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2025 Annual Results – Financial Highlights

(Figures for the corresponding period in 2024 are shown in brackets)

• Consolidated revenue: HK$1,046million (HK$695million)

• Consolidated net loss attributable to equity holders of the Company:
  HK$69 million (HK$230million)

• Basic loss per share: 3.38 HK cents (11.29 HK cents)

• No final dividend (No final dividend)

Pacific Century Premium Developments Limited (“PCPD”, SEHK: 00432) has announced its annual results for the year ended December 31, 2025.

The consolidated revenue of PCPD and its subsidiaries (together, the “Group”) amounted to HK$ 1,046 million, representing an increase of 51% compared to the revenue of HK$ 695 million in 2024.

The consolidated net loss attributable to equity holders of the Company for the year of 2025 was HK$ 69 million, compared to the net loss of HK$ 230 million in 2024.

Basic loss per share for 2025 was 3.38 Hong Kong cents compared to the loss per share of 11.29 Hong Kong cents for the previous year.

The Board of Directors has not recommended the payment of a final dividend for the year ended December 31, 2025.

In 2025, PCPD achieved robust full-year results, driven by the sustained surge in international travel across our key Asian markets, our operational strengths, and the continued recognition of our high-quality portfolio. This performance was underpinned predominantly by contributions from two segments: Park Hyatt Niseko, Hanazono, our hospitality business in Hokkaido, which delivered a notable rise in occupancy and revenue, and our ski and recreation operations in Niseko, Hokkaido, which also saw a surge in demand and revenue.

Park Hyatt Niseko, Hanazono, our hotel operations in Hokkaido, delivered a robust performance in 2025, as the boom in Japan‘s tourism sector continued throughout the year, again with record-breaking tourist arrivals. The average occupancy rate of Park Hyatt Niseko increased by 4 percentage points.

During the winter season of 2024/2025, total ski-lift and gondola rides increased 9% year-on-year. The travel surge continued to drive robust demand for our recreational business in Niseko well beyond the cold months.

In Phang Nga, Thailand, the Group has sold or reserved 40% of Phase 1A villas. The Group’s revenue from its property development in Thailand totalled HK$14 million for the year ended December 31, 2025, compared to no revenue in 2024.

We formed a strategic alliance with Hotel Properties Limited in Singapore to bring a Four Seasons Resort and Branded Residences to the prestigious integrated resort community of Aquella in Phang Nga. The move represents a significant milestone in PCPD‘s long-term vision of transforming Aquella into a visionary integrated resort destination that effortlessly blends luxury living, recreation and exceptional service.

In Jakarta, Indonesia, the occupancy of our premium commercial building, Pacific Century Place, Jakarta (“PCP Jakarta”), was stable throughout the year, and the project remained a consistent revenue contributor to the Group. As of December 31, 2025, the office space committed occupancy was 87%, compared to 85% in the previous year.

Development of the superstructure of the Group‘s project at 3–6 Glenealy, Central, Hong Kong, has been progressing well. We have reached a key structural milestone, with the superstructural work now completed and installation of the curtain walls progressing at pace. The name of the development has also been unveiled as “Central Residence by the Park”, and its completion is scheduled for the first half of 2026.

In the long run, we remain cautiously optimistic about the long-term outlook for property sectors in Hong Kong, Japan, Thailand and Indonesia. With PCPD‘s disciplined execution and proactive risk management, we have confidence in our ability to drive continued growth and deliver sustained value.

Mr. Benjamin Lam, PCPD’s Deputy Chairman and Group Managing Director, said: “We will maintain our prudent yet proactive approach, allocating resources carefully and pursuing value-enhancing initiatives. Our priority remains to drive sustainable growth, improve profitability, and deliver solid returns to shareholders and stakeholders.”

Hashtag: #PacificCenturyPremiumDevelopments

The issuer is solely responsible for the content of this announcement.

About PCPD

Pacific Century Premium Developments Limited (“PCPD” or the “Group”, SEHK: 00432) is principally engaged in the development and management of premium-grade property and infrastructure projects as well as premium-grade property investments. PCCW Limited (“PCCW”, SEHK: 00008) is the single largest shareholder of the Group.

The B2B cross-border trade payment market is immense, yet remain highly underserved

HONG KONG SAR – Media OutReach Newswire – 9 February 2026 – According to the World Bank, SMEs account for approximately 90% the world’s businesses and contribute 65% of the global cross-border trade. SMEs play a pivotal rolein most economies, particularly in emerging markets. Estimates from the World Trade Organization (WTO) and the Organization for Economic Co-operation and Development (OECD) suggest that B2B cross-border trade payment market for SMEs is worth approximately $20 trillion.

However, traditional commercial banks have been facing multiple challenges in serving SMEs, including strict compliance and risk control requirements, lower profit generating, and license limitations, resulting in a large unmet demand through formal financial systems.

XTransfer’s field research in emerging markets indicates that many SMEs resort to illicit settlement channels like underground banks out of necessity. In fact, the trade volume processed through these unofficial avenues could be 2 to 5 times larger than the official import and export figures.

Compared to other segments, B2B cross-border payment presents vast opportunities

In the cross-border payment industry, services can be categorised into four segments based on money flows:

Marketplace 2B
These businesses provide payment processing services for sellers on e-commerce platforms. Risk control is primarily based on e-commerce platform’s integrated of data streams (e.g., merchant details, logistics, transaction history). With relatively low technical barriers and compliance capabilities, the industry is highly saturated.

B2B
Focused on traditional cross-border trade enterprises, this segment has huge potential but features high risk control complexity and high barriers. Payment service providers must individually verify the entire information flow pertaining to each transaction (including buyer/seller details, orders, logistics, contracts, etc.), which results in many companies attempting to enter, but few succeed.

C2C
This primarily covers cross-border remittances between individuals. The overall market scale is relatively small, with limited use cases.

C2B
This is the most well-established segment, dominated by cross-border payment giants such as Visa, Mastercard, PayPal, and Stripe. The market is saturated with intense competition.

As a reference, the C2B cross-border payment industry has evolved dramatically over the last five decades, especially in the past ten years. Mobile wallet providers in China, the U.S. and Europe drove the mobile payment revolution, establishing a well-established cross-border settlement and risk control platform dominated by card schemes and wallets like PayPal. The system features significant advantages, including efficient transaction processes and unified risk control standards.

In contrast, B2B cross-border payments still primarily rely on traditional bank transfers. The sector as a whole is still on the cusp of the “mobile payment revolution” and has not yet formed a unified clearing mechanism or a standardized risk control system.

However, this development gap also points to a huge market opportunity. The B2B cross-border settlement market for SMEs desperately needs a shake-up. Service providers that possess a deep understanding of global customer needs and are equipped with technological and compliance capabilities will unleash vast growth potential in this space.

Beyond Borders: XTransfer Insights is a thought-leadership series that shares XTransfer’s perspectives on the forces shaping global trade and financial services. Through research-driven insights and real-world observations, it highlights emerging trends, key challenges, and opportunities across international markets.
Hashtag: #XTransfer #Crossborder #Payment #SMEs #whitepaper

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Larsen & Toubro is set to expand its data centre footprint to 32 megawatts by the end of March, commissioning 18 MW of new capacity as the engineering major sharpens its focus on digital infrastructure alongside emerging opportunities in green hydrogen and semiconductors.

The additional capacity will lift the group’s operational data centre load from the existing 14 MW, marking a decisive step in a segment that has become a core pillar of its technology-led growth strategy. The commissioning is scheduled to be completed before the close of the financial year, aligning with strong demand from cloud service providers, hyperscalers and large enterprises accelerating their migration to outsourced digital infrastructure.

Larsen & Toubro has steadily built its data centre business over the past few years, leveraging its engineering, procurement and construction capabilities to develop facilities that meet high standards for power efficiency, uptime and scalability. Executives have previously indicated that the group’s focus is on delivering carrier-neutral and hyperscale-ready campuses in key metros, where demand continues to outpace supply despite a wave of new announcements by domestic and global operators.

Industry estimates show that data consumption growth, artificial intelligence workloads and stricter data localisation norms are driving sustained investment in capacity across Asia. India remains one of the fastest-growing markets in this space, with several multinational cloud companies committing to expand their presence. Against this backdrop, L&T’s move to lift capacity by more than double underscores its intention to be a long-term player rather than a peripheral builder.

The data centre expansion is being pursued alongside the company’s ambitions in newer industrial segments. L&T has signalled that it is actively pursuing orders related to electrolysers, a critical component for producing green hydrogen, as governments and industrial groups accelerate decarbonisation plans. Electrolyser manufacturing and deployment are viewed as strategic areas where the company’s heavy engineering background can be translated into repeatable, export-oriented businesses.

Management has also reiterated interest in the semiconductor ecosystem, particularly in supplying equipment, engineering services and infrastructure for chip fabrication and assembly units. While L&T is not positioning itself as a chipmaker, it aims to capture value across the supply chain as multiple semiconductor projects move from proposal to execution stages. The company has indicated that it is evaluating opportunities linked to cleanroom construction, precision engineering and advanced manufacturing systems required by chip plants.

Analysts tracking the capital goods sector note that diversification into data centres and clean energy-linked manufacturing provides a hedge against cyclicality in traditional infrastructure spending. Order inflows from transport, hydrocarbons and power transmission remain important for L&T, but newer verticals are expected to deliver higher margins and longer visibility once scale is achieved.

The data centre business, in particular, benefits from predictable long-term contracts and rising demand for energy-efficient facilities. Power availability and cooling efficiency have become critical differentiators as operators seek to control operating costs and meet sustainability targets. L&T has highlighted its emphasis on optimised designs, modular construction and integration of renewable energy where feasible, in response to customer requirements.

From a financial perspective, the 18 MW commissioning is not expected to materially strain the balance sheet, given the group’s strong cash flows and diversified revenue base. The company has historically funded growth through a mix of internal accruals and selective partnerships, and similar structures are being explored for digital infrastructure projects to manage risk and accelerate execution.

Market participants also point to the broader ecosystem benefits of large data centre builds, including demand for electrical equipment, cooling systems, specialised construction and long-term maintenance services. This creates opportunities for L&T to cross-leverage capabilities across its subsidiaries and verticals, reinforcing the strategic rationale behind the expansion.

Set against the historic backdrop of the Sforza Castle and the commercial artery of Via Dante, AWI turns one of Milan’s most recognizable public spaces into a live demonstration of how digital technologies can intersect with culture, commerce and consumer engagement. Powered by Alibaba’s advanced technology stack, the showcase illustrates how artificial intelligence can enable immersive, interactive digital retail experiences that respond dynamically to individual preferences.

“Alibaba and the IOC share a simple belief together: technology should enable the Olympic Games to be more exciting, accessible, sustainable and connected,” said Joe Tsai, Chairman of Alibaba Group. “With the power of AI, we are moving from “Cloud Olympics” toward “Intelligent Olympics”, as AI helps us work better, make smarter decisions, and connect more meaningfully.”

“I’m delighted to be here at the Alibaba Group Showcase, celebrating nine years of our partnership which represents one of the most significant technological transformations in Olympic history. Building on innovations delivered at recent Games, Milano Cortina 2026 represents a major step forward in cloud-based, AI-enabled broadcasting and operations, setting a new benchmark for future editionsn. Together with Alibaba, we’re not only ensuring the Games remain efficient and sustainable, but also remain engaging through sports media technology to audiences, athletes and fans worldwide”, said Kirsty Coventry, President of the International Olympic Committee (IOC)”

A Personalized Journey Guided by AI

At the core of the installation is an AI-guided journey that brings virtual retail into a physical environment. Upon entry, visitors are invited to share simple preferences—such as their favorite Milano Cortina 2026 sport—with an AI agent, which uses these inputs to curate a personalized journey throughout the space. Visitors may also choose to have their photo taken to generate a real-time digital avatar, further tailoring the journey to the individual.

The AI agent then acts as a virtual stylist, interacting with visitors and offering tailored recommendations for clothing, fragrance, and makeup. As participants make selections, the experience evolves continuously, demonstrating how AI-enabled retail can move beyond static product catalogues towards adaptive, interactive experiences. Each journey culminates in a personalized AI-generated video in which the visitor’s avatar becomes the central character in a digital gala setting.

The experience is supported by Alibaba’s latest AI and cloud technologies, including its Qwen3 series of large language and vision models, Wan 2.2 image-to-video generation model, and Taobao Vision’s immersive shopping solution, and Alibaba Cloud’s global cloud infrastructure.

Architecture Inspired by Ice and Light

Spanning 40 meters, the installation consists of two architectural elements:

• The Snow Globe, a spherical pavilion that serves as an interactive space during the day and transforms into a projection surface for AI-generated visuals in the evening
• The Crystalized Skirt Building, a sculptural structure inspired by the crystalline geometry of frost and snowflakes, which houses the immersive AI-powered virtual retail experience.

Designed with sustainability in mind, the installation uses recyclable materials and leaves no permanent footprint on the historic plaza.

AWI will be open to the public from February 7–22, 2026, during the Olympic Winter Games, and March 6–15, 2026, during the Paralympic Winter Games.

Showcasing the First AI-Generated Olympic Fan Art Collection

The opening of AWI also marked the unveiling of the results of the Alibaba Cloud AIGC Championship @ Milano Cortina 2026, the first Olympic fan engagement initiative of its kind developed in partnership with the International Olympic Committee, the Olympic Museum and the Milano Cortina 2026 Organising Committee.

Using Alibaba’s Wan video generation models, fans from around the world created original video artworks inspired by four winter sports: figure skating, short track speed skating, alpine skiing, and snowboarding.

A curated selection of the top 100 works is now being displayed on the surface of the Snow Globe. This collection represents the first AI-generated artworks to be displayed by the Olympic Museum located in Lausanne, Switzerland. Ten creators will be awarded tickets to attend the Olympic Winter Games in person.

By combining Olympic inspiration with accessible AI technology, Alibaba Wonder on Ice invites fans worldwide to go beyond spectating, allowing them to step into the Games, express their “vibe,” and join the Olympic Movement in an entirely new way.

Hashtag: #Alibaba

The issuer is solely responsible for the content of this announcement.

About Alibaba Group

Alibaba Group is a global technology company focused on e-commerce and cloud computing. We enable merchants, brands and retailers to market, sell and engage with consumers by providing digital and logistics infrastructure, efficiency tools and vast marketing reach. We empower enterprises with our leading cloud infrastructure, services and work collaboration capabilities to facilitate their digital transformation and grow their businesses.

The findings, based on Carbyne Fitness’ customer data and an online database of personal training enquiries compiled by IFPA Singapore’s personal trainers, point to two fundamentally different approaches to exercise motivation and engagement between men and women.

A Tale of Two Fitness Journeys
The data suggests that men overwhelmingly prefer self-directed fitness, buying equipment such as adjustable dumbbells, benches, and racks for home use. Women, on the other hand, are more inclined toward guided training experiences led by certified professionals.

According to Brian Chang, founder of Carbyne Fitness and IFPA Singapore, this split reveals not just gender preferences, but deeper social and psychological factors shaping how Singaporeans exercise.

“Men often see fitness as something they should be able to handle on their own, like asking for help somehow means they’re not strong enough,” said Chang. “That’s why many men would rather train themselves than work with a coach. Ladies, on the other hand, are usually more open to learning and getting guidance. They see working with a coach not as weakness, but as a smart way to improve safely and effectively.”

The Male Home Gym Boom
The pandemic sparked a surge in home gym investments, and Carbyne Fitness has been at the forefront of this trend. Its adjustable dumbbells and adjustable kettlebells have become popular among working professionals looking to save time and train efficiently at home.

Carbyne Fitness’ customer data revealed that four in five customers are male. “The home gym trend among men is here to stay,” Chang explained. “They appreciate the convenience, privacy, and long-term savings. For many, it’s not just fitness equipment, it’s a personal investment in staying strong and independent as they age.”

However, with about 58% of Carbyne Fitness customers living in HDB flats, 26% in condominiums, and 16% in landed properties, many still hold the misconception that home workouts, especially in smaller HDB or condo spaces, aren’t practical or effective. Landed property owners make up less than 5% of Singapore’s dwellings, yet account for 16% of Carbyne Fitness’ customers.

“One of the most common reasons people give for not buying home gym equipment is that they ‘don’t have the space,'” said Chang. “But in reality, a proper home setup doesn’t need much room; a good pair of adjustable dumbbells and a bench can fit comfortably within just one square meter if you choose the right equipment.”

Why Women Seek Trainers
In contrast, IFPA Singapore’s training enquiries show that a majority of personal training clients are female. Of the 392 Singapore-based individuals who sought personal training, 63% were women, even though men still represent the majority of gym members nationwide.

“This reflects a growing confidence among women to take charge of their fitness journey,” said Chang. “But it also shows that women tend to prioritize safety and proper form. They are more willing to invest in expert guidance rather than risk injury from unguided workouts.”

Many female clients, Chang adds, have goals that extend beyond appearance: postnatal recovery, strength for caregiving, or functional fitness for daily life.

“It’s not just about aesthetics anymore,” he said. “Women are recognizing that strength training builds long-term resilience, both physically and mentally.”

Implications for Singapore’s Fitness Industry
The gender divide uncovered by Carbyne Fitness and IFPA Singapore also points to structural gaps in how Singapore’s fitness ecosystem is organized, particularly the limited avenues for personal trainers to operate independently.

Most commercial gyms and public facilities, including ActiveSG gyms, do not permit outside personal trainers to conduct sessions within their premises. Trainers who are not employed directly by these gyms are often barred from coaching clients on-site, regardless of their certification or insurance coverage.

This restriction limits both consumer choice and career opportunities within the industry. For clients, especially women who prefer guided training but may not want to commit to an expensive gym membership, the policy creates a barrier to accessing affordable, flexible coaching. For freelance trainers, it restricts their ability to build a sustainable practice or serve niche communities such as seniors, postnatal women, or first-time exercisers.

“Many independent trainers tell us their biggest challenge isn’t finding clients; it’s finding space,” said Chang. “There’s a clear demand for affordable, accessible training environments, but the system hasn’t caught up yet.”

As a result, more trainers have turned to parks, void decks, or private studios, and a growing number of clients are exploring home-based personal training, sometimes with only a pair of resistance bands. This shift reflects broader lifestyle preferences: Singaporeans want convenience, privacy, and trust, not just a gym membership.

The study suggests that expanding access to personal training across shared and public fitness spaces could help Singapore move toward a more inclusive, community-driven fitness culture, one that empowers both male and female participants to train safely, confidently, and sustainably at every stage of life.

Volunteering for the Silver Generation
Both Carbyne Fitness and IFPA Singapore are working to build a more inclusive fitness culture through the Silver Strength volunteer program, which runs weekly strength sessions for seniors using resistance bands, adjustable dumbbells, and other small equipment at Active Ageing Centers across Singapore.

The initiative, funded by the National Youth Council, empowers older adults to stay strong, mobile, and independent, while giving volunteers the chance to make a direct impact in their communities.

“Silver Strength is more than fitness. It is about bridging intergenerational gaps and helping seniors live confidently and age with strength,” said Chang.

To sign up as a volunteer, visit getcertifiedpt.com/silver-strength.

About the Study
The gender distribution insights were derived from:

• Carbyne Fitness customer data, representing over 1,000 unique customer interactions across Singapore between January 2024 and September 2025.
• IFPA Singapore’s independent observation of 392 prospective client profiles compiled between October 2025 and December 2025.

While the sample sizes differ, both data sets converge on a clear narrative: Singapore’s home gym market is predominantly male, while personal training demand is female-driven.

The full research can be accessed on https://carbyne.sg/blogs/articles/revealing-the-gender-gap-between-personal-training-and-home-gyms.
Hashtag: #CarbyneFitness

The issuer is solely responsible for the content of this announcement.

About Carbyne Fitness

Carbyne Fitness is a Singapore-based fitness equipment company focused on delivering space-efficient, performance-driven home gym solutions for modern lifestyles. Best known for its space-saving gym equipment such as adjustable dumbbells and foldable treadmills, Carbyne helps professionals, families, and seniors train effectively at home without compromising on quality or safety.

Learn more at: https://carbyne.sg

About IFPA Singapore

IFPA Singapore, operated by Get Certified PT, is the official Singapore operator of the International Fitness Professionals Association (IFPA), delivering internationally accredited personal training education and professional development. IFPA Singapore focuses on producing industry-ready practitioners through competency-based, real-world training.

Learn more at: https://getcertifiedpt.com