Financial Data and Key Metrics Changes - Unconsolidated revenue grew by 9% year on year in 2025, with ATM revenues up 18% year on year [6] - Consolidated net revenues for Q2 2025 were NT$150.8 billion, representing a 2% sequential increase and a 7% year-over-year increase [30] - Gross profit for Q2 2025 was NT$25.7 billion, with a gross margin of 17%, improving by 0.2 percentage points sequentially and 0.6 percentage points year over year [31] - Operating profit was NT$10.2 billion, up NT$500 million sequentially and NT$1.2 billion year over year, with an operating margin of 6.8% [32] Business Line Data and Key Metrics Changes - ATM business revenues for Q2 2025 were NT$92.6 billion, up NT$5.9 billion sequentially and NT$14.8 billion year over year, representing a 7% sequential increase and a 19% annual increase [35] - EMS revenues for Q2 2025 were NT$58.8 billion, declining 6% sequentially and 7% year over year [42] - The testing business grew by 31% year on year in the first half of 2025, with expectations for continued momentum into the second half [7] Market Data and Key Metrics Changes - The company noted a strong demand for high-performance computing (HPC) and AI, with a healthy recovery observed across all sectors in Q2 2025 [62] - The disparity between AI and other general sectors is expected to improve in 2026 and beyond [20] Company Strategy and Development Direction - The company aims to expand its leading-edge advanced packaging and testing revenue, targeting a significant increase in 2025 [8] - Investment in R&D, human capital, advanced capacity, and smart factory infrastructures is seen as crucial for multiyear growth [9] - The company is focusing on resource optimization between Taiwan and overseas expansions due to current market dynamics [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects driven by AI proliferation and a general recovery expected in 2026 [9] - The impact of foreign exchange fluctuations was highlighted as a temporary challenge, with expectations for margins to return to structural levels in the future [28][29] - Management emphasized the importance of execution and operational efficiency in navigating current challenges [22] Other Important Information - The company is experiencing a full capacity in leading-edge operations in Taiwan, prompting considerations for overseas expansions [20] - The company anticipates increasing its debt throughout the year, with a net debt to equity ratio expected to peak in Q3 2025 [45] Q&A Session Summary Question: How to reconcile strong ATM guidance with slow end markets? - Management indicated that guidance is based on firm customer orders covering AI and other sectors, suggesting a strong outlook despite general market weakness [60][62] Question: Why maintain revenue guidance despite TSMC's revision? - Management explained that their capacities are full and incremental capacities are being added, indicating a cautious approach to revenue guidance [65] Question: Will pricing strategy change due to current currency environment? - Management noted that strategic initiatives are being recalibrated, including pricing strategies, but emphasized the importance of customer relationships and long-term growth [72][76] Question: Expectations for AI-related business growth in 2026? - Management expressed optimism about growth in both packaging and testing, with a focus on expanding capabilities to meet increasing demand [79][88]

Financial Data and Key Metrics Changes - Total income increased compared to the previous quarter, with commercial net interest income (NII) supported by the repricing of customer deposits and continued volume growth, which almost fully compensated for the impact of the lower ECB deposit facility rate and a stronger euro [1][2] - Fee income grew significantly by 12% year on year, with expectations for continued growth [1][2] - Total risk costs were €299 million this quarter, or 17 basis points of average customer lending, which is below the through-the-cycle average [12] Business Line Data and Key Metrics Changes - Net core lending rose by €15.4 billion, driven by record growth in retail lending, which increased by over €11 billion [2][3] - Wholesale Banking also saw growth in net core lending, primarily driven by working capital solutions and short-term trade finance [3] - Fee growth in wholesale banking reached a quarterly record of $360 million, driven by strong fee income in lending, daily banking, and trade finance [7] Market Data and Key Metrics Changes - The retail banking business recorded strong commercial momentum, with core deposits increasing by more than €6 billion this quarter [3] - The demand for long-term corporate loans remained subdued due to ongoing economic uncertainty, particularly in Germany [3][22] Company Strategy and Development Direction - The company aims to allocate more capital towards the more profitable retail banking business, with a target of 55% retail and 45% wholesale by 2027 [5][6] - The strategy includes diversifying services offered to existing customers and targeting specific customer segments such as Gen Z and affluent clients [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating continued commercial growth despite geopolitical and macroeconomic turmoil, with expectations for commercial NII to grow in the second half of the year [16] - The company expects to deliver a healthy return on equity of around 12.5% in 2025, supported by improved profitability outlook [17] Other Important Information - The interim dividend for 2025 is set at $0.35 per share, continuing the company's track record of providing attractive returns to shareholders [15] - The company is investing in digitalization and operational efficiencies to manage costs effectively, with a focus on enhancing customer acquisition and tech platform scaling [11] Q&A Session Summary Question: FX sensitivity and revenue/cost mix disclosure - Management acknowledged the impact of an 8% reduction in the U.S. dollar against the euro, which had a €37 million negative impact on NII and an overall impact of around $60 million to $70 million on total revenue [25][26] Question: Corporate loan demand and future outlook - Management noted that while there was some growth in the wholesale bank, long-term loan demand remains muted, and it is too early to predict changes in this trend [22][23] Question: Commercial NII trends and guidance - Management confirmed that the underlying trends in commercial NII are satisfactory, with expectations for a 2.5% to 5% quarter-on-quarter improvement in Q4 [30][38] Question: Deposit strategy and M&A focus - Management indicated that there were no major deposit campaigns in Q2, and the focus is on diversifying services and targeting specific customer segments rather than pursuing M&A aggressively [43][46] Question: Liability margin guidance - Management stated that the liability margin is expected to stabilize around 100 basis points, with the end of the German campaign contributing to this stability [109][111] Question: ROE guidance and factors influencing it - Management explained that the improved ROE outlook is driven by a combination of higher fee intensity and operating within the lower end of cost guidance [119]

Financial Data and Key Metrics Changes - Gross rental income increased by 11% and net rental income rose by 10% [3][4] - Portfolio valuation grew by 11%, marking the first valuation gain since H1 2017 [3][20] - Earnings per share remained flat, but the acquisition of Bullring and Grand Central is expected to replace the loss from the disposal of Value Retail [3][4] - EPRA earnings were GBP 48 million, with earnings per share at 9.9p, consistent with the previous year [20][21] - The total property return was 4%, with an income return of 3% and a capital return of 1% [20] Business Line Data and Key Metrics Changes - Like-for-like gross rental income and net rental income increased by 54% respectively [4] - UK gross rental income rose by 9% and net rental income by 8% [4] - Like-for-like leasing volume was up 13% and leasing value increased by 3% [5][36] - Like-for-like net rental income in Cabot Circus grew by 24% in the first half [36] Market Data and Key Metrics Changes - Footfall increased to 79 million visitors in the first half, up by 1 million from last year [6] - Group like-for-like sales were up 1%, with Q2 showing a 2% increase [7] - UK like-for-like values increased by 1%, while Ireland saw a 2% increase [25] Company Strategy and Development Direction - The company is focused on active asset management and leasing, shifting from merely filling space to driving rents up [5][33] - A clear capital allocation strategy is in place to maximize opportunities and unlock value [8][40] - The company is investing in AI analytics to enhance customer and occupier understanding, which strengthens its negotiating position [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong earnings growth, with demand for space at an all-time high [4][15] - The guidance for 2025 has been raised, expecting total gross rental income growth of around 17% [15][28] - The outlook for 2026 and 2027 remains positive, with expected GRI and NRI growth in line with the medium-term financial framework [16][28] Other Important Information - The acquisition of Bullring and Grand Central is expected to be immediately 4% earnings accretive [12][13] - The company has a strong balance sheet with net debt to EBITDA at 7.8 times and LTV at 35% [21][26] - The company has realized €26 million from Leeds Eastgate land at a 23% premium to book value [9] Q&A Session Summary Question: What is the impact of the acquisition of Bullring and Grand Central on earnings? - The acquisition is expected to be immediately 4% earnings accretive with minimal dilution [12][13] Question: How does the company plan to drive future growth? - The company plans to drive growth through active asset management, targeting leasing, repositioning, and asset enhancement [44]

Financial Data and Key Metrics Changes - Consolidated revenue for Q2 2025 reached KRW 17.6 trillion, with an operating profit of KRW 610 billion, marking growth for two consecutive quarters [3][9] - Operating profit margin improved from 3.9% to 5.7%, with EBITDA recorded at KRW 1.6 trillion [4][10] - Net debt decreased slightly quarter on quarter due to effective investment and working capital management [9] Business Line Data and Key Metrics Changes - Steel operating margin increased by 35.6% to KRW 610 billion, with improvements noted in both domestic and overseas steel operations [10][12] - The rechargeable battery materials segment faced increased deficits due to initial operational costs and falling lithium prices, although future losses are not expected to increase [7][10] - POSCO International showed robust performance, while POSCO E&C's overseas projects incurred additional costs leading to marginal decreases [10][22] Market Data and Key Metrics Changes - The domestic market showed moderate improvements contributing to mill margin growth, while overseas steel operations in Indonesia and Vietnam diversified sales channels [4][13] - The lithium market is seen as opportune, with a significant joint investment in Argentina expected to generate synergies [8][10] Company Strategy and Development Direction - POSCO is committed to ongoing efficiency improvements and restructuring of non-core assets, aiming to generate KRW 1 trillion in cash flow [11][12] - The company is focusing on high-value added steel products and has initiated projects for advanced technologies like HiRX, which is designated as a national strategic technology [16][17] - Future investments are planned in high-growth markets such as the U.S. and India, with a focus on premium products [80][81] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about sustaining profit levels into Q3 despite global tariff uncertainties [5][6] - The potential decrease in Chinese steel production is expected to positively impact POSCO's profits in the second half of the year [27] - The company anticipates that lithium prices will rebound, contributing to improved profitability in the rechargeable battery materials segment [36][67] Other Important Information - The sale of the POSCO Changjiegang Stainless Steel subsidiary is underway due to ongoing deficits from oversupply and local government policies in China [6][10] - The company is actively pursuing customer certifications and commercial production in its lithium business, with significant investments in new plants [7][21] Q&A Session All Questions and Answers Question: Steel market outlook and price negotiations - Management noted that while there are expectations of decreased production in China, domestic demand has increased, which is expected to positively impact profits [26][27] - Price negotiations in the automotive and shipbuilding industries are ongoing, with optimism about maintaining favorable terms despite raw material fluctuations [28][30] Question: Update on Indian joint venture and potential acquisitions - Discussions regarding the Indian joint venture are progressing, with environmental feasibility studies ongoing [31][32] - The potential acquisition of the Waiala steelmaker is under review, focusing on mining opportunities and renewable energy [33][34] Question: Lithium market developments - Management believes lithium prices will not fall below $8, with expectations of gradual increases in the coming years [36][67] Question: U.S. and European market strategies - The company plans to adapt to the U.S. market despite tariffs, with a focus on maintaining competitive pricing and exploring other regions [39][44] - In the European market, management anticipates limited volume increases due to quota restrictions but aims to keep prices competitive [46][47] Question: PZSS sale and product deficits - The sale of PZSS is progressing, with final details being negotiated, and management expects to cover losses through divestments [51][52] - Currently, there are hardly any steel products recording deficits due to restructuring efforts [55] Question: Lithium certification progress and safety incidents - Certification for lithium products is ongoing, with three customers already certified [59] - The impact of a safety incident in E&C is still being assessed, with potential effects expected in Q4 [61][62]

Financial Data and Key Metrics Changes - Consolidated revenue for Q2 2025 reached KRW 17.6 trillion, with an operating profit of KRW 610 billion, marking growth for two consecutive quarters [3][9] - Operating profit margin improved from 3.9% to 5.7%, indicating a recovery in profitability [10][12] - EBITDA for the quarter was KRW 1.6 trillion, and cumulative CapEx for the first half was KRW 3.1 trillion [9][10] - Net debt decreased slightly quarter on quarter due to effective investment and working capital management [9] Business Line Data and Key Metrics Changes - Steel segment operating margin increased by 35.6% to KRW 610 billion, driven by improved mill margins from lower raw material costs [10][12] - The rechargeable battery materials segment faced increased deficits due to falling lithium prices and initial operational costs from new plants [10][22] - POSCO International showed robust performance in infrastructure, although overseas projects incurred additional costs leading to marginal decreases [10][12] Market Data and Key Metrics Changes - Domestic market improvements contributed to the growth in mill margins, while overseas steel sales also increased quarter on quarter [4][10] - The lithium market is seen as opportune, with a recent joint investment in Argentina expected to generate significant synergies [8][10] Company Strategy and Development Direction - The company is focused on restructuring non-core assets and improving operational efficiency through AI and robotics [14][15] - Ongoing projects include the development of high-value-added steel products and the HiRX technology for long-term strategic growth [16][17] - The company is exploring opportunities in high-growth markets such as the U.S. and India, with plans for local production plants [84][85] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about sustaining profit levels into Q3 despite global tariff uncertainties [5][10] - The company is monitoring the potential decrease in Chinese steel production, which could positively impact profits in the second half [28][29] - Future profitability in the lithium segment is contingent on market conditions and cost management [70][71] Other Important Information - The sale of the POSCO Changjiegang Stainless Steel subsidiary is underway, which will be removed from consolidated accounts upon completion [6][12] - The company is committed to ongoing restructuring efforts, aiming to generate KRW 1 trillion in cash flow [11][12] Q&A Session Summary Question: Steel market outlook and price negotiations - Management noted that while there are expectations of decreased production in China, domestic demand is increasing, which could positively impact profits [28][29] - Price negotiations in the automotive and shipbuilding sectors are ongoing, with expectations of slight upward adjustments due to anti-dumping tariffs [32][33] Question: Update on Indian joint venture and potential acquisitions - Discussions regarding the Indian joint venture are progressing, with environmental feasibility studies ongoing [34][35] - The company is exploring the acquisition of the Waiala steelmaker, focusing on mining opportunities and renewable energy [36][37] Question: Lithium market developments - Management anticipates a rebound in lithium prices, with expectations that prices will not fall below $8 [39][40] Question: Sales projections for U.S. and European markets - The company expects to maintain a small profit margin despite tariffs, with plans to explore other regions for sales [46][47] - The impact of anti-dumping tariffs on pricing strategies is being assessed, with a focus on maintaining competitiveness [48][49] Question: PZSS sale and product deficits - The sale of PZSS is progressing, with final details being negotiated, and management expects to cover losses through divestments [55][56] - Currently, there are few products recording deficits due to operational adjustments and facility shutdowns [58] Question: CapEx investment plans and potential losses - The CapEx investment plan remains unchanged, with no significant changes expected in the near term [77][78] - The company is confident in covering any potential EBITDA deficits through divestments and operational efficiencies [80][81]

Financial Data and Key Metrics Changes - The profit for the year decreased to $6.7 million from $7.5 million in 2024, attributed to reduced dividends received and fewer gains on the trading portfolio [6][7][9] - Realized gains after tax amounted to $13.7 million, which are not included in the profit figure [7] - The total dividend for the year increased to 6.5 cents from 4 cents last year, consisting of a normal final dividend of 2.5 cents and a special dividend of 3 cents [9] - The portfolio return was 6.4%, significantly below the market return of 15.1% [9] Business Line Data and Key Metrics Changes - The company experienced a reduction in dividends received due to the sale of high-yielding stocks and a shift towards stocks with different growth profiles [6] - The expense ratio remained stable at 56 basis points, indicating consistent operational costs [9] Market Data and Key Metrics Changes - The company is trading at a discount to its net tangible asset (NTA), a common issue faced by many Listed Investment Companies (LICs) [11][12] - The board is aware of the discount and has initiated a share buyback to help mitigate this issue [12][13] Company Strategy and Development Direction - The company aims to focus on quality stocks with strong profit growth potential and sustainable competitive advantages [18][21] - A disciplined investment approach has been adopted, with a focus on maintaining a low turnover portfolio and avoiding overvalued stocks [17][22] - The management is actively engaging with investors to educate them about the benefits of investing in the company, especially given its low management expense ratio and absence of performance fees [59][60] Management's Comments on Operating Environment and Future Outlook - The management expressed a cautious stance on the market, highlighting high valuations and the need for a defensive position [49][51] - Concerns were raised about external factors such as tariffs and a nervous corporate environment ahead of the reporting season [52][53] - The management remains committed to investing in financially strong companies with growth potential, despite the current market challenges [53] Other Important Information - The company has engaged a business development manager to connect with potential investors and financial planners [59] - The management is focused on maintaining a diversified portfolio to capture growth opportunities while managing risks [45][46] Q&A Session Summary Question: What steps are being implemented to improve portfolio performance? - The management acknowledged the underperformance and emphasized a disciplined approach that has been in place for two and a half years, which has shown some outperformance [56][60] Question: Why is the company still invested in CSL despite its impact on performance? - The management highlighted CSL's strong EPS growth and potential for future growth as reasons for maintaining the investment [63][65] Question: Will the company consider buying back more shares? - The management indicated that buying back shares, especially to neutralize the DRP shares, makes sense but decisions will be made by the board [69] Question: What is the outlook for Woolworths? - The management expressed a cautious optimism about Woolworths' ability to achieve reasonable EPS growth, maintaining a hold on the stock for now [92] Question: How does the company view its investment in Transurban? - The management believes Transurban has a dominant market position and expects distribution growth, making it a solid investment [70][72] Question: What is the company's stance on high growth stocks in the current market? - The management prefers to invest in high-quality growth companies, even if they appear overpriced, as they believe earnings can eventually catch up [108]

Financial Data and Key Metrics Changes - Total volumes decreased by 6.1% and revenue decreased by 5.6% in the first half of 2025, while revenue per hectoliter increased by 0.5% [8][9] - Normalized EBITDA decreased by 8% and normalized EBITDA margin contracted by 82 basis points [8][9] - In the second quarter, total volumes and revenue decreased by 6.2% and 3.9% respectively [8] Business Line Data and Key Metrics Changes - In China, volumes decreased by 7.4% in the second quarter, with revenue decreasing by 6.4% and revenue per hectoliter increasing by 1.1% [10] - In South Korea, volumes were impacted by shipment phasing, but the company continued to gain market share in both on-premise and in-home channels [6][13] - In India, the Budweiser brand grew ahead of the industry, delivering double-digit revenue growth and significant EBITDA margin improvement [13][74] Market Data and Key Metrics Changes - In APAC West, volumes and revenue decreased by 6.9% and 7.1% respectively, with normalized EBITDA decreasing by 8.8% [9] - The contribution of the in-home channel to volumes and revenue increased, with premium and super premium portfolio weights exceeding those in the Chinese restaurant channel [11] - The Indian market showed strong growth momentum, with the premium and super premium portfolio growing by double digits [74] Company Strategy and Development Direction - The company continues to invest in mega brands and focus on expanding the in-home channel while enhancing trade execution [5][20] - A channel expansion strategy is in place, focusing on premiumization in the in-home channel [11] - The company is committed to maintaining a sound balance sheet and disciplined financial practices [15] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in China, particularly in the restaurant channel, and expects volume headwinds to continue into the third quarter [20][57] - The company remains focused on enhancing execution of mega brands and expanding distribution in the in-home channel [58] - Management expressed confidence in the long-term growth potential of the Indian market, driven by premiumization and favorable regulatory changes [74] Other Important Information - The company reported a net cash position of $2.4 billion as of June 30, 2025 [15] - An internal restructuring led to a non-underlying income tax of $53 million, which is expected to have no further impact on financials [83] Q&A Session Summary Question: Impact of anti-extravagance campaign on China - Management acknowledged a slowdown in the Chinese restaurant channel and indicated that the impact would continue into the third quarter [20] Question: Update on South Korea customs tax dispute and anti-dumping duties in Taiwan - The customs tax dispute is ongoing, and management is committed to defending the matter [25] - The impact of anti-dumping duties in Taiwan is still uncertain, and management is monitoring the situation closely [27] Question: Progress on inventory destocking in China - Management reported that inventory levels are lower than the previous year and expect a more normalized base by the end of the year [32] Question: In-home channel penetration and expansion plans - The in-home channel is expected to continue growing, with plans to enhance distribution and execution [39] Question: Market share strategy in Guangdong - Management emphasized the importance of expanding coverage in the in-home channel and improving execution to regain market share [49] Question: Core plus segment performance and competition - Management acknowledged competition pressures in the core plus segment and outlined plans to enhance brand power and distribution [61] Question: Margin outlook in South Korea - Management expressed confidence in future margin recovery driven by pricing, operational efficiencies, and premiumization [71] Question: Trends in the Indian market - The Indian market is experiencing strong growth, particularly in the premium segment, with favorable regulatory changes expected to further boost growth [74]

Financial Data and Key Metrics Changes - Total volumes decreased by 6.1% and revenue decreased by 5.6% in the first half of 2025, while revenue per hectoliter increased by 0.5% [8][9] - Normalized EBITDA decreased by 8% and normalized EBITDA margin contracted by 82 basis points [8][9] - In the second quarter, total volumes and revenue decreased by 6.2% and 3.9% respectively [8] Business Line Data and Key Metrics Changes - In China, volumes decreased by 7.4% in the second quarter, with revenue decreasing by 6.4% and revenue per hectoliter increasing by 1.1% [11] - In South Korea, volumes were impacted by shipment phasing, but market share continued to grow in both on-premise and in-home channels [6][14] - In India, the Budweiser brand grew ahead of the industry, contributing to double-digit revenue growth and significant EBITDA margin improvement [14][78] Market Data and Key Metrics Changes - In APAC West, volumes and revenue decreased by 6.9% and 7.1% respectively, with normalized EBITDA decreasing by 8.8% [10] - The in-home channel's contribution to volumes and revenue increased, with premium and super premium portfolio weights exceeding those in the restaurant channel [12][42] - The Indian market continues to show strong growth momentum, with premiumization driving performance [78] Company Strategy and Development Direction - The company is focusing on investing in mega brands and expanding the in-home channel to navigate current challenges and pursue long-term growth [5][6] - A channel expansion strategy is being implemented to enhance premiumization in the in-home channel [12] - The company is committed to maintaining a sound balance sheet while pursuing disciplined financial practices and capital allocation priorities [16] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in China, particularly in the restaurant channel, but remains focused on enhancing execution and expanding distribution [21][60] - The company expects volume headwinds to continue into the third quarter, with potential for improvement in the fourth quarter due to easier comparisons [60] - Management emphasized the importance of premiumization and innovation in driving future growth [78][81] Other Important Information - The company reported a net cash position of $2.4 billion as of June 30, 2025 [16] - An internal restructuring led to a $53 million non-underlying income tax charge, which is not expected to impact future financials significantly [87][88] Q&A Session Summary Question: Impact of anti-extravagance on the catering business in China - Management acknowledged a slowdown in the Chinese restaurant channel and indicated that the impact would continue into the third quarter, focusing on mega brand investments and in-home channel expansion [20][21] Question: Update on South Korea customs tax dispute and anti-dumping duties in Taiwan - The customs tax dispute is ongoing, with no new updates, while the impact of anti-dumping duties in Taiwan is still being assessed [26][28] Question: Progress on inventory destocking in China - Management reported proactive inventory management, with current levels lower than the previous year, and expects a more normalized base by the end of the year [35][36] Question: In-home channel penetration and expansion plans - The company sees significant opportunities in the in-home channel, with plans to enhance distribution and execution to capture market share [38][42] Question: Market share strategy following pricing hikes in Korea - Management indicated that the pricing strategy is aligned with brand strength and innovation, with a focus on maintaining commercial momentum [72][101] Question: Trends in the Indian market - The Indian market is experiencing strong growth, particularly in the premium segment, with ongoing efforts to improve productivity and capitalize on regulatory changes [78][81]

Grab (GRAB) Q2 2025 Earnings Call July 30, 2025 08:00 PM ET Company ParticipantsDouglas Yu - Director of IR & StrategyAnthony Tan - CEO, Co-Founder & ChairmanUsjima Pang Vittayaamnuaykoon - Executive DirectorAlex Hungate - President & COODivya Gangahar - Executive DirectorPeter Oey - CFO & DirectorMark Mahaney - Senior MDRanjan Sharma - Executive DirectorConference Call ParticipantsAlicia Yap - Equity Research AnalystPiyush Choudhary - Director, Telecoms Analyst - South East AsiaJiong Shao - Equity Research ...

Financial Data and Key Metrics Changes - The company reported a 4% growth in revenue, exceeding USD 2.2 billion, with EBITDA improving by 3% to USD 818 million [3][20] - The Adjusted Funds From Operations (AFF) grew by 3% to USD 328 million, leading to an interim dividend declaration of HKD 33.8 per share [3][20] Business Line Data and Key Metrics Changes - The enterprise segment saw an 11% year-on-year revenue growth, driven by a 14% increase in cloud projects and a 6% growth in high bandwidth fiber lines [11][20] - Mobile services revenue grew by 5%, with a significant increase in roaming revenue by 7%, reaching 104% of pre-pandemic levels [8][24] - Fixed broadband subscriber base grew by over 140%, contributing to a 3% overall growth in fiber users [10][21] Market Data and Key Metrics Changes - The China revenue grew by 13%, supported by demand for SD WAN services and data center uptake by Mainland Chinese entities [13] - The mobile business added 45,000 new customers, with a 21% increase in 5G subscribers, reaching a penetration rate of 54% [9][25] Company Strategy and Development Direction - The company is focusing on AI technology to enhance customer offerings and improve operational efficiency, achieving a 7% cost savings across the overall cost base [4][18] - Continued investment in digital infrastructure, including a 100 terabit core backbone network and expansion of 5G capabilities [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about enterprise growth, targeting 10% to 12% for the full year, supported by a healthy project pipeline and economic recovery in Hong Kong [35][36] - The company anticipates sustained growth in roaming revenue due to increased consumer outbound travel and commercial activities [37][38] Other Important Information - The company achieved a stable EBITDA margin of 37% and improved its gross debt to EBITDA ratio to 3.11x [20][31] - The company maintains a BBB investment grade rating and has sufficient liquidity to manage upcoming bond maturities [32][33] Q&A Session Summary Question: What is the guidance for interest costs in the second half? - Management expects full-year interest savings to be at least 25% to 30% assuming no significant spikes in interest rates [34] Question: Will enterprise growth of 11% be maintained for the full year 2025? - Management is optimistic about maintaining 10% to 12% growth for the full year, supported by a healthy pipeline and economic recovery [35][36] Question: Do you expect strong roaming revenue growth to be maintained for the remainder of 2025? - Management is positive about maintaining growth in roaming revenue due to increased consumer and commercial activities [37][38] Question: Is it possible to capitalize on low interest rates through refinancing into more floating debt? - Management indicated a willingness to leverage low rates while maintaining a prudent balance between fixed and floating debt [40] Question: What is the outlook for working capital in the second half? - Management expects better working capital management in the second half, as the first half typically requires higher funding [41] Question: Is there guidance for full-year growth in AFF? - Management is optimistic that AFF growth will exceed 3% for the full year [42]