBITDA and NPAT (post-IFRS 16 • Reported net earnings on • FRUZAQLA global reach further upstream production volume and basis) increased year-on-year by 1% continuing operations of A$52 expand
Slide 19: Sustainability Highlights
Sustainability Highlights GHG Reduction Targets & Green Investments Business Highlights • Group GHG performance: Reduced scope 1 + 2 emissions by • Renewable energy approximately 23% against 2020 baseline. On track to achieve the 50% o The Ports division continues to replace high-emission equipment
Slide 20: Q&A
O&A —,
Slide 21: 2025 Annual Results Appendix
2025 Annual Results Appendix
Slide 22: Analyses of Core Business Segments by Geographical Location
Analyses of Core Business Segments by Geographical Location 20255 Total Revenue 202 HK$507,297 HK$507,297 million Europe HK$277,374 million 17% 6% 48% 12% 34% 10% 1% 17% Chinese Mainland HK$24,427 million 25% 69% 5% 1% [•]% Hong Kong HK$34,119 million 15% 55% (UK: [•]%) 7% 66% 10% 17% 20% (UK: 20%)
Slide 23: Financial Performance Summary
Financial Performance Summary Post-IFRS 16 Post-IFRS 16 2025 2024 Change HK$ million % HK$ million % % Revenue (1) Ports and Related Services (1) 48,895 10% 45,282 9% 8% Retail 209,267 41% 190,193 40% 10% Infrastructure 58,775 12% 55,324 12% 6% CK Hutchison Group Telecom 101,311 20% 88,371 19% 15% F
Slide 24: Financial Performance Summary
Financial Performance Summary Pre-IFRS 16 (1) Pre-IFRS 16 (1) Local currencies 2025 2024 Change change HK$ million % HK$ million % % % Revenue (2) Ports and Related Services (2) 48,895 10% 45,282 9% 8% 7% Retail 209,267 41% 190,193 40% 10% 6% Infrastructure 58,775 12% 55,324 12% 6% 5% CK Hutchison G
Slide 25: Operations Review – Ports and Related Services
Operations Review – Ports and Related Services T his division is the world’s leading port network, has interests in 53 ports comprising 295 operational berths in 24 countries. Group Performance The division comprises the Group’s 80% interest in the Hutchison Ports group of companies and its 30.07% i
Slide 26: Ports total revenue by subdivision
Total reported revenue of HK$48,895 million was 8% and 7% higher than last year in reported currency and local currencies respectively mainly attributed to volume growth across major ports in Chinese Mainland, Asia and Middle East regions, together with 17% higher storage income year-on-year primari
Slide 27: Operations Review – Ports and Related Services
Operations Review – Ports and Related Services In 2025, the Ports division accelerated its decarbonisation efforts by expanding equipment electrification across several business units. High- emission equipment was phased out in favour of cleaner alternatives, complemented by approximately 45% of tot
Slide 28: Ports Europe and Asia, Australia and Others
Europe 2025 2024 Local currencies HK$ million HK$ million Change change Total Revenue 16,189 14,352 +13% +8% EBITDA 4,656 3,982 +17% +12% EBIT 3,496 2,927 +19% +14% Throughput (million TEU) 16.4 16.5 -1% Number of berths 67 67 – Europe segment’s total revenue, EBITDA and EBIT increased by 13%, 17% a
Slide 29: Operations Review – Retail
Operations Review – Retail T he Retail division consists of the AS Watson (“ASW”) group of companies, the world’s largest international Health and Beauty (“H&B”) retailer with a 183 million loyalty member base. Group Performance ASW operated 12 retail brands with 17,114 stores in 31 markets worldwid
Slide 30: Retail revenue by H&B region
2025 2024 Local currencies Total Revenue HK$ million HK$ million Change change H&B China 13,265 13,508 -2% -2% H&B Asia 41,673 37,362 +12% +11% H&B China & Asia Subtotal 54,938 50,870 +8% +7% H&B Western Europe 101,307 91,713 +10% +5% H&B Eastern Europe 30,454 25,474 +20% +12% H&B Europe Subtotal 13
Slide 31: Retail Group Performance (continued)
Operations Review – Retail Group Performance (continued) Total Retail Store Numbers by Subdivision (+2 +2%) %) Stores 16,820 17,114 16,398 16,142 16,491 2% 2% 3,465 3,744 16% 22% 17% 20% 4,478 4,201 26% 5,943 35% 25% 35% 5,829 2,680 2,880 2024 2025 366 348 Total Stores: 16,820 Total Stores: 17,114 2
Slide 32: Retail EBITDA by Subdivision
EBITDA by Subdivision +11% +11% (+5% in local currencies) HK$ million -1% 3% 1% 1% 18,238 122 16,034 16,226 16,395 467 4,116 14,309 20% 21% 22% 3,666 22% 10,045 9,127 56% 55% 3,221 3,788 2024 2025 -86 167 HK$16,395 million HK$18,238 million 2021 2022 2023 2024 2025 H&B China H&B Asia H&B Western Eur
Slide 33: Retail Segment Performance: Health and Beauty China
Operations Review – Retail Segment Performance Health and Beauty China 2025 2024 Local currency HK$ million HK$ million Change change Total Revenue 13,265 13,508 -2% -2% EBITDA 122 467 -74% -73% EBITDA Margin % 1% 3% LBIT (378) (104) -263% -256% EBIT Margin % N/A N/A Store Numbers (8) 3,465 3,744 -7
Slide 34: Health and Beauty Western Europe
H&B Asia - Number of Retail Stores by Market (+7 +7%) %) 5% 4% 6% 4% 10% 14% 10% 13% 2% 2% 28% 19% 28% 19% 18% 18% 2024 2025 Total stores: 4,201 Total stores: 4,478 Hong Kong & Macau Taiwan Singapore Malaysia Thailand The Philippines Türkiye Other Asian Countries Health and Beauty Western Europe 202
Slide 35: Health and Beauty Eastern Europe
Operations Review – Retail Segment Performance (continued) Health and Beauty Eastern Europe 2025 2024 Local currencies HK$ million HK$ million Change change Total Revenue 30,454 25,474 +20% +12% EBITDA 3,788 3,221 +18% +9% EBITDA Margin % 12% 13% EBIT 3,181 2,784 +14% +6% EBIT Margin % 10% 11% Store
Slide 36: Other Retail
Other Retail 2025 2024 Local currencies HK$ million HK$ million Change change Total Revenue 22,568 22,136 +2% +2% EBITDA/(LBITDA) 167 (86) +294% +294% EBITDA Margin % 1% N/A LBIT (160) (408) +61% +61% EBIT Margin % N/A N/A Store Numbers 348 366 -5% Comparable Stores Sales Growth (%) +3.9% -3.6% The
Slide 37: Operations Review – Infrastructure
Operations Review – Infrastructure T he infrastructure division comprises the Group’s 75.67% interest in CK Infrastructure Holdings Limited (“CKI”), the largest publicly listed infrastructure company on the SEHK, and interests in six co-owned infrastructure investments with CKI as of December 2025,
Slide 38: CKI regulated businesses new regulatory regimes
A number of CKI’s regulated businesses in the UK and Australia have entered or are expected to enter new regulatory regime in 2025 and 2026. Northumbrian Water entered its new regulatory period on 1 April 2025, whereas Northern Gas and Wales & West Utilities received the final determinations for the
Slide 39: Operations Review – Telecommunications
Operations Review – Telecommunications T he Group’s telecommunications division consists of CK Hutchison Group Telecom (“CKHGT”) which comprises the 3 Group businesses in Europe (“3 Group Europe”) and a 66.09% interest in Hutchison Telecommunications Hong Kong Holdings (“HTHKH”), which is listed on
Slide 40: 3 Group Europe results
3 Group Europe’s total revenue of HK$93,839 million and total margin of HK$68,392 million were both 10% higher than last year in local currencies, primarily driven by growth in net customer service revenue from an increase in the customer base and favourable revenue initiatives, coupled with share o
Slide 41: CKHGT - Results by operations
Operations Review – Telecommunications CKHGT - Results by operations UK (6) Italy (7) Sweden Denmark Austria Ireland 3 Group Europe HTHKH Corporate and Others CKHGT CKHGT In million GBP EURO SEK DKK EURO EURO HK$ HK$ HK$ HK$ EURO 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Slide 42: Telecommunications Key Business Indicators
Operations Review – Telecommunications Key Business Indicators Registered Customer Base Registered Customers at Registered Customer Growth (%) from Registered Customer Growth (%) from 31 December 2025 (’000) 30 June 2025 to 31 December 2025 31 December 2024 to 31 December 2025 Non-contract Contract
Slide 43: Average Revenue per Active User
12-month Trailing Average Revenue per Active User (18) (“ARPU”) to 31 December 2025 % Variance Blended compared to Non-Contract Contract Total 31 December 2024 United Kingdom (19) £8.54 £17.00 £15.51 -7% Italy €8.84 €12.96 €10.95 – Sweden SEK120.85 SEK228.47 SEK196.13 -1% Denmark DKK95.24 DKK134.66
Slide 44: Telecommunications United Kingdom
Operations Review – Telecommunications United Kingdom The merger of 3 UK and Vodafone UK was completed on 31 May 2025, forming the combined business, VodafoneThree, a 49% associated company of the Group. Upon completion, VodafoneThree became the largest mobile network operator in the United Kingdom
Slide 45: Hutchison Telecommunications Hong Kong Holdings
Hutchison Telecommunications Hong Kong Holdings Total margin decreased by 2% against last year despite higher total revenue mainly due to lower net customer service margin driven by a higher mix of low margin revenue streams, together with lower bank interest income, partly offset by higher hardware
Slide 46: Finance and Investments
T he finance & investments and others segment includes returns earned on the Group’s holdings of cash and liquid investments, Hutchison Whampoa (China) Limited (“HWCL”) which holds interest in the listed associate HUTCHMED, listed associate TOM Group, the Marionnaud businesses, listed associate CK L
Slide 47: Finance & Investments and Others Other Operations
Operations Review – Finance & Investments and Others Other Operations Indosat Ooredoo Hutchison IOH is the Group’s telecommunications joint venture in Indonesia, with shares listed on the Indonesia Stock Exchange. IOH reported Post-IFRS 16 EBITDA and net earnings increase of 1% and 12% compared to l
Slide 48: Interest Expense, Finance Costs and Tax
Operations Review Interest Expense, Finance Costs and Tax The Group’s consolidated interest expenses and other finance costs for the year, including its share of associated companies’ and joint ventures’ interest expenses, amortisation of finance costs and after deducting interest capitalised on ass