Shangri-La Asia (69) H2 2025 earnings summary

Executive summary

• Consolidated revenue rose 2.2% year-over-year to USD2,234.1 million, driven by stable hotel operations and investment property growth.

• Profit attributable to owners from operating items increased 6.0% to USD122.8 million, but total profit fell 30.4% to USD112.3 million due to lower non-operating gains.

• EBITDA grew 3.4% to USD520.9 million; effective share of EBITDA up 2.4% to USD778.2 million.

• Final dividend of HK10 cents per share declared, total annual dividend unchanged at HK15 cents per share.

Financial highlights

• Effective share of revenue reached USD2,712.1 million, up 2.2% year-over-year.

• Effective share of EBITDA from Property Development for Sale surged to USD35.0 million from USD11.8 million.

• Net assets attributable to owners increased 2.7% to USD5,324.4 million; NAV per share USD1.50.

• Adjusted NAV per share (if hotel properties at fair value) would be USD3.11.

• Basic EPS was 3.16 US cents, down from 4.54 US cents.

Outlook and guidance

• 2026 performance to date is encouraging, with positive topline and bottom-line trends.

• Structural growth in Asian travel and hospitality expected to support medium-term growth.

• Ongoing geopolitical risks and energy price volatility may impact near-term sentiment.