Swire Properties Limited · HKEX:1972
Swire Properties — H1 2026 Earnings Presentation
52 slides from Swire Properties's earnings presentation, Aug 6, 2026
Slide 1: 2026 Interim Results | Analysts Briefing
2026 INTERIM RESULTS | ANALYSTS BRIEFING 6TH AUGUST 2026
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Swire Properties Limited (the “Company”, together with its subsidiaries, the “Group”) solely for information purposes and the information contained herein has not been independently verified. No representation or warranty, express or implied, is made
Slide 3: Agenda
AGENDA 1. Interim Results and Strategy Highlights 2. Investment Portfolio Tim Blackburn 3. Residential Trading Portfolio Chief Executive 4. Hotel Portfolio 5. Financial Highlights Roy Shearer 6. Sustainability Highlights Chief Financial Officer 7. Outlook 8. Q&A 3
Slide 4: 2026 Interim Results Highlights
2026 INTERIM RESULTS HIGHLIGHTS STRONG PERFORMANCE ACROSS ALL PORTFOLIOS ▪ Strong Business Growth: Driven by significant Underlying Profit contribution from residential sales and growing HK$ 4,900 M momentum in our retail portfolio. (1H 2025: HK$ 4,420 M) +11% ▪ Retail: Outperforming the market in H
Slide 5: Key Developments
KEY DEVELOPMENTS STRONG DEVELOPMENT PIPELINE ACROSS ALL CORE MARKETS Continuous Investment in Retail and Office Strong Residential Momentum Taikoo Li Julong Wan Guangzhou Lujiazui Taikoo Yuan Residences, Shanghai ▪ Acquired 50% interest in a project company to ▪ Launch of 4th, 5th and final batch pr
Slide 6: Active Capital Recycling
ACTIVE CAPITAL RECYCLING CUMULATIVE DISPOSAL PROCEEDS APPROACH HK$60BN HK$Bn Disposals 70 Pre 2022 Cityplaza Three & Four (1) (2) 60 Kowloon Bay Office Building 625 King’s Road Office Building (50% basis) Cityplaza One (1) (2) 50 Two and Three Brickell City Centre, Miami EAST Miami 40 Taikoo Shing c
Slide 7: HK$100 Billion Investment Plan
HK$100 BILLION INVESTMENT PLAN CONTINUOUS EXECUTION AND POSITIONING FOR GROWTH Investing in Long-term Hong Kong - Asset reinforcement opportunities at Pacific Place and Taikoo Place Growth HK$ 13Bn / ▪ Increased stake at Citygate ▪ 100% ownership at 1067 King’s Road and 8 Shipyard Lane (2) HK$ 30 Bn
Slide 8: Upcoming New Projects
UPCOMING NEW PROJECTS DIVERSIFIED PORTFOLIO ACROSS OUR CORE MARKETS Expected Completion Year Expected Attributable From Q4 2026 GFA to be Completed Taikoo Li Sanya ▪ Taikoo Li Sanya ▪ Taikoo Place Beijing 15.4 M sq ft Artist Impression Artist Impression ▪ Redevelopment of Total Building N1 at Taikoo
Slide 9: Investment Portfolio
INVESTMENT PORTFOLIO Taikoo Li Sanlitun, Beijing
Slide 10: Hong Kong Office
HONG KONG OFFICE HIGH OCCUPANCY, OFFICE RENTS RISING IN PACIFIC PLACE One Island East & Other Taikoo Place Pacific Place (2) Two Taikoo Place Overall Occupancy (4) One Taikoo Place Office Towers (3) 92% Attributable Gross Rental Income Flat (vs 1H 2025) 98% Occupancy 91% Occupancy 88% Occupancy 80%
Slide 11: Hong Kong Retail
HONG KONG RETAIL ROBUST RETAIL SALES GROWTH The Mall, Pacific Place Cityplaza Citygate Outlets Overall Occupancy 100% Attributable Gross Rental Income +3% (vs 1H 2025) 100% Occupancy 100% Occupancy 100% Occupancy Attributable Valuation +14.9% YoY Retail Sales +3.3% YoY Retail Sales +16.3% YoY Retail
Slide 12: Chinese Mainland Portfolios
CHINESE MAINLAND PORTFOLIOS GROWING CONTRIBUTION WITH A ROBUST OPENING PIPELINE ▪ Attributable rental contributions from Chinese Mainland retail portfolio exceeded those from Hong Kong office portfolio. ▪ Chinese Mainland portfolios contributed 46% attributable gross rental income in 1H 2026. Attrib
Slide 13: Chinese Mainland Retail
CHINESE MAINLAND RETAIL PROACTIVE ASSET MANAGEMENT IN EXISTING AND NEW PROJECTS HKRI Taikoo Hui, Shanghai Taikoo Li Julong Wan Taikoo Li Sanlitun - North Taikoo Li Sanya ZHANGYUAN, Shanghai Guangzhou ▪ 5 global flagship stores opened in ▪ Tenant mix upgrade at HKRI ▪ Our first resort-style premium ▪
Slide 14: Chinese Mainland Retail
CHINESE MAINLAND RETAIL STRONG RETAIL SALES AND FOOT TRAFFIC SUPPORTED BY SUCCESSFUL UPGRADES Overall Attributable Taikoo Li Sanlitun, HKRI Taikoo Hui, Retail Sales in 1H 2026 Beijing Shanghai 100% Occupancy 98% Occupancy +23% (vs 1H 2025) +63.2% YoY Retail Sales +82.2% YoY Retail Sales Taikoo Hui,
Slide 15: Chinese Mainland Office
CHINESE MAINLAND OFFICE RESILIENT OCCUPANCY HKRI Taikoo Hui, Taikoo Hui, Guangzhou Shanghai 90% Occupancy 96% Occupancy Mid 100s – high 100s Low 300s – low 400s Latest Rentals (RMB psm) Latest Rentals (RMB psm) Attributable Gross INDIGO, Beijing (2) Attributable Valuation Rental Income 96% Occupancy
Slide 16: Chinese Mainland Pipeline
CHINESE MAINLAND PIPELINE NEW PROJECTS SET TO LAUNCH FROM 2H 2026 Investment Properties Expected Completion From 2H 2026 (by phases) From 2027 onwards (by phases) Taikoo Place Beijing Taikoo Li Qiantan (New Retail Taikoo Li Sanya Taikoo Li Xi’an ▪ 49.895% interest Phase) and Qiantan Place ▪ 50% inte
Slide 17: Residential Trading Portfolio
RESIDENTIAL TRADING PORTFOLIO Lujiazui Taikoo Yuan Residences, Shanghai Artist Impression
Slide 18: Residential Trading Portfolio
RESIDENTIAL TRADING PORTFOLIO DIVERSE PIPELINE ACROSS ALL MARKETS Completed / Expected Residential GFA Completions (1) (Attributable basis as at 30th Jun 2026) Growth supported by a diverse pipeline – 10 projects ongoing GFA (‘000 sq ft) 1,896 LA MONTAGNE (2) Savyavasa (2) THE HEADLAND RESIDENCES (2
Slide 19: Residential Trading Portfolio – 2026 Projects in Focus
RESIDENTIAL TRADING PORTFOLIO – 2026 PROJECTS IN FOCUS STRONG DEMAND AND ACCELERATING SALES MOMENTUM 6 Deep Water Bay Road, Lujiazui Taikoo Yuan Residences, Hong Kong (100% Interest) Shanghai (40% Interest) Sale completed in March 2026 Exp. completion from 2026 ▪ Total sale proceeds of HK$2.2Bn ▪ Av
Slide 20: Residential Trading Portfolio
RESIDENTIAL TRADING PORTFOLIO SOLID DEMAND AND PROGRESS ACROSS KEY PROJECTS EIGHT STAR STREET, Wan Chai (100% Interest) Savyavasa, Jakarta, Indonesia (50% Interest) ▪ Completed in 2022 ▪ Completed in 2025 ▪ Average sale price: HK$40,055 psf ▪ Average sale price: IDR5,968,170 psf ▪ All units sold (2)
Slide 21: Hotel Portfolio
HOTEL PORTFOLIO Upper House Hong Kong
Slide 22: Hotel Portfolio
HOTEL PORTFOLIO IMPROVING PERFORMANCE ▪ Managed hotels recorded EBITDA profit (1) of HK$61M in 1H 2026 (HK$25M in 1H 2025). ▪ Improved performance at managed hotels in Hong Kong, reflecting higher occupancy and room rates. ▪ Revenue per available room increased in Chinese Upper House Chengdu Mainlan
Slide 23: Financial Highlights
FINANCIAL HIGHLIGHTS Taikoo Li Qiantan, Shanghai
Slide 24: Underlying Profit
UNDERLYING PROFIT STRONG PROFIT GROWTH DRIVEN BY SIGNIFICANT RESIDENTIAL PROFIT Underlying Profit Non-recurring ▪ Underlying profit increased by 11% primarily driven by profit on sale of HK$M Recurring two residential properties at 6 Deep Water Bay Road in Hong Kong, 8,620 partly offset by a lower g
Slide 25: Rental Income
RENTAL INCOME RESILIENT PERFORMANCE WITH ACCELERATED RETAIL GROWTH Attributable Gross Rental Income (1) HK$M ▪ Despite headwinds, office portfolio remained resilient with high occupancy. HK Office ▪ Leasing activity improved, supported by stronger capital market sentiment and 14,909 14,557 an active
Slide 26: Focus on Long-Term Shareholder Value
FOCUS ON LONG-TERM SHAREHOLDER VALUE DELIVERING SUSTAINABLE ANNUAL DIVIDEND GROWTH Dividend Per Share HK$ / Share CAGR (2016-2025): +5.5% 2025 vs 2016: +62% 1.10 1.15 1.00 1.05 ▪ Aim to deliver sustainable annual 0.91 0.95 growth in dividends and to pay out 0.88 approximately half of underlying prof
Slide 27: Investment Properties Valuation
INVESTMENT PROPERTIES VALUATION Movement in Investment Properties Valuation (1) ▪ The increase in valuation of investment property (excl. hotels and investment properties held under JVCs and associates) portfolio primarily reflected additions and a foreign HK$M exchange translation gain on investmen
Slide 28: Net Debt and Gearing
NET DEBT AND GEARING PROCEEDS FROM PROPERTY TRADING SUPPORTING FINANCIAL STRENGTH Net Debt Reconciliation (HK$M) Financial Ratios (1) 2022 2023 2024 2025 Jun 2026 Net debt at 31st Dec 2025 (39,540) Total equity (HK$M) 292,258 288,149 278,427 271,342 272,975 Net rental and fee receipts 5,036 Net debt
Slide 29: Maturity Profile and Liquidity
MATURITY PROFILE AND LIQUIDITY HEALTHY LIQUIDITY PROFILE TO SUPPORT GROWTH Maturity Profile of Available Committed Facilities (at 30th Jun 2026) HK$M Dec 2025 Jun 2026 HK$M 20,000 Available committed facilities 62,617 59,694 18,000 Drawn - committed (49,390) (49,355) 16,000 7,591 Undrawn - committed
Slide 30: Capital Commitments
CAPITAL COMMITMENTS Profile of Capital Commitments for Investment Properties and Hotels – at 30th Jun 2026 HK$M Expenditure Forecast Expenditure Total Commitments Commitments (1) relating to JVCs (2) Six months Six months 2027 2028 2029 & At 30th Jun 2026 At 30th Jun 2026 ended 30th ending 31st late
Slide 31: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS Sustainability Report 2025 SD 2050 Strategy
Slide 32: SD 2050 Vision and Mission
SD 2050 VISION Building the World’s Most Sustainable Communities MISSION Our mission is to lead transformative change in the built environment that harmonises business, people and nature. Through our commitment to placemaking, strategic partnerships and sustainability performance, we will build thri
Slide 33: SD 2050 Key & New Commitments
SD 2050 KEY & NEW COMMITMENTS Climate Transition Nature & Biodiversity First real estate company in Hong Kong and the Chinese Mainland to have its Near-Term, Long-Term and Net-Zero Targets validated under Nature Transition Plan SBTi Buildings Criteria Investment Procurement Landscape Design Decarbon
Slide 34: SD 2050 Key & New Commitments
SD 2050 KEY & NEW COMMITMENTS Office Tenants Green Financing 2030 KPI 2030 & 2035 KPI 70% of office tenants to sign the GPP External Green Financing Latest Progress : 68% (1) ▪ Achieve ≥80% and ≥90% of bond and loan facilities from green financing by 2030 and 2035 respectively Retail Tenants & Custo
Slide 35: Outlook
OUTLOOK Taikoo Li Sanya Artist Impression
Slide 36: Outlook
OUTLOOK POSITIVE MOMENTUM ACROSS ALL PORTFOLIOS Office Portfolio Retail Portfolio ▪ Resilient, with high occupancy and narrowing ▪ Positive growth momentum in Chinese Mainland reversions in Hong Kong, especially at Pacific Place ▪ Sustained recovery in Hong Kong as sentiment ▪ Weak demand in Chinese
Slide 37: End of Presentation
END OF PRESENTATION Taikoo Place, Hong Kong
Slide 38: Q&A Appendix
Q&A APPENDIX Taikoo Li Julong Wan Guangzhou
Slide 39: 2026 Interim Results Summary
2026 INTERIM RESULTS SUMMARY STRONG FINANCIAL RESULTS HK$M 1H 2025 1H 2026 Change Revenue 8,723 9,413 +8% Valuation (losses)/gains on investment properties (3,900) 578 n.a. Operating profit 355 5,250 +1,379% Underlying profit 4,420 4,900 +11% Recurring underlying profit 3,420 4,661 +36% Reported (lo
Slide 40: Property Portfolio at a Glance
PROPERTY PORTFOLIO AT A GLANCE A LEADING PROPERTY DEVELOPER, OWNER AND OPERATOR Investment Props / Hotels Office Retail Hotels (1) Residential / Under Total Attributable Investment Props / Attributable GFA (M sq ft) Serv. Apts Planning Hotels by Region (GFA M sq ft) Completed Hong Kong 9.2 2.5 0.8 0
Slide 41: Milestone: Completion of Taikoo Place Redevelopment
MILESTONE: COMPLETION OF TAIKOO PLACE REDEVELOPMENT TRANSFORMATION INTO GLOBAL BUSINESS DISTRICT ▪ Pacing the next phase of Taikoo Place Redevelopment our development plans in Taikoo Place in response to market conditions. ▪ Providing more open space and landscaped areas, including Taikoo 9-43 Hoi W
Slide 42: The Residences at Mandarin Oriental, Miami
THE RESIDENCES AT MANDARIN ORIENTAL, MIAMI LUXURY RESIDENTIAL AND HOSPITALITY PROJECT UNDER DEVELOPMENT ▪ Pre-sales launched in 2024, receiving strong buyer demand for this exceptional waterfront development with 60% of the residences pre-sold (1). ▪ Two towers on Brickell Key: ▪ First tower will co
Slide 43: Key Business Strategies
KEY BUSINESS STRATEGIES SUSTAINABLE GROWTH IN SHAREHOLDER VALUE IN THE LONG-TERM ▪ Continue to create long-term value by conceiving, designing, developing, owning and managing transformational mixed-use and other projects in urban areas. ▪ Maximise the earnings and value of our completed properties
Slide 44: Geographical Analysis
GEOGRAPHICAL ANALYSIS TOWARDS A MORE BALANCED PORTFOLIO Attributable Gross Rental Income by Region (1) Net Assets Employed Hong Kong Chinese Mainland U.S.A. and South East Asia Hong Kong Chinese Mainland U.S.A. and South East Asia 1H 2026 54% 46% 30th Jun 2026 72% 27% 1% FY 2025 56% 43% 1% 31st Dec
Slide 45: Tenant Mix
TENANT MIX A BALANCED TENANT PROFILE Others Fashion & Others 17.8% Accessories 18.9% Fashion & 29.3% Accessories Ice Rink 1.0% Jewellery & 46.9% Watches Department Hong 3.4% Chinese Cinemas Stores 16.4% Kong 3.8% Mainland Retail Supermarkets 4.5% Retail Jewellery & Watches 2.3% Food & Food & Beverag
Slide 46: Lease Expiry Profile
LEASE EXPIRY PROFILE WELL-SPREAD EXPIRY ▪ Hong Kong Retail ▪ Hong Kong Office ▪ Chinese Mainland Retail ▪ Chinese Mainland Office ▪ Top ten retail tenants occupied ▪ Top ten office tenants occupied ▪ Top ten retail tenants occupied ▪ Top ten office tenants occupied approx.31% retail area in approx.
Slide 47: Hong Kong Portfolio Map
HONG KONG PORTFOLIO MAP Completed Investment Props (incl. Hotels) (100% basis) * 5.69 M sq ft GFA Pacific Place 4.3 M (Attri. basis) (RETAIL) 2,851 *Excluding the 43rd, 45th to 54th floors (except for the 49th floor) which have been disposed of. Completed Investment Props (incl. Hotels) (100% basis)
Slide 48: Hong Kong Portfolio Map
HONG KONG PORTFOLIO MAP Completed Investment Props (incl. Hotels) (100% basis) 1.33 M sq ft GFA Citygate 0.36 M (Attri. basis) 48
Slide 49: Chinese Mainland Portfolio
CHINESE MAINLAND PORTFOLIO Portfolios Assets Investment Properties GFA Occupancy (sq ft) Taikoo Hui, Guangzhou Taikoo Hui Completed Retail: 100% Taikoo Hui Towers 1&2 3.87 M (100% basis) Office: 90% Mandarin Oriental Guangzhou 3.76 M (97% basis) Taikoo Hui, Guangzhou Phase 2 of Taikoo Hui, Guangzhou
Slide 50: Chinese Mainland Portfolio
CHINESE MAINLAND PORTFOLIO Portfolios Assets Investment Properties GFA Occupancy (sq ft) HKRI Taikoo Hui, Shanghai HKRI Taikoo Hui Mall Completed Retail: 98% HKRI Centre 1&2 3.73 M (100% basis) Office: 96% Upper House Shanghai 1.87 M (50% basis) The Sukhothai Shanghai HKRI Taikoo Hui, Shanghai Taiko
Slide 51: Hotel Portfolio
HOTEL PORTFOLIO Attributable Attributable Managed Hotels No. of Rooms Owned but Non-managed Hotels No. of Rooms Interest Interest (100% basis) (100% basis) Hong Kong Upper House Hong Kong 117 100% Hong Kong Island Shangri-La Hong Kong 544 20% EAST Hong Kong 331 100% JW Marriott Hotel Hong Kong 608 2
Slide 52: © Swire Properties Limited
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