Wharf (holdings) Ltd. · HKEX:4
Wharf (holdings) — The Wharf (Holdings) — FY2025 Earnings Presentation
28 slides from Wharf (holdings)'s earnings presentation, Mar 12, 2026
Slide 1: Property Write-downs Much Lower in 2025
PROPERTY WRITE-DOWNS MUCH LOWER IN 2025 The Wharf (Holdings) Limited 2025 Final Results | 12 Mar 2026
Slide 2: Results Highlights
Results Highlights ▪ Group Profit +$3.3B as IP & DP Write-downs ↓$3.5B ▪ UNP +$1.3B as DP Write-downs ↓$1.2B ▪ Net Debt Free at Year End ▪ Net Asset Value +7% to $48.01 per Share The Wharf (Holdings) Limited – 2025 Final Results | 2
Slide 3: Strategic Core Focus
Strategic Core Focus Total Assets Breakdown Total: $199B (As at 31 Dec 25) ▪ HKDP Sales Pipeline HK Properties (31%) HKDP Pipeline - Launched in 2025: Properties (61%) MLDP (8%) Developed & Undeveloped 1 Plantation Road & Victoria Voyage 維港 ‧ 灣畔 - Peak Project in Kowloon Preparing to Launch: MLIP (2
Slide 4: Financial Highlights
Financial Highlights HKD Million 2025 2024 %Chg. ▪ UNP +47% Group Revenue 10,997 12,115 -9% - MLIP slipped by 5% Operating Profit 5,068 5,644 -10% - Decrease in MLDP Provisions to $839M Underlying Net Profit* 4,104 2,798 +47% - Increase in HKDP Contribution Attributable IP Revaluation (Deficit) Afte
Slide 5: Proactive Capital Management
Proactive Capital Management Net Cash/ (Debt) (HKD Billion) 2.0 Net Cash ▪ $9.7B Disposal of Equity Investment in 2025 (25.5) (13.2) (5.3) (7.8) (7.1) Year-end: 2020 2021 2022 2023 2024 2025 ▪ Net Debt Free Again Since 2017 Gearing: 15.6% 7.9% 3.4% 5.3% 5.0% NA Average Interest Rate ▪ Net Cash $4.5B
Slide 6: Agenda
Agenda ▪ Hong Kong Properties ▪ Mainland Investment Properties ▪ Mainland Development Properties ▪ Hotels ▪ Logistics Infrastructure
Slide 7: Hong Kong Properties
Hong Kong Properties Penthouse Sold for $609M Mount Nicholson ~$144,000 psf ▪ Post-Covid Recovery Underway; Activity Rebounding (50%-owned JV) Record ASP for Apartments - Positive Stock Market Sentiments Fuel Confidence ▪ Planned Sales Rollout Amid Improving Market Sentiment First House Sold for $55
Slide 8: HKDP Major Pipeline
HKDP Major Pipeline Completed / To be Launched Location Ownership Attributable GFA (s.f) 8 Lung Ting Lane 龍庭里8號 No. 8 Lung Ting Lane, Kowloon Tong 100% 436,400 Under Development Mansfield Road Projects No. 2-8 Mansfield Road, The Peak 100% 259,300 No. 9,11 Mansfield Road, The Peak 50% 72,500 Kowloon
Slide 9: Mainland Investment Properties
Mainland Investment Properties Mainland IP Revenue (RMB Billion) ▪ Retail: 4.5 4.3 4.1 4.2 4.0 3.5 3.7 - Weak Sentiment; Market Growth Led by Subsidies 2.2 2.3 2.1 2.0 2.2 2.1 2.1 2.1 2.1 1.9 - Over-capacity & E-commerce Intensified Competition 1.7 1.8 1.7 2.0 - Critical Mass & Innovative Marketing
Slide 10: Mainland Development Properties
Mainland Development Properties Operating Matrix & Contracted Sales (2025) Revenue $1,363M (-58%) Operating Profit $208M (-73%) ▪ Housing Policies Pending Full Execution Contracted Sales RMB 1,121M (-22%) Net Order Book (Year-end) RMB 312M ▪ Suspended Acquisitions & Derisked Portfolio since 2019 Sto
Slide 11: Hotels
Hotels Since 2015 ▪ HK: 5 Award-winning Hotels (3 Owned) in HK, Chengdu, Changsha, Chongqing & Suzhou - Sustaining Tourism Momentum Boosted Occupancy - Room Rates Trend Improving in 2H25 Since 1970s 10 Deluxe Hotels (1 Owned) in HK, ML & Philippines ▪ ML: - Domestic Tourism Recovering & Dominating S
Slide 12: Logistics Infrastructure
Logistics Infrastructure Modern Terminals (2025) Revenue Operating Profit $2,112M (-3%) $262M (-10%) ▪ Global Trade Demand Remained Uneven Throughput* (million TEUs) 2025 YoY Chg HK 3.3 -6% ▪ Ongoing Trade Disputes Reshaping Cargo Flow DaChan Bay (DCB)# 2.6 +16% ▪ Over-capacity & Regional Competitio
Slide 13: Sustainability
Sustainability
Slide 14: Recognised Achievements
Recognised Achievements Recognitions Certifications LEED Platinum ▪ Chengdu IFS ▪ Member of Hang Seng Corporate Sustainability ▪ Changsha IFS Index Series; “AA+” Sustainability Rating ▪ Shanghai Wheelock Square LEED Gold ▪ Wuxi IFS Provisional Platinum ▪ No. 2–8 Mansfield Road ▪ “A” at MSCI ESG Rati
Slide 15: Environment
Environment Science Based Targets Initiative (“SBTi”) Sustainable Finance Renewable Energy Green or Sustainability-linked Loans Properties that Support Solar Energy Generation Near-term GHG Emissions Reductions Raised ~$23.6B Accumulatively Targets Validated • Changsha IFS (By 31 Dec 2025) • Chengdu
Slide 16: Social
Social Project WeCan Donations Employee Wellbeing Among Top 3 Donors ▪ Benefit >100,000 Students of >80 Schools, Training & Development of The Community Chest (“The Chest”) with Support from ~70 Partner Organisations For 5 Consecutive Years ~94% of Employees ▪ Accumulated WeCan Scholarships >$76M, A
Slide 17: Corporate Governance
Corporate Governance Board Diversity Board Engagement 12 Board Members (As at 31 Dec 2025) 2025 Meeting Attendance Accounting Professionals/ Financial Mgt Executive Board INEDs Banking/ Financial & Securities/ Investment Designation Members 42% 58% Chinese Mainland Exposure Education/ Academia Gover
Slide 18: Outlook
Outlook
Slide 19: 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 20: Outlook
Outlook Global Hong Kong Chinese Mainland ▪ Policy Risks & Tech Revolution ▪ Property Market Regaining Momentum ▪ Property Market & Consumer - Geopolitical Risks & Wars Confidence Largely Policy-driven - Global Trade Link Disruptions ▪ Potential Challenges from Interest Rate - AI Reshaping Business
Slide 21: Appendix
Appendix The Wharf (Holdings) Limited – 2025 Final Results | 21
Slide 22: Summary of HK Properties
Summary of HK Properties Portfolio Usage Status Locations Attributable GFA (s.f.) 1. Peak Portfolio Residential Development No. 2-8 Mansfield Road 259,300 No. 9,11 Mansfield Road (50%-JV) 72,500 Sales Mount Nicholson (50%-JV) 15,000 1 Plantation Road 91,000 Lease Chelsea Court 43,000 Strawberry Hill
Slide 23: MLDP Contracted Sales Breakdown
MLDP Contracted Sales Breakdown Region City Contracted Sales (%) GFA Sold (%) Eastern China Suzhou 66% 74% Hangzhou 19% 13% Shanghai 7% 4% Eastern China Sub-Total 92% 91% Southern China Guangzhou 3% 2% Western China Chongqing 3% 5% Central China Changsha 2% 2% The Wharf (Holdings) Limited – 2025 Fin
Slide 24: MLDP Key Projects on Sales in 2025
MLDP Key Projects on Sales in 2025 Attributable Attributable Average Proceeds GFA Sold Price Projects City (RMB M) (s.m) (RMB psm) Ownership Villa One (Huayuan Road Lot 78) 蘇州天灝逅灣雅苑 Suzhou 377 17,703 20,200 100% Poetic Palace 蘇州荷岸曉風 Suzhou 210 12,376 16,500 33% Imperial Park 杭州天禦 Hangzhou 171 7,411
Slide 25: MLDP Stock Breakdown by City
MLDP Stock Breakdown by City Region City GFA million (s.m) % Total Western China Chengdu 0.57 49% Chongqing 0.08 7% Western China Sub-Total 0.65 56% Eastern China Suzhou 0.11 11% Central China Changsha 0.35 30% Northern China Beijing 0.04 3% Total 1.15 100% The Wharf (Holdings) Limited – 2025 Final
Slide 26: Mainland IP – Different Series
Mainland IP – Different Series Times Square IFS & Times Outlets Total GFA * Year of Total GFA * Year of Property Project Nature (s.m.) Completion Property Project Nature (s.m.) Completion Times Square Mixed-use IFS Complexes Chongqing ** O/R 55,000 2004 Chengdu R/O/S.A/H 603,000 2013-2016 Chongqing*
Slide 27: 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 Hong Kong IP 119 26 6,333 6,359 Hong Kong DP 1,607 3,095 4,828 7,923 Mainland China IP 38 3 114 117 Mainland China DP 685 708 112 820 Others 70 1,
Slide 28: End of Presentation
End of Presentation The Wharf (Holdings) Limited [HKEx Stock Code: 4.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 an