The Global economic and geopolitical environment remained challenging in 2025. The year saw slower growth in some major economies as well as persistent and increasing geopolitical tensions. These have led to an unprecedented evolution in tariff, sanctions, export- control, and national security regimes resulting in a volatile investment and trade environment, and in changing capital and trade flows.

Specifically for the Group, geopolitical pressure has led to a meaningful legal conflict with the Panamanian State relating to the Group’s container terminal operations there, and has also complicated ongoing discussions with potential counterparties regarding possible new arrangements for the disposition of interests in the Group’s global port operations outside of Panama, Hong Kong and the Mainland.

Notwithstanding this backdrop, the Group’s highly diversified business and geographic spread largely mitigates the impact of adverse developments in any particular sector or country. Strong cashgeneration in the year has placed the group in a solid financial position with a net debt to net total capital ratio at year end of 13.9%.

During the year, the Group continued to actively manage shareholder value through various major transactions, which resulted in certain one-time non-cash accounting impact to the Group’s reported earnings. In 2025, the Group completed the merger of its UK telecommunications business with Vodafone UK (the “UK merger”) and recognised a one-time non-cash loss and related impacts of HK$10,922 million on a Pre-IFRS 16 basis(1). This compares to a one-time non-cash impairment and other provisions on its Vietnam telecommunications business of HK$3,740 million which the Group recognised in 2024.

On 26 February 2026, the Group announced the sale by CK Group (CK Infrastructure Holdings Limited, Power Assets Holdings Limited and CK Asset Holdings Limited) of 100% of their interests in UK Power Networks to Engie S.A.. Subject to completion occurring, the sale is expected to result in significant cash flow and net profits attributable to the Group in 2026.

Excluding the one-time losses mentioned above and on a Pre-IFRS 16 basis, the Group delivered underlying net earnings of HK$22,258 million, a 7% growth against 2024 in reported currency.

Underlying EBITDA and EBIT both increased 9% in reported currency compared to last year, primarily from robust growth in the Ports division, favourable performance from CK HutchisonGroup Telecom (“CKHGT”) including certain treasury gains, higher contributions from Cenovus Energy, share of gains from disposal of non-core assets by the Group’s listed associates as well as favourable foreign exchange movements.

On a reported basis, the Group’s profit attributable to ordinary shareholders was HK$11,336 million for the year ended 31 December 2025. On a Post-IFRS 16 basis, reported profit attributable to ordinary shareholders was HK$11,841 million. Reported earnings per share were HK$3.09 for the year ended 31 December 2025 (31 December 2024 – HK$4.46).

Dividend

The Board of Directors recommends a final dividend of HK$1.602 per share (2024 final dividend – HK$1.514 per share), payable on Thursday, 11 June 2026, to shareholders (except for holders of treasury shares) whose names appear on the Register of Members of the Company at the close of business on Thursday, 28 May 2026, being the record date for determining shareholders’ entitlement to the proposed final dividend. Combined with the interim dividend of HK$0.710 per share, the full year dividend amounts to HK$2.312 per share (2024 full year dividend – HK$2.202 per share).

Currently, there are no treasury shares held by the Company (whether held or deposited in the Central Clearing and Settlement System, or otherwise).

Ports and Related Services

This division reported revenue of HK$48,895 million, an increase of 8% compared to 2024, mainly driven by 3% throughput growth mainly from Yantian and Shanghai Ports, as well as key terminals in Asia and Middle East, along with a 17% higher storage income compared to last year, primarily contributed by Mexico and European ports, partly offset by adverse performance of a shipping line associated company due to drop in market freight rate. EBITDA(2) of HK$17,439 million and EBIT(2) of HK$12,850 million, both increased by 8%, delivered through a combination of robust revenue growth and disciplined cost management.

Looking ahead to 2026, global trade growth is expected to slow down amid geopolitical risks and China-U.S. trade tensions. The conflicts in the Middle East region, if prolonged, will also shift trade routes away from the region. However, with the division’s geographically diversified portfolio, the impact is expected to be mostly mitigated as other ports in the division may benefit from the diversion.

The Group will also continue to work to resolve its legal disputes with the Panamanian State and others relating to the Group’s container terminal operations in Panama in a way that is fair and protects the interests of shareholders of the Group

Full Report

Source: CK Hutchison