H1 2026
Filed Oct 23, 2026AMTD Digital reported US$63.8 million of total revenue and US$42.4 million of profit for the six months ended April 30, 2026, while total assets grew 23.2% to US$1.2 billion following hospitality expansion.
Revenue from contracts with customers increased to US$26.4 million, but total revenue and profit for the period declined versus the comparable 2025 period as fair-value gains were lower and income tax expense increased.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue from contracts with customers, six months ended April 30other | $26.4M | – | – |
| Dividend income, six months ended April 30other | - (US$’000) | – | – |
| Changes in fair value on financial assets measured at fair value through profit or loss, six months ended April 30other | $37.4M | – | – |
| Total revenue, six months ended April 30other | $63.8M | – | – |
| Other income, six months ended April 30other | $12.5M | – | – |
| Other gains and losses, net, six months ended April 30other | 83 (US$’000) | – | – |
| Employee benefits expense, six months ended April 30other | $5.6M | – | – |
| Advertising and promotion expense, six months ended April 30other | 1,123 (US$’000) | – | – |
| Premises and office expenses, six months ended April 30other | 57 (US$’000) | – | – |
| Legal and professional fee, six months ended April 30other | 629 (US$’000) | – | – |
| Depreciation and amortization, six months ended April 30other | $5M | – | – |
| Finance costs, six months ended April 30other | $4.6M | – | decreased by 24.9% |
| Other expenses, six months ended April 30other | $13M | – | – |
| Profit before tax, six months ended April 30other | 46,351 (US$’000) | – | – |
| Income tax expense, six months ended April 30other | $4M | – | – |
| Profit for the period, six months ended April 30other | $42.4M | – | – |
| Other comprehensive income (expense) for the period, six months ended April 30other | (5,931) (US$’000) | – | – |
| Total comprehensive income for the period, six months ended April 30other | 36,466 (US$’000) | – | – |
| Profit for the period attributable to owners of the company, six months ended April 30other | 23,600 (US$’000) | – | – |
| Profit for the period attributable to non-controlling interests, six months ended April 30other | 18,797 (US$’000) | – | – |
| Basic earnings per share, six months ended April 30other | US$0.19 | – | – |
| Diluted earnings per share, six months ended April 30other | US$0.19 | – | – |
| Total assets, April 30, 2026other | US$1.2 billion (US$1,176.9 million) | increased by 23.2% | – |
| Property, plant and equipment, April 30, 2026other | $359.7M | – | – |
| Non-current financial assets at fair value through profit or loss, April 30, 2026other | 427,395 (US$’000) | – | – |
| Cash and bank balances, April 30, 2026other | 41,740 (US$’000) | – | – |
| Total liabilities, April 30, 2026other | $395M | – | – |
| Current bank borrowings, April 30, 2026other | 5,339 (US$’000) | – | – |
| Non-current bank borrowings, April 30, 2026other | 290,105 (US$’000) | – | – |
| Total equity, April 30, 2026other | $630.6M | – | – |
What drove it
- Revenue from contracts with customers was driven by steady performance in media and entertainment and expansion of hotel operations, including the newly acquired New York hotel property.
- The acquisition of the New York hotel property increased property, plant and equipment and was cited as contributing to higher depreciation and amortization and other expenses.
- Other income increased mainly because of higher interest income driven by an increase in outstanding balances owed by group companies.
- Non-current financial assets at fair value through profit or loss included approximately US$150 million of net proceeds from the TGE SPAC initial public offering held in a restricted Trust Account and invested in money market funds.
Concerns
- Total revenue declined to US$63.8 million from US$73.2 million because changes in fair value on financial assets measured at fair value through profit or loss declined to a US$37.4 million gain from a US$47.5 million gain.
- Profit for the period declined to US$42.4 million from US$51.5 million, primarily reflecting the lower unrealized fair-value gain and higher income tax expense.
- Other expenses increased to US$13.0 million from US$11.0 million due to additional operating costs associated with expanded hotel operations.
- Non-current bank borrowings increased to 290,105 (US$’000) from 176,818 (US$’000).
What to watch
- Performance of the expanded hospitality and VIP services operations following the New York, Perth, Kuala Lumpur and London hotel acquisitions.
- Revenue from contracts with customers and the stated collaboration opportunities between the IP-related business and hospitality arm.
- Future unrealized gains or losses on financial assets measured at fair value through profit or loss.
- Operating costs, depreciation and amortization associated with the enlarged hotel portfolio.
Balance sheet and cash flow
- Total assets were US$1.2 billion (US$1,176.9 million) as of April 30, 2026, compared to US$955.4 million as of October 31, 2025.
- Cash and bank balances were 41,740 (US$’000) as of April 30, 2026, compared to 46,363 (US$’000) as of October 31, 2025.
- Total liabilities were US$395.0 million as of April 30, 2026, compared to US$351.7 million as of October 31, 2025.
- Total equity was US$630.6 million as of April 30, 2026, compared to US$603.7 million at the end of October 2025.
- Non-current bank borrowings were 290,105 (US$’000) as of April 30, 2026, compared to 176,818 (US$’000) as of October 31, 2025.
- Redeemable shares issued by TGE Value Creative Solutions Corp. were 151,321 (US$’000) as of April 30, 2026.
Analysis
AMTD Digital reported a split operating and reported-revenue outcome for the six months ended April 30, 2026. Revenue from contracts with customers increased to US$26.4 million from US$25.3 million in the comparable 2025 period. The company attributed that growth to steady media and entertainment performance and the expansion of hotel operations, including the newly acquired New York property. Total revenue nevertheless declined to US$63.8 million from US$73.2 million because changes in fair value on financial assets measured at fair value through profit or loss were a US$37.4 million gain, compared with a US$47.5 million gain.
Profit for the period was US$42.4 million, versus US$51.5 million in the comparable period. The company cited the lower unrealized fair-value gain and income tax expense of US$4.0 million, compared with US$0.8 million, as the principal reasons. Employee benefits expense declined to US$5.6 million from US$8.6 million, and finance costs decreased by 24.9% to US$4.6 million from US$6.1 million. These reductions were partly offset by higher operating costs linked to the expanded hospitality portfolio, including other expenses of US$13.0 million and depreciation and amortization of US$5.0 million.
The balance sheet expanded following the hospitality investment program. Total assets increased by 23.2% to US$1.2 billion as of April 30, 2026 from US$955.4 million as of October 31, 2025. Property, plant and equipment increased to US$359.7 million from US$293.1 million, while non-current financial assets at fair value through profit or loss increased to 427,395 (US$’000) from 221,532 (US$’000). Total equity strengthened to US$630.6 million from US$603.7 million, while total liabilities increased to US$395.0 million from US$351.7 million and non-current bank borrowings rose to 290,105 (US$’000) from 176,818 (US$’000).
Subsequent to the reporting period, AMTD Digital completed acquisitions involving hotel properties in Perth, Kuala Lumpur and London. Management described strong momentum in hospitality and cited potential synergies with its IP-related business. The filing provides no financial outlook, so reported execution in hospitality, recurring revenue from contracts with customers, related operating costs, and changes in the investment portfolio remain the central disclosed items to monitor.
Management, verbatim
I am pleased to report that the Group has further enriched its hospitality portfolio following acquisitions of hotels in 4 international cities, namely New York, London, Perth and Kuala Lumpur, during the half year period and up to this announcement date. We continuously see strong momentum in this strategic sector and are heartened for the solid hospitality results after the acquisitions. We also see that there are many collaboration opportunities and synergies between our IP related business and this hospitality arm, which will bring in more revenue streams for the Group.
Xavier Zee, Chief Financial Officer
Not in the filing
stated, not guessed- Accounting framework, including whether results are prepared under IFRS or another accounting standard, is not stated in the filing text.
- Gross profit and gross margin are not reported.
- Operating income or operating profit is not reported.
- Operating cash flow, capital expenditures and free cash flow are not reported.
- No capital-return activity, including dividends or share repurchases, is reported.
- No forward financial guidance is provided.
- No prior outlook was provided, so comparison with prior guidance is unavailable.
- Segment revenue amounts and segment profitability are not reported.
- Prior-quarter operating results are not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.