Mtr Corporation Limited · HKEX:66
Mtr — FY2025 Earnings Presentation
48 slides from Mtr's earnings presentation, Mar 12, 2026
Slide 1: MTR Corporation Annual Results 2025
MTR Corporation Annual Results 2025 Announcement 12 March 2026 12/3/2026 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 operat
Slide 3: Annual Results 2025 Business Review
Annual Results 2025 Business Review
Slide 4: A Quality Brand Serving Hong Kong
A Quality Brand Serving Hong Kong Page 4
Slide 5: Total local patronage exceeds 1.9 billion
Total local patronage exceeds 1.9 billion
Slide 6: Passenger Journeys On-time on heavy rail network
Passenger Journeys On-time on heavy rail network* 99.9% * Train Service Delivery and Passenger Journeys On-time for heavy rail network
Slide 7: High Speed Rail coverage with 110 direct-access destinations
New milestone of High Speed Rail (Hong Kong Section) Coverage with 110 direct-access destinations
Slide 8: Attracting Customer Flow through Collaboration with Mega Events and IP-themed Activities
Attracting Customer Flow through Collaboration with Mega Events and IP-themed Activities Page 8
Slide 9: Advancing New Railway Projects to Build the Backbone of Future Transport
Advancing New Railway Projects to Build the Backbone of Future Transport Kwu Tung Station on the East Rail Line Tung Chung Line Extension Tuen Mun South Extension Completion of the largest re-provisioning Targeted for commissioning in 2027 Targeted for commissioning in 2029 project, the Tuen Mun Swi
Slide 10: Steady Development of Property Business for Sustainable Supply
Steady Development of Property Business for Sustainable Supply Successfully tendered the Tuen Mun A16 Station Package One project This visual is provided for concept illustration only, and the content is subject to change. Profit recognition from LOHAS Park Package 12, Ho Man Tin Station Packages 1
Slide 11: 45th Anniversary of First Railway Property Development Project
Steady Development of Property Business for Sustainable Supply Celebrated MTR’s First Railway Property Development Project Telford Gardens & Telford Plaza 45th Anniversary MTR Corporation Page 11
Slide 12: Steady Expansion of Chinese Mainland and International Businesses
Steady Expansion of Chinese Mainland and International Businesses Leveraging Railway Expertise Chinese Mainland Business Beijing Metro Line 17 and Shenzhen Metro Line 13 Phase 1 commenced full-line service Expanded station commercial businesses MTR Corporation Page 12
Slide 13: Steady Expansion of Chinese Mainland and International Businesses
Steady Expansion of Chinese Mainland and International Businesses Leveraging Railway Expertise International Business Melbourne Metro Tunnel officially opened Major contract won for the Sydney Metro West project MTR Corporation Page 13
Slide 14: Financial Results
Financial Results
Slide 15: Financial Highlights
Financial Highlights Favourable/ (HK$m) 2025 2024 (Unfavourable) change (%) - in Hong Kong (1) 34,765 34,544 0.6 - outside Hong Kong (1) 20,686 25,467 (18.8) Revenue from recurrent businesses 55,451 60,011 (7.6) - in Hong Kong (1)(2) 4,962 5,981 (17.0) - outside Hong Kong (1)(3) 691 1,229 (43.8) Rec
Slide 16: Segmental Profit/(Loss) of Underlying Businesses
Segmental Profit/(Loss) of Underlying Businesses (HK$m) 2025 2024 Favourable/ (Unfavourable) change (%) EBIT (1) - Hong Kong Transport Operations (254) (63) (191) (303.2) - Hong Kong Station Commercial 3,660 3,773 (113) (3.0) - Total Hong Kong Transport Services 3,406 3,710 (304) (8.2) - Hong Kong P
Slide 17: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (HK$m) 31 Dec 2025 31 Dec 2024 Increase/ (Decrease) % Fixed Assets 245,704 243,190 2,514 1.0 Railway Construction in Progress 17,879 11,375 6,504 57.2 Property Development in Progress 43,054 42,300 754 1.8 Interests in Associates and Joint Ventures 13,614
Slide 18: Consolidated Cash Flows for the year ended 31 Dec 2025
Consolidated Cash Flows for the year ended 31 Dec 2025 (HK$m) 23,472 (612) 10,833 Increase in 559 21,412 Bank (8,155) Medium- (219) 5,056 Term Notes 11,874 16,356 Increase in Cash, Bank 6,425 Balances and Deposits (19,594) 604 (3,775) (58) Net Cash Net Receipts Capital Fixed and Other Investing Net
Slide 19: Financing and Credit Ratios
Financing and Credit Ratios Group’s consolidated gross debt(1): HK$88,923m Company Debt Profile (31 Dec 2025) (HK$77,568m as at 31 Dec 2024) Average cost of interest-bearing borrowings: 3.5% >5 years (-0.2% pt YoY) 59% Fixed 81% Hedged Average fixed rate debt maturity: 9.1 years 100% (8.0 years as a
Slide 20: Capital Expenditure & Investments
Capital Expenditure & Investments 2026-2028 HK$1.5 Chinese Mainland Hong Kong billion Property & Overseas Investments 2% HK$9.1 billion 11% Estimated spend (HK$Billion): Total 2026 : 27.5 HK$41.6 HK$82.6B billion Hong Kong Railway 2027 : 28.0 Maintenance CAPEX HK$30.4 50% 2028 : 27.1 Hong Kong New R
Slide 21: Advancing Core Strengths, Accelerating New Projects, Strengthening Capital Management
01 02 03 Advancing Core Accelerating New Strengthening Strengths Projects and Capital Management Creating Growth and Financial Sustainability MTR Corporation Page 21
Slide 22: Advancing Core Strengths
Slide 23: MTR Corporation
*Planning is in progress MTR Corporation Page 23
Slide 24: MTR Corporation
a MTR Corporation
Slide 25: Page 25
Page 25
Slide 26: Rooted in Hong Kong Growing with the Community
Rooted in Hong Kong Growing with the Community 01 Promote diverse and inclusive services 02 Foster a greener future 03 Caring for the community MTR Corporation Page 26
Slide 27: Keep Cities Moving
Keep Cities Moving Page 27
Slide 28: Appendix
Appendix @MTR
Slide 29: Consolidated Cash Flows
Consolidated Cash Flows (HK$m) 2025 2024 Net Cash Generated from Operating Activities 11,874 18,491 Net Receipts from Property Development 10,833 1,748 Fixed and Variable Annual Payments (3,775) (3,105) Capital Expenditure (19,594) (19,416) Other Net Cash Outflow from Investing Activities (4,452) (2
Slide 30: Hong Kong Transport Operations: Market Share
Hong Kong Transport Operations: Market Share Hong Kong Franchised Public Transport Green Green minibuses Trams & minibuses Trams & 12.4% ferries 2.0% 12.7% ferries 2.0% MTR MTR 50.1% 50.2% Buses 35.5% Buses 35.1% 2024 2025 Cross-harbour Cross-boundary & HSR Airport Express 72.4% 72.9% 50.4% 49.0% 18
Slide 31: Hong Kong Transport Operations
Hong Kong Transport Operations 2025 EBIT (HK$m) • Average weekday patronage increased by 1.3% to 5.71 415 98 million 500 (337) - (478) (352) (500) (774) • The decrease in EBIT was mainly attribute to (i) revenue lost (1,977) (1,958) 1H (2,285) through adverse weather; (ii) increased operating expens
Slide 32: Hong Kong Transport Operations
Hong Kong Transport Operations 2025 2024 Favourable/(Unfavourable) change (%) Patronage (million) - Domestic Service 1,594.4 1,601.7 (0.5) - Cross-boundary Service 106.7 98.4 8.4 - High Speed Rail 31.1 26.7 16.3 - Airport Express 13.3 13.1 1.3 - Light Rail and Bus 213.0 213.6 (0.3) Total 1,958.5 1,9
Slide 33: Hong Kong Station Commercial Businesses
Hong Kong Station Commercial Businesses EBIT (HK$m) 2025 • The decrease in EBIT was mainly attribute to (i) overall negative rental reversions for other station kiosks; (ii) lower 2,000 1,800 1,600 1,400 telecommunication revenue and lower advertising revenue 1,200 1H 1,000 1,798 1,994 1,897 1,876 1
Slide 34: Hong Kong Station Commercial Businesses
Hong Kong Station Commercial Businesses Favourable/ (Unfavourable) Hong Kong Station Commercial (HK$m) 2025 2024 change (%) - Retail Rental Revenue 3,664 3,616 1.3 - Advertising Revenue 1,000 1,021 (2.1) - Telecommunication Income 546 582 (6.2) - Other Station Commercial Income 135 124 8.9 Total Rev
Slide 35: Hong Kong Property Rental and Management Businesses
Hong Kong Property Rental and Management Businesses 2025 EBIT (HK$m) 2,500 • The EBIT reduction was mainly resulting from (i) the overall 2,000 negative rental reversion as a result of continuous northbound 1,500 consumption and growth in online shopping; and (ii) impact 1H 1,000 2,067 1,981 1,865 1
Slide 36: Hong Kong Property Development Businesses
Hong Kong Property Development Businesses Hong Kong Property Development Profit 2025 (Post-tax) (HK$m) • Hong Kong property development profit was mainly derived from THE SOUTHSIDE packages 3 10,000 and 5, LOHAS Park Package 12 and Ho Man Tin Station packages 1 and 2 8,000 1H • Pre-sales for GRAND S
Slide 37: Hong Kong Property Rental and Management; and Hong Kong Property Development
Hong Kong Property Rental and Management; and Hong Kong Property Development Favourable/ (Unfavourable) Hong Kong Property Rental and Management (HK$m) 2025 2024 change (%) - Property Rental 4,736 5,076 (6.7) - Property Management 331 303 9.2 Total Revenue 5,067 5,379 (5.8) Operating Expenses (1,212
Slide 38: Chinese Mainland and International Businesses
Chinese Mainland and International Businesses Chinese Mainland and Macao EBIT* 2025 600 (HK$m) Chinese Mainland and Macao: 1H 500 • EBIT loss from our subsidiaries was HK$183 million. This was mainly due 2H 400 to initial operating losses of Shenzhen Metro Line 13 300 541 • Share of profits from ass
Slide 39: Chinese Mainland and International Businesses
Chinese Mainland and International Businesses (HK$m) 2025 2024 Favourable/(Unfavourable) change (%) Recurrent Businesses Revenue of Subsidiaries 20,686 25,467 (18.8) EBITDA - Melbourne Train 856 865 (1.0) - Sydney Metro M1 Metro North West and Bankstown Line 116 156 (25.6) - Sydney Metro City & Sout
Slide 40: Net Debt to Equity ratio
Net Debt to Equity ratio (HK$m) Dec 2025 Dec 2024 Short-term loans 49 847 Loans and other obligations 88,874 76,721 Gross debt^ 88,923 77,568 Obligations under service concession 9,886 9,969 Loans from holders of non-controlling interests 125 116 Gross debt, other obligations and loans 98,934 87,653
Slide 41: Outstanding Public Bonds, Perpetual Capital Securities and Loans
Outstanding Public Bonds, Perpetual Capital Securities and Loans Security Ranking Currency Pricing date Coupon (%) Maturity date Tenor (yr) Outstanding (million) MTR 4.886 01/29/2031 (Green) Senior Unsecured AUD 22 Jan 2026 4.886 29 Jan 2031 5 1,000 MTR 5.582 01/29/2038 (Green) Senior Unsecured AUD
Slide 42: Net Debt to Equity Ratio and Average Borrowing Cost
Net Debt to Equity Ratio and Average Borrowing Cost (%) (%) Debt to Equity ratio (LHS) Average borrowing cost (RHS) 80 8 70 7 60 6 50 5 40 4 30 3 20 2 10 1 0 0 2023 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2024 2025 Page 42
Slide 43: New Railway Projects
New Railway Projects Estimated cost Projects 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 (HK$B) Tung Chung Line Extension 24.2 Oyster Bay Station 6.7# Tuen Mun South Extension 18.2 Kwu Tong Station 10.8 Hung Shui Kiu Station 8.3 Northern Link TBC* South Island Line (West) TBC** * Tot
Slide 44: Awarded Landbank
Awarded Landbank Tin Wing Stop Tai Wai Station 0.09m sqm GFA 0.06m sqm GFA Tuen Mun A16 Station 0.06m sqm GFA Tung Chung Pak Shing Kok East Station Ventilation Building 0.03m sqm GFA 0.03m sqm GFA Tung Chung LOHAS Park Traction Substation 0.14m sqm GFA 0.09 m sqm GFA Yau Tong THE SOUTHSIDE Ventilati
Slide 45: 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 1.22 m sqm GFA Oyster Bay 0.86m sqm GFA Tung Chung East Station 0.60m sqm GFA Note: GFA: 3.90m sqm (unawarded) MTR Corporation Page 45
Slide 46: Hong Kong Property Development
Hong Kong Property Development Development profit to be recognised: ~12,000 residential units (GFA : 0.63 million sqm) Property Project Tender Date of Developer partners Residential Units Profit model Expected Tender Gross Floor completion Award Area (sq m) Lump-sum Share of Sharing upfront and/or s
Slide 47: 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 48: MTR Corporation
MTR Corporation www.mtr.com.hk investor@mtr.com.hk