HKT Limited (HKT-SS, “HKT”) disclosed the audited results of its wholly-owned subsidiary Hong Kong Telecommunications (HKT) Limited (“HKTL”) for the year ended 31 December 2025.

Revenue and Earnings • Revenue increased 5.17% year on year to HK$18.34 billion, driven by growth across local telephony, data, broadband and mobile services. • Cost of sales jumped 26.76% to HK$8.98 billion, while general & administrative expenses rose 16.07% to HK$4.55 billion. • Net finance costs were trimmed 26.53% to HK$1.70 billion. • Profit before tax fell 24.37% to HK$3.11 billion; profit attributable to the equity holder slid 24.56% to HK$2.76 billion. • Total comprehensive income dropped 32.08% to HK$2.58 billion.

Cash Flow and Capex • Net cash generated from operations fell 36.82% to HK$8.26 billion. • Investing outflow expanded to HK$4.82 billion (2024: HK$0.83 billion), reflecting HK$3.33 billion spent on intangible assets and HK$1.36 billion on property, plant & equipment. • Financing outflow narrowed to HK$3.59 billion, mainly after lower net debt repayments versus 2024. • Year-end cash and cash equivalents stood at HK$0.75 billion (2024: HK$0.90 billion).

Balance Sheet and Liquidity • Total assets reached HK$88.83 billion; equity attributable to the equity holder declined 16.20% to HK$10.89 billion, reflecting dividend payments and lower earnings. • Net current liabilities widened to HK$16.51 billion; management cited strong operating cash flow and HK$18.09 billion in undrawn banking facilities to support going-concern assumptions. • Borrowings totalled HK$44.52 billion, comprising HK$5.83 billion short-term notes (US$750 million 3.00% notes maturing 2026, now current) and HK$38.69 billion long-term debt. • Average borrowing costs were partly mitigated through cross-currency and interest-rate swaps; hedge reserves closed the year at a negative HK$0.41 billion.

Dividends • HKTL paid a final dividend of HK$2.95 billion (HK$1.1856 per share) for FY 2024 and an interim dividend of HK$1.74 billion (HK$0.6973 per share) for FY 2025, totalling HK$4.69 billion. • A final dividend of HK$1.69 billion (HK$0.6772 per share) has been proposed for FY 2025.

Other Highlights • Goodwill remained unchanged at HK$32.63 billion; no impairment was recorded. • Capitalised software and carrier licence investments lifted intangible assets 12.21% to HK$19.06 billion. • Net fulfilment and customer acquisition costs rose to HK$2.61 billion, reflecting ongoing investment in service contracts. • Carrier-licence fee liabilities increased to HK$3.88 billion (2024: HK$3.52 billion).

Management reiterated confidence in HKTL’s liquidity position, citing steady cash generation and access to substantial committed bank lines to meet upcoming debt maturities and capital requirements.