MTR Corporation Limited (00066.HK) released its audited results for the year ended 31 December 2025. Total revenue fell 7.6% year-on-year to HK$55.46 billion, primarily reflecting a 18.75% slide in turnover from Chinese Mainland and international railway, property rental and management subsidiaries.
Net profit attributable to shareholders declined 6.9% to HK$14.68 billion. Underlying profit (excluding investment-property revaluation) eased 4.2% to HK$16.74 billion. Recurrent business profit decreased 21.6% to HK$5.65 billion, dragged by a HK$553 million reduction in contributions from associates and joint ventures and higher depreciation and staff costs in Hong Kong operations.
Property development profit after tax rose 8.0% to HK$11.08 billion, driven by THE SOUTHSIDE Packages 3 and 5, LOHAS Park Package 12 and Ho Man Tin Station Packages 1 and 2.
The Board recommended a final dividend of HK$0.89 per share, bringing the full-year payout to HK$1.31, unchanged from 2024.
Key operating metrics: • Hong Kong heavy-rail service delivery and on-time performance maintained at 99.9%. • Total Hong Kong patronage edged up 0.3% to 1.96 billion journeys; High-Speed Rail volume grew 16.3% to 31.1 million. • Overall franchised public-transport market share increased to 50.2% (+0.1 ppt).
Financial highlights: • Recurrent EBIT margin slipped to 14.4% (2024: 14.6%); excluding overseas subsidiaries, margin was 19.5%. • Net debt-to-equity ratio improved to 22.5% (2024: 31.6%) after the June issuance of US$3 billion perpetual capital securities. • Cash, bank balances and deposits rose to HK$44.24 billion (2024: HK$27.89 billion); undrawn committed facilities exceeded HK$51.10 billion. • 2025 capital expenditure totalled HK$19.59 billion; aggregate spend for 2026-2028 is projected at about HK$82.60 billion.
Operational developments: • Signalling-system upgrade on the Tsuen Wan Line will enter service in March 2026. • Beijing Metro Line 17 and Shenzhen Metro Line 13 Phase 1 achieved full-line openings in December 2025. • Metro Trains West Consortium secured the train supply, operation and maintenance contract for Sydney Metro West. • The tender for Tuen Mun A16 Station Package 1 was awarded in November 2025; tenders for Kam Sheung Road Station Phase 2 and Tuen Mun A16 Station Package 2 are targeted within the next 12 months, subject to market conditions.
Outlook: Management cites a “challenging macroeconomic situation” but expects a healthier operating environment as Hong Kong’s economy and property sector stabilise. Major capex will continue to focus on the city’s extensive railway-expansion plan, funded through the Rail-plus-Property model, recent bond issues and additional financing sources. The company will maintain a progressive dividend policy while monitoring geopolitical and inflation risks.