Howard Hughes Holdings Inc. · NYSE:HHH
Howard Hughes — Q4 2025 Earnings Presentation
54 slides from Howard Hughes's earnings presentation, Feb 20, 2026
Slide 1: The HHH Opportunity 4Q 2025
Howard Hughes Holdings Inc. The HHH Opportunity 4Q 2025
Slide 2: Forward-Looking Statements; Non-GAAP Financial Measures
Forward-Looking Statements Statements made in this presentation that are not historical facts, including statements accompanied by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “plan,” “project,” “realize,” “should,” “transform,” “would,” and oth
Slide 3: Overview & Brief History of Howard Hughes
Overview & Brief History of Howard Hughes Diversified Holding Company Focused on Acquiring Controlling Stakes in High-Quality, Durable Growth Companies – In 2010, The Howard Hughes Corporation was spun off from GGP, comprised of a mix of premier development assets and large-scale master planned comm
Slide 4: Transformation to a Diversified Holding Company
Transformation to a Diversified Holding Company
Slide 5: Strategic Transaction With Pershing Square
Strategic Transaction With Pershing Square Investment of $900 million to Transform HHH into a Diversified Holding Company Investment In May 2025, Pershing Square purchased 9 million newly issued HHH shares for $100 per share, representing a 48% premium (1) (2) Pershing Square’s beneficial ownership
Slide 6: Board of Directors & Senior Leadership
Board of Directors & Senior Leadership Equipped with an independent, shareholder-focused Board and seasoned executive team providing continuity, fresh perspectives, and disciplined, long-term stewardship of the Company – Independent directors remain the majority – Pershing Square holds three Board s
Slide 7: Recent Activity: HHH to Acquire Vantage
Recent Activity: HHH to Acquire Vantage
Slide 8: Transaction Summary
Transaction Summary In December 2025, HHH signed a definitive agreement to acquire Vantage—a leading specialty insurance and reinsurance company—from Carlyle and Hellman & Friedman – $2.1 billion in cash consideration Purchase – HHH will retain Vantage’s book value accretion from signing to close (“
Slide 9: Key Financial Metrics of Vantage
Key Financial Metrics of Vantage Income Statement Balance Sheet (Trailing 12 Months as of September 30, 2025) (As of September 30, 2025) ($ in millions) Amount ($ in millions) Amount Gross Written Premium $1,601 Book Value $1,306 Net Written Premium $1,170 % of Gross Written Premium 73% Fixed Income
Slide 10: HHH Diversified Holding Company Structure
HHH Diversified Holding Company Structure Howard Hughes Holdings Inc. (NYSE: HHH) Howard Hughes Vantage Group Holdings Future Operating Communities (“HHC”) Ltd. (“Vantage”) Business Subsidiaries Premier collection of large-scale Leading specialty insurance, master planned communities in reinsurance
Slide 11: Howard Hughes Communities
Deewand Wughee COMMUNITIES
Slide 12: HHC at a Glance
HHC at a Glance Howard Hughes is the country’s premier developer HHC Portfolio of large-scale master planned communities Highlights Proven track record of developing the most sought-after 7.2M SF 2.6M SF places to live in the nation Office Retail Self-funding business cycle, using proceeds from land
Slide 13: HHC Segments at a Glance
HHC Segments at a Glance Master Planned Strategic Operating Communities Developments Assets Residential & Condo projects and Diversified real estate commercial land sales development of future portfolio primarily in in large-scale master operating assets mixed-use planned communities environments (1
Slide 14: Sustaining a Virtuous Cycle of Value Creation
Sustaining a Virtuous Cycle of Value Creation LEASE-UP & STABILIZATION HORIZONTAL DEVELOPMENT Upon completion, assets are Howard Hughes prepares its raw leased up and stabilized land for sale by installing the necessary infrastructure These assets create recurring cash 04 01 flow that is reinvested
Slide 15: HHC Competitive Advantages Drive Value Creation
HHC Competitive Advantages Drive Value Creation Commercial amenities New residents Perpetual Cycle increase the value of spark demand for more of Value Creation HHC’s residential land commercial amenities HHC is the dominant owner of commercial assets in our MPCs Little-to-No A disciplined, demand-d
Slide 16: HHC MPCs are Situated in Affluent and Growing Markets
HHC MPCs are Situated in Affluent and Growing Markets… HOUSTON • Over 40,000 acres with population of 150,000+ The Woodlands, Bridgeland, • In the pathway of Houston’s significant growth The Woodlands Hills LAS VEGAS • Strategically located nine miles from Las Vegas Strip Summerlin • 22,500 acres wi
Slide 17: Consistently Recognized as Exceptional Communities
…and are Consistently Recognized as Exceptional Communities – Top 3 Best City to Live in America – Niche.com (2021 - 2025) – Top 3 Best City to buy a home - Niche.com (2023-2025) – Largest MPC in world to receive LEED Precertification – Top 15 Best-selling MPC in the country – RCLCO (2024-2025) – Ma
Slide 18: History of Delivering Outsized Results
History of Delivering Outsized Results Commercial Residential Significant Land Price Appreciation (1) Robust Operating Asset NOI Growth Commercial amenities Total Operating Asset NOI (in $ millions) Residential Price Per Acre (in $ thousands) increase value of (3) HHC’s residential land The Woodland
Slide 19: Land Appreciation Offsets Shrinking Land Bank
Land Appreciation Offsets Shrinking Land Bank MPC Gross Asset Value 2017 GAV Since 2017 2025 GAV (2) 4,523 $679k $3.1B Total Acres Sold X Weighted- Avg. Price Per Acre = Total Land Sales Revenue (1) Residential Price Per Acre $4.4B (3) $3.7B Summerlin Bridgeland The Woodlands Hills +73% +77% +53% So
Slide 20: Adjusted Operating Cash Flows Reflect Strong Results
Adjusted Operating Cash Flows Reflect Strong Results (1) 2026 Adjusted Operating Cash Flow Capital Allocations Decisions $769M Condo Profit > $440M MPC EBT > ($329M) Cash ($87M) G&A > Operating Asset NOI > Interest > ($242M) Expense Recurring Income Recurring Expenses HOWARD HUGHES HOLDINGS Source:
Slide 21: Anticipated Stabilized Cash Flows Significantly Higher than Current Levels
Anticipated Stabilized Cash Flows Significantly Higher than Current Levels (1) 2026 Adjusted Operating Cash Flow Est. Stabilized Adjusted Operating Cash Flow $961M – $1.0B $175M Condo Profit > $200M $769M Condo Profit > $425M $650M MPC EBT > $450M MPC $440M EBT > ($329M) ($329M) Cash ($87M) ($87M) G
Slide 22: HHC has Strong Liquidity and Manageable Near-Term Maturities
HHC has Strong Liquidity and Manageable Near-Term Maturities 96% of Debt is Fixed or Swapped/Capped 77% of Debt due in 2028 or Later (1) (2) Source: Company filings and data. Note: In $ millions. As of December 31, 2025. HOWARD HUGHES HOLDINGS (1) Excludes $34 million in deferred financing costs. 22
Slide 23: Master Planned Communities
Master Planned Communities
Slide 24: MPCs at a Glance
MPCs at a Glance The Woodlands Bridgeland Summerlin Teravalis Founded in 1972, with Started in 2010 and Started by Howard Acquired in 2021, largely commercial currently undergoing Hughes in 1991, with a selling first lots to land remaining significant commercial strong commercial builders in 2024 wi
Slide 25: MPCs Located in Low-Cost, Low-Tax, Pro-Business Regions
MPCs Located in Low-Cost, Low-Tax, Pro-Business Regions Unmatched Affordability in HHC’s Regions Relative to Other Large MSAs Median Home Price / SF Salary Needed to Buy Median-Priced Home Cost of Living Index Top Marginal State Tax Rate HOWARD HUGHES HOLDINGS Source: Bestplaces.net, Realtor.com, HS
Slide 26: Situated in Markets Well-Positioned for Future Growth
Situated in Markets Well-Positioned for Future Growth… HHC’s MPCs Attract Superior Demographics Average Household Income Median Home Value % College Graduates Influx of residents seeking a better quality of life reflected in demographics compared to nearby MSAs & national statistics HOWARD HUGHES HO
Slide 27: Single-Family Housing Options
Single-Family HHC MPCs offer a variety of single-family housing options which attract a wide range of residents with different age and income Housing Options profiles who aspire to live in a beautifully master planned city SINGLE-FAMILY DETACHED SINGLE-FAMILY ATTACHED CUSTOM HOMES MPC land planning,
Slide 28: HHC Communities Offer Homes with a Wide Range of Price Points
HHC Communities Offer Homes with a Wide Range of Price Points Price Range of New Homes Sold in 2025 Summerlin Bridgeland The Woodlands Hills HOWARD HUGHES HOLDINGS Source: Company filings and data. 28 Note: In $ thousands. As of December 31, 2025.
Slide 29: MPC Performance Trends Remain Resilient
MPC Performance Trends Remain Resilient New Home Sales Activity is Strong Residential Acres Sold Expected to Rise HOWARD HUGHES HOLDINGS Source: Company filings and data. 29 Note: As of December 31, 2025.
Slide 30: Howard Hughes Land Appreciates in Value
Howard Hughes Land Appreciates in Value Price per acre, $ in thousands Historical Residential Price per Acre Summerlin Bridgeland The Woodlands Hills Delivering Long-Term Consistent Appreciation in Value Source: Company filings and data. HOWARD HUGHES HOLDINGS Note: (1) Includes an undeveloped 216-a
Slide 31: MPC EBT Continued Strength Ahead
MPC EBT Continued Strength Ahead A New TrendNew is Emerging in Continued Home Sales MPC Performance Strength Post-Covid ’15-’20 Average MPC EBT: $194M ’21-’25 Average MPC EBT: $353M High Low FY 2026 EBT Guidance (vs. FY 2025) – MPC EBT is expected to normalize in 2026 following a record year of land
Slide 32: Floreo: Development Taking Shape
Floreo: Development Taking Shape Seven Homebuilders Contracted in Floreo as Momentum Picks Up Floreo – Land Sales in Village 2 and 3 883 Lots Sold to Date $793k (1) Price Per Acre HOWARD HUGHES HOLDINGS Source: Company filings and data. 32 Note: As of December 31, 2025. (1) Average price per acre fo
Slide 33: HHC Holds Significant Acreage for Future Development
HHC Holds Significant Acreage for Future Development Build-out Timeline Current 2030 2035 2040 2045 2050 2055 2080 Residential 64 acres Commercial 685 acres Residential 624 acres Commercial 181 acres Residential 1,234 acres Commercial 1,093 acres Residential 1,978 acres Commercial 494 acres Resident
Slide 34: Operating Assets
Operating Assets
Slide 35: HHC Owns a Diversified Mix of Commercial Real Estate
HHC Owns a Diversified Mix of Commercial Real Estate Office Multifamily Retail ▪ Size: 7.2M SF ▪ Size: 5,855 units ▪ Size: 2.6M SF ▪ Stabilized Leased %: 88% ▪ Stabilized Leased %: 93% ▪ Stabilized Leased %: 92% ▪ In-Place NOI: $133M ▪ In-Place NOI: $73M ▪ In-Place NOI: $49M ▪ Stabilized NOI: $183M
Slide 36: NOI Growth Through Development
NOI Growth Through Development Historical NOI Progression NOI % Mix Total Operating Asset NOI (in $ millions) (1) Stabilized NOI by Asset Stabilized NOI by Region HOWARD HUGHES HOLDINGS Note: NOI in $ millions. (1) Estimated Stabilized NOI total is inclusive of projects under construction. 36 Prior
Slide 37: Meaningful NOI Runway Remains Within HHC's Portfolio
Meaningful NOI Runway Remains Within HHC’s Portfolio Roadmap to Stabilized NOI by Existing & Under Construction Developments Incremental Property NOI Office $ 6.7 Memorial Hermann $ 1.9 Medical Office Incremental 7 Waterway $ 4.8 Asset Type NOI Retail $ 3.6 Office $ 43.3 The Park Retail $ 1.9 Retail
Slide 38: Operating Assets Performance: Office
Operating Assets Performance: Office 10-Year NOI Performance Premier Office Assets Generate High Demand 9950 Woodloch 6100 1700 Pavilion Forest Merriweather Summerlin The Woodlands Merriweather District 99% 98% 94% Leased Leased Leased Acquired empty Completed 3Q ’19 Completed 4Q ’22 4Q’19 ~110k SF
Slide 39: Operating Assets Performance: Multifamily
Operating Assets Performance: Multifamily (1) 10-Year NOI Performance Same Store NOI Growth Stabilized Leased % Houston 92% Leased Summerlin 97% Leased Columbia (1) 94% Leased New New Properties Properties in in Lease-Up Lease-Up Tanager Echo Marlow Wingspan Completed 3Q ’23 Completed 2Q ’23 Complet
Slide 40: HHC Value Creation: Spotlight on Marlow
HHC Value Creation: Spotlight on Marlow NAV Growth through Development Marlow Multifamily Value Creation Marlow Operating Asset Value Stabilized NOI $9,320 Estimated Total Development Cost (excluding land) $128,045 Cap Rate 5.5% MPC Value of Commercial Land Acres 3.98 Price per Acre $580.00 Net NAV
Slide 41: Operating Assets Performance: Retail
Operating Assets Performance: Retail 10-Year NOI Performance Despite Multiple Dispositions…. Since 2020 481k $7M $51M Square Feet NOI Gain on Sale ….Retail NOI is Near All-Time Highs Anaha Retail - Ward Village HOWARD HUGHES HOLDINGS Source: Company filings and data. NOI performance excludes retail
Slide 42: Downtown Summerlin: HHC's Premier Retail Destination
Downtown Summerlin: HHC’s Premier Retail Destination Improving Sales/SF through Upcoming Expirations Leasing strategy excels: ~90% of 2025 expirations have been leased with many upgraded tenants Provides HHC an opportunity to improve our tenant base to drive rents and sales higher Space backfilled b
Slide 43: Operating Assets FY 2026 Guidance
Operating Assets FY 2026 Guidance Total Operating Asset NOI Performance Trend FY 2026 NOI Guidance (vs. FY 2025) High Lower End Mid-Point Upper End Low Low $237M +1% $284M +5% – Strong multifamily rent growth and lease- up of new developments – Office performance expected to be flat to modestly posi
Slide 44: Strategic Developments
Strategic Developments
Slide 45: Spotlight on Ward Village
LEED-ND Platinum Spotlight on Ward Village U.S. Green Building Council Community Snapshot Master Plan at Full Development ▪ Size: 60 acres; ~9M SF granted entitlements ▪ Develop premier condos at ~25 to 30% profit margins complemented by 898k SF of retail ▪ Ward Village attracts buyers from Hawaii,
Slide 46: Ward Village Condo Sales by the Numbers
Ward Village Condo Sales Revenues by Tower $ Millions by the Numbers (Since Inception) $7.8B Revenues Closed and 5,144 Sold- Out Units Closed and Under-Contract ~25-30% (1) 97% Gross Profit Margin Under Pre-Sold Constr. 93% 8 2 3 Pre-Sold 71% Pre-Sold Towers Towers Under Towers in Pre-Sales MELIA 65
Slide 47: Strong Record of Delivering World-Class Condominiums
Strong Record of Delivering World-Class Condominiums Completed and Sold-Out Towers – 2016 to 2025 KE VICTORIA WAIEA ANAHA AE’O ’A’ALI’I KŌ’ULA ULANA KILOHANA PLACE (1) 177 Units 317 Units 465 Units 423 Units 750 Units 565 Units 349 Units 696 Units 2016 2017 2018 2019 2021 2022 2024 2025 3,742 Condom
Slide 48: New Condo Developments Underway to Meet Demand
New Condo Developments Underway to Meet Demand Under Construction Pre-Sales THE PARK KALAE THE LAUNIU MELIA ILIMA 545 Units 329 Units 485 Units 220 Units 148 Units 97% Pre-Sold 93% Pre-Sold 71% Pre-Sold 65% Pre-Sold 51% Pre-Sold Q2 2026 2028 2028 2030 2030 (1) Towers Represent $3.5B of Future Contra
Slide 49: Future Ward Village Condos in Planning Now in Pre-Sales
Future Ward Village Condos in Planning Now in Pre-Sales Condo Towers 3 853 Condo Units Melia and ’Ilima The Launiu ~$3.0B Total Projected Revenue Potential Entitlements for Robust Condo Pipeline(1) 21kSF Future ~2.5M to 3.5M Retail Additional Residential SF Source: Company filings and data. HOWARD H
Slide 50: Under Construction: The Ritz-Carlton Residences
Under Construction The Ritz-Carlton Residences Size 111 39 Estate Homes Floor Plans 76% $380M Pre-sales Future Units Sold Revenue Construction 4Q ’24 2027 Timeline Commenced Completion The Woodlands’ first luxury condo project Will include a 6k SF high-end restaurant HOWARD HUGHES Source: Company fi
Slide 51: Strong Returns on Recently Completed and In-Flight Strategic Developments
Strong Returns on Recently Completed and In-Flight Strategic Developments Recently Completed Under Construction Grogan’s Mill Retail One Bridgeland Green 1 Riva Row Memorial Hermann 7 Waterway Medical Office Location The Woodlands Bridgeland The Woodlands Bridgeland The Woodlands Type Retail Office
Slide 52: Appendix
Appendix
Slide 53: Reconciliation of Operating Assets Segment EBT to NOI
Reconciliation of Operating Assets Segment EBT to NOI thousands Q4 2025 Q4 2024 FY 2025 FY 2024 2024 2023 2022 2021 2020 Total revenues $ 117,938 $ 112,521 $ 465,568 $ 444,300 $ 444,300 $ 410,254 $ 401,304 $ 415,104 $ 365,174 Total operating expenses (54,276) (51,840) (204,273) (194,591) (194,591) (
Slide 54: Reconciliation of Adjusted Operating Cash Flow Performance Measure
Reconciliation of Adjusted Operating Cash Flow Performance Measure Three Months Ended December 31, 2025 Year Ended December 31, 2025 Year Ended December 31, 2024 Three (per (per (per Months Year diluted diluted diluted Ended Ended Year Ended thousands except per share amounts share) share) share) De
Howard Hughes Holdings — Q4 2025 Earnings Presentation on 6ix