Shangri-La Asia released audited results for the year ended 31 December 2025. Consolidated revenue rose 2.2% year on year to USD 2.23 billion, supported by a resilient performance in hotel and investment-property operations. Effective share of revenue (including associates) also increased 2.2% to USD 2.71 billion.
EBITDA from consolidated operations improved 3.4% to USD 520.90 million, while effective share of EBITDA (subsidiaries + associates) advanced 2.4% to USD 778.20 million. Operating profit attributable to shareholders climbed 6.0% to USD 122.80 million, but total profit attributable to shareholders fell 30.4% to USD 112.30 million as non-operating items swung from a USD 45.50 million gain in 2024 to a USD 10.50 million loss in 2025. Earnings per share declined to 3.16 US cents (2024: 4.54 US cents).
Dividend. The board proposed a final dividend of HK 10 cents per share; together with the interim HK 5 cents paid in October, full-year distribution remains HK 15 cents.
Segment performance • Hotel Properties contributed USD 1.97 billion of revenue, up 1.5%. Weighted-average occupancy increased to 65% (2024: 63%), and RevPAR rose 3% to USD 111. Strong markets included Hong Kong, Malaysia, the Philippines, Japan, France and Australia, offsetting softer pricing in Mainland China and Singapore. • Hotel Management & Related Services recorded USD 97.10 million net revenue, down 1.1%, and effective share of EBITDA slipped 14.1% to USD 53.40 million amid higher operating costs. • Investment Properties generated USD 139.49 million revenue, up 10.9%, led by assets in Mongolia, Sri Lanka and Fuzhou. Effective share of EBITDA eased 1.8% to USD 281.20 million owing to weaker market conditions for associate-held Mainland assets. • Property Development for Sale revenue jumped to USD 9.29 million (2024: USD 2.31 million). Effective share of EBITDA surged to USD 35.80 million, reflecting unit sales in Sri Lanka and Chinese Mainland associates.
Non-operating items Net loss of USD 10.50 million (2024: USD +45.50 million) was driven by a sharp drop in fair-value gains on investment properties (USD 17.90 million vs USD 74.90 million) and a USD 30.40 million impairment on a UK hotel.
Balance sheet and liquidity Net borrowings fell USD 95.40 million to USD 4.33 billion, lowering the gearing ratio to 77.2% (2024: 81.3%). During 2025 the group refinanced debt with USD 857.10 million in new corporate bank loans and raised RMB 2.80 billion through three on-shore panda bond issues at coupons between 2.03% and 2.49%. Renminbi debt now represents 68% of total borrowings, helping reduce the average interest cost to 4.0% (2024: 4.5%). Cash and undrawn committed facilities cover refinancing needs to the end of 2027.
Net assets attributable to shareholders rose 2.7% to USD 5.32 billion, equivalent to USD 1.50 per share. If all hotel properties were carried at fair value, adjusted NAV would be USD 11.07 billion (USD 3.11 per share).
Development and pipeline As of year-end the group owned, leased or managed 106 operating hotels (42,500 rooms) and had eight projects under development, including dual-brand openings at Shanghai Hongqiao Airport in October 2025 and a scheduled opening in Kunming during 1H 2026. Two new third-party management contracts were signed in 2025 (dual-brand Wuxi and a resort in Bodrum).
Outlook Management noted encouraging trading momentum in early 2026 and remains focused on disciplined capital allocation, brand expansion via asset-light management contracts, and further optimisation of the debt portfolio.
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