Howard Hughes Holdings Inc. · NYSE:HHH
Howard Hughes — Q2 2026 Earnings Presentation
39 slides from Howard Hughes's earnings presentation, Aug 6, 2026
Slide 1: Howard Hughes Holdings Inc. Second Quarter 2026 Supplemental Information
Exhibit 99.2 Howard Hughes Holdings Inc. Second Quarter 2026 Supplemental Information June 30, 2026
Slide 2: Cautionary Statements
Cautionary Statements Forward-Looking Statements This presentation contains forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, or business, and are not guarantees of p
Slide 3: Table of Contents
Table of Contents Topics Page # Howard Hughes Holdings (HHH) Company Highlights 4 Howard Hughes Communities (HHC) Highlights 5 Vantage Highlights 16 Appendix 26 HOWARD HUGHES HOLDINGS 3
Slide 4: Howard Hughes Holdings Company Highlights
Howard Hughes Holdings Company Highlights Howard Hughes enters its next chapter as a diversified holding company with the completion of the Vantage acquisition; strong execution and operating momentum continues in the real estate platform } Closed on $2.1 billion acquisition of Vantage Group Holding
Slide 5: Howard Hughes Communities Highlights
Howard Hughes Communities Highlights
Slide 6: Howard Hughes Communities Performance Update
Howard Hughes Communities Performance Update TTM TTM Q2 2026 Q2 2025 ($ in millions) Q2 2026 Q2 2025 Master Planned Communities: MPC Segment EBT $134.7 $102.4 $529.5 $367.3 1 Residual Value for Wholly Owned MPCs(1) $5,734.6 $6,112.7 N/A N/A Operating Assets: $70.5 $68.9 $279.6 $266.4 Net Operating I
Slide 7: Master Planned Communities: Earnings Before Taxes
1 Master Planned Communities: Earnings Before Taxes TTM TTM Trailing 5- ($ in millions, unless otherwise noted) Q2 2026 Q2 2025 Q2 2026 Q2 2025 Year Avg. Commentary Earnings Before Taxes Total Acres Closed 119.7 ac. 110.5 ac. 646.5 ac. 431.3 ac. 477.6 ac. } MPC Segment EBT for the quarter increased
Slide 8: Master Planned Communities: Land Bank Overview
1 Master Planned Communities: Land Bank Overview Wholly Owned MPCs Joint-Venture MPCs The The Woodlands Wholly Owned ($ in millions, unless otherwise noted) Summerlin Bridgeland Teravalis (5) Floreo (5)(6) Woodlands Hills MPC Total Residential Land Remaining Saleable Acres (1) 1,890 ac. 1,142 ac. 63
Slide 9: Master Planned Communities: Residual Land Values
1 Master Planned Communities: Residual Land Values Second quarter closings converted approximately $129 million of margin-affected residual land value into realized land sales, while our quarterly update to pricing estimates added approximately $75 million back to the remaining land bank. The net re
Slide 10: Operating Assets: Adjusted Maintenance Free Cash Flow
2 Operating Assets: Adjusted Maintenance Free Cash Flow TTM TTM Q2 2026 Q2 2025 ($ in millions) Q2 2026 Q2 2025 Commentary NOI to Adjusted Maintenance Free Cash Flow } Total Operating Assets NOI increased 2% during the quarter Total Operating Assets NOI $70.5 $68.9 $279.6 $266.4 to $70.5 million, su
Slide 11: Operating Assets: Results by Asset Type
2 Operating Assets: Results by Asset Type Q2 2026 (1) Total Operating Assets NOI by Asset Type Q2 2026 (1) Adj. Maintenance Free Cash Flow By Asset Type Dispositions Dispositions Other Other 5%2% 2% Office 12% Multifamily 33% 23% Multifamily 50% Office 26% 20% 27% Retail Retail Note: Total Operating
Slide 12: Condominiums: Sales Activity & Profit Generation
3 Condominiums: Sales Activity & Profit Generation TTM TTM Q2 2026 Q2 2025 ($ in millions) Q2 2026 Q2 2025 Commentary Condominium Sales Activity & Gross Profit Number of Condo Units Closed During the Period 527 Units 0 Units 1,223 Units 349 Units } Quarterly condo activity reflected the closing of 5
Slide 13: Condominiums: Future Condo Tower Pipeline
3 Condominiums: Future Condo Tower Pipeline Completed Under Construction Predevelopment Total Under The Park Ritz-Carlton The Kalae Melia ‘Ilima Construction and Ward Village Residences Launiu ($ in millions) Predevelopment Condo Tower Pipeline Key Metrics Location Ward Village The Woodlands Ward Vi
Slide 14: Other Expenses: HHH Adj. G&A and Net Interest Expense
4 Other Expenses: HHH Adj. G&A and Net Interest Expense TTM TTM Q2 2026 Q2 2025 ($ in millions) Q2 2026 Q2 2025 Commentary HHH General & Administrative Expense Detail G&A Expense $36.1 $34.6 $127.1 $104.7 } Q2 2026 G&A increased to $36.1 million, including $15.4 million of acquisition-related costs
Slide 15: HHC Debt & Liquidity Overview
HHC Debt & Liquidity Overview Q2 2026 HHC Net Debt Summary Q2 2026 HHC Liquidity & Debt Maturity Schedule (3) $2,967 ($ in millions) Amount ($ in millions) Operating Assets Debt $2,686 MPC Debt 155 Strategic Developments Debt 360 $1,650 Senior Unsecured Notes 2,300 Deferred Financing Costs (44) Mort
Slide 16: Vantage Highlights
Vantage Highlights “os HHH
Slide 17: Vantage Group Statement of Operations
Vantage Group Statement of Operations* Group Statement of Operations Commentary $ in millions (Unaudited) QTD YTD Q2 2026 Q2 2025 % Change Q2 2026 Q2 2025 % Change GWP for the three months ended June 30, 2026, of Gross Written Premiums $473 $367 29% $1,018 $899 13% $473m grew 29.0% vs. prior year
Slide 18: Quarterly Statement of Operations by Business
Quarterly Statement of Operations by Business* $ in millions (Unaudited) Q2 2026 Q2 2025 Insurance Reinsurance ILS Corporate Total Insurance Reinsurance ILS Corporate Total Gross Written Premiums $344 $129 -- -- $473 $274 $93 -- -- $367 Net Written Premiums $197 $128 -- -- $325 $160 $93 -- -- $252 N
Slide 19: Gross Written Premiums Detail
Gross Written Premiums Detail Insurance: Q2 2026 Gross Written Premiums by Line Reinsurance: Q2 2026 Gross Written Premiums by Line $ in millions (Unaudited) Professional Liability Financial Lines Property CAT/ADV Healthcare $23 $4 $4 $24 7% Casualty 4% 3% Political Risk & 7% $96 Credit 28% $29 8% $
Slide 20: Insurance Underwriting Results
Insurance Underwriting Results* Insurance Underwriting Results Commentary $ in millions (Unaudited) QTD YTD Q2 2026 Q2 2025 % Change Q2 2026 Q2 2025 % Change Total GWP for the three months ended June 30, 2026 Gross Written Premiums $344 $274 26% $590 $479 23% was 26% ahead of prior year, driven by
Slide 21: Reinsurance Underwriting Results
Reinsurance Underwriting Results* Reinsurance Underwriting Results Commentary $ in millions (Unaudited) QTD YTD Q2 2026 Q2 2025 % Change Q2 2026 Q2 2025 % Change Total GWP for the three months ended June 30, 2026 Gross Written Premiums $129 $93 39% $428 $419 2% in the quarter was 39% ahead of prio
Slide 22: Vantage Historical Balance Sheets
Vantage Historical Balance Sheets* Balance Sheet Invested Assets & Cash Allocation $ in millions June December December As of June 30, 2026 (Unaudited) 30, 31, 31, Assets 2026 2025 2024 Common Equities $ 1,078 $ - $ - Fixed Income Securities 247 2,618 1,930 Cash, Restricted Cash & Short-Term 2,061 3
Slide 23: Investment Portfolio Returns
Investment Portfolio Returns Net Investment Results Commentary $ in millions (Unaudited) QTD YTD Common Equities Q2 2026 Q2 2025 Q2 2026 Q2 2025 Post close of the acquisition the investment Dividends 1 -- 1 -- portfolio started its transition from a diversified Realized Gain/(Loss) -- -- -- -- fix
Slide 24: Capital & Financial Strength Overview
Capital & Financial Strength Overview Rating Agency Capital Measures (Unaudited) Capital Adequacy Financial Strength Rating Agency Entity Ratio(1) Rating(2) 49% A- Group (99.6% VaR) (Positive Outlook) GAAP Equity $ in millions (Unaudited) $1,809 $1,400 $1,041 $1,144 $901 $947 2021 2022 2023 2024 202
Slide 25: Return on Equity
Return on Equity Return on Equity (“ROE”) $ in millions (Unaudited) TTM Q2 2026 FY 2025 FY 2024 $mm ROE $mm ROE $mm ROE (1) Underwriting Income $60 $49 $(17) Net Investment Results(1) 2) 79 117 82 Net Fee Income & Other(1) 61 13 36 Pre-Tax Income $201 13.2% $178 14.0% $101 9.3% Less: Income Taxes(1)
Slide 26: Appendix
Appendix “os HHH
Slide 27: Non-GAAP Definitions
Non-GAAP Definitions Operating Asset Net Operating Income (NOI): We define NOI as operating revenues (rental income, tenant recoveries, and other revenues) less operating expenses (real estate taxes, repairs and maintenance, marketing, and other property expenses). NOI excludes straight-line rents a
Slide 28: Reconciliation of Non-GAAP Financial Measure
Reconciliation of Non-GAAP Financial Measure TTM TTM Q2 2026 Q2 2025 $ in millions Q2 2026 Q2 2025 Reconciliation of Operating Assets Segment EBT to Total Operating Asset NOI Total Revenues $120.0 $116.4 $474.3 $457.0 Total Operating Expenses (50.5) (49.5) (207.4) (199.1) Segment Operating Income (L
Slide 29: Vantage Glossary
Vantage Glossary Acronym Full Term Definition / Context GWP Gross Written Premiums The total premium on policies written during the period, before deductions for reinsurance ceded. NWP Net Written Premiums Gross written premiums less premiums ceded to reinsurers. NEP Net Earned Premiums The portion
Slide 30: Vantage Non-GAAP Definitions
Vantage Non-GAAP Definitions Rationale for the Use of Non-GAAP Financial Measures We present our results of operations and financial position in the way we believe will be most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our
Slide 31: Vantage Non-GAAP Definitions
Vantage Non-GAAP Definitions Basis of Presentation — Results Including the Pre-Acquisition Period and Excluding Acquisition Accounting Adjustments HHH completed its acquisition of Vantage on June 4, 2026 (the "Acquisition Date"). Under U.S. GAAP as of June 30, 2026, HHH's consolidated financial stat
Slide 32: Vantage Non-GAAP Definitions
Vantage Non-GAAP Definitions Underwriting Income (Loss) and Underwriting-Related General and Administrative Expenses Underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net earned premiums as revenue, and claims and claim expenses incurred, acquisiti
Slide 33: Vantage Non-GAAP Definitions
Vantage Non-GAAP Definitions Impact of Catastrophes on the Combined Ratio The impact of catastrophes on the combined ratio represents claims and claim expenses incurred in the current accident year in respect of natural catastrophes, man-made disasters and other significant events designated as cata
Slide 34: Vantage Non-GAAP Definitions
Vantage Non-GAAP Definitions Accident Year Combined Ratio, Excluding Impact from Catastrophes The accident year combined ratio, excluding impact from catastrophes, is the calendar year combined ratio adjusted to exclude (i) claims and claim expenses incurred in the current accident year in respect o
Slide 35: Vantage Non-GAAP Definitions
Vantage Non-GAAP Definitions Invested Assets and Cash; Invested Assets and Cash to Equity Invested assets and cash represents the sum of common equity securities, fixed income securities, cash, restricted cash and short-term investments (including U.S. Treasury securities with remaining maturities o
Slide 36: Vantage Non-GAAP Definitions
Vantage Non-GAAP Definitions Average Equity; Pre-Tax and After-Tax Return on Equity Average equity value represents the average of total equity as of the end of each of the four most recent quarterly periods. Pre-tax return on equity represents income (loss) before income taxes for the period divide
Slide 37: Reconciliation of Pre and Post Close Statement of Operations Three Months Ended June 30
Reconciliation of Pre and Post Close Statement of Operations Three Months Ended June 30, 2026 Group Statement of Operations Commentary $ in millions Post-Acquisition Post-Acquisition (Unaudited) Total Pre-Acquisition PGAAP Period Period after PGAAP The three months ended June 30, 2026 is Q2 2026 P
Slide 38: Reconciliation of Pre and Post Close Statement of Operations Six Months Ended June 30
Reconciliation of Pre and Post Close Statement of Operations Six Months Ended June 30, 2026 Group Statement of Operations Commentary $ in millions Post-Acquisition Post-Acquisition (Unaudited) Total Pre-Acquisition PGAAP Period Period after PGAAP The six months ended June 30, 2026 is YTD Q2 2026 P
Slide 39: Reconciliation of Historical Balance Sheets as of June 30, 2026
Reconciliation of Historical Balance Sheets as of June 30, 2026 Balance Sheet Commentary $ in millions (Unaudited) Historical Basis Historical Basis after PGAAP Adjustments June 30, PGAAP June 30, PGAAP Adjustments represent the differences Assets 2026 Adjustments 2026 between historical accountin
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