K. Wah International Holdings Limited · HKEX:173
K. Wah International — H1 2026 Earnings Presentation
24 slides from K. Wah International's earnings presentation, Aug 27, 2026
Slide 1: 2026 Interim Results
www.kwih.com KT Marina, Hong Kong Avenir, Shanghai 2026 Interim Results 27 August 2026 Resilience Amid Challenges: Preserving Distinctive Quality and Value 1
Slide 2: Disclaimer
Disclaimer Some information contained in this presentation has been obtained from public sources that are believed to be reliable but has not been independently verified. There is no guarantee, representation or warranty provided for the accuracy or completeness for the information contained in this
Slide 3: Results highlights
Grand Mayfair, Hong Kong Cosmo, Guangzhou Results highlights 3
Slide 4: Financial Highlights
Financial Highlights For the six months ended 30 Jun (HK$ million) Change 2026 2025 Revenue 4,932 1,052 369% Attributable Revenue* 7,471 7,179 4% Profit Attributable to Equity Holders 79 114 -31% Underlying Profit 97 99 -2% Basic EPS (HK cents) 2.51 3.61 -31% Interim Dividend / share (HK cents) 2 2
Slide 5: Financial Highlights - Solid Financial Position
Financial Highlights - Solid Financial Position As at 30 Jun As at 31 Dec (HK$ million) Change 2026 2025 Total Assets 59,893 66,092 -9% Cash and Cash Equivalents 7,289 6,473 13% Total Debts 11,208 13,738 -18% Net Debts 3,919 7,265 -46% Shareholders’ Funds 39,628 40,102 -1% Total Equity 41,828 42,001
Slide 6: Financial Highlights - Discipline in Financial Management
Financial Highlights - Discipline in Financial Management • Total debts maintained at HK$11.2 billion (HK$13.7 billion @ 31 Dec 2025) (Cash on hand: HK$7.3 billion; Net debts: HK$3.9 billion) as at 30 Jun 2026: 1 year HK$ 31% Floating rate 76% 92% Maturity Currency Fixed/Floating >5 years 8% 2-5 yea
Slide 7: Financial Highlights - Discipline in Debt Management
Financial Highlights - Discipline in Debt Management Net Debt Gearing HK$ Billion ↓$8.7B Net Debt & Gearing at 10-year Low 9% Since Dec-17 (↓25% from Dec-17) 40% 28 34% 24 30% 20 16 20% 12.6 17% 12 8 7.3 9% 10% 3.9 4 - 0% Period-end Net Debt (LHS) Gearing (RHS) 7
Slide 8: Revenue for the Period - Quality Projects Engender Strong Performance
Revenue for the Period – Quality Projects Engender Strong Performance • Attributable revenue* from sales of properties amounted to HK$7.1 billion in 1H 2026 (95% of total attributable revenue*), mainly from the below projects: Grand Mayfair KT Marina 柏瓏 啟德海灣 Hong Kong Hong Kong Villa Garda 嘉俊庭 凱柏峰 (
Slide 9: Contracted Sales for the Year - Visible Contracted Sales Provide Sustainability
Contracted Sales for the Year – Visible Contracted Sales Provide Sustainability • Despite the slow economy, the Group continued to launch its quality projects, HK$6.1 billion attributable contracted sales* were achieved in 1H 2026 HK$1.2 billion sales Hong Kong booked in 1H 2026 91% HK$6.1 billion H
Slide 10: Avenir in Shanghai
Avenir in Shanghai 嘉俊庭(60%) 上海華涇項目(住宅) 竣工証 was obtained on 8 Dec 2025 (All units were pre-sold in 2024) Handover of all 440 pre-sold units has been commenced and completed in 2026 1Q 10
Slide 11: Diversified Investment Portfolio Provides Recurring Income and Stable Cashflow
Diversified Investment Portfolio Provides Recurring Income and Stable Cashflow • Rental income, including hotel receipts, rose 3% yoy to HK$351 million in 1H 2026 • Diversified portfolio: office, commercial, serviced apartments and hotel with total attributable GFA ~330,000 sqm Serviced apartments O
Slide 12: Strategy and Outlook
La Mirabelle, Hong Kong Cosmo, Guangzhou Strategy and Outlook 12
Slide 13: Premium Assets in Prime Cities
Premium Assets in Prime Cities Hong Kong Yangtze River Delta Pearl River Delta Shanghai Nanjing Guangzhou Jiangmen 2 Grampian Road KT Marina Avenir Cavendish K. Wah Plaza J City Grand Mayfair Sierra Cosmo Ziwei Gongguan Villa Garda The Palace Suzhou Dongguan Grand Victoria La Mirabelle Avanti Bayvie
Slide 14: Development Portfolio - Projects & Land Bank (Hong Kong)
Development Portfolio – Projects & Land Bank Hong Kong Development projects • Attributable GFA: ~0.6 million sqft, covering, inter alia, 1 Solaria 嘉熙 2 projects in Kai Tak Area – Becoming a comprehensive community 2 2 Grampian Road 嘉琳 3 projects with rails connected – Convenient access to city c
Slide 15: Development Portfolio - Projects & Land Bank (Yangtze River Delta)
Development Portfolio – Projects & Land Bank Yangtze River Delta region • Attributable GFA: ~510,000 sqm, covering, inter alia, 南京市 The comprehensive development projects in Shanghai Nanjing City and Nanjing for residential, apartment, office, retail and hotel 上海市 Shanghai City 3 2 1 6 5 4 Develop
Slide 16: Development Portfolio - Projects & Land Bank (Pearl River Delta)
Development Portfolio – Projects & Land Bank Pearl River Delta region • Attributable GFA: ~620,000 sqm, covering, inter alia, J City in Jiangmen, a project completed, and Cosmo in Guangzhou under development in phases, both launched 3 Development projects 4 Integrated Project, Huadu District, 1 Gu
Slide 17: Sales pipeline in Hong Kong
Sales pipeline in Hong Kong Project Attri. GFA (sqft) (approx) Large-scale KT Marina, Kai Tak (launched) 430,000 joint ventures Grand Mayfair, Yuen Long (launched) 411,000 Wholly-owned Hospital Road Project, Hong Kong (obtained pre-sale consent) 43,000 Kabitat • Tin Hau, Tin Hau (launched) 42,000 KT
Slide 18: Sales pipeline in Hong Kong - cont'd
Sales pipeline in Hong Kong – cont’d Project Attri. GFA (sqft) (approx) Large-scale Victoria Voyage, Kai Tak (launched Victoria Voyage 1A, 1B & 2B) 120,000^ joint ventures La Mirabelle, Tseung Kwan O (launched) 387,000 Victoria Voyage, Kai Tak La Mirabelle, Tseung Kwan O ^ Victoria Voyage 1A, 1B & 2
Slide 19: Sales pipeline in the Mainland
Sales pipeline in the Mainland Location Project Attri. GFA (sqm) (approx) Nanjing Site 2020G72, Hexi New Town, Jianye District 31,000 (Phase I – Office portion) Nanjing Site 2020G72, Hexi New Town, Jianye District 26,000 (Phase I – Apartment) Nanjing Site 2020G72, Hexi New Town, Jianye District 19
Slide 20: Launched projects momentum continues
Launched projects momentum continues • Continued sales momentum of the launched projects in Hong Kong and the Mainland such as Hong Kong: 2 Grampian Road, Solaria, Villa Garda, Grand Victoria Shanghai: The Palace, Grand Summit, Navale Nanjing: Sierra, Cavendish Suzhou: Avanti, VETTA Guangz
Slide 21: Strong Leasing Performance
Strong Leasing Performance • Diversified investment portfolio including office, commercial and serviced apartments. • Prime office building, Shanghai K. Wah Centre maintained stable occupancy and contributed satisfactory rental income. • Serviced apartment Stanford Residence achieved overall occupan
Slide 22: Building up Investment Portfolio - cont'd
Building up Investment Portfolio – cont’d • On top of the existing portfolio of attributable GFA ~330,000 sqm, total GFA of ~200,000 sqm for offices, commercial premises, serviced apartments and hotel, within the Nanjing comprehensive development, to be developed in phases. • Joint venture comprehen
Slide 23: Solid Foundation for Long-term Sustainability
Solid Foundation for Long-term Sustainability 1 Encouraging sales underpins results ahead 6 2 Solid financial position High visibility of project fuels future growth pipeline with enhanced asset turn 5 3 Disciplined land Expansion in recurring replenishment at income portfolio to opportune time to d
Slide 24: Thank You!
Thank You! 24
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