Wharf Holdings (00004.HK) reported a marked earnings rebound for FY-2025 as property write-downs eased and borrowing costs fell.

Revenue and Earnings • Underlying net profit rose 47.00 % to HK$4.10 billion, lifted by sharply lower impairment on Mainland development projects (HK$0.84 billion vs. HK$2.02 billion in 2024). • After investment-property revaluation deficit of HK$3.64 billion (2024: HK$5.99 billion), statutory profit swung to HK$50.00 million from a HK$3.22 billion loss. • Basic EPS returned to positive territory at HK$0.02.

Dividend A second interim payout of HK$0.20 per share will be distributed on 23 April 2026, bringing full-year dividends to HK$0.40, unchanged from 2024.

Balance Sheet and Liquidity • Net cash position: HK$2.00 billion versus net debt of HK$7.10 billion a year earlier, aided by HK$9.70 billion in long-term investment disposals. • Shareholders’ equity advanced 7.00 % to HK$146.70 billion; NAV per share increased to HK$48.01. • Undrawn committed facilities stood at HK$15.30 billion; total listed investment portfolio valued at HK$34.10 billion.

Segment Performance Investment Properties – Revenue down 3.26 % to HK$4.49 billion; operating profit down 3.87 % to HK$2.91 billion as Mainland rents remained soft.

Development Properties – Revenue down 39.35 % to HK$1.37 billion; operating profit slumped 77.90 % to HK$0.10 billion amid reduced Mainland sales. – Hong Kong luxury launches recorded a 254 % jump in recognised revenue to HK$1.14 billion, including record sales at Mount Nicholson (HK$144,000 psf) and 1 Plantation Road (HK$91,000 psf).

Hotels – Segment revenue up 6.32 % to HK$0.66 billion; operating result broke even (2024: HK$11.00 million profit) as Mainland room rates lagged.

Logistics – Revenue slipped 3.49 % to HK$2.13 billion; operating profit fell 11.75 % to HK$0.28 billion. Modern Terminals’ Hong Kong throughput declined 6.00 % to 3.30 million TEUs, while DaChan Bay grew 16.00 %.

Investments – Operating profit eased 4.22 % to HK$1.82 billion on lower dividend income. Fair-value gain on the investment portfolio contributed HK$10.04 billion to other comprehensive income.

Cash Flow & Capital Deployment • Operating cash inflow (post-working capital) reached HK$4.00 billion. • Net investing inflow totalled HK$6.40 billion, mainly from divesting equity holdings. • 2025 capex amounted to HK$2.52 billion, with future committed and planned expenditures of HK$16.31 billion (HK$4.88 billion committed), largely for Hong Kong property development.

Outlook Management highlighted persistent geopolitical tensions and Mainland property headwinds, but expects Hong Kong’s property market to regain momentum on policy support and stronger capital markets. A disciplined balance sheet and ample liquidity are positioned to support ongoing development and investment commitments.