Q2 2026 Swire Pacific Ltd Earnings Call

August 6, 2026

Speaker #1: Good afternoon, ladies and gentlemen. Welcome to the Swire Pacific 2026 interim results analyst briefing. Present at today's briefing are Mr. Guy Bradley, Chairman of Swire Pacific; Mr. Martin Murray, Finance Director of Swire Pacific; and Ms. Karen So, Chief Executive Officer of Swire Coca-Cola.

Gillian Libbond: Good afternoon, ladies and gentlemen. Welcome to Swire Pacific 2026 Interim Results Analyst Briefing. Today at the briefing are Mr. Guy Bradley, Chairman of Swire Pacific, Mr. Martin Murray, Finance Director of Swire Pacific, and Ms. Karen So, Chief Executive Officer of Swire Coca-Cola. Before we take a detailed look at our results, we would love to show you a short video highlighting Swire Pacific's key developments and achievements in H1 2026. Please enjoy the video. May we now invite Guy, Martin, and Karen to take us through the details of the results.

[Company Representative] (Swire Pacific): Good afternoon, ladies and gentlemen. Welcome to Swire Pacific 2026 Interim Results Analyst Briefing. Today at the briefing are Mr. Guy Bradley, Chairman of Swire Pacific, Mr. Martin Murray, Finance Director of Swire Pacific, and Ms. Karen So, Chief Executive Officer of Swire Coca-Cola. Before we take a detailed look at our results, we would love to show you a short video highlighting Swire Pacific's key developments and achievements in H1 2026. Please enjoy the video. May we now invite Guy, Martin, and Karen to take us through the details of the results.

Speaker #1: Before we take a detailed look at our results, we'd love to show you a short video highlighting Swire Pacific's key developments and achievements in the first half of 2026.

Speaker #1: Please enjoy the video. May we now invite Guy, Martin, and Karen to take us through the details of the results?

Speaker #2: Thank you. Good evening, everybody, and thank you for joining us. I will just kick off with a couple of strategic highlights here. The two points I'd like to emphasize are, basically, that the first half recurring underlying profit is the highest underlying profit that we've reported.

Guy Bradley: Thank you, and good evening, everybody, and thank you for joining us. I will just kick off with a couple of strategic highlights here. The two points I would like to emphasize are basically that the H1 recurring underlying profit is the highest underlying profit that we have reported. That is driven basically by consumer sentiment in all of our divisions improving, and that is a very good trend to see. The second highlight, of course, is that we have not stopped investing, and the levels of investments that we have across all our businesses are indeed record levels of capital for the group. Two very good highlights for the H1. If I look at the specific details across the three main divisions in property, we continue to execute against the HKD 100 billion plan.

Speaker #2: And that's driven basically by consumer sentiment in all of our divisions improving, and that's a very good trend to see. The second highlight, of course, is that we haven't stopped investing, and the levels of investment that we have across all our businesses are indeed record levels of capital for the group.

Speaker #2: So two very good highlights for the half year. If I look at the specific details across the three main divisions in property, we continue to execute against the $100 billion plan.

Speaker #2: We've currently got seven projects in the Chinese mainland under development, which is more than we've ever had in our history. Two of these will open in phases, or at least start to open later this year, in Sanya and in Beijing at Taikoo Place.

Guy Bradley: We have currently got seven projects in the Chinese mainland under development, which is more than we have ever had in our history. Two of which will open in phases, at least start to open later this year in Sanya and in Beijing at Taikoo Place. On the trading side also, it is worth highlighting that we are doing a lot more of that and we have got very good projects going on in Miami and Bangkok. What the slide does not say is that we have also got quite a lot going on in Hong Kong, our home base, where our residential trading brand is extremely well-known and well-regarded. I can list 269 Queens Road East, LA MONTAGNE, THE HEADLAND RESIDENCES, and the project in Pun Hoi Street. We have got four projects there to be getting on with. Quite a lot of activity on the residential trading side. Switching over to beverages.

Speaker #2: On the trading side, it's worth highlighting that we're doing a lot more of that, and we've got a very good project going on in Miami and Bangkok.

Speaker #2: What the slide doesn't say is that we've also got quite a lot going on in Hong Kong, our home base, where our residential trading brand is extremely well known and well regarded.

Speaker #2: And I can list 269 Queens Road East, La Montana, Headland Residences, and the project in Panhoi Street. So we've got four projects there to be going on with.

Speaker #2: So, quite a lot of activity on the residential trading side. Switching over to Beverages, the integration of the new franchises in Southeast Asia is progressing well.

Guy Bradley: The integration of the new franchises in Southeast Asia is progressing well. We are very happy that we are able to expand, firstly into Vietnam, Cambodia, and then into Thailand and Laos. Those territories are in the process of integrating into our business at all sorts of levels, and we are happy with how that is all going so far. Focusing on the Chinese mainland, we have a RMB 12 billion investment plan to open up new facilities and to invest in market cold drink equipment. We continue to push that out. On the aviation side, you heard yesterday about the Cathay Pacific Group and their HKD 150 billion of investment.

Speaker #2: You know, we're very happy that we're able to expand, firstly into Vietnam, Cambodia, and then into Thailand and Laos. Those territories are in the process of integrating into our business at all sorts of levels, and we're happy with how that's all going so far.

Speaker #2: Focusing on the Chinese mainland, we have a 12 billion renminbi investment plan to open up new facilities and to invest in market cold drink equipment.

Speaker #2: And we continue to push that out. On the aviation side, you heard yesterday about the Cathay Pacific Group and their $150 billion of investment.

Speaker #2: But I'd just like to highlight the HAECO side of aviation here. They have a new Xiamen facility opening later in the year, and they've just announced a new investment in Vietnam as their first expansion of the base maintenance business into Southeast Asia.

Guy Bradley: I'd just like to highlight the HAECO side of Aviation here, and they have a new Xiamen facility opening later in the year, and they've just announced a new investment in Vietnam as their first expansion of the base maintenance business into Southeast Asia. Lots going on. On the financial side, Martin will cover that shortly in more detail. We're very happy to report that underlying profits increased by 43% versus prior year to HKD 7.8 billion. In turn, we've announced a 15% increase in the first interim dividend to HKD 1.50 per A share. Just looking at the recurring level by division. The recurring underlying profit for the H1 was HKD 7 billion, which was up 48%, and the positive news was across all the three major divisions, as you can see here.

Speaker #2: So, lots going on. On the financial side, Martin will cover that shortly in more detail. But we're very happy to report that the underlying profits increased by 43% to $7.8 billion.

Speaker #2: And in turn, we've announced a 15% increase in the first interim dividend to HK$1.50 per A-share. Just looking at the recurring level, by division, the recurring underlying profit for the first half was $7 billion, which was up 48%.

Speaker #2: And the positive news was across all three major divisions, as you can see here: property was up 37%, driven obviously by residential trading and that extremely good sale of the Six Deep Water Bay Road property.

Guy Bradley: 37% up in Property, driven obviously by residential trading and that extremely good sale of the 60 Watford Road property. Also accelerating retail performance in both Hong Kong and the Chinese mainland. On the Beverages side, they had a good year, driven mostly by an improvement in the Chinese mainland, IUP was up 5% in Beverages. Aviation, 39% increase. Cathay speaks for itself. You've seen that yesterday, but I also like to say that there was a very good robust demand for HAECO and their base maintenance and engine overhaul services. Very encouraging signs across the three major divisions in terms of profit contribution. With that, I will ask Martin to dive into the financial side in a bit more detail. Thank you.

Speaker #2: But also accelerating retail performance in both Hong Kong and the Chinese mainland. On the beverage side, they had a good year, driven mostly by an improvement in the Chinese mainland, and so IUP was up 5% in beverages.

Speaker #2: And aviation, a 39% increase. Cathay speaks for itself—you saw that yesterday. But I'd also like to say that there was very robust demand for HAECO and their base maintenance and engine overhaul services.

Speaker #2: So, very encouraging signs across the three major divisions in terms of profit contribution. With that, I will ask Martin to dive into the financial side in a bit more detail.

Speaker #2: Thank you.

Speaker #1: Thank you, Chair. Yeah, so as the Chairman mentioned, all the core divisions are performing incredibly well on the back of strong consumer sentiment, which has led to strong profit at both the underlying and the recurring level.

Martin Murray: Thank you, chair. As the chairman mentioned, all the core divisions are performing incredibly well on the back of strong consumer sentiment, which has led to strong profit at both the underlying and at the recurring level, which is very pleasing to see. You can see that that leads to strong cash flow, reduced gearing, which allows us to have the record investment and maintain our progressive dividend, which is up 15%. This slide is a bit repetitive. It shows the movement in the recurring underlying profit that the chairman mentioned was at record levels. In the Property division, up 37%, primarily driven by the residential trading profit of the sale of 60 Watford Road. Also the continued robust retail sales in the Chinese mainland and some positive momentum in retail in Hong Kong, which is pleasing to see.

Speaker #1: Which is very pleasing to see. You can see that that leads to strong cash flow, reduced gearing, which allows us to have record investment and maintain our progressive dividend, which is up 15%.

Speaker #1: This slide is a bit repetitive. It shows the movement in the recurring underlying profit that the Chairman mentioned was at record levels. So, in the Property Division, up 37%, primarily driven by the residential trading profit of the sale of 6 Deep Water Bay Road.

Speaker #1: But also, the continued robust retail sales in the Chinese mainland, and some positive momentum in retail in Hong Kong, which is pleasing to see.

Speaker #1: Beverage is up 5%, improving consumer sentiment in the Chinese mainland. There are some more challenges in Southeast Asia; some of the commodity prices have gone up.

Martin Murray: Beverages up 5%, improving consumer sentiment in the Chinese mainland. Some more challenges in Southeast Asia. Some of the commodity prices have gone up. Again, the integration of that continues to go well. On the Aviation side, really strong performance up 39%, driven mainly by the high load factors yields from Cathay Pacific, despite the higher oil price in the Q2. HAECO continues to go well in both the base maintenance and the engine side. Lower interest rates helping the head office and other costs. On the non-recurring items, these are mainly from the Aviation division in the H1 2026. You'll see the HKD 309 million and the HKD 434 million relates to the sale of the Cathay shares at the Swire Pacific level to get us back to the 45%, and the HKD 434 million is the gain on the deemed disposal in Cathay of Air China.

Speaker #1: But again, the integration of that continues to go well. On the aviation side, really strong performance—up 39%—driven mainly by the high load factors and yields from Cathay Pacific, despite the higher oil price in the second quarter.

Speaker #1: And Haeco continues to perform well in both base maintenance and on the engine side. Lower interest rates are helping at the head office and with other costs.

Speaker #1: On the non-recurring items, these are mainly from the Aviation division in the first half of 2026. You'll see the $309 million and the $434 million relate to the sale of the Cathay shares at the Swire Pacific level to get us back to the 45%.

Speaker #1: And the $434 million is the gain on the deemed disposal in Cathay of Air China. Last year, the big movement came from property investment, which was the Miami sale; that’s the $833 million and $2,025 million.

Martin Murray: Last year, the big movement came from property investment, which was the Miami sale. That is the HKD 833 in 2025. On the liquidity piece, you will see there is some refinancing in 2028, 2029. We are going through that process now, and we will push that out to the 2031, 2032. Our debt has come down 4%, our weighted average cost of debt is down as well at 3.4%. We are in great shape on the balance sheet. Our fixed rate borrowing there at 75%. This is just the overall picture that we get asked about in terms of the overall strategy. As I said, we actively manage our balance sheet prudently. Our gearing has come down to 19.3%. Weighted average cost of debt, 3.4%. 75% are fixed borrowing rate. Our primary objective strategically is for our long-term strategic investments, which we are doing at record levels across all our core divisions.

Speaker #1: On the liquidity piece, you'll see there is some refinancing in ’28, ’29. We're going through that process now, and we'll push that out to 2031, 2032.

Speaker #1: Our debt has come down 4%. The weighted average cost of debt is down as well, at 3.4%. So we're in great shape on the balance sheet.

Speaker #1: Our fixed-rate borrowing there is at 75%. And then, this is just the overall picture that we get asked about, in terms of the overall strategy.

Speaker #1: As I said, we actively manage our balance sheet prudently. Our gearing has come down to 19.3%. Weighted average cost of debt 3.4, 75% up fixed borrowing rate.

Speaker #1: Our primary objective, strategically, is for our long-term strategic investments, which we are making at record levels across all our core divisions. Then we focus on operational excellence, driving up returns through targets from each of the businesses.

Martin Murray: We focus on operational excellence, driving up returns through targets from each of the businesses. Roy mentioned earlier that in the property business, doing more residential trading, for example. At the same time maintaining our dividend growth strategy, and potentially looking at share buyback, but it is in that order. With that, there was a sustainability slide I did forget. I apologize. We have launched our SD 2050 slide strategy. We have moved it into reporting like the ISSB, so climate, nature, and social. It is the same, so waste and water in that piece. Down the left-hand side, you will see our 2030 targets. On the right-hand side, progress against that. We have almost achieved our 2030 targets across climate and nature and hit our targets for people and focus on the community. We are making strong progress on our sustainability targets.

Speaker #1: Roy mentioned earlier in the property business doing more residential trading, for example, and at the same time maintaining our dividend growth strategy, and potentially looking at share buyback—but it's in that order.

Speaker #1: With that, I will—oh, sorry. There's a sustainability slide I did forget. I apologize. So we have launched our SD2050 strategy. We've moved it into reporting like the ISSB—so climate, nature, and social.

Speaker #1: It's the same for waste and water in that piece. Down the left-hand side, you'll see our 2030 targets, and on the right-hand side, progress against that.

Speaker #1: So we've almost achieved our 2030 targets across climate and nature, and hit our targets for people, focusing on the communities. So we're making strong progress on our sustainability targets.

Speaker #1: With that, I'll pass back to you, Chairman.

Martin Murray: With that, I will pass it back to you, Gillian.

Speaker #2: Thank you. I'll just take the property side. This is a familiar chart to everybody by now, but it keeps getting better. It shows that the $100 billion plan that we announced, I think in 2022, is now almost 70% committed.

Guy Bradley: Thank you. I will just take the property side. This is a familiar chart to everybody by now, but it keeps getting better. It shows that the HKD 100 billion plan that we announced, I think in 2022, is now almost 70% committed, and that is across the three major core markets that we are invested in. A bit more detail on the next slide, which shows that the pipeline is good. It is diverse in terms of sector. It is diverse in terms of geography. We are having a sort of balanced investment plan as we go forward, and that is what we want to see. The H1 results, as I say, were driven significantly by the residential profit on the trading.

Speaker #2: And that's across the three major core markets that we're invested in. A bit more detail on the next slide, which shows that the pipeline is good.

Speaker #2: It's diverse in terms of sector, and it's diverse in terms of geography. So we're having a sort of balanced investment plan as we go forward.

Speaker #2: And that's what we want to see. The first half results, as I say, were driven significantly by the residential profit on the trading, but the encouraging note for me here for this half is that our rental income is going up, driven by, on the retail side, driven particularly driven by the Hong Kong and the Chinese mainland portfolios.

Guy Bradley: The encouraging note for me here for this H1 is that our rental income is going up driven by, on the retail side, particularly driven by the Hong Kong and the Chinese mainland portfolios. That's very encouraging from a future point of view. On the Chinese mainland itself, you can see now the two points here to note are that the contribution of gross rental income from the Chinese mainland is now almost half. It's at 46% and growing. Specifically, if you look at the Chinese mainland retail, it's now our biggest contributor in terms of gross rental income. That's an incredible performance that's grown over the last 10 years. Just looking at the Hong Kong office market, which has historically been our top contributor. Obviously, it's a cyclical soft point, I would say.

Speaker #2: And that's very encouraging from a future point of view. On the Chinese mainland itself, you can see now the two points here to note are that the contribution of gross rental income from the Chinese mainland is now almost half.

Speaker #2: It's at 46% and growing. And specifically, if you look at the Chinese mainland retail, it's now our biggest contributor in terms of gross rental income.

Speaker #2: And that's an incredible performance that's grown over the last 10 years. Just looking at the Hong Kong office market, which has historically been our top contributor—obviously, at a cyclical soft point, I would say we've had a good defensive position with high occupancy through that soft part of the cycle.

Guy Bradley: We've had a good defensive position with high occupancy through that soft part of the cycle. As you heard Tim say in the previous session, we're now sort of starting to come out of that cycle with rents starting to go up, led in Pacific Place in our case. We think that's a good sign as we start to look ahead at the next two to three years. In terms of outlook, we think there'll be positive momentum across all the different portfolios. We've got narrowing reversions in the Hong Kong office portfolio. As I said just now, led by Pacific Place. Probably a little bit slower in Taikoo Place. On the retail side, we're seeing positive growth momentum in the Chinese mainland and a sustained recovery in Hong Kong as confidence and sentiment improves. Karen, Swire Coca-Cola.

Speaker #2: And as you heard Tim say in the previous session, we're now sort of starting to come out of that cycle, with rents starting to go up in Lee and Pacific Place in our case.

Speaker #2: And we think that's a good sign as we start to look ahead at the next two to three years. In terms of outlook, we think there will be positive momentum across all the different portfolios.

Speaker #2: We've got narrowing reversions in the Hong Kong office portfolio, and as I said just now, led by Pacific Place—probably a little bit slower in Taikoo. We're seeing positive growth momentum in the Chinese Mainland and a sustained recovery in Hong Kong as confidence and sentiment improve.

Speaker #2: Karen, SWIRE Coca-Cola.

Speaker #3: Thank you. Thank you, and good afternoon, everyone. I'm pleased to report that SWIRE Coca-Cola has delivered broad-based growth. This performance demonstrates our effective strategy, our resilient portfolio, and our ability to execute with discipline.

Karen So: Thank you. Thank you, and good afternoon, everyone. I'm pleased to report that Swire Coca-Cola has delivered a broad-based growth. This performance demonstrate our effective strategy, our resilient portfolio, and our ability to execute with discipline in a very dynamic operating environment, serving a consumer base of nearly 1 billion people. Let's look at the market overview. H1 2026 saw improving market conditions, particularly in the Chinese mainland, where demand rebounded in the fast-moving consumer sectors following a very challenging 2025. The Chinese consumer market remains broad and deep. It is also at the forefront of the digital retail space, and we are closely matching consumers' changing consumption habits by capturing the volume growth in the e-commerce channel, immediate consumption, and also through our investment in the cold drink equipment for emerging new sales channels.

Speaker #3: In a very dynamic operating environment, serving a consumer base of nearly 1 billion people. So let's look at the market overview. The first half of 2026 saw improving market conditions, particularly in the Chinese mainland.

Speaker #3: Demand rebounded in the first half in the fast-moving consumer sectors, following a very challenging 2025. China's consumer market remained broad and deep. It is also at the forefront of the digital retail space.

Speaker #3: And we are closely matching consumers' changing consumption habits by capturing the volume growth in the e-commerce channel, immediate consumption, and also through our investment in cold drink equipment for emerging new sales channels.

Speaker #3: The conflict in the Middle East continues to drive uncertainty in oil and aluminum prices. This is a headwind felt by portfolios worldwide. While the input cost inflation has continued to weigh on our margin, particularly in Southeast Asia, we are managing our exposure through advanced purchase contracts and commercial initiatives.

Karen So: The conflict in the Middle East continues to drive uncertainty in oil and aluminum prices. This is a headwind felt by bottlers worldwide. While the input cost inflation has continued to weigh on our margin, particularly in Southeast Asia, we are managing our exposure through advanced purchase contracts and commercial initiatives. The consumption trends are evolving towards a better value product. By maintaining a disciplined channel packaging pricing strategy, we are capturing the growth with affordable entry pack that meets the consumer needs. While the sparkling continues to remain our core growth driver, we are also rapidly growing our low and low-sugar portfolio alongside the functional portfolio to meet the shifting consumer preference.

Speaker #3: The consumption trends are evolving towards better value products. By maintaining a disciplined channel, packaging, and pricing strategy, we are capturing growth with an affordable entry pack that meets consumer needs.

Speaker #3: While sparkling continues to remain our core growth driver, we are also rapidly growing our low- and no-sugar portfolio, alongside the functional portfolio, to meet shifting consumer preferences.

Speaker #3: This shift in our product mix is already taking place. In the key markets, highlighted by our successful consumer-led rollout like Sprite Tea, our expansion into the energy category through Monster brand, and the accelerated growth of the zero-calorie sparkling drinks.

Karen So: This shift in our product mix is already taking place in the key markets, highlighted by our successful consumer lab rollout, like Sprite + Tea, our expansion to the energy category through Monster brand, accelerated growth of the zero-calorie sparkling drinks. We invest for the long term in every market we serve. That means the disciplined capital allocation, operational excellence, and relentless focus on innovation. In Greater China, our major investment program, which was first announced in 2023, is well underway. We continue to advance our RMB 12 billion investment plan in new facilities and equipment in the Chinese mainland to support our expected growth. I'm delighted to report that in May, our two world-class intelligent green production plants commenced production in Kunshan of Jiangsu Province and Guangzhou in Guangdong. Together, they host over 20 production lines. They are set to boost our total mainland China production capacity by 10%.

Speaker #3: We invest for the long term in every market we serve. That means disciplined capital allocation, operational excellence, and a relentless focus on innovation. In Greater China, our major investment program, which was first announced in 2023, is well underway.

Speaker #3: We continue to advance our 12 billion RMB investment plan in new facilities and equipment on the Chinese mainland to support our expected growth. I'm delighted to report that in May, our two world-class intelligent green production plants commenced production in Kunshan, Jiangsu Province, and Guangzhou, Guangdong.

Speaker #3: Together, they host over 20 production lines, and they are set to boost our total mainland China production capacity by 10%. Both of these facilities are integrating AI into our manufacturing process and are legally certified.

Karen So: Both of these facilities are integrating AI into our manufacturing process, are LEED Gold certified. Building on this momentum, construction is also underway for our new production facility in Hainan Province, targeted for completion by end of 2027. In the Taiwan region, production upgrade work continues with a newly automated storage and retrieval system, also an aseptic production line at our Taoyuan facility. Turning to Southeast Asia, we remain confident in the long-term growth potential of this market, driven by favorable demographic, the potential of growing sparkling beverages in the market with currently low per capita consumption and positive GDP growth. We have invested significantly in cold drink equipment and production assets, including our new affordable small sparkling package in Vietnam. We also continue to transfer digital expertise, operational know-how, innovation from global best practice to our Southeast Asia businesses.

Speaker #3: Building on this momentum, construction is also underway for our new production facility in Hainan Province, targeted for completion by the end of 2027. In the Taiwan region, production upgrade work continues with a newly automated storage and retrieval system.

Speaker #3: And also, an accepted production line at our Taoyuan facility. Turning to Southeast Asia, we remain confident in the long-term growth potential of this market, driven by favorable demographics and the potential for growing sparkling beverages in a market with currently low per capita consumption.

Speaker #3: And positive GDP growth. We have invested significantly in cold drink equipment and production assets, including our new affordable small sparkling package in Vietnam. We also continue to transfer digital expertise, operational know-how, and innovation from global best practices to our Southeast Asia businesses.

Speaker #3: So, underpinning all of this are our investments in digital and AI. We're building an intelligent enterprise on the foundation of modern processes, trusted data, and a unified digital core.

Karen So: Underpinning all of this, our investment in digital and AI, we're building an intelligent enterprise on the foundation of modern process, trusted data, and a unified digital core. By scaling AI across organizations, we're empowering our team with better insight, automating routine tasks, enabling a faster, higher quality decision. Let me walk you through our financial results. Our recurring attributable profit in H1 2026 was HKD 907 billion, representing a 5% increase from the same period in 2025. This was mainly driven by the robust performance in the Chinese mainland. In the Chinese mainland, recurring profit increased by 24% to HKD 727 million, driven by strong volume growth across the emerging channels such as e-commerce. Our business in H1 remained relatively insulated from the higher raw material costs due to our effective procurement strategy.

Speaker #3: By scaling AI across organizations, we're empowering our team with better insight, automating routine tasks, and enabling faster, higher-quality decisions. So let me walk you through our financial results.

Speaker #3: Our recurring attributable profit in the first half of 2026 was HK$907 billion, representing a 5% increase from the same period in 2025.

Speaker #3: This was mainly driven by the robust performance in the Chinese mainland. In the Chinese mainland, recurring profit increased by 24% to HK$727 million.

Speaker #3: Driven by strong volume growth across emerging channels such as e-commerce, our business in the first half of the year remained relatively insulated from higher raw material costs, due to our effective procurement strategy.

Speaker #3: In Vietnam and Cambodia, recurring profit was down by 13% to HK$98 million. That drop was largely due to, largely due to...

Karen So: In Vietnam and Cambodia, recurring profit was down by 13% to HKD 98 million. In the Thailand and Laos, recurring profit went down by 10% to HKD 95 million, mainly due to a lower interest income after cash was deployed to acquire the 30% stake in our Vietnam bottler. Excluding those impact, the profit would have grown by 16% due to the strong sparkling volume growth and the commercial initiatives in this market. In Hong Kong, profit grew by 5% to HKD 58 million, mainly due to a once-off lease termination compensation received in H1 2025. Excluding this one-off item, our underlying performance will be better than last year. Taiwan recurring profit increased by the exceptional 42%, driven by strong sales volume increase. I talked about our recurring profit by territory on the previous slide.

Speaker #3: In the Taiwan and Laos, recurring profit went down by 10% to 95 million Hong Kong dollar, mainly due to a lower interest income. After cash was deployed to acquire the 30% stake in our Vietnam buffalo.

Speaker #3: Excluding those impact, the profit would have grown by 16% due to the strong sparkling volume growth and the commercial initiative in this market. In Hong Kong, profit grew by 5% to 58 million, mainly driven by mainly due to a once-off lease termination compensation received in the first half of 2025.

Speaker #3: Excluding this once-off item, our underlying performance will be better than last year. In Taiwan, recurring profit increased by an exceptional 42%, driven by a strong sales volume increase.

Speaker #3: So I talked about our recurring profit by territory on the previous slide. Now, while some markets have reported a decline in profit due to the once-off factors as I mentioned, I want to highlight that our underlying performance remained robust, as overall revenue grew by 10%, driven by the volume rise across the market.

Karen So: Now, while some market has reported a decline in profit due to the once-off factors, as I mentioned. I want to highlight that our underlying performance remained robust as overall revenue grew by 10%, driven by the volume rise across the market. Overall, EBITDA increased by 11%, with our margin edging up from 12.8% to 12.9%. Our strong H1 performance reflected the effectiveness of our strategy and also the discipline of our commercial execution. It lays a strong foundation for the remainder of the year. However, we anticipate that the macroeconomic and geopolitical environment will remain complex. Elevated aluminum price and ongoing energy volatility will continue to place pressure on raw material and logistic expenses. While this has presented margin risk across the beverage industry, we have put in place a range of commercial and cost initiatives to reduce the exposure.

Speaker #3: Overall, EBITDA increased by 11%, with our margin edging up from 12.8% to 12.9%. Our strong first-half performance reflected the effectiveness of our strategy and also the discipline of our commercial execution.

Speaker #3: It lays a strong foundation for the remainder of the year. However, we anticipate that the macroeconomic and geopolitical environment will remain complex. Elevated aluminum prices and ongoing energy volatility will continue to place pressure on raw material costs.

Speaker #3: And logistic expenses. While this has been a present margin risk across the beverage industry, we have put in place a range of commercial and cost initiatives to reduce the exposure.

Speaker #3: In the Chinese mainland, our business is growing steadily and we're capturing category-specific growth, even as broader consumer sentiment remains value-conscious. In Southeast Asia, we're confident about the long-term growth potential in Vietnam. Affordability-led growth, supported by our entry pack strategy in sparkling and portfolio expansion, will help us capture further growth.

Karen So: In the Chinese mainland, our business is growing steadily, and we're capturing category-specific growth even as broader consumer sentiment remains value conscious. In Southeast Asia, we are confident over the long-term growth potential. In Vietnam, affordability-led growth, supported by our entry path strategy in sparkling and portfolio expansion, will help us capture further growth. In Thailand, while the impact of the sugar tax gives caution, we are encouraged by the early signs of our entrance into energy category and will continue to expand our low and no-sugar portfolio. Overall, we remain confident about the prospect of our market while supported by our continued long-term investment. We'll continue to innovate and transfer operational expertise to Southeast Asia. All of this is meant for driving a better execution in the market for further growth. With that, thank you, and now hand over to Martin.

Speaker #3: In Thailand, while the impact of the sugar test gives cause for caution, we are encouraged by the early signs of our entrance into the energy category.

Speaker #3: And we'll continue to expand our low and no sugar portfolio. Overall, we remain confident about the prospects of our market, while supported by our continued long-term investment.

Speaker #3: And we'll continue to innovate and transfer operational expertise to Southeast Asia. All of this is meant to drive better execution in the market for further growth.

Speaker #3: So with that, thank you. And now I'll hand over to Martin.

Speaker #1: Thank you. Yeah. And aviation has performed exceptionally well and continues to do so. So it's fantastic to see, as Karen mentioned, all our core businesses are investing into the long term, and from a HACO perspective, it's an exciting time zone on that piece.

Martin Murray: Thank you. Aviation has performed exceptionally well and continues to do so. It's fantastic to see. As Karen mentioned, all our core businesses are investing into the long term. From a HAECO perspective, it's exciting times on that piece. Particularly the problems they've had, we're cleaning that up and we've exited the US side like we did in properties. Very much Swire Pacific focused on Greater China. We've got the excitement of moving the Xiamen facility that will open later this year. As the chairman mentioned, in 2028, moving facilities into Vietnam. Exciting times in terms of investment in HAECO. The Cathay Group has 150 billion committed that was mentioned earlier. It is great to see Cathay growing again with Hong Kong being an aviation and financial hub.

Speaker #1: Particularly the the problems I've had with cleaning that up and and we've exited the US side like we did in in in properties very much swipe Pacific focused on on greater China.

Speaker #1: And then we've got the excitement of moving the Xiamen facility, which will open later this year. And then, as the Chairman mentioned, in 2028 we'll be moving facilities into Vietnam.

Speaker #1: So, exciting times in terms of investment in HACO. And then the Cathay group has $150 billion committed, as was mentioned earlier. It's great to see Cathay growing again, with Hong Kong being an aviation and financial hub.

Speaker #1: And so, we're targeting to have 150 new aircraft joining the fleet over the next 10 years, and targeting 150 destinations by the end of that 10-year period.

Martin Murray: Targeting to have 150 new aircraft joining the fleet over the next 10 years and targeting 150 destinations by the end of that 10-year period. The results are very strong in both HAECO and particularly Cathay's. Really driven by the Cathay's strong results. In HAECO, you can see the base maintenance, line maintenance, and engine performing well, and the other items coming down as we have exited the ITM program last year. On the Cathay Group, it really is a great story in both passenger and cargo with strong growth in capacity up 11.8%, strong load factors and higher yield across the board. Q1, very strong. Q2 was impacted by the Middle East and the higher oil price, but strong load factors made it a good H1 overall. The outlook again remains good for both entities.

Speaker #1: The results are are are very strong in both HACO and particularly Cathay. So really driven by by the Cathay strong results. In in HACO you can see the the base maintenance line maintenance and engine performing performing well.

Speaker #1: And the other items coming down as we have exited the ITM program last year. And on the Cathay group, it really is a great story in both passenger and cargo.

Speaker #1: With strong growth in capacity, up 11.8%, strong load factors, and higher yield across the board, the first quarter was very strong. The second quarter was impacted by the Middle East and the higher oil price.

Speaker #1: But strong load factors, made the made it a good a good first half overall. And the outlook again, remains a good for for for both entities.

Speaker #1: HACO will continue, we think, to have strong base maintenance and engine services. And at the Cathay side, whilst there is still the Middle East uncertainty and a higher oil price, we expect load factors and yield to continue to be strong.

Martin Murray: HAECO will continue, we think, to have strong base maintenance and engine services. At the Cathay side, whilst there is still the Middle East uncertainty and a higher oil price, we expect load factors and yield to continue to be strong. With healthcare, I'll mention this very briefly. The strategy in healthcare, as we've said for a while now, is patience. As we look to expand healthcare, we believe a lot of our targets are overvalued at this point in time. We really are betting down the operation side. It's great to see DeltaHealth moving in the right direction. We have a new CEO appointed to lead our healthcare business. We're heavily focused on our business that we own in DeltaHealth and learning more on that front. The healthcare business will remain a small part of the portfolio over the medium term.

Speaker #1: With healthcare, I'll mention this very briefly. The strategy in healthcare, as we've said for a while now, is patients. As we look to expand healthcare, we believe a lot of our targets are overvalued at this point in time.

Speaker #1: So we're really doubling down on the operations side. So it's great to see Delta moving in the right direction. And we have a new CEO appointed to lead our Healthcare business.

Speaker #1: So we're heavily focused on on our business that we own in Delta and learning and learning more in that front. But the healthcare business will remain a small part of the portfolio over the over the medium term.

Speaker #1: With that, I'll pass back to you two.

Martin Murray: With that, I'll pass back to you, Tim.

Speaker #2: Thank you. Thank you. So, three key takeaways from what we just heard: an excellent first half with very good and improving consumer sentiment.

Guy Bradley: Thank you. Three key takeaways from what we just heard. An excellent H1 with very good and improving consumer sentiment. We expect that consumer sentiment improvement to translate across into the H2. We continue thirdly to, with our planned strategic investment program across all of our businesses. I'd say a very good set of results in H1, which we anticipate, barring anything untoward, will continue into the remainder of the year. Thanks very much. We can take questions.

Speaker #2: We expect that consumer sentiment will improve and translate across into the second half. And we continue, thirdly, with our planned strategic investment program across all of our businesses.

Speaker #2: So I'd say a very good set of results in the first half, which we anticipate, barring anything untoward, will continue into the remainder of the year.

Speaker #2: Thank you very much. We can take questions.

Speaker #3: Yes. Let's take questions. Please state your name and organization, and provide your questions in English, with no more than two at a time. Our colleagues will pass you a mic.

Gillian Libbond: Yes, let's take questions. Please advise your name and organization and provide your questions in English with no more than two at a time, and our colleagues will pass you a mic. We have a gentleman in front. Thank you, Nico.

[Company Representative] (Swire Pacific): Yes, let's take questions. Please advise your name and organization and provide your questions in English with no more than two at a time, and our colleagues will pass you a mic. We have a gentleman in front. Thank you, Nico.

Speaker #3: We have a gentleman in front. Thank you, Nico.

Speaker #4: Thank you. Are these joining from UBS? Conquest and the good result. Two questions from me. Number one, could I ask about the exchangeable bond on Cathay?

[Analyst] (UBS): Thank you. This is Johnny from UBS. Congrats on the good results. Two questions from me. Number one, could I ask about the exchangeable bond on Cathay? I saw that today's share price for Cathay, it always surpassed the conversion price. I guess you expect by the end of June 2025, the company, Swire Pacific, does not need to repay the exchangeable bond. Also maybe a follow-up question regarding this one is regarding on would that be also possible to consider to issue exchangeable bond on Swire Properties? My second question is about, given all the fee business has been doing very well, it seems to me that it is now in a harvest period with falling net gearing. How do you think about the CapEx and also your investment in a new business or maybe existing business? Thank you.

Speaker #4: So, I saw that today the share price for Swire is always surpassing the conversion price. So I guess we expect by the end of June next year, the company—I mean Swire Pacific—does not need to repay the exchangeable bond.

Speaker #4: And also, maybe a follow-up question regarding this one is: would it also be possible to consider issuing an exchangeable bond on Swire properties?

Speaker #4: My second question is about given all the three business has been doing very well. So it seems to me that to me that it is now in the harvest period with falling net gearing.

Speaker #4: So, how do we think about the capex and also investment in a new business, or maybe existing business? Thank you.

Speaker #1: Yeah. Look on the the exchangeable bond that was done in June and and and as you as you mentioned we'll we'll expire in in in June next year.

Martin Murray: Yeah. Look, on the exchangeable bond, that was done in June, as you mentioned, will expire in June 2025. Time in June, it was favorable market conditions. When we were looking to do a bond like that, it was an instrument that we looked at, the pricing is superbly attractive, helps to get the balance sheet. Cathay Pacific riding high, the Middle East crisis gives you that flexibility for what will happen in the next 12 months on that piece. Again, we still own 45% we can refinance it. It's a really strong financial instrument that we got. I'm pleased with it.

Speaker #1: The time in June, it was favorable market conditions. You know, when we're looking to do a bond like that, it was an instrument that we looked at, and the pricing is superbly attractive.

Speaker #1: Helps to get the balance sheet. Cathay Pacific riding high, but the Middle East crisis gives you that flexibility for what will happen in the next 12 months on that piece.

Speaker #1: But again we still hold own own 45% and and we can refinance it. So so it's a it's a it's a really strong financial instrument that we thought and we're pleased with it.

Guy Bradley: Swire Properties.

Speaker #1: Swipe properties – knowing there's no, there's not been discussion on doing something like that with that opportunistic financing at the time.

Martin Murray: Swire Properties, there's been discussion on doing something like that with that. It was opportunistic financing at the time.

Speaker #4: Harvest period on capital. The harvest period on capital.

Guy Bradley: Harvest period on capital.

Martin Murray: Sorry, again?

Guy Bradley: The harvest period on capital.

Speaker #1: And what I think, I think, is I think the slides speak for themselves in terms of the intent of the continued investment. I mean, the strategy that we have in Properties is recycling.

Martin Murray: I think the slides speak for themselves in terms of the intent of the continued investment. The strategy that we have in properties is recycling. We've recycled over HKD 60 billion on that piece. We're not changing strategy in any sense. We're investing heavily across all the core divisions in that piece. We've got seven properties under execution. We have very much focused on the execution and delivery phase as well. Yeah, no, it's exciting times.

Speaker #1: We've recycled over 60 billion on that piece, so we're not changing strategy in any sense. We're investing heavily across all the core divisions in that piece.

Speaker #1: We've got the seven properties under execution. So we have been very much focused on the execution and delivery phase as well. But yeah, it's exciting times.

Speaker #3: Thank you. Any next questions? Yes, gentleman in the back.

Gillian Libbond: Thank you. Any next questions? Yes, gentleman in the back.

[Company Representative] (Swire Pacific): Thank you. Any next questions? Yes, gentleman in the back.

Speaker #5: Hi, Guy. Hi, Martin. Hi, Karen. Thanks. This is Geoffrey from CLSA. So my question is about the interim dividend—15% year-on-year growth here.

[Analyst] (CLSA): Hi, Guy. Hi, Martin. Hi, Karen. Thanks. This is Jeffrey from CLSA. My question is about the interim dividend 15% YOY growth year. Just trying to pick your brain on how or what factors have you considered around, one, Cathay’s 30% growth in interim dividend. Two, maybe perhaps your outlook for the rest of the year for the entire Swire Group. Three, have you considered anything about rebalancing the split between interim and final dividend for Swire Pacific? Just trying to figure out when you think about passing through Cathay’s dividend income to your shareholders, is there any particular timeframe that in your mind when that will happen? Thank you.

Jeffrey Kiang: Hi, Guy. Hi, Martin. Hi, Karen. Thanks. This is Jeffrey from CLSA. My question is about the interim dividend 15% YOY growth year. Just trying to pick your brain on how or what factors have you considered around, one, Cathay’s 30% growth in interim dividend. Two, maybe perhaps your outlook for the rest of the year for the entire Swire Group. Three, have you considered anything about rebalancing the split between interim and final dividend for Swire Pacific? Just trying to figure out when you think about passing through Cathay’s dividend income to your shareholders, is there any particular timeframe that in your mind when that will happen? Thank you.

Speaker #5: So just trying to pick your brain on how or what factors have you considered among one café's 30% growth in interim dividend to maybe perhaps your outlook for the rest of the year for the entire Swire group, and three, have you considered anything about rebalancing the split between interim and final dividend for Swire Pacific?

Speaker #5: So just trying to figure out, when you think about passing through Cathay’s dividend income to your shareholders, is there any particular time frame in your mind when that will happen?

Speaker #5: Thank you.

Speaker #1: Yeah. Look the the the cafe is a is a great 30% story but again you're percentages of of bases right. So so they're they're they're coming out of of a of a of a lower base in terms of their dividend on that piece.

Martin Murray: Yeah. Look, Cathay is a great 30% story, but again, your percentages off bases, right? They're coming out of a low base in terms of their dividend on that piece. It's great to see them having bigger dividends. From a Swire Pacific point of view, as we said, strategic investments then progressive dividend on that bit with a strong balance sheet allows us to do that. I think the outlook remains really strong. I would expect the dividend to continue to be strong in that piece. I think the question that will get asked afterwards is about share buyback. I think one of the reasons for the strength of the dividend round here with the share price gone up so much, then the progressive dividend is more favorable to share buyback at this point in time. Therefore, that's why you'll see the focus.

Speaker #1: So it's great to see them having bigger dividends. From a Swire Pacific point of view, as we said, strategic investments and then a progressive dividend, combined with a strong balance sheet, allows us to do that.

Speaker #1: So I think the outlook remains really strong. I would expect the dividend to continue to be strong in that piece. I think the question that we'll get asked afterwards is about share buyback.

Speaker #1: And I think one of the reasons for for the strength of the the dividend round here with the with the share price gone up so so much then the progressive dividends is is is more favorable to the share buyback at this point in time.

Speaker #1: And so, and so, therefore, that's why you'll see the focus.

Speaker #3: Thank you. Any other questions? Yes, gentleman in the front in the middle.

Gillian Libbond: Thank you. Any other questions? Yes, gentleman in front in the middle.

[Company Representative] (Swire Pacific): Thank you. Any other questions? Yes, gentleman in front in the middle.

Speaker #2: Just two questions. One on Coca-Cola. I noticed that on the slide showing the margin improvement, I think the ASEAN market margin had already exceeded China, if I was correct.

[Analyst]: Just two questions. One on Coca-Cola. I noticed that on the slide showing the margin improvement and that I think the ASEAN market margin had already been exceeded China, if I was correct. Maybe I was wrong. Anyhow, would you be able to share with us how you are thinking about the medium-term outlook on the margin trends for China as well as the ASEAN market? That's the first one. The second one, I think a lot of commitments across the group on investments and with, I guess Cathay and also Swire Property self-funded. Now, I think Martin, you also mentioned that the healthcare business is too pricey. Where else could you invest outside of, you mentioned dividend and share buyback. Just trying to think what else you can invest in.

Speaker #2: Maybe I was wrong, but anyhow, would you be able to share with us how you are thinking about the medium-term outlook on the margin trends for China, as well as the ASEAN market?

Speaker #2: That's the first one. The second one, I think, is a lot of commitments across the group on investments and with, I guess, Cathay and also Swire Properties being self-funded.

Speaker #2: And now, I think Martin, you also mentioned that the healthcare business is too pricey. Where else could you invest, outside of—you mentioned dividend and share buyback?

Speaker #2: Just trying to think what else you can invest in.

Speaker #3: Thank you for the question. Yes, we do have margin improvement in the first half, and I do see the trend will continue.

Karen So: Thank you for the question. Yes, we do have margin improvement in H1. I do see the trend will continue. This is also the goal for our business as well, to continue to drive margin improvement across all our business through our commercial initiative, portfolio package pricing strategy, and also through cost efficiency exercise to improve our overall organization effectiveness. Thank you.

Speaker #3: And this is also the goal for our business as well: to continue to drive margin improvement across all our businesses through our commercial initiative portfolio, package pricing strategy, and also through cost efficiency exercises to improve our overall organization effectiveness.

Speaker #3: Thank you.

Speaker #1: Yeah. I mean there's no change in the strategy in terms of the capital commitments. We still are executing across all the businesses.

Martin Murray: Yeah. There's no change in the strategy in terms of the capital commitments we're still executing across all the businesses. Property still has a big pipeline on that front, and we've been clear on the capital expenditure on that piece. There's no change. The healthcare is always a small part of the portfolio at this point as well. There's no change in strategy. The balance sheet is marginally improved on that bit. It's still up at that 19% gearing on that piece. It just gives us flexibility in terms of what we can do and continue to do progressive dividends and do things. I think we're in good shape in that point in time. We're not looking for steady new segments, you're not going to see something out of right field that's not in our core businesses.

Speaker #1: So, property still has a big pipeline on that front, and we've been clear on the capital expenditure for that piece. There's no change.

Speaker #1: Healthcare has always been, and still is, a small part of the portfolio at this point as well. So there's no change in that strategy.

Speaker #1: The balance sheet is marginally improved on that bit. It's still up at at at 19% gearing on that piece. So it just gives us flexibility in in in terms of what we can do in in continue to do progressive dividends and do things.

Speaker #1: So, I think we're in good shape at this point in time. We're not looking for any new, steady new segments, but we're also not going to see something out of left field that's not in our core businesses.

Speaker #1: So, all the investments are through our core businesses.

Martin Murray: All the investments are through the core businesses.

Speaker #3: Thank you. Any next questions? Yes, the gentleman in front in the gray shirt.

Gillian Libbond: Thank you. Any next questions? Yes, gentleman in front in the gray shirt.

[Company Representative] (Swire Pacific): Thank you. Any next questions? Yes, gentleman in front in the gray shirt.

Fan Chou: Thank you. Fan Chou from Bank of America. Actually, I have two questions for Karen. I think, first of all, congratulations on the mainland performance. I think it's very strong despite the very weak consumer sentiment. Can you give us more color about what strategies you are making in the mainland? Because you mentioned e-commerce, but we all know that e-commerce is nothing new. If you can tell us more about your strategy in the mainland. Secondly, I think on the cost sensitivity to the margin, especially if oil price is trending down towards the end of this year or even next year, what kind of margin should we expect on the overall beverage side? Thank you.

Fan Tso: Thank you. Fan Chou from Bank of America. Actually, I have two questions for Karen. I think, first of all, congratulations on the mainland performance. I think it's very strong despite the very weak consumer sentiment. Can you give us more color about what strategies you are making in the mainland? Because you mentioned e-commerce, but we all know that e-commerce is nothing new. If you can tell us more about your strategy in the mainland. Secondly, I think on the cost sensitivity to the margin, especially if oil price is trending down towards the end of this year or even next year, what kind of margin should we expect on the overall beverage side? Thank you.

Speaker #4: Thank you. Fenchow from Bank of America. I actually have two questions for Karen. First of all, congratulations on the mainland performance—I think it's very strong despite the very weak consumer sentiment.

Speaker #4: So can you give us more color about what strategies you are making in the Mainland? Because you mentioned e-commerce, but we all know that e-commerce is nothing new.

Speaker #4: So, if you can talk us through more about your strategy in the Mainland. And secondly, I think on the cost sensitivity to the margin, especially if oil prices are trending down towards the end of this year or even next year, what kind of margin should we expect on the overall brokerage side?

Speaker #4: Thank you.

Speaker #3: Thank you. Yes. Overall, consumer sentiment in China still remains cautious. Yet there are lots of opportunities where we can grow our sparkling business, especially in China.

Karen So: Thank you. Yes, overall, the consumer sentiment in China still remains cautious. Yet there are lots of opportunity that we can grow our sparkling business, especially in China. One of the things that we're seeing consumer shifting their purchase behavior from the traditional channel to e-commerce, which is online, and also to the immediate consumption channel, tourism, sports event, and those are the very strong emerging channel. We're able also deploy lots of the smart cooler into the channel that we have not been able to capture the consumption in the past. Overall, I would have to say, the very effective allocation of our resources to invest in the place, in the channel where the consumer are actively shifting their consumer behavior, that helps us to capture the consumer purchase in China. Overall, the beverage category is still growing nicely in China.

Speaker #3: One of the things that we're seeing is consumers shifting their purchase behavior from the traditional channel to e-commerce, which is online, and also to the immediate consumption channel.

Speaker #3: Tourism and sports events are very, very strong emerging channels, and we're also able to deploy lots of smart coolers into channels where we have not been able to capture consumption in the past.

Speaker #3: So overall, I will have to say the very effective allocation of our resources to invest in the place and the channel where consumers are actively shifting their consumer behavior.

Speaker #3: That helps us to capture the consumer purchase in China. Overall, the beverage category is still growing nicely in China. On your second question, regarding the cost pressure:

Karen So: On your second question on the cost pressure. We do see, moving into the H2, the cost pressure will continue, especially when in the H1 we are a little bit insulated by cost due to our advanced purchase, but in H2, we're having more pressure. Having said that, we continue to use our commercial initiative through a better pricing, right channel, to be deployed in the market to mitigate those risks, and also through our cost efficiency exercise to make sure our organization is efficient. Thank you.

Speaker #3: We do see, moving into the second half, the cost pressure will continue—especially when, in the first half, we were a little bit insulated from cost due to our advance purchases.

Speaker #3: But in the second half, we're having more pressure. But having said that, we continue to use our commercial initiative through better pricing and the right channel to be deployed in the market to mitigate those risks.

Speaker #3: And also through our cost efficiency exercise, to make sure our organization is efficient. Thank you. Thank you. Any other questions? Gentleman at the back.

Gillian Libbond: Thank you. Any other questions? Gentleman at the back.

[Company Representative] (Swire Pacific): Thank you. Any other questions? Gentleman at the back.

Speaker #2: Hi. Hi, Karen. Promise this is my last question.

[Analyst] (CLSA): Hi, Karen. Promise this is my last question.

Jeffrey Kiang: Hi, Karen. Promise this is my last question.

Speaker #3: Hello.

Karen So: Hello.

Speaker #2: Could you help us understand the momentum in sales volume in China for the first half, particularly between the first quarter and the second quarter?

[Analyst] (CLSA): Just maybe for the sales volume in China for the H1, can you help us understand maybe perhaps the momentum between Q1 and Q2? Do we see some deceleration in Q2 in light of what's happening at the rest of the world, or do we see an accelerating trend as you go through the H1 2026? Thank you.

Jeffrey Kiang: Just maybe for the sales volume in China for the H1, can you help us understand maybe perhaps the momentum between Q1 and Q2? Do we see some deceleration in Q2 in light of what's happening at the rest of the world, or do we see an accelerating trend as you go through the H1 2026? Thank you.

Speaker #2: Do we see some deceleration in the second quarter in light of what's happening in the rest of the world, or do we see an accelerating trend as you go through the first six months of 2026?

Speaker #2: Thank you.

Speaker #3: Thank you so much. No, I think for the first half, for the first quarter and second quarter, our volume was growing at a high single-digit or even double-digit number.

Karen So: Thank you, Thomas. No, I think for the Q1 and Q2, our volume both growing at a high single digit or even double digit number. Which is very nice to see. This is driven by sparkling growth, which is the core driver of our growth. At the same time, packaged water also delivered huge volume growth for us. Thank you.

Speaker #3: So, which is very nice to see. And this is driven by sparkling growth, which is the core driver of our growth. At the same time, packaged water also delivered huge volume growth for us.

Speaker #3: Thank you. Any more questions? Looks like everybody's happy. So, thank you very much for joining us this afternoon. That concludes our session for today.

Gillian Libbond: Any more questions? Looks like everybody's happy. Thank you very much for joining us this afternoon. That concludes our session for today. Thank you.

[Company Representative] (Swire Pacific): Any more questions? Looks like everybody's happy. Thank you very much for joining us this afternoon. That concludes our session for today. Thank you.

Speaker #3: Thank you.

Martin Murray: Thank you.

Browse all earnings call transcripts

Q2 2026 Swire Pacific Ltd Earnings Call

Request TrialDemo

Swire Pacific

Earnings