Revenue and profitability metrics (HKD, HKD millions):
- Revenue: 3,329.112 (Q4 2025); YoY +91.8%; QoQ -2.1%
- Gross Profit: 721.397; Gross Margin: 21.67%
- EBITDA: 1,108.190; EBITDA Margin (EBITDA/Revenue): 33.29%
- Operating Income: 667.411; Operating Margin: 20.05%
- Net Income: -43.178; Net Margin: -1.30%
- EPS: -0.0376; Weighted Avg Shares: 2,065.931 million
Balance sheet and leverage (as at 2025-12-31, HKD):
- Total Assets: 34,604.316 million
- Total Liabilities: 24,937.464 million
- Total Equity: 9,505.747 million
- Cash & Equivalents: 2,319.265 million
- Short-term Investments: 25.078 million; Cash & Short-term Investments: 2,344.342 million
- Net Receivables: 8,932.081 million; Inventory: 338.825 million; Other Current Assets: 539.840 million
- PPE (net): 4,019.495 million; Intangible Assets: 11,294.082 million; Long-Term Investments: 6,357.220 million; Tax Assets: 520.268 million
- Total Current Liabilities: 9,376.963 million; Short-Term Debt: 6,946.591 million; Total Debt (short + long-term): 21,673.770 million
- Long-Term Debt: 14,727.178 million; Deferred Tax Liabilities (Non-Current): 691.752 million; Other Non-Current Liabilities: 141.570 million
- Net Debt: 19,354.505 million
Key takeaway: The quarter shows operating strength and a meaningful EBITDA contribution, but bottom-line weakness driven by financing costs and large non-operating items, set against a high-leverage balance sheet. YoY revenue acceleration is a positive growth signal, yet the path to sustained profitability requires deleveraging and normalization of financing costs.