Hongkong Land Holdings LimitedSGX: H78

2025 Preliminary Financial Statements

· Issued by Hongkong Land Holdings Limited

Preliminary Financial Statements



Consolidated Profit and Loss Account

for the year ended 31 December 2025

2025 2024 Underlying Non- Underlying Non- business trading business trading performance items Total performance items Total

Note USSm USSm USSm US$m US$m US$m

re-presented* re-presented*

Revenue

3

1,048.3

400.0

1,448.3

1,087.2

914.9

2,002.1

Net operating costs

Change in fair value of investment properties

4

11

(427.0)

-

(642.8)

514.2

(1,069.8)

514.2

(393.3)

-

(1,032.9)

(1,887.6)

(1,426.2)

(1,887.6)

Operating profit/(loss)

621.3

271.4

892.7

693.9

(2,005.6)

(1,311.7)

Net financing charges

5

- financing charges

(212.5)

(5.1)

(217.6)

(238.5)

(6.5)

(245.0)

- financing income

41.3

13.3

54.6

44.9

33.9

78.8

Share of results of associates and

(171.2)

8.2

(163.0)

(193.6)

27.4

(166.2)

joint ventures

6

- before change in fair value of

investment properties

91.6

231.0

322.6

90.4

24.6

115.0

investment properties

-

386.6

386.6

-

139.2

139.2

91.6

617.6

709.2

90.4

163.8

254.2

Profit/(loss) before tax

541.7

897.2

1,438.9

590.7

(1,814.4)

(1,223.7)

Tax

7

(80.8)

(92.3)

(173.1)

(89.4)

(62.7)

(152.1)

Profit/(loss) after tax

460.9

804.9

1,265.8

501.3

(1,877.1)

(1,375.8)

Attributable to:

Shareholders of the Company

458.2

805.2

1,263.4

498.6

(1,883.5)

(1,384.9)

Non-controlling interests

2.7

(0.3)

2.4

2.7

6.4

9.1

460.9

804.9

1,265.8

501.3

(1,877.1)

(1,375.8)

US¢

US¢

US¢

US¢

Earnings/(loss) per share

- basic

8

20.98

57.85

22.60

(62.76)

- diluted

20.92

57.69

22.58

(62.76)

- change in fair value of

* Further details are set out in Note 1

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2025

2025 2024

Note USSm US$m

Profit/(loss) for the year 1,265.8 (1,375.8)

Other comprehensive income/(expense)

Items that will not be reclassified to profit or loss: Remeasurements of defined benefit plans

Tax on items that will not be reclassified 7

Items that may be reclassified subsequently to profit or loss: Net exchange translation differences

  • net gain arising during the year

  • transfer to profit and loss

    Cash flow hedges

  • net (loss)/gain arising during the year

  • transfer to profit and loss

0.4

(0.1)

0.3

64.4

(10.4)

54.0

(7.9)

6.4

0.3

-

0.3

75.2

3.2

78.4

12.2

(3.2)

(1.5)

9.0

Tax relating to items that may be reclassified Share of other comprehensive income/(expense) of

associates and joint ventures

7

12

1.7

302.7

(1.5)

(246.3)

356.9

(160.4)

Other comprehensive income/(expense) for the year, net of tax

357.2

(160.1)

Total comprehensive income/(expense) for the year

1,623.0

(1,535.9)

Attributable to:

Shareholders of the Company

1,616.6

(1,542.4)

Non-controlling interests

6.4

6.5

1,623.0

(1,535.9)

Consolidated Balance Sheet

at 31 December 2025

2025

2024

Note

USSm

US$m

Net operating assets

Fixed assets

10

255.8

203.2

Right-of-use assets

10

113.4

104.4

Investment properties

11

24,874.2

24,759.9

Associates and joint ventures

12

7,954.3

10,046.2

Non-current debtors

13

11.8

11.5

Deferred tax assets

14

51.2

53.5

Pension assets

1.0

0.9

Non-current assets

33,261.7

35,179.6

Properties for sale

15

1,014.5

2,359.7

Current debtors

13

354.0

349.0

Current tax assets

38.6

36.4

Bank balances

16

2,552.0

1,073.4

Assets classified as held for sale

17

2,836.6

54.3

Current assets

6,795.7

3,872.8

Current creditors

18

(1,420.1)

(1,642.4)

Current borrowings

19

(305.6)

(823.7)

Current tax liabilities

(91.2)

(110.4)

Liabilities classified as held for sale

17

(17.9)

-

Current liabilities

(1,834.8)

(2,576.5)

Net current assets

4,960.9

1,296.3

Long-term borrowings

19

(5,836.1)

(5,341.6)

Deferred tax liabilities

14

(312.3)

(249.9)

Non-current creditors

18

(1,241.0)

(915.9)

30,833.2

29,968.5

Total equity

Share capital

20

215.9

220.7

Revenue and other reserves

30,582.5

29,719.4

Shareholders' funds

30,798.4

29,940.1

Non-controlling interests

34.8

28.4

30,833.2

29,968.5

Approved by the Board of Directors

Michael T. Smith Craig Beattie

Directors

5 March 2026

Consolidated Statement of Changes in Equity

for the year ended 31 December 2025

Attributable to Attributable to

Share capital

Capital reserves

Revenue reserves

Hedging reserves

Exchange reserves

shareholders of the Company

non-controlling

interests

Total equity

Note

USSm

USSm

USSm

USSm

USSm

USSm

USSm

USSm

2025

At 1 January

220.7

1.4

30,430.6

(57.8)

(654.8)

29,940.1

28.4

29,968.5

Total comprehensive income

-

-

1,263.7

(14.2)

367.1

1,616.6

6.4

1,623.0

Dividends paid by the Company

22

-

-

(505.5)

-

-

(505.5)

-

(505.5)

Share-based incentives

21

-

7.3

-

-

-

7.3

-

7.3

Shares purchased for share-based incentives

-

-

(22.1)

-

-

(22.1)

-

(22.1)

Repurchase of shares

(4.8)

-

(277.4)

-

-

(282.2)

-

(282.2)

Sales of untraceable shares

-

-

44.2

-

-

44.2

-

44.2

At 31 December

215.9

8.7

30,933.5

(72.0)

(287.7)

30,798.4

34.8

30,833.2

2024

At 1 January

220.7

-

32,299.5

(57.7)

(497.1)

31,965.4

21.9

31,987.3

Total comprehensive expense

-

-

(1,384.6)

(0.1)

(157.7)

(1,542.4)

6.5

(1,535.9)

Dividends paid by the Company

22

-

-

(485.5)

-

-

(485.5)

-

(485.5)

Share-based incentives

21

-

1.4

-

-

-

1.4

-

1.4

Unclaimed dividends forfeited

-

-

1.2

-

-

1.2

-

1.2

At 31 December

220.7

1.4

30,430.6

(57.8)

(654.8)

29,940.1

28.4

29,968.5

5