Henderson Land Development Co. Ltd. · HKEX:12
Henderson Land Development — H1 2026 Earnings Presentation
51 slides from Henderson Land Development's earnings presentation, Aug 20, 2026
Slide 1: 2026 Interim Results Presentation
(Stock Code: 12) 2026 Interim Results Presentation 20th August 2026 The Legacy, Central Yards The Henderson Mid-Levels, Hong Kong Central, Hong Kong Central, Hong Kong (artist’s impression) <World’s Best Property> by International Property Awards
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Henderson Land Development Company Limited (the “Company” or “HLD”) solely for information purposes and does not constitute an offer, recommendation or invitation to subscribe for or purchase any securities and nothing contained herein shall form the
Slide 3: Contents
Contents Pages HLD 2026 Interim Results Highlights 4–6 Property Development 7 – 15 Property Investment 16 – 20 Hong Kong & China Gas (“HKCG”) 21 – 22 Strong Financial Position 23 Prospects 24 Annexes 25 – 50 -3-
Slide 4: HLD 2026 Interim Results Highlights
HLD 2026 Interim Results Highlights Unaudited All the figures represent the Group’s attributable share of contributions (before taxation) from its subsidiaries, 1H 2026 1H 2025 associates and joint ventures in Hong Kong and Chinese Mainland. HK$ mn HK$ mn Change Profit attributable to Shareholders
Slide 5: HLD 2026 Interim Results Highlights (cont’d)
HLD 2026 Interim Results Highlights (cont’d) Unaudited Audited Change 30 Jun 2026 31 Dec 2025 HK$ mn Shareholders’ equity 325,555 322,464 +1% Cash and bank balances 21,477 22,198 -3% Net debt* 58,432 60,219 -3% -0.8 Net debt* to Shareholders’ equity (%) 17.9% 18.7% percentage point Net asset value p
Slide 6: HLD 2026 Interim Results Highlights (cont’d)
HLD 2026 Interim Results Highlights (cont’d) Property Development & Property Leasing HKCG Sales of Property Interestsψ Property Development Revenue*: Gross Rental Income*: Dividend attributable to HLD: HK$12,892mn +109% YoY HK$4,383mn +1% YoY HK$ 930 mn Flat YoY Pre-tax Profit* Pre-tax Net Rental In
Slide 7: Property Development
Property Development ◼ Sales Results are shown below and 2 residential projects were completed in 1H 2026 with total attributable GFA of approx. 0.43mn sq.ft. (1H 2025: 0.60mn sq.ft.) No. of No. of Project units pre-sold & sold No. of Unsold Residential Developments offered for Initial HLD’s Complet
Slide 8: Property Development (cont’d)
Property Development (cont’d) ◼ Sales Pipeline of new projects in Hong Kong for 2H 2026 are shown as follows Attri. GFA No. of HLD’s (sq. ft.) Completion Project Name and Location Usage* Project interest Timing Units C R 1 Parkwood, 3 Mei Sun Lane, Tai Po C/R 122 100% 8,053 36,097# Completed 2 North
Slide 9: Property Developments with Sales commencing in 2H 2026
Property Development (cont’d) ◼ Property Developments with Sales and for Sale/Pre-Sale commencing in 2H 2026 Border with Chinese Mainland Existing lines Lo Wu Lok Ma MTR Chau Airport Express Western Rail Link Sheung (Hung Shui Kiu - Qianhai) Shui East Rail Line Tuen Ma Line Fanling 2 North Innovale
Slide 10: Property Development (cont’d)
Property Development (cont’d) ◼ Area of unsold units of major development projects offered for sale, as well as projects pending sale or under/pending development: Attributable Gross Floor Area (GFA)/ Saleable Area (mn sq. ft.) Investment Inventories + Projects Pending/ Total (Note *) Property 2H’26
Slide 11: Diversified Land-sourcing Strategy
Property Development (cont’d) ◼ Diversified Land-sourcing Strategy with remaining Saleable Resources shown together with completed Investment Properties and Investment Property Under Development One Victoria Cove (Phase 2) URA Project (50%-owned) ii Market-acquired Urban Sites 0.09mn sq.ft. of attri
Slide 12: Good Development Progress in Urban Site Assembly Developments
Property Development (cont’d) ◼ Good Development Progress in Urban Site Assembly Developments The Quinn‧ Aquila‧Square Mile Cetus‧Square Mile Eltanin‧Square Mile Gateway‧ Baker Circle One Chester II The Haddon Chester Square Mile Completed in 2021 Completed in 2019 Completed in 2017 Square Mile (Pha
Slide 13: New Territories Land Plot Holdings
Property Development (cont’d) iii Group’s New Territories Land Plot Holdings, Majority Situated In “Northern Metropolis”, Representing Valuable Land Resources ◼ At 30 Jun 2026, land plot holdings in New Territories amounted to approx. 38.4* mn sq. ft. (end of 2025: approx. 40.5 mn sq. ft.) in site
Slide 14: Land Replenishment and Government Resumption Compensation
Property Development (cont’d) iii Group’s New Territories Land Plot Holdings, Majority Situated In “Northern Metropolis”, (cont’d) Provides Source For (a) Landbank Replenishment & (b) Compensation From Government Land Resumptions (a) Land Replenishment • The Group has long been assembling “Agricultu
Slide 15: Property Development in Chinese Mainland
Property Development (cont’d) Property Development in Chinese Mainland ◼ Properties Sales & Pre-sales contracted for in Chinese Mainland HK$ mn 6,917 6,616 In HK$ terms, -73% YoY 3,108 2,772 (In RMB terms, -74% YoY) Represents sales and pre-sales contracted for 3,379 in the first half of the relevan
Slide 16: Property Investment
Property Investment Rental Income from Hong Kong & Chinese Mainland Investment Properties ◼ Expected Additions to Investment Property Portfolio: As at 2026 Year End 2032 30 Jun 2026 (Estimated) (Estimated) Hong Kong 10.7mn sq.ft. • Central Yards • Central Yards Phase 1 Phase 2 < +0.75mn sq.ft. > < +
Slide 17: Rental Income from Investment Properties in Hong Kong
Property Investment (cont’d) Rental Income from Investment Properties in Hong Kong • Average leasing rate for the Group’s major rental properties in Hong Kong as at 30 June 2026: 94% (end of 2025: 93%) Gross Rental Income: Hong Kong HK$ mn 3,517 3,403 3,411 (40.77% owned) 803 837 822 +4% Represents
Slide 18: New Investment Properties and Development Pipeline in Hong Kong
Property Investment (cont’d) New Investment Properties and Development Pipeline in Hong Kong The Henderson 2 Murray Road, Hong Kong (100% Owned) Site Area Approx. 31,000 sq.ft. Total GFA 465,000 sq.ft. (Plot Ratio @ 15x) GFA • 36-storey commercial building with typical floors between breakdown 6/F t
Slide 19: Rental Income from Investment Properties in Chinese Mainland
Property Investment (cont’d) Rental Income from Investment Properties in Chinese Mainland • Performance of key and recently completed investment properties on the Mainland Gross y-o-y Change Recent Rent Rate Occupancy / GFA^ Property Rental Income as at 30 Jun 2026 RMB HKD# (psm) for 1H 2026 World F
Slide 20: Growing Portfolio Reaching Rental Stabilization
Property Investment (cont’d) Total attri. GFA of completed investment properties in HK and Growing Portfolio Reaching Rental Stabilization Chinese Mainland (mn sq.ft.) Will Enhance Group’s Recurrent Income Base 31 Dec 2023 22.9 31 Dec 2024 23.4 31 Dec 2025 24.5 30 Jun 2026 24.6 31 Dec 2026 25.4 (est
Slide 21: Hong Kong & China Gas (“HKCG”) 41.53% owned
Hong Kong & China Gas (“HKCG”) 41.53% owned ◼ HKCG’s profit attributable to shareholders for 1H 2026: HK$3,640mn, increased by 23% YoY Excluding non-operating gains and losses and changes on revaluation of properties, core operating profit increased by 19% YoY ◼ Interim dividend declared for 1H 2026
Slide 22: Hong Kong & China Gas (“HKCG”) (cont’d)
Hong Kong & China Gas (“HKCG”) (cont’d) 41.53% owned Dividends Declared by HKCG# HKCG Dividends Declared attri. to HLD# HK$ mn HK$ mn 6,531 6,531 6,531 6,531 6,531 5,924 6,220 5,385 2,583 2,712 2,712 2,712 2,712 2,712 4,896 2,236 2,460 4,451 2,033 1,848 2,239 930 2016 2017 2018 2019 2020 2021 2022 2
Slide 23: Strong Financial Position
Strong Financial Position ◼ Financial Gearing Ratio^ recorded at 17.9% as at 30 Jun 2026 (end of 2025: 18.7% ) with abundant banking facilities and fundingΨ in place ^ refers to the ratio of net debt (excl. the amount due to a fellow subsidiary which amounted to HK$76,955mn as of 30 Jun 2026 and HK$
Slide 24: Prospects
Prospects ◼ Supported by robust financial strength and the following three major business pillars, the Group is poised to build upon its extraordinary legacy spanning half a century, drive sustainable development, and open a new chapter for the future. Property Sales 8 development projects are in
Slide 25: Annexes
Annexes Pages Annex 1: Group Structure, Operating Margin and Other Highlights 26 – 30 Annex 2: Operations in Hong Kong 2.1: Property Development in Hong Kong 31 – 34 2.1.1 : Inventories from major launched projects for sale 2.1.2 : Newly-acquired Urban Redevelopment Projects with ownership fully con
Slide 26: Annex 1.1: Group Structure
Annex 1.1: Group Structure ◼ Lee Family owned an equity interest of about 72.82% in Henderson Land as of 30 June 2026 (31 December 2025: 72.82%) Lee Family 72.82% Henderson Land Development Company Limited (“HLD”) (HK stock code: 12) 24.03% 33.91% 41.53% 50.08% 69.27% Sunlight Hong Kong Ferry The Ho
Slide 27: Annex 1.2: Operating Margin
Annex 1.2: Operating Margin Hong Kong Hong Kong Property Development Operating Margin* Property Leasing Operating Margin* 75% 74% 74% 73% 73% 27% 22% 22%^ 23%^ 7%^ 9%+ 15%+ 2%+ 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 Chinese Mainland Chinese Mainland Property
Slide 28: Annex 1.3: Sales of Property Interests Transaction Highlights
Annex 1.3: “Sales of Property InterestsΔ” Transaction Highlights Hong Kong Chinese Mainland Golden Centre, Sheung Wan (Transaction Completed in Dec’16) Beijing Henderson Centre (Transaction Completed in Feb’17) ◼ Consideration (as adjusted): HK$4,348 mn ◼ Consideration: HK$3,261 mn ◼ Realized Gain:
Slide 29: Annex 1.4: Land Sharing Pilot Scheme Proposal Highlights
Annex 1.4: Land Sharing Pilot Scheme Proposal Highlights Land Plots of the Group in New Territories proposed to become “Mixed Community” with Public & Private Housing ◼ Land Sharing Pilot Scheme (“LSPS”) proposal was submitted to the Government on 5th August 2021 ◼ In November 2022, the project was
Slide 30: Annex 1.5: Hong Kong Urban Land Bank Acquisitions
Annex 1.5 Hong Kong Urban Land Bank from Public Tender / Market Acquisition Highlights Urban Residential Site Acquisitions in recent years Acquired Interest (%) Est. attri. GFA The Symphonie, 280 Tung Chau Street, Cheung Sha Wan, Kowloon (URA) 2018 33.41% 33,643 sq. ft.* One Victoria Cove (Ph. 2), 1
Slide 31: Annex 2.1.1: Inventories from major launched projects for sale
Annex 2.1.1: Inventories from major launched projects for sale HLD No. of unsold units as Saleable area attri. Usage* interest at 30 Jun 2026 to HLD (sq. ft.) 1 The Legacy, 8 Castle Road, Mid-Levels R 65% 130 196,996 2 Victoria Voyage (Phases 1A,1B and 2B), 18 Shing Fung Road, Kai Tak C/R/G 30% 1,29
Slide 32: Annex 2.1.2: Newly-acquired Urban Redevelopment Projects
Annex 2.1.2: Newly-acquired Urban Redevelopment Projects with ownership fully consolidated or reaching the applicable threshold for Compulsory Sale for Redevelopment With less than 100% ownership interest With 100% ownership interest but the relevant compulsory sale acquired application threshold ha
Slide 33: Annex 2.1.3: Summary of All Development Land Resources in Hong Kong
Annex 2.1.3: Summary of All Development Land Resources in Hong Kong (as of 30 Jun 2026) Attri. GFA/ saleable Summary of all the different categories of area (Note 1) Remarks Development Land Resources in Hong Kong (mn sq. ft.) (A) Projects available for sale in 2H 2026: 1 Unsold units from major lau
Slide 34: Annex 2.1.3: Development Land Resources (cont’d)
Annex 2.1.3: Summary of All Development Land Resources in Hong Kong (as of 30 Jun 2026) (cont’d) Attri. GFA/ saleable Summary of all the different categories of area (Note1) Remarks Development Land Resources in Hong Kong (Cont’d) (mn sq. ft.) (C) Major development projects in New Territories: • Are
Slide 35: Annex 3.1: Development Landbank in Chinese Mainland
Annex 3.1: Development Landbank in Chinese Mainland Land bank under/held for development as of 30 June 2026 A “Two-pronged” strategy No. of Attributable GFA* Projects (mn sq. ft.) 1. Beijing 1 0.05 Prime cities: 2. Guangzhou 2 0.87 0.92 mn sq. ft. 3. Changsha, Hunan 1 0.05 4. Chengdu, Sichuan 3 3.29
Slide 36: Annex 3.2: Residential Project Sales in Chinese Mainland
Annex 3.2: Residential Project Sales in Chinese Mainland ◼ Residential projects with debut launch or new phase launched for sale/ pre-sale and other projects with significant sales / pre-sales in 1H 2026 City Project name and location Interest (%) Beijing Phase 1, Chaoyang Development (恒匯雅苑) 100% Be
Slide 37: Annex 3.3.1: Completion Schedule in Chinese Mainland
Annex 3.3.1: Completion Schedule in Chinese Mainland ◼ As of 30 June 2026, the Group had holding of about 2.6 mn sq. ft. in attributable GFA of completed inventories in Chinese Mainland. ◼ Project completed in 1H 2026: City Project name and location Project type GFA (sq. ft.)# GFA attributable to HL
Slide 38: Annex 3.3.2: Completion Schedule in Chinese Mainland (Cont’d)
Annex 3.3.2: Completion Schedule in Chinese Mainland (Cont’d) ◼ Completion schedule for 2H 2026 Estimated GFA Estimated GFA City Project name and location Project type (sq. ft.)# attributable to HLD (sq. ft.)# Beijing Lakeside Mansion (祥雲賦), Shunyi District Commercial 224,000 55,000 Changsha Phase 1
Slide 39: Annex 3.4: Rental Portfolio in Chinese Mainland
Annex 3.4: Rental Portfolio in Chinese Mainland Major completed investment properties in Chinese Mainland as of 30 June 2026 Project Name World Grand Centro Greentech Henderson Henderson Lumina The Pier Hengbao Lumina Financial Gateway Tower Metropolitan 688 Shanghai Plaza Guangzhou Centre Office (P
Slide 40: Henderson Land’s Sustainability Strategy
Annex 4: ESG Highlights Henderson land’s Sustainability Strategy • Henderson Land is committed to embedding sustainability as an integral part of our business. The Group strongly believes that the consideration of ESG factors in our decision-making process helps to enhance the sustainability of our
Slide 41: ESG Highlights (cont’d)
Annex 4: ESG Highlights (cont’d) Our cumulative achievements of local, regional and international green building. Accreditations in relation to innovation Green building certifications • 3 WiredScore Certifications • 102 BEAM Plus by 2 by 14 • 1 SmartScore Certification • 19 BEAM • 1 Parksmart C
Slide 42: The Henderson and Central Yards: New Project Achievement
New Project Achievement • Build4Asia Awards 2024 - Technology Category - Gold • Build4Asia Awards 2024 - Excellence in Facade - Silver The Henderson: • China Green Building and Carbon Neutral (Hong Kong) Council - Dual Carbon Pioneer Award 2024 Dual Carbon Pioneer • BEAM Plus Provisional Platinum •
Slide 43: ESG Highlights (cont’d)
Annex 4: ESG Highlights (cont’d) • Sustainability Working Group comprises dedicated team members who serve as sustainability champions and ambassadors to lead the planning, execution and evaluation of the sustainability initiatives. - 43 -
Slide 44: ESG Highlights: Policies
Annex 4: ESG Highlights (cont’d) To view these policies, please refer to our website: https://www.hld.com/en/corporate-governance/group-policies Environmental Social Governance • Biodiversity Policy • Anti-Corruption and Bribery Policy • Anti-Money Laundering and Counter- • Climate Change Policy • A
Slide 45: Climate risk assessment and scenario analysis
Annex 4: ESG Highlights (cont’d) Climate risk assessment and scenario analysis In our scenario analysis, the Group focused on material physical and transition risks and opportunities, and referenced scenarios with climate and transition pathway projections published by reputable external research bo
Slide 46: Our Climate Transition Plan Towards Net Zero
Annex 4: ESG Highlights (cont’d) Our Climate Transition Plan Towards Net Zero Following the establishment of group-wide targets for reducing GHG emissions, which were validated by the SBTi in 2024, we launched a climate transition plan to support our commitment to a lower-carbon future. The climate
Slide 47: Sustainability Advocacy
Annex 4: ESG Highlights (cont’d) Sustainability Advocacy HKTDC: Zeroing in on material ESG factors GreenBiz HK Forum – Bangkok for real estate EDUCATIONAL Connecting London and INSTITUTIONS Hong Kong: Scaling Urban Rethink HK Climate Solutions Across SHARING Markets • HLD Sustainability Strategies s
Slide 48: 2025/2026 Achievement & Award
Annex 4: ESG Highlights (cont’d) 2025/2026 Achievement & Award Real Estate Asia Awards 2026 12th HKIRA GBA Carbon Neutrality Association Developer of the Year - Asia Grand ESG Award Carbon Award 2026 Developer of the Year - Hong Kong Best IR Company Best ESG (E) Best ESG (S) Best ESG (G) - 48 -
Slide 49: ESG Highlights (cont’d)
Annex 4: ESG Highlights (cont’d) ESG Green Development & Carbon Ming Pao ESG Award 2026 Metro Finance Leaders' Choice Award 2026 Neutrality Awards 2025 • Excellent ESG Enterprise Award - Listed Excellent Brand of Iconic Environmental Outstanding Sustainable Company Company (Real Estate) Architecture
Slide 50: Recognitions from sustainability indices and ratings
Annex 4: ESG Highlights (cont’d) Recognitions from sustainability indices and ratings 5-star Low Risk AA+ (Global & Regional Sector Leader) Previous rating: Previous rating: Previous rating: ‘5-star & 5-star’ (2025) ‘Low Risk’ (2025) ‘AA+’ (2025) ‘5-star & 5-star’ (2024) ‘Low Risk’ (2024) ‘AA+’ (202
Slide 51: Hong Kong Head Office
Hong Kong Head Office Address: 72-76/F, Two International Finance Centre 8 Finance Street, Central Hong Kong Telephone: (852) 2908 8888 Fax: (852) 2908 8838 Website: www.hld.com Investor Contact: Mr. Patrick P. H. Kwok Mr. Kelvin Chi Executive Director Assistant General Manager Direct line: (852) 29
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