Slides
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2026 Interim Results For the six months ended 30 June 2026 29 July 2026 Hong Kong
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Forward Looking Statement This presentation may contain “forward-looking statements” that are not historical in nature. These forward-looking statements, which include, without limitation, statements regarding HKT’s future results of operations, financial condition or business prospects, are based on the current beliefs, assumptions, expectations, estimates, and projections of the directors and management of HKT about the business, the industry and the markets in which HKT operates. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond HKT’s control and are difficult to predict. Actual results could differ materially from those expressed, implied or forecasted in these forward-looking statements for a variety of factors.
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Business Overview Susanna Hui Group Managing Director
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Solid Performance Anchored in Business Resilience and Innovation Total Revenue (US$ million) 2,396 2,158 Excluding Mobile Product Sales 8% YoY 3% YoY Total EBITDA (US$ million) 844 3% YoY Adjusted Funds Flow (US$ million) 338 3% YoY 5% YoY Mobile Services Revenue Interim Distribution 34.80 HK cents Per Share Stapled Unit 8% YoY Enterprise Revenue 4 Broadband Revenue 3% YoY
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The AI Era: HKT’s Strategic Imperative for Asset-Light Monetisation Trusted Platform for Leading AI Models • Aggregating third-party AI models and agents into simple, trusted consumer and SME products, billed through a single HKT account customers already trust Next-Generation Infrastructure • Robust and fibre rich infrastructure with full territory-wide 100G coverage across Hong Kong • High-capacity fibre backbone in data centre clusters, powered by 800G AI Superhighway • Overlay of hollow core fibre onto backbone connecting data centre clusters for ultra high speed, ultra low latency interconnect • Providing network, edge, fibre, and subsea capacity to hyper-scalers and data centre operators that are capacity-constrained, capturing AI fuelled opportunities without taking on upfront capex investment AI-Powered Solutions for Enterprise Customers • Harnessing our own AI deployment experience to power successful enterprise AI transformations • AI-powered Solutions including AI contact centre, workflow agents, intelligent operations centre, physical robots and cybersecurity protection Enabler Aggregator Network Infrastructure 5
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Lok Ma Chau Shenzhen Bay Bridge Landing Point (Western Corridor) Lo Wu Man Kam To Zhuhai-Macao Overseas Connections via HKT’s Submarine Cable Network Extensive Fibre Backbone Network Connecting: • Key international cable landing stations • 5 cross-boundary points to Chinese Mainland • All data centre clusters within Hong Kong Capturing the Infrastructure Supercycle Driven by AI Data Centre Boom Surging Demand for Fixed Fibre, AI Data Centre Interconnect and Subsea Cable • AI data centre buildouts are driving surging fibre demand between data centres, campuses and middle-mile routes • Working with data centre operators and hyper- scalers to pre-fund investments in fibre routes that are priorities • Will lead to opportunities to provide enterprise connectivity solutions and managed services including SD-WAN, 5G and cloud Overlaying Hollow Core Fibre to Connect Major Data Centre Clusters in Hong Kong • Unleash exascale AI power • Enabling AI/HPC backend networks to scale- across data centres anywhere in HK and GBA • Strategic use cases: University GPU Grid, Agile Resource Pooling 6
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Upgrading Infrastructure with 3.2Tbps AI Data Centre Interconnect (DCI) Superhighway Running on Next-Generation Ultra-low Latency Hollow Core Fibre Backbone 7 Lau Fau Shan Fo Tan Kwai Chung Tseung Kwan O Chai Wan Data Centre HKT Exchange 3.2Tbps Next-Gen AI DCI Network We aim to promote Hong Kong as one of the most advanced AI cities in Asia Total capex required for 3-year rollout is pre-funded • Full territory-wide 100G coverage across Hong Kong, while 800G AI superhighway already covered all data centre regions, golden bowl areas, as well as commercial and industrial areas • Incremental capex is pre-funded by anchor customer contracts 3-year rollout plan for connecting 5 data centre clusters and cross-boundary connection point with Hollow Core Fibre overlay (1) The Loop, (2) Tseung Kwan O / Chai Wan, (3) Cross boundary connection point, (4) Fo Tan, (5) Kwai Chung & (6) Sandy Ridge • Phase 1: Connecting (1) The Loop to (2) Tseung Kwan O / Chai Wan (3) Cross boundary connection point by 2026 • Phase 2: Extension to (4) Fo Tan & (5) Kwai Chung by 2027 • Phase 3: Connection to Sandy Ridge when it is ready for operation, expected by 2028/29 Sandy Ridge The Loop San Tin 1 2 4 3 5 6 Secured Revenue and Growth Pipeline • Secured AI DCI Superhighway revenue already >HK$100M • Additional pipelines are under active discussion Major Applications of Hollow Core Fibre 1. High frequency trading 2. Data centre links – long reach without intermediate amplifications 3. AI – speeding up large-scale model synchronisation
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Unrivalled Consumer Value Proposition: The “One AI Switch” Advantage Strategic Imperative: Becoming Hong Kong’s #1 Consumer AI Operator 2. Our Vision Driving Significant ARPU Uplift & Customer Lifetime Value 2. Enhanced Loyalty & Stickiness 3. New Growth Lever Simplified AI Adoption Unified platform with access to leading AI models, single subscription, and one trusted HKT payment relationship AI Unassailable Trust & Data Sovereignty Differentiate through HKT’s trust, security, storage, and digital service pillars Quad-Play Ecosystem Power Leveraging HKT’s leading consumer brands for seamless and sticky customer experience Omnichannel “Human-in-the- Loop” Support Combining AI tools with personal assistance via retail stores, call centres and AI Academy 1. Addressing Market Fragmentation Capitalising on the surging GenAI demand with a unified solution and eliminating the complexity of accessing multiple single-point AI applications To be Hong Kong’s #1 Best-in-class Quad-Play AI Operator, delivering a seamless, intuitive secure AI experience Flexible, future-proof platform for continuous AI monetisation Bundled into core plans, driving significant ARPU uplift through AI packages Deepens engagement, significantly enhancing lifetime value and churn management 1. Premium Monetisation 8 HKT.AI | Trusted Platform for Leading AI Models “Made for Hong Kong” Localisation Tailored to Cantonese linguistics, Hong Kong colloquialisms, and local use cases
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HKT.AI | Empowering SMEs: A New Growth Engine for Business 9 Capturing the Underserved SME Market with Trusted AI Secure, “Built for Hong Kong” AI Toolkits for Business Efficiency • Integrated Marketplace: A pre-integrated bundle of AI toolkits on one platform, addressing core SME needs: • Key Pillars for Adoption: “Built for Hong Kong”, consolidated for simplicity, with enterprise-grade data security and 24/7 local support for busy SMEs Driving Growth & Strategic Partnership for HKT • ARPU Uplift & Managed Services: High-impact training, integration, and maintenance that lift ARPU beyond connectivity • Facilitating Ongoing AI Adoption: Practical AI implementation and upskilling driving continuous adoption and cost efficiency • Targeted Outreach: Industry-specific use cases and affiliate programmes to catalyse transformation Content & Marketing Generation Customer Engagement & AI Chats Cybersecurity CMO-as-a-Service • Significant Market Opportunity: HK SMEs show fragmented AI adoption due to resource, security, and integration gaps — leaving major untapped potential • HKT’s Strategic Solution: HKT’s trusted, curated, and secure AI ecosystem offers a single hub of multiple LLMs and SME-oriented AI tools to bridge the gap
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AI Transformation Enabler: Proven Internally, Scale Externally 10 Internal AI Deployment • Agentic AI for service workflows and resolution support • Network intelligence for monitoring, diagnostics and optimisation • Process orchestration to streamline end-to-end operating flows • Security-by-design controls to strengthen compliance, risk management and data protection AI-Powered Enterprise Solutions • Leverage our proven internal experience to support enterprise AI transformation • Customised AI solutions tailored to industry use cases and business priorities • Multi-modal AI capabilities across text, voice, image, and field workflows • Field support for deployment, integration, change management, and adoption Improved efficiency, faster response, and stronger operational security Outcome Practical AI implementation from strategy through to execution Outcome
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Sustained Growth in Post-paid Customer Base Despite Intense Competition 3,478 3,522 H1'25 H1'26 ('000) 44k YoY Improved Churn Rate for 1O1O and csl Base Reflecting Deeper Customer Loyalty Premium Brand Strength Driving Continued Growth in 1O1O and csl Base 2% YoY H1'25 H1'26 0.7% 0.6% H1'25 H1'26 Further Expansion of High Value, Loyal Mobile Customer Base 11
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Enhanced Service Offerings and Network Experience Driving Sustained Growth in Roaming Revenue Deepening Roamer PenetrationSustained Growth in Roaming Revenue H1'25 H1'26 28% YoY Inbound Revenue H1'25 H1'26 11% YoY Consumer Outbound Revenue H1'25 H1'26 8% YoY Total Roaming Revenue Consumer Roamer Penetration in June 2026 73% + 4 p.p. YoY 12 * New destinations added in H1’26 Golden Roaming Covering 10 popular travel destinations via 13 leading partner networks Priority access to the Golden Spectrum for improved network speed and stability And more to come… Destination Partner Destination Partner Chinese Mainland China Unicom, China Telecom Macao CTM Japan KDDI, Softbank Thailand AIS Philippines Globe Telecom South Korea SK Telecom Taiwan Taiwan Mobile Malaysia Maxis Indonesia * Telkomsel Vietnam * Viettel Telecom, MobiFone
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Continued 5G Adoption and Value Uplift 13 5G customers reached 2.2 million 16% YoY 1,894 2,200 H1'25 H1'26 54% 62% 5G Penetration to Total Post-paid Base ('000) Proactively introducing cutting-edge AI services, devices, and training, including support for setting up personal AI assistants and workshops on various LLMs, to broaden AI adoption Future AI elements to drive data usage
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Empowering Wireless Network Excellence Through New Technology Adoption 14 Continuous Enhancements & Optimisation Along MTR Routes Elevating Network Performance via Coverage & Capacity Expansion Choi Shek Lane LPH Tuen Mun Law Court Kwai Chung Hospital Sha Tau Kok Fire Station Indoor and Outdoor Coverage Enhancement • 35 cell sites added in 1H26 • Strategic locations including Kwai Chung Hospital, Choi Shek Lane Light Public Housing, and Fanling/Tuen Mun/Tsuen Wan Law Court Buildings • Coverage enhancement in rural areas such as Sha Tau Kok Fire Station • Network evolved to 5GA; supporting SA 3CC+ with 5G+ devices • Support “Enhance 5G for Apps” for SA users, allowing further uplift of user experience 5GA • Supporting LAE sandbox use cases • Enabling mmWave as non- contact detection sensing for technical trial Network Sensing for Low Altitude Economy (“LAE”) • Optimise 5G performance at all 99 MTR stations with assistance from AI • 35% reduction in overall customer complaints AI Assisted Optimisation • Automation for network performance protection during special events • Support scenario-based automatic traffic balancing in extreme load situations Agentic AI Operations Network Evolution | Technology Deployment | Agentic Operations • Adding 5G C-Band Golden Spectrum at busy MTR Stations to deliver superb 5G user experience; upgrade completed in 19 stations • Capacity expansion for Kwun Tong Line above ground station with the use of Beam Forming Tri-band AAU for low bands • Adding Lamp Sites at platforms of Austin, Hang Hau, Tseung Kwan O stations to improve customer experience
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Robust Demand for Home Broadband Services Stimulated by Our Leading 2500M Service 15 Further Consumer Broadband Net Adds 15k YoY 1,482 1,497 H1'25 H1'26 Accelerating Uptake of 2500M Service 68% YoY 77 129 H1'25 H1'26 Continued Upgrades to FTTH 71% 74% 1,055 1,101 H1'25 H1'26 FTTH Penetration of Consumer Base 4% YoY ('000) HKT’s Netvigator Reinforces Market Leadership by Securing Ookla® Speedtest ® Recognition Once Again in 2026 Recognised as Most Consistent Fixed Network in Hong Kong ('000) ('000) Home broadband upgrades driven by increasing demand from gamers, traders and AI-powered workloads such as video editing, research and other applications, with customers requiring high speed, reliable, low-latency connectivity
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Exclusive Broadcast of FIFA World Cup 2026 Early Renewal of English Premier League Extend Exclusive Broadcast Right from 2028 to 2031 Elevating the FIFA World Cup 2026 experience through comprehensive coverage, innovative fan engagement and premium viewing quality Bringing an unparalleled line-up of leading football leagues and elite club competitions to football fans, backed by long-term commitments • English Premier League and FA Cup (exclusive up to 2030/31) • UEFA Club Competitions (up to 2030/31) • Spanish La Liga (up to 2028/29) • German Bundesliga, Italian Serie A, French Ligue 1, Turkish Super Lig, and English Women's Super League (under beIN SPORTS channels) Home of Sports | The Premier Destination for Sports Fans < < 16 • 18% increase in World Cup 2026 passes sold compared with previous World Cup 2022 • Almost 20% are non-HKT customers, unlocking further upsell opportunities for sports content • Further opportunities to cross-sell tailored promotions of HKT’s range of other services showcasing the strength of our quad-play capabilities < <
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Now TV: Home to Every Entertainment Fan International Blockbusters and Local Hits Come Together on One Platform. Only on Now TV . 17 Unrivalled Library: Global & Local Mastery 1 • 2800+ Chinese, Hollywood, Japanese, and Korean films — from timeless classics and blockbuster hits, a rich mix of genres crafted to satisfy every movie lover’s craving • Now Cinema: New on-demand library with a vast collection of local, Asian, and Western blockbusters Ultimate Streaming Hub: All-in-one Access 2 • NEW – Disney+ Integration: access the full universe of Disney, Pixar, Marvel, Star Wars, National Geographic and Hulu • Home of the world’s biggest streaming services including Netflix and HBO Max. Home of Champions: Award-Winning Quality 3 • Best movies – HK Film Awards: Hosting the most winning and nominated titles of the HK Film Awards 2026 • Best Drama – 2025 Emmy Awards: Provide the highest-calibre storytelling recognised by the industry including The Pitt (5 awards) and Hacks (3 awards) < < Growing OTT Customer Base H1'25 H1'26 1,448 1,490 40% 46% Total customer base expanded to 1.49 million, underpinned by the 18% yoy growth in Now OTT customer base Now TV customer Base (‘000) OTT Penetration of Total Base Total Customer 3% YoY OTT Customer 18% YoY
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18 Enterprise Business Demonstrated Sustained Growth Despite Cautious Spending Environment Hong Kong benefits from its “safe haven” status to attract foreign capital as Middle East tensions escalate 1 Cautious investment and subdued spending across sectors amid an uncertain external economic outlook 2 Mixed Market Sentiment New Project Wins Total Contract Value of New Project Wins in H1’26 Over HK$2.2 Billion Generative AI Solutions Internet of Things Cybersecurity Intelligent Operations Centre Robotics AI Contact Centre Connected Audio-Visual Modern Workplace Solutions Enterprise Managed Services ESG Solutions Increased Spending from Both Public and Private Sectors across Diverse Industries Deploying AI Transformation Solutions together with numerous Mission Critical Enterprise Solutions Enterprise Business Continued to Achieve Robust Growth of 8% YoY
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19 • Existing contact centre agents leverage GenAI to deliver instant, consistent, and proactive customer service • Deploy multiple intelligent capabilities, including Agent Assist, AI Case Summary, and Knowledge Bot to enhance agent efficiency • Establish strong foundation for enterprises to leverage Agentic AI to increase overall productivity AI Contact Centre Solutions for Insurance and Community Service Sector • A multimodal AI solution on AI servers is used to analyse video context, including video, image, audio, and text, across a large volume of promotional videos produced by the marketing team • Automatically detect any non- compliance with corporate standards prior to social media release AI Marketing Video Scanning Solution for a Health Group AI Security across SME and Enterprise Segments • AI Security Operations Centre (AI SOC) serving top-tier customers across banking, finance, and retail sectors, leveraging advanced technologies to provide proactive threat detection and response • AI Firewall deployed to over 500 SMEs, delivering enterprise-grade protection with professional support, enhancing cybersecurity resilience across the segment • Support the AI Efficacy Enhancement Team of HKSAR in improving the efficiency of government services through AI • Deploy multiple use cases, including tender vetting, AI document vetting, data masking, and RAG enquiry services to reduce manual effort and improve efficiency • Adopt private AI deployment on Mac Studio to ensure compliance and data security AI AI Workflow Automation for Government Empowering AI Transformation across Enterprise Customers Accelerate AI Adoption across Diverse Industries to Elevate Customer Experience, Enhance Productivity and Automate Operations
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Accelerating Infrastructure Upgrades and Workplace Transformation for Banking and Finance Sector 20 • Isolate the FPS infrastructure from other applications to support growing usage of critical service application • Deploy core switches, firewalls and load balancer to minimise overloading risk and ensure service availability • Provide security risk assessment solution to ensure cybersecurity posture • Provide consultancy and structured cabling solutions as the first foundation for the new office area, to empower further digital office solutions deployment • Elevate the office and corporate image and transform employee experience • Implement Microsoft Teams call for 700 users via virtual desktops and mobile apps to facilitate hot-desking and remote work • Replace voice recording of 300+ users to meet regulatory compliance • Modernise office network infrastructure and meeting rooms by supplying and implementing the latest secure infrastructure and user- friendly meeting facilities • Implement integrated networking with cybersecurity protection, central room control with connected AV facilities and LED walls Critical Application Infrastructure Separation & Security Assessment Structured Cabling Project for New Headquarter Relocation Modern Workplace Solution to Empower Hybrid Workforce Office Transformation Project for New Office Building
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Leveraging Strong Track Record to Expand into Diverse Industries Driving Deeper Penetration of Various Digital Solutions Incorporating Emerging Technologies 21 • The 14th large public hospital 5G project • Deliver advanced mobile infrastructure, communications systems, and cloud-based mobile application platform • Enhance communication and collaboration among healthcare professionals, streamline care delivery, and improve overall healthcare experience for patients and visitors • Empower next-generation urban development by deploying a fully fibre-optic network and 5G Advanced indoor coverage solution • Deliver high-speed, reliable connectivity to support dense user environments and enhance the digital experience for tenants and visitors • Upgrade Professional Mobile Radio (PMR) system to strengthen connectivity, safety, and operational efficiency • Improve workforce safety and efficiency with advanced communications and AI-powered CCTV and monitoring for mission critical power plant • Enhance resilience and reliability of critical power infrastructure through network modernisation • Deliver Integrated Connectivity, SD-WAN, Cybersecurity, and Enterprise Managed Services to a leading retail chain with 1,800+ stores in Hong Kong and Macao, enabling a scalable and secure digital infrastructure • Accelerate adoption of diverse digital solutions with enhanced cybersecurity and user experience Integrated 5G Telecommunications System for a Public Hospital 5G Advanced Network Infrastructure for an Iconic CBD Commercial Development Digital Infrastructure Transformation for a Leading Hong Kong Power Utility Network and Security Modernisation for a Large Retail Chain
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Capturing Opportunities from the Growing Momentum in GBA and Chinese Mainland Market Leveraging HKT Capabilities to Assist Enterprises Expanding in Chinese Mainland and Overseas 1. Extra Low Voltage (“ELV”) Project for a Sports & Charity Organisation in Southern China Provide IT infrastructure to the transit and rehabilitation/healthcare centre, empowering smooth communications and operations • Network infrastructure, Wi-Fi and structured cabling • Digital radio system • Smart carpark system, TV display, storage system 2. SD-WAN Underlay for a Global Chemical Corporation Provide Internet service to construct SD-WAN for the 6 office sites in Chinese Mainland, and professional consultation service to align China SD-WAN with its global solution, as well as premium Internet connectivity to accelerate overseas traffic 3. Private Cloud Consolidation for a Large Luxury Jewellery Brand • Support the brand’s digital transformation initiatives through consolidation of its Shenzhen, Wuhan and Foshan data centres into a single centralised platform • Scope includes private cloud, networking equipment and data migration services of the brand's various business systems 4. 1O1O Corporate SMS for Mainland eCommerce & SMS Aggregator IoT Connectivity for Leading Autonomous Ride-hailing Service • SMS projects: Provide 1O1O premium direct connection to ensure SMS delivery quality with low latency • IoT Connectivity project: Provide dedicated 5G network coverage with high-quality signal performance to support their pilot deployment of autonomous mobility in Hong Kong 22 Empowering Macao’s IT Infrastructure to Support Gaming Business and Tourism Development 1. IT & ELV Systems for New Facility of a Smart Chip Provider in Macao Supply of IT & ELV Systems including structured cabling, networking equipment & Wi-Fi, public alarm system, access control and CCTV systems, to support localised production and long-term industry development 2. Networking for an Entertainment Complex Expansion Supply and install structured cabling systems for the new establishment in Macao, including copper and fibre-optic cabling, equipment racks and cable trays to empower digital operations and customer experience transformation initiatives 3. Communications System Maintenance Service for an Entertainment Complex Provide full-scope maintenance support to its communications system, to ensure high SLA performance and pave the way for upcoming AI Call Centre modernisation 4. Advance Access Control System for Aviation Facility Deliver a mission-critical access control upgrade with biometric features, modernising the facility’s security operations for a high- traffic, dynamic environment and enhancing their safety, security, and operational efficiency Sustained Revenue Growth of 6% YoY from Chinese Mainland Enterprises
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International Business – Capitalising on Global AI Momentum, Chinese Mainland OTT Growth, and Chinese Mainland Digital Expansion by Leveraging our AI-Ready Subsea Infrastructure Assets 23 Belt and Road Initiatives • Air – Expanded business collaboration with LEO partners • Land – Strong roaming traffic growth of over 100% across the 'Stan' countries: mainly Kazakhstan, Pakistan, Uzbekistan, and Kyrgyzstan • Sea – Strengthen Hong Kong as the international gateway by facilitating new subsea cable landings Global AI Momentum • Our new subsea investments timely captured the boost of the global AI demand from Chinese OTTs • Interconnecting AI data centres in major global DC hubs • Chinese Mainland OTTs YoY revenue growth > 50% • Continue to expand our global subsea cable investments to capture future AI demand ASEAN Middle East Europe Africa LATAM Chinese Mainland OTT Hyper-scalers Chinese Mainland Enterprises Chinese Mainland LEO Satellite Fleets
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The Club Developed AI-Driven Marketing Engine to Match Customers and Merchants HK Style • Hyper Personalised • Autonomous Content Generation 24 AI CMO Hyper-Personalised Content Engine Driven by The Club Digital Ecosystem Marketing Factory Pre-set social posts, images and video templates. No prompt writing skills required Comms Distribution Target The Club’s 4 million members with personalised messages and targeting Social Listening Summarise and generate insights from local social media and news in a single view Over 4 Million Members 2K+ Merchant Brands (30k+ SKUs) Prospects Localised Innovation • Real-Time Social Trend Analytics • Hyper-Local Contextualisation • Dynamic Merchant and Product Integration Hyper-Personalised Communications • Telco Data and Segmentation • Bespoke Lifestyle Approach • Omnichannel Orchestration
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Tap & Go Revitalised with Single Use Virtual Card Effortless Protection Against Scams for Today’s AI-Savvy Online Shoppers Card will auto expire after single use Customisable spending limit Shorten expiry date (No longer than 2 months) Multiple cards per wallet Solution Online shopping scam1 Stolen card details2 Agent hallucination3 Problem 25
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DrGo One Wellness Enhancing Customer Retention and Increasing Lifetime Value Through DrGo Travel Pass Seamless access to quality medical care abroad Offering overseas* & GBA video doctor consultations with medication delivered directly to your hotel DrGo Travel Pass Doctor in Your Pocket + Free Worldwide Travel Insurance HK$730 for a Year of Travel Confidence Hong Kong doctor second opinions in your preferred language Complimentary Worldwide Travel Insurance with HK$1 million medical coverage & 24/7 SOS emergency support * Japan, South Korea, Singapore, Thailand, Vietnam and The Philippines 26
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Advancing a Sustainable Future Driving Environmental Stewardship • Scaled energy efficiency solutions with iPaint deployed across six sites • Implemented circularity initiatives across operations to drive waste diversion performance • Smart Charge EV bays in Hong Kong up 13% YoY • Raised over US$700 million of sustainability-linked loan facilities in H1 2026 Awards and Recognition Empowering People and Communities through AI and Education • Four consecutive years of participation in the Strive and Rise Programme, reaching nearly 730 mentees and introducing generative AI training • Supported AI literacy and AI-assisted English learning for students in transitional housing • Reached 12,000 participants with 170 workshops through 5G AI Academy • Enhanced employees’ AI capabilities through targeted training on responsible and effective use of AI • Advancing Hong Kong–Central Asia talent exchange through collaboration with EdUHK, offering scholarship for 13 Kazakhstan students Strengthening Digital Fraud Defences 27 Note 1: The score is based on the GSMA Intelligence’s Green Network Index (GNI), which measures telecom network sustainability on a 0–100 scale using metrics across energy efficiency, renewable energy, and network performance. It is calculated using 2024 data from 24 participating operators, with a score of 71/100 (level 4) representing the highest result among network operators in the 2026 study. • Achieved an MSCI ESG Rating of “A” • Attained a top-ranked result in GSMA Intelligence’s Green Network Index (GNI) project (Note 1) • NETVIGATOR won six Ookla® Speedtest® Awards, reinforcing its position as a leading broadband service provider in Hong Kong and East Asia • Now news is among Hong Kong's most trusted news brands, according to Reuters Institute's Digital News Report 2026 • Delivered anti-fraud educations to over 800 underprivileged individuals in collaboration with NGOs • Deployed a 24/7 Scam Prevention Support Dedicated Line for customer enquiries, with a total of 23,436 enquiries received since 2023 • Introduced proactive SMS scam alerts, sending 15 million reminders since 2024 • Blocked over 1.27 billion cyber threats and 358 million suspicious local and overseas calls
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Financial Review Patrick Poon Chief Financial Officer
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Solid Financial Performance (US$ million) H1’25 H1’26 % Change Adjusted Funds Flow 328 338 3% Revenue 2,221 2,396 8% Revenue (excluding Mobile Product Sales) 2,091 2,158 3% EBITDA 818 844 3% EBITDA Margin (excluding Mobile Product Sales) 39% 39% Overall EBITDA Margin 37% 35% Profit Attributable to Holder of Share Stapled Units 265 276 4% 29
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TSS Business • Local TSS revenue grew by 3% yoy, underpinned by robust growth in Enterprise revenue and sustained expansion in Broadband revenue • Pay TV revenue up by 1% benefitting from the exclusive broadcast of the FIFA World Cup 2026TM, with Now OTT customers growing by 18% yoy • International Telecom Services revenue up by 2% driven by increased data and wholesale voice revenue and growing demand for Console Connect service • Total EBITDA rose by 2% with a margin of 35%, fuelled by further improvements to operating efficiency 489 567 500 578 1,117 1,156 H1'25 H1'26 1,606 1,656 Local TSS Revenue ITS Revenue Total EBITDA ▄ ▄ ▄ (US$ million) EBITDA Margin Total Revenue 3% YoY Total EBITDA 2% YoY Local TSS Revenue • Local data revenue achieved robust growth of 8%, driven by stronger demand for our end-to-end enterprise solutions built on our robust connectivity platform powered by 5G, IoT, cloud, cybersecurity, data analytics and AI technologies • Broadband revenue grew by 3%, underpinned by increasing demand for our high-speed, ultra-low latency fibre services, with the 2500M customer segment growing by 68% yoy • As a result, Local Data Services delivered 6% revenue growth for the period H1'25 H1'26 1,1561,117 TSS Delivered Sustained Business Strength and Resilience 35% 35% 30 ▄ ▄ ▄ (US$ million) Local Data Broadband Other Local TSS 3% YoY 8% YoY Local Data 3% YoY Broadband
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H1'25 H1'26 Mobile Business • Mobile business recorded sustained growth of 5% in services revenue to US$563 million • Post-paid customer base expanded to 3.522 million, a net gain of 44,000 yoy; 1O1O and csl base grew by 2% during the period • Continued 5G upgrades, with customers growing by 16% yoy to 2.2 million, representing 62% of total post-paid base • Mobile product sales up by 83% to US$238 million driven by higher demand for the latest flagship handsets; and further supported by The Club which provides customers with a convenient digital shopping experience 667 309 801 325 H1'25 H1'26 EBITDA Margin Total Revenue 20% YoY Total EBITDA 5% YoY Mobile Services Revenue • Mobile services revenue grew by 5% in H1’26, driven by sustained growth in roaming revenue, an expanding 5G post-paid base and increasing demand for mobile solutions from enterprise customers • Total roaming revenue increased by 8% yoy, fuelled by 11% growth in consumer outbound roaming and a surge in inbound roaming revenue • Mobile services EBITDA rose by 5% to US$324 million with a margin of 58% ▄ ▄ (US$ million) Local voice & data Roaming & IDD Mobile Growth Supported by Roaming and Continued 5G Upgrades 46% 41% 31 Revenue EBITDA ▄ ▄ (US$ million) 563 537 Mobile Services EBITDA Margin 58% 58% 5% YoY
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Operating Expenses • Total opex savings of 4% in H1’26, with opex to revenue ratio further improving to 9.9% • AI-led initiatives continued to reshape business workflows and network management, enhancing productivity and efficiency while delivering opex savings • Ongoing efforts to enhance operating efficiency through IT platform modernisation Continued Focus on Driving Operating Efficiencies 32 OPEX to Revenue Ratio 11.1% 9.9% 38 41 73 69 135 128 H1'25 H1'26 ▄ ▄ ▄ (US$ million) TSS Mobile Others 4% YoY 246 238
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Capital Expenditure • Disciplined capital investments with capex to revenue ratio further improving to 5.6%, well within stated guidance • Mobile capex reflecting improved efficiency following capacity upgrades and ongoing network enhancement initiatives • TSS capex investments largely to support growing demand for our integrated fixed-mobile solutions for enterprise customers as well as AI related network infrastructure • AI-driven fibre and subsea cable capex will be demand driven, supported by anchor customers Disciplined Capital Investments Supporting Business Growth 33 8 8 46 45 84 81 H1'25 H1'26 ▄ ▄ ▄ (US$ million) TSS Mobile Others 3% YoY 138 134 CAPEX to Revenue Ratio 6.2% 5.6%
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(US$ million) H1'25 H1’26 YoY Better/(Worse) EBITDA 818 844 3% Less cash outflows in respect of capital expenditures, customer acquisition costs and licence fees: Capital expenditures (130) (126) Customer acquisition costs and licence fees (88) (103) Fulfilment costs (41) (44) Right-of-use (“ROU”) assets (91) (77) Adjusted Funds Flow before tax paid, net finance costs paid and changes in working capital 468 494 5% Adjusted for: Net finance costs paid (98) (96) Tax payment (25) (57) Changes in working capital (17) (3) Adjusted Funds Flow for the period 328 338 3% Adjusted Funds Flow per Share Stapled Unit (HK cents) 33.80 34.80 Interim Distribution per Share Stapled Unit (HK cents) 33.80 34.80 3% Adjusted Funds Flow 34
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(US$ million) H1'25 H1’26 YoY Better/(Worse) Revenue 2,221 2,396 8% Revenue (excluding Mobile Product Sales) 2,091 2,158 3% Cost of sales (1,157) (1,314) (14)% OPEX (246) (238) 4% EBITDA 818 844 3% Depreciation & amortisation expenses (354) (382) Net other gains/(losses) & others 1 (3) Net finance costs (113) (98) 13% Share of results of associates & JVs (4) (2) Profit before income tax 348 359 3% Income tax (53) (53) Effective tax rate 15.3% 14.7% Profit for the period 295 306 4% Attributable to: Holders of Share Stapled Units 265 276 4% Non-controlling interests 30 30 Income Statement 35
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Solid Financial Position Investment Grade Ratings Maintained (US$ million) As of Dec 2025 As of Jun 2026 As of Jun 2026 Proforma (6) Gross Debt (1) 5,737 6,174 5,965 Gross Debt to EBITDA (2) 3.14x 3.34x 3.22x Net Debt (3) 5,425 5,760 5,551 Net Debt to EBITDA (4) 2.97x 3.11x 3.00x Cash Balance (5) 312 414 414 Undrawn Facilities 2,319 2,991 2,450 Total 2,631 3,405 2,864 (1) Gross debt refers to the principal amount of short-term and long-term borrowings (2) Based on gross debt as at period end divided by EBITDA for the 12-month period (3) Net debt refers to the principal amount of short-term and long-term borrowings minus cash balance (4) Based on net debt as at period end divided by EBITDA for the 12-month period (5) Including short-term deposits (6) Assuming debt repayment with the proceeds from the sale of additional interests in the passive network business and repayment of US$750 million bond from banking facilities BBB/ Baa2 Investment Grade Rating 36
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(US$ million) As of Dec 2025 As of Jun 2026 Proforma Cash Balance 312 414 Undrawn Facilities 2,319 2,450 Total 2,631 2,864 Bonds Bank Loans ▄ ▄ (US$ million) As of 30 Jun 2026 Debt Maturity Profile • Proactively manage refinancing – bond issuance in June for the repayment of bond due in July • Mix of fixed and floating rate debt approx. 50:50 post repayment of US$750 million bond in July • Effective interest rate was 3.75% in H1’26 • Average debt maturity was approx. 3.4 years in H1’26 37 750 213 500 300 650 650 560 1,023 601 856 64 2026 2027 2028 2029 2030 2031 2032 2036 Repaid in July