MTR Corp Ltd
(STU:MRI)
€
3.52
(0%)
Market Cap: 22.15 Bil
Enterprise Value: 28.40 Bil
PE Ratio: 8.84
PB Ratio: 0.89
GF Score: 72/100 
Half Year 2026 MTR Corporation Limited Earnings Presentation Transcript
Aug 13, 2026 / NTS GMT
Release Date Price:
€3.54
(-1.12%)
Key Points
Positve
- Net profit surged to HKD15.9 billion in H1 2026, driven by one-off property development profits from Tai Wai Station and Southside Package 5.
- Recurrent business profit increased slightly to HKD3.4 billion, supported by higher revenue from Hong Kong transport operations and lower net interest charges.
- High-speed rail patronage grew over 10% year-on-year, exceeding 16 million passenger trips, with cumulative trips surpassing 100 million.
- Negative rental reversions improved significantly: station commercial improved from -8.5% to -6.7%, and property rental from -9.5% to -5.5%.
- Successfully raised HKD58 billion in funding, including the largest HKD bond issuance in history, with average borrowing costs reduced to 3.5%.
- Expanded international footprint by securing a 15-year operating right for Sydney Metro West and opening the Shenzhen Metro Line 13 Phase 2 extension.
Negative
- Hong Kong transport operations recorded an EBIT loss of HKD141 million due to higher maintenance expenses, absence of fare increases, and increased depreciation.
- Station commercial EBIT decreased by 2.4% and property rental EBIT fell by 3.5%, reflecting ongoing weak consumer spending patterns.
- Property development profits are one-off and fluctuate with project cycles, making future earnings unpredictable.
- Substantial investment needs of over HKD140 billion for seven new railway projects pose significant financial pressure.
- Operating expenses and depreciation charges increased, partly offsetting revenue gains and impacting profitability.
- The interim dividend of HKD0.42 per share may be constrained by future capital requirements for railway expansion.
Siu;min Choy
MTR Corporation Limited - Corporate Affairs Branding Director, Member of the Executive Directorate
(interpreted) Friends of the media, greetings. I am Linda Choy, Director, Corporate Affairs and Branding. Welcome to the 2026 interim results announcement for MTR.
First of all, to introduce our representatives on the stage. Seated in the middle is our CEO, Ms. Jeny Yeung. On her right are Mr. David Tang, Managing Director, Property and
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