Wharf (holdings) Ltd. · HKEX:4
Wharf (holdings) — Q2 2026 Earnings Presentation
28 slides from Wharf (holdings)'s earnings presentation, Aug 11, 2026
Slide 1: The Wharf (Holdings) Limited 2026 Interim Results Announcement
x 140) WHARF Established 1886 THE WHARF (HOLDINGS) LIMITED 2026 Interim Results Announcement z Si
Slide 2: Operating & Underlying Profits +6%, Excluding Investments
Operating & Underlying Profits +6%, Excluding Investments • Investment Income Decreased Following Portfolio Reduction • Excluding Investments, Revenue +2%, OP & UNP +6% • Mainland IP Stable with Prudent Revaluation Deficit • Mainland DP Decline Covered by Hong Kong DP Growth • Logistics Relatively R
Slide 3: Strategic Pillar: Properties
Strategic Pillar: Properties Total Assets Group Revenue Group UNP $131B $4,386M $933M HK$M HK Properties HKDP Pipeline 47% 13% 148 Developed & MLDP 12% 3% -543 Substantially Developed MLIP 27% 52% 1,144 Hotels 3% 7% -7 Logistics Infrastructure 11% 25% 191 Note: The Above Breakdowns Exclude All Finan
Slide 4: Financial Highlights
Financial Highlights HKD Million 1H26 1H25 %Chg. • UNP -17% Group Revenue 5,344 5,669 -6% - HKDP: Overtaking MLDP; Increase in Bookings Operating Profit 2,354 2,657 -11% - MLDP: Net Provisions of $547M (1H25: $522M) Underlying Net Profit* 1,697 2,035 -17% - MLIP: Largest & Stable Contributor (67% of
Slide 5: Net Cash
Net Cash Net Cash/ (Debt) (HKD Billion) 6.2 Net Cash • Progressive Reductions in Net Debt in Recent Years • Net Cash Since End of 2025 2.0 - Net Cash $8.6B (Excl. MTL’s Net Debt of $2.4B) (25.5) (13.2) (5.3) (7.8) (7.1) • $3.2B Disposal of Equity Investment in 1H26 (FY25: $9.7B) Period-end: 2020 202
Slide 6: Agenda
Agenda • Hong Kong Properties • Mainland Development Properties • Mainland Investment Properties • Hotels • Logistics Infrastructure
Slide 7: Hong Kong Properties
Hong Kong Properties HKDP Operating Matrix & Contracted Sales (1H26) • Overall Resi Market: Meaningful Gains in Price & Volume Revenue $1,345M (+183%) - Solid Local Demand; Continued Talent & Capital Inflow Operating Profit $166M (+435%) • 1H26 Recognitions Contracted Sales $1,084M (+255%) Net Order
Slide 8: HKDP Major Pipeline
HKDP Major Pipeline Launched Launched To be Launched in 2026 2027 & Onwards No. 2-8 Mansfield Road • 100%-owned • The Peak • Attri. GFA: 259,300 sf No. 9, 11 Mansfield Road • 50%-owned • The Peak • 100%-owned • 30%-owned • 100%-owned • Attri. GFA: 72,500 sf • The Peak • Kai Tak Waterfront • Peak Pro
Slide 9: Mainland Development Properties
Mainland Development Properties Operating Matrix & Contracted Sales (1H26) Revenue $238M (-54%) • Reduced Exposure Since 2019 Operating Profit Loss of $3M (1H25: Profit of $40M) - Remaining Inventory Concentrate in Slow-moving Office Contracted Sales RMB 345M (-60%) • Weak Sentiment Despite Early Si
Slide 10: Mainland Investment Properties
Mainland Investment Properties Mainland IP Operating Matrix (in HKD) Revenue $2,269M (+1%) Operating Profit $1,490M (+1%) • Retail: - 1Q Improved But Momentum Slowed in 2Q Mainland IP Revenue (RMB Billion) 4.5 - Consumers Remained Value-Driven, Led by Subsidies 3.7 4.1 4.3 4.2 4.0 - Online & Offline
Slide 11: IFS Malls
IFS Malls Chengdu IFS Mall | Occupancy*: 97% (Excl. Arcade Conversion) Changsha IFS Mall | Occupancy*: 98% (Occupied Basis) Arcade Conversion New Openings/ Expansions (Selected Brands) • Expected Completion: Late 2026 HERMÈS BRUNELLO CUCINELLI POP MART • Tenant Mix: Fashion, Jewelry, Cosmetics & Lif
Slide 12: Hotels
Hotels Hotels Operating Matrix* (1H26) Revenue $323M (+4%) Operating Loss $4M (1H25: $11M) *Incl. Ownership & Management Niccolo • HK – Improved Occupancy & Room Rates: Since 2015 5 Award-winning Hotels (3 Owned) - Supported by Growth in Visitors, Mega Events, Segment in HK, Chengdu, Changsha, Chong
Slide 13: Logistics Infrastructure
Logistics Infrastructure Modern Terminals (1H26) Revenue Operating Profit $1,066M (+0%) $104M (-18%) • Global Trade Faced Ongoing Disruption Throughput* (million TEUs) 1H26 YoY Chg - Geopolitical Tension & Middle East Conflict HK 1.6 -6% DaChan Bay (DCB)# 1.4 +16% - Volatile Fuel Prices & Restructur
Slide 14: Outlook
Outlook
Slide 15: Outlook
Outlook Global Hong Kong Chinese Mainland • Geopolitical Tensions & Policy Risks • “Safe Haven” in Troubled Times • Growth Led More by Export than Domestic Consumption • Volatile Energy Prices, Cost Inflation • Influx of Capital, Talent & Start-Ups Stimulates Demand for Goods, • Friendly Visa Policy
Slide 16: Sustainability
Sustainability
Slide 17: Recognised Achievements
Recognised Achievements Recognitions Certifications LEED Platinum • Chengdu IFS ▪ Member of Hang Seng Corporate Sustainability • Changsha IFS Index Series; “AA+” Sustainability Rating • Shanghai Wheelock Square LEED Gold • Wuxi IFS Provisional Platinum • No. 2–8 Mansfield Road • No. 9, 11 Mansfield
Slide 18: Environment
Environment Science Based Targets Initiative (“SBTi”) Sustainable Finance Renewable Energy Green or Sustainability-linked Loans Properties that Support Solar Energy Generation Near-term GHG Emissions Reductions Targets Validated Raised ~$28.2B Accumulatively • Changsha IFS (As at 30 Jun 2026) • Chen
Slide 19: Social
Social Project WeCan – 15th Anniversary Community Care • Flagship Initiative Empowering Youth Development • Among Top 3 Donors of The Community Chest For 5 Consecutive Years No. of Students Benefited No. of Partner Schools No. of Partner Organisations (Awarded to The Wharf Group incl. Wharf REIC & W
Slide 20: Corporate Governance
Corporate Governance Board Diversity Board Engagement 11 Board Members (As at 30 Jun 2026) 1H26 Meeting Attendance Accounting Professionals/ Financial Mgt Executive Board INEDs Banking/ Financial & Securities/ Investment Designation Members 45% 55% Chinese Mainland Exposure Education/ Academia Gover
Slide 21: Appendix
Appendix
Slide 22: Summary of HK Properties
Summary of HK Properties Portfolio Usage Status Locations Attributable GFA (s.f.) 1. Peak Portfolio Residential Development No. 2-8 Mansfield Road 259,300 No. 9,11 Mansfield Road (50%-JV) 72,500 Sales Mount Nicholson (50%-JV) 15,000 1 Plantation Road 86,000 Lease Chelsea Court 43,000 Strawberry Hill
Slide 23: MLDP Contracted Sales Breakdown
MLDP Contracted Sales Breakdown Region City Contracted Sales (%) GFA Sold (%) Western China Chengdu 48% 20% Chongqing 15% 27% Western China Sub-Total 63% 47% Eastern China Suzhou 36% 52% Others Foshan, Guangzhou & Hangzhou 1% 1% 2026 Interim Results | 23
Slide 24: MLDP Key Projects on Sales in 1H26
MLDP Key Projects on Sales in 1H26 Attributable Attributable Average Proceeds GFA Sold Price Projects City (RMB M) (s.m) (RMB psm) Ownership Chengdu IFS Residences 成都IFS國金豪庭 Chengdu 170 3,048 55,900 100% Villa One (Huayuan Road Lot 78) 蘇州天灝逅灣雅苑 Suzhou 107 6,064 17,600 100% International Community 重慶
Slide 25: MLDP Unsold Stock Breakdown by City
MLDP Unsold Stock Breakdown by City Region City GFA million (s.m) % Total Central China Changsha 0.34 49% Western China Chengdu 0.11 17% Chongqing 0.08 12% Western China Sub-Total 0.19 29% Eastern China Suzhou 0.11 17% Northern China Beijing 0.04 5% Total 0.68 100% 2026 Interim Results | 25
Slide 26: MLIP – Different Series
MLIP – Different Series Times Square IFS & Times Outlets Total GFA * Year of Total GFA * Year of Property Project Nature (s.m.) Completion Property Project Nature (s.m.) Completion Times Square Mixed-use IFS Complexes Chongqing ** O/R 55,000 2004 Chengdu R/O/S.A/H 603,000 2013-2016 Chongqing** R/O/H
Slide 27: Overview of Application of Funds
Overview of Application of Funds Major Capital & Development Expenditure To be Incurred in Coming Years HK$M Incurred in 1H26 Committed Uncommitted Total Hong Kong IP 7 27 6,330 6,357 Hong Kong DP 840 2,790 4,412 7,202 Chinese Mainland IP 13 2 119 121 Chinese Mainland DP 83 697 85 782 Others 26 668
Slide 28: End of Presentation
End of Presentation The Wharf (Holdings) Limited [HKEx Stock Code: 4.HK] Disclaimer All information and data are provided for information purposes only. All opinions included herein constitute our judgment as of the date hereof and are subject to change without notice. The Group, its subsidiaries an