Slide 1: FY2026 Interim Presentation Analyst Briefing
FY2026 INTERIM PRESENTATION ANALYST BRIEFING 27 February 2026
Slide 2: Section One: Financial Highlights
SECTION ONE FINANCIAL HIGHLIGHTS
Slide 3: Result Highlights
RESULT HIGHLIGHTS SUSTAINED BUSINESS IMPROVEMENT ENHANCED SHAREHOLDERS’ FUNDS ON BACK OF DEBT EXCHANGE NARROWED LOSS WITH LOWER FINANCING COST PRIORITIZE ON REDUCING INDEBTEDNESS 3
Slide 4: Financial Highlights: Prioritizing Cash Flow in an Uncertain Market
FINANCIAL HIGHLIGHTS PRIORITIZING CASH FLOW IN AN UNCERTAIN MARKET Core Operating Profit Segment Results Loss Attributable To Shareholders HK$3.2B HK$3.7B HK$3.6B -24% YoY One-off losses -18% YoY K11 IP DP Other IP Revaluation Impairment Impairments +5% YoY (1) Flat YoY (1) HK$1.1B HK$2.1B HK$0.6B G
Slide 5: Business as Usual with Seven Measures to Reduce Indebtedness
FINANCIAL HIGHLIGHTS BUSINESS AS USUAL WITH SEVEN MEASURES TO REDUCE INDEBTEDNESS Net Debt 1 RESILIENT DP MOMENTUM HKD13.8B FY26 Guidance (HK$B) On Track 2 ASSET DISPOSAL Business Two projects started 3 FARMLAND OPPORTUNITIES construction in 2025 4 IP STRONG AND GROWING IP 5% YoY 123.7 124.6 120.1 1
Slide 6: HKD20 Billion Debt Exchange Completed
FINANCIAL HIGHLIGHTS HKD20 BILLION DEBT EXCHANGE COMPLETED Key Transaction Terms Impact on Financials Exchange offers for perps and bonds to provide holders with new instruments linked to an enhanced credit profile associated with Victoria Dockside HK$8.7B Perps Outstanding 3 November 2025 5 Decembe
Slide 7: Net Debt Increase Mainly Due to Timing of Cash Collection and JV Accounting
FINANCIAL HIGHLIGHTS NET DEBT INCREASE MAINLY DUE TO TIMING OF CASH COLLECTION AND JV ACCOUNTING 1 Timing of Cash Collection Net Debt (HK$B) Contributes to 1HFY26 contracted sales Cash collection mainly in 2HFY26 2.6 122.7 2 JV Contracted Sales 120.1 Jun-25 Dec-25 Contributes to contracted sales Fin
Slide 8: Continuous Progress in Debt Reduction
FINANCIAL HIGHLIGHTS CONTINUOUS PROGRESS IN DEBT REDUCTION Declining interest costs on the back of rate cuts and lower debt balance Total Debt Trending Down Net Debt and Net Gearing Ratio 65.0% 145 (HK$B) 60.0% (HK$B) 140 173.6 135 55.0% 58.1% 59.7% 57.5% 130 50.0% 125 167.0 45.0% 120 Total Debt ove
Slide 9: Section Two: Progress Under Seven Measures
SECTION TWO PROGRESS UNDER SEVEN MEASURES
Slide 10: Successful New Launches in FY26 on the Back of Strong Momentum
1 2 DEVELOPMENT PROPERTIES & ASSET DISPOSAL - HONG KONG SUCCESSFUL NEW LAUNCHES IN FY26 ON THE BACK OF STRONG MOMENTUM 1HFY26 Group Total Attri. Contracted Sales: HK$13.8bn – on Track to Deliver FY26 Guidance 1HFY26 Hong Kong Attri. Contracted Sales: HK$10.3bn Launched in Launched in Launched in Sep
Slide 11: Existing Projects Continue to Sell
1 2 DEVELOPMENT PROPERTIES & ASSET DISPOSAL - HONG KONG EXISTING PROJECTS CONTINUE TO SELL Launched in Launched in Launched in July 2024 January 2025 May 2025 Best-selling presale project Broken three 2025 sales Best-selling newly-launched on Kai Tak runway records at launch project in HK in 2025 ~2
Slide 12: Abundant Saleable Resources in Hong Kong
1 2 DEVELOPMENT PROPERTIES & ASSET DISPOSAL - HONG KONG ABUNDANT SALEABLE RESOURCES IN HONG KONG Major Existing Projects 2H FY26 FY27+ PAVILIA Collection PAVILIA ROSA Ma Sik Road (JV with ) 1st Pavilia Collection Low-Rise Luxury in NM Residential • GFA: ~1.1m ft2 Project • No. of units: ~2,300 • GFA
Slide 13: Additional Opportunities on Landbank Replenishment
3 DEVELOPMENT PROPERTIES & ASSET DISPOSAL - HONG KONG FARMLAND ADDITIONAL OPPORTUNITIES ON LANDBANK REPLENISHMENT (1) Short Term Medium Term Long Term Converted in 2025 (Landbank in 1-2 years) (Landbank in 3-5 years) (Landbank in 5+ years) 17 18 6 9 11 唐人新村 西貢沙下 790K FT2 (山頭) (地盤A) 1,597K FT2 唐人新村4
Slide 14: Resilient Chinese Mainland DP Sales
1 2 DEVELOPMENT PROPERTIES & ASSET DISPOSAL - CHINESE MAINLAND RESILIENT CHINESE MAINLAND DP SALES Resilient Sales Driven by High-Quality Projects Key Projects Sales Attributable Contracted Sales Guangzhou The Central Park View Guangzhou The Sillage 1HFY26 廣州凱旋新世界 廣州新世界·天馥 RMB 3.2B GBA & YRD Others
Slide 15: Abundant Saleable Resources (Chinese Mainland)
1 2 DEVELOPMENT PROPERTIES & ASSET DISPOSAL - CHINESE MAINLAND ABUNDANT SALEABLE RESOURCES FY2026+ Shenzhen New World 188 深圳新世界188號 Development Properties Guangzhou Guangzhou The Sillage The Canton View 廣州新世界·天馥 廣州凱旋新世界·廣粵尊府 Rendering* Residential Phase I: 「Wellspring瑧悅」 TO LAUNCH IN Q2 2026 Renderi
Slide 16: Investment Properties – Hong Kong
4 INVESTMENT PROPERTIES – HONG KONG RESILIENT PERFORMANCE ON THE BACK OF CONTINUOUS TENANT UPGRADE AND MEGA EVENTS K11 MUSEA - KEY STORE OPENINGS Solid Segment Results (1) in 1HFY26 Opened +5% YoY Flat YoY Audemars Piguet House Expansion Rolex First Concept Store Brunello Cucinelli Duplex Expansion
Slide 17: Investment Properties – Chinese Mainland
4 INVESTMENT PROPERTIES – CHINESE MAINLAND RESILIENT OCCUPANCY & STRATEGIC EXPANSION STABLE OCCUPANCY RATE1 SHENZHEN K11 ECOAST Chinese Mainland Key IPs Occupancy Rate SHANGHAI K11 ART MALL 92% SHENYANG K11 83% WUHAN GUANGGU K11 90% GUANGZHOU YUNMEN NEW PARK 91% GUANGZHOU THE CANTON PLACE 96% Note 1
Slide 18: Key K11 Projects to Launch in Coming Year
4 INVESTMENT PROPERTIES – CHINESE MAINLAND KEY K11 PROJECTS TO LAUNCH IN COMING YEAR SHANGHAI K11 ELYSEA Hangzhou New World Art Centre ✓ K11 Art Mall and K11 Atelier to open in 2027 Q4 ✓ K11 Atelier to open in 2H 2026 ✓ Spatial Design: 9F above ground / 3F ✓ Pre leasing rate over 50% below ground; c
Slide 19: Significantly Lower Capex Since FY24
5 CAPEX & OPEX OPTIMIZATION SIGNIFICANTLY LOWER CAPEX SINCE FY24 CAPEX (HK$B) Significantly Lower since FY24 ▼4.5 ▼2.2 12.6 < 12 19.3 2H:7.7 14.8 1H: 4.9 ▼1.4 1H: 3.5 FY23A (1) FY24A (1) FY25A FY26 CAPEX Optimization Initiatives Capex for DP with short cash conversion cycle • HK: Convert farmland to
Slide 20: Opex Optimization
5 CAPEX & OPEX OPTIMIZATION OPEX OPTIMIZATION A group-wide continuous improvement program to drive down G&A cost OPEX Optimization (HK$m) 1HFY26 G&A expenses -18% YoY 2,418 2,036 Corporate function and team structure optimization 1,845 1,509 Restructuring of business units Stringent hiring policy 1H
Slide 21: Temporary Dividend and Group PCS Distribution Halt
66. TEMPORARY DIVIDEND AND GROUP PCS DISTRIBUTION HALT TEMPORARY DIVIDEND AND GROUP PCS DISTRIBUTION HALT Remain committed to creating long-term shareholder value Prudent capital management to facilitate deleveraging Improve financial flexibility Optimize capital structure 21
Slide 22: Prudent Treasury Management
76. TREASURY MANAGEMENT PRUDENT TREASURY MANAGEMENT HKD88.2B Loan refinancing & alignment HKD3.95B Additional banking credit line HKD20B Debt exchange completed PRIORITIZE ON CASH FLOW & REDUCING INDEBTEDNESS 22
Slide 23: Appendix
Mase tee aRea "New Word Development Company Limited APPENDIX
Slide 24: Successful Refinancing Provided More Financial Flexibility
FINANCIAL HIGHLIGHTS SUCCESSFUL REFINANCING PROVIDED MORE FINANCIAL FLEXIBILITY WITH DEBT MATURITY EXTENDED Debt Maturity Profile Key Transaction Terms (HK$B) 30 June 2025 Closing Date Debt Due within 2 Years HK$29B HK$88.2 billion Total Size of New Bank Facility & Aligned Bank Facilities 47.7 42.9
Slide 25: Generating Value Through Sustainability Initiatives
ESG INTEGRATION GENERATING VALUE THROUGH SUSTAINABILITY INITIATIVES Environment Social Governance Future-Fit Places Enriched Lives Organisational Resilience Ongoing in-depth asset- Received approval from Achieved WELL Interior Approved a Group-level Updated Sustainable Obtained Shenzhen’s first leve
Slide 26: K11 Footprint
INVESTMENT PROPERTIES K11 K11 FOOTPRINT K11 projects Status Site Type Status Site Type Hong Kong K11 Art Mall Retail Shenzhen (Prince Bay) K11 ECOAST Retail Hong Kong (VD) K11 MUSEA Retail Hong Kong (VD) K11 ATELIER Office Shenzhen (Prince Bay) K11 ATELIER Office Current Hong Kong (VD) K11 ARTUS Ser
Slide 27: Northern Metropolis an Important Development Opportunity
DEVELOPMENT PROPERTIES HONG KONG FARMLAND NORTHERN METROPOLIS AN IMPORTANT DEVELOPMENT OPPORTUNITY Increased clarity and certainty solidify value of NWD’s farmland resources Proposed PR Attr. GFA Farmland (Selected) Status (Subject to gov’t Total attr. GFA (FT2) (FT2) note 8 approval) note 8 藍綠康樂旅遊生
Slide 28: Cooperation with SOE and Continuous Progress
DEVELOPMENT PROPERTIES HONG KONG FARMLAND COOPERATION WITH SOE AND CONTINUOUS PROGRESS Dec 23 May / Jun 24 Nov 24 Dec 24 Mar 25 Sept 25 Nov 25 2 3 17 Strategic Strategic MOU Agreement Signing Cooperation Cooperation Lung Tin Tsuen Ma Sik Road (Yuen Long South) (Fanling North) Total GFA: ~720k FT2 To
Slide 29: DP and IP Results
SEGMENT INFO DP AND IP RESULTS HK$m Hong Kong Chinese Mainland A B 944 1,615 1,685 934 1,301 1,202 IP 556 526 Revenue: Investment HK$2.6bn (+2.3%) Properties Segment results: HK$1.8bn (+3.9%) Revenue Segment results Revenue Segment results 1HFY25 1HFY26 1HFY25 1HFY26 C D 6,644 1,734 DP 1,389 Revenue
Slide 30: Disclaimer
DISCLAIMER Important notice The information contained in these materials is intended for reference and general information purposes only. Neither the information nor any opinion contained in these materials constitutes an offer or advice, or a solicitation, inducement, invitation, recommendation or