Kennedy-wilson Holdings Inc. · NYSE:KW

Kennedy-wilson — Q3 2025 Earnings Presentation

39 slides from Kennedy-wilson's earnings presentation, November 2025

1. Slide 1: Q3-2025 Investor Presentation

   Kennedy Wilson Q3-2025 Investor Presentation

2. Slide 2: Kennedy Wilson at a Glance

   KENNEDY WILSON AT A GLANCE Kennedy Wilson owns, operates, and builds real estate within our high-quality, core real estate portfolio and through our investment management platform, where we target opportunistic investments alongside our partners. Drawing on decades of experience, our relationship-or

3. Slide 3: Table of Contents

   TABLE OF CONTENTS SECTION 1 Strategic Review Page 3 SECTION 2 Real Estate Portfolio Page 7 SECTION 3 Investment Management Platform Page 14 SECTION 4 Financial Review Page 23 SECTION 5 Toll Brothers Apartment Living Acquisition Page 26 SECTION 6 Appendix Page 30 © KENNEDY WILSON Geo, Shoreline, Wash

4. Slide 4: Strategic Review

   © KENNEDY WILSON ST R AT EG I C R E V I E W The Clara, Boise, Idaho

5. Slide 5: Strategic Initiatives

   STRATEGIC INITIATIVES 1 Investment Management  Strategic focus on rental housing and logistics investments Platform Growth  Targeting 20%+ growth in investment management fees  YTD-25: 23% growth vs. YTD-24  Invest across both real estate equity and debt opportunities 2 Increasing Property  Org

6. Slide 6: A Simplified Kennedy Wilson

   A SIMPLIFIED KENNEDY WILSON $434M ~$63M $115M Estimated Annual NOI Est. Annual NOI at stabilization TTM Investment (from stabilized from lease-up and development Management Fees portfolio) portfolio © KENNEDY WILSON Oxbow, Bozeman, Montana Q3-2025 Investor Presentation 5

7. Slide 7: The Kennedy Wilson Advantage

   THE KENNEDY WILSON ADVANTAGE Globally diversified real estate portfolio in growing markets with complementary investment management platform Long-term relationships with major financial institutions Local expertise to accretively allocate capital First-mover advantage from early entry in key target

8. Slide 8: Real Estate Portfolio

   © KENNEDY WILSON R EA L ESTAT E P O RT F O L I O Bristol at Southport, Renton, Washington

9. Slide 9: Stabilized Portfolio Breakdown

   STABILIZED PORTFOLIO BREAKDOWN Multifamily, Loans, and Industrial represents 72% of portfolio Sectors Geography Loans 4% Other Retail 1% Industrial 3% U.K. 5% 16% U.S. Office 6% $434M $434M Eur Office Estimated Ireland Estimated 19% Annual NOI1 Multifamily 20% Annual NOI1 U.S. 63% 63% 41K 25M 93% No

10. Slide 10: Two Key Investment Segments

    TWO KEY INVESTMENT SEGMENTS Consolidated Portfolio Co-Investment Portfolio Wholly-owned investments with accretive Real estate and loan investments with asset management opportunities strategic partners and commingled fund business (KW ownership 5-50%) ~8,200 3.6M 97% ~30,300 16.7M 20% Stabilized St

11. Slide 11: Global Multifamily Portfolio Totals 41,000 Units

    GLOBAL MULTIFAMILY PORTFOLIO TOTALS 41,000 UNITS1 Boise 82% Western U.S. Seattle Montana Washington Portland Ireland Oregon 18% Idaho 3 Mountain West Reno 38% California $273M East Bay Area Nevada Utah 16% Estimated California Colorado Annual NOI2 Denver Greater LA Arizona New Pacific Mexico Northwe

12. Slide 12: Tailwinds in U.S. Multifamily

    TAILWINDS IN U.S. MULTIFAMILY Attractive Relative Homeownership costs are significantly higher than renting Affordability High home prices and mortgage rates limit home buying National housing shortage of 3+ million housing units Slowing Future Supply Supply growth dropping by half from peak Favorab

13. Slide 13: Construction Slowdown Fuels U.S. Housing Shortage

    CONSTRUCTION SLOWDOWN FUELS U.S. HOUSING SHORTAGE While 2024 marks a 40-year high in deliveries, declining construction starts signal future undersupply and continued pressure on the U.S. housing market 200 160 Construction Starts/Delivered Units 120 (000’s) 80 40 © KENNEDY WILSON 0 2001 Q2 2003 Q2

14. Slide 14: High Quality Multifamily Communities

    HIGH QUALITY MULTIFAMILY COMMUNITIES The Clara, Eagle, ID Bristol at Southport, Renton, WA Mission Hills, Camarillo, CA Cantata at the Trails, Albuquerque, NM © KENNEDY WILSON Atlas, Issaquah, WA Coopers Cross, Dublin, Ireland Q3-2025 Investor Presentation 13

15. Slide 15: Investment Management Platform

    © KENNEDY WILSON I N V EST M E N T M A N AG E M E N T P L AT F O R M Clancy Quay, Dublin, Ireland

16. Slide 16: Investment Management Growth Strategy Today

    INVESTMENT MANAGEMENT GROWTH STRATEGY TODAY KW has built deep relationships with well-capitalized institutional 1 Relationships investors across Asia, Canada, Europe, the Middle East, and the U.S. Focus on launching new strategies as capital deployment 2 Strategies opportunities strengthen Significa

17. Slide 17: Growing Platforms Focused on Multifamily, Credit, and Industrial

    GROWING PLATFORMS FOCUSED ON MULTIFAMILY, CREDIT, AND INDUSTRIAL Rental Housing Credit Platform Logistics Opportunity Today Opportunity Today Opportunity Today  Continued structural shortage of rental housing  Originate lower leverage construction  Supply and demand imbalances in strong in the U.

18. Slide 18: Strong Track Record of Growth

    STRONG TRACK RECORD OF GROWTH Fee-Bearing Capital 10.0 ($ in billions) 9.0 8.0 7.0 25% 6.0 CAGR 5.0 $9.7 $8.4 $8.8 4.0 3.0 $5.9 $5.0 2.0 $3.9 $3.0 1.0 $2.2 0.0 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 9/30/25 Investment Management Fees1 140.0 ($ in millions) 120.0 100.0 80.0 33

19. Slide 19: Best-in-Class Stable of Institutional Investors

    BEST-IN-CLASS STABLE OF INSTITUTIONAL INVESTORS Investor Type Investor Geography RIA Middle East 2% 3% Private Equity 4% Other Europe 5% Family Office 3% 6% Asia 15% Sovereign $9.7B $9.7B Wealth Fund 10% Fee-Bearing Fee-Bearing Pension Fund Capital1,2 Insurance U.S. Capital1,2 Canada 12% Company 15%

20. Slide 20: Rental Housing Represents 67% of AUM

    RENTAL HOUSING REPRESENTS 67% OF AUM1 Investing across both equity and credit opportunities Rental Housing Investments Real Estate Equity Credit Investments $13B $291M $8B $67M AUM 1 NOI + Fees 2 AUM 1 Interest + Fees 3 • Market Rate – U.S. and Ireland • Senior Construction – Multifamily & Student H

21. Slide 21: Credit Platform Overview

    CREDIT PLATFORM OVERVIEW $2.6B in multifamily and student housing originations closed YTD $6.3B in Originations Since Q4-23 Sectors ($ in millions) Retail 2% IndustrialOther Hotel 2% 3% 7% $1,374 $1,237 Office $949 $719 $724 8% $10.5B $603 $422 $240 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Lo

22. Slide 22: Construction Loans Provide KW a National Footprint

    CONSTRUCTION LOANS PROVIDE KW A NATIONAL FOOTPRINT West Lafayette, IN Bozeman, MT Chicago, IL Denver, CO Salt Lake City, UT Jersey City, NJ Olympia, WA Madison, WI Bloomington, IN Old Tappan, NJ Syracuse, NY Ann Arbor, MI Tigard, OR Ithaca, NY Sacramento, CA Jersey City, NJ Stockton, CA New York, NY

23. Slide 23: Global Reach of Logistics Portfolio

    GLOBAL REACH OF LOGISTICS PORTFOLIO Geography Other 2% Ireland 7% U.S. 19% UK Industrial: Spire Green, Harlow $2.4B Portfolio Value UK 72% U.S. Industrial: Las Vegas, Nevada 13M 98% 21% Sq Ft Occupancy1 KW Ownership © KENNEDY WILSON 1 ) Excludes lease-up and development assets. IRL Industrial: Court

24. Slide 24: Financial Review

    © KENNEDY WILSON FINANCIAL REVIEW One Embassy Gardens , London, UK

25. Slide 25: Balance Sheet and Liquidity

    BALANCE SHEET AND LIQUIDITY Reduced Floating Rate Exposure Cash and Credit Facility Floating 4% Hedged 22% 96% $830M Cash 46% Fixed or Revolving Credit Facility Cash1 and Lines hedged debt (KW Share) 54% of Credit Fixed 74% 4.5yrs 4.7% Weighted avg. Effective term to maturity interest rate © KENNEDY

26. Slide 26: Components of Value

    COMPONENTS OF VALUE Key Valuation Metrics as of September 30, 2025: Investments Kennedy Wilson’s Share ($ in millions) Income Producing Assets Description Est. Annual NOI(1)(2) 1 Multifamily 38,492 units $273.4 1.9 million consolidated square feet 2a EU Office 83.9 0.5 million co-investment square f

27. Slide 27: Toll Brothers Apartment Living Acquisition

    © KENNEDY WILSON TO L L B ROT H E RS A PA RT M E N T L I V I N G AC Q U I S I T I O N Bristol at Southport, Renton, Washington, U.S.

28. Slide 28: Toll Brothers Apartment Living Overview

    TOLL BROTHERS APARTMENT LIVING OVERVIEW  Multifamily Development Platform: Established in 2012 as the rental‐housing arm of Toll Brothers  Industry Recognition: Consistently ranked among the nation’s top multifamily developers, including #6 on NMHC’s 2023 Top Developers list and winner of Phoenix,

29. Slide 29: Combination Creates a Best-in-Class National Rental Housing Platform

    COMBINATION CREATES A BEST-IN-CLASS NATIONAL RENTAL HOUSING PLATFORM 53 3 2 1 9 8 1 15 1 8 4 7 1 3 12 21 1 1 1 6 22 3 3 1 4 5 3 3 2 2 5 2 2 2 11 8 2 13 1 1 7 5 5 1 1 1 6 4 # KW MF Investments 1 11 12 # TBAL MF Investments 8 # Credit Investments 2 © KENNEDY WILSON Note: Information shown as of Septem

30. Slide 30: TBAL Complements Existing Rental Housing Platforms

    TBAL COMPLEMENTS EXISTING RENTAL HOUSING PLATFORMS 84K Units and $26B of AUM Across Global Rental Housing Investments $3.6B in Future AUM from Development Pipeline, if Completed Rental Rental Housing Equity Housing Credit United Total USA Ireland USA Kingdom TBAL / Market- Single-Family Market-Rate

31. Slide 31: Appendix

    © KENNEDY WILSON APPENDIX The Grange, Dublin, Ireland

32. Slide 32: Vintage Housing: Growing Our Affordable Housing Portfolio

    VINTAGE HOUSING: GROWING OUR AFFORDABLE HOUSING PORTFOLIO 18% Growth Expected in Stabilized Units by YE-27 Vintage at Urban Center, Lynwood, WA Southside by Vintage, Seattle, WA Steamboat by Vintage, Reno, NV At acquisition (Q2-15) Q3-25 Q4-271 Communities (stabilized) 30 53 61 Stabilized units 5,50

33. Slide 33: Irish Multifamily: Market Imbalance Creates Opportunity

    IRISH MULTIFAMILY: MARKET IMBALANCE CREATES OPPORTUNITY Low institutional Urgent need for new Fewer apartment dwellers ownership residential stock than other EU countries 240,798 60,000 47.5% Private rental units Annual residential % of apartment dwellers in Ireland1 requirement3 in EU countries5 11

34. Slide 34: Strong Office Fundamentals and Favorable UK & Irish Lease Structures

    STRONG OFFICE FUNDAMENTALS AND FAVORABLE UK & IRISH LEASE STRUCTURES UK & Irish leases KW UK & Ireland office portfolio1 Long-term with 5-year rent reviews 41.0% 99.5% Upward-only FRI leases rent reviews or fixed uplifts Upward-only rent reviews in UK (and pre-2010 in Ireland) 6.4yrs 4.0yrs WAULT WA

35. Slide 35: KW Top Assets by Est. Annual NOI

    KW TOP 20 ASSETS BY EST. ANNUAL NOI Accounts Asset name for 35% of Location Estimated Annual Region NOI Sector Est. Annual NOI1 Commercial (000 sq ft) MF Units Acquisition date 1 111 BPR London UK Office 16.5 216 - Nov-14 2 University Glen Camarillo, CA So. California Multifamily 14.8 - 696 Aug-16 3

36. Slide 36: Reconciliation of Net Income to Adjusted EBITDA

    RECONCILIATION OF NET INCOME ATTRIBUTABLE TO KWH COMMON SHAREHOLDERS TO ADJUSTED EBITDA ($ in M) Q3-25 2024 2023 2022 2021 Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders ($21.2) ($76.5) ($341.8) $64.8 $313.2 Non-GAAP adjustments: Add back (Kennedy Wilson’s Share)

37. Slide 37: Reconciliation of Net Income to Adjusted Net Income

    RECONCILIATION OF NET INCOME ATTRIBUTABLE TO KWH COMMON SHAREHOLDERS TO ADJUSTED NET INCOME ($ in M) Q3-25 2024 2023 2022 2021 Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders ($21.2) ($76.5) ($341.8) $64.8 $313.2 Non-GAAP adjustments: Add back (less): Depreciation

38. Slide 38: Estimated Annual NOI Reconciliation to GAAP NOI

    ESTIMATED ANNUAL NOI RECONCILIATION TO GAAP NOI ($ in M) Q3-25 Rental Revenues $87.2 Rental (Expenses) (34.7) Loans 5.7 Consolidated NOI $58.2 Adjustments: Non-controlling interest (1.6) NOI from unconsolidated investments (KW Share) 52.2 Property-Level NOI – Q3-25 (KW Share) $108.8 Adjustments: Ass

39. Slide 39: Definitions

    APPENDIX DEFINITIONS: Adjusted EBITDA represents net (loss) income before interest expense, loss (gain) on early extinguishment of debt, our share of interest expense included in unconsolidated investments, depreciation and amortization, our share of depreciation and amortization included in unconso

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