Posted on March 23, 2026
The Global economic and geopolitical environment remained challenging in 2025.
The year saw slower growth in some major economies as well as persistent and increasing geopolitical tensions. These have led to an unprecedented evolution in tariff, sanctions, exportcontrol, and national security regimes resulting in a volatile investment and trade environment, and in changing capital and trade flows.
Specifically for the Group, geopolitical pressure has led to a meaningful legal conflict with the Panamanian State relating to the Group’s container terminal operations there, and has also complicated ongoing discussions with potential counterparties regarding possible new arrangements for the disposition of interests in the Group’s global port operations outside of Panama, Hong Kong and the Mainland.
Notwithstanding this backdrop, the Group’s highly diversified business and geographic spread largely mitigates the impact of adverse developments in any particular sector or country. Strong cash generation in the year has placed the group in a solid financial position with a net debt to net total capital ratio at year end of 13.9%.
During the year, the Group continued to actively manage shareholder value through various major transactions, which resulted in certain one-time non-cash accounting impact to the Group’s reported earnings. In 2025, the Group completed the merger of its UK telecommunications business with Vodafone UK (the “UK merger”) and recognised a one-time non-cash loss and related impacts of HK$10,922 million on a Pre-IFRS 16 basis(1) . This compares to a one-time non-cash impairment and other provisions on its Vietnam telecommunications business of HK$3,740 million which the Group recognised in 2024.
On 26 February 2026, the Group announced the sale by CK Group (CK Infrastructure Holdings Limited, Power Assets Holdings Limited and CK Asset Holdings Limited) of 100% of their interests in UK Power Networks to Engie S.A.. Subject to completion occurring, the sale is expected to result in significant cash flow and net profits attributable to the Group in 2026.
