Shui On Land Ltd. · HKEX:272
Shui On Land — FY2025 Earnings Presentation
45 slides from Shui On Land's earnings presentation, Mar 26, 2026
Slide 1: 2025 Annual Results
2025 Annual Results 26 March 2026
Slide 2: Agenda
Agenda Opening Remarks Vincent Lo Chairman Business Review and Stephanie Lo Outlook & Strategy Vice Chairman Key Financial Highlights Douglas Sung CFO & CIO, Shui On Land Property Sales & Development Jessica Wang CEO, Shui On Land Commercial Asset Management Allan Zhang CEO, Shui On Xintiandi
Slide 3: Opening Remarks
Opening Remarks _______ Vincent Lo Chairman
Slide 4: Resilience Amidst Market Transition
Resilience Amidst Market Transition Market environment 2025: resilient performance Persistent geopolitical ▪ Delivered positive core earnings uncertainties and trade tensions ▪ Maintained proactive capital management and fully met all financial obligations Muted consumer confidence and uncertain ▪ S
Slide 5: Business Review and Outlook & Strategy
Business Review and Outlook & Strategy _______ Stephanie Lo Vice Chairman
Slide 6: 2025 Highlights
2025 Highlights Resilience amidst a prolonged Sustained rental growth subdued market ◼ Total rental and related income rose for the third consecutive ◼ Core earnings of RMB397 million1 year to RMB3,625 million ◼ Retail portfolio showing strong growth in retail sales and shopper traffic at 15% and 12
Slide 7: Continued Recognition in Sustainability Performance
Continued Recognition in Sustainability Performance 2025 achievements Decarbonisation Climate resilience Tenant engagement ▪ Achieved ongoing ▪ Safeguarding portfolio ▪ Green Pledge achieved reduction in carbon against physical climate exceptional participation emission intensity threats rates ▪ Int
Slide 8: Elevation of XINTIANDI Community Brand
Elevation of XINTIANDI Community Brand XINTIANDI Communities bring places to life ▪ Unveiled new “Xintiandi” Community Brand in September 2025 ▪ Integrates retail, residences, offices, culture and public space to create inclusive, sustainable solutions for the cities of the future ▪ Launched four ad
Slide 9: China Property Market Remains in Transition
China Property Market Remains in Transition Residential ▪ Prolonged adjustment and correction in China’s residential market with subdued market activity and cautious purchasing sentiment ▪ High-end segment in first-tier cities demonstrated relative resilience supported by demand for high-quality pro
Slide 10: Strategy Going Forward
Strategy Going Forward Short-term strategic priorities Long-term goals ▪ Liquidity management with Sustainable growth in financial safety as top priority profitability ▪ Leverage on our brands (community brand - “Xintiandi” and luxury residential living brand - Strive for leading position “Lakeville
Slide 11: Key Financial Highlights
Key Financial Highlights _______ Douglas Sung CFO & CIO
Slide 12: Financial Performance
Financial Performance Revenue Gross profit Core earnings (RMB) (RMB) (RMB) 4,093m 2,115m 397m Property sales Total rental and revenue related income (RMB) (RMB) 499m 3,625m ▪ Decline in revenue and core earnings mainly resulted from fewer residential project completions during the year ▪ Total renta
Slide 13: Income Statement
Income Statement RMB’m 2025 2024 Change Revenue of the Group 4,093 8,173 (50%) Property sales 499 4,356 (89%) Rental & related income 1,949 2,456 (21%)1 Property management income 552 608 (9%) Hotel, construction and others 1,093 753 45% Cost of sales (1,978) (2,945) (33%) Gross profit 2,115 5,228 (
Slide 14: Income Statement (Cont'd)
Income Statement (Cont’d) RMB’m 2025 2024 Change (Loss)/profit before tax (2,037) 3,147 (165%) Tax 304 (2,337) (113%) (Loss)/profit for the year (1,733) 810 (314%) Attributable to: Non-controlling shareholders 49 630 (92%) (Loss)/profit attributable to shareholders (1,782) 180 (11x) (Loss)/earnings
Slide 15: Core Earnings
Core Earnings RMB’m 2025 2024 Change (Loss) / profit attributable to shareholders (1,782) 180 (11x) Decrease in fair value of investment properties, net of tax and non- 562 177 controlling interests Impairment provision for assets classified as held for sale 907 - Share of results of associates and
Slide 16: Key Balance Sheet Metrics
Key Balance Sheet Metrics Total assets Total debt Shareholders' (RMB) (RMB) equity per share (RMB) 82,577m 26,294m 4.54 Total cash and bank Net debt Net gearing ratio deposits (RMB) (RMB) 6,451m 19,843m 52% ▪ Total debt and net debt reduced by 12% and 11% respectively from December 2024 ▪ Net gearin
Slide 17: Asset and Debt Movements
Asset and Debt Movements Net assets Breakdown of assets by nature (RMB’bn) 8% 5% 44.4 44.1 42.7 38.2 1% 4% 48% Dec 22 Dec 23 Dec 24 Dec 25 18% Net debt 16% (RMB’bn) 20.1 23.0 22.2 19.8 Investment Properties JV and Associate Investment & Loans - for IP JV and Associate Investment & Loans - for Sale a
Slide 18: Valuation of Investment Property Portfolio
Valuation of Investment Property Portfolio Increase Carrying Value Attributable Fair Value Leasable /(decrease) as of Carrying Gain/(loss) to Project GFA in fair value 31 December Value to the Carrying Value for 2025 2025 Group sq.m. RMB’m RMB’m % RMB’m Completed investment properties at valuation S
Slide 19: Track Record of Deleveraging in a Challenging Market
Track Record of Deleveraging in a Challenging Market Net gearing 81% 68% Consistently 52% 52% 52% 52% maintained a relatively 51% 45% 45% low gearing ratio in the 40% 30% past few years as compared against industry peers 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net debt (RMB’m) 37,378
Slide 20: Maturity Wall Has Peaked
Maturity Wall Has Peaked Annual debt maturity from 2023 Debt maturity profile as of 31 December 2025 (RMB’m) (RMB’m) 13,861 14,359 4,100 10,870 7,551 6,894* 4,971* 14,359 20 3,427 9,761 10,870 2,142 2,112 3,427 1,923 80 7,551 6,894 2,112 25 60 3,347 3,427 2,809 1,898 2,052 2,112 2023 2024 2025 2026
Slide 21: Consistent Focus on Capital Management
Consistent Focus on Capital Management ▪ Utilised diversified funding sources, including the CMBS issuance, asset disposal, USD senior bonds repurchase, restructuring and other onshore financing channels to enhance our liquidity ▪ As of 25 March 2026, a total RMB48.6 billion offshore debts (gross am
Slide 22: Near-term Priorities for Capital Management
Near-term Priorities for Capital Management Prudent yet proactive capital management ▪ Ensuring sufficient liquidity will remain our utmost priority ▪ Strive to maintain balance sheet stability ▪ Exercise strong discipline in cost control, proactively manage debt profile and remain very selective on
Slide 23: Property Sales & Development
Property Sales & Development _______ Jessica Wang CEO, Shui On Land
Slide 24: Property Sales
Property Sales Shanghai Xintiandi Lakeville VI (Townhouses) ▪ Contracted property sales amounted to RMB7,916 million, comprising residential property sales of RMB7,246 million and commercial property sales of RMB670 million ▪ RMB639 million subscribed sales for contract in coming months ▪ RMB17,231
Slide 25: Residential Sales Pipeline
Residential Sales Pipeline Residential GFA available for sale and pre-sale in 2026 GFA Group’s Attributable Project Product in sq.m. Interests GFA in sq.m. i Shanghai Lakeville VI (Lot 122) Townhouses 4,100 50% 2,100 Riverville Townhouses 11,400 60% 6,800 Nanqiao Tiandi2 High-rises 13,000 5% 700 ii
Slide 26: Advancing our Development Strategy in an Evolving Market
Advancing our Development Strategy in an Evolving Market Market trends Strategic focus A shift in policy stance from 2026 Two Sessions 1 ▪ Policy stance for residential market shifted from “stabilising Continue to focus on top- decline” to “focusing on stability” tier cities with priority in ▪ Conti
Slide 27: Driving Growth via Asset-Light Partnerships
Driving Growth via Asset-Light Partnerships Asset-Light strategy ▪ Progressively introduce ▪ Continue to broaden ▪ Undertake new financial investors for investor base and development projects mature commercial look for suitable through Asset-Light assets to strategically investment partners partners
Slide 28: Building Asset-Light Projects Pipeline
Building Asset-Light Projects Pipeline Asset-Light mixed-use development projects as of 31 December 2025 Estimated Residential Estimated Commercial Estimated Group’s Project GFA sq.m. GFA sq.m. Project Period Interests Shanghai Yong Nian Li 105,000 50,000 2025 – 2032 - Nanqiao Tiandi 326,000 95,000
Slide 29: Expanding Urban Retreat Community
Expanding Urban Retreat Community Zhaolou Xintiandi: “Urban village renewal” and mixed-use project in Minhang District ◼ Located in Minhang District in the South of Shanghai ◼ Integration of cultural heritage and modern lifestyle ◼ In January 2026, the Group announced the acquisition of land use rig
Slide 30: Residential Development Saleable Resources
Residential Development Saleable Resources as of 31 December 2025 Approximate Saleable Estimated Gross Estimated Project Residential Saleable Group’s Attributable Sales GFA Resource Interests RMB’ bn sq.m. RMB’ bn Lakeville VI (Lot 122) 12,300 4.3 50% 2.2 Riverville 11,400 2.3 60% 1.4 Nanqiao Tiandi
Slide 31: Commercial Development
Commercial Development Commercial properties Under development and for future development as of 31 December 2025 Office Retail Total Group’s Attributable Project GFA sq.m. GFA sq.m. GFA sq.m. interests GFA sq.m. Lakeville VI (Lot 122) - 17,000 17,000 50% 8,500 Shanghai Sub-total - 17,000 17,000 8,50
Slide 32: Commercial Asset Management
Commercial Asset Management _______ Allan Zhang CEO, Shui On Xintiandi
Slide 33: Sustained Rental Growth for the Third Consecutive Year
Sustained Rental Growth for the Third Consecutive Year Rental and related income (RMB’m) Retail ▪ Average occupancy stable at 94% ▪ Retail sales and shopper traffic saw robust 3,6251 momentum with 15% and 12% growth 3,547 respectively 3,243 2,802 ▪ Newly opened Xintiandi Dongtaili in Shanghai and KI
Slide 34: Commercial Portfolio Underpinned by Prime Shanghai Assets
Commercial Portfolio Underpinned by Prime Shanghai Assets Completed commercial assets totaling RMB79 billion Xintiandi Shikumen Block , Xintiandi Style, Shui On KIC Shanghai Total rental and Plaza and Xintiandi Plaza related income in Shanghai in 2025 (RMB) GFA: 140,000 sq.m. GFA: 253,000 sq.m. Asse
Slide 35: Shanghai Xintiandi Dongtaili: Opened in Dec 2025
Shanghai Xintiandi Dongtaili: Opened in Dec 2025 Retail GFA: 84,000 sq.m. Wellness Fulfillment Sports brands, gym, spa & wellness City Pulse F&B, al fresco dining, nightlife & LA MER Xintiandi Concept Store entertainment, Helena Rubinstein First Concept Flagship Store in China international & trendy
Slide 36: Wuhan KIC Park: Opened in Sep 2025
Wuhan KIC Park: Opened in Sep 2025 Retail GFA: 48,000 sq.m. 武汉首个“0距离公园商业 光谷首个公园式宠物友好空间 985,000+ Visitors in the first week of opening ▪ Social and entertainment destination offering 40% lifestyle in nature 1st store in Wuhan/ ▪ First stores in Wuhan: e.g. Optics Valley Taste, Miniso Pet, a:mama, 聚椒
Slide 37: Key Strategic Initiatives and Near-Term Focus
Key Strategic Initiatives and Near-Term Focus Strengthen the 3 growth engines to achieve sustainable and profitable growth goal Drive steady organic Success in every Refined Asset-Light growth in AUMs new project strategy Operational focus in 2026 Sustaining momentum in shopper Occupancy remaining a
Slide 38: Q&A
Q&A
Slide 39: Appendix
Appendix ecg - of [Rae mae
Slide 40: Commercial Portfolio Performance by Project
Commercial Portfolio Performance by Project Leasable Occupancy Rate Project Product GFA 31 December sq.m. 2025 Shanghai Xintiandi Xintiandi Shikumen Block Office / Retail 54,000 99% Xintiandi Style Retail 26,000 96% Shui On Plaza and Xintiandi Plaza Office / Retail 53,000 97% 5 Corporate Avenue, Xin
Slide 41: Financial Position
Financial Position RMB’m 31 December 2025 31 December 2024 Change % Total cash and bank deposits 6,451 7,734 (17%) Total assets 82,577 91,938 (10%) Total debt 26,294 29,927 (12%) Bank and other borrowings 19,200 19,277 - Senior notes 2,809 6,437 (56%) CMBS 4,285 4,213 2% Net debt 19,843 22,193 (11%)
Slide 42: Credit Profile and Offshore Debt Repayment
Credit Profile and Offshore Debt Repayment Offshore debt repayment since 2021 Total debt1 / Total equity2 15,000 11,132 11,576 100% 78.9% 75.5% 8,930 9,344 80% 72.3% 70.1% 68.8% 64.8% 10,000 (RMB million) 5,018 60% 7,965 5,320 4,931 5,824 40% 5,000 1,808 2,270 6,114 20% 197 3,999 3,611 3,520 3,512 2
Slide 43: 2030 Sustainability Strategy
2030 Sustainability Strategy Our Vision: To be a pioneer of sustainable premium urban communities 43
Slide 44: Quality Resources in Top-tier and High-growth Cities
Quality Resources in Top-tier and High-growth Cities Total Approximate/ Project Residential Commercial Estimated GFA sq.m. Shanghai Xintiandi 87,000 511,000 598,000 Ruihong Xintiandi - 441,000 441,000 KIC Shanghai - 253,000 253,000 Inno KIC - 45,000 45,000 Hongqiao Xintiandi - 263,000 263,000 Panlon
Slide 45: APA BE AT HR Sh
APA BE AT HR Sh im 22 is th Building a future, Sharing a dream SHUI ON LAND