Kerry Properties Limited · HKEX:683
Kerry Properties — H1 2025 Earnings Presentation
24 slides from Kerry Properties's earnings presentation, 2025
Slide 1: FY 2025 Interim Results Investor Presentation
Stock Code: 683 FY 2025 INTERIM RESULTS I N V E S T O R P R E S E N TAT I O N Kerry Properties Limited 2024 Annual Results 1
Slide 2: Kerry Properties Limited 2024 Annual Results
Kerry Properties Limited 2024 Annual Results 2
Slide 3: Results Highlights
R E S U LT S H I G H L I G H T S Hong Kong Mainland Residential prices seem to be stabilising, and The residential market remained weak amidst transaction volumes show modest improvement. continued low confidence in the property market However, significant inventory overhang and soft and overall eco
Slide 4: Outlook
OUTLOOK Keeping vigilant in an environment of short-term uncertainty Near term Long term We maintain a positive long-term view on both the Meaningful headwinds to the general economy and Hong Kong and Mainland economies. property market remain and the Mainland’s path to economic repositioning will n
Slide 5: Development Properties: Contracted Sales
DEVELOPMENT PROPERTIES: CONTRACTED SALES Main contribution from the Mainland YoY HoH Contracted sales N1 Change Change Hong Kong – Major projects (HK$ billion) 16.2 +130% +197% 1H 2024 1H 2025 Mont Verra HAVA The Aster Mont Verra 9.9 61% n/a n/a La Marina La Montagne La Montagne 7.0 5.6 Mainland – M
Slide 6: Development Properties: Completion Timeline
DEVELOPMENT PROPERTIES: COMPLETION TIMELINE Saleable resources over the next five years Attributable GFA 0.2 million sf 0.4 million sf 0.4 million sf 0.3 million sf Projects under Yuen Long Tseung Kwan O To Kwa Wan Tsuen Wan development 2H 2025 2027 2028 2029 ~ 8 million sf 4.4 million sf 2.7 millio
Slide 7: Kerry Properties Limited 2024 Annual Results
Kerry Properties Limited 2024 Annual Results 7
Slide 8: Development Properties: Revenue Recognition
DEVELOPMENT PROPERTIES: REVENUE RECOGNITION Sales booking increased upon project completion and handover of units Combined revenue N1 Contracted sales yet to be recognised N1 (HK$ billion) YoY Change Hong Kong – 6.4 +176% Major projects recognised in 1H 2025 Mont Verra Net order book N1 La Montagne
Slide 9: Investment Properties: Mainland Overview
INVESTMENT PROPERTIES: MAINLAND OVERVIEW Decrease in rental revenue mainly due to continued challenges in office segment Mainland Combined Rental Revenue N1 Mainland Occupancy Levels N2 (HK$ million) YoY HoH By Asset Type change change 2,053 2,016 1,955 -5% -3% 92% 92% 94% 73 Excluding the impact 91
Slide 10: Mainland Investment Properties & Hotels: Completion Timeline
MAINLAND INVESTMENT PROPERTIES & HOTELS: COMPLETION TIMELINE Portfolio will grow by over 40% over the next six years and beyond Current Under development 2031 onwards Attributable GFA Office Attributable GFA (million sf) Attributable GFA 39% Retail 45% 7% 3% 5% Hotel 59% Apartment ~18 ~7 ~25 million
Slide 11: Investment Properties: Hong Kong Overview
I N V EST M E N T P RO P E RT I ES : H O N G KO N G OV E RV I E W Lower office and retail revenue reflected persistent subdued market conditions Hong Kong Combined Rental Revenue N1 Hong Kong Occupancy Levels N2 (HK$ million) YoY HoH By Asset Type 690 change change Excluding the impact 4 99% 100% 59
Slide 12: Kerry Properties Limited 2024 Annual Results
Kerry Properties Limited 2024 Annual Results 12
Slide 13: Financial Highlights
FINANCIAL HIGHLIGHTS Interim dividend maintained 1H 2024 1H 2025 Change Combined revenue breakdown (HK$ mil) Combined revenue (HK$ mil) N1 6,039 9,954 +65% By region By segment YoY Change YoY Change 9,954 +65% 9,954 +65% Profit attributable to shareholders (HK$ mil) 1,030 -3% - Reported 788 612 -22%
Slide 14: Capital & Treasury Management
C A P I TA L & T R E A S U R Y M A N A G E M E N T On track for deleveraging with Shanghai Huangpu presales progressing as planned Gearing Ratio Cash & Bank Deposits Undrawn Bank Loan Facilities (Net debt divided by total equity) 41.5% 38.4% HK$14.2 bn HK$35.7 bn 33.6% 34.1% (31 Dec 2024: HK$11.2 bn
Slide 15: Capital & Treasury Management
C A P I TA L & T R E A S U R Y M A N A G E M E N T RMB debt mix increased further to 38% Interest Rate Swap Contracted Fixed Rate Debt to Gross Debt N1 RMB Debt to Gross Debt N1 HK$18.6 bn 50% 38% (31 Dec 2024: HK$18.4 bn) (31 Dec 2024: 46%) (31 Dec 2024: 33%) Gross debt mix RMB RMB Floating Floatin
Slide 16: Sustainability Updates
S U S TA I N A B I L I T Y U P D AT E S Continued efforts in carbon reduction position us to meet our reduction targets according to schedule Green Energy Green Financing SBTi Validation Selectively increasing the Obtained a HK$8 billion Carbon reduction targets proportion of green 5-year sustainabi
Slide 17: Q&A Session
Q&A Session 17Kerry Properties Limited 2024 Annual Results Kerry Properties Limited FY 2025 Interim Results 17
Slide 18: Appendix
Appendix 18Kerry Properties Limited 2024 Annual Results Kerry Properties Limited FY 2025 Interim Results 18
Slide 19: Financial Summary
FINANCIAL SUMMARY Change, Major movements (HK$ million) 1H 2024 1H 2025 favourable / (unfavourable) Gross margin Declined due to different product Combined revenue N1 6,039 9,954 +65% mix of development properties, coupled with reduced rental Combined results N1 2,720 2,693 -1% revenue from investme
Slide 20: Business at a Glance
B U S I N E S S AT A G L A N C E Property Sales Property Rental Hotel Operation Major projects with recent sales Major projects in operation Major projects in operation 1. Shanghai Jinling Residences 1. Shanghai Jing An Kerry Centre 1. West Shanghai Jing An Shangri-La Hotel 2. Shenyang The Arcadia 2
Slide 21: Property Portfolio Composition
PROPERTY PORTFOLIO COMPOSITION Attributable GFA as at 30 Jun 2025 Mainland Hong Kong Overseas Total (million sf) Properties under development 14.8 1.4 4.5 20.7 Total Investment properties 13.4 3.1 2.0 18.5 49.7 Hotel properties Properties held for sale 4.8 4.7 0.03 0.5 0.5 0.001 5.3 5.2 million sf T
Slide 22: Development Properties: Mainland Pipeline
DEVELOPMENT PROPERTIES: MAINLAND PIPELINE Shenyang The Arcadia Qinhuangdao The Habitat Shenyang Presale of 2nd batch Tianjin Arcadia Terrace Qinhuangdao expected in 3Q 2025 Tianjin Shanghai Jinling Residences Shanghai Wuhan River Mansion Wuhan Fuzhou Rivercity Fuzhou Kunming Peakview Kunming Shenzhe
Slide 23: Development Properties: Hong Kong Pipeline
D E V E LO P M E N T P RO P E RT I ES : H O N G KO N G P I P E L I N E Yuen Long Beacon Hill KOWLOON Tsuen Wan To Kwa Wan HAVA & FLORA Mont Verra Tseung Kwan O Tsuen Wan project HONG KONG ISLAND LOHAS Park Wong Chuk Hang To Kwa Wan project La Montagne Upcoming projects to be launched 23 Kerry Proper
Slide 24: Thank you / Disclaimer
DISCLAIMER The information in this presentation is for personal, non-commercial reference and general information purposes only and should not be relied upon for investment decision purposes. The information in this presentation, including without limitation any stock price, market data information,