Hang Lung Properties Limited · HKEX:101
Hang Lung Properties — FY2025 Earnings Presentation
56 slides from Hang Lung Properties's earnings presentation, January 2026
Slide 1: 2025 Annual Results Presentation
2025 Annual Results Presentation January 2026
Slide 2: Contents
Contents 2025 Annual Results 2025 Annual Results Announcement Investor Presentation 03 2025 Annual Results Highlights 36 Chinese Mainland Portfolio 19 Hang Lung V.3 40 Hong Kong Portfolio 24 ESG Highlights 45 Development Highlights 48 Appendix 49 HLP – Financial Highlights and Position 52 HLG – Fina
Slide 3: 2025 Annual Results Highlights
2025 Annual Results Highlights Hang Lung Properties (101.HK) Operating Underlying HLP – Dividends per share Revenue profit / loss profit / loss (Note 1) (Note 1) HK$mn 2025 YoY% 2025 YoY% 2025 YoY% (Note 2) Leasing 9,389 -1% 6,663 -1% 3,358 -3% 60 60 (Note 2) Hotels 297 +57% (34) + 46% (80) +17% 40
Slide 4: Revenue Contribution by Segments
Revenue Contribution by Segments HLP revenue contribution by segments (HK$mn) (FY25 RMB/HKD: -0.4% YoY) HK$mn 12,000 FY25 Mainland Rental: RMB5,878mn / HK$6,414mn 10,000 Accounts for 68% of total rental Flat YoY in RMB / -1% YoY in HKD 8,000 FY25 HK Rental: HK$2,975mn Accounts for 32% of total renta
Slide 5: Rental Revenue in Chinese Mainland
Rental Revenue in Chinese Mainland HLP Chinese Mainland overall rental revenue (RMB mn) and YoY change% RMB mn +7% 10,000 +1% YoY Flat 10% YoY -4% FY25 YoY Rental revenue 5% YoY 0% RMB mn YoY% 8,000 FY25 Mainland -5% -10% Retail 4,871 +1% rental revenue: -15% RMB5,878mn 6,000 -20% 0.03% Office 1,005
Slide 6: Retail Rental Revenue in Chinese Mainland
Retail Rental Revenue in Chinese Mainland HLP Chinese Mainland retail rental revenue (RMB mn) and YoY change (%) Retail rental FY25 +8% revenue RMB mn YoY% RMB mn -1% YoY -3% +1% YoY Plaza 66 1,661 +1% 8,000 YoY YoY 10% Grand Gateway 66 1,197 +2% FY25 -10% Center 66 502 +10% Mainland retail 6,000 -3
Slide 7: Tenant Sales YoY Change (%) in Chinese Mainland
Tenant Sales YoY Change (%) in Chinese Mainland FY25: +4% YoY Tenant sales FY25 YoY% YoY% +18% Plaza 66 +4% 20% YoY Grand Gateway 66 +20% +10% Center 66 +3% YoY 10% Olympia 66 +14% -1% Spring City 66 +7% YoY Parc 66 +6% 0% -7% YoY Palace 66 +17% -12% -11% YoY -14% YoY Riverside 66 +2% -10% YoY -18%
Slide 8: Active Tenant Management Drives Content Enhancement
Active Tenant Management Drives Content Enhancement Mall occupancy rate at Dec 31, 2024 Dec 31, 2025 ▪ New lettings was increased in FY25, +15% Grand Gateway 66 99% 100% Center 66 99% 100% YoY, resulting in occupancy rate increase and Spring City 66 98% 99% content enhancement Palace 66 94% 98% Parc
Slide 9: Record-High Foot Traffic in Chinese Mainland
Record-High Foot Traffic in Chinese Mainland ▪ As part of Hang Lung’s 65th anniversary celebrations, a comprehensive set of nationwide events and marketing campaigns rolled out throughout the year, significantly driving foot traffic and strengthening customer interaction in the Mainland and Hong Kon
Slide 10: CRM via HOUSE 66 Program
CRM via HOUSE 66 Program HOUSE 66 sales penetration (%) Total valid members Member sales (Up to Dec 2025) (Jan – Dec 2025) 75% 71% +24% YoY +7% YoY 70% New members Sales penetration 65% (Jan – Dec 2025) (Jan – Dec 2025) +10% YoY 71% (+4pts YoY) 60% FY22 FY23 FY24 FY25 ▪ Key highlights of member acti
Slide 11: Office Rental Revenue in Chinese Mainland
Office Rental Revenue in Chinese Mainland HLP Chinese Mainland office rental revenue (RMB mn) and YoY change (%) RMB mn +11% FY25 YoY +5% Office rental 2,000 -6% revenue YoY 20% -8% RMB mn YoY% YoY 10% YoY 0% Plaza 66 538 -11% 1,500 -10% FY25 Mainland office -20% Spring City 66 133 - 4% rental reven
Slide 12: Rental Revenue in Hong Kong
Rental Revenue in Hong Kong HLP HK overall rental revenue (HK$mn) and YoY change (%) HK$mn +2% -3% -2% 5,000 YoY -9% 10% FY25 YoY YoY 5% Rental revenue YoY 0% -5% HK$mn YoY% 4,000 FY25 HK -10% -15% Retail 1,742 -4% rental revenue: -20% HK$2,975mn -25% 8% 7% 3,000 -30% 7% 7% -35% -40% Office 1,004 -1
Slide 13: Property Sales
Property Sales Hong Kong Chinese Mainland FY25 property HK$205mn HK$59mn sales revenue Heartland Residences Wuhan HK$264mn The Aperture Grand Hyatt Residences Kunming Total sales Hong Kong Chinese Mainland proceeds FY25 contracted HK$0.8bn HK$0.5bn HK$1.6bn sales Heartland Residences Wuhan The Apert
Slide 14: Hong Kong Residential Portfolio at Prime Locations
Hong Kong Residential Portfolio at Prime Locations Development properties for sale Kowloon Bay station 23-39 Blue Pool Road 8-12A Wilson Road (Completed) (Under planning) ▪ 5 unsold houses (as of Dec 31, 2025) ▪ Total GFA of approx. 25,800 sq ft ▪ Contracted sales will be recognized ▪ Demolition wor
Slide 15: Property for Sale in Chinese Mainland
Property for Sale in Chinese Mainland Heartland Residences Grand Hyatt Center Residences Wuhan Residences Kunming Kunming Wuxi Image Residences (28-57/F) Image ▪ Location: Qiaokou District ▪ Location: Panlong District ▪ Location: Liangxi District ▪ Status: Completed in 2023 ▪ Status: Completed in 20
Slide 16: Financial Management
Financial Management ▪ Net gearing ratio was 32.7% as at Dec 31, 2025. Net debt stayed flat. Net gearing dropped mainly due to cash preserved by scrip dividend and expansion in shareholders’ equity ▪ Gross finance costs -8% YoY to HK$1,938mn, due to lower average cost of borrowing (FY25: 3.8% vs. FY
Slide 17: Financial Management
Financial Management Financing highlights: ▪ A HK$10.0bn five-year syndicated loan facilities was signed in Jan 2025 ❑ Support from a consortium of 10+ leading international, Chinese and local banks ▪ RMB3.2bn of offshore fixed rate CNH facilities had been arranged in 2025 ❑ 47% of debt portfolio is
Slide 18: Key Milestones on Sustainability in 2025
Key Milestones on Sustainability in 2025 Ongoing efforts to achieve Driving Decarbonization with Ideas and Actions Sustainability Excellence Ideas: ▪ Publication of a groundbreaking discussion paper in Mar 2025 - “Our Journey to Net Zero” Upgrade on ESG Ratings / Indices Performance Actions: ▪ Low c
Slide 19: Hang Lung V.3
Hang Lung V.3
Slide 20: Hang Lung V.3
Hang Lung V.3 A Strategic Growth Blueprint, Evolving from a Capital-intensive Expansion in Chinese Mainland, to a Capital-efficient and Strategic Growth Path CORE CITIES CUSTOMER CAPITAL-EFFICIENT, EXPERIENCE REINFORCING EXPANSION ELEVATION SCALE AND VISIBILITY Shanghai Retail area expansion Attribu
Slide 21: Recent Cases of Hang Lung V.3
Recent Cases of Hang Lung V.3 Shangyi Street of Spring City 66 Pavilion Extension of Plaza 66 Kunming Shanghai Street frontage ▪ Revitalized as an open-air Mall’s LFA ▪ Seamlessly connected to the existing +53% / extension of the Spring City 66 +13% mixed-use complex +67 meters mall ▪ GFA: 3,080 sqm
Slide 22: More Expansion under Hang Lung V.3
More Expansion under Hang Lung V.3 W Westlake 66 Expansion Center 66 Expansion No. 1038 West Nanjing Hangzhou Wuxi Road Commercial Project Shanghai Announcement date: July 11, 2025 Announcement date: Dec 9, 2025 Announcement date: Dec 12, 2025 ▪ HLP: 100% interest ▪ HLP: 60% interest in joint ventur
Slide 23: Westlake 66 in Hangzhou
Westlake 66 in Hangzhou High-end and one-stop shopping destination in Hangzhou, combining retail with nature, cultural and social experience G 5 Office Towers Tower A Tower D ▪ Total GFA: 95,600 sqm Tower E ▪ Expected opening: ➢ Tower E: Late Nov 2025 Tower C ➢ Towers A, B, C, D: 2026 onwards Hotel
Slide 24: ESG Highlights
ESG Highlights 2024 ESG full Sustainability presentation report (Jan 2026)
Slide 25: Latest Ratings & Awards
Latest Ratings & Awards “AA” rating since 2020 “Low” ESG risk rating CSA score: 83 ESG score: 3.8 Index component since inception in 2010 S&P Global Sustainability Constituent of FTSE4Good Index Yearbook 2025 member Series “AA+” rating CITI score: 29.75 Climate: A 5-star performance rating Index com
Slide 26: Our refreshed 2030 Sustainability Goals and Targets
Our refreshed 2030 Sustainability Goals and Targets ▪ 4 Goals and 20 Targets ▪ We refreshed our 2030 Sustainability Goals and Targets (originally established in 2020 to guide and focus our actions between 2026 and 2030) Click for more details Climate Resilience Resource Management Wellbeing Sustaina
Slide 27: Board Engagement and Diversity
Board Engagement and Diversity Highly engaged (as of December 31, 2025) ▪ 6 regular Board meetings/year (98% attendance) ▪ 4 Audit Committee meetings/year (100% attendance) ▪ 4 meetings of Audit Committee members with external auditor without the presence of management Board Diversity of Hang Lung P
Slide 28: Eight out of ten Mainland properties powered by renewable energy
Eight out of ten Mainland properties powered by renewable energy % of our Chinese Mainland GHG intensity reduction from Estimated results portfolio’s landlord electricity tenants’ electricity for end of 2025 70% demand met by renewable energy 60% (relative to 2018) 2025 target: 25% 2025 target: -15%
Slide 29: Collaboration for Low Carbon Emissions Steel in Real Estate
Collaboration for Low Carbon Emissions Steel in Real Estate We joined other real estate companies, steel manufacturers, and organizations in endorsing the Collaboration Statement on Low Carbon Emissions Steel for Real Estate in China, convened by China Iron and Steel Association (CISA), the Urban La
Slide 30: Green Building Certifications
Green Building Certifications Green Building Certifications for Existing Buildings >80% CFA certified to LEED / BEAM Plus Gold or above Including: • Shenyang: Palace 66 & Forum 66 • Dalian: Olympia 66 • Tianjin: Riverside 66 • Jinan: Parc 66 • Shanghai: Grand Gateway 66 & Plaza 66 • Wuxi: Center 66
Slide 31: Health, Safety & Wellness
Health, Safety & Wellness Over 90% of the total construction floor area has either been certified with WELL or WELL Health and Safety Rating (WELL HSR) Certified • WELL Platinum: Plaza 66 in Shanghai • WELL Gold: 228 Electric Road in Hong Kong • WELL HSR: all Chinese Mainland malls, offices, residen
Slide 32: Sustainability Partnerships with Tenants
Sustainability Partnerships with Tenants Three-Year Sustainability Partnership with LVMH Changemakers Program for all tenants Launched in Dec 2023 Image ▪ Launched in Oct 2022 ▪ following the partnership with ▪ Launched Common Charter in LVMH 2023 and 2024 ▪ Applicable to all types of ▪ Share 20 sus
Slide 33: Community Investment
Community Investment Hang Lung As One Volunteer Team Image Hang Lung Mathematics Awards (since 2004) Youth Development & Education Elderly Services Volunteer Services Hang Lung Center for Real Estate, Dementia Friendly Program Tsinghua University (since 2010) (since 2021) • Reaffirms HL’s commitment
Slide 34: Community Investment
CommunityInvestment Community Investment Honorary Chair Mr. Ronnie Chan awarded Honorary Chair Mr. Ronnie Chan awarded the 2018 the Grand Bauhinia Medal (GBM), the highest Dwight D. Eisenhower Global Leadership Award honor bestowed, by the Government of the Hong Kong by the Business Council for Inte
Slide 35: Community Investment
CommunityInvestment Community Investment Rebuilding of Jianfu Palace Garden & Hang Lung Center for Real Estate, The Hall of Rectitude Complex in Beijing Tsinghua University, Beijing • Projects funded by the China Heritage Fund, a non-profit • The Hang Lung Center for Real Estate serves as an organiz
Slide 36: Chinese Mainland Portfolio
Chinese Mainland Portfolio
Slide 37: Retail Portfolio in Chinese Mainland
Retail Portfolio in Chinese Mainland Plaza 66 Grand Gateway 66 Center 66 Olympia 66 Spring City 66 Shanghai Shanghai Wuxi Dalian Kunming FY25 tenant sales YoY% +4% +20% +3% +14% +7% Mall occupancy 96% 100% 100% 95% 99% Parc 66 Palace 66 Riverside 66 Heartland 66 Forum 66 Jinan Shenyang Tianjin Wuhan
Slide 38: Office Portfolio in Chinese Mainland
Office Portfolio in Chinese Mainland Plaza 66 Spring City 66 Forum 66 Center 66 Heartland 66 Westlake 66 Shanghai Kunming Shenyang Wuxi Wuhan Hangzhou Office 82% 86% 86% 78% 65% Tower E: occupancy Commenced progressive occupancy in Other AEI completed Conrad • HANGOUT late Nov 2025 features Modular
Slide 39: Hotel Portfolio in Chinese Mainland
Hotel Portfolio in Chinese Mainland Year of opening 2019 2024 1H 2026 2027 Conrad Shenyang Grand Hyatt Xi Zhe Wuxi, Mandarin Oriental Kunming Curio Collection Hangzhou at Forum 66 at Spring City 66 by Hilton at Center 66 at Westlake 66 Location Shenyang Kunming Wuxi Hangzhou Average occupancy 74% 65
Slide 40: Hong Kong Portfolio
Hong Kong Portfolio
Slide 41: Rental Performance in Hong Kong
Rental Performance in Hong Kong HK overall rental revenue (HK$mn) Hong Kong occupancy rate (%) % HK$mn FY25: 3,500 HK$2,975mn 95% 100% 3,000 Resi. & S.A.: Resi. & S.A.: 90% 7% of total 7% of total 80% 2,500 91% Office: 2,000 33% of total Office: 60% 1,500 34% of total Retail: 40% 1,000 60% of total
Slide 42: Investment Properties in Hong Kong
Investment Properties in Hong Kong Central Portfolio Peak Galleria ▪ Comprising 4 office buildings with a diversified ▪ A tourist landmark, with pet-friendly features to tenant profile attract local pet lovers ▪ Form a thriving fine-dining hub in Central ▪ A variety of F&B and entertainment offering
Slide 43: Investment Properties in Hong Kong
Investment Properties in Hong Kong Causeway Bay Portfolio Mongkok Portfolio ▪ An elite shopping destination featuring numerous internationally ▪ Continued to solidify the area’s position as the place renowned fashion, beauty, and lifestyle brands “Where Trends Meet” Fashion Walk Grand Plaza Hang Lun
Slide 44: Investment Properties in Hong Kong
Investment Properties in Hong Kong Hong Kong East Portfolio Amoy Plaza ▪ A one-stop community hub in Kowloon East ▪ Comprises Kornhill Plaza, Kornhill featuring diverse casual, grocery stores, education Apartments, and 228 Electric Road providers, and entertainment brands ▪ A new footbridge will sea
Slide 45: Development Highlights
Development Highlights
Slide 46: Chinese Mainland Property Portfolio
Chinese Mainland Property Portfolio Upcoming projects completion pipeline ▪ 11 projects across 9 Chinese Mainland cities with the completion of Westlake 66 in Hangzhou from 2025 2025 + onwards Shenyang Forum 66(note 2) Westlake 66, Hangzhou ▪ GFA: 390,200 sqm Tianjin Riverside 66 Palace 66 2026 Dali
Slide 47: Projects Under Development in Chinese Mainland
Projects Under Development in Chinese Mainland Center 66 Pavilion Extension at Plaza 66 Wuxi Kunming Shanghai Wuxi Image ▪ Location: Renmin Zhong Road & Jiankang Road, ▪ Location: West Nanjing Road, Jing’an District Liangxi District ▪ Usage: Mall ▪ Usage: Mall, Office, Hotel, Apartments for Sale ▪ T
Slide 48: Appendix
Appendix
Slide 49: Hang Lung Properties – Financial Highlights
Hang Lung Properties – Financial Highlights 2025 2024 Property Property Property Property (HK$mn) Leasing Hotels Sales Total Leasing Hotels Sales Total Revenue 9,389 297 264 9,950 9,515 189 1,538 11,242 - Chinese Mainland 6,414 297 59 6,770 6,466 189 56 6,711 - Hong Kong 2,975 - 205 3,180 3,049 - 1,
Slide 50: Hang Lung Properties – Financial Position
Hang Lung Properties – Financial Position (HK$mn) 31/12/2025 31/12/2024 Investment Properties 167,897 166,519 - Chinese Mainland 105,576 104,043 - Hong Kong 62,321 62,476 Investment Properties under development 27,359 24,001 Properties for sale 14,272 13,489 Cash and bank deposits 6,335 10,303 Total
Slide 51: Hang Lung Properties – Gross and Net Interest Expense
Hang Lung Properties – Gross and Net Interest Expense 97% 88% 5.00 90.0% 4.00 67% 66% 65% 70.0% 56% 51% 50.0% 31.9% 33.4% 32.7% 28.1% 3.00 21.3% 24.4% 17.8% 30.0% 2.1 2.00 2.0 1.9 10.0% 1.5 1.5 1.5 1.5 1.2 1.0 1.3 -10.0% 1.00 1.0 1.0 1.4 1.3 -30.0% 0.7 0.9 0.9 0.05 0.5 0.5 - 0.2 -50.0% FY19 FY20 FY2
Slide 52: Hang Lung Group – Financial Highlights
Hang Lung Group – Financial Highlights 2025 2024 Property Property Property Property (HK$mn) Leasing Hotels Sales Total Leasing Hotels Sales Total Revenue 9,853 297 264 10,414 10,033 189 1,538 11,760 - Chinese Mainland 6,757 297 59 7,113 6,851 189 56 7,096 - Hong Kong 3,096 - 205 3,301 3,182 - 1,482
Slide 53: Hang Lung Group – Financial Position
Hang Lung Group – Financial Position (HK$mn) 31/12/2025 31/12/2024 Investment Properties 175,536 174,558 - Chinese Mainland 111,413 110,280 - Hong Kong 64,123 64,278 Investment Properties under development 27,359 24,001 Properties for sale 14,293 13,510 Cash and bank deposits 6,792 10,817 Total Borr
Slide 54: Investment Property Portfolio: HLG
Investment Property Portfolio: HLG Note: Properties held via HLP are excluded from this session (Note) 9 Wing Hong Street Luen Cheong Can Centre Tai Hing Gardens Grand Gateway 66 Location Cheung Sha Wan, HK Tuen Mun, HK Tuen Mun, HK Puxi, Shanghai Usage Office Office Retail portion Office Tower I &
Slide 55: Grand Gateway 66, Above Xujiahui Subway Station, Puxi, Shanghai
Grand Gateway 66, Above Xujiahui Subway Station, Puxi, Shanghai FY25 rental YoY% Occupancy revenue (RMB mn) (at Dec 31, 2025) Office Tower I 218mn -3% 89% Residential & Serviced 96mn -24% 71% Apartments (note) Mall (held via HLP) 1,197mn +2% 100% Note: The serviced apartment building was ceased busi
Slide 56: Thank You
Thank You Disclaimer 1. All information and data are provided for information purposes only. All opinions included herein are based on information available as of the date hereof and are subject to change without notice. There is no guarantee, representation or warranty provided for accuracy, timeli