Slide 1: Presentation on 2026 Annual Results
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relia
Slide 2: FY2026 Results Presentation
FY2026 RESULTS PRESENTATION 30 September 2026
Slide 3: Section One: Financial Highlights
SECTION ONE FINANCIAL HIGHLIGHTS
Slide 4: Result Highlights
RESULT HIGHLIGHTS SUSTAINED BUSINESS ENHANCED ASSET 11 SKIES ARRANGEMENT IMPROVEMENT DRIVING A DISPOSALS AGREED PROFIT TURNAROUND PRIORITIZE ON REDUCING INDEBTEDNESS 3
Slide 5: Financial Highlights: Prioritizing Cash Flow in an Uncertain Market
FINANCIAL HIGHLIGHTS PRIORITIZING CASH FLOW IN AN UNCERTAIN MARKET Core Operating Profit Segment Results Net Profit from Recurring Operations HK$7.7B HK$8.1B HK$2.2B +28% YoY +15% YoY Profit Turnaround Loss Attributable To Shareholders Cost Control Gross Debt Reduction HK$28.1B G&A CAPEX Non-cash lo
Slide 6: Business as Usual with Seven Measures to Reduce Indebtedness
FINANCIAL HIGHLIGHTS BUSINESS AS USUAL WITH SEVEN MEASURES TO REDUCE INDEBTEDNESS Total Debt 1 RESILIENT DP MOMENTUM HKD29.6B (HK$B) FY26 Guidance Beat 2 ASSET DISPOSAL Business Two projects started 3 FARMLAND OPPORTUNITIES construction in 2025 IP 7% YoY 4 IP STRONG AND GROWING 9% YoY 164.1 CAPEX .3
Slide 7: Shanghai K11 Art Mall & K11 Atelier NWT C-REIT Announced
FINANCIAL HIGHLIGHTS SHANGHAI K11 ART MALL & K11 ATELIER NWT C-REIT ANNOUNCED Key Terms Strategic Rationale • Indicative asset valuation: RMB 4.6B • Expected public subscription of equity offering: 80% 1 Unlock assets value • Expected net proceeds: RMB3.2b • Timeline: FY27 Company Other Investors 20
Slide 8: Net Debt Increase Mainly Due to Timing of Cash Collection and JV Accounting
FINANCIAL HIGHLIGHTS NET DEBT INCREASE MAINLY DUE TO TIMING OF CASH COLLECTION AND JV ACCOUNTING Unit: HK$B 1 Timing of Cash Collection Net Debt Contributes to FY26 contracted sales A 6.2 126.3 Cash collection mainly in FY27 onwards 120.1 Shanghai K11 Art Mall & B K11 ATELIER NWT Timing delayed with
Slide 9: Continuous Progress in Debt Reduction
FINANCIAL HIGHLIGHTS CONTINUOUS PROGRESS IN DEBT REDUCTION Declining interest costs on the back of rate cuts and lower debt balance Total Debt Trending Down Net Debt and Net Gearing Ratio 70.0% 145 (HK$B) 65.0% (HK$B) 68.3% 140 173.6 60.0% 135 55.0% 130 58.1% 125 167.0 50.0% 120 Total Debt over FY26
Slide 10: Section Two: Progress Under Seven Measures
SECTION TWO PROGRESS UNDER SEVEN MEASURES
Slide 11: Successful New Launches in FY26 on the Back of Strong Momentum
1 2 DEVELOPMENT PROPERTIES & ASSET DISPOSAL - HONG KONG SUCCESSFUL NEW LAUNCHES IN FY26 ON THE BACK OF STRONG MOMENTUM FY26 Group Total Attri. Contracted Sales: HK$29.6bn – Beat FY26 Guidance FY26 Hong Kong Attri. Contracted Sales: HK$22.1bn 1HFY26 2HFY26 Launched in Launched in Launched in Launched
Slide 12: Existing Projects Continue to Sell
1 2 DEVELOPMENT PROPERTIES & ASSET DISPOSAL - HONG KONG EXISTING PROJECTS CONTINUE TO SELL Residential Office Launched in Launched in Launched in July 2024 January 2025 May 2025 Best-selling presale project Broken three 2025 sales Best-selling newly-launched 80% of launched units sold on Kai Tak run
Slide 13: Abundant Saleable Resources in Hong Kong
1 2 DEVELOPMENT PROPERTIES & ASSET DISPOSAL - HONG KONG ABUNDANT SALEABLE RESOURCES IN HONG KONG Major Existing Projects FY27 FY28+ PAVILIA Collection Ma Sik Road (JV with ) Hankow Road Pak Shing Kok Ventilaton Building Premier Mixed- Rare Large-Scale Use Development New Development in the Heart of
Slide 14: Additional Opportunities on Landbank Replenishment
3 DEVELOPMENT PROPERTIES & ASSET DISPOSAL - HONG KONG FARMLAND ADDITIONAL OPPORTUNITIES ON LANDBANK REPLENISHMENT (1) 流浮山 661K FT2 永寧村 889K FT2 欖口村 504K FT2 榮基村 1,086K FT2 牛潭尾 1,090K FT2 口岸商貿及產業區 Boundary commerce and industry zone 粉嶺馬適路 336K FT2 創新科技地帶 I&T zone 高端專業服務和物流樞紐 High-end professional ser
Slide 15: Resilient Chinese Mainland DP Sales
1 2 DEVELOPMENT PROPERTIES & ASSET DISPOSAL - CHINESE MAINLAND RESILIENT CHINESE MAINLAND DP SALES Resilient Sales Driven by High-Quality Projects Key Project Sales Contracted Sales(1) Guangzhou The Central Park-View Guangzhou The Sillage FY26 廣州凱旋新世界 廣州新世界·天馥 RMB 6.8B GBA & YRD Others Shenzhen New
Slide 16: Abundant Saleable Resources
1 2 DEVELOPMENT PROPERTIES & ASSET DISPOSAL - CHINESE MAINLAND ABUNDANT SALEABLE RESOURCES FY2027+ Shenzhen THE BAY PAVILIA 灣上雲啟 FIRST in the Chinese Mainland Development Properties Guangzhou Guangzhou The Sillage The Central Park-View 廣州新世界·天馥 廣州凱旋新世界 Rendering* Residential Project「灣滶」 • Dual-metro
Slide 17: Investment Properties – Hong Kong
4 INVESTMENT PROPERTIES – HONG KONG ROBUST PERFORMANCE UNDERPINNED BY IMPROVING OCCUPANCY Solid Segment Results in FY26 IMPROVING OCCUPANCY OVER TIME 90% 90% 83% 83% + 7% YoY + 9% YoY 80% 74% IP 40% 50% Dec 24 Jun 25 Dec 25 Jun 26 New World Tower 83 King Lam Street HK IP - STABLE OCCUPANCY RATE New
Slide 18: MUSEA Solid Performance on Tenant Upgrade and Mega Events
4 INVESTMENT PROPERTIES – HONG KONG MUSEA SOLID PERFORMANCE ON THE BACK OF CONTINUOUS TENANT UPGRADE AND MEGA EVENTS K11 MUSEA - KEY STORE OPENINGS MUSEA FY26 – Record Operating Performance Since Opening FY26 Brunello Cucinelli Delvaux Balenciaga Miu Miu Duplex Expansion New Flagship Store Duplex Ex
Slide 19: Resilient Occupancy & Strategic Expansion
4 INVESTMENT PROPERTIES – CHINESE MAINLAND RESILIENT OCCUPANCY & STRATEGIC EXPANSION STABLE OCCUPANCY RATE(1) SHENZHEN K11 ECOAST Chinese Mainland Key IPs 31 Dec 2025 30 June 2026 SHANGHAI K11 ART MALL ~92% ~95% SHENYANG K11 ~83% ~81% WUHAN HANKOU K11 ART MALL ~89% ~92% WUHAN GUANGGU K11 ~90% ~94% G
Slide 20: Key K11 Projects to Launch in Coming Year
4 INVESTMENT PROPERTIES – CHINESE MAINLAND KEY K11 PROJECTS TO LAUNCH IN COMING YEAR SHANGHAI K11 ELYSEA Hangzhou New World Art Centre ✓ K11 Art Mall and K11 Atelier to open in ✓ K11 Atelier Huaihai to open in 2026 Q4 2027 Q4 ✓ Spatial Design: 9F above ground / 3F ✓ Pre leasing rate over 70% below g
Slide 21: Significantly Lower Capex Since FY24
5 CAPEX & OPEX OPTIMIZATION SIGNIFICANTLY LOWER CAPEX SINCE FY24 CAPEX (HK$B) Significantly Lower since FY24 ▼4.5 ▼2.2 12.6 19.3 ▼0.8 11.8 <12 14.8 2H:7.7 2H: 8.3 1H: 4.9 1H: 3.5 FY23A (1) FY24A (1) FY25A FY26A FY27 Guidance CAPEX Optimization Initiatives Capex for DP with short cash conversion cycl
Slide 22: Opex Optimization
5 CAPEX & OPEX OPTIMIZATION OPEX OPTIMIZATION A group-wide continuous improvement program to drive down G&A cost OPEX Optimization (HK$m) FY26 G&A expenses -19% YoY 5,068 4,196 Corporate function and team structure optimization 3,525 2,845 Restructuring of business units Stringent hiring policy FY23
Slide 23: Temporary Dividend and Group PCS Distribution Halt
66. TEMPORARY DIVIDEND AND GROUP PCS DISTRIBUTION HALT TEMPORARY DIVIDEND AND GROUP PCS DISTRIBUTION HALT Remain committed to creating long-term shareholder value Prudent capital management to facilitate deleveraging Improve financial flexibility Optimize capital structure 22
Slide 24: Treasury Management
76. TREASURY MANAGEMENT PRUDENT TREASURY MANAGEMENT Enhanced asset disposal – C-REIT HKD1B Additional banking credit line HKD20B Debt exchange completed PRIORITIZE ON CASH FLOW & REDUCING INDEBTEDNESS 23
Slide 25: Appendix
APPENDIX
Slide 26: Debt Maturity Profile (as of Jun 2026)
FINANCIAL HIGHLIGHTS DEBT MATURITY PROFILE (AS OF JUN 2026) (HK$B) 69.2 12.3 41.7 3.4 23.2 56.9 4.8 38.3 9.1 18.4 4.6 4.5 Within 1 year 1-2 years 2-5 years 5+ years Bank loans and other loans Fixed rate bonds and notes payable 25
Slide 27: K11 Footprint
INVESTMENT PROPERTIES K11 K11 FOOTPRINT K11 projects Status Site Type Status Site Type 1 Hong Kong K11 Art Mall Retail Tianjin (CTF) K11 ATELIER Office Hong Kong (VD) K11 MUSEA Retail Shenzhen (Prince Bay) K11 ECOAST Retail Hong Kong (VD) K11 ATELIER Office Current Shenzhen (Prince Bay) K11 ATELIER
Slide 28: DP and IP Results
SEGMENT INFO DP AND IP RESULTS HK$m Hong Kong Chinese Mainland A B 3,424 3,234 1,915 1,821 2,620 IP 2,401 Revenue: Investment 843 855 HK$5.3bn (+6%) Properties Segment results: HK$3.5bn (+7%) Revenue Segment results Revenue Segment results FY25 FY26 FY25 FY26 C D 5,122 12,344 DP 3,828 Revenue: Devel
Slide 29: Continuing Development of Northern Metropolis
NORTHERN METROPOLIS OPPORTUNITIES CONTINUING DEVELOPMENT OF NORTHERN METROPOLIS 2021 • NM(1) officially proposed in the 2021 Policy Address • NM Co-ordination Office established 北區 2023 • NM Action Agenda released • Pilot implementation of large-scale land disposal approach 2024 • Preliminary develo
Slide 30: Northern Metropolis: An Important Development Opportunity
DEVELOPMENT PROPERTIES HONG KONG FARMLAND NORTHERN METROPOLIS: AN IMPORTANT DEVELOPMENT OPPORTUNITY Increased clarity and certainty solidify value of NWD’s farmland resources Proposed PR Attr. GFA Farmland (Selected) Note 10 Status (Subject to gov’t Total attr. GFA (FT2) (FT2) Note 9 approval) Note
Slide 31: Northern Metropolis: An Important Development Opportunity
DEVELOPMENT PROPERTIES & ASSET DISPOSAL - HONG KONG FARMLAND NORTHERN METROPOLIS: AN IMPORTANT DEVELOPMENT OPPORTUNITY Lau Fau Shan New Dev. NWD Farmland C Area NWD Attri. Region Initiatives (Under GFA (sqft)(1) Conversion) 3 Digital Technology Hub • Economic and educational hub 1 Future Lau Fau Sha
Slide 32: Generating Value Through Sustainability Initiatives
ESG INTEGRATION GENERATING VALUE THROUGH SUSTAINABILITY INITIATIVES Environment Social Governance Future-Fit Places Enriched Lives Organisational Resilience • 100% renewable electricity use achieved • Established a Social Value Framework to • Strengthened responsible AI adoption across Greater Bay A
Slide 33: Disclaimer
DISCLAIMER Important notice The information contained in these materials is intended for reference and general information purposes only. Neither the information nor any opinion contained in these materials constitutes an offer or advice, or a solicitation, inducement, invitation, recommendation or