Annual Report 2025

106 Transport International Holdings Limited 2025 Annual Report FINANCIAL REVIEW The Group Summary of Financial Performance 2025 2024 Favourable/(Unfavourable) Change HK$ million HK$ million HK$ million % Revenue 8,442.7 8,215.4 227.3 2.8 Other net income 135.8 112.4 23.4 20.8 Operating expenses (7,890.9) (7,916.2) 25.3 0.3 Profit from operations 687.6 411.6 276.0 67.1 Change in fair value of investment properties and investment property under development (141.8) (78.2) (63.6) (81.3) Finance costs (61.3) (98.3) 37.0 37.6 Share of profit of joint venture and associates 8.8 9.2 (0.4) (4.3) Profit before taxation 493.3 244.3 249.0 101.9 Income tax expense (95.3) (57.0) (38.3) (67.2) Profit for the year (“Reported profit”) 398.0 187.3 210.7 112.5 Underlying profit (Reported profit excluding the effect of change in fair value of investment properties and investment property under development) 539.8 265.5 274.3 103.3 Reported earnings per share (HK$) 0.77 0.37 0.40 108.1 Underlying earnings per share (HK$) 1.04 0.53 0.51 96.2 Review of 2025 Financial Performance The Group’s Results for the Year The Group’s underlying profit attributable to equity shareholders for the year ended 31 December 2025, excluding the effect of the change in fair value of investment properties and investment property under development, amounted to HK$539.8 million, compared to HK$265.5 million last year. Underlying earnings per share was HK$1.04, compared to HK$0.53 last year. The increase in underlying profit was mainly attributable to the improvement in the financial performance of the franchised public bus operations. Reported profit and reported earnings per share attributable to equity shareholders were HK$398.0 million and HK$0.77 respectively, compared to HK$187.3 million and HK$0.37 last year. The reported profit for 2025 included a decrease in fair value of investment properties and investment property under development of HK$141.8 million, compared to a decrease of HK$78.2 million in the previous year.