MTR CORPORATION (00066) announced its audited annual results for the year ended December 31, 2025. The Group recorded total revenue of HK$55.465 billion, a decrease of 7.6% compared to the previous year. Profit attributable to company shareholders was HK$14.677 billion, representing a decline of 6.9%. Earnings per share were HK$2.36, and a final dividend of HK$0.89 per share is proposed.
The primary focus of MTR remains providing the safest, most efficient, accessible, and affordable low-carbon rail-based mass transit services. In 2025, the company achieved a 99.9% rate for both trains running as scheduled and passenger journey punctuality, demonstrating its commitment to world-class performance. In March 2025, it was announced that fares for the 2025/2026 period, as determined by the fare adjustment mechanism, would remain unchanged. The calculated fare adjustment of +1.45% will be deferred for implementation until the 2026/2027 period. An earlier deferred adjustment totaling +1.91%, which was originally scheduled for the 2025/2026 period, will also be postponed to the 2026/2027 period.
Throughout the year, the company continued to adhere to its "Moving Forward with You" development direction, utilizing the latest technology and innovations to enhance customer experience and railway operations. Key projects included advancing the Automatic Fare Collection system upgrade plan to improve payment convenience and enhancing the functionality and personalization settings of the MTR Mobile application. The company also participated in the government's "Low-altitude Economy Regulatory Sandbox" initiative, trialing the use of drones for intelligent inspections of critical railway assets to promote technological innovation and improve maintenance efficiency. A significant milestone will be reached in mid-March 2026 with the activation of a new signaling system on the Tsuen Wan Line.
The company's Mainland China and international operations represent key growth pillars. With the central section of Beijing Metro Line 17 and the northern section of Phase 1 of Shenzhen Metro Line 13 commencing passenger service in December 2025, both lines are now fully operational. The company also expanded its station commerce business into Chengdu, Zhengzhou, Xi'an, and Guangzhou during 2025 and continues to explore similar opportunities in other major markets. In Australia, the Metro Trains West consortium, which includes an affiliate of CRRC Corporation Limited, successfully secured the contract for train supply, operation, and maintenance for the Sydney Metro West project in December 2025. Furthermore, the new Metro Tunnel in Melbourne, in which MTR is involved, opened in November. This 9-kilometer tunnel runs through Melbourne's central business district, providing fast and convenient rail services.
For the year under review, profit attributable to shareholders was HK$14.677 billion, equivalent to earnings per share of HK$2.36. The attributable profit from recurrent businesses was HK$5.653 billion, impacted by increased depreciation in Hong Kong operations, a one-time impairment adjustment for certain amortizable rental concessions, and a lower contribution from Mainland China businesses. Benefiting from the results of property development projects launched earlier, property development profits increased to HK$11.084 billion in 2025. Under the "Rail plus Property" development model, a significant portion of property development profits is allocated to fund the construction and maintenance of future and existing Hong Kong railway projects. Consequently, the underlying profit attributable to shareholders was HK$16.737 billion.