Annual Report 2025

14 Transport International Holdings Limited 2025 Annual Report CHAIRMAN’S LETTER Dear Shareholders, On behalf of the Board of Directors, I hereby report that 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. Dividends The Board of Directors has proposed an ordinary final dividend of HK$0.50 per share for 2025. The dividend will be payable on 29 June 2026. Together with the interim dividend of HK$0.30 per share, the total dividend for the year will amount to HK$0.80 per share, compared to HK$0.50 per share last year. Financial Performance in 2025 The Kowloon Motor Bus Company (1933) Limited (“KMB”) recorded a profit after taxation of HK$360.7 million for 2025 (2024: HK$126.8 million). Fare revenue for 2025 was increased due to the fare hike that took effect on 5 January 2025. However, this impact was largely offset by a decline in ridership and the increase in staff costs due to pay rises. The remaining improvement was driven by favourable external conditions, including a reduction in fuel and oil costs, driven by reduced fuel prices, together with a decrease in toll charges. As for Long Win Bus Company Limited (“LWB”), the profit after taxation for 2025 was HK$46.4 million (2024: HK$41.7 million). In accordance with our commitment to serving the community, we proactively align with societal development needs and advance green mobility to support the Government’s carbon-neutrality vision, ensuring that we evolve with the times.