Hello, everyone. Thank you for attending the results briefing of PCCW for the interim 2026.

For the first six months, we have delivered very solid execution as an AI-enabled, telecom-anchored TMT platform, underpinned by the stable cash flow generated from HKT, advancing AI transformation across multiple business lines, subscriber growth on our regional OTT platform, sustained resilience on our domestic free TV Viu business, and expanding traction in the artist management and event business, building a stronger momentum into the second half. Translating to numbers, you can see here that our consolidated revenue reported a 7% growth to $2.59 billion and an EBITDA increasing by 3% to US$793 million.

This is primarily contributed by a solid 8% year-on-year revenue growth from HKT side, with a corresponding 3% growth in EBITDA, plus also an 8% growth in our free TV business, as well as a relatively stable OTT turnover. On the back of this performance, the board has declared an interim dividend of 9.77 Hong Kong cents per share.

Whilst PCCW continued to benefit from HKT's steady growth and distribution upstream, we will adopt a disciplined dividend policy, prioritizing financial strength for sustainable growth, while also striving to provide stable returns for shareholders. Let us now take a deeper dive into the respective businesses.

Firstly, our regional OTT, Viu. It continued to maintain its leading position in the greater Southeast Asia market as the number-one Asian platform, second only to Netflix.

Paid subscribers during the period across the platform grew to 15.3 million, which is an increase of 11% from a year ago, which gave the SVOD revenue a boost of 5% for the period reported. Central to such growth are of course our refined content strategy focusing on high-performing titles, such as the Viu Originals.

The highlight for the first six months is The Season and The Reborn Rookie, and an expanding ecosystem via deeper local telco carrier relationship, which helped boost penetration across the core Southeast Asian markets, such as with True and AIS in Thailand and with CelcomDigi in Malaysia. We are also expanding our distribution partnership to complement and strengthen our offerings, such as the one with HBO Max last year and also a new one with iQIYI in the second half of this year, which can enrich our Chinese content library.

Looking at this slide, we continue to strengthen our premium multi-genre and multilingual content to address audience preferences. You can see that Chinese dramas, which consistently occupied top rankings across markets, are being scaled, with focus on premium titles from Korean content, which is also important as a core driver for engagement across the region.

During this first six months, a number of tentpole Viu Originals topped the charts and also continued to scale subscriber growth. Highlights of the H1 included, just now what we mentioned, the global English-language drama, The Season, which topped charts across markets and gained strong viewership in the US via its distribution on Hulu platform.

The Korean-language Reborn Rookie ranked also number one in terms of viewership across the region, together with numerous local language hits, strengthening our position in the strategic markets, including Thailand and Indonesia, where we see very strong sub growth. Furthermore, we diversified content formats by launching the first two Viu Original variety shows co-funded by the Korean Creative Content Agency.

On top of this, another very important development in the industry is of course the rising popularity of the micro-drama, the shorts. We have therefore introduced Viu Shorts at the beginning of this year, leveraging a hybrid of live action and AI-generated content, and this is expected to become a new engine for user engagement and growth.

With more than 300 titles already released, we have established an early-mover advantage in the area. Such traction was already evident, with user penetration of our base reached 18% in just six months of launch.

Meanwhile, we are driving AI adoption at scale to improve cost efficiencies, such as AI subtitling and dubbing, with which we can halve the cost whilst accelerating cross-market rollout. AI-powered CRM tools and content recommendation capabilities enhanced precision targeting, which in turn increased screen time and video views, generated 2.5 times user engagement, thereby expanding our advertising inventory.

Other monetization include a pipeline of AI-assisted AdFunded projects, which now enable speed to market for advertisers and brands at a much more economic cost. When it comes to content production, AI is redefining the way we operate, with AIGC projects deliver special visual effects at a fraction of the cost and with hyperspeed timelines.

Looking ahead, we do think that AI will continue to unlock new opportunities, such as new content genres and repurposing of long-form IPs into micro-dramas and new formats, which will support our top-line growth and further our margin expansion. In terms of numbers, if you look at this slide here, despite the 5% growth that we mentioned just now in terms of the SVOD revenue contributed by the increase in terms of sub base, and also fueled by strong content and deepened distribution partnerships, advertising and sponsorship revenue was disrupted by the war in the Middle East, as well as there are fewer events held in the first half.

Revenue therefore was lower, from US$153 million to US$142 million. Accordingly, EBITDA dropped, but by a lesser magnitude, by only US$3 million to US$41 million.

We basically are able to hold our margin very steady at 29%. With the AI initiative discussed, the scaling of the micro-drama offerings, we are set to drive renewed revenue momentum and margin improvement in H2 of the year.

Turning to our ViuTV, which is celebrating its 10th anniversary this year, we continue to deepen connection with our local audience with relatable and authentic storytelling, and evident popularity from the digital membership rising by 4% to 3.4 million, supporting ongoing expansion of our digital advertising inventory beyond the traditional linear TV. Average daily viewing time also consistently exceeded 60 minutes every day, demonstrating the appeal and the quality of our program, attracting more and more demand from advertisers across different sectors, such as financial services, restaurants, food delivery, and business service.

Our first-half slate featured a number of heavyweight productions, such as the successful return of our local drama content, In Geek We Trust 2.0, which generated streaming views double the average of dramas. Several ViuTV content are also gaining popularity across the region, and we are able to monetize this by way of securing distribution on leading third-party platforms, such as Netflix and Tencent Video.

Our exclusive free-to-air coverage of the World Cup in partnership with Now TV was undoubtedly the highlight of the H1, substantially boosting the daily unique viewership by 25%, attracting strong advertising demand, while energizing Hong Kong sporting culture. Looking ahead to the second half, we have an exciting slate of premium content lined up, headlined by local adaptation of the iconic Asian dramas, including the Japanese classic Long Vacation, as well as new format variety shows, which have already been on air since a few months ago, and this will continue to enhance advertiser appeal and lead to high-impact advertising and sponsorship opportunities.

Turning to MakerVille, our integrated ecosystem continue to drive sustained growth across talent development, live performances, and content creation, while supporting Hong Kong's role as a creative hub. We continue to build a steady pipeline of proprietary talent, with new music releases from established groups and debut tracks from next-generation talents from our own in-house program, and increasing participation by our artists in high-profile films and productions.

Demand for live performances remained very strong in Hong Kong, as demonstrated by the success of our five-concert series and overseas tours by our top-tier talents, and the new theater plays and musicals that we invested during the first half of 2026, all of which will have built strong momentums towards the events and major group concerts slated and scheduled for late December. Therefore, our advertising revenue for this segment reported a very strong growth in the first half of 2026, despite the relatively subdued sentiment in Hong Kong, driven by the compelling original drama content, the new format variety shows, and of course the World Cup matches.

Alongside our artist management and live events, our overall revenue grew by 8% to US$47 million. In terms of EBITDA, the EBITDAs slipped from US$6 million to US$3 million, and this reflected some of the investment made for the content production, and also there are some one-time promotional costs, in particularly around the ViuTV's 10th anniversary, and also the World Cup, and development of the new talents.

This is more of a timing issue as a lot of the advertising in relation to the final matches of the World Cup would only be booked in July in the H2. Hence, this explains the lower EBITDA for the first half.

Our strong content slate and the popular major group concerts scheduled for late this year are set to drive higher revenue and profitability in the second half. With that, I would pass to Marco to walk us through the group's financials.

Thank you, Susanna. Before I go through the group financials, let me just recap HKT's results, which we announced yesterday.

Total revenue and service revenue grew by 8% and 3%, respectively, to $2.4 billion and US$2.16 billion, with the key growth drivers being an 8% growth in enterprise revenue from accelerated demand from enterprises, both public and private, for our end-to-end solutions, enhanced by 5G, IoT, cloud, data analytics, as well as AI technologies. There was also a 3% growth in broadband revenue, driven by sustained demand for high-speed, high-bandwidth, and ultra-low-latency fiber services.

There was also a 5% growth in mobile services revenue, which was underpinned by sustained growth in roaming, expansion of the 5G postpaid customer base, and increasing demand for mobile solutions from enterprises. Notably, we are also harnessing existing assets and capabilities to unleash the power of AI and provide additional levers of growth in an asset-light manner as an AI aggregator and AI transformation enabler.

As you see on the right-hand side, Mobile registered a 5% EBITDA growth, while TSS also reported 2% growth, driven by further operating efficiencies across the group, boosted by AI-led initiatives. This resulted in an overall 3% EBITDA growth, amounting to US$844 million.

Overall service EBITDA margin was stable at 39%, and overall EBITDA margin was 35%. On the AFF side, this registered 3% growth, reaching $338 million, with an interim distribution per SSU of 34.80 Hong Kong cents, with PCW share being approximately US$177 million.

Looking at OPEX, total OPEX decreased by 3% to $366 million, driven by cost optimization across the group, with the OPEX-to-revenue ratio further improving from 15.5% to 14.2%. HKT achieved 4% OPEX savings, driven by AI adoption to reshape its workflows and network management, coupled together with the group's continued efforts in IT platform modernization.

Although we note the economic benefits of AI have yet to be fully realized, as there were dual costs associated with the new platform, as well as the parallel operation of the legacy system were incurred. These benefits are expected to materialize progressively as the transition is completed and AI-enabled revenue growth gains momentum.

On the CAPEX side, this dropped by 3% to US$138 million, with the CAPEX-to-revenue ratio further improving from 5.8% to 5.3%. Mobile CAPEX lowered by 2%, reflecting efficiency gains from capacity upgrades and network maintenance.

TSS CAPEX declined by 3%, with investments primarily to support demand for FMI solutions for enterprises, as well as AI network infrastructure, although AI-driven fiber and subsea cable CAPEX will be demand-driven and prefunded by anchor customers. On the Media side, CAPEX spending was stable at US$3 million, after completion of the new studio facilities towards the end of 2025.

On the capital structure side, the top chart exhibits HKT debt profile. As we noted yesterday during the results, pro forma net debt was stable at US$5.55 billion, after taking into account the proceeds from selling the additional interest in our passive network business for roughly US$209 million.

We also took the initiative of prefunding and repaying the bond that was maturing in July, with a new US$650 million 10-year bond that we issued in June. As a result, we have strong liquidity of around $2.9 billion, comprising of over $400 million cash, as well as $2.45 billion in bank lines.

You'll see in the bottom chart, this is the PCW debt profile. There is no imminent or significant debt due in 2026.

Across the group, we maintain a balanced mix of short-term, as well as longer-maturity borrowings and bonds. The current ratio of the group's fixed-to-floating-rate debt was kept at approximately 45 to 55, post repayment of HKT's bond in July.

Effective interest rate was approximately 3.75%, and the average bond maturity is around 3.3 years. Overall, the group's liquidity is strong, and we are well supported by banks, with $3.8 billion as at the end of June, pro forma for the proceeds from the additional sale of our passive network business and repayment of the bond in July.

We have undrawn facilities of $2.45 billion at HKT and $800 million for PCW. Overall cash of over $500 million on a group basis, with $400 million at HKT and $100 million at PCW.

Overall pro forma net debt to EBITDA was 4.35 times. On the ESG front, we continue to leverage our technology and media platform to drive impact for people, businesses, and communities, from 5G AI Academy, workforce reskilling, to digital fraud prevention, alongside disciplined environmental stewardship through energy efficiency, waste diversion, EV initiatives, and sustainable financing.

We also deepened our community engagement by the Strive and Rise Programme for the local youth, supporting regional talent exchange through scholarship to students from Kazakhstan to study in Hong Kong, as well as promoting positive sports culture via the World Cup broadcast, and featuring local fishing and aquaculture to promote sustainability awareness. That's all for presentation today.

Thank you.

This takes us to the end of the analyst briefing. Thank you for joining us today.