NWS Holdings(DE:NWS)
€0.96-0.02 (-2.04%)
DE:NWS
NWS Holdings earnings date
€0.96
At close:-0.02 (-2.04%)
NWS Holdings (NWS) Q4 2026 Earnings Report
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DE:NWS Q4 2026 EPS Results
- Actual EPS
- EUR 0.03
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- EUR 0.03
DE:NWS Q4 2026 Revenue Results
- Actual Revenue
- EUR 1.62B
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- +17.23%
Earnings Announcement Details
- Quarter
- Q4 2026
- Date
- 09/24/2026
- Time
- Before Open
- Conference Call
- Thursday, September 24, 2026
DE:NWS Upcoming Earnings
NWS Holdings's next earnings date is estimated for February 19, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
DE:NWS Q4 2026 Earnings Call
0:00 / 0:00
Q4 2026 Earnings Slide Deck
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive, supported by higher group AOP and attributable profit, strong financial-services growth, lower leverage, ample liquidity, progressive dividends, portfolio optimization and expansion in logistics, wealth management and AI data-center infrastructure. The main challenges were declines in Roads traffic and revenue, lower Logistics and Construction AOP, construction margin and cost-overrun pressure, depreciation affecting Facility Management, the ongoing Kai Tak Sports Park ramp-up and a short-term insurance sales slowdown. Highlights significantly outweighed the lowlights.
Company Guidance
Management will continue to expand Financial Services, especially CTF Life, overseas markets such as Singapore and the wealth management platform, while keeping an eye open for suitable acquisitions; it will not expand further in Toll Roads and will monetize assets only at “good valuations,” with 12 toll roads left. Logistics will continue to strengthen ATL operations and boost occupancy, which had recovered to about 85% in June, and pursue value acquisitions in the GBA area and Yangtze River Delta, while logistics and data center investments generally target a cap rate of a little less than 6%. Construction order flow should improve going forward, with opportunities from the Northern Metropolis, and the construction segment is expected to be “steadily growing.” Kai Tak Sports Park is expected to take at least another 12 to 18 months to break even. Insurance saw a “single-digit slowdown” in VONB dollar in July and August combined, which management believes is short term, while overseas customer APE increased by 40% year-on-year and the company expects uSmart to continue providing a very healthy AOP contribution. The gearing target is about 40% to 45% range, with slightly more than HKD 2 billion of cash reserve for acquisition after dividends, and there is always a possibility that dividends can go up further.
- Higher Operating Profit and Shareholder EarningsAttributable operating profit increased 3% year-on-year to HKD 4.59 billion, while profit attributable to shareholders increased 11% to HKD 2.393 billion. Management described fiscal year 2026 as a very stable and solid financial year.
- Strong Operating Cash Flow and LiquidityAdjusted EBITDA, described as a proxy for operating cash flow before tax and interest, increased 1% year-on-year to HKD 7.4 billion. Total liquidity was HKD 31.3 billion as of June 2026, comprising HKD 20.8 billion of cash and HKD 10.5 billion of undrawn committed banking facilities.
- Reduced Leverage and Diversified FundingNet gearing decreased by 9 percentage points year-on-year to 28%, and net debt decreased 12% to HKD 11.7 billion. The company completed HKD 14.2 billion of refinancing, reducing debt maturing within the next 12 months to HKD 7.9 billion from over HKD 9 billion a year earlier. Borrowing costs remained stable at 4.1%. The company maintained its A+ JCR credit rating, received an upgrade in outlook from stable to positive, and maintained its AAA domestic rating.
- Successful Capital Recycling and Portfolio OptimizationThe company issued a HKD 2.2 billion exchangeable bond with a 0.75% coupon due 2028, monetized approximately HKD 1.3 billion of strategic investments, and completed the disposal of Changliu Expressway for HKD 1.6 billion while consolidating approximately HKD 1.7 billion of net debt. Management said the company continues to recycle capital and has ample liquidity for expansion.
- Expanded Financial Services PlatformFinancial Services became the largest attributable operating profit contributor for the first time, representing 32% of group AOP and overtaking Roads. The company acquired 13% of uSmart and 65% of Blackhorn, expanding its digital brokerage, external asset management, wealth management and insurance ecosystem.
- Strong Financial Services GrowthFinancial Services AOP increased 19% year-on-year to HKD 1.5 billion, driven mainly by CTF Life's robust CSM release, which increased 21% to HKD 1.4 billion. Value of new business increased 30% to HKD 1.3 billion, while the margin increased from 30% to 37%.
- CTF Life Balance Sheet and New Business StrengthCTF Life's CSM balance increased 22% year-on-year to HKD 11.3 billion, embedded value increased 12% to HKD 28.4 billion, and its solvency ratio stood at 285% after accounting for HKD 0.6 billion of dividend remittance. APE increased 7% and new business premium increased 74%, although management said year-on-year comparisons were affected by the product mix shift toward single-premium policies.
- Growth Across Insurance Distribution Channels and Overseas CustomersThe agency channel's APE increased 10% and NBP increased 85%, while the partnership channel's APE increased 16% and NBP increased 138%. APE from overseas customers increased 40% year-on-year and represented slightly less than 10% of total fiscal year 2026 APE.
- Growth in Insurance Assets and Investment YieldCTF Life's assets under management increased 17% year-on-year to HKD 106 billion. The portfolio remained primarily allocated to investment-grade bonds with geographic exposure of 45% to Asia and Oceania, 40% to North America and 12% to Europe. Recurring investment yield increased to 4.59%.
- uSmart Contribution and Financial Services EcosystemThe 13% uSmart acquisition contributed approximately HKD 35 million of AOP during roughly half a year of ownership. Management expects uSmart to continue providing a healthy AOP contribution, citing increased trading volume in Hong Kong and U.S. stocks. The company said the combined CTF Life, uSmart and Blackhorn platform can provide integrated wealth accumulation, protection and retirement solutions.
- Resilient Mainland Logistics PortfolioExcluding the first-time deferred tax provision for the 11 Mainland warehouses, Mainland warehouse AOP increased 11% year-on-year. The average occupancy rate for the seven existing properties was 86%, and management remained optimistic about the sector due to city distribution demand, e-commerce penetration and resilient manufacturing export activity.
- Recovery at ATL and Stable CUIRC PerformanceATL's occupancy recovered from 70-odd percent to approximately 85% by June 2026, with much of the improvement coming from new tenants. Full-year average rental rates increased by a low single digit percentage year-on-year. CUIRC AOP increased 2%, while throughput increased 8% to 7.6 million TEUs.
- Expansion Into AI Data Center InfrastructureThe company invested in an AIDC project in Jiangsu, signed an SPA for another project in Hebei, and signed an SPA for a project in Johor, Malaysia. Management said these investments are evaluated similarly to traditional warehouses using cap rates, are intended to generate rental cash flow, and are generally brownfield or mature assets that are already generating cash flow without construction risk.
- Construction Backlog and Government-Sector ExposureConstruction contracts on hand increased 7% year-on-year to HKD 63 billion, including HKD 35 billion of backlog and HKD 17 billion of new contracts secured. Government and institutional projects represented 66% of backlog. Management cited opportunities from the Northern Metropolis, particularly for Vibro's foundation business and Hip Hing's projects.
- Improved Construction Receivables ManagementHip Hing's accounts receivable balance decreased 12% year-on-year despite a 17% increase in revenue. Accounts receivable days declined by 8 days to 35 days.
- Strong Gleneagles Operating MomentumGleneagles' AOP increased fourfold year-on-year and EBITDA increased 15%. Inpatient, outpatient and day-case volumes grew 3%, 1% and 9%, respectively. The Parkway Medical clinic network contributed approximately 10% of Gleneagles' gross profit in fiscal year 2026 and comprised seven clinics and one laboratory.
- Facility Management Operational ProgressHong Kong CEC revenue increased 8%, and its AOP excluding depreciation and CapEx increased 8%. Kai Tak Sports Park had hosted more than 150 events, achieved a 90% stadium rental utilization rate, and improved Kai Tak Retail Mall occupancy by 7 percentage points to 87%. The venue received international recognition, including Venue of the Year and inclusion in TIME's World's Greatest Places, while ticket sales ranked first in Asia and third globally in 2025.
- Progressive Dividend and Improved Stock LiquidityThe company maintained its sustainable and progressive dividend policy for the 24th consecutive year. The final dividend increased 4% on a comparable basis to HKD 0.33, bringing the total dividend to HKD 0.61, up 3% year-on-year. A further 1-for-10 bonus issue was announced, and daily stock turnover increased approximately 1.4 times to over USD 2 million following increased research coverage and a 3 percentage point increase in free float. The company is aiming to reach a USD 5 million daily turnover threshold.
- ESG Financing, Emissions and Sustainability RecognitionGreen and sustainability-linked financing represented 45% of total debt, against a 50% target. Scope 1 and 2 emissions decreased 17% from the fiscal year 2023 baseline, and CTF Life's investment portfolio carbon footprint declined 12% from the same baseline. The company achieved a AAA rating for the first time in the Hang Seng Corporate Sustainability Index assessment.
- ESG Operational InitiativesApproximately 61% of Scope 3 emissions were calculated using higher-quality supplier-specific or physical activity-based data covering approximately 96% of total Scope 3 emissions. More than 27 energy-efficiency projects at HML delivered estimated annual energy savings of over 700,000 kilowatt-hours, while on-site solar generation at four newly acquired logistics warehouses supplied approximately 75% of electricity demand.
DE:NWS Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 19, 2027 | 2027 (Q2) | ―- | 0.03 | ― | ― |
| Sep 24, 2026 | 2026 (Q4) | ―0.03 | 0.03 | 0.88% (+0.00) | |
| Feb 26, 2026 | 2026 (Q2) | ―0.03 | 0.03 | 9.85% (+0.00) | |
| Sep 24, 2025 | 2025 (Q4) | ―0.03 | 0.03 | -8.06% (-0.00) | |
| Feb 26, 2025 | 2025 (Q2) | ―0.03 | 0.02 | 30.05% (+0.01) | |
| Sep 25, 2024 | 2024 (Q4) | ―0.03 | 0.02 | 23.38% (+0.01) | |
| Feb 27, 2024 | 2024 (Q2) | ―0.02 | 0.02 | -6.88% (-0.00) | |
| Sep 29, 2023 | 2023 (Q4) | ―0.02 | 0 | 1016.67% (+0.02) | |
| Feb 23, 2023 | 2023 (Q2) | ―0.02 | 0.03 | -3.11% (-0.00) | |
| Sep 30, 2022 | 2022 (Q4) | ―0.00 | 0.01 | -85.48% (-0.01) |
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
