Friends of the media, greetings. I am Linda Choy, Director - Corporate Affairs and Branding.

Welcome to the 2026 interim results announcement for MTR. To introduce our representatives on the stage: seated in the middle is our CEO, Ms.

Jeny Yeung. On her right are Mr.

David Tang, Managing Director - Property and International Business, and Mr. Wilson Kwong, Hong Kong Transport Services Director.

On Ms. Yeung's left are Mr.

Michael Fitzgerald, Finance Director, Mr. Carl Devlin, Capital Works Director, and also Mr.

Sammy Wong, Chinese Mainland Business Director. The session will be held mainly in Chinese today.

Ms. Yeung will succinctly go through the 2026 interim results, and after that Mr.

Michael Fitzgerald will briefly go through the financials. Ms.

Jeny Yeung, please. Then she will be speaking in English to go through the summary.

We will have a Q&A session in the end, but because of time limitation, as we want to very much answer all your questions, if we cannot do so because of time limitation, we seek your understanding. Jeny, please.

Greetings. Good afternoon, ladies and gentlemen.

In the first half of 2026, although the macroeconomic environment remained complex and evolving, Hong Kong's overall economy and market conditions have shown signs of recovery, while the property market stabilized. We made progress across transport services, new railway projects, and property development.

As we reach new milestones in network expansion, we continue to strengthen our core businesses. Patronage on the railway network recorded growth, while rental reversions for malls and station shops continue to narrow.

Several new projects in the Chinese mainland and overseas also commenced. Recurrent business profit increased slightly to HK$3.4 billion in the first half of the year.

Benefiting from one-off booking of property development projects from the previous phase of railway projects, we recorded a net profit of HK$15.9 billion in the first half. Also at the same time, the seven new railway projects made good progress in supporting Hong Kong's development.

We understand that these are one-off property, and our property revenue will continue to support our rail construction and services. As we plan ahead for the funding needs of over HK$100 billion for new railway projects, the corporation will continue to pursue prudent and forward-looking financial planning.

I will now highlight the progress of several key areas of our businesses. Total patronage of Hong Kong transport services remained broadly comparable with last year, exceeding 970 million passenger journeys.

Patronage on the Lo Wu and Lok Ma Chau cross-boundary services recorded growth of 8% in the first half. High Speed Rail recorded over 16 million passenger trips, which is a year-on-year growth of more than 10%, while cumulative patronage exceeded 100 million passenger journeys.

With the number of direct destinations increasing, High Speed Rail has further facilitated travel between Hong Kong and different cities in Chinese mainland. We operate more than 7,500 train trips every day, with passenger journeys on time consistently maintaining at a world-class level of over 99.9%.

We continue to invest in enhancing safety, reliability, and resilience of our rail system, and signaling system replacement is one of our four—one of our major asset renewal programs in recent years. The new signaling system on the Tsuen Wan Line was successfully commissioned in the first quarter, while replacement works for the other three urban lines are progressing in an orderly manner.

Another major asset renewal program is the replacement of urban line trains. In the first half of the year, 13 new trains came into service, providing passengers with safer, more efficient, and more reliable service.

The corporation is driving forward seven new railway projects concurrently, mainly to serve the Northern Metropolis, Lantau, and also Tuen Mun. These projects are progressing smoothly.

The tunnel excavation works for the Tung Chung Line Extension have been completed, and Tung Chung East Station was topped out earlier this year. We have commenced the design and planning work for South Island Line (West) and Pak Shek Kok Station, in line with the government's planning direction of positioning railway as the backbone of public transport.

Upon completion of the seven new projects underway, together with the South Island Line (West) and Pak Shek Kok Station projects currently under planning and design, a total of 20 new stations will be added, and Hong Kong railway network will be expanded by more than 10% to around 300 kilometers. These projects will serve as key growth driver for our future sustainable development.

Among the new projects, Northern Metropolis is a pivotal engine for Hong Kong's future development. We're taking forward three projects related to the Northern Metropolis, with works progressing at full speed.

Following the topping out of Kwu Tung Station on the East Rail Line last year, we are now advancing the station's electrical and mechanical works and interior fitting-out. Signaling system testing has also commenced.

Upon completion next year, Kwu Tung Station will become our 100th station. Hung Shui Kiu Station on the Tuen Ma Line is also progressing well.

Station structural works are expected to proceed next year in preparation for the Northern Link. The large-scale Northern Link project will become a key transport backbone for driving the development of the Northern Metropolis and enhancing connectivity within the GBA, supporting Hong Kong's integration into the overall national development.

Following the signing of the Northern Link Part 1 project agreement with the government in July last year, we have commenced mainline works and started comprehensive planning for both the mainline and the spur line, and we are currently discussing the Northern Link Part 2 project agreement with the government, with the target of completing construction and commencing service for both the mainline and spur line no later than 2034. As these projects move through planning, design, and construction, rigorous project management and supervision are essential to enhance speed and efficiency.

Since these projects involve extensions to existing railway lines and works within an operating railway environment, the challenges are substantial. Our project and operations teams have carried out thorough planning and close coordination with innovative mindset and introducing new technologies so that works can proceed in an orderly manner while minimizing any possible impact on our train services.

For the seven new railway projects, excluding the Northern Link Part 2 project agreement, the total amount of investment is around HK$140 billion. As we prepare for the construction peak in the coming years, prudent and forward-looking financial planning is essential to finance our future development and to maintain a strong cash flow.

In the first half of the year, we successfully issued three green bonds, including the largest single issuance in the history of Hong Kong dollar bond market, raising HK$18.8 billion. In total, we raised HK$58 billion during the period, all were well received by investors, reflecting market confidence in our businesses and our future development.

The Rail plus Property development model has long supported our corporation in building railways and communities while using income from property development to meet the substantial costs of railway construction, long-term operations, maintenance, and asset renewal. This model is not only a financial arrangement; it's also an important foundation for us to connect transport, communities, and urban development.

In the first half, the corporation recorded approximately HK$12.2 billion in property development profit, mainly from Tai Wai Station and THE SOUTHSIDE Package 5, both from property development associated with previous railway projects. Such projects are one-off and fluctuate with project completion cycles and market conditions.

Under the Rail plus Property development model, the relevant income is used to support railway construction and to help sustain long-term development, operation, and maintenance of the system. As we build and operate railways, we are also building communities for Hong Kong.

As at mid-year, MTR was progressing eight residential property projects under construction. Together with the completed property projects, they are expected to provide over 9,000 residential units to the market.

In April, we awarded the Kam Sheung Road Station Phase 2 project, and are currently tendering the Tuen Mun A16 Station Package 2 project. As innovative technology and AI continue to advance, the corporation has been studying, adopting, developing, and applying technologies such as big data and AI across core business processes and customer services.

We are also formulating and advancing our AI strategy. In railway service, we continue to promote smart railway development and drive more intelligent models for operations, management, and services.

In customer service, we continue to expand the capabilities of our virtual service ambassador, providing customers with more diversified, timely, and convenient service channels. In railway operations and maintenance, we are enhancing management and maintenance efficiency through more automated and digitalized technologies.

In support of the government's low-altitude economy framework, we are also studying and testing the use of drones to inspect suitable railway areas. For new railway projects, we have established a Smart Project Management Center, adopted prefabricated components and design for manufacture and assembly, and introduced the concept of a virtual station to enable earlier system testing.

These initiatives enhance construction efficiency and accelerate project development. By introducing these technologies into railway operations, maintenance, and new railway projects, we can help overcome the constraints of the golden two-hour maintenance window and the challenges of tight construction time frames, while achieving our goal of enhancing both quality and efficiency.

Our business in the Chinese mainland and overseas continued to develop. In Chinese mainland, corporation secured the operating right for northern extension of Shenzhen Metro Line 13 Phase 2, which commenced services in June.

We also continued to expand our mainland station commercial businesses, leveraging our expertise in integrating railway operations with station commerce. Internationally, the remaining section of Sydney Metro M1 line is expected to open in the second half of the year.

Earlier this year, we partnered with CRRC to secure the major contract and 15-year operation right for Sydney Metro West project. This allows us to capture opportunities to expand overseas together with mainland enterprises and promote mutual success.

As we grow our businesses, we are committed to creating long-term value for the society. We have integrated ESG principles into our business development to build a more sustainable and inclusive community in Hong Kong.

As a low-carbon public transport operator, the corporation is committed to achieving carbon neutrality by 2050. At the same time, we continue to allocate resources to support community development, including different fare concessions to benefit various passenger groups, while continuing to provide caring services for the passengers in need.

I will now pass on to Michael for our financial performance in detail.

Thank you, Jeny. Recurrent businesses recorded a profit of HK$3.4 billion for the reporting period.

This improvement was mainly driven by higher revenue from Hong Kong transport operations and a decrease in net interest and finance charges, and partly offset by higher operating expenses, higher depreciation, and distributions in respect of our perpetual bonds. Property development profit increased to HK$12.2 billion as a result of the recognition of profits in respect of a number of large projects.

Including property development profit, underlying business profit was therefore HK$15.7 billion. Together with changes in the fair value measurement of our investment properties, total net profit attributable to shareholders for the period was HK$15.9 billion.

In Hong Kong transport operations, our EBIT loss was HK$141 million. While operating costs were relatively stable, this outcome was mainly attributable to higher railway maintenance expenses, the absence of a fare increase during the period, and an increase in depreciation charges due to asset replacements and upgrades.

These adverse impacts were partially offset by stronger patronage in cross-boundary and High Speed Rail services, arising through the higher frequency of two-way travel between Hong Kong and the Chinese mainland. Our station commercial EBIT decreased by 2.4%, mainly due to a rental reversion rate of -6.7%, which, while still negative, represents an improvement on the full year 2025 comparable figure of -8.5%.

The EBIT of our property rental and management business decreased by 3.5%, mainly due to ongoing changes in the patterns of consumer expenditure. The rental reversion rate was still negative, but improved meaningfully over 2025.

The rental reversion for our property rental and management business was -5.5% compared to -9.5% for the full year 2025. In our Chinese mainland and international businesses, the contribution increased, mainly due to improved performance from our associates in Hangzhou, and higher contribution from both our Melbourne and Sydney operations.

The group's financial position remains robust, and our net debt-to-equity ratio was at a healthy level of 21.7%. During the first half of 2026, the corporation arranged a total of HK$58 billion equivalent of external funding, including a AU$2 billion green bond, an HK$18.8 billion green bond, and a €3 billion green bond.

Ensuring access to a diversified range of funding sources is a key part of our funding strategy to deliver the investment and growth ahead. In terms of funding cost, funding raised in currencies other than Hong Kong dollars is always swapped back to Hong Kong dollars, meaning that MTR pays Hong Kong dollar interest rates.

In the first half of 2026, our average borrowing cost was 3.5% compared to 3.7% for the same period last year. We have actively managed our funding program, and will continue to do so on a considered basis and from a long-term perspective.

To prepare for our upcoming program of railway expansion, we have successfully secured significant funding during times when interest rates have been relatively low and when credit spreads have been at multi-decade historic lows. We have also intentionally extended our average debt maturity to almost 10 years.

With that, I now hand back to Jeny for our outlook.

Thank you, Michael. After taking into full account of the corporation's financial positions and full capital requirement, the MTR Board has declared an interim dividend of HK$0.42 per share.

In the first half of the year, our business progressed steadily amidst challenges, and our results also benefited from the booking of two property development projects. We are now entering into a new phase of development milestones.

We are planning for a new stage of investment, including in Tuen Mun, Lantau, and the Northern Metropolis. We'll build a comprehensive transportation networks and communities.

As the Northern Metropolis moves into full-scale development, we are embracing a new round of development opportunities. We will support through the development of Northern Metropolis, will promote the development of our strategy and integrate within GBA.

For us, 2024 is important, where we built upon past achievement and prepare for the next stage. The National 15th Five-Year Plan will also continue to create new opportunity for our development in Chinese mainland and expand into overseas market.

We will also submit our views on Hong Kong's first Five-Year Plan, putting forward recommendations on railway infrastructure, Northern Metropolis, green transport, regional integration, and talent development to support our better integration and contribution to the national development. We'll also continue to support the government in taking forward Transport Strategy Blueprint, closely monitor the progress of Hong Kong-Shenzhen Western Rail Link and various smart and green mass transit systems, and contribute to building a more comprehensive, greener, and more forward-looking public transport system.

We have formulated our strategy and development blueprint for the next five years. Technology and AI will be important engines for transformations, as across our businesses, we'll promote more systematic and scalable digital transformation to enhance our competitiveness alongside with our services.

Financially, we'll continue to book profit from property development projects in phases this year, supporting railway constructions and operating expenditure. We're also preparing for the next stage of development and the peak construction period to support sustainable development of our corporations and Hong Kong.

Subject to market conditions, we expect to tender two projects in the coming 12 months or so, together with Tuen Mun A16 Station Package 2. These projects can yield a total of about 8,000 units.

Although we deliver solid results in the first half of the year, we'll continue to undertake forward-looking financial planning in view of substantial investment need for new railway projects, operating costs, asset renewal, and market uncertainties. At the same time, we'll continue to explore new business opportunities in Hong Kong and overseas.

Locally, we will continue to leverage mega events and our core businesses. We will build upon Hong Kong's mega events and our IPs.

We will facilitate the development of our recurrent business and also for Hong Kong's future railway and urban development, we'll also leverage our core business to provide more driver for futures. With our long-standing mission of Keep Cities Moving, we're committed to provide high-quality railway services and building communities through railway development.

Lastly, we would like to thank all our colleagues for their professionalism, dedication, and commitment to serve our passengers and communities. Through our collective effort, we are able to remain resilient and amidst change and continue to create new opportunities.

Looking forward, MTR will continues to serve the community with the spirit of "One MTR" and move together with Hong Kong. Keeping cities moving is not just our mission, but also our commitment to Hong Kong.

Thank you. [I will?]

say a few words in English. Good afternoon, ladies and gentlemen.

In the first half of 2026, Hong Kong's overall economy and market conditions showed signs of recovery, while the property market continued to consolidate. MTR made steady progress across its businesses during the period.

Railway patronage increased, while the negative rental reversions for our malls and station shops narrowed. Recurrent profits increased slightly to HK$3.4 billion.

Supported by one-off property development profits from projects arising from previous cycle of railway development, the corporation record a net profit of HK$15.9 billion. The profit proceeds is the subsidy in kind granted for new railway construction and ongoing asset replacement.

Proceeds will be used for this purposes. During the first half, as we advance seven new railway projects, we are also planning ahead with prudent financial management to support future railway investments of more than HK$100 billion.

I will now highlight the progress of our few core businesses. The total patronage of Hong Kong transport services exceed 970 million.

High Speed Rail patronage has cumulatively exceeded 100 million passenger trips. We operate more than 7,500 train trips every day, with passenger journeys on time maintaining at a very high level of 99.9%.

We continue to enhance the safe, reliable, and resilience of our railway systems, and we are also undertaking several major asset replacement projects, one of which is the new signaling system on the Tsuen Wan Line, which was successfully commissioned in the first quarter in 2026, while signaling replacement works for the three other urban lines are progressing. MTR is driving forward seven new railway projects, serving the Northern Metropolis, Lantau, and Tuen Mun areas.

Tunnel excavation works for the Tung Chung Line extensions have been completed, and Tung Chung East Station was topped out earlier this year. Design and planning work have also started for the South Island Line (West) and Pak Shek Kok Station.

Together, these seven new projects underway, along with the South Island Line (West) and Pak Shek Kok Station projects, will add a total of 20 new stations and expand the local railway network by over 10%. The Northern Metropolis is a pivotal engine for Hong Kong's future development.

Kwu Tung Station is expected to open next year, becoming MTR's 100th station. Hung Shui Kiu Station is also progressing as planned, with structural works scheduled for next year.

The Northern Link project will be a key transport backbone for the Northern Metropolis, and will enhance connectivity within the Greater Bay Area. Mainline works have commenced.

We are currently discussing the project agreement Part 2 with the government, with the target to complete both the mainline and the spur line no later than 2034. These seven new railway projects, excluding the Northern Link project agreement Part 2, already involve investment of about HK$140 billion.

As we enter the construction peak in the coming years, prudent and forward-looking financial planning is essential to finance our future development and maintain a healthy cash flow. In the first half of the year, we issued three green bonds, including the largest single issuance in the history of Hong Kong—a Hong Kong dollar bond market, raising a total of HK$58 billion.

The strong response reflects market confidence in our future development. Our Rail plus Property model supports railway and community development, while helping fund railway constructions, operations, maintenance, and asset renewal.

In the first half of the year, we record HK$12.2 billion in property development profits, mainly from Tai Wai Station and the THE SOUTHSIDE Package 5. Such proceeds are one-off, and fluctuate with project completion cycles and market conditions, and will be used in new project construction and railway operations.

As at mid-year, we had eight residential property projects under construction. Together with the complete property projects, we anticipate to develop—to deliver over 9,000 residential units.

In April, we awarded the Kam Sheung Road Station Phase 2 project, and we are currently tendering the Tuen Mun A16 Station Package 2 project. As technology and AI continue to advance, the company has been leveraging big data, AI, and related technologies across its businesses to enhance efficiency and customer experience.

For examples, in railway services, we continue to expand the functions of our virtual service ambassadors. For railway operations and maintenance, we are testing the use of drones in suitable railway areas for surveillance.

For new railway projects, we have set up a Smart Project Management Center, and adopted prefabricated components to increase project efficiency. Beyond Hong Kong, our Chinese mainland and international business continue to grow.

In the Chinese mainland, we secured the operating rights for the northern extension of the Shenzhen Metro Line 14—Line 13 Phase 2, which opened in June, and we continue to expand our station commercial business. Internationally, the remaining section of Sydney Metro M1 line is expected to open in the second half of the year.

We also partnered with CRRC to secure the major contract and 15-year operating rights for the Sydney Metro West project. This allows us to capture opportunities to go global together with mainland enterprises and promote mutual success.

As we grow our business, we remain committed to creating long-term value for society. We continue to integrate environmental, social, and governance principles into our business.

As a low-carbon public transport operator, the corporation is committed to achieving carbon neutrality by 2050. At the same time, we continue to allocate resources to support community development, including offering different fare concessions, while continuing to provide caring services for passengers in need.

After taking into account the corporation's financial position and future capital requirements, the MTR Board has proposed an interim ordinary dividend of Hong Kong dollar of HK$0.42 per share. In the first half of the year, our businesses progressed steadily among challenges, supported by the booking of two property development projects.

Looking ahead, MTR is entering a new phase of railway development in Tuen Mun, North Lantau, and the Northern Metropolis, enhancing connectivity and supporting Hong Kong's long-term growth. As the Northern Metropolis moves into full-scale development, MTR will help build its public transport backbone, promote Greater Bay Area integration, and strengthen Hong Kong's competitiveness.

2026 is an important year for MTR as we prepare for the next stage of development. The National 15th Five-Year Plan will continue to create opportunities for our Chinese mainland and international business.

The corporation will submit its views on the Hong Kong's first Five-Year Plan, and will continue to support Hong Kong's integration into national development. We will also continue to support the government's Transport Strategy Blueprint and the development of new smart and green mass transit projects.

The corporation has developed its Five-Year Strategy and Blueprint. Technology and AI will be the key engines for transformation, promoting digital transformation, enhancing competitiveness and our services.

Finally, we continue to book profits from property development projects in phases this year, while preparing for the next stage of development and peak construction periods. Subject to market conditions, we expect to tender two projects in the coming 12 months or so, together with Tuen Mun A16 Station Package 2.

These projects can yield a total of about 8,000 units. While the corporations delivers solid results in the first half of the year, we face substantial investment needs for new railway projects and operations in an uncertain market environment.

We will continue leveraging mega events and strategic collaborations and various enhancements to strengthen our local patronage and mall business, capture new growth opportunities, and maintain a resilient financial foundation. With our long-standing mission of Keep Cities Moving, we are committed to providing quality railway services and building communities through railway development to support Hong Kong's growth.

I would like to thank all our colleagues for their professionalism and dedication in serving the public every day. Looking ahead, MTR will continue to serve the community with the spirit of "One MTR" and move forward together with Hong Kong.

Keeping cities moving is not only our mission, but also our commitment to Hong Kong. Thank you.