Swire Pacific Limited Class A · HKEX:19
Swire Pacific Limited Class A — Swire Pacific Ltd A — H1 2025 Earnings Presentation
39 slides from Swire Pacific Limited Class A's earnings presentation, Aug 7, 2025
Slide 1: Interim Results Analyst Briefing 2025
INTERIM RESULTS ANALYST BRIEFING 2025 7TH AUGUST 2025 | 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 FINANCIAL HIGHLIGHTS AND GROUP CORPORATE OVERVIEW 1H2025 FINANCIAL PERFORMANCE AND SUSTAINABILITY UPDATE BUSINESS REVIEW OUTLOOK Q&A 3
Slide 4: Financial Highlights and Group Corporate Overview
FINANCIAL HIGHLIGHTS AND GROUP CORPORATE OVERVIEW GUY BRADLEY, CHAIRMAN
Slide 5: Swire Pacific – Strategic Highlights
SWIRE PACIFIC – STRATEGIC HIGHLIGHTS ▪ Strong underlying profit from Property. ▪ Solid performance from Beverages, despite challenges in South East Asia. ▪ Aviation continues to perform well. PROPERTY BEVERAGES AVIATION ▪ 67% committed in HK$100Bn investment plan ▪ Growth in South East Asia with co
Slide 6: Swire Pacific – 1H2025 Highlights
SWIRE PACIFIC – 1H2025 HIGHLIGHTS 2% Underlying Profit HK$5.5Bn June 2024: HK$5.6Bn 4% Ordinary Dividend per ‘A’ Share 1% Recurring Underlying Profit HK$1.30 June 2024: HK$1.25 HK$4.7Bn June 2024: HK$4.8Bn Recurring Underlying Profit 1H2025: HK$2.8Bn 1H2025: HK$0.9Bn 1H2025: HK$2.2Bn ▼2% 1H2024: HK$
Slide 7: Swire Pacific – Business Performance
SWIRE PACIFIC – BUSINESS PERFORMANCE ▪ At Property, retail market is performing well in the Chinese Mainland offsetting softness in Hong Kong office. ▪ EBITDA growth in the Chinese Mainland at Beverages offsets challenges in South East Asia. ▪ Aviation continues to perform well on strong capacity gr
Slide 8: 1H2025 Financial Performance and Sustainability Update
1H2025 FINANCIAL PERFORMANCE AND SUSTAINABILITY UPDATE MARTIN MURRAY, FINANCE DIRECTOR
Slide 9: 1H2025 Financial Summary
1H2025 FINANCIAL SUMMARY Underlying Profit Recurring Underlying Profit Statutory Profit June 2024: HK$5,576m June 2024: HK$4,762m June 2024: HK$3,914m June 2025: HK$5,476m 2% 1% June 2025: HK$815m 79% June 2025: HK$4,712m Revenue Equity Attributable to the Ordinary Dividends per Share Company’s Shar
Slide 10: 1H2025 Financial Summary – Reconciliation of Profits
1H2025 FINANCIAL SUMMARY – RECONCILIATION OF PROFITS June 2025 June 2024 HK$M HK$M Statutory Profit 815 3,914 Adjustments in respect of investment properties 4,661 1,662 Underlying profit attributable to the Company’s shareholders 5,476 5,576 Sale of BCC retail and parking, Significant non-recurring
Slide 11: 1H2025 Movement in Underlying Profit
1H2025 MOVEMENT IN UNDERLYING PROFIT HK$M 7,000 529 (75) 140 (103) (591) 6,000 5,576 5,476 5,000 Higher profits from sale of Lower profits from South Higher passenger volumes at properties, partly offset by East Asia, Hong Kong and Cathay group, and increased Higher interest expense 4,000 lower Hong
Slide 12: 1H2025 Financial Summary – Profit/(Loss) by Division
1H2025 FINANCIAL SUMMARY – PROFIT/(LOSS) BY DIVISION Underlying profit/(loss) Recurring underlying profit/(loss) June 2025 June 2024 June 2025 June 2024 HK$M HK$M HK$M HK$M Exclusion of: Property 3,662 3,133 2,829 2,898 Sale of BCC retail and parking, Beverages 803 878 861 878 as well as a parcel of
Slide 13: 1H2025 Financial Summary – Net Debt and Gearing
1H2025 FINANCIAL SUMMARY Net Debt Movements (HK$Bn) Gearing Ratio Net debt at 1st January 2025 70.6 HK$M % 400,000 30.0 Cash from operations (8.4) 23.7 24.5 25.0 Disposal proceeds (4.7) 300,000 19.5 18.5 22.7 20.0 Capex and investments 5.2 22.1 13.6 200,000 18.0 15.0 Net dividends paid 2.5 17.0 10.0
Slide 14: 1H2025 Financial Summary – Liquidity and Maturity Profile
1H2025 FINANCIAL SUMMARY December December December June Change % 2022 2023 2024 2025 (June 25 vs HK$M HK$M HK$M HK$M December 24) Bank balances and short-term deposits 11,614 14,082 21,028 26,839 +28% Total undrawn facilities - Committed 21,510 34,850 22,092 25,711 +16% Group committed liquidity 33
Slide 15: Sustainability Update
SUSTAINABILITY UPDATE Continuing to make progress on sustainability goals ► Sustainable Development Fund committed HK$91 million to nine innovation and sustainability projects across operating companies in support of our 2024 goals ► Developed and co-signed a collaboration statement on reducing carb
Slide 16: Business Review
BUSINESS REVIEW GUY BRADLEY, CHAIRMAN MARTIN MURRAY, FINANCE DIRECTOR KAREN SO, CHIEF EXECUTIVE OFFICER, SWIRE COCA-COLA
Slide 17: Property – 1H2025 Overview
PROPERTY – 1H2025 OVERVIEW Significant progress in capital recycling and portfolio upgrades May 25 Lujiazui Taikoo Yuan Residences, Shanghai Second batch launched with 55 out of 57 units pre-sold. (1) Total sale proceeds of RMB5.93Bn from both batches. Brickell City Centre land, Miami Sale for US$21
Slide 18: Property – 1H2025 Overview
PROPERTY – 1H2025 OVERVIEW Increase in underlying profit reflecting higher disposal gains in the USA, partly offset by a reduction in rental income from Hong Kong office portfolios and higher losses from property trading Underlying Profit (100% Basis) Movement in Underlying Profit (100% Basis) HK$M
Slide 19: Property – HK$100 Billion Investment Plan
PROPERTY – HK$100 BILLION INVESTMENT PLAN Advanced progress achieved; prioritising execution Chinese Mainland – Retail-led mixed-use projects in Tier-1 / emerging Tier-1 cities; doubling of GFA by 2032 HK$ 46 Bn ▪ Taikoo Li Xi’an ▪ Taikoo Li Sanya (2) HK$ 50 Bn ▪ Increased stake at Taikoo Li Chengdu
Slide 20: Property – Upcoming Projects
PROPERTY – UPCOMING PROJECTS (1) A strong pipeline of developments across markets Expected Attributable Expected GFA to be Completed Completion Year 2025 2026 2027 2028 onwards Brand Space Artist Impression Artist Impression +13.3 M THE HEADLAND RESIDENCES Taikoo Place Beijing Taikoo Li Xi’an Wirele
Slide 21: Property – Hong Kong Portfolio
PROPERTY – HONG KONG PORTFOLIO ▪ Office is well-positioned to benefit from a recovery in demand and flight-to-quality, with overall occupancy (6) at 91%. ▪ 100% occupancy is maintained for retail. Pacific Place (4) The Mall, Pacific Place Cityplaza 2.2M sq ft Occupancy 94% GFA Rental Reversion ▼14%
Slide 22: Property – Chinese Mainland Portfolio
PROPERTY – CHINESE MAINLAND PORTFOLIO A key contributor to growth ▪ Attributable rental contributions from Chinese Mainland retail portfolio exceeded those from Hong Kong office portfolio. ▪ Chinese Mainland portfolio contributed 42% attributable gross rental income in 1H2025. Attributable Gross Ren
Slide 23: Beverages – Swire Coca-Cola – Diverse Regional Portfolio
BEVERAGES – SWIRE COCA-COLA – DIVERSE REGIONAL PORTFOLIO WITH ONGOING INVESTMENTS FOR LONG-TERM GROWTH GREATER CHINA SOUTH EAST ASIA ▪ New production facilities in Zhengzhou and Shanghai to commence ▪ In July 2025, inaugurated a new US$136m flagship plant in Tay Ninh, operations gradually in phases
Slide 24: Beverages – Swire Coca-Cola – 1H2025 Overview
BEVERAGES – SWIRE COCA-COLA – 1H2025 OVERVIEW EBITDA increased by 23% largely due to the higher contribution from the franchise businesses in Thailand and Laos following the increase in attributable interest since October 2024 EBITDA ▪ Chinese Mainland – EBITDA increased by 6%. Business remained res
Slide 25: Beverages – Swire Coca-Cola – 1H2025 Overview
BEVERAGES – SWIRE COCA-COLA – 1H2025 OVERVIEW Recurring Attributable Profit/(Loss) 1H2025 Category Mix 1H2025 Revenue Source 62% 73% HK$M Total Total $861 $878 1,000 121 105 5% 800 113 163 43 5% 61 58 600 72 5% 9% 5% 2% 3% 12% 19% 400 Chinese Mainland Hong Kong Sparkling Juice Tea Taiwan Vietnam and
Slide 26: Beverages – Swire Coca-Cola – Diversified Portfolio
BEVERAGES – SWIRE COCA-COLA – DIVERSIFIED PORTFOLIO Revenue in Greater China remained resilient, while South East Asia markets faced pressure. Overall EBITDA margin remained almost flat at 12.8% Revenue by Region EBITDA Margin by Region HK$M 15,000 +3% 20% +3% % growth in HK dollar terms % growth in
Slide 27: Aviation – 1H2025 Overview
AVIATION – 1H2025 OVERVIEW Solid first-half for Cathay group and strong performance at HAECO group Attributable Profit/(Loss) Key Financial Data HK$M Total Total HK$M June 2025 June 2024 Change % $2,233 $2,093 2,500 HAECO group 599 597 2,000 Revenue 11,201 10,445 +7% 1,500 Title and Content Attribut
Slide 28: Aviation – Cathay – 1H2025 Overview
AVIATION – CATHAY – 1H2025 OVERVIEW Third consecutive profitable first-half Liquidity and gearing profile Group Profit Available Unrestricted Liquidity (HK$Bn) (HK$Bn) 4.3 3.6 3.7 25.4 19.1 21.5 4.8 June 2024 December 2024 June 2025 Title and Content 3.8 3.8 Adjusted Net Debt (1) and Gearing (2) (HK
Slide 29: Aviation – Cathay – 1H2025 Overview
AVIATION – CATHAY – 1H2025 OVERVIEW Travel ▪ Continued to add more passenger flights and destinations to the network to cater for the strong demand for travel. ▪ Capacity continued to increase with more passenger flights, while load factor increased from 2024 levels. ▪ Yield adjusted as expected wit
Slide 30: Aviation – Cathay – Outlook
AVIATION – CATHAY – OUTLOOK Travel ▪ The overall demand outlook is robust for the rest of the year although individual route’s demand may vary due to different external factors. ▪ Traffic mix and yield changes can be expected, as the Cathay group continue to build supply to meet demand. ▪ Supply cha
Slide 31: Aviation – HAECO – 1H2025 Overview
AVIATION – HAECO – 1H2025 OVERVIEW ▪ Recurring profit increased primarily attributable to more base maintenance manhours sold and a growth in the demand for engine overhaul at HAESL and HAECO Engine Services (Xiamen), as well as the absence of a recurring loss from HAECO ITM in 2025. ▪ Attributable
Slide 32: Healthcare – 1H2025 Overview
HEALTHCARE – 1H2025 OVERVIEW In early phase of development ▪ DeltaHealth – In March 2025, DeltaHealth Hospital became the first wholly foreign-owned, Class 3 standard cardiovascular speciality hospital in the Chinese Mainland, showing positive policy direction for foreign investors. In process of ap
Slide 33: Outlook
OUTLOOK GUY BRADLEY, CHAIRMAN
Slide 34: Outlook
OUTLOOK ▪ Uncertainty across our core markets will likely continue, but there are positive signs of an improving economy. ▪ Committed to our home base and continue investing in Hong Kong and the Greater Bay Area. ▪ Our long-term strategy remains unchanged. PROPERTY BEVERAGES AVIATION-CATHAY AVIATION
Slide 35: Q&A
Q&A 7TH AUGUST 2025 | HONG KONG
Slide 36: Interim Results Analyst Briefing 2025
INTERIM RESULTS ANALYST BRIEFING 2025 7TH AUGUST 2025 | HONG KONG
Slide 37: Appendix
APPENDIX 7TH AUGUST 2025 | HONG KONG
Slide 38: 1H2025 Financial Summary – Return on Equity
1H2025 FINANCIAL SUMMARY – RETURN ON EQUITY 5-year 1H2025 average 15% Return on Equity 0.3% 0.7% Derived from: Recurring underlying profit 1.8% 1.2% 10% Net non-recurring items 0.3% 0.2% Net property valuation adjustments -1.8% -0.7% Fair value Property Valuation Dividends and HK$Bn losses and Adjus
Slide 39: Healthcare – DeltaHealth
HEALTHCARE – DELTAHEALTH ▪ Inpatient volume dropped primarily 1H2025 Revenue Mix 1H2025 Speciality Mix due to lower cardiac inpatient volume in 1H2025. ▪ Outpatient volume recorded 12% Cardiac growth, mainly driven by general 29% 32% 39% Cardiology practice and health checks. Inpatient DeltaWest cli