Ck Hutch Hld Ltd Ord (CKHUF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the live webcast of CK Hutchison 2025 annual results presentation. Our speakers today are Mr. Victor Lee, our chairman, who will join us later, Mr. Frank Six, our group co-managing director and group finance director, Mr. Dominic Lai, group co-managing director of CK Hutchison and chairman of AS Wilson Group, Mr. Kwan Cheung, our group CFO. During the presentation, please feel free to put down your question in the chat box which is at the lower right-hand side of the screen. The Q&A session will follow the presentation. Before I hand over to Frank, please also pay attention to our disclaimer, which you can find on page two of the presentation. We can start now. Very good. Thank you for being with us. Let's move straight through to slide three. I'll go through the usual explanatory deck as expeditiously as we can, but hopefully comprehensively. So starting on the left-hand side, as you can see, revenues for 2025 were well above 2024 levels, which is very good news. In fairness, that 6% increase came as to 2% from Forex differences. We were in a very strong sterling and euro environment in 2025 compared to 2024. But nevertheless, the remaining 4% was underlying, and that's close to 19%. a billion dollars of incremental revenue. Looking at net earnings in the middle, on an underlying basis, we are up 7%. That's by about a billion and a half dollars compared to 2024. The underlying, of course, leaves out in both years the one-time largely non-cash items, a write-down in 2024 relating to our assets in Vietnam, and the non-cash charges that arose out of the Vodafone merger transaction that we explained during the first half. If you look at the decline in the reported change, that's about $5.2 billion, and the difference is entirely the difference between those t...