Core Insights - The company achieved record revenue in 2025 by shifting focus towards high-growth verticals such as OTT and semiconductors, reducing reliance on the Pay-TV market [1] - The resolution of the Disney litigation highlighted the media portfolio's applicability to major OTT services and showcased management's capability in defending intellectual property [1] - Non-Pay-TV recurring revenue increased by 30% year-over-year in Q4, with an overall growth of more than 20% for the year and over 60% since 2022, as the company diversifies into social media, e-commerce, and consumer electronics [1] Industry Developments - In the semiconductor sector, the adoption of hybrid bonding technology is accelerating, with major players like Intel and Broadcom revealing roadmaps that incorporate this technology for AI ecosystems [1] - The company reported a 13% growth in its patent portfolio, attributed to internal R&D and targeted mergers and acquisitions, maintaining a top-tier ranking in U.S. patent issuance [1] - The company is actively addressing challenges in the Pay-TV sector, including filing a breach of contract lawsuit against DIRECTV to safeguard existing licensing frameworks [1]

Financial Performance - Consolidated revenue increased by 7% year-over-year to $2426 million[21] - Consolidated EBITDA increased by 6% year-over-year to $771 million[21] - HKT revenue increased by 4% year-over-year to $2221 million, with EBITDA up by 3% to $818 million[20] - OTT revenue increased by 10% year-over-year to $153 million, with EBITDA up significantly by 51% to $44 million[20] - Free TV & Related revenue was $44 million, with EBITDA at $6 million[20] OTT Business (Viu) - Viu maintained its position as the No 1 Asian OTT platform in GSEA with 138 million paid subscribers[17] - Viu's subscription and advertising revenues grew by 27% and 29% year-over-year respectively[42] - Viu's EBITDA margin expanded by 8 percentage points year-over-year to 29%[42] HKT Business - Mobile services revenue grew by 5% year-over-year[92] - Local data revenue grew by 11% year-over-year[92] - Broadband revenue grew by 3% year-over-year[92] Cost Efficiency and Capex - Operating expenses decreased by 5% year-over-year[110] - Capex to revenue ratio improved to 58%[115] Dividend - 2025 Interim Dividend per share is 977 HK cents[28]