CKH Holdings (00001) has released its interim results for the six months ending June 30, 2026. Under the IFRS 16 basis, the company reported total revenue of HK$255.392 billion, representing a 6% year-on-year increase. Shareholders' attributable reported profit stood at HK$26.801 billion, soaring 3,046% compared to the same period last year, while underlying profit (excluding the UK telecom business) rose 7% to HK$12.581 billion. The interim dividend is set at HK$0.7455 per share.

During the first half of the year, the group successfully completed several strategic transactions, effectively countering adverse factors and achieving sustained underlying earnings growth. As a result, the group's balance sheet was significantly strengthened, with the net debt to total capital ratio reaching a historic low of 8.1% at the end of the period. The group recognized a combined gain of HK$17.753 billion attributable to shareholders from the sale of its interests in UK Rails and UK Power Networks. Additionally, a non-cash write-off of HK$2.222 billion was recorded for acquisition premiums allocated to certain infrastructure assets. On a reported basis, these one-off items contributed HK$20.546 billion at the EBITDA level and HK$15.531 billion in reported profit. In contrast, the first half of 2025 saw a one-off non-cash loss and related impacts of HK$10.922 billion from the VodafoneThree (VF3) merger.

In May 2026, the group announced the sale of its remaining 49% stake in VF3 for approximately £4.3 billion. The transaction was completed on June 30, 2026, with a disposal gain of about HK$5.9 billion and cash consideration to be recognized in the second half of the year. Consequently, underlying results for both the first half of 2025 and the first half of 2026, calculated on a pre-IFRS 16 basis, exclude the UK telecom business's performance. This presentation better reflects the group's recurring underlying operational performance.

For the six months ended June 30, 2026, the group achieved a net underlying profit of HK$12.592 billion, up 6% in reported currency from the first half of 2025. On a reported currency basis, underlying EBITDA and EBIT grew 6% and 5% year-on-year, respectively, driven by strong performance in the ports division, steady growth in the retail division, a significant increase in contributions from Cenovus Energy, and favorable foreign exchange movements. These positive factors were partially offset by lower contributions from CK Hutchison Group Telecom (CKHGT) and the infrastructure division, as well as the absence of certain non-recurring treasury gains and non-core asset disposal gains recognized in the first half of 2025. The decline in the infrastructure division's contribution was due to the divested assets no longer contributing in the first half of 2026; excluding this impact, the performance of the remaining businesses remained stable year-on-year.