Sun Hung Kai Properties Limited · HKEX:16

Sun Hung Kai Properties — 1H FY2026 Earnings Presentation

46 slides from Sun Hung Kai Properties's earnings presentation, Feb 26, 2026

1. Slide 1: FY2026 Interim Results

   Cover 2 FY2026 Interim Results 26 February 2026 24 February 2022 FY2026 Interim Results

2. Slide 2: Contents

   Contents Page Financial Review – 1H FY2026 5 Property Business – Hong Kong  Land Bank 11  Property Development 14  Property Investment 18 Property Business – Mainland  Land Bank 27  Property Development 29  Property Investment 32 Hotel Business 36 Sustainability 38 Market and Business Prospect

3. Slide 3: Disclaimer

   Disclaimer 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, recommendation or suggestion by Sun Hung Kai Properties Lim

4. Slide 4: Financial Review – 1H FY2026

   ICC and IFC, Hong Kong FINANCIAL REVIEW – 1H FY2026 FY2026 Interim Results

5. Slide 5: Financial Highlights

   Financial Highlights 1H 1H Change FY2026 FY2025 Profit attributable to the Company’s shareholders - Underlying(1) (HK$ mn) 12,213 10,463 +16.7% - Reported (HK$ mn) 10,247 7,523 +36.2% Basic earnings per share - Underlying(1) (HK$) 4.21 3.61 +16.7% - Reported (HK$) 3.54 2.60 +36.2% Interim dividend p

6. Slide 6: Profit Breakdown by Segment

   Profit Breakdown by Segment Profit Breakdown by Segment(1) 1H 1H Change (HK$ mn) FY2026 FY2025 (I) Property sales - Hong Kong 2,012 2,325 - Mainland 2,873 181 Sub-total 4,885 2,506 +94.9% (II) Property rental - Hong Kong 6,265 6,339 - Mainland 2,400 2,377 - Singapore 285 288 Sub-total 8,950 9,004 -0

7. Slide 7: Financial Position

   Financial Position 31 Dec 30 Jun 31 Dec As at 2025 2025 2024 Shareholders’ equity (HK$ mn) 621,700 617,851 605,046 - Shareholders’ equity per share (HK$) 214.5 213.2 208.8 Net debt (HK$ mn) 83,646 93,298 107,828 Gearing ratio(1) 13.5% 15.1% 17.8% 1H 1H FY2026 FY2025 Interest cover(2) 8.7x 5.0x (1) C

8. Slide 8: Prudent Financial Management

   Prudent Financial Management Net Debt and Gearing Ratio (HK$ mn)  Strong financial position with sufficient 140,000 21.2% 22% resources to seize land opportunities in 19.2% 20% Hong Kong and maintain flexibility in a 18.2% 127,786 18.3% 17.8% fast-changing operating environment 18% 114,067 109,773

9. Slide 9: Prudent Financial Management (Cont’d)

   Prudent Financial Management (Cont’d) Fixed & RMB Floating Rate Debt: 58% Debt Maturity Profile Debt (HK$bn) As at 31 Dec 25 As at 30 Jun 25 >5 years, <1 year, 16% 13% HKD 30.51 (30%) 30.51 (27%) Fixed RMB 7.88 (7%) 11.64 (11%) Between 1 HKD 41.08 (40%) 47.32 (43%) and 2 years, Floating 22% RMB 21.7

10. Slide 10: Property Business – Hong Kong Land Bank

    SIERRA SEA, Sai Sha PROPERTY BUSINESS – HONG KONG LAND BANK FY2026 Interim Results

11. Slide 11: Land Bank in Hong Kong

    Land Bank in Hong Kong  Total land bank as at 31 December 2025: 57.3 mn sq.ft.(1) Completed Properties Properties under Development (3) Data Centre Industrial Data Centre Industrial (3) 4% Residential 1% 2% 8% 12% Office 18% Hotel 12% Residential Retail 69% Retail 10% 35% Office 29% (2) Total: 38.2

12. Slide 12: Land Bank in Hong Kong (Cont’d)

    Land Bank in Hong Kong (Cont’d)  Replenish land bank in Hong Kong to support future business growth at reasonable cost Tuen Mun A16 Station Package One Property Development (JV) Awarded in November 2025  Residential GFA: 601,000 sq.ft  Located in a mature community in Tuen Mun South Public  Well

13. Slide 13: Property Business – Hong Kong Property Development

    Cullinan Sky, Kai Tak PROPERTY BUSINESS – HONG KONG PROPERTY DEVELOPMENT FY2026 Interim Results

14. Slide 14: Recognized Property Sales in Hong Kong

    Recognized Property Sales in Hong Kong (1) Property Sales 1H FY2026 1H FY2025 Change Revenue (HK$ mn) 26,483 16,031 + 65.2% Operating profit (HK$ mn) 2,012 2,325 - 13.5%  Low profit margin of 8% due to the booking of Cullinan Sky Phase 1  Expect booked sales margin to recover  Overall profit marg

15. Slide 15: Contracted Sales in Hong Kong for 1H FY2026

    Contracted Sales in Hong Kong for 1H FY2026  Hong Kong’s primary residential market experienced an increase in transaction volume and a mild recovery in prices amid stronger demand from both end-users and long- term investors  Achieved contracted sales of about HK$17.4 bn  Since Jan 2026, strong

16. Slide 16: Major New Projects to be launched in the Next 10 Months

    Major New Projects to be launched in the Next 10 Months  Strong launch pipeline to appeal to a wide range of buyers Stake Attri. GFA Project Location (%) (sq.ft.) (1) Tung Shing Lei Phase 1A Yuen Long 100 318,000 Fanling Sheung Shui Town (2) Kwu Tung 100 315,000 Lot No. 279 Phase 1 Lot No. 1071 in

17. Slide 17: Property Business – Hong Kong Property Investment

    International Gateway Centre (IGC), office portion of High Speed Rail West Kowloon Terminus Development PROPERTY BUSINESS – HONG KONG PROPERTY INVESTMENT FY2026 Interim Results

18. Slide 18: Rental Income – Hong Kong

    Rental Income – Hong Kong  Gross rental income remained flat year-on-year in 1H FY2026 Gross Rental Income by Sector in Hong Kong(1) HK$ mn Retail 10,000 52% 8,928 8,772 8,941 8,813 8,797 (-0.2% yoy) 8,000 3,222 3,098 3,005 2,847 2,834 (-0.5% yoy) 6,000 Others (2) Office 4,000 9% 32% 4,633 4,593 4,

19. Slide 19: Hong Kong Retail Portfolio

    Hong Kong Retail Portfolio  Retail portfolio achieved an average occupancy of 94%  Ongoing improvements in consumer sentiment, sustained growth in visitor Tsuen Wan Plaza APM arrivals, and a versatile calendar of mega events continued to drive year-on- year growth of tenant sales in the Group’s ma

20. Slide 20: Initiatives to Enhance Shoppers’ Experience

    Initiatives to Enhance Shoppers’ Experience Revamped functions of The Point VIP Programme - The Point Gold Hot offers Gold members enjoy exclusive  Personalized promotions tailored benefits and experience, such as for targeted customers  Express lanes at customer service counters  Priority queuin

21. Slide 21: Hong Kong Office Portfolio

    Hong Kong Office Portfolio  Overall office occupancy maintained at a high level at about 91%  IFC (occupancy: 98%) and ICC (occupancy: 91%) registered demand for upgrades and in-house expansion from finance-related trades  Ongoing asset upgrades within the buildings and improved surrounding ameni

22. Slide 22: IGC: Transforming West Kowloon into “Central 2.0”

    IGC: Transforming West Kowloon into “Central 2.0”  Dual gateway: connecting Hong Kong, Mainland, and the World; ideal hub for wealth management institutions and global enterprises to expand into the Mainland or go global  Offers scalable premium offices, excellent accessibility, and superior build

23. Slide 23: IGC: A smart green building integrates innovation and technology

    IGC: A smart green building integrates innovation and technology  Modern workplace with terraces, plazas and passageways  Leading sustainability features: ‘Excellent’ BREEAM rating and the highest level of pre-certifications under LEED, WELL, and BEAM Plus Attained ten top certifications or pre-ce

24. Slide 24: Diversified Portfolio to Strengthen Recurring Income Base

    Diversified Portfolio to Strengthen Recurring Income Base  Modest growth in rental income from residential leasing business driven by steady increases in both rents and occupancy  Captured rising demand from incoming talent and students TOWNPLACE WEST KOWLOON Vega Suites (atop MTR Tseung Kwan O St

25. Slide 25: Expanding Portfolio to Strengthen Recurring Income Base

    Expanding Portfolio to Strengthen Recurring Income Base  Recurrent income base will be further expanded in the next two to three years as new investment properties are coming on stream Completed Cullinan Sky Mall Retail GFA: 220,000 sq.ft. phased opening from late 2025 Artist Square Towers Scramble

26. Slide 26: Property Business – Mainland Land Bank

    Hangzhou IFC, Hangzhou PROPERTY BUSINESS – MAINLAND LAND BANK FY2026 Interim Results

27. Slide 27: Land Bank on the Mainland

    Land Bank on the Mainland  Total land bank as at 31 December 2025: 64.6 mn sq.ft.(1) Completed Properties Properties under Development Hotel Hotel, Residential 9% 4% 10% Residential 40% Office 35% Office 39% Retail 42% Retail 21% (2) Total: 21.7 mn sq.ft. Total: 42.9 mn sq.ft. (1) In attributable t

28. Slide 28: Property Business – Mainland Property Development

    Lake Genève, Suzhou PROPERTY BUSINESS – MAINLAND PROPERTY DEVELOPMENT FY2026 Interim Results

29. Slide 29: Recognized Property Sales on the Mainland

    Recognized Property Sales on the Mainland (1) Property Sales 1H FY2026 1H FY2025 Change Revenue (HK$ mn) 5,872 617 + ~9x Operating profit (HK$ mn) 2,873 181 +~15x  The increase was mainly due to higher sales volume of residential units  Satisfactory development margins  About HK$4.1bn(2) of contr

30. Slide 30: Contracted Sales on the Mainland for 1H FY2026

    Contracted Sales on the Mainland for 1H FY2026  Achieved attributable contracted sales of about RMB1.3 bn(1) on the Mainland  Major contributors included serviced apartments at Cullinan West, Hangzhou IFC (River West)  Over the next 10 months, the Group plans to launch: Stake Attri. GFA Project L

31. Slide 31: Property Business – Mainland Property Investment

    Three ITC, Shanghai PROPERTY BUSINESS – MAINLAND PROPERTY INVESTMENT FY2026 Interim Results

32. Slide 32: Rental Income on the Mainland

    Rental Income on the Mainland  Overall rental income held steady, with an increase in rental income from retail portfolio offsetting the decline in office rental Gross Rental Income by Sector on the Mainland(1) HK$ mn 4,000 Office 26% Retail 3,374 68% 3,139 3,089 3,098 (+0.3% yoy) 3,000 2,798 992 (

33. Slide 33: Existing Mainland Property Investment – Integrated Projects

    Existing Mainland Property Investment – Integrated Projects  Enjoy complementary benefit of different components within the same complexes and great accessibility to public transportation Retail portfolio:  Demonstrate resilience through unique positioning, proactive and multifaceted approach to i

34. Slide 34: Expanding Property Investment Portfolio on the Mainland

    Expanding Property Investment Portfolio on the Mainland Three ITC, Shanghai (100% owned) Tower A office (220-metre-tall) Completed, over 80% GFA: 1.1 mn sq.ft. occupancy Tower B office (370-metre-tall) Recently completed GFA: 2.4 mn sq.ft. ITC Maison (Flagship mall) Phased opening from 1H 2026 GFA:

35. Slide 35: Hotel Business

    Four Seasons Hotel Hong Kong HOTEL BUSINESS FY2026 Interim Results

36. Slide 36: Hotel Business

    Hotel Business Hotel Operations(1) 1H FY2026 1H FY2025 Change Revenue (HK$ mn) 2,779 2,698 +3.0% Operating profit (HK$ mn) 428 377 +13.5%  In 1H FY2026, the Group’s hotels in Hong Kong and on the Mainland performed well  Luxury hotels in Hong Kong recorded a strong increase in revenue per availabl

37. Slide 37: Sustainability

    GO PARK Sai Sha SUSTAINABILITY FY2026 Interim Results

38. Slide 38: Sustainability Initiatives

    Sustainability Initiatives Completion of Hong Kong’s largest and first privately funded solar farm (JV) on landfill • Located at the South East New Territories Landfill in Tseung Kwan O • Estimated annual output of 1.2 million kWh green electricity Expansion of solar panel network • Installed 20,000

39. Slide 39: Market and Business Prospects

    Three ITC, Shanghai MARKET AND BUSINESS PROSPECTS FY2026 Interim Results

40. Slide 40: Market Prospects

    Market Prospects Hong Kong  Economy is set to maintain steady growth under the strategic positioning of “four centres and a hub” despite rising uncertainties from geopolitical risks  Robust IPO-related activities and various positive policies will strengthen Hong Kong’s position as international f

41. Slide 41: Business Prospects

    Business Prospects  With its strong financial position, the Group will continue to seize good opportunities to replenish its Hong Kong land bank while upholding prudent financial management  Property Development: Leverage established reputation for quality to achieve premium pricing and rapid sale

42. Slide 42: Business Prospects (Cont’d)

    Business Prospects (Cont’d)  Property Investment: Sharpen portfolio competitiveness and drive future recurring income  Enhance Rental Portfolio via proactive leasing and customer engagement, asset upgrades, and strong tenant partnerships  New Projects will start to generate additional rental inco

43. Slide 43: Built on Resilience, Ready for Renewal - Poised for the Next Upswing

    Built on Resilience, Ready for Renewal - Poised for the Next Upswing Through every cycle, the Group has grown alongside its home city, building invaluable experience and resilience in navigating challenges. The Group continued to pursue new investments and add new landmarks to the Hong Kong skyline

44. Slide 44: Appendix: Sustainability Performance

    Appendix: Sustainability Performance  To achieve LEED certification across all new investment properties Green Buildings  To attain LEED Gold or Platinum ratings for core commercial projects under development 10-year Targets for FY2030 (baseline year: FY2020) Progress in FY2025(2) Electricity  To

45. Slide 45: Appendix: Sustainability Performance (Cont’d)

    Appendix: Sustainability Performance (Cont’d) Climate-related Disclosures  Enhanced disclosures by referencing the ISSB IFRS S2 Climate-related Disclosures and the latest HKEx’s ESG Code Part D under the four pillars – Governance, Strategy, Risk Management and Metrics and Targets  Strengthened dis

46. Slide 46: FY2026 Interim Results

    C3 Sun Hung Kai Properties Building Homes with Heart

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