Financial Data and Key Metrics Changes - The company recorded core earnings of RMB 397 million for the year, but reported a loss attributable to shareholders of RMB 1.78 billion due to non-cash fair value adjustments and inventory impairment [3][4] - Total revenue was approximately RMB 4.1 billion, with property sales revenue around RMB 500 million and total rental income of RMB 3.6 billion, reflecting a 2% increase in rental income [14][16] - The net gearing ratio stood at 52%, supported by cash and bank deposits of RMB 6.5 billion, with total debt reduced by 12% year-on-year [4][20] Business Line Data and Key Metrics Changes - The retail portfolio showed strong growth, with retail sales and shopper traffic increasing by 15% and 12% respectively [5][44] - Property sales included residential sales of RMB 7.2 billion and commercial property sales of RMB 670 million, with a total contract sales of RMB 7.9 billion [28] - The office segment faced challenges, with Shanghai citywide rents down by about 11% year-on-year due to increased supply and dampened demand [12] Market Data and Key Metrics Changes - Nationwide sales volume and value declined by 8.7% and 12.6% year-on-year, respectively, indicating a challenging operating environment [9][10] - In Shanghai, the primary housing market saw a slight dip in sales volume, but average selling prices rose, driven by high-quality projects [33] - International inbound tourism in Shanghai grew by about 40%, contributing positively to retail demand [11] Company Strategy and Development Direction - The company aims to leverage its upgraded Xintiandi brand and luxury residential living brand, Lakeville, to expand its land bank through an asset-light strategy [13][34] - The focus will remain on top-tier cities, particularly Shanghai, while maintaining financial prudence in new investments [34] - The SLI strategy will be employed to introduce financial investors into mature commercial assets, broadening capital sources and managing risks [35][36] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenging operating environment due to geopolitical uncertainties and subdued consumer confidence, but noted resilient demand for high-quality assets [2][3] - There are early signs of stabilization in the market, with government policies shifting towards achieving sustained market stabilization [31][32] - The company expects rental income to continue growing and aims to maintain a healthy financial condition [27] Other Important Information - The company has reduced its Scope 1 and 2 emissions by 57% against the 2019 base year and received a GRESB 5-Star and HKQAA ESG AA Rating [7] - New projects such as Xintiandi Dongtai Li and KIC PARK have been opened, contributing positively to rental income [46][49] Q&A Session Summary Question: What are the company's expectations for the property market in 2026? - The company anticipates a shift in policy focus towards stability, indicating that the most difficult phase may be behind [31] Question: How is the company managing its debt and liquidity? - The company has pivoted its financing from offshore to onshore, reducing offshore exposure to less than 20% and lowering the average cost of debt to approximately 4.2% [25][26] Question: What strategies are in place to enhance retail performance? - The company plans to capitalize on inbound tourism and implement innovative marketing events to drive shopper traffic and tenant sales [51]

Financial Data and Key Metrics Changes - The company recorded core earnings of CNY 397 million for the year, but reported a loss attributable to shareholders of CNY 1.78 billion due to non-cash fair value adjustments and inventory impairment [3][4] - Total revenue was approximately CNY 4.1 billion, with property sales revenue around CNY 500 million and total rental income of CNY 3.6 billion, reflecting a 2% increase in rental income [14][16] - The net gearing ratio stood at 52%, supported by cash and bank deposits of CNY 6.5 billion, with total debt reduced by 12% year-on-year [4][20] Business Line Data and Key Metrics Changes - The retail portfolio showed strong growth, with retail sales increasing by 15% and shopper traffic by 12% [5][42] - Property sales included residential sales of CNY 7.2 billion and commercial property sales of CNY 670 million, with a total contract sales of CNY 7.9 billion [27][28] - The office segment faced challenges, with Shanghai citywide rents down by about 11% year-on-year due to increased supply and dampened demand [12][43] Market Data and Key Metrics Changes - Nationwide sales volume and value declined by 8.7% and 12.6% year-on-year, respectively, indicating a challenging operating environment [9][10] - In Shanghai, the primary housing market saw a slight dip in sales volume, but average selling prices rose, driven by high-quality projects [30][31] - International inbound tourism in Shanghai grew by about 40%, contributing positively to retail demand [11] Company Strategy and Development Direction - The company aims to leverage its upgraded Xintiandi brand and luxury residential living brand, Lakeville, to expand its land bank through an asset-light strategy [13][33] - The focus will remain on top-tier cities, particularly Shanghai, while maintaining financial prudence in new investments [33] - The SLI strategy will be employed to introduce financial investors into mature commercial assets, broadening capital sources and managing risks [34][35] Management's Comments on Operating Environment and Future Outlook - The management highlighted the challenging operating environment due to geopolitical uncertainties and subdued consumer confidence, but noted resilient demand for high-quality assets [2][3] - There are early signs of stabilization in the market, with government policies shifting towards supporting market recovery [30][31] - The company expects rental income to continue growing and aims to maintain a healthy financial condition [26] Other Important Information - The company has reduced its Scope 1 and 2 emissions by 57% against the 2019 base year and received a GRESB five-star rating [7] - New projects like Xintiandi Dongtai Li and K11 SEEK Park have started contributing to rental income, with positive market responses [45][46] Q&A Session Summary Question: What are the company's strategies for navigating the current market challenges? - The company will focus on maintaining financial prudence, leveraging its brand strengths, and expanding strategic partnerships to drive sustainable development [33][34] Question: How does the company plan to address the challenges in the office segment? - The company aims to maintain high occupancy rates through flexible leasing strategies and enhanced tenant engagement [49]

Financial Data and Key Metrics Changes - The company recorded core earnings of CNY 397 million for the year, but reported a loss attributable to shareholders of CNY 1.78 billion due to non-cash fair value adjustments and inventory impairment [3][4] - Total revenue was approximately CNY 4.1 billion, with a gross profit of CNY 2.1 billion, reflecting a significant decline primarily due to a lack of new residential completions [13][14] - The net gearing ratio stood at 52%, supported by cash and bank deposits of CNY 6.5 billion, with total debt reduced by 12% year-on-year [4][19] Business Line Data and Key Metrics Changes - Total rental and related income grew by 2% to CNY 3.6 billion, with retail sales and shopper traffic increasing by 15% and 12% respectively [5][41] - Property sales revenue was approximately CNY 500 million, with residential sales contributing CNY 7.2 billion and commercial property sales CNY 670 million [13][26] - The restructuring of the KIC project led to a 21% year-on-year decline in rental income due to its transition to a joint venture [14][15] Market Data and Key Metrics Changes - The nationwide sales volume and value in the property market declined by 8.7% and 12.6% year-on-year, respectively, with high-end segments in first-tier cities showing more resilience [8][9] - Shanghai's prime and decentralized rents declined by 4.3% and 6.4% respectively, reflecting increased competition and supply [9][11] - International inbound tourism in Shanghai grew by about 40%, contributing positively to retail demand [10] Company Strategy and Development Direction - The company aims to leverage its upgraded Xintiandi brand and luxury residential brand, Lakeville, to expand its land bank through an asset-light strategy [12][31] - The focus will remain on top-tier cities, particularly Shanghai, while maintaining financial prudence in new investments [31][32] - The SLI strategy will be employed to introduce financial investors into mature commercial assets, broadening capital sources and managing risks [33][34] Management's Comments on Operating Environment and Future Outlook - The operating environment for the property sector remains challenging, but there are signs of stabilization and recovery supported by government initiatives [2][29] - The company expects rental income to continue growing and aims to develop new recurring fee-based income streams [25][39] - Management remains focused on maintaining liquidity and a healthy balance sheet while navigating market volatility [12][24] Other Important Information - The company has reduced its Scope 1 and 2 emissions by 57% and Scope 3 tenant emissions by 32%, receiving a GRESB five-star and HKQAA ESG AA rating [6] - New projects such as Xintiandi Dongtai Li and K11 Park have been opened, contributing to rental income and demonstrating strong consumer demand [41][45] Q&A Session Summary Question: What are the company's expectations for the property market in 2026? - The company anticipates a shift towards stability in the property market, with government support for urban regeneration and quality homes initiatives [29][30] Question: How is the company managing its debt and liquidity? - The company has successfully reduced offshore debt exposure to less than 20% and aims to maintain a healthy balance sheet with a focus on liquidity management [4][23] Question: What are the key strategies for growth moving forward? - The company will focus on top-tier cities, leverage its brand strengths, and expand partnerships to drive sustainable growth [31][34]

Financial Data and Key Metrics Changes - In Q4 2025, revenues grew 17% and EBITDA grew 29% year-over-year in US dollars [4] - For the full year, revenues increased nearly 10% and EBITDA grew 19% [4] - Annual EBITDA surpassed $2 billion with margins expanding to 45.7% [4][8] - Group revenue reached $4.4 billion in 2025, growing 9.9% in US dollar terms [16] - EBITDA for the year reached $2.01 billion, representing 18.8% growth [16] Business Line Data and Key Metrics Changes - Digital services revenue grew 84% year-over-year in Q4 and over 62% for the full year [4] - Digital revenues reached $759 million, representing 17% of group revenues for the full year [9][16] - EBITDA from digital services reached $207 million with an EBITDA margin of 27.3% [5] - Telecom and infrastructure revenues grew 3% despite the consolidation of TNS Plus, Deodar, and Kyrgyzstan [8] Market Data and Key Metrics Changes - Growth across markets remains balanced, with strong momentum in Pakistan, Ukraine, and Kazakhstan [10] - Bangladesh returned to positive growth during the year, while Uzbekistan continues to expand steadily [10] - Monthly active users in Pakistan's financial services business reached 21.5 million, with transaction value reaching $53 billion [11] Company Strategy and Development Direction - The company is focused on executing an asset-light strategy, having completed the sale of its Pakistan tower portfolio [5] - The listing of Kyivstar on Nasdaq was highlighted as a significant achievement [7] - The company aims to continue annual share buybacks of at least $100 million, reflecting confidence in long-term cash generation capacity [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in both telecommunications and digital services [18] - The company expects revenue growth of 9%-12% and EBITDA growth of 7%-10% for 2026 [18] - Management acknowledged the impact of inflation and pricing power in their markets [104] Other Important Information - The company is actively pursuing digital banking licenses across its markets, including Pakistan [88] - The acquisition of TPL Insurance is expected to enhance embedded insurance offerings through JazzCash [84] - The company is developing local language large models for AI applications in its markets [95] Q&A Session Summary Question: Inquiry about the Pakistan spectrum auction and 5G network aspirations - Management highlighted the successful spectrum auction in Pakistan and the potential for both 4G and 5G network improvements [24][25] Question: Revenue growth drivers and pricing versus volume - Management attributed revenue growth to a shift towards meaningful digital services and multi-play customer relationships [32][33] Question: Future digital revenue growth and margin profile - Management indicated a balanced model for cash flow generation between telecom and digital services, with a current digital margin of 27.3% [35] Question: Capital allocation and mid-term strategy - Management emphasized a disciplined approach to capital allocation, focusing on share buybacks and strategic acquisitions [46][50] Question: Ukraine market potential and future projections - Management expressed confidence in Ukraine's long-term growth potential post-conflict, highlighting digital service opportunities [62][63] Question: Settlement with Dhabi Group and implications - Management explained the rationale behind settling with Dhabi Group to eliminate distractions and enhance investor relations [67][76] Question: Embedded insurance strategy and digital banking licenses - Management discussed the integration of insurance products into existing platforms and the pursuit of digital banking licenses [84][88]

Core Insights - The company achieved strong operational performance in 2025, generating significant cash flow dedicated to debt reduction, reflecting the success of its asset-light strategy initiated in 2018 [2][16][19] - For 2026, the company anticipates generating an additional $100 million in net cash flow, which will also be allocated to further deleveraging [2][27] Financial Performance - Q4 2025 revenue was $277 million, down 18% from Q4 2024, while full-year revenue increased by 4% to $1,165 million [6][36] - Adjusted EBITDAs for FY 2025 reached $551 million, a 21% increase year-on-year, with a margin improvement to 47% from 41% in 2024 [6][36] - IFRS net income for FY 2025 was $71 million, up 40% compared to 2024, with a significant increase in net cash flow to $107 million, nearly doubling from $56 million in 2024 [14][16] Segment Performance - The Data, Digital and Energy Transition (DDE) segment reported revenue of $850 million, an 8% increase year-on-year, driven by strong performance across its businesses [4][36] - Geoscience revenue grew by 10% to $444 million, supported by core basin activities and market demand for high-end data [6][7] - The Sensing and Monitoring (SMO) segment saw a revenue decline of 5% to $315 million, with new business activities increasing by 8% [9][10] Cash Flow and Debt Management - The company generated a net cash flow of $107 million in 2025, exceeding its guidance, and significantly reduced net debt to $888 million, a 4% decrease from 2024 [16][21] - The company repaid $97 million of outstanding bonds and an additional $28 million asset-backed facility, demonstrating a commitment to deleveraging [19][20] Governance Changes - The company announced a governance restructuring, with Sophie Zurquiyah transitioning to a non-executive Chair role and Henning Berg appointed as the new CEO effective June 3, 2026 [23][25] Outlook - The company expects a recovery in the second half of 2026, projecting a net cash flow of around $100 million, with plans for expansion in U.S. HPC infrastructure [27][28]