EarningsQ2 2026 Earnings Report
DE:2CKA Q2 2026 EPS Results
Actual EPS€0.37
Consensus EPS€0.41
Beat/MissMissed by -€0.04
One Year Ago EPS€0.33
DE:2CKA Q2 2026 Revenue Results
Actual Revenue€15.40B
Expected Revenue€16.78B
Beat/MissMissed by -€1.38B
YoY Revenue Growth-2.30%
Earnings Announcement Details
QuarterQ2 2026
Date08/13/2026
TimeBefore Open
Conference CallThursday, August 13, 2026
DE:2CKA 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:2CKA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a generally positive financial and strategic picture: solid revenue and earnings growth, a very strong balance sheet with pro forma net leverage falling to low single digits after major disposals, resilient retail and ports performance when adjusting for one-off events, and strong contributions from investments like Cenovus and IOH. However, management highlighted that a substantial portion of the headline growth was FX-driven, operating free cash flow was weaker on an underlying basis (partly due to deliberate equity investments and timing differences), and the telecoms business and the Panama expropriation are notable areas of concern. On balance, the positives — especially the strengthened balance sheet, healthy divisional performance excluding one-offs, and high-quality financial-investment contributions — outweigh the pockets of operational weakness and one-off effects.Company Guidance
Underlying Revenue Growth
Group reported 7% underlying revenue growth for the first half; management noted ~4 percentage points of that growth were due to favorable foreign exchange translation (i.e., FX tailwind materially boosted the headline revenue growth).
Net Earnings and Dividend Framework
Net earnings grew ~6% on a pre-IFRS 16 basis (7% post-IFRS 16). Management maintained a cautious approach on interim dividend, aiming to reflect full-year underlying earnings growth when setting the final payout.
Very Strong Balance Sheet and Low Net Leverage
Consolidated net debt was about HKD 64 billion at end-June with net debt to net total capital at 8.1%. After receipt of proceeds from the VodafoneThree transaction (GBP 4.3bn / ~HKD45bn) pro forma net debt would be under HKD 20 billion and net debt to capital roughly ~2–2.5%.
Reported Free Cash Flow Boosted by One-offs (Reported)
Reported free cash flow was HKD 58.3 billion, up 88% year-on-year, driven by disposal proceeds and one-off items; underlying free cash flow dynamics are more muted (see lowlights).
Ports Resilient Excluding Panama; Throughput Trends
Ports throughput was 43.6 million TEUs (down 1% YoY overall). Excluding Panama, throughput grew 3% YoY and the division's EBITDA would have increased ~10% in reported currency (6% in local currency). Reported Ports EBITDA for H1 was HKD 9.03 billion; the Panama disruption cost about HKD 496 million of EBITDA.
Retail Delivered Solid Growth and Strong Loyalty Base
A.S. Watson reported a 9% increase in revenue, EBITDA and EBIT in reported currency (5% in local currencies). H1 EBITDA was HKD 8.68 billion. Comparable store sales in Health & Beauty China rose 4.3%, Health & Beauty China EBITDA rose ~49% to HKD 184 million, store count modestly down 0.6% to 17,042, and the loyalty base stands at ~183 million members.
Infrastructure: Stable, Predictable Returns and Dividend Increase
Infrastructure businesses reported solid underlying performance; CKI increased its dividend by close to 3% to HKD 0.75 and underlying assets (those retained) grew EBITDA by roughly HKD 500 million (about 3% underlying growth).
Strong Performance from Financial & Investment Portfolio
Cenovus contributed HKD 4.2 billion to earnings and increased its base dividend by 10%; Cenovus production exceeded 1 million BOE/day and market cap noted at ~USD 56 billion. IOH reported a very strong half (earnings up ~49% excluding one-offs), increased dividend and strategic investments (e.g., new compute joint venture). TPG also reset balance sheet and returned capital.
Prudent Liquidity and Debt Profile
Group liquidity roughly HKD 187 billion; average cost of debt 3.3%; 63% of total debt on fixed rates after swaps and 61% in bonds/notes, giving a well-laddered and manageable 2026 refinancing profile.
DE:2CKA 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