Great Eagle Holdings reported mixed interim results for the six months ended 30 June 2026.

Revenue and Profitability • Core-business revenue fell 10.70 % year on year to HK$3.57 billion, weighed down by a 60.50 % drop in property-sales income to HK$357.70 million and an 8.80 % decline in distribution from Champion REIT. • Statutory revenue slid 7.53 % to HK$5.01 billion. • Core profit attributable to shareholders dropped 14.30 % to HK$512.00 million (HK$0.68 per share). • Statutory profit rebounded to HK$326.60 million from a HK$1.06 billion loss a year earlier, helped by a HK$180.10 million positive fair-value swing on investment properties.

Segment Performance • Hotels Division remained the earnings pillar: revenue rose 7.60 % to HK$2.57 billion and EBITDA climbed 16.30 % to HK$475.00 million, supported by stronger room rates and occupancies across Hong Kong and overseas properties. • Property-investment net rental income was stable at HK$58.00 million; Great Eagle Centre office rents fell 5.10 %, offset by higher contributions from the expanding Residential Property Pool. • Champion REIT income to the group declined 7.40 % to HK$411.20 million on continued negative rental reversion at key assets. LHI paid no interim distribution.

Balance-Sheet Metrics • Core net gearing rose to 7.0 % from 2.9 % at end-2025, reflecting residential acquisitions and land-premium payments; statutory net gearing increased to 34.7 % (30 % at end-2025). • Cash, deposits and undrawn facilities totalled HK$14.46 billion; consolidated gross debt stood at HK$31.85 billion, with 25.40 % maturing within a year.

Dividend • The board declared an interim cash dividend of HK$0.37 per share, down from HK$0.41 in 2025, payable on 15 October 2026. • A special dividend in specie of Langham Hospitality Investments share-stapled units (1 unit for every 15 Great Eagle shares) was distributed on 2 April 2026.

Management Commentary and Outlook Management attributes the earnings decline to weaker property-sales contributions and softer distributions from Champion REIT, partly mitigated by robust hotel operations. Looking ahead, the group warns of persistent geopolitical and macroeconomic uncertainties, elevated financing costs and evolving consumer behaviour in Hong Kong. It plans to time the remaining ONMANTIN residential launch cautiously, pursue cost control in the Hotels Division and maintain financial flexibility while monitoring development opportunities.