Throughput Growth
Total throughput reached 23 million TEU, up ~3% year-on-year, driven by Yantian which grew ~7% YoY.
Revenue and Profitability Improvement
Total revenue HKD 11.9 billion, +3% YoY. Operating profit grew ~8% to HKD 4.7 billion; profit before tax +12% to HKD 3.8 billion; profit after tax +13% to HKD 2.5 billion; profit attributable to unitholders HKD 748 million, +15% YoY.
Deleveraging and Net Debt Reduction
Consolidated debt declined ~4% YoY to around $24 billion; net attributable debt fell ~6% YoY to around $17.9 billion after $1 billion loan repayment.
Interest Cost Management
Despite refinancing at higher rates, overall interest cost recorded a ~6% saving in 2025 due to lower average HIBOR and deleveraging, partially offsetting refinancing moves.
CapEx and Maintenance Guidance
Total CapEx reported $445 million in 2025, up ~20% YoY. Maintenance CapEx guidance for 2026 remains around $500 million (ballpark).
Yantian East Expansion on Track
East Port expansion (3 additional berths ≈ +3 million TEU capacity) remains on schedule for trial operations beginning in 1Q 2027; first berth adds ~1 million TEU. All capital injection for the project completed—no further Trust capital commitments expected for the project.
Geographic & Trade Mix Opportunities
Europe trade increased ~14% YoY in 2025; management notes diversification beyond the U.S. (U.S. exposure weakening) and sees potential import upside if China signs/implements trade agreements, addressing current ~80:20 export-import imbalance.
ASP and Pricing Environment
Management sees scope for underlying tariff/ASP recovery (inflation/CPI-adjusted, low-single-digit) driven by market pricing actions, with ports generally seeking price increases.
Hong Kong Import/Export Stabilization
While overall Hong Kong throughput declined, local import-export volumes stabilized in 2025 versus sharper declines in prior years, limiting further downside from local trade.