PR020/26
12 March 2026
The MTR Corporation announced its 2025 Annual Results today (12 March 2026). During the year, the Corporation recorded a net profit of more than HK$14.6 billion. While market challenges had an impact on our recurrent business profit, patronage and revenue from station commercial recorded year-on-year growth and significant property development profits were booked under the "Rail plus Property" model.
The Corporation will continue to leverage the "Rail plus Property" model to reinvest property development profits into railway construction and operations. The Corporation is advancing six new railway projects in Tuen Mun, Lantau Island, and the Northern Metropolis - Hong Kong's future economic growth engine, with a total investment amount of approximately HK$140 billion. Financing arrangements are progressively being put in place to support the investment by MTR in the growth of Hong Kong's railway network.
Railway operations remain the Corporation's core business. Last year, the total local patronage exceeded 1.9 billion, with passenger journeys on-time maintained at 99.9%. The Corporation continues to invest in railway asset renewal and maintenance, ensuring its railway systems and technologies remain up to date and supporting continuous service quality enhancement. The patronage of the High Speed Rail (Hong Kong Section) exceeded 30 million in the year and reached a new annual high since commissioning, representing a 16% year-on-year growth. The number of direct-access destinations increased to 110, further strengthening connectivity between Hong Kong and the Chinese Mainland.
"In spite of the challenging operating environment, MTR Corporation continues to pursue innovation and strengthen revenue from recurrent businesses, which remains crucial to the sustainable development of Hong Kong's railway. We are also advancing six new railway projects with good progress, while making timely and orderly financing arrangements to build Hong Kong and invest in the future," said Ms Jeny Yeung, Chief Executive Officer of MTR Corporation.
Amid market competition and changes in consumption patterns, the Corporation has pursued opportunities arising from mega events and launched collaborations with popular brands to enhance passenger experience and drive footfall. For MTR malls, near-full occupancy was recorded throughout the year, reflecting the resilience of the business. The Corporation leverages its strong connection with the community to engage the public through a diverse range of activities to boost footfall and rental performance.
On property development, the Corporation is currently developing nine property projects, which will provide approximately 8,000 housing units. During the year, the Corporation also awarded the Tuen Mun A16 Station Package 1 project, contributing to a sustainable supply to Hong Kong's residential market. Subject to construction and sales progress, the Corporation expects to book property development profit from LOHAS Park Package 13, THE SOUTHSIDE Package 6 and the Yau Tong Ventilation Building project, while continuing to book profit from the Tai Wai Station project, THE SOUTHSIDE Package 5 and LOHAS Park Package 12.
The Chinese Mainland and International Businesses continued to develop steadily. During the year, the Corporation signed an agreement to invest in CRRC Guangdong Co., Ltd and expanded station commercial businesses in several Chinese Mainland cities. Internationally, the Corporation won a major contract for the Sydney Metro West project. The Corporation will continue to pursue business opportunities in Chinese Mainland and overseas markets, leveraging its professional expertise in railway construction and operations.
The Corporation is committed to creating value for the shareholders, including the government, while upholding a strong sense of social responsibility. It continues to allocate resources to support community development, including the provision of various fare concessions. Last year, the total value of initiatives and community benefits provided by the Corporation exceeded HK$15 billion, sharing the fruits of development with the community.
The MTR Board has proposed a final ordinary dividend of HK$0.89 per share, bringing the total ordinary dividend for the year to HK$1.31 per share. (Please refer to the appendix for the 2025 Annual Results announcement.)
About MTR Corporation
To Keep Cities Moving, MTR makes encounters happen and rendezvous for a more connected tomorrow. As a recognised world class operator of sustainable rail transport services, we are a leader in safety, reliability, customer service and efficiency.
MTR has extensive end-to-end railway expertise with over 45 years of railway projects experience from design to planning and construction through to commissioning, maintenance and operations. Going beyond railway delivery and operation, MTR also creates and manages dynamic communities around its network through seamless integration of rail, commercial and property development.
With more than 50,000 dedicated staff*, MTR carries over 10 million passenger journeys worldwide every weekday in Hong Kong, Chinese Mainland and beyond. Together, we Go Smart and Go Beyond.
For more information about MTR Corporation, please visit www.mtr.com.hk.
*includes our subsidiaries, associates and joint ventures in Hong Kong and worldwide
HIGHLIGHTS
Hong Kong Businesses
- Hong Kong transport operations recorded steady revenue growth mainly driven by increase in patronage from High Speed Rail (Hong Kong Section) and Cross-boundary services
- Train service delivery and passenger journeys on-time for heavy rail maintained at 99.9% world class level
- Hong Kong property development profit of HK$11.1 billion reflected the progress made on several property projects during 2025, mainly including THE SOUTHSIDE packages 3 and 5, LOHAS Park Package 12 and Ho Man Tin Station packages 1 and 2. Property development profits, linked to railway project investments the Company made several years prior, set us up for the next phase of our growth story
- The tender of Tuen Mun A16 Station Package 1 property project was awarded in November 2025
- Project Agreement with the Government for Northern Link Project – Part 1 was signed in July 2025. The Company and the Government are actively engaged in discussions to finalise the signing of the Part 2 Project Agreement
Mainland of China and International Businesses
- Beijing Metro Line 17 and Shenzhen Metro Line 13 Phase 1 fully opened in December 2025
- Metro Trains West Consortium won the major contract in December 2025 for the train supply,operation and maintenance of the Sydney Metro West
- Metro Trains Melbourne opened the new 9-km Metro Tunnel, providing a fast and convenient new railway connection through the heart of central business district in Melbourne
Outlook
- While the macroeconomic situation remains challenging, improving economic landscape and property sector suggest that we may begin to enjoy a healthier operating environment
- Continue to make progress in one of the largest railway expansions in the Hong Kong's history, a comprehensive programme of new lines under the Hong Kong Major Transport Infrastructure Development Blueprint and the Transport Strategy Blueprint that are designed to enhance local links and establish stronger ties with Greater Bay Area cities
- Successfully issued US$3 billion senior unsecured bonds (including a US$1.5 billion 30-year tranche) and US$3 billion subordinated perpetual capital securities in 2025, AU$2 billion senior unsecured green bonds in 2026, and signed a HK$30 billion 7-year syndicated green term loan facility in 2025. Looking ahead, we will keep a close eye on geopolitical dynamics and inflation while seeking additional funding sources for capital works and maintaining financial prudence
- Subject to the progress of construction and sales, we expect to book property development profit from LOHAS Park Package 13, THE SOUTHSIDE Package 6 and the Yau Tong Ventilation Building project to continue to book profit from Tai Wai Station, THE SOUTHSIDE Package 5 and LOHAS Park Package 12
- Depending on market conditions, we anticipate the possible tender of Kam Sheung Road Station Phase 2 and Tuen Mun A16 Station Package 2 in the coming 12 months or so
The Directors of the Company announce the audited results of the Company and its subsidiaries (the "Group") for the year ended 31 December 2025 as follows:
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Notes:
1. AUDITOR'S REPORT
The consolidated financial statements for the year ended 31 December 2025 have been audited in accordance with Hong Kong Standards on Auditing, issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"), by the Company's auditor, KPMG. Unmodified auditor's report of KPMG is included in the annual report to be sent to shareholders. The consolidated financial statements have also been reviewed by the Company's Audit & Risk Committee.
The financial figures in respect of the Group's consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of financial position and the related notes thereto for the year ended 31 December 2025, as set out in this preliminary announcement, have been compared by KPMG to the amounts set out in the Group's audited consolidated financial statements for the year and the amounts were found to be in agreement. The work performed by KPMG in this respect did not constitute an audit, review or other assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the HKICPA and consequently no assurance has been expressed by KPMG on this announcement.
2. BASIS OF PREPARATION
This preliminary announcement of the Company's annual results has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The financial information relating to the financial years ended 31 December 2025 and 2024 included in this preliminary announcement of the annual results does not constitute the Company's statutory annual consolidated financial statements for those years but is derived from those financial statements. Further information relating to these statutory financial statements required to be disclosed in accordance with section 436 of the Hong Kong Companies Ordinance (Cap. 622) is as follows:
The consolidated financial statements have been prepared in accordance with HKFRS Accounting Standards issued by the HKICPA.
The HKICPA has issued a number of new or amended HKFRS Accounting Standards that are first effective for the current accounting period of the Group. None of these have had a material effect on the Group's results and financial position for the current or prior periods. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.
For more information, please visit https://doc.irasia.com/listco/hk/mtr/annual/2025/respress.pdf.
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