EarningsQ2 2026 Earnings Report
DE:2CK Q2 2026 EPS Results
Actual EPS€0.37
Consensus EPS€0.41
Beat/MissMissed by -€0.04
One Year Ago EPS€0.33
DE:2CK Q2 2026 Revenue Results
Actual Revenue€15.36B
Expected Revenue€16.76B
Beat/MissMissed by -€1.40B
YoY Revenue Growth-1.90%
Earnings Announcement Details
QuarterQ2 2026
Date08/13/2026
TimeBefore Open
Conference CallThursday, August 13, 2026
DE:2CK Upcoming Earnings
CK Hutchison Holdings's next earnings date is estimated for March 18, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:2CK Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
Balanced/neutral: the company reported solid headline revenue, earnings and liquidity improvements (supported by large disposal proceeds and strong associate performance such as Cenovus and IOH) plus resilient Retail and Ports (excluding Panama). However, a sizable portion of headline growth was FX-driven, Ports were materially harmed by the Panama expropriation, telecoms face notable operational and margin pressures, and underlying free cash flow was weaker before one-off proceeds. Management is prudent on capital deployment while exploring options.Company Guidance
Strong revenue and earnings growth (reported/pre-IFRS)
Underlying revenue increased 7% year-on-year (note: ~4 percentage points of this came from favorable FX), net earnings rose ~6% on a pre-IFRS 16 basis and ~7% post-IFRS 16.
Robust balance sheet and liquidity position
Liquidity ~HKD 187 billion, net debt ~HKD 64 billion, net debt to net total capital 8.1% at end-June; pro forma after VodafoneThree proceeds (GBP 4.3bn ~HKD 45bn) net debt would be under ~HKD 20 billion and ratio ~2.5% (Frank referenced ~2%), with well-laddered maturities and average cost of debt ~3.3%.
Reported free-cash inflows from disposals
Reported free cash flow including one-off disposals was HKD 58.3 billion (up 88% YoY), providing significant cash headroom for deployment or returns.
Retail division resilience and growth
Retail revenue and EBITDA each rose 9% in reported currency (5% in local currencies); A.S. Watson store count ~17,042 (down 0.6%) with loyalty base ~183 million members; Health & Beauty China comparable store sales +4.3% and H&B China EBITDA rose ~49% to HKD 184 million.
Ports underlying performance (ex-Panama) and decarbonization progress
Total throughput 43.6m TEUs (-1% overall due to Panama); excluding Panama throughput +3% YoY with Yantian +5% and Chinese Mainland +6%; underlying ports EBITDA excluding Panama up ~10% (reported EBITDA HKD 9.03bn, underlying HKD 8.69bn) and >50% of electricity consumption from renewables supporting decarbonization targets.
Infrastructure steady operational performance and dividend growth
CKI underlying contribution grew (stripping sold assets, ~3% EBITDA growth), and CKI raised its dividend ~3% to HKD 0.75 — marking ~30 years of dividend growth for the infrastructure group.
Strong performance from financial & investment associates
Cenovus materially contributed (approx. HKD 4.2bn to group earnings), crossed >1 million BOE/day production threshold, increased base dividend by 10%; IOH delivered a large turnaround (earnings growth ~49% excluding one-offs), raised dividends and launched a compute JV (Xencor) targeting initial 200 MW scaling to ≥1 GW.
Prudent capital allocation stance and active evaluation of options
Management emphasized disciplined, long-term investment of disposal proceeds, consideration of re-alignment opportunities across CK Group entities, and willingness to evaluate M&A, buybacks or returns once group companies complete their assessments.
DE:2CK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed