Fse Lifestyle Services Limited · HKEX:331
Fse Lifestyle Services — H1 FY2026 Earnings Presentation
38 slides from Fse Lifestyle Services's earnings presentation, February 2026
Slide 1: FY2026 Interim Results Analyst Presentation
FY2026 INTERIM RESULTS 6 Months to 31 December 2025 ANALYST PRESENTATION Feb 2026 FSE Lifestyle Services Limited |1
Slide 2: Disclaimer
Disclaimer This presentation is prepared by FSE Lifestyle Services Limited (the “Company”) and is solely for the purpose of corporate communication and general reference only. The presentation is not intended as an offer to sell, or to solicit an offer to buy or form any basis of investment decision
Slide 3: Business Segments
Business Segments FSE Lifestyle Services Limited (Stock code: 331) 100% 100% 100% Property & Facility City Essential E&M Management Services Services Services (Cleaning (Technical Support & Pest & Maintenance) (Engineering and (Property & Facility Control) Consultancy) Management, Car Park Managemen
Slide 4: Financial Results: Earnings (6 months)
1. Financial Results 1.1 Earnings (6 months) Core earnings ↓10% ($24M) from p/y $240M to $216M Reported earnings ↓11% ($26M) from p/y $242M to $216M ($’M) ↑2% ↑1% ↓31% 240 1 1 (26) 240 216 190 Property City Essential: E&M: Management: - HK projects delays - Higher profit - Awarded new contribution m
Slide 5: Turnover (6 months)
1.2 Turnover (6 months) Turnover ↓8% ($313M) from p/y $4,090M to $3,777M ($’M) ↑1% ↑3% ↓27% 4,090 4 74 (391) 4,100 3,777 3,600 3,100 Property City Essential: E&M: Management: - Four divisions - HK projects delays: 2,600 - Awarded new recorded growth (District Court, Anderson contracts (mostly except
Slide 6: City Essential Segment Turnover
1.3 City Essential Segment Turnover Dec 2025 Dec 2024 % Turnover Turnover Changes ($’M) ($’M) City Essential (CITES) Cleaning & pest control 1,273 1,263 1% Insurance solutions 76 63 21% Technical support & maintenance 568 561 1% Environmental solutions (Note 1) 81 94 -14% Systems security, guarding
Slide 7: Core Earnings Composition (6 months)
1.4 Core Earnings Composition (6 months) 20% 53% Property & Facility Management City Essential E&M 27% Note: If computed based on turnover, the proportion would be City Essential 63%, Property & Facility Management 10% and E&M 27% | 7
Slide 8: Dividend History
2. Dividend History Resilient Business Operations to Support Steady Returns to Shareholders Total dividend per share since IPO $3.383, representing 123% of IPO price 8.8 8.1 7.8 7.4 ($) 0.5 6.7 0.450 0.450 0.458 0.438 0.396 0.4 0.161 0.213 0.241 0.214 0.3 0.185 0.2 0.189 0.289 0.245 0.224 0.1 0.209
Slide 9: Key Segment Highlights: Property & Facility Management
3. Key Segment Highlights Property & Facility Management segment Turnover $354M ↑1% (p/y $350M) ($’M) 750 696 708 701 664 600 353 351 351 334 450 354 300 343 357 330 350 354 150 0 FY2022 FY2023 FY2024 FY2025 1H 2026 First half Second half FSE Lifestyle Services Limited | 9
Slide 10: Property & Facility Management Reported Earnings
Property & Facility Management segment Reported earnings $46M ↑2% (p/y $45M) ($’M) 150 139 136 125 108 55 55 100 23 90 75 41 42 45 39 50 46 25 42 43 43 45 46 0 FY2022 FY2023 FY2024 FY2025 1H 2026 First half Second half Gov't grant FSE Lifestyle Services Limited | 10
Slide 11: Property & Facility Management Core Earnings
Property & Facility Management segment Core earnings $46M ↑2% (p/y $45M) (excluding grants) ($’M) 100 90 84 85 81 80 45 60 39 41 42 46 - 40 20 42 43 43 45 46 0 FY2022 FY2023 FY2024 FY2025 1H 2026 First half Second half FSE Lifestyle Services Limited | 11
Slide 12: Over 300 property and facility management contracts
Property & Facility Management Segment Urban/IPM/Kiu Lok Over 300 property and facility management contracts Tenders Submitted: $1,459M* Contracts awarded: $88M* Over Remaining works: $1,638M 300 Maximise incremental income property and facility K11 Masterpiece management Kai Tai Court through addit
Slide 13: City Essential Segment Turnover
City Essential segment Turnover $2,389M ↑3% (p/y $2,315M) ($’M) 5,000 4,738 4,322 4,000 3,600 3,153 2,423 2,253 3,000 1,835 2,389 - 1,594 2,000 2,315 2,389 1,000 1,765 2,069 1,559 0 FY2022 FY2023 FY2024 FY2025 1H 2026 First half Second half FSE Lifestyle Services Limited | 13
Slide 14: City Essential Reported Earnings
City Essential segment Reported earnings $119M ↑1% (p/y $118M) ($’M) 250 229 210 196 200 200 8 15 111 150 87 114 81 119 - 100 105 118 119 50 100 96 0 FY2022 FY2023 FY2024 FY2025 1H 2026 First half Second half Gov't grant FSE Lifestyle Services Limited | 14
Slide 15: City Essential Core Earnings
City Essential segment Core earnings $119M ↑1% (p/y $118M) (excluding grants) ($’M) 250 229 210 200 192 181 111 150 87 114 81 119 - 100 105 118 119 50 100 96 0 FY2022 FY2023 FY2024 FY2025 1H 2026 First half Second half FSE Lifestyle Services Limited | 15
Slide 16: City Essential Segment
City Essential Segment Dec 2025 Dec 2025 Tender Contracts Remaining submitted* awarded* Works ($M) ($’M) ($’M) City Essential (CITES) Cleaning & pest control 6,412 699 2,703 Insurance solutions 28 16 49 Technical support & maintenance 2,453 563 1,620 Environmental solutions 766 120 259 Systems secur
Slide 17: Cleaning & Pest Control - Waihong
City Essential Segment (i) Cleaning & Pest Control - Waihong Over 300 cleaning service contracts Turnover: $1,273M (p/y: $1,263M) Focus on margin improvement with stable growth in residential and commercial portfolios Kai Tak Sports Park Hong Kong International Airport The Twins Citygate FSE Lifesty
Slide 18: Insurance Solutions - Nova
City Essential Segment (ii) Insurance Solutions - Nova HK and Beijing Nova - Over 4,300 & 3,800 insurance solutions contracts Turnover: $76M (p/y: $63M) With Beijing Nova, enhance cross- border services across the GBA through a tri-location licensing Macau University of Science Citybus Limited and T
Slide 19: Technical Support & Maintenance
City Essential Segment (iii) Technical Support & Maintenance - Far East/Turning Over 2,400 technical support and maintenance service contracts Turnover: $568M (p/y: $561M) Successfully winning 29 energy- efficiency contracts with total contract sum over $0.6B, expecting more in Manulife Financial Ce
Slide 20: Environmental Solutions
City Essential Segment (iv) Environmental Solutions – FSE Environmental Solutions Over 1,300 environmental solutions contracts Turnover: $81M (p/y: $94M) Further develop our EV business, we have 31 completed and ongoing projects including 5,500 parking EV Infrastructure at Water Feature System space
Slide 21: Systems Security, Guarding & Event Services
City Essential Segment (v) Systems Security, Guarding & Event Services – General Security/Perfect Event Over 500 security guarding, systems & technologies and event services contracts Turnover: $391M (p/y: $334M) Provided services for 64 mega events conducted in Hong Kong, which increased by 23% com
Slide 22: City Essential Segment: Event Services
City Essential Segment (v) Systems Security, Guarding & Event Services – General Security/Perfect Event HKJC Racecourses HKCEC AGM Events Music Concerts Hang Lung Properties WinterFest 2025 Exhibition Events Property Sale Events FSE Lifestyle Services Limited | 22
Slide 23: E&M Segment Turnover
E&M segment Turnover $1,034M ↓27% (p/y $1,425M) ($’M) 4,000 3,459 3,462 3,118 3,000 2,721 1,869 1,746 1,670 2,000 1,296 1,034 1,000 - 1,590 1,716 1,448 1,425 1,034 0 FY2022 FY2023 FY2024 FY2025 1H 2026 First half Second half FSE Lifestyle Services Limited | 23
Slide 24: E&M Reported Earnings
E&M segment Reported earnings $60M ↓33% (p/y $89M) ($’M) 202 204 200 14 3 178 18 155 150 98 94 2 84 66 100 60 - 50 94 103 76 87 60 0 FY2022 FY2023 FY2024 FY2025 1H 2026 First half Second half Gov't grant FSE Lifestyle Services Limited | 24
Slide 25: E&M Core Earnings
E&M segment Core earnings $60M ↓31% (p/y $87M) (excluding grants) ($’M) 201 200 188 160 153 150 98 94 84 66 100 60 - 50 94 103 87 76 60 0 FY2022 FY2023 FY2024 FY2025 1H 2026 First half Second half FSE Lifestyle Services Limited | 25
Slide 26: Over 190 E&M services contracts
E&M Segment FSE Engineering/Majestic/Young’s Over 190 E&M services contracts Tenders Submitted: $32,220M* New and Renewed contracts: $2,206M* Remaining works: $8,018M Continuing opportunities in Northern Kwu Tung North Area 24 上海市黃浦區尚賢坊 Metropolis Development Maximise on contractual / VO claims thro
Slide 27: 9-Year Achievements: EPS
4. 9-Year Achievements 12% CAGR EPS FY2017-25 (Reported) ($) 1.29 1.20 1.14 1.10 1.09 0.17 0.06 0.99 0.20 0.01 0.80 0.76 0.45 0.68 0.46 0.52 0.43 0.11 0.53 0.55 0.47 0.13 0.16 0.40 0.39 0.17 0.30 0.18 0.21 0.21 0.18 0.51 0.51 0.53 0.47 0.47 0.25 0.23 0.18 0.19 0.18 0.00 FY2017 FY2018 FY2019 FY2020 F
Slide 28: 10% CAGR Turnover FY2017-25
10% CAGR Turnover FY2017-25 (Reported) ($’M) 9,000 8,448 8,160 8,000 7,767 6,967 7,000 6,453 4,333 4,070 6,000 774 4,055 4,927 4,931 4,882 3,616 5,000 568 1,171 2,920 3,777 4,000 3,700 2,639 2,172 3,000 1,931 1,993 2,000 4,115 4,090 3,712 3,777 3,351 2,759 1,000 2,292 2,142 1,769 1,763 0 FY2017 FY20
Slide 29: 13% CAGR Profit FY2017-25
13% CAGR Profit FY2017-25 (Reported) ($’M) 600 587 523 503 501 500 77 26 453 88 2 340 400 244 211 310 212 200 300 48 237 248 216 73 200 174 57 78 134 86 93 82 92 234 231 240 100 215 216 114 103 82 87 87 0 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 1H 2026 Acquisition of Acquisiti
Slide 30: Remaining Works
5. Remaining Works Continued efforts to foster sustainable growth ($’M) 16,000 15,182 14,532 14,000 1,638 ↓8% 1,784 12,000 5,526 10,000 6,323 ↓13% 8,000 6,000 4,000 8,018 ↑25% 6,425 2,000 0 Jun 2025 Jun 2025 Dec Dec 2025 2025 FSE Lifestyle Services Limited | 30
Slide 31: Capital Strength and Resilience
6. Capital Strength and Resilience With financial flexibility and funding certainty As at 31 Dec 2025 Banking Facilities Cash and Banks Debt Maturity Profile $1,304M $660M, 87% (in HK$M) Jan 26 60 Total Total Oct 26 319 $3,060M $763M $84M, 11% $19M, 2% Zero net gearing ratio $1,756M Unutilised HKD U
Slide 32: Why Invest In FSE Lifestyle?
7. Why Invest In FSE Lifestyle? Continuous return to shareholders with quality development Defensive and Resilient Financial Results and Contract Portfolio - Sustained core earnings $216m - New contract award $3.9b* - Strong order book $25.0b - Healthy remaining works $15.2b High Dividend Yield, Con
Slide 33: Why Invest In FSE Lifestyle?
7. Why Invest In FSE Lifestyle? Continuous return to shareholders with quality development Strong Governance & Capital Management - High caliber management team - Effective ESG stewardship - Zero net gearing - Ample facilities and liquidity, low funding costs Continuous M&A and Collaboration The sca
Slide 34: Market Position – Frost & Sullivan Report
8. Market Position – Frost & Sullivan Report (Sep 2025) All our businesses are one of the industry leaders Property & Facility E&M Management Engineering 1 2 City Essential 1 2 Note : Excluding developers’ management companies FSE Lifestyle Services Limited | 34
Slide 35: FSE Ecosystem (Multi Service Lines)
9. FSE Ecosystem (Multi Service Lines) With strong cross-selling to drive growth FSE Lifestyle Services Limited | 35
Slide 36: Strategic Priorities
10. Strategic Priorities Emphasise teamwork and penetration Increase synergies (cross sales) amongst SBUs Optimise our cost structure (優化成本) Maximise revenue on new businesses (particularly event services, and sales & leasing) Increase risk awareness and management quality Continue deployment of tec
Slide 37: Interim Dividend FY2026 Schedule
11. Interim Dividend FY2026 Schedule Closure of Financial Dividend per Ex-dividend Register of Dividend Period Share Date Ordinary Payment Date Shareholders 1 Jul 2025 on or about to $0.189 10 Mar 2026 12 & 13 Mar 2026 27 Mar 2026 31 Dec 2025 FSE Lifestyle Services Limited | 37
Slide 38: Q&A
Q&A FSE Lifestyle Services Limited | 38
FSE Lifestyle Services — H1 FY2026 Earnings Presentation on 6ix