Swire Pacific Ltd A

Good afternoon, ladies and gentlemen. Welcome to Swire Pacific 2025 Annual Results Analyst Briefing. Joining us at the briefing today are Mr. Guy Bradley, Chairman of Swire Pacific, Mr. Martin Murray, Finance Director of Swire Pacific, and Ms. Karen Tso, Chief Executive Officer of Swire Coca-Cola. Before we take a detailed look at our annual results for 2025, we'd like to show you a short video highlighting Swire Pacific's key developments and achievements of the year. Enjoy the video. May we now invite Guy, Martin and Karen to take us through the details of the annual results of 2025.

Good evening, everybody, and thank you for joining us. Let's get straight in and I'll start with the strategic highlights. I think you can see that we've basically been delivering across the business on our growth strategy in each of the different core businesses under the Swan Pacific name. On property, we've We've got a very healthy pipeline of new projects on the way. We continue to do effective capital recycling of non-core assets. Importantly for us, we're continuing to invest in the Greater Bay Area, which is a stated objective of the property team. And we were very pleased last year to launch our first residential project successfully, I would say, in Shanghai in the Chinese mainland. So property is very much on strategy and continuing to deliver good growth. Beverages, it's been a tough year in 2025 in terms of the environment. But I think you can see the resilience of the beverage business for us. We continue to invest through the cycle here. And that investment has been in new plants, new equipment in both the Chinese mainland and in Vietnam so far. And we continue to... to try to integrate the new Southeast Asian franchises that we've successfully acquired over the last few years, specifically Vietnam and Thailand. On the aviation front, the story has been very good. Heiko completed the sale in November last year of its USA business. So now the strategy is to focus the business on Hong Kong, the Chinese mainland and future opportunities in Southeast Asia. So we're very focused at Heiko. And as you heard yesterday, the Cathay Group is investing in more than 100 new generation aircraft and improving its products with a capital program there. So very good results on the aviation side. Talking numbers briefly here, the underlying profit was very pleased to see it was up 9% to 11.4 billion, driven mostly by capital recycling and, as I mentioned, strong recurring profit in aviation. That translates for us into a 13% increase in the ordinary dividend, which I think is very healthy. And you can see our financial health is strong with a good deal of available liquidity and a gearing ratio of 20.6%. looking at the recurring underlying profit um of 9.8 billion it's five percent up on uh last year driven by high demand for air travel and the very resilient performances as you've seen from both the property and beverages divisions The Hong Kong office market, which has been a very core component of the property business, saw a very steady occupancy in 2025. And I think what we've seen in the soft cycle that it's at is a continued flight to quality. And the new buildings that Swire Properties has been investing in are benefiting from that flight to quality trend. I think we can see signs of a retail pickup, both in Hong Kong and in the Chinese mainland. And residential projects, obviously in Shanghai, is nearly fully sold. But I think the sentiment in the Hong Kong residential market is also starting to pick up. On the beverage side, 2025 was a solid performance, fairly flat delivery of recurring underlying profit, but we do feel conditions are set to improve. Aviation up 19% at the RUP level. Heiko Group achieved a 73% growth in recurring profit due to demand for base maintenance and engine overhaul services. And Cathay, as you know, has a third consecutive year of profit driven by very robust demand for travel and strong cargo performance. I think I'll pass over to Martin now for a little detailed look at the financials. Martin.

Thank you.