Slide 1: CTF Services Limited (659.HK) FY2026 Annual Results Presentation
CTF Services Limited (659.HK) FY2026 Annual Results Presentation 1
Slide 2: Agenda
Section 1 CTFS at a Glance Section 2 Financial Update Section 3 Business Operations Update Section 4 Environment, Social & Governance (ESG)
Slide 3: FY26 Results Highlights
FY26 Results Highlights Financially strong; Progressing steadily; Focused on high-quality growth to enhance shareholder returns 01 NAVIGATE MARKET HEADWINDS 02 SHARPEN THE PORTFOLIO 03 BROADEN INVESTOR ACCESS Disciplined execution and Financial Services showed Restored public float financial resilie
Slide 4: Resilient Performance Despite Macroeconomic Uncertainty
Resilient Performance Despite Macroeconomic Uncertainty FY26 AOP FY26 AOP by segment HK$4,591M +3% YoY 2% HK$’M 6% Financial Services 1,475 AOP BY REGION 15% Roads 1,443 HK 63% 32% CHINESE MAINLAND 33% % of Logistics 645 OTHERS 4% Group’s AOP Construction 689 14% Facilities Management 88 PROFIT ATTR
Slide 5: Growth Platform Expansion Funded By Disciplined Capital Recycling
Growth Platform Expansion Funded By Disciplined Capital Recycling MONETIZATION / DISPOSALS OCT 2025 JUL 2025 – JUN 2026 JUL 2026 Shoucheng monetization Strategic Investments Changliu Expressway disposals releases ~RMB1.6Bn capital & HK$2,218M aggregate proceeds of ~RMB0.2Bn shareholder’s loan + 0.75
Slide 6: Group Strategic Priorities & Outlook
Group Strategic Priorities & Outlook Grow core businesses. Strengthen platforms. Unlock value Financial 01 02 03 Services Grow the core Expand reach across Enhance the wealth markets management platform CTF Life is expected to remain Broaden insurance and wealth Integrate with uSMART and a sustainab
Slide 7: Group Strategic Priorities & Outlook
Group Strategic Priorities & Outlook Grow core businesses. Strengthen platforms. Unlock value Logistics 01 02 03 04 Strengthen ATL Expand Mainland Capture rail freight Build the AIDC logistics growth platform Extend WALE and Pursue disciplined, Rail freight demand Develop a high-quality diversify th
Slide 8: Group Strategic Priorities & Outlook
Group Strategic Priorities & Outlook Grow core businesses. Strengthen platforms. Unlock value Facilities 01 02 03 Management Reinforce HKCEC Expand GHK/PMS Ramp up KTSP Strengthen HKCEC’s role as a Enhance services, increase Unlock KTSP’s value as a regional MICE hub by attracting utilization and de
Slide 9: Agenda
Section 1 CTFS at a Glance Section 2 Financial Update Section 3 Business Operations Update Section 4 Environment, Social & Governance (ESG)
Slide 10: FY26 Financial Results Highlights
FY26 Financial Results Highlights Lower leverage and ample liquidity provide capacity to fund growth and strategic initiatives Attributable Operating Profit Profit Attributable to Shareholders Adjusted EBITDA1 HK$4,591M HK$2,393M HK$7,395M ↑ 3% YoY ↑ 11% YoY ↑ 1% YoY AS AT 30 JUN 2026 BALANCE-SHEET
Slide 11: Proactive & Strategic Financial Management
Proactive & Strategic Financial Management Healthy debt profile with increased net exposure to RMB assets RMB DEBT TO TOTAL DEBT RMB LIABILITIES TO RMB ASSETS AS A NATURAL HEDGE 80% 65% 62% 60% 62% 46% 30 Jun 24 30 Jun 25 30 Jun 26 30 Jun 24 30 Jun 25 30 Jun 26 STABLE BORROWING COSTS SPREADOUT DEBT
Slide 12: Diversified Funding Sources
Diversified Funding Sources Robust credit ratings bring strong access to capital markets BANKING FACILITIES EXCHANGEABLE BONDS CREDIT RATINGS Onshore + Offshore OFFSHORE ~HK$35.5Bn HK$2,218M | 0.75% | due 2028 Total utilized and undrawn committed facilities • Exchangeable to ordinary shares of Shouc
Slide 13: Balance-sheet Resilience Preserves Flexibility
Balance-sheet Resilience Preserves Flexibility Acquisition Strong cash flow generation and non-core • Public perp redeemed • Private perp redeemed partially • Issuance of of CTF Life disposals to bring down leverage despite a • Special dividend paid to • Special dividend paid to return Exchangeable
Slide 14: Solid Financial Performance
Solid Financial Performance Sustainable financial growth safeguards robust earnings quality ATTRIBUTABLE OPERATING PROFIT PROFIT ATTRIBUTABLE TO SHAREHOLDERS RETURN ON EQUITY HK$4,591M HK$2,393M 8% FY26 Growth through market volatility FY26 Continued shareholder profit growth FY26 HK$’M HK$’M 4,466
Slide 15: Committed to Sustainable and Progressive Dividend Policy since FY19
Committed to Sustainable and Progressive Dividend Policy since FY19 Proven track record of continuous returning cash to shareholders DPS (HK$) Enlarged share capital base • FY26 total ordinary dividend following the amount +6% YoY to HK$2.8Bn 1-for-10 bonus issue (FY25: HK$2.62Bn) 2.44 in Dec 2025 1
Slide 16: Agenda
Section 1 CTFS at a Glance Section 2 Financial Update Section 3 Business Operations Update Section 4 Environment, Social & Governance (ESG)
Slide 17: Financial Services
Financial Services Strong AOP & growth momentum CTF Life SEGMENT AOP ROBUST CSM RELEASE ROBUST NEW BUSINESS GROWTH STRONG VONB4 GROWTH HK$M ↑ 19% 1,475 HK$1,368M APE2 HK$3,540M HK$1,308M 1,242 ↑ 7% YoY ↑ 21% YoY ↑ 30% YoY Profitable new business NBP3 HK$9,333M VONB margin expansion growth and favour
Slide 18: CTF Life – Structural strength in operating metrics
Financial Services CTF Life – Structural strength in operating metrics CSM BALANCE WITH 17% CAGR EMBEDDED VALUE 16% CAGR HIGH AND STABLE HKRBC SOLVENCY RATIO HK$11.3Bn Driven by expected return on existing Jun-26 vs Jun-25 6 ppt business, new business growth and ↑ 22% YoY favourable market perform
Slide 19: CTF Life - Agency quality and overseas demand support broad-based growth
Financial Services Channel CTF Life - Agency quality and overseas demand support broad-based growth Tied Agents 2,200+ Brokers 370+ ROBUST AGENCY NEW BUSINESS GROWTH HK$M APE ↑ 10% YoY NBP ↑ 85% YoY Agency Channel Partnership Channel – Overseas Business Agency Productivity by NBP1 +73% YoY • Partn
Slide 20: CTF Life – Disciplined, diversified and defensive investment portfolio
Financial Services CTF Life – Disciplined, diversified and defensive investment portfolio Fast-growing investment portfolio AUM* Prudent asset allocation as at 30 Jun 2026 HK$106.4Bn ↑17% YoY 69% Bonds including bond funds 18% Listed equities including equity funds 30 Jun 2026 *Exclude Investment-Li
Slide 21: Evolving financial needs create a long runway for growth
Financial Services Evolving financial needs create a long runway for growth EVOLUTION OF HOUSEHOLD FINANCIAL NEEDS Rising affluence is driving households from traditional Cash Real estate Market-based Integrated financial investments solutions holdings toward diversified investments traditional hold
Slide 22: New capabilities broaden customer reach and create cross-selling pathways
Financial Services New capabilities broaden customer reach and create cross-selling pathways INSURANCE • INVESTMENT • SECURITIES TRADING • FINANCIAL PLANNING • ASSET MANAGEMENT INSURANCE CORE DIGITAL BROKERAGE ASSET MANAGEMENT CTF Life uSMART Blackhorn 13.05% equity interest 65% interest acquisition
Slide 23: Roads: 12 Toll road projects
Roads Well-diversified toll road portfolio across strategic locations in the Chinese Mainland PORTFOLIO | AS AT 24 SEP 2026 12 Toll road projects ~815 km 01 TIANJIN 1 expressway 60.7 km • expiry 2040 02 ZHEJIANG 1 expressway 103.4 km • expiry 2029 1 03 HUBEI 2 expressways 137.4 km • expiry 2040–2050
Slide 24: Roads: Stable performance amid ongoing external headwinds
Roads Stable performance amid ongoing external headwinds PERFORMANCE DRIVERS SEGMENT AOP 01 AOP broadly flat YoY 02 Average daily traffic flow HK$M Flat & toll revenue -1% YoY • Favourable RMB exchange movements 1,439 1,443 • Lower finance costs • Traffic disruptions arising from the ongoing • Highe
Slide 25: Logistics: Diversified logistics investments across Greater China
Logistics Diversified logistics investments across Greater China CHINESE MAINLAND PORTFOLIO | AS AT 24 SEP 2026 12 LOGISTICS PROPERTIES Urumqi Jilin CUIRC | 30% INTEREST Inner Mongolia Liaoning China United International Rail Xinjiang Chengdu, Wuhan, Dongguan, Beijing Containers Co. Ltd. Tianjin Dal
Slide 26: Logistics – Hong Kong
Logistics – Hong Kong ATL — occupancy recovery driven by leasing initiatives & improving market conditions ATL LOGISTICS CENTRE SEGMENT AOP Reciprocal tariff volatility temporarily affected performance. HK$M Gradual recovery of HK’s economy, tourism & retail provided support to business activities ↓
Slide 27: Logistics – Chinese Mainland
Logistics – Chinese Mainland Logistics properties portfolio with desirable geographical positioning PORTFOLIO PERFORMANCE +11% YoY 86.3% at 30 Jun 2026 86.2% at 30 Jun 2026 AOP from logistics properties in the Chinese 7-PROPERTY OCCUPANCY 11-PROPERTY OCCUPANCY1 Mainland, Excl. the deferred tax impac
Slide 28: Logistics - CUIRC
Logistics - CUIRC Sustained growth momentum amid rising cross-border rail demand MULTIMODAL DEMAND +2% YoY Growing demand and operating efficiency AOP ANCILLARY LOGISTICS SERVICES 7.56M TEUs Higher demand for supporting logistics services amid growth in terminal handling volumes THROUGHPUT POLICY SU
Slide 29: Construction: Delivering long-term value through proven construction expertise
Construction Delivering long-term value through proven construction expertise CTFS Construction Group - Four specialist entities span the construction value chain 01 02 03 04 Founded 1961 Founded 1929 Founded 1985 Founded 1988 BUILDING CONSTRUCTION FOUNDATIONS READY-MIXED CONCRETE ELECTRICAL & MECHA
Slide 30: Construction: Backlog position underpins earnings visibility
Construction Backlog position underpins earnings visibility ORDER BOOK SCALE SEGMENT AOP Gross Contracts on hand Backlog New contracts secured1 HK$M ~ HK$63Bn ~ HK$35Bn ~ HK$17Bn ↓ 4% 719 689 ↑ 7% YoY healthy revenue visibility high quality order book BACKLOG MIX | AS AT 30 JUN 2026 FY25 FY26 39% 34
Slide 31: Growth Outlook — Catalysts Ahead
Construction Strong public-sector pipeline and improving private-sector activity provide a supportive demand environment for growth Growth Outlook — Catalysts Ahead GOVERNMENT & INSTITUTIONAL NORTHERN METROPOLIS HK$128 Bn Sustained government and institutional projects underpin a Opportunity spans s
Slide 32: Facilities Management: GHK achieved solid operational and financial performance
Facilities Management GHK achieved solid operational and financial performance Gleneagles Hospital Hong Kong (GHK) (CTFS 40% interest & IHH Healthcare 60% interest) SEGMENT AOP HK$M ~4x YoY +15% YoY +3% / +1% / +9% YoY AOP EBITDA INPATIENTS / OUTPATIENTS / DAY CASES ↓ 1% KEY UPDATES 365 (as at 30 Ju
Slide 33: GHK & Parkway Medical provide an integrated healthcare network
Facilities Management GHK & Parkway Medical provide an integrated healthcare network CARE PLATFORM | HONG KONG 35+ 7 1 ~10% HOSPITAL SPECIALTIES & CLINICS LABORATORY OF GHK’S GROSS PROFIT SUBSPECIALTIES Central · Admiralty · Sai Wan · Central Contributed by patient referrals and related healthcare G
Slide 34: Manage iconic HK venues to capture long-term growth
Facilities Management Manage iconic HK venues to capture long-term growth in tourism and experience-led consumption HONG KONG CONVENTION AND EXHIBITION CENTRE MANAGEMENT LIMITED | 100% INTEREST FY26 • Declined profits amid higher depreciation and capital expenditure 786 7.7M • Excl. the increased de
Slide 35: Agenda
Section 1 CTFS at a Glance Section 2 Financial Update Section 3 Business Operations Update Section 4 Environment, Social & Governance (ESG)
Slide 36: FY2026 ESG Strategy
FY2026 ESG STRATEGY Resilience Through Better Decisions and Action Action Mobilizing people, capital and innovation to drive measurable impact Mobilise capital, people and Key Initiatives innovation to deliver measurable impact. • Sustainability-Linked Finance Framework • Imp[ACT] Fund • Decarboniza
Slide 37: FY2026 ESG Strategy: From Understanding to Integration
FY2026 ESG STRATEGY From Understanding to Integration UNDERSTANDING INTEGRATION Climate Scenario Analysis Summary ERM Integration ESG Due Diligence Guideline for Investment Risk Financial Impact Labour productivity Negative Screening (Decline proposed investment if on loss due to heat High by 2050 e
Slide 38: FY2026 ESG Report
FY2026 ESG REPORT BREAKTHROUGH 2050 Targets FY2026 Status Act with Integrity • Ensuring fairness and a high level of ethical standards in our work. • Supporting the growth of our business and helps Business Ethics and Anti- Corruption • 0 convicted cases on anti- corruption 0 convicted cases of nurt
Slide 39: Our Ratings Performance
OUR RATINGS PERFORMANCE The Hang Seng Corporate Sustainability Index Assessment • Overall score 86.0 • Achieved AAA rating for the first time (last updated on 3 September) 39
Slide 40: ESG in Action: Sustainable Finance and Investment
ESG IN ACTION Sustainable Finance and Investment Progress HK$20.2bn 45% of CTFS's Total Debt Portfolio Sustainability-Linked Loans & Green Debt Financing As of 30 June 2026 CTFS - Strategic Investment Invested alongside Unisun in a 30 MW / 65.2 MWh The transition to a net-zero economy requires signi
Slide 41: ESG in Action: Scope 3 Data Quality Enhancement
ESG IN ACTION Scope 3 Data Quality Enhancement and Management Progress Tier 1 & Tier 2 Data Maturity (%) ≈ 61%* the Group's Scope 3 emissions were ≈19% Corporate Office ≈ 61% ≈ 34% calculated using higher-quality the Group's Scope 3 emissions supplier-specific emissions data or compared with FY25 ph
Slide 42: ESG in Action: Project Highlights
ESG IN ACTION Project Highlights Construction - Enhancing Project-level Carbon Visibility Facilities Management - Energy Efficiency in Action Hip Hing is building a practical way to forecast construction emissions before a project is fully delivered. The tool enables Hip Hing to identify high-impact
Slide 43: ESG in Action: Project Highlights
ESG IN ACTION Project Highlights Logistics - Accelerating Energy Transition Roads - Strengthening Climate Resilience To realize this opportunity, CTF Logistics incorporates sustainability Increasingly frequent extreme weather events, including heavy rainfall, flooding considerations into its asset a
Slide 44: ESG in Action: ESG Capacity Building
ESG IN ACTION ESG Capacity Building Under our collaborative ESG governance model, the Group provides strategic direction, resources and platforms for engagement, while business units take ownership of implementation within their respective operating contexts. Building the capabilities to translate E
Slide 45: Appendices
CTFS Appendices
Slide 46: Corporate Structure
Corporate Structure Cohesive synergies among business units of the prominent shareholder Since mid-November 2023, CTFS is majority owned by Chow Tai Fook Enterprises Limited and in turn by the Cheng Family, one of the most prominent families in Hong Kong. The Cheng Family’s diversified investments a
Slide 47: CTFS: A Clear Path Forward
CTFS: A Clear Path Forward Ownership, Governance, and Operational Framework • Ownership Structure: No longer the subsidiary of New World Development; directly owned by Chow Tai Fook Enterprises Limited, with no cross-shareholding Shareholding Structure • Transparency: Engages in minimal connected tr
Slide 48: FY26 Adjusted EBITDA Analysis
FY26 Adjusted EBITDA Analysis Adjusted EBITDA includes dividend from JVs/assocs is the operating cash flow proxy HK$’M 8,000 1,288 7,395 7,000 74 37 116 77 6,000 116 105 1,920 (70) Dividends Loss on FV Impairment Remeasurement Impairment Loss on Fair value Share-based received 5,000 of investment lo
Slide 49: FY26 Financial Summary
FY26 Financial Summary Profit attributable to shareholders increased by 11% YoY HK$’M 5,000 4,591 4,500 26 70 4,000 (269) (236) Loss on fair (116) (77) 3,500 value of Remeasurement Loss on Share of Gain on FV of Share-based investment and impairments disposal of non-operating exchangeable payment 3,
Slide 50: FY26 Assets and liabilities by segment
FY26 Assets and liabilities by segment Assets by segment (HK$M) Liabilities by segment (HK$M) Strategic Construction Facilities Facilities Investments 10,202 Management Management 216 Logistics 2,881 774 Corporate 14,383 Strategic 34,437 Investments Construction Roads 5,507 8,734 22,682 Corporate 9,
Slide 51: Continual Strategic Portfolio Optimization to Create Long-Term Value
Continual Strategic Portfolio Optimization to Create Long-Term Value Build a stronger foundation for scalable growth KEY ACQUISITIONS Businesses with stable, strong cash flow and growth potential Suiyuenan Expy Chow Tai Fook Life Insurance Co Ltd Hsin Chong Aster Bldg Services Ltd A logistics proper
Slide 52: CTF Life – Excellence in Insurance, Powered by Innovation
Appendix CTF Life – Excellence in Insurance, Powered by Innovation MyWealth Beyond FamCare 198 Savings Insurance Plan Critical Illness Insurance Plan Builds wealth with protection and legacy planning • 1/5/12-year premium terms. Currency switching Multi-stage illness protection for the whole family
Slide 53: Board of Directors
Appendix Board of Directors Dr Cheng Kar Shun, Henry GBM, GBS ED Chairman Mr Cheng Chi Ming, Brian Mr Ho Gilbert Chi Hang Mr Lam Jim Mr Cheng Chi Leong, Christopher Group Co-Chief Executive Officer Group Co-Chief Executive Officer Group Chief Operating and Financial Officer NED Mr William Junior Gui
Slide 54: 5-year share performance of CTFS (2022 to 2026)
5-year share performance of CTFS (2022 to 2026) Disposal of (HK$) Changliu Expy Issuance of US$400M Acquisition of 6.375% Senior Notes Change of Issuance of Restoration of Blackhorn Issuance of HK$2.2Bn 0.75% public float to Due 2028 Company 10.00 Acquisition of logistics RMB2Bn 3.9% Name Exchangeab
Slide 55: Disclaimer
Disclaimer CTF Services Limited (“CTFS”) makes no representation or warranty of any kind, express, implied or statutory regarding the accuracy or completeness of the information contained. It is not the intention to provide, and you may not rely on this presentation as providing, all material inform