Watch the Swire Pacific Annual Results 2025 highlight video.
In 2025, underlying attributable profit to shareholders (excluding investment property revaluation losses) rose to HK$11,373 million, compared with HK$10,471 million in 2024. This growth was driven by the Aviation Division and significant gains in the Property Division from the sale of non-core assets in the USA and Hong Kong.
The Aviation Division had a good year, with the Cathay group’s strong performance seen in the first half increasing in the second half. The HAECO group also continued to perform well. The Property Division performed strongly at the underlying profit level, supported by the successful execution of its active capital recycling strategy. The Beverages Division performed solidly within the context of weakened consumer sentiment.
Swire Coca-Cola reported an attributable profit of HK$1,318 million in 2025, compared with a profit of HK$2,039 million in 2024. Excluding non-recurring items, attributable profit was flat year-on-year. Improved market conditions are anticipated in 2026.
The HAECO group reported an attributable profit of HK$936 million in 2025, compared with a profit of HK$399 million in 2024. Robust demand for travel and air cargo drove growth in base maintenance services at its Hong Kong and Xiamen operations, as well as in engine overhaul services at HAESL and HAECO Engine Services (Xiamen).
Guy Bradley, Chairman of Swire Pacific, said, “Last year’s operating environment was impacted by heightened geopolitical and economic uncertainty, yet we have been able to maintain our solid financial position and the progressive dividend policy through the effective management of our balance sheet and high credit ratings. These results are testimony to how we operate in challenging times and, specifically, to our capital recycling strategy. We remain positive about long-term opportunities for growth across all our businesses.”
Swire Pacific and Swire Properties 2025 Annual Results Joint Press Briefing (left to right): Martin Murray, Finance Director, Swire Pacific; Karen So, Chief Executive Officer, Swire Coca-Cola; Guy Bradley, Chairman, Swire Pacific and Swire Properties; Tim Blackburn, Chief Executive, Swire Properties; and Mabelle Ma, Chief Development Officer, Swire Properties.
Watch the analyst briefing
Other reference
2025 Annual Report (PDF)
2025 Annual Results Analyst Briefing presentation
Watch the Swire Properties Annual Results 2025 highlight video.
Swire Properties’ underlying profit attributable to shareholders increased by 27% to HK$8,620 million in 2025, which principally reflected the profit arising from the disposal of interests in the Brickell City Centre retail mall, its car parking spaces and certain shared facilities, and two adjacent land parcels in Miami, as well as an industrial site and the 43rd floor of One Island East in Hong Kong. Recurring underlying profit decreased by 3%, from HK$6,479 million in 2024 to HK$6,260 million in 2025, primarily reflecting the loss of rental income from the Brickell City Centre retail mall after its disposal, a reduction in office rental income in Hong Kong and higher sales and marketing expenses incurred for several residential trading projects.
Swire Properties continued to make good progress in executing its HK$100 billion investment plan, with approximately 67% of the planned investments committed and the majority of its Chinese Mainland allocation now deployed.
In Hong Kong, retail market conditions improved gradually as the year progressed, with malls maintaining 100% occupancy and high footfall. Retail sales at flagship malls outperformed the broader market despite the ongoing impact of outbound travel trends.
Regarding the office portfolio in Hong Kong, despite the challenging backdrop of high vacancy levels and continued pressure on rents from new supply for much of the year, signs of stabilisation emerged towards the final quarter. Occupancy held steady, supported by expansions from existing tenants and renewed interest driven by a more active IPO market.
In the Chinese Mainland, the retail portfolio delivered an improved and resilient performance. The relaxation of government policies — including visa-free entry, the value-added tax refund scheme and the further rollout of economic stimulus measures — helped boost consumer confidence.
Swire Properties 2025 Annual Results Analyst Briefing: Tim Blackburn, Chief Executive and Fanny Lung, former Finance Director.
Watch the analyst briefing
Other reference
2025 Annual Report (PDF)
2025 Annual Results Analyst Briefing presentation
At the Cathay group, 2025 marked its third consecutive year of solid financial performance. Including airlines, subsidiaries and associates, the Cathay group reported an attributable profit of HK$10,828 million in 2025, compared with HK$9,888 million in 2024. Its airlines and subsidiaries reported an attributable profit of HK$9,996 million for the full year of 2025, compared with HK$8,849 million in 2024. The net results from associates, the majority of which are recognised three months in arrears, were a full-year profit of HK$447 million in 2025 compared with HK$288 million in 2024.
The past three years of solid profits have enabled the Cathay group to strengthen its balance sheet and complete a number of buybacks, including of the preference shares, warrants, convertible bonds and, most recently, Qatar Airways’ shareholding in Cathay. These buybacks reflect the Cathay group’s confidence in its long-term business prospects.
Also facilitated by its strengthened balance sheet is the Cathay group’s commitment of well over HK$100 billion in investments into its fleet, cabin and lounge products, and digital innovation to elevate the customer experience and strengthen the Hong Kong international aviation hub. In August 2025, it exercised purchase rights for an additional 14 Boeing 777-9 aircraft, bringing its total commitment to 35 such aircraft. Overall, the Cathay group has more than 100 new narrowbody, regional widebody, long-haul widebody and large freighter aircraft in its delivery pipeline as part of its all-encompassing plan to renew and expand its fleet.
Cathay’s 2025 Annual Results Press Briefing (left to right): Rebecca Sharpe, Chief Financial Officer; Ronald Lam, Chief Executive Officer; Patrick Healy, former Chair; Lavinia Lau, Chief Customer and Commercial Officer; and Alex McGowan, Chief Operations and Service Delivery Officer.Watch the analyst briefing
Other reference
2025 Annual Report (PDF)
2025 Annual Results Analyst Briefing presentation
