CK Hutchison Holdings released its 2026 interim results, reporting a sharp rebound in headline profitability driven by major disposals and resilient operating growth across core businesses.

• Revenue climbed 6.1 % year-on-year to HK$255.39 billion, while underlying revenue (excluding UK telecommunications) grew 6.7 % to HK$241.60 billion.

• Reported EBITDA jumped 63.0 % to HK$92.89 billion. Underlying EBITDA (ex-UK telecom) rose 5.7 % to HK$56.52 billion, supported by Ports, Retail and stronger contributions from Cenovus Energy and Indonesia’s IOH.

• Reported EBIT more than doubled to HK$55.18 billion. Underlying EBIT (ex-UK telecom) advanced 5.2 % to HK$33.39 billion.

• Profit attributable to ordinary shareholders soared to HK$26.80 billion (1H 2025: HK$0.85 billion), propelled by HK$17.75 billion of gains from the sales of UK Rails and UK Power Networks and despite a HK$2.22 billion non-cash write-off of infrastructure acquisition premiums.

• Underlying profit (ex-UK telecom) increased 6.8 % to HK$12.59 billion.

Segment highlights

• Ports & Related Services: EBITDA rose 4.4 % to HK$9.03 billion despite a 1 % drop in throughput to 43.6 million TEU following the Panama exit.

• Retail: EBITDA expanded 8.9 % to HK$8.68 billion on 3.6 % comparable sales growth and an 9.0 % rise in revenue to HK$107.73 billion.

• Infrastructure: Underlying EBITDA slipped 3.2 % to HK$15.07 billion, but one-off gains from the UK Rails and UKPN disposals lifted reported EBITDA to HK$35.62 billion.

• Telecommunications (CK Hutchison Group Telecom excluding UK): Underlying EBITDA edged down 4.6 % to HK$10.19 billion amid lower wholesale revenue in Italy and Austria; underlying EBIT fell 37.4 % to HK$1.79 billion.

• Finance & Investments and Others: EBITDA grew 29.0 % to HK$13.54 billion, driven by substantially higher earnings from 16.7 %-owned Cenovus Energy and improved results at IOH.

Financial position and dividend

• Net debt was cut to HK$63.68 billion (31 Dec 2025: HK$113.79 billion), trimming the net-debt-to-capital ratio to 8.1 % — the lowest on record for the group.

• Cash and liquid investments totalled HK$186.93 billion, covering all debt maturities until end-2030.

• The Board declared an interim dividend of HK$0.7455 per share, up 5 % year-on-year, payable on 24 September 2026 to shareholders on record as of 15 September 2026.

Strategic update

During the half, CK Hutchison agreed to divest its remaining 49 % stake in VodafoneThree for approximately £4.3 billion; completion on 30 July 2026 will record an estimated gain of about HK$5.9 billion in 2H 2026.

Outlook

Management anticipates a challenging external environment in the second half amid geopolitical tensions and softer demand but emphasises disciplined capital allocation, cost control and a strengthened balance sheet to support stable performance and future growth initiatives.