PCCW (8) H1 2025 earnings summary

Executive summary

• Revenue increased 7% year-over-year to HK$18,922 million (US$2,426 million), with EBITDA up 6% to HK$6,010 million (US$771 million), and consolidated profit rising 116% to HK$758 million.

• Viu maintained market leadership with 13.8 million paid subscribers, driving 27% growth in subscription and advertising revenues, and digital memberships rose to 3.3 million.

• HKT leveraged digital infrastructure and AI to drive enterprise and consumer growth, with revenue up 4% and strong demand in mobile and technology solutions.

• Interim dividend of 9.77 HK cents per share declared, maintaining stable shareholder returns.

• Free TV & Related Business experienced lower revenue due to event timing, but expects a rebound in the second half with a strong content and event lineup.

Financial highlights

• HKT revenue up 4% to HK$17,322 million (US$2,221 million); EBITDA up 3% to HK$6,380 million (US$818 million); AFF and distributions up 3%.

• OTT business revenue grew 10% to HK$1,194 million (US$153 million); EBITDA up 51% to HK$346 million (US$44 million), with margin expanding to 29%.

• Free TV & Related Business revenue declined 29% to HK$343 million (US$44 million); EBITDA down 48% to HK$47 million (US$6 million).

• OPEX decreased 5% to HK$2,933 million (US$376 million); OPEX ratio improved from 17.4% to 15.5%.

• Net cash generated from operating activities was HK$5,074 million.

Outlook and guidance

• Strong line-up of concerts and shows in the second half expected to boost Free TV & Related Business revenues.

• Viu aims to reach positive cashflow through content expansion and strategic partnerships in the coming months.

• Prudent dividend policy to support sustainable growth and adapt to changing market conditions.