Shangri-la Asia Limited · HKEX:69

Shangri-la Asia — H1 2025 Earnings Presentation

26 slides from Shangri-la Asia's earnings presentation, August 2025

  1. Slide 1: Shangri-La Asia Ltd 2025 Interim Results

    Shangri-La Asia Ltd 2025 Interim Results Aug 2025 The Silk Lakehouse, Shangri-La Hangzhou1

  2. Slide 2: Agenda

    Agenda ▪ 1H25 Key Highlights ▪ 1H25 Cashflow & Capital Management ▪ Operational Updates & Outlook ▪ Appendix: ▪ Financials on Effective Basis ▪ Project Under Development The Silk Lakehouse, Shangri-La Hangzhou2

  3. Slide 3: 1H25 Key Highlights

    1H25 Consol Revenue US$1.06B +0.7% YoY, lifted by resilient Hotels & IP performance despite market headwinds; 1H25 to declare HK$ 5c per share Interim Div. Consol Basis 1H25 Key Highlights Group Occupancy Group RevPAR 62.2% US$105.4 +0.8pp YoY +1.6% YoY Revenue EBITDA US$1.06B US$252M +0.7% YoY -0.3

  4. Slide 4: Consol Revenue in 1H25 by segment

    Consol Revenue in 1H25: Group Overall Rev USD1,056M +1% YoY; Hotel business (-1% YoY) showed resilience despite market headwinds; Investment Prop business (+14% YoY) growth continued. Consol Basis Consol Revenue by segments (USD’M) Group Total 1H25 Group Overall Rev: 1,236 USD1,056mn (+7M or +1% YoY

  5. Slide 5: Consol EBITDA in 1H25 by segment

    Consol EBITDA in 1H25: Group Overall EBITDA USD252M flat YoY; Hotel business (-5% YoY), mainly due to China & SG softness ; but Investment Prop business (+19% YoY) growth continued. Consol Basis Consol EBITDA by segments (USD’M) Group Total 1H25 Group Overall EBITDA: USD252mn (flat YoY) 301 283 25 2

  6. Slide 6: Op PATMI in 1H25

    Op PATMI in 1H25: Group Overall USD50.9M -13.9% YoY (dragged by adverse FX impacts); excluding FX impacts @ USD58.5M +23.2% YoY. Consol Basis Op PATMI (USD’M) Op PATMI, excl. Resi & FX Impacts (USD’M) 70.0 64.2 70.0 59.1 58.5 60.0 56.8 60.0 49.6 50.9 47.5 49.1 50.0 50.0 40.0 40.0 30.0 30.0 19.6 20.0

  7. Slide 7: Our growth strategy to uplift return and drive shareholder value

    Our growth strategy to uplift return and drive shareholder value Drive Cash Flow and ROA Grow Customer Base • Enhance return on existing assets • Leverage on technology (AI, robotics, etc) to o Address loss-making assets to achieve PATMI improve efficiency turnaround o Paris: 1H25 +$1.9M (vs -$2.9M

  8. Slide 8: Diversify funding sources to tap capital market: record-low coupon rates

    Diversify funding sources to also tap on capital market: achieved record-low coupon rates for Panda & SGD bonds across various tenures 4.50% 4.40% 4.10% 3.70% 3.50% 3.50% 3.54% 3.54%* 3.48% SGD Bond Issuance SGD825mn 7Y SGD135mn 5Y SGD165mn 8Y SGD250mn 10Y SGD100mn 9Y SGD160mn 5Y SGD125mn 7Y SGD100m

  9. Slide 9: 1H25 Cashflow & Capital Management

    1H25 Cashflow & Capital Management 9

  10. Slide 10: Operating cashflow 1H25 at US$60M

    Operating cashflow 1H25 at US$60M, lifted by savings from net interest payment and Associate Dividend. 6 2 27 2,669 377 Operating cashflow US$60M 356 152 54 1,931 -24 -94 -27 -32 -52 -6 Utilization of cash Source of cash US$90M US$741M Cash at Net cash Lease Cash Net Tax CAPEX Dividend Share Net Pro

  11. Slide 11: Operating Cash Flow

    Operating Cash Flow: 1H25 Op CF @ US$59.9M, flat YoY. Operating Cash Flow* (US$ million) 700 600 561 500 364 393 400 300 200 100 57 32 64 61.3 60.0 59.9 0 -100 -200 -300 -400 -302 2018 2019 2020 2021 2022 2023 2024 1H23 1H24 1H25 *FCF include capital reduction from 2018 onwards 11

  12. Slide 12: 1H25 Free Cash Flow

    1H25 Free Cash Flow @US$36M -US$10.5M YoY; 1H24 FCF was boosted by shareholder loan repayment (US$31M). Free Cash Flow* (US$ million) 400 300 272.8 244.6 200 144.6 100 46.3 35.8 3.6 0 -14.6 -100 -82.7 -200 -162.4 -300 -400 -500 -434.9 2018 2019 2020 2021 2022 2023 2024 1H23 1H24 1H25 *Free Cash Flow

  13. Slide 13: Continued deleveraging: Net Debt

    Continued deleveraging: Net Debt -$224M YoY & +$93M HoH (partly due to adverse FX impacts in 1H25); Funding Cost on decline from effective management of loan mix. We keep optimizing loan mix, with more drawdown of 1H25 Net Debt USD4,514mn, -$224M YoY / +$93M HoH. cheaper RMB loan (65% of Total Loan

  14. Slide 14: Healthy Financial Position

    Healthy Financial Position: sufficient financial resources to tackle refinancing needs Key Highlight Debt Portfolio as of 30 June 2025 Weighted Debt Maturity: 3.37 years 1. FY25/26 refinancing need fulfilled Interest Rate (3.47 @ Dec 24) USDmn 2. Sufficient resources to cover 24mth Hedge Ratio 8,000

  15. Slide 15: Operational Updates & Outlook

    Operational Updates & Outlook

  16. Slide 16: SA RevPAR index beat CompSet in first half of 2025

    SA RevPAR index beat CompSet (>100) in first half of 2025 1H25 SA RGI Index 100+ in key markets Shangri-La Owned Hotels 1H25 STR Performance Index 140 Index Score >100 120.8 represents outperformance 120 110.4 111.0 111.9 114.4 vs. comparable peers 100 96.2 80 60 40 20 0 SA Group M.China Hong Kong S

  17. Slide 17: Group Occ%: Jul Occ% 72.0% +1.6pp YoY

    Group Occ%: Jul Occ% 72.0% +1.6pp YoY, all regions benefiting from strong summer demand. Source: TM1 Group Occ% by Region: Jul at 72.0% +1.6pp YoY Owned Hotel SA Owned Hotel Occ% Group China SEAA MEIA Hong Kong Singapore 100% YoY %: Jul Monthly 90% Singapore, 89.8% +5.4pp 80% Hong Kong, 85.9% +4.8pp

  18. Slide 18: Outlook: continue with operational efficiency initiatives

    Outlook: Despite near term challenges, continue with operational efficiency initiatives, leveraging diversified business model (owner-operator, IPs) and innovation to drive growth Our Strategy ▪ Continue to drive operational efficiency to outperform in every business cycle ▪ Drive innovation: launch

  19. Slide 19: Appendix: Financials on Effective Basis

    Appendix: Financials on Effective Basis

  20. Slide 20: 1H25 Effective Basis Key Highlights

    1H25 Eff Revenue US$1.3B, -0.8% YoY, dragged by the weak performance of some associate hotels and IP. Numbers on eff. Basis Effective Share basis 1H25 Key Highlights Group Occupancy Group RevPAR 62.2% US$105.4 +0.8pp YoY +1.6% YoY Effective Share of Revenue Effective Share of EBITDA US$1.3B US$370M

  21. Slide 21: 1H25 Margin -0.9pp YoY on effective basis

    1H25 Margin -0.9pp YoY, dragged by China and SG softness, offset by strong HK and ROW performance. Hotel + IP PATMI improve due to operational decline mitigated by effective corporate management Effective Basis Revenue (USD’M) EBITDA (USD’M) PATMI, excl. Resi & FX (USD’M) 1,700 30.4% 29.4% 29.5% 1,4

  22. Slide 22: Appendix: Projects Under Development

    Appendix: Projects Under Development

  23. Slide 23: Continual Expansion Footprint for Growth

    Continual Expansion Footprint for Growth as of 1H25, 106 Hotels Under Management 2024 2025 2026 & later Owned Hotel in Pipeline - Shangri-La Hotel, Zhengzhou (Q4 2026) - Shangri-La Hotel, Kyoto (Q4 Shangri-La Nanshan JEN Kunming The Silk Lakehouse, Shangri-La Hangzhou 2026) (Jan 2024) (Apr 2024) (Ma

  24. Slide 24: Owned Hotels Under Development

    Owned Hotels Under Development Group’s Equity Projected Property Name (# Keys) Interest Opening Kyoto Associates Hongqiao Airport Zhengzhou Shangri-La Hotel, Kyoto (77) 20% Q4 2026 Kunming Operating Lease Agreement Shangri-La Hotel and Traders Hotel, 100% Oct 2025* Hongqiao Airport (611) JV with Ker

  25. Slide 25: Managed Hotels Pipeline

    Managed Hotels Pipeline No. of Projected Property Name Keys Opening Beijing Shangri-La Hotel, Melbourne 487 TBD Hangzhou JEN Hangzhou by Shangri-La, Hangzhou 176 Q2 2026 Bahrain Shangri-La Hotel, Bahrain 245 TBD Shangri-La Hotel, Shougang Park (Phase 2) TBD TBD As of Jul 2025 Melbourne 25

  26. Slide 26: Composite Projects Under Development

    Composite Projects Under Development Shenyang Tianjin Joint Ventures with Kerry Properties Limited Zhengzhou Shenyang Kerry Centre (Phase III) Kunming City Project* • Equity interest: 25% • Equity interest: 45% • Component: Office, Commercial, Residential • Component: Hotel & Residential • Phased op

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