Wharf (holdings) Ltd. · HKEX:4
Wharf (holdings) — FY2025 Earnings Presentation
30 slides from Wharf (holdings)'s earnings presentation, Mar 10, 2026
Slide 1: Market Challenges Dampen Group Profitability
Market Challenges Dampen Group Profitability Wharf Real Estate Investment Company Limited 2025 Final Results | 10 Mar 2026
Slide 2: Results Highlights
Results Highlights • UNP +5% to $2.13 per share • 2H DPS +10% to $0.66 (FY $1.32) • Net Debt ↓$2.2B to $32B; Gearing 17.2% • Interest Cost Decline Outpaced Mild Declines in Revenue & OP • Overall Occupancy of IP Portfolio 92% • Net Asset Value -3% to $59.85 per share OVERVIEW Wharf Real Estate Inves
Slide 3: Economic Indicators Positive But …
Economic Indicators Positive But … Average of CNYHKD HK Visitor Arrivals • HK Economy More Positive But … Million 1.11 1.10 5.5 5.2 - Stock Market More Active 1.10 2025 5.0 2025 1.09 4.5 - Resi Property Market More Active 1.08 4.0 2024 1.07 3.5 - But Consumption Still Uneven 1.06 1.06 2024 3.0 3.3 1
Slide 4: Retail – Forming a New Base
Retail – Forming a New Base HK Retail Sales & Harbour City Retail Revenue HK Retail Sales Harbour City Retail Revenue • HK Retail Sales +5% YoY in 2H YoY Chg 10% +1% YoY - Consecutive Growth Since May Led by Discretionary +5% YoY - Double-digit Growth for Jewellery & Watches, Electronics 5% +0% YoY
Slide 5: Office Portfolio – Stable Occupancy
Office Portfolio – Stable Occupancy Office Occupancies* • >90% Occupancy, Outperformed HK Market % - Prime Locations, Mixed-Used Complexes’ Drawing Power 95 - Insurance, Finance & Professional Services Drive Demand 91 Harbour City 90 90 90 90 90 90 Times Square • >80% Retention Rate 88 87 - Preferre
Slide 6: HKIP – Demand Still Lags Supply
HKIP – Demand Still Lags Supply HKIP Revenue Breakdown FY25: $10.3B (-2%) HK$ Billion 12 • Harbour City Accounted for ~80% of HKIP Revenue 0.2 0.2 0.2 0.2 0.2 10 • HKIP Revenue -2% YoY (1H -3%; 2H +0%) 3.1 3.4 3.4 3.1 3.1 8 - Volume Increase however Not Often Accompanied by Commensurate Yield Increa
Slide 7: Financial Highlights
Financial Highlights HK$M FY25 FY24 YoY Chg Group Revenue 12,815 12,912 -1% - HKIP & Hotel 11,829 11,894 -1% • Core UNP +7%; Borrowing Cost ↓$662M YoY or ↓32% Operating Profit 9,349 9,691 -4% - HKIP & Hotel 8,834 8,991 -2% • IP Revaluation Deficit $10.5B Resulted in Group Loss Underlying Net Profit
Slide 8: Sound Balance Sheet
Sound Balance Sheet Disciplined Financial Management HK$ Billion Net Debt (LHS) Gearing (RHS) 70 30% Gearing ≤20% (Except COVID Yrs) 60 • De-Leveraging Amid Decline in IP Valuation & Total Equity 52.0 20% 50 17.2% - Gearing at New Low 17.2%; Provide Capital Flexibility 40 10% 32.0 30 0% • Interest C
Slide 9: HK Investment Properties
HK INVESTMENT PROPERTIES Wharf Real Estate Investment Company Limited – 2025 Final Results | 9
Slide 10: Harbour City – A Gem
Harbour City – A Gem Harbour City Revenue Breakdown FY25: $9.2B (+1%) HK$ Billion Occupancy (Dec 2025) 12 Retail 92% Office 91% • Strong Brand Equity Proven by Resilient Performance 10 0.2 0.2 - Critical Mass, Strategic Location & Proven Management 0.2 1.1 0.2 0.2 1.0 1.0 8 0.4 0.5 • Retail: No. 1 L
Slide 11: Harbour City – Elevating Tenants' Ecosystem
Harbour City – Elevating Tenants’ Ecosystem Harbour City Debuts & Strategic Expansion (Selected Brands) Retail Rental Category Breakdown FY25: $5.0B (+0%) F&B & Ent. 6% Expansion to 4 Storeys with VIP Level Second Store at Harbour City Expansion Kowloon Debut Dept. Store 3% Sports- Fashion Leather G
Slide 12: Times Square – Focus of Competition
Times Square – Focus of Competition Times Square Revenue Breakdown FY25: $1.5B (-10%) HK$ Billion Occupancy (Dec 2025) Retail 95% • Retail: Rejuvenating Tenant Mix & Enhancing Experiences 2.5 Office 90% - Louis Vuitton Opened, LOEWE Expanded 2.0 - Introduced Trendy F&Bs on Basement Levels 0.7 1.5 0.
Slide 13: Hotels
HOTELS Wharf Real Estate Investment Company Limited – 2025 Final Results | 13
Slide 14: Gaining Traction
Gaining Traction Hong Kong All Hotels Average Room Rate (LHS) Occupancy (RHS) HK$ • Sector Energised by Mega Events & Inbound Visitors 1,500 100% 88% 89% 85% - Average Room Rate Reversed to Growth in 4Q 83% 1,400 1,368 80% • Challenges Persist 1,300 1,296 1,307 60% - Price-Sensitive Customers Under
Slide 15: Award-Winning Hotels
Award-Winning Hotels Canton Road Hotels The Murray, Hong Kong, A Niccolo Hotel • SD Growth in Occupancy & RevPAR • DD Growth in Occupancy & RevPAR - Strategically Drove Target Customer Groups’ Bookings • Strategic Initiatives Delivered Solid Results - Room Revenue: New Room Categories Boosted Volume
Slide 16: Sustainability
SUSTAINABILITY Wharf Real Estate Investment Company Limited – 2025 Final Results | 16
Slide 17: Committed to Science Based Targets Initiative (SBTi)
Committed to Science Based Targets Initiative (“SBTi”) SBTi Commitment Scope 1 and 2 Reduce 42% GHG Emissions by 2030* Scope 3 Reduce 25% GHG Emissions from Downstream Leased Assets by 2030* Near-term GHG Emissions Reductions Targets Approved *From 2022 Base Year 2025 Performance ESG Reporting Stand
Slide 18: ESG Performance & Recognitions
ESG Performance & Recognitions ESG Indexes & Benchmarks Sustainable Buildings & Operations LEED Platinum v4.1 (Existing Buildings: Operations and Maintenance) • Times Square Hang Seng ESG 50 Index • Harbour City* WELL Health-Safety Rating (Facility Operations and Management) • Times Square Managemen
Slide 19: Environmental: Asset Enhancements & Renewable Energy
Environmental: Asset Enhancements & Renewable Energy Solar-powered Systems Innovative Energy Management Practice • Harbour City: 320 Solar Photovoltaic Panels to Support Renewable • Harbour City: Innovative Approach to Connect Chilled Water Systems Energy Development & FiT* Scheme of Different Opera
Slide 20: Social: Community Contributions
Social: Community Contributions “Business-in-Community” Initiatives Donation Among Top 3 Donors of the Community Chest Supports Youth Development via For 5 Consecutive Years • Project WeCan Awarded to The Wharf Group (incl. Wharf REIC & Wharf Holdings) • The Wharf Art Scholarship Scheme • Architectu
Slide 21: People: Governance, Talent Development & Workplace Safety
People: Governance, Talent Development & Workplace Safety Board Composition (12 Board Members as of 31 Dec 25) Corporate Governance Designation Sustainability Steering Committee Anti-corruption Training in 2025 Directors with Executive Functions (33%) INED (67%) Chaired by Chairman Over 800 Hours Fo
Slide 22: Outlook
OUTLOOK Wharf Real Estate Investment Company Limited – 2025 Final Results | 22
Slide 23: Global Disruptions
Global Disruptions Geopolitical & Economic Shifts China’s Technological Ascent • “Make America Great Again” Politics; World Order is Cracking • First: EVs, Batteries, Solar Tech; Next: Robots, AI & Pharma • Tariff Rollercoasters; Surging Military Spending & National Debt • De-Risk from “Traditional”
Slide 24: Staying Vigilant amid Global Disruptions
Staying Vigilant amid Global Disruptions Global HK Sector Challenges • Policy Risks & Tech Revolution • Outlook Mixed & Uncertain • Asset Productivity Pressure Persists - Geopolitical Risks & Wars - Revitalised Financial & Asset Market - Outbound Spending Leakage - Global Trade Link Disruptions - Gr
Slide 25: Appendix
APPENDIX Wharf Real Estate Investment Company Limited – 2025 Final Results | 25
Slide 26: HC/TS/PH Performance
HC/TS/PH Performance 2025 (HK$B) Harbour City Times Square Plaza Hollywood Retail 5.6 0.9 0.4 Office 2.3 0.6 - Hotels & Club 1.1 - - Serviced Apt. 0.2 - - Total Revenue 9.2 1.5 0.4 Valuation* as of 31 Dec 2025 153.4 40.3 7.7 2025 Avg. Retail Passing Rent 361 115 69 (HK$ psf per Month) *Incl. Hotels
Slide 27: Premium Quality Portfolio
Premium Quality Portfolio Revenue Valuation* GFA Harbour City Harbour City Harbour City 76.0% 68.7% 68.5% 2025 Revenue Valuation GFA $12.2B $224.2B 12.3M s.f Singapore Singapore Times Square Singapore Times Square Assets Assets 17.9% Assets 16.1% 2.9% Plaza Central Central Plaza Central Hollywood Po
Slide 28: Overview of Application of Funds
Overview of Application of Funds Major Capital & Development Expenditure To be Incurred in Coming Years HK$M Incurred in 2025 Committed Uncommitted Total HKIP 82 81 929 1,010 Singapore IP 3 - - - Mainland Properties 2 131 149 280 Hotels & Others 20 28 4 32 Total 107 240 1,082 1,322 APPENDIX Wharf Re
Slide 29: Thank You
Market Challenges Dampen Group Profitability Thank You Wharf Real Estate Investment Company Limited – 2025 Final Results | 29
Slide 30: Wharf Real Estate Investment Company Limited Disclaimer
Wharf Real Estate Investment Company Limited [HKEx Stock Code: 1997.HK] Disclaimer All information and data are provided for information purposes only. All opinions included herein constitute our judgment as of the date hereof and are subject to change without notice. The Group, its subsidiaries and