ANALYST BRIEFING
26 September 2025
SECTION ONE
FINANCIAL HIGHLIGHTSSTRATEGIC DIRECTION
SUSTAINABLE BUSINESS FOCUS
CASH FLOW PRIORITIZATION
OPERATIONAL EFFICIENCY OPTIMIZATION
PRIORITIZE ON REDUCING INDEBTEDNESS
DELEVERAGING STRATEGY
Net Debt Reduction
(HK$B)
Net Debt
HK$4.5B
HKD26B
6
TEMPORARY DIVIDEND & PCS DIST. HALT
2 ASSET DISPOSAL
1 RESILIENT DP MOMENTUM
Business
FY25 Target Completed
3 FARMLAND OPPORTUNITIES
Two Land Exchanges within One Year
123.7
124.6
IP 2% YoY
4 IP STRONG AND GROWING
K11 4% YoY
5 CAPEX & OPEX OPTIMIZATION
CAPEX 15% YoY
G&A 16% YoY
120.1
Financial
Improve Financial Flexibility
Jun-24 Dec-24 Jun-25
HKD88.2B
7 TREASURY MANAGEMENT
Loan Refinancing &
Alignment Completed
FINANCIAL HIGHLIGHTS
PRIORITIZING CASH FLOW IN AN UNCERTAIN MARKETCore Operating Profit | Segment Results | Loss Attributable To Shareholders |
HK$7.1B | HK$16.3B One-off losses IP Revaluation DP Impairment Others HK$0.4B HK$8.5B HK$6.2B | |
HK$6.0B | -4% YoY | |
-13% YoY | IP | |
+2% YoY (1) +4% YoY (1) | ||
G&A | CAPEX | Gross Debt Reduction |
HK$3.5B -16% YoY | HK$12.6B -15% YoY | HK$5.7B -3.7% vs Jun 24 |
Net Debt Reduction | ||
HK$3.5B -2.9% vs Jun 24 |
Note 1: Excluding disposed, new & pre-operating properties for both years