New World Development Co. Ltd. · HKEX:17
New World Development — FY2025 Earnings Presentation
29 slides from New World Development's earnings presentation, Sep 26, 2025
Slide 1: Presentation on 2025 Annual Results
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relia
Slide 2: FY2025 Annual Presentation Analyst Briefing
FY2025 ANNUAL PRESENTATION ANALYST BRIEFING 26 September 2025
Slide 3: Section One: Financial Highlights
SECTION ONE FINANCIAL HIGHLIGHTS
Slide 4: Strategic Direction
STRATEGIC DIRECTION SUSTAINABLE CASH FLOW OPERATIONAL EFFICIENCY BUSINESS FOCUS PRIORITIZATION OPTIMIZATION PRIORITIZE ON REDUCING INDEBTEDNESS 3
Slide 5: Deleveraging Strategy: Seven Measures to Reduce Indebtedness
55.0% DELEVERAGING STRATEGY 50.0% 45.0% BUSINESS AS USUAL WITH SEVEN MEASURES TO REDUCE INDEBTEDNESS 40.0% 35.0% Net Debt Reduction 1 RESILIENT DP MOMENTUM HKD26B 30.0% FY25 Target Completed 2 ASSET DISPOSAL Business Net Debt HK$4.5B Two Land Exchanges 3 FARMLAND OPPORTUNITIES within One Year IP 2%
Slide 6: Prioritizing Cash Flow in an Uncertain Market
FINANCIAL HIGHLIGHTS PRIORITIZING CASH FLOW IN AN UNCERTAIN MARKET Core Operating Profit Segment Results Loss Attributable To Shareholders HK$7.1B HK$16.3B HK$6.0B -4% YoY One-off losses -13% YoY K11 IP IP Revaluation DP Impairment Others HK$0.4B HK$8.5B HK$6.2B +2% YoY (1) +4% YoY (1) G&A CAPEX Gro
Slide 7: Successful Refinancing Provided More Financial Flexibility with Debt Maturity Extended
FINANCIAL HIGHLIGHTS SUCCESSFUL REFINANCING PROVIDED MORE FINANCIAL FLEXIBILITY WITH DEBT MATURITY EXTENDED Debt Maturity Profile Key Transaction Terms (HK$B) 30 June 2025 Closing Date Debt Due within 2 Years HK$44.8B HK$88.2 billion Total Size of New Bank Facility & Aligned Bank Facilities 41.6 40.
Slide 8: Continuous Progress in Debt Reduction
FINANCIAL HIGHLIGHTS CONTINUOUS PROGRESS IN DEBT REDUCTION Declining interest costs on the back of rate cuts and lower debt balance Total Debt Trending Down 65.0% Net Gearing Ratio Stablized with Net Debt Reduction 145 60.0% 140 HK$B 135 (HK$B) 55.0% 57.5% 58.1% 130 50.0% 55.0% Net 125Debt 45.0% Red
Slide 9: Section Two: Progress Under Seven Measures
SECTION TWO PROGRESS UNDER SEVEN MEASURES
Slide 10: Residential: Resilient Demand on the Back of Premium Brands
1 2 DEVELOPMENT PROPERTIES & ASSET DISPOSAL HONG KONG RESIDENTIAL: RESILIENT DEMAND ON THE BACK OF PREMIUM BRANDS FY25 Group Contracted Sales Target: HKD26B FY26 Group Contracted Sales Target: HKD27B FY25 Hong Kong Contracted Sales: HKD11B July 2024 Jan 2025 May 2025 Best-selling presale project Bro
Slide 11: Solid Office Sales with Continuous Progress
1 2 DEVELOPMENT PROPERTIES & ASSET DISPOSAL HONG KONG SOLID OFFICE SALES WITH CONTINUOUS PROGRESS INCREASING DEMAND FOR PREMIUM OFFICES IN WEST KOWLOON Estimated Driving Time Thriving Cheung Sha Wan District – 8 mins 15 mins 24 mins 26 mins New core commercial area in West Kowloon 1 83 Wing Hong Str
Slide 12: Abundant Saleable Resources in Hong Kong
1 2 DEVELOPMENT PROPERTIES & ASSET DISPOSAL HONG KONG ABUNDANT SALEABLE RESOURCES IN HONG KONG Major Existing Projects Sept 25 (Launched) FY26 FY27+ PAVILIA Collection HOUSE MUSE (Nga Tsin Long Road) The Pavilia Farm III Pak Shing Kok Ventilaton Building BOHEMIAN Atop Tai Wai MTR Rare Large-Scale Co
Slide 13: Additional Opportunities on Landbank Replenishment
3 DEVELOPMENT PROPERTIES HONG KONG FARMLAND ADDITIONAL OPPORTUNITIES ON LANDBANK REPLENISHMENT (1) Converted/ to be Short Term Medium Term Long Term converted in 2025 (Landbank in 1-2 years) (Landbank in 3-5 years) (Landbank in 5+ years) 17 18 6 9 11 唐人新村 西貢沙下 790K FT2 (山頭) (地盤A) 1,597K FT2 唐人新村4 74
Slide 14: Resilient Mainland China DP Sales Amid Market Challenges
1 2 DEVELOPMENT PROPERTIES & ASSET DISPOSAL MAINLAND CHINA RESILIENT MAINLAND CHINA DP SALES AMID MARKET CHALLENGES OUTPERFORM MARKET WITH IMPROVED RANKING Key Projects with Sales Over RMB 1 Billion Contracted Sales Guangzhou Guangzhou Guangzhou New Shenyang FY25 The Central Park View The Sillage Wo
Slide 15: Abundant Saleable Resources: Mainland China
1 2 DEVELOPMENT PROPERTIES & ASSET DISPOSAL MAINLAND CHINA ABUNDANT SALEABLE RESOURCES FY2026+ Shenzhen Longgang 188 (龍崗188) Development Properties Guangzhou The Central Park View Guangzhou The Sillage 廣州凱旋新世界 廣州新世界·天馥 Residential Development scale up to ~650,000 sqm >3,000 Atop Shenzhen Xili Shenya
Slide 16: Investment Properties: Resilient Performance and Tenant Optimization
4 INVESTMENT PROPERTIES RESILIENT PERFORMANCE ON THE BACK OF CONTINUOUS TENANT OPTIMIZATION AND MEGA EVENTS K11 MUSEA - KEY STORE OPENINGS Solid Segment Results (1) in FY25 Opened +2% YoY +4% YoY Audemars Piguet Store Expansion Loewe New Concept Renovation Rolex New Concept Store Saint Laurent Duple
Slide 17: Successful Tenant Upgrades Strengthen Occupancy Resilience
4 INVESTMENT PROPERTIES SUCCESSFUL TENANT UPGRADES STRENGTHEN OCCUPANCY RESILIENCE STABLE OCCUPANCY RATE1 K11 ECOAST Mainland China Key IPs Occupancy Rate SHANGHAI K11 ART MALL 94% SHENYANG K11 84% WUHAN GUANGGU K11 93% GUANGZHOU YUNMEN NEW PARK 97% GUANGZHOU THE CANTON PLACE 97% Note 1: As at 30 Ju
Slide 18: Key K11 Projects to Launch in Coming Year
4 INVESTMENT PROPERTIES KEY K11 PROJECTS TO LAUNCH IN COMING YEAR GUANGZHOU HANXI K11 SHANGHAI K11 ELYSEA ✓ Signed Strategic Partnership Agreement with Shanghai Huangpu Gov. ✓ Key client: Hermès, Rajah & Tann ~130k M2 (Singapore Law Firm) Total GFA ✓ K11 Atelier to open in 2026 HANGZHOU NEW WORLD AR
Slide 19: Significantly Lower Capex in FY24 and FY25
5 CAPEX & OPEX OPTIMIZATION SIGNIFICANTLY LOWER CAPEX IN FY24 AND FY25 CAPEX (HK$B) Significantly Lower in FY24 and FY25 ▼4.5 ▼2.2 19.3 14.8 12.6 <12 FY23A (1) FY24A (1) FY25A FY26 Guidance CAPEX Optimization Initiatives Capex for DP with short cash conversion cycle • HK: Convert farmland to landban
Slide 20: Opex Optimization to Reduce G&A
5 CAPEX & OPEX OPTIMIZATION OPEX OPTIMIZATION TO REDUCE G&A A group-wide continuous improvement program to drive down G&A cost and staff costs OPEX Optimization (HK$m) FY25 G&A expenses -16% YoY 5,068 4,196 3,525 Corporate function and team structure optimization Restructuring of business units Stri
Slide 21: Temporary Dividend and PCS Distribution Halt
66. TEMPORARY DIVIDEND AND PCS DISTRIBUTION HALT TEMPORARY DIVIDEND AND PCS DISTRIBUTION HALT Remain committed to creating long-term shareholder value Prudent capital management to facilitate deleveraging Improve financial flexibility Optimize capital structure 20
Slide 22: Prudent Treasury Management
76. TREASURY MANAGEMENT PRUDENT TREASURY MANAGEMENT HKD88.2B Loan refinancing & alignment completed HKD3.95B Additional banking credit line secured Positive pre-financing cash flow Reduction in debt with net gearing ratio stabilized PRIORITIZE ON REDUCING INDEBTEDNESS 21
Slide 23: Appendix
(Metter area New Word Develooment Company Limited APPENDIX
Slide 24: Generating Value Through Sustainability Initiatives
ESG INTEGRATION GENERATING VALUE THROUGH SUSTAINABILITY INITIATIVES Environment Social Governance Future-Fit Places Enriched Lives Organisational Resilience Following the portfolio-level Received approval from Obtained WELL Approved a Group-level Updated Sustainable Obtained Shenzhen’s first assessm
Slide 25: K11 Footprint
INVESTMENT PROPERTIES K11 K11 FOOTPRINT K11 projects Status Site Type Status Site Type Hong Kong K11 Art Mall Retail Shenzhen (Prince Bay) K11 ECOAST Retail Hong Kong (VD) K11 MUSEA Retail Opened in Hong Kong (VD) K11 ATELIER Office Shenzhen (Prince Bay) K11 ATELIER Office FY25 Hong Kong (VD) K11 AR
Slide 26: Northern Metropolis an Important Development Opportunity
3 DEVELOPMENT PROPERTIES HONG KONG FARMLAND NORTHERN METROPOLIS AN IMPORTANT DEVELOPMENT OPPORTUNITY Increased clarity and certainty solidify value of NWD’s farmland resources Proposed PR Farmland (Selected) Status (Subject to gov’t Attr. GFA (FT2) Total attr. GFA (FT2) approval) 藍綠康樂旅遊生態圈 1. High-e
Slide 27: Continuous Cooperation with SOE and Progress
3 DEVELOPMENT PROPERTIES HONG KONG FARMLAND CONTINUOUS COOPERATION WITH SOE AND PROGRESS Dec 2023 May/ Jun 2024 Nov 2024 Dec 2024 Mar 2025 End 2025 2 3 Strategic 17 Strategic MOU Cooperation Cooperation Lung Tin Tsuen Ma Sik Road Agreement (Yuen Long South) (Fanling North) Signing • Total GFA: ~720k
Slide 28: DP and IP Results Under Challenging Environment
SEGMENT INFO DP AND IP RESULTS UNDER CHALLENGING ENVIRONMENT HK$m Hong Kong Mainland China A B 1,842 1,821 3,356 3,234 2,536 IP 2,401 955 Revenue: Investment 843 HK$5.1bn (-3%) Properties Segment results: HK$3.2bn (-7%) Revenue Segment results Revenue Segment results FY24 FY25 FY24 FY25 C 2,696 D 2,
Slide 29: Disclaimer
DISCLAIMER Important notice The information contained in these materials is intended for reference and general information purposes only. Neither the information nor any opinion contained in these materials constitutes an offer or advice, or a solicitation, inducement, invitation, recommendation or
New World Development Company — FY2025 Earnings Presentation on 6ix