Wharf (Holdings) reported first-half 2026 revenue of HK$5.34 billion, down 6.00% year-on-year. Group Underlying Net Profit fell 17.00% to HK$1.70 billion as dividend income declined after a partial investment portfolio disposal, partly offset by higher interest income and stronger Hong Kong residential sales.

Profit attributable to shareholders dropped to HK$48.00 million (1H 2025: HK$535.00 million) after booking HK$2.05 billion of investment-property revaluation deficits.

The Board declared a first interim dividend of HK$0.20 per share and a special interim dividend of HK$0.20 per share to mark the Group’s 140th anniversary, lifting total interim distributions to HK$0.40 per share, or HK$1.22 billion, versus HK$0.20 per share a year earlier.

Segment Review • Investment Properties: Revenue was stable at HK$2.31 billion; operating profit edged up 1.75% to HK$1.51 billion. Mainland malls maintained occupancy through tenant-mix upgrades, while office vacancies remained elevated. • Development Properties: Revenue fell 8.12% to HK$679.00 million; operating profit slid 83.10% to HK$12.00 million. Mainland sales were weak, yet Hong Kong recognised HK$1.08 billion of contracted sales, up from HK$305.00 million a year ago. • Hotels: Revenue rose 3.53% to HK$323.00 million with the operating loss narrowing to HK$4.00 million as Hong Kong visitor arrivals recovered. • Logistics: Revenue held at HK$1.07 billion; operating profit fell 19.00% to HK$111.00 million as Hong Kong throughput dropped 6.00% but Shenzhen volumes rose 16.00%. • Investments: Operating profit declined 40.70% to HK$593.00 million after the strategic reduction of the long-term equity portfolio.

Cash Flow & Balance Sheet Net cash improved to HK$6.20 billion (end-2025: HK$2.00 billion) after realising HK$3.20 billion from investment disposals and receiving distributions from joint-venture projects. Total available liquidity reached HK$41.40 billion, comprising HK$23.40 billion of cash and HK$18.00 billion of undrawn facilities. The Group also holds a listed investment portfolio valued at HK$30.20 billion.

Capital Expenditure & Commitments First-half capital spending totalled HK$969.00 million, mainly on Hong Kong development projects. Future committed and planned outlays amount to HK$15.16 billion, of which HK$4.18 billion is contractually committed.

Outlook Management highlighted persistent global uncertainties—geopolitical tensions, energy-price volatility and interest-rate risks—but noted improving sentiment in Hong Kong’s residential market and early stabilisation signs in tier-one Mainland cities. The Group intends to preserve its strong cash position and remain agile in asset reallocation and project launches.