HongkongLand USD H78
Financials
Annual Report 2025
Explore the statements
14 tablesConsolidated Profit and Loss Account
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Underlying business performance | 2025Group; Non-trading items | 2025Group; Total | 2024Group; Underlying business performance; re-presented | 2024Group; Non-trading items; re-presented | 2024Group; Total | Source |
|---|---|---|---|---|---|---|---|
| Profit and loss | |||||||
| RevenueUS$m | 1,048.3 | 400.0 | 1,448.3 | 1,087.2 | 914.9 | 2,002.1 | PDF p. 68 |
| Net operating costsUS$m | (427.0) | (642.8) | (1,069.8) | (393.3) | (1,032.9) | (1,426.2) | PDF p. 68 |
| Change in fair value of investment propertiesUS$m | – | 514.2 | 514.2 | – | (1,887.6) | (1,887.6) | PDF p. 68 |
| Operating profit/(loss)US$m | 621.3 | 271.4 | 892.7 | 693.9 | (2,005.6) | (1,311.7) | PDF p. 68 |
| Net financing charges | |||||||
| – financing chargesUS$m | (212.5) | (5.1) | (217.6) | (238.5) | (6.5) | (245.0) | PDF p. 68 |
| – financing incomeUS$m | 41.3 | 13.3 | 54.6 | 44.9 | 33.9 | 78.8 | PDF p. 68 |
| Net financing charges subtotal | |||||||
| SubtotalUS$m | (171.2) | 8.2 | (163.0) | (193.6) | 27.4 | (166.2) | PDF p. 68 |
| Share of results of associates and joint ventures | |||||||
| – before change in fair value of investment propertiesUS$m | 91.6 | 231.0 | 322.6 | 90.4 | 24.6 | 115.0 | PDF p. 68 |
| – change in fair value of investment propertiesUS$m | – | 386.6 | 386.6 | – | 139.2 | 139.2 | PDF p. 68 |
| Associates and joint ventures subtotal | |||||||
| SubtotalUS$m | 91.6 | 617.6 | 709.2 | 90.4 | 163.8 | 254.2 | PDF p. 68 |
| Profit and loss | |||||||
| Profit/(loss) before taxUS$m | 541.7 | 897.2 | 1,438.9 | 590.7 | (1,814.4) | (1,223.7) | PDF p. 68 |
| TaxUS$m | (80.8) | (92.3) | (173.1) | (89.4) | (62.7) | (152.1) | PDF p. 68 |
| Profit/(loss) after taxUS$m | 460.9 | 804.9 | 1,265.8 | 501.3 | (1,877.1) | (1,375.8) | PDF p. 68 |
| Attributable to | |||||||
| Shareholders of the CompanyUS$m | 458.2 | 805.2 | 1,263.4 | 498.6 | (1,883.5) | (1,384.9) | PDF p. 68 |
| Non-controlling interestsUS$m | 2.7 | (0.3) | 2.4 | 2.7 | 6.4 | 9.1 | PDF p. 68 |
| Attributable to subtotal | |||||||
| SubtotalUS$m | 460.9 | 804.9 | 1,265.8 | 501.3 | (1,877.1) | (1,375.8) | PDF p. 68 |
Definitions & sources
Original report: PDF p. 68 ↗
The printed 2025 EPS columns show underlying performance and total; they do not show a separate EPS value for non-trading items. The printed 2024 EPS columns likewise show underlying performance and total.
* Further details are set out in Note 1.
Earnings/(loss) per share
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Underlying business performance | 2025Group; Total | 2024Group; Underlying business performance; re-presented | 2024Group; Total | Source |
|---|---|---|---|---|---|
| Earnings/(loss) per share | |||||
| – basicUS¢ per share | 20.98 | 57.85 | 22.60 | (62.76) | PDF p. 68 |
| – dilutedUS¢ per share | 20.92 | 57.69 | 22.58 | (62.76) | PDF p. 68 |
Definitions & sources
Original report: PDF p. 68 ↗
The source table presents EPS in the Underlying business performance and Total columns; non-trading EPS cells are blank. 2024 figures are re-presented.
Consolidated Statement of Comprehensive Income
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| Profit/(loss) for the yearUS$m | 1,265.8 | (1,375.8) | PDF p. 69 |
| Other comprehensive income/(expense); items that will not be reclassified to profit or loss | |||
| Remeasurements of defined benefit plansUS$m | 0.4 | 0.3 | PDF p. 69 |
| Tax on items that will not be reclassifiedUS$m | (0.1) | – | PDF p. 69 |
| Other comprehensive income/(expense); items that will not be reclassified to profit or loss subtotal | |||
| SubtotalUS$m | 0.3 | 0.3 | PDF p. 69 |
| Net exchange translation differences | |||
| – net gain arising during the yearUS$m | 64.4 | 75.2 | PDF p. 69 |
| – transfer to profit and lossUS$m | (10.4) | 3.2 | PDF p. 69 |
| Net exchange translation differences subtotal | |||
| SubtotalUS$m | 54.0 | 78.4 | PDF p. 69 |
| Cash flow hedges | |||
| – net (loss)/gain arising during the yearUS$m | (7.9) | 12.2 | PDF p. 69 |
| – transfer to profit and lossUS$m | 6.4 | (3.2) | PDF p. 69 |
| Cash flow hedges subtotal | |||
| SubtotalUS$m | (1.5) | 9.0 | PDF p. 69 |
| Other comprehensive income/(expense); items that may be reclassified subsequently to profit or loss | |||
| Tax relating to items that may be reclassifiedUS$m | 1.7 | (1.5) | PDF p. 69 |
| Share of other comprehensive income/(expense) of associates and joint venturesUS$m | 302.7 | (246.3) | PDF p. 69 |
| Other comprehensive income/(expense); items that may be reclassified subsequently to profit or loss subtotal | |||
| SubtotalUS$m | 356.9 | (160.4) | PDF p. 69 |
| Other comprehensive income/(expense) | |||
| Other comprehensive income/(expense) for the year, net of taxUS$m | 357.2 | (160.1) | PDF p. 69 |
| Comprehensive income | |||
| Total comprehensive income/(expense) for the yearUS$m | 1,623.0 | (1,535.9) | PDF p. 69 |
| Attributable to | |||
| Shareholders of the CompanyUS$m | 1,616.6 | (1,542.4) | PDF p. 69 |
| Non-controlling interestsUS$m | 6.4 | 6.5 | PDF p. 69 |
| Attributable to subtotal | |||
| SubtotalUS$m | 1,623.0 | (1,535.9) | PDF p. 69 |
Definitions & sources
Original report: PDF p. 69 ↗
Consolidated Balance Sheet
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; at 31 December | 2024Group; at 31 December | Source |
|---|---|---|---|
| Net operating assets | |||
| Fixed assetsUS$m | 255.8 | 203.2 | PDF p. 70 |
| Right-of-use assetsUS$m | 113.4 | 104.4 | PDF p. 70 |
| Investment propertiesUS$m | 24,874.2 | 24,759.9 | PDF p. 70 |
| Associates and joint venturesUS$m | 7,954.3 | 10,046.2 | PDF p. 70 |
| Non-current debtorsUS$m | 11.8 | 11.5 | PDF p. 70 |
| Deferred tax assetsUS$m | 51.2 | 53.5 | PDF p. 70 |
| Pension assetsUS$m | 1.0 | 0.9 | PDF p. 70 |
| Non-current assetsUS$m | 33,261.7 | 35,179.6 | PDF p. 70 |
| Current assets | |||
| Properties for saleUS$m | 1,014.5 | 2,359.7 | PDF p. 70 |
| Current debtorsUS$m | 354.0 | 349.0 | PDF p. 70 |
| Current tax assetsUS$m | 38.6 | 36.4 | PDF p. 70 |
| Bank balancesUS$m | 2,552.0 | 1,073.4 | PDF p. 70 |
| Assets classified as held for saleUS$m | 2,836.6 | 54.3 | PDF p. 70 |
| Current assetsUS$m | 6,795.7 | 3,872.8 | PDF p. 70 |
| Current liabilities | |||
| Current creditorsUS$m | (1,420.1) | (1,642.4) | PDF p. 70 |
| Current borrowingsUS$m | (305.6) | (823.7) | PDF p. 70 |
| Current tax liabilitiesUS$m | (91.2) | (110.4) | PDF p. 70 |
| Liabilities classified as held for saleUS$m | (17.9) | – | PDF p. 70 |
| Current liabilitiesUS$m | (1,834.8) | (2,576.5) | PDF p. 70 |
| Net operating assets | |||
| Net current assetsUS$m | 4,960.9 | 1,296.3 | PDF p. 70 |
| Long-term borrowingsUS$m | (5,836.1) | (5,341.6) | PDF p. 70 |
| Deferred tax liabilitiesUS$m | (312.3) | (249.9) | PDF p. 70 |
| Non-current creditorsUS$m | (1,241.0) | (915.9) | PDF p. 70 |
| Net operating assets subtotal | |||
| SubtotalUS$m | 30,833.2 | 29,968.5 | PDF p. 70 |
| Total equity | |||
| Share capitalUS$m | 215.9 | 220.7 | PDF p. 70 |
| Revenue and other reservesUS$m | 30,582.5 | 29,719.4 | PDF p. 70 |
| Shareholders’ fundsUS$m | 30,798.4 | 29,940.1 | PDF p. 70 |
| Non-controlling interestsUS$m | 34.8 | 28.4 | PDF p. 70 |
| Total equity subtotal | |||
| SubtotalUS$m | 30,833.2 | 29,968.5 | PDF p. 70 |
Definitions & sources
Original report: PDF p. 70 ↗
Approved by the Board of Directors: Michael T. Smith; Craig Beattie; Directors; 5 March 2026.
Summarised Balance Sheet of the Company
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company; at 31 December | 2024Company; at 31 December | Source |
|---|---|---|---|
| Net operating assets; Investments at cost | |||
| Unlisted shares in subsidiariesUS$m | 4,506.7 | 4,481.7 | PDF p. 105 |
| Amounts due from subsidiariesUS$m | 2,399.3 | 2,626.6 | PDF p. 105 |
| Net operating assets; Investments at cost subtotal | |||
| SubtotalUS$m | 6,906.0 | 7,108.3 | PDF p. 105 |
| Net operating assets | |||
| Creditors and other accrualsUS$m | (37.8) | (34.5) | PDF p. 105 |
| Net operating assets subtotal | |||
| SubtotalUS$m | 6,868.2 | 7,073.8 | PDF p. 105 |
| Total equity | |||
| Share capital (see Note 20)US$m | 215.9 | 220.7 | PDF p. 105 |
| Total equity; Revenue and other reserves | |||
| Contributed surplusUS$m | 1,614.7 | 1,892.1 | PDF p. 105 |
| Capital reservesUS$m | 8.7 | 1.4 | PDF p. 105 |
| Revenue reservesUS$m | 5,028.9 | 4,959.6 | PDF p. 105 |
| Total equity; Revenue and other reserves subtotal | |||
| SubtotalUS$m | 6,652.3 | 6,853.1 | PDF p. 105 |
| Total equity | |||
| Shareholders’ fundsUS$m | 6,868.2 | 7,073.8 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
The note says: “Included below is certain summarised balance sheet information of the Company disclosed in accordance with Bermuda law.”
Subsidiaries are shown at cost less amounts provided. The contributed surplus was set up on the formation of the Company in 1989 and, under the Bye-laws of the Company, is distributable.
Highlights — Results
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; year ended 31 December 2025 | 2024Group; year ended 31 December 2024 | 2025Change (%), 2025 vs 2024 | Source |
|---|---|---|---|---|
| Results | ||||
| Underlying profit attributable to shareholders* † ‡US$m; change (%) | 458 | 499 | (8) | PDF p. 5 |
| Adjusted free cash flow ^US$m; change (%) | 810 | 808 | – | PDF p. 5 |
| Profit/(loss) attributable to shareholdersUS$m; change (%) | 1,263 | (1,385) | N/A | PDF p. 5 |
| Shareholders’ fundsUS$m; change (%) | 30,798 | 29,940 | 3 | PDF p. 5 |
| Net debtUS$m; change (%) | 3,577 | 5,088 | (30) | PDF p. 5 |
| Underlying earnings per share* † ‡US¢ per share; change (%) | 20.98 | 22.60 | (7) | PDF p. 5 |
| Adjusted free cash flow per share ^US¢ per share; change (%) | 37.08 | 36.62 | 1 | PDF p. 5 |
| Profit /(loss) per shareUS¢ per share; change (%) | 57.85 | (62.76) | N/A | PDF p. 5 |
| Dividends per shareUS¢ per share; change (%) | 25.00 | 23.00 | 9 | PDF p. 5 |
| Net asset value per shareUS$ per share; change (%) | 14.30 | 13.57 | 5 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
The printed Change column is in percent; values remain in the source table’s original 2025, 2024, Change column order.
Five Year Summary
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Five Year Summary | ||||||
| Profit/(loss) attributable to shareholdersUS$m | (349) | 203 | (582) | (1,385) | 1,263 | PDF p. 128 |
| Underlying profit attributable to shareholders*US$m | 966 | 776 | 734 | 499 | 458 | PDF p. 128 |
| Investment propertiesUS$m | 28,600 | 28,054 | 26,687 | 24,760 | 24,874 | PDF p. 128 |
| Net debtUS$m | 5,104 | 5,817 | 5,371 | 5,088 | 3,577 | PDF p. 128 |
| Shareholders’ fundsUS$m | 34,584 | 33,303 | 31,965 | 29,940 | 30,798 | PDF p. 128 |
| Net asset value per shareUS$ per share | 15.05 | 14.95 | 14.49 | 13.57 | 14.30 | PDF p. 128 |
Definitions & sources
Original report: PDF p. 128 ↗
* Following the strategic shift in the business direction to wind down the build-to-sell segment, certain operations and assets within this segment have been identified as non-strategic, while others have been reallocated to the Prime Properties Investment segment. Accordingly, the profit and loss of the build-to-sell segment are presented within non-trading items for 2024 and 2025. Underlying profit attributable to shareholders for 2021 to 2023 continued to include the profit and loss from the build-to-sell segment.
Five-year page also shows a chart titled “Underlying Earnings/Adjusted Free Cashflow/Dividends per Share (US¢)”; extracted page text does not reliably associate every plotted label with a year, so chart values are omitted.
Group capital management ratios
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; at 31 December 2025 | 2024Group; at 31 December 2024 | Source |
|---|---|---|---|
| Capital management | |||
| Gearing ratio (%)% | 12 | 17 | PDF p. 118 |
| Interest cover (times)times | 4.6 | 3.6 | PDF p. 118 |
Definitions & sources
Original report: PDF p. 118 ↗
The gearing ratio is calculated as net debt divided by total equity. Net debt is calculated as total borrowings less bank balances (including balances classified as asset held for sale).
Interest cover is calculated as underlying plus build-to-sell operating profit and the Group’s share of underlying plus build-to-sell operating profit of associates and joint ventures divided by net financing charges including the Group’s share of net financing charges within associates and joint ventures.
The Group does not have a defined gearing or interest cover benchmark or range.
Adjusted free cash flow per share — Five Year Summary chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2025Group | Source |
|---|---|---|---|
| Five Year Summary chart | |||
| Adjusted free cash flow per shareUS¢ per share | 36.62 | 37.08 | PDF p. 128 |
Definitions & sources
Original report: PDF p. 128 ↗
The chart labels adjusted free cash flow per share only for 2024 and 2025.
Underlying earnings per share
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Five Year Summary chart | 2024Group; Five Year Summary chart | 2023Group; Five Year Summary chart | 2022Group; Five Year Summary chart | 2021Group; Five Year Summary chart | Source |
|---|---|---|---|---|---|---|
| Five Year Summary chart | ||||||
| Underlying earnings per shareUS¢ per share | 20.98 | 22.60 | 33.15 | 34.44 | 41.49 | PDF p. 128 |
Definitions & sources
Original report: PDF p. 128 ↗
Year/value mapping is supported by the page 128 rendered-chart coordinates in hongkong-land-luna-chart-evidence.json. The 2024 EPS row quote preserves the printed asterisk marker.
Dividends per share
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Five Year Summary chart | 2024Group; Five Year Summary chart | 2023Group; Five Year Summary chart | 2022Group; Five Year Summary chart | 2021Group; Five Year Summary chart | Source |
|---|---|---|---|---|---|---|
| Five Year Summary chart | ||||||
| Dividends per shareUS¢ per share | 25.00 | 23.00 | 22.00 | 22.00 | 22.00 | PDF p. 128 |
Definitions & sources
Original report: PDF p. 128 ↗
Year/value mapping is supported by the page 128 rendered-chart coordinates in hongkong-land-luna-chart-evidence.json. The 2024 EPS row quote preserves the printed asterisk marker.
Consolidated Statement of Changes in Equity — 2025
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Share capital | 2025Group; Capital reserves | 2025Group; Revenue reserves | 2025Group; Hedging reserves | 2025Group; Exchange reserves | 2025Group; Attributable to shareholders of the Company | 2025Group; Attributable to non-controlling interests | 2025Group; Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | |||||||||
| At 1 JanuaryUS$m | 220.7 | 1.4 | 30,430.6 | (57.8) | (654.8) | 29,940.1 | 28.4 | 29,968.5 | PDF p. 71 |
| Total comprehensive incomeUS$m | – | – | 1,263.7 | (14.2) | 367.1 | 1,616.6 | 6.4 | 1,623.0 | PDF p. 71 |
| Dividends paid by the CompanyUS$m | – | – | (505.5) | – | – | (505.5) | – | (505.5) | PDF p. 71 |
| Share-based incentivesUS$m | – | 7.3 | – | – | – | 7.3 | – | 7.3 | PDF p. 71 |
| Shares purchased for share-based incentivesUS$m | – | – | (22.1) | – | – | (22.1) | – | (22.1) | PDF p. 71 |
| Repurchase of sharesUS$m | (4.8) | – | (277.4) | – | – | (282.2) | – | (282.2) | PDF p. 71 |
| Sales of untraceable sharesUS$m | – | – | 44.2 | – | – | 44.2 | – | 44.2 | PDF p. 71 |
| At 31 DecemberUS$m | 215.9 | 8.7 | 30,933.5 | (72.0) | (287.7) | 30,798.4 | 34.8 | 30,833.2 | PDF p. 71 |
Definitions & sources
Original report: PDF p. 71 ↗
The source statement has separate 2025 and 2024 movement panels.
The component columns are preserved in printed order.
Consolidated Statement of Changes in Equity — 2024
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; Share capital | 2024Group; Capital reserves | 2024Group; Revenue reserves | 2024Group; Hedging reserves | 2024Group; Exchange reserves | 2024Group; Attributable to shareholders of the Company | 2024Group; Attributable to non-controlling interests | 2024Group; Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2024 | |||||||||
| At 1 JanuaryUS$m | 220.7 | – | 32,299.5 | (57.7) | (497.1) | 31,965.4 | 21.9 | 31,987.3 | PDF p. 71 |
| Total comprehensive expenseUS$m | – | – | (1,384.6) | (0.1) | (157.7) | (1,542.4) | 6.5 | (1,535.9) | PDF p. 71 |
| Dividends paid by the CompanyUS$m | – | – | (485.5) | – | – | (485.5) | – | (485.5) | PDF p. 71 |
| Share-based incentivesUS$m | – | 1.4 | – | – | – | 1.4 | – | 1.4 | PDF p. 71 |
| Unclaimed dividends forfeitedUS$m | – | – | 1.2 | – | – | 1.2 | – | 1.2 | PDF p. 71 |
| At 31 DecemberUS$m | 220.7 | 1.4 | 30,430.6 | (57.8) | (654.8) | 29,940.1 | 28.4 | 29,968.5 | PDF p. 71 |
Definitions & sources
Original report: PDF p. 71 ↗
The source statement has separate 2025 and 2024 movement panels.
The component columns are preserved in printed order.
Consolidated Cash Flow Statement
40 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Operating profit/(loss)US$m | 892.7 | (1,311.7) | PDF p. 72 |
| Change in fair value of investment propertiesUS$m | (514.2) | 1,887.6 | PDF p. 72 |
| DepreciationUS$m | 14.1 | 12.7 | PDF p. 72 |
| Change in fair value of derivativesUS$m | 65.8 | – | PDF p. 72 |
| Exchange reserve loss realised on distributionUS$m | 9.0 | 7.6 | PDF p. 72 |
| Loss on disposal of investment propertiesUS$m | 5.1 | 10.3 | PDF p. 72 |
| Loss on measurement of the disposal groupUS$m | – | 13.5 | PDF p. 72 |
| Net gain on disposal of subsidiaries and joint venturesUS$m | (0.1) | (9.6) | PDF p. 72 |
| Net gain on reclassification from properties for sale to investment propertiesUS$m | (147.9) | – | PDF p. 72 |
| Decrease in properties for saleUS$m | 618.7 | 752.1 | PDF p. 72 |
| (Increase)/decrease in debtorsUS$m | (16.4) | 86.7 | PDF p. 72 |
| Decrease in creditorsUS$m | (190.9) | (547.9) | PDF p. 72 |
| Interest receivedUS$m | 39.9 | 65.3 | PDF p. 72 |
| Interest and other financing charges paidUS$m | (217.2) | (245.8) | PDF p. 72 |
| Tax paidUS$m | (117.9) | (147.3) | PDF p. 72 |
| Dividends from associates and joint venturesUS$m | 143.7 | 97.1 | PDF p. 72 |
| Cash flows from operating activitiesUS$m | 584.4 | 670.6 | PDF p. 72 |
| Investing activities | |||
| Major renovations expenditureUS$m | (164.2) | (78.5) | PDF p. 72 |
| Repayments from associates and joint venturesUS$m | 272.8 | 259.2 | PDF p. 72 |
| Investments in associates and joint venturesUS$m | (28.5) | (16.9) | PDF p. 72 |
| Advances to associates and joint venturesUS$m | (21.6) | (111.5) | PDF p. 72 |
| Disposal of subsidiariesUS$m | 539.7 | – | PDF p. 72 |
| Disposal of joint venturesUS$m | 701.1 | – | PDF p. 72 |
| Acquisition of a subsidiaryUS$m | – | 13.8 | PDF p. 72 |
| Proceeds and deposits of disposal of investment propertiesUS$m | 368.2 | 15.5 | PDF p. 72 |
| Cash flows from investing activitiesUS$m | 1,667.5 | 81.6 | PDF p. 72 |
| Financing activities | |||
| Drawdown of borrowingsUS$m | 1,615.7 | 2,371.0 | PDF p. 72 |
| Repayment of borrowingsUS$m | (1,739.9) | (2,737.3) | PDF p. 72 |
| Repayments to associates and joint venturesUS$m | (16.2) | (26.6) | PDF p. 72 |
| Advances from associates and joint venturesUS$m | 121.9 | 95.5 | PDF p. 72 |
| Principal elements of lease paymentsUS$m | (2.6) | (2.7) | PDF p. 72 |
| Dividends paid by the CompanyUS$m | (502.6) | (478.2) | PDF p. 72 |
| Purchase of shares of share-based incentivesUS$m | (22.1) | – | PDF p. 72 |
| Repurchase of sharesUS$m | (279.3) | – | PDF p. 72 |
| Sale of untraceable sharesUS$m | 44.2 | – | PDF p. 72 |
| Cash flows from financing activitiesUS$m | (780.9) | (778.3) | PDF p. 72 |
| Cash and cash equivalents reconciliation | |||
| Net cash inflow/(outflow)US$m | 1,471.0 | (26.1) | PDF p. 72 |
| Cash and cash equivalents at 1 JanuaryUS$m | 1,067.2 | 1,112.2 | PDF p. 72 |
| Effect of exchange rate changesUS$m | 25.9 | (18.9) | PDF p. 72 |
| Cash and cash equivalents at 31 DecemberUS$m | 2,564.1 | 1,067.2 | PDF p. 72 |
Definitions & sources
Original report: PDF p. 72 ↗
Cash and cash equivalents include the reconciliation at the end of the printed cash flow statement.
Note references are retained in source row quotes.
Where the money comes from
Segment information
By business
Analysis of results by segments – 2025 (US$m) 5 lines
| Item / unit | 2025Prime Properties Investment | 2025Corporate | 2025Underlying business performance | 2025Non-trading items – Build-to-sell | 2025Non-trading items – Others | 2025Total | Source |
|---|---|---|---|---|---|---|---|
| Analysis of results by segments | |||||||
| RevenueUS$m | 1,048.3 | – | 1,048.3 | 400.0 | – | 1,448.3 | PDF p. 75 |
| Net operating costsUS$m | (351.0) | (76.0) | (427.0) | (704.2) | 61.4 | (1,069.8) | PDF p. 75 |
| Share of operating profit of associates and joint venturesUS$m | 161.5 | – | 161.5 | 189.0 | 790.9 | 1,141.4 | PDF p. 75 |
| Change in fair value of investment propertiesUS$m | – | – | – | – | 514.2 | 514.2 | PDF p. 75 |
| Operating profitUS$m | 858.8 | (76.0) | 782.8 | (115.2) | 1,366.5 | 2,034.1 | PDF p. 75 |
Notes
Group has two operating segments: Prime Properties Investment and Build-to-sell (non-strategic; results presented under non-trading items). Net financing charges, tax, non-controlling interests and profit rows are printed only under the Underlying business performance, Non-trading Build-to-sell, Non-trading Others and Total columns; first two values cells are blank as printed.
Analysis of results by segments – 2024 (US$m) 5 lines
| Item / unit | 2024Prime Properties Investment | 2024Corporate | 2024Underlying business performance | 2024Non-trading items – Build-to-sell | 2024Non-trading items – Others | 2024Total | Source |
|---|---|---|---|---|---|---|---|
| Analysis of results by segments | |||||||
| RevenueUS$m | 1,087.2 | – | 1,087.2 | 914.9 | – | 2,002.1 | PDF p. 76 |
| Net operating costsUS$m | (315.9) | (77.4) | (393.3) | (1,024.6) | (8.3) | (1,426.2) | PDF p. 76 |
| Share of operating profit of associates and joint venturesUS$m | 168.2 | – | 168.2 | 212.3 | 146.1 | 526.6 | PDF p. 76 |
| Change in fair value of investment propertiesUS$m | – | – | – | – | (1,887.6) | (1,887.6) | PDF p. 76 |
| Operating lossUS$m | 939.5 | (77.4) | 862.1 | 102.6 | (1,749.8) | (785.1) | PDF p. 76 |
Notes
Financing, tax, NCI and loss rows are printed only under the last four columns; first two cells blank as printed.
Analysis of total equity by business – 2025 (US$m) 4 lines
| Item / unit | 2025Segment assets – Investment Properties | 2025Segment assets – Properties for sale | 2025Segment assets – Others | 2025Segment liabilities | 2025Unallocated assets and liabilities | 2025Total assets and liabilities | Source |
|---|---|---|---|---|---|---|---|
| Analysis of total equity by business 2025 | |||||||
| Prime Properties InvestmentUS$m | 34,821.9 | – | 764.1 | (925.1) | – | 34,660.9 | PDF p. 77 |
| Non-strategic business (Build-to-sell)US$m | – | 3,250.1 | 521.5 | (1,413.7) | – | 2,357.9 | PDF p. 77 |
| Unallocated assets and liabilitiesUS$m | – | – | – | – | (6,185.6) | (6,185.6) | PDF p. 77 |
| Total (unlabelled)US$m | 34,821.9 | 3,250.1 | 1,285.6 | (2,338.8) | (6,185.6) | 30,833.2 | PDF p. 77 |
Notes
Properties for sale include contract assets and cost to fulfil contracts. Unallocated assets and liabilities include tax assets and liabilities, bank balances and borrowings.
Analysis of total equity by business – 2024 (US$m) 4 lines
| Item / unit | 2024Segment assets – Investment Properties | 2024Segment assets – Properties for sale | 2024Segment assets – Others | 2024Segment liabilities | 2024Unallocated assets and liabilities | 2024Total assets and liabilities | Source |
|---|---|---|---|---|---|---|---|
| Analysis of total equity by business 2024 | |||||||
| Prime Properties InvestmentUS$m | 30,779.3 | 3,204.8 | 584.8 | (770.2) | – | 33,798.7 | PDF p. 77 |
| Non-strategic business (Build-to-sell)US$m | – | 5,570.2 | 645.6 | (1,958.2) | – | 4,257.6 | PDF p. 77 |
| Unallocated assets and liabilitiesUS$m | – | – | – | – | (8,087.8) | (8,087.8) | PDF p. 77 |
| Total (unlabelled)US$m | 30,779.3 | 8,775.0 | 1,230.4 | (2,728.4) | (8,087.8) | 29,968.5 | PDF p. 77 |
Notes
Properties for sale include contract assets and cost to fulfil contracts. Unallocated assets and liabilities include tax assets and liabilities, bank balances and borrowings.
By geography
Analysis of results by geographical location (US$m) 5 lines
| Item / unit | 2025Revenue | 2024Revenue | 2025Underlying operating profit | 2024Underlying operating profit | 2025Underlying profit attributable to shareholders | 2024Underlying profit attributable to shareholders | Source |
|---|---|---|---|---|---|---|---|
| Analysis of results by geographical location | |||||||
| Hong Kong and MacauUS$m | 823.3 | 898.3 | 645.1 | 724.5 | 645.1 | 724.5 | PDF p. 76 |
| Chinese mainlandUS$m | 183.9 | 147.6 | 62.7 | 63.6 | 56.8 | 57.6 | PDF p. 76 |
| Southeast Asia and othersUS$m | 41.1 | 41.3 | 151.0 | 151.4 | 151.0 | 151.4 | PDF p. 76 |
| Corporate, net financing charges and taxUS$m | – | – | (76.0) | (77.4) | (394.7) | (434.9) | PDF p. 76 |
| Total (unlabelled)US$m | 1,048.3 | 1,087.2 | 782.8 | 862.1 | 458.2 | 498.6 | PDF p. 76 |
Notes
Total row has no label; printed as 1,048.3 1,087.2 782.8 862.1 458.2 498.6.
Analysis of total equity by geographical location – 2025 (US$m) 4 lines
| Item / unit | 2025Segment assets – Investment Properties | 2025Segment assets – Properties for sale | 2025Segment assets – Others | 2025Segment liabilities | 2025Unallocated assets and liabilities | 2025Total assets and liabilities | Source |
|---|---|---|---|---|---|---|---|
| Analysis of total equity by geographical location 2025 | |||||||
| Hong Kong and MacauUS$m | 23,877.2 | 222.2 | 310.4 | (534.7) | – | 23,875.1 | PDF p. 77 |
| Chinese mainlandUS$m | 7,003.6 | 2,360.5 | 685.7 | (1,518.5) | – | 8,531.3 | PDF p. 77 |
| Southeast Asia and othersUS$m | 3,941.1 | 667.4 | 289.5 | (285.6) | – | 4,612.4 | PDF p. 77 |
| Unallocated assets and liabilitiesUS$m | – | – | – | – | (6,185.6) | (6,185.6) | PDF p. 77 |
Notes
Properties for sale include contract assets and cost to fulfil contracts. Unallocated assets and liabilities include tax assets and liabilities, bank balances and borrowings.
Analysis of total equity by geographical location – 2024 (US$m) 4 lines
| Item / unit | 2024Segment assets – Investment Properties | 2024Segment assets – Properties for sale | 2024Segment assets – Others | 2024Segment liabilities | 2024Unallocated assets and liabilities | 2024Total assets and liabilities | Source |
|---|---|---|---|---|---|---|---|
| Analysis of total equity by geographical location 2024 | |||||||
| Hong Kong and MacauUS$m | 23,591.5 | 221.9 | 280.5 | (436.9) | – | 23,657.0 | PDF p. 77 |
| Chinese mainlandUS$m | 2,536.7 | 6,630.7 | 513.9 | (1,887.4) | – | 7,793.9 | PDF p. 77 |
| Southeast Asia and othersUS$m | 4,651.1 | 1,922.4 | 436.0 | (404.1) | – | 6,605.4 | PDF p. 77 |
| Unallocated assets and liabilitiesUS$m | – | – | – | – | (8,087.8) | (8,087.8) | PDF p. 77 |
Notes
Properties for sale include contract assets and cost to fulfil contracts. Unallocated assets and liabilities include tax assets and liabilities, bank balances and borrowings.
Debt
Borrowings
Borrowing notes 2 tables
Borrowings
| Item / unit | 2025Group carrying amount US$m | 2025Group fair value US$m | 2024Group carrying amount US$m | 2024Group fair value US$m | Source |
|---|---|---|---|---|---|
| Current | |||||
| Bank overdraftsUS$m | – | – | 0.2 | 0.2 | PDF p. 97 |
| Bank loansUS$m | – | – | 6.4 | 6.4 | PDF p. 97 |
| Current portion of long-term borrowings | |||||
| – bank loansUS$m | 76.8 | 76.8 | 177.2 | 177.2 | PDF p. 97 |
| – notesUS$m | 228.8 | 231.7 | 639.9 | 636.0 | PDF p. 97 |
| Current | |||||
| Current totalUS$m | 305.6 | 308.5 | 823.7 | 819.8 | PDF p. 97 |
| Long-term | |||||
| Bank loansUS$m | 2,773.0 | 2,773.0 | 2,069.7 | 2,069.7 | PDF p. 97 |
| NotesUS$m | 3,063.1 | 2,992.9 | 3,271.9 | 3,046.1 | PDF p. 97 |
| Long-term totalUS$m | 5,836.1 | 5,765.9 | 5,341.6 | 5,115.8 | PDF p. 97 |
| Total | |||||
| Total borrowingsUS$m | 6,141.7 | 6,074.4 | 6,165.3 | 5,935.6 | PDF p. 97 |
Notes
Secured/Unsecured rows are carrying amounts only (no fair value columns printed); values are 2025, 2024.
Fair values discounted at market rates 1.9% to 3.7% (2024: 2.6% to 5.2%) per annum. Secured borrowings were certain subsidiaries’ bank borrowings secured against fixed assets, right-of-use assets, investment properties and properties for sale.
Total row labels for current/long-term/total are unlabelled in the source.
Creditors – lease liabilities
| Item / unit | 2025Group US$m | 2024Group US$m | Source |
|---|---|---|---|
| Creditors | |||
| Lease liabilitiesUS$m | 2.9 | 5.0 | PDF p. 97 |
Notes
No lease maturity table located; lease liabilities included within creditors.
Payout
Dividends & distributions
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividends per share | 25.00 US cents per share | Full year 2025 (2024: 23.00; change 9%) | PDF p. 5 |
| Dividends per share | 23.00 US cents per share | Full year 2024 (comparative) | PDF p. 5 |
| Interim dividend in respect of 2025 | US¢6.00 | Interim dividend in respect of 2025 (2024 comparative: US¢6.00) | PDF p. 102 |
| A final dividend in respect of 2025 | US¢19.00 | Proposed final dividend in respect of 2025 (2024: US¢17.00) | PDF p. 102 |
| Final dividend in respect of 2024 | US¢17.00 | Final dividend in respect of 2024, paid 2025 (2023: US¢16.00) | PDF p. 102 |
| 2025 final dividend payable | 13 May 2026 | 2025 final dividend · As at 2026-05-13 | PDF p. 130 |
| Final dividend record date | close of business on 20 March | 2025 final dividend | PDF p. 5 |
| scrip alternative | No scrip alternative is being offered in respect of the dividend. | 2025 final dividend | PDF p. 28 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| dividend payout ratio | 67% | 2025, as a percentage of adjusted free cash flow | PDF p. 28 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| PricewaterhouseCoopers | PricewaterhouseCoopers | Group | PDF p. 127 |
| Engagement partner | Ng Ka Ho | Group | PDF p. 127 |
| Our opinion | In our opinion, the consolidated financial statements give a true and fair view | Group, year ended 31 December 2025 | PDF p. 122 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
* The Group uses ‘underlying profit attributable to shareholders’ in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in Note 30 to the financial statements. † In light of the Group’s announced strategic pivot to exit the build-to-sell business, contributions from this segment has been reclassified as non-trading. Underlying profit represents results from prime properties investment. Refer to Note 1 of the financial statements for further details on the impact of this reclassification for FY 2024 and FY 2025. ‡ FY 2025 earnings contributions from prime properties investment and build-to-sell segments, excluding Chinese mainland inventory provisions, amounted to US$585 million or US¢26.78 per share. ^ Cash flows from operating activities adjusted to include maintenance capital expenditure and net cash flows from build-to-sell segment associates and joint ventures. The metric excludes net proceeds from capital recycling via disposals.
* Following the strategic shift in the business direction to wind down the build-to-sell segment, certain operations and assets within this segment have been identified as non-strategic, while others have been reallocated to the Prime Properties Investment segment. Accordingly, the profit and loss of the build‑to‑sell segment are presented within non‑trading items for 2024 and 2025. Underlying profit attributable to shareholders for 2021 to 2023 continued to include the profit and loss from the build‑to‑sell segment. # Cash flows from operating activities adjusted to include maintenance capital expenditure and net cash flows from build-to-sell segment associates and joint ventures. The metric excludes net proceeds from capital recycling via disposals.
The parent Company publishes a summarised balance sheet in Note 28; the consolidated primary statements cover the Group. Underlying profit includes build-to-sell operations in 2021–2023; the 2024–2025 build-to-sell results are classified as non-trading. Adjusted free cash flow excludes proceeds from capital recycling. Earlier original annual-report backfill remains outstanding.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.