Midland Holdings Limited · HKEX:1200
Midland — H1 2026 Earnings Presentation
38 slides from Midland's earnings presentation, August 2026
Slide 1: 2026 Interim Results Presentation
Interim Results Presentation MIDLAND HOLDINGS 2026 Interim Results
Slide 2: Disclaimer Statement
Disclaimer Statement The information and materials contained in this document (the “Materials”) are general in nature and for internal circulation and reference only. Whilst reasonable care has been taken in preparing the Materials, no representation or warranty of any kind (whether express or impli
Slide 3: Today's Agenda
01 Financial Highlights Overview 02 Business Overview Today’s 03 Prospects Agenda 04 Q&A MIDLAND HOLDINGS | 2026 Interim Results 3
Slide 4: Financial Highlights
Section Topics Covered Revenue & Operating Performance Cost Structure & Changes 01 Lease Negotiations & Rental Expenses Net Cash Position Financial Highlights MIDLAND HOLDINGS | 2026 Interim Results
Slide 5: 2026 Interim Results Highlights
MIDLAND — Financial Highlights 2026 Interim Results Highlights 1H 2025 (HK$'M) 1H 2026 (HK$'M) YoY Revenues 2,518 3,312 +32% Operating Costs* 2,346 2,990 +27% Operating Profit 172 321 +87% Profit for the Period 151 282 +87% * Excluded other losses, but included the interest on lease liabilities. Sou
Slide 6: Reasons for the Increase in Profit
MIDLAND — Financial Highlights Reasons for the Increase in Profit Key Reasons for the Increase: Revenues Change 1 Strong financial performance of the two flagship brands +32% The significant increase in profit before tax of “Midland Realty 美聯物業” and “Hong Kong Property 香 港置業” for the six months ende
Slide 7: Key Financial Highlights – Revenues
MIDLAND — Financial Highlights Key Financial Highlights – Revenues Revenues Mix by Segment — Proportion (%) 100% 0.1% 0.2% 0.2% 0.1% 0.1% 0.1% 8.6% 6.7% 4.1% 6.0% 3.8% 10.4% 5.4% 6.0% 90% 8.7% 7.0% 5.2% 10.2% 80% 16.5% 16.9% 22.3% 22.2% 70% 30.1% Share of Revenue (%) Interim 2026 vs 2025 35.1% 60% ⚫
Slide 8: Changes in Costs
MIDLAND — Financial Highlights Changes in Costs 1H 2025 vs 1H 2026 — All figures in HK$'000 Staff Salaries Staff Advertisements Rental Expenses* Commissions & Promotions 1H 2025 1H 2026 1H 2025 1H 2026 1H 2025 1H 2026 1H 2025 1H 2026 → → → → 395,864 460,441 675,414 924,650 45,350 58,274 145,840 144,
Slide 9: Changes in Costs (continued)
MIDLAND — Financial Highlights Changes in Costs (continued) 1H 2025 vs 1H 2026 — All figures in HK$'000 Commission Split* Impairment of Receivables Depreciation & Other Operating Costs 1H 2025 1H 2026 1H 2025 1H 2026 1H 2025 1H 2026 → → → 966,748 1,290,118 7,267 2,569 109,165 109,025 +33.4% -64.6% -
Slide 10: HK Operation: Negotiations on Leases
MIDLAND — Financial Highlights HK Operation: Negotiations on Leases Negotiated favorable leasing terms Lease Negotiation Outcomes 11.4% 11.7% 1H 2026 — Key Outcome 26.2% 26.1% 25.0% 40.5% 8.1% 42.2% 44.7% 40.5% Renewed with reduction — largest category 26.1% 52.3% 15.3% 58.5% 15.5% 69.1% 71.1% 22.6%
Slide 11: Increased Net Cash
MIDLAND — Financial Highlights Increased Net Cash Dec 2025 (HK$'M) Jun 2026 (HK$'M) Cash 999 → 1,281 +28% Bank Loans & Borrowings - → - - Receipt From Customers 29 → 18 -38% Net Cash and Bank Balance 971 → 1,264 +30% 2026 Interim Results Source: Condensed Consolidated Income Statement 11
Slide 12: Business Overview
Section Topics Covered 02 Gross Commission Rate — Primary & Secondary Markets Scale of Operations — Branches & Staff Scale of Industry — Licensed Agents and Outlets Business Overview MIDLAND HOLDINGS | 2026 Interim Results
Slide 13: Gross Commission Rate
MIDLAND — Business Overview Gross Commission Rate* Primary Market Commission Rate (%) Secondary Market Commission Rate (%) As a % of New Property Price As a % of Resale Property Price 8% 3% 7% 6% 2% Commission Rate (%) Commission Rate (%) 5% 4% 3% 1% 2% 1% 0% 0% 1H 2026 1H 2026 2022 2023 2013 2003 2
Slide 14: Slight increase in Scale (Hong Kong Operation)
MIDLAND — Business Overview Slight increase in Scale (Hong Kong Operation) Number of Local Branches Number of Staff in HK 450 7000 400 6000 350 5000 300 No. of Branches 4000 No. of Staff 250 200 3000 150 2000 100 1000 50 0 0 2012 2019 2007 2008 2009 2010 2011 2013 2014 2015 2016 2017 2018 2019 2020
Slide 15: Slight Reduction in Scale (China Operation)
No. of Branches 100 150 200 250 300 350 0 50 Jun-15 2026 Interim Results Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 50 MIDLAND — Business Overview Dec 2024 Jun-18 Dec-18 Jun-19 Dec-19 46 Jun-20 Dec 2025 Dec-20 Jun-21 Dec-21 Jun-22 Number of China Branches 42 Dec-22 Jun 2026 Jun-23 Dec-23 Jun-24 Dec-24 Jun-2
Slide 16: Strategic Initiatives to Consolidate Market Leadership & Sharpen Edges
MIDLAND — Business Overview Strategic Initiatives to Consolidate Market Leadership & Sharpen Edges The Group has proactively executed key initiatives across leadership structure and operational capabilities to reinforce its market leadership position. Strengthening Our Sales Platform Enhancing Opera
Slide 17: Estate Agency Industry: Contraction has stopped
No. of Licensed Estate Agents 34000 35000 36000 37000 38000 39000 40000 41000 43000 42000 Jan-21 2026 Interim Results Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 MIDLAND — Business Overview Dec 2024 38,482 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Dec 2025 37,744 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 No. of Licensed E
Slide 18: Prospects
Section Topics Covered Market Activity — Transaction Volumes & Price Trends Demand Drivers — Local & Mainland Buyer Trends 03 Talent & Student Inflow — Visa & Admission Programmes Supply & Rental Outlook — Pipeline, Yields & Mortgage Rates Prospects MIDLAND HOLDINGS | 2026 Interim Results
Slide 19: Prices Rose Through Geopolitical Turbulence
Midland Property Price Index — Month-on-Month Change (%) +2.56% +3.0% Prices Rose Through +2.5% Geopolitical Turbulence +1.82% +1.71% +2.0% +1.43% The Midland Property Price Index registered consecutive +1.35% monthly gains through March, April, and May 2026 — +1.20% +1.17% +0.99% +1.5% proof the ma
Slide 20: Interest Rate Resilience — Prices Bottomed Despite HIBOR Rise
Mortgage Rate vs. Midland Property Price Index Interest Rate Resilience — 4.5% Prices Bottomed Despite 4.0% 150 HIBOR Rise 3.5% When HIBOR rebounded sharply in mid-2025, 3.0% 145 conventional wisdom expected further price falls — Midland Property Price Index instead prices bottomed out and reversed,
Slide 21: Market has weakened since June
1,000 20 40 60 80 0 0 100 120 140 100 200 300 400 500 600 700 800 900 30/12/24 - 05/01/25 06/01- 12/01 13/01- 19/01 20/01- 26/01 27/01- 02/02 03/02- 09/02 10/02- 16/02 17/02- 23/02 24/02- 02/03 03/03- 09/03 10/03- 16/03 17/03- 23/03 24/03- 30/03 31/03- 06/04 07/04- 13/04 14/04- 20/04 21/04- 27/04 28
Slide 22: Destocking Progress — Primary Market Clearing
Destocking Progress — Primary Market Clearing Inventory at Kai Tak Runway has fallen from 12,665 to 6,736 units since 2020, and Wong Chuk Hang Station from 4,842 to just 834 — the primary overhang is clearing, which will shift latent demand toward the secondary market. Kai Tak Runway Wong Chuk Hang
Slide 23: Price Gap Between New and Old vs Underlying Supply
Price Gap Between New and Old vs Underlying Supply Slight Premium in Primary Market 45% 120,000 112,000 No. of Units which are available in the coming 3-4 years 96,000 30% 100,000 vs 112,000 96,000 Price Gap Between New and Old Q2 2026 Q1 2024 15% 80,000 2026Q2 Completed Unsold Units 4.0%* 19,000 0%
Slide 24: Secondary Market: The Next Bright Spot
Secondary Market: The Next Bright Spot Secondary Registration Volume 150,000 DSD introduced Cancellation of DSD in Feb 2013 in Feb 2024 120,000 DSD in place 90,000 Yearly Average: 81,457 60,000 Yearly Average: 43,891 30,000 Est. 55,000 102,298 123,995 106,921 48,095 76,668 88,337 70,209 87,993 49,53
Slide 25: Strong IPO Market
Hong Kong IPO Volume (US$ Billion) 35 Strong IPO Market 30 Hong Kong's IPO market continued to surge in 2026, 25 reinforcing financial ecosystem vitality 20 HK IPO Volume 2026 First Half US$26.2B 15 highest since 2021 10 5 Bloomberg: HK ranked first globally in IPO fundraising in 2025 — a signal of
Slide 26: Talent Inflows — Structural Demand Driver
Talents Recruitment Programs — Annual Approvals by Category 160,000 Talent Inflows — Structural Demand Driver 140,000 Over 398,000 talent approvals were granted across 2023– 120,000 2025, adding a sustained pipeline of housing demand that is independent of local economic cycles. 100,000 Total Approv
Slide 27: Population Growth Has Resumed
Hong Kong Population (million) 7.8 7.6 7.52m 6/26 7.52m* Population Growth Has Resumed 7.4 7.35m 7.2 7.52M +170K Population in Jun 2026 Net gain since 2022 trough 7.0 After the emigration trough of 2021–2022, Hong Kong's 6.8 population has returned to growth — directly underpinning medium-term housi
Slide 28: Rents Expected to Set Further New Highs
Midland Property Rent Chart (HK$/Sq. ft.) (in terms of Saleable area) 42 7/26 Rents Expected to Set 41 $40.55* 6/26 Further New Highs 40 $40.01* 7/19 +4.7% +21.0% 39 $38.33 38 2026 YTD Increase Since early 2023 37 36 Rents rebounded since introduction of talent schemes in early 2023 and continued to
Slide 29: Hong Kong as Asia's Education Hub
Hong Kong as Asia's Education Hub Hong Kong's emergence as Asia's leading education destination — surpassing Singapore across both university rankings and international school count — is drawing a growing cohort of students and families who become renters and eventual buyers. No. of Top-100 Universi
Slide 30: Institutions Are Buying — Education Property Acquisitions
Institutions Are Buying — Education Property Acquisitions Seven acquisitions totaling approximately HK$7.4 billion by universities and international schools in 2024–2025 signal institutional conviction in Hong Kong's sustained education-driven demand. Total Deal Value ~HK$7.4 Billion 7 transactions
Slide 31: Locations of Tertiary Education Institutions
Locations of Tertiary Education Institutions Education University of Hong Kong Chinese University of Hong Kong Hang Seng University of Hong Kong Lingnan University Hong Kong Chu Hong Kong Baptist Shatin Hai College University Tai City University Wai of Hong Kong Kai Tak Tung Wah Hong Kong University
Slide 32: Rental Yield Now Exceeds Mortgage Cost
Class A Rental Yield vs MMI Mortgage Rate 4.5% Rental Yield Now Exceeds 4.0% Mortgage Cost 3.5% 3.4% Class A rental yields (~3.4%) exceed the MMI 3.17% mortgage rate (~3.17%), meaning property is gross 3.0% cash-flow positive — a powerful trigger for incremental buy-to-let investment. 2.5% 2.0% Clas
Slide 33: Secondary Transaction Volume
Secondary Market Transaction Volume vs. Midland Property Price Index 200 100,000 180 90,000 Transaction volume could 160 80,000 rebound after consolidation 140 70,000 • Market had absorbed a huge amount of buying Midland Property Price Index Secondary Transaction Volume power after the market correc
Slide 34: Property Prices are expected to rise further
Midland Property Price Index 120 130 140 150 160 180 170 8/16 10/16 * As of 24.8.2026 12/16 2/17 4/17 6/17 8/17 Source: Midland Research Centre 10/17 12/17 2/18 4/18 6/18 8/18 10/18 12/18 2/19 4/19 6/19 8/19 10/19 12/19 2/20 4/20 6/20 8/20 10/20 12/20 2/21 4/21 6/21 8/21 10/21 12/21 2/22 4/22 6/22 8
Slide 35: 2026 Market Forecast — Convergence of Catalysts
2026 Market Forecast — Convergence of Catalysts Midland Research Centre projects secondary volume +15% to a 5-year high, primary volume to match last year’s record high, and home prices +15% in 2026 — driven by the simultaneous convergence of easing supply, rising rents, talent inflows, and renewed
Slide 36: New Communities — New Market Engine
New Communities — New Market Engine The "New 10 Communities" — >70 estates and >92,000 units completed post-2001 — are outperforming traditional estates decisively, with secondary volume growth of +23% and value growth of +20% YoY in 2025. New 10 Communities +23% Secondary volume YoY Yuen Long Stati
Slide 37: Q&A
Section Topics Covered 04 Q&A MIDLAND HOLDINGS | 2026 Interim Results
Slide 38: Thank You
Thank You Midland Holdings Limited 2026 Interim Results Presentation August 2026