K. Wah International Holdings Limited · HKEX:173
K. Wah International — FY2025 Earnings Presentation
23 slides from K. Wah International's earnings presentation, Mar 27, 2026
Slide 1: 2025 Annual Results
www.kwih.com Grand Mayfair, Hong Kong Cosmo, Guangzhou 2025 Annual Results 27 March 2026 Resilience Amid Challenges: Preserving Distinctive Quality and Value 1
Slide 2: Disclaimer
Disclaimer Some information contained in this presentation has been obtained from public sources that are believed to be reliable but has not been independently verified. There is no guarantee, representation or warranty provided for the accuracy or completeness for the information contained in this
Slide 3: Results highlights
Grand Mayfair, Hong Kong Cosmo, Guangzhou Results highlights 3
Slide 4: Financial Highlights
Financial Highlights For the year ended 31 Dec (HK$ million) Change 2025 2024 Revenue 1,985 7,187 -72% Attributable Revenue* 11,549 8,426 37% (Loss)/ Profit Attributable to Equity Holders (869) 335 n/a Underlying (Loss)/ Profit (1,292) 361 n/a Basic EPS (HK cents) (27.57) 10.63 n/a Dividend / share
Slide 5: Financial Highlights - Solid Financial Position
Financial Highlights - Solid Financial Position As at 31 Dec As at 31 Dec (HK$ million) Change 2025 2024 Total Assets 66,092 66,371 -0% Cash and Cash Equivalents 6,473 9,649 -33% Total Debts 13,738 14,563 -6% Net Debts 7,265 4,914 48% Shareholders’ Funds 40,102 40,079 0% Gearing Ratio(1) 17% 12% 5%
Slide 6: Financial Highlights - Discipline in Financial Management
Financial Highlights - Discipline in Financial Management • Total debts maintained at HK$13.7 billion (HK$14.6 billion @ 31 Dec 2024) (Cash on hand: HK$6.5 billion; Net debts: HK$7.3 billion) as at 31 Dec 2025: 1 year RMB 24% Fixed rate 56% 45% >5 years Maturity Currency Fixed/Floating 3% 2-5 years
Slide 7: Revenue for the Period – Quality Projects Engender Strong Performance
Revenue for the Period – Quality Projects Engender Strong Performance • Attributable revenue* from sales of properties amounted to HK$10.9 billion in 2025 (94% of total attributable revenue*), mainly from the below projects: Grand Mayfair KT Marina 柏瓏 啟德海灣 Hong Kong Hong Kong Villa Garda Cosmo 凱柏峰 嘉
Slide 8: Contracted Sales for the Year – Visible Contracted Sales Provide Sustainability
Contracted Sales for the Year – Visible Contracted Sales Provide Sustainability • Despite the slow economy, the Group continued to launch its quality projects, HK$5.7 billion attributable contracted sales* were achieved in 2025 HK$3.4 billion sales Hong Kong booked in 2025 81% HK$5.7 billion HK$5.7
Slide 9: Avenir in Shanghai
Avenir in Shanghai 嘉俊庭(60%) 上海華涇項目(住宅) 竣工証 was obtained on 8 Dec 2025 (All units were pre-sold in 2024) Handover were commenced in early Jan 2026 9
Slide 10: Diversified Investment Portfolio Provides Recurring Income and Stable Cashflow
Diversified Investment Portfolio Provides Recurring Income and Stable Cashflow • Rental income, including hotel receipts, dropped 7% yoy to HK$683 million in 2025 • Diversified portfolio: office, commercial, serviced apartments and hotel with total attributable GFA ~330,000 sqm Serviced apartments O
Slide 11: Strategy and Outlook
KT Marina, Hong Kong Cosmo, Guangzhou Strategy and Outlook 11
Slide 12: Premium Assets in Prime Cities
Premium Assets in Prime Cities Hong Kong Yangtze River Delta Pearl River Delta Shanghai Nanjing Guangzhou Jiangmen 2 Grampian Road KT Marina Avenir Cavendish K. Wah Plaza J City Grand Mayfair Sierra Cosmo Ziwei Gongguan Villa Garda The Palace Suzhou Dongguan Grand Victoria Avanti Bayview VETTA • Con
Slide 13: Development Portfolio – Projects & Land Bank (Hong Kong)
Development Portfolio – Projects & Land Bank Hong Kong Development projects • Attributable GFA: ~0.9 million sqft, covering, inter alia, 1 Solaria 嘉熙 2 projects in Kai Tak Area – Becoming a comprehensive community 2 2 Grampian Road 嘉琳 3 projects with rails connected – Convenient access to city c
Slide 14: Development Portfolio – Yangtze River Delta region
Development Portfolio – Projects & Land Bank Yangtze River Delta region • Attributable GFA: ~520,000 sqm, covering, inter alia, 南京市 The comprehensive development projects in Shanghai Nanjing City and Nanjing for residential, apartment, office, retail and hotel 上海市 Shanghai City 3 2 1 6 5 4 Develop
Slide 15: Development Portfolio – Pearl River Delta region
Development Portfolio – Projects & Land Bank Pearl River Delta region • Attributable GFA: ~660,000 sqm, covering, inter alia, J City in Jiangmen, a project completed, and Cosmo in Guangzhou under development in phases, both launched 3 Development projects 4 Integrated Project, Huadu District, 1 Gu
Slide 16: Sales pipeline in Hong Kong
Sales pipeline in Hong Kong Project Attri. GFA (sqft) (approx) Large-scale KT Marina, Kai Tak (launched KT Marina 1) 430,000# joint ventures Grand Mayfair, Yuen Long (launched) 411,000 Villa Garda, Tseung Kwan O (launched) 287,000 Wholly-owned 2 Grampian Road, Kowloon (launched) 21,000 Hospital Road
Slide 17: Sales pipeline in Hong Kong – cont’d
Sales pipeline in Hong Kong – cont’d Project Attri. GFA (sqft) (approx) Large-scale Victoria Voyage, Kai Tak (launched Victoria Voyage 1A&1B in Aug 2025) 120,000^ joint ventures La Mirabelle, Tseung Kwan O 387,000@ (launched Phase I in Mar 2026) Villa Garda, Tseung Kwan O Victoria Voyage, Kai Tak La
Slide 18: Sales pipeline in the Mainland
Sales pipeline in the Mainland Location Project Attri. GFA (sqm) (approx) Nanjing Site 2020G72, Hexi New Town, Jianye District 31,000 (Phase I – Office portion) Nanjing Site 2020G72, Hexi New Town, Jianye District 26,000 (Phase I – Apartment) Nanjing Site 2020G72, Hexi New Town, Jianye District 18
Slide 19: Launched projects momentum continues
Launched projects momentum continues • Continued sales momentum of the launched projects in Hong Kong and the Mainland such as Hong Kong: Solaria, Grand Victoria Shanghai: The Palace, Grand Summit, Navale Nanjing: Sierra, Cavendish Suzhou: Avanti, VETTA Guangzhou: Cosmo Dongguan: Bayview
Slide 20: Strong Leasing Performance
Strong Leasing Performance • Diversified investment portfolio including office, commercial and serviced apartments. • Prime office building, Shanghai K. Wah Centre maintained stable occupancy and contributed satisfactory rental income. • Serviced apartment Stanford Residence achieved overall occupan
Slide 21: Building up Investment Portfolio – cont’d
Building up Investment Portfolio – cont’d • On top of the existing portfolio of attributable GFA ~330,000 sqm, total GFA of ~200,000 sqm for offices, commercial premises, serviced apartments and hotel, within the Nanjing comprehensive development, to be developed in phases. • Joint venture comprehen
Slide 22: Solid Foundation for Long-term Sustainability
Solid Foundation for Long-term Sustainability 1 Encouraging sales underpins results ahead 6 2 Solid financial position High visibility of project fuels future growth pipeline with enhanced asset turn 5 3 Disciplined land Expansion in recurring replenishment at income portfolio to opportune time to d
Slide 23: Thank You!
Thank You! 23
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