Slide 1: Wang On Properties Corporate Presentation 2026 Annual Results
於百慕達注冊成立之有限公司 Incorporated in Bermuda with limited liability 股份代號 Stock Code: 1243 Wang On Properties Corporate Presentation 2026 Annual Results CONNEXT Project
Slide 2: Disclaimer
Disclaimer This presentation is strictly confidential and is provided to you solely for your information and may not be reproduced, retransmitted, further distributed to any other person or published, in whole or in part, for any purpose without the prior written consent of Wang On Properties Limite
Slide 3: 1. Financial Highlights
1. Financial Highlights
Slide 4: Consolidated Income Statement
Wang On Properties | HKEX: 1243 FINANCIAL PERFORMANCE Consolidated Income Statement HK$’million FY2026 FY2025 Change KEY DRIVERS Revenue 1,397 1,255 +11% Revenue +11% Cost of sales (1,448) (1,116) +30% Higher sales and delivery of residential projects — Larchwood, FINNIE and houses at Mount Pokfulam
Slide 5: Loss Driven Largely by Non-Cash Items
Wang On Properties | HKEX: 1243 QUALITY OF EARNINGS Loss Driven Largely by Non-Cash Items HK$501M of total non-cash items within the year’s loss Down 12% from HK$572M in FY2025. 1.HK$207M one-off loss on partial disposal of 20% interests in the Sunny House JVs to Angelo, Gordon & Co., L.P 2.Write-do
Slide 6: Strengthened Liquidity, Lower Leverage
Wang On Properties | HKEX: 1243 FINANCIAL POSITION Strengthened Liquidity, Lower Leverage HK$492M HK$2,560M 1.6x HK$2,567M Equity attributable to owners of the Cash & bank balances Interest-bearing borrowings¹ Current ratio parent +39% -17% vs. 3.2x FY25 -26% Interest-bearing borrowings¹— Maturity P
Slide 7: Debt Maturity Profile
Wang On Properties | HKEX: 1243 DEBT MATURITY PROFILE As at 31 March 2025 and 2026 | HKD Millions HK$2,560M HK$3,090M HK$530M Total Interest-bearing borrowings¹ (FY2026) Total Interest-bearing borrowings¹ (FY2025) Debt Repaid (FY2026) ▼ −17% YoY | HK$530M repaid Prior year for comparison ↓ Net reduc
Slide 8: Consolidated Statement of Cash Flows
Wang On Properties | HKEX: 1243 CASH FLOW ANALYSIS Consolidated Statement of Cash Flows Key Cash Flow Items by Activity (HK$’million) HK$’million FY2026 FY2025 Change Net cash from operating activities 921 918 n.m. WHAT THE CASH FLOWS TELL US incl. handover of properties held for sales 1,358 1,024 +
Slide 9: Sound Liquidity & Improving Credit Metrics
Wang On Properties | HKEX: 1243 KEY FINANCIAL RATIOS Sound Liquidity & Improving Credit Metrics Selected ratios highlighting the Group’s liquidity, cash generation and deleveraging progress FY2026 FY2026 FY2026 1.6× 3.5× ~100% Current Ratio Operating Cash Interest Cover Cash Conversion Current asset
Slide 10: Two-Year Strategic Plan FY2027–FY2028
Wang On Properties | HKEX: 1243 TWO-YEAR STRATEGIC PLAN | FY2027–FY2028 GROWTH FINANCING DELEVERAGING Land Bank Replenishment Syndicated Loan Refinancing High-Cost Debt Reduction Selectively replenish the land bank to Successfully refinance the existing Accelerate repayment of high- sustain future r
Slide 11: 2. Property Development
mz TF ih & WANG ON PROPERTIES 2. Property Development
Slide 12: Property Development Track
Wang On Properties | HKEX: 1243 PROPERTY DEVELOPMENT TRACK HK$2,881M HK3,45M HK$569M Page 12
Slide 13: Property Development Track
Wang On Properties | HKEX: 1243 PROPERTY DEVELOPMENT TRACK HK$2,881M HK3,45M HK$569M Page 13
Slide 14: Land Bank
Wang On Properties | HKEX: 1243 LAND BANK1 HK$2,881M Residential projects under sale HK3,45M Total approx. Estimated unsold 6 WOP’s unsold saleable No. District Project GDV 7 interest floor areas (HK$ Mn) (sq.ft.) 1 Quarry Bay FINNIE 100% 152 2,700 2 Ap Lei Chau PORTO 100% 1,471 38,900 3 Pok Fu Lam
Slide 15: 3. Commercial Investment
mz TF ih & WANG ON PROPERTIES
Slide 16: Commercial Investment – Leased Portfolio
Wang On Properties | HKEX: 1243 COMMERCIAL INVESTMENT – LEASED PORTFOLIO Rental Income (HK#039;M) Commercial Investment Operating 300.0 257.8 Margin 250.0 216.0 100.0% 200.0 173.1 74.0% 74.1% 75.0% 63.6% 150.0 50.0% 100.0 50.0 25.0% - 0.0% 2023/24 2024/25 2025/26 2023/24 2024/25 2025/26 Property WOP's
Slide 17: Commercial Investment – Diversification
Wang On Properties | HKEX: 1243 COMMERCIAL INVESTMENT – DIVERSIFICATION Strategies: Commercial/industrial properties: ➢ Enhance asset value through active asset management and asset enhancement initiatives Diversification of investments ➢ Optimize tenant mix, occupancy and rental performance (by mar
Slide 18: 4. Asset Management
3 il WANG ON PROPERTIES a Wwe
Slide 19: Asset Manager – Our Portfolio
Wang On Properties | HKEX: 1243 ASSET MANAGER – OUR PORTFOLIO JV partnerships across residential, commercial & student housing Category Residential Commercial Student Housing Partners Projects Redevelopment project in Yau 6 Redevelopments Sites across HK Parkside & Lake Silver Retail Jumbo Court Car
Slide 20: Asset Management Overview
Wang On Properties | HKEX: 1243 ASSET MANAGEMENT OVERVIEW JV partnership details Property Partner JV Set Up WOP's Interest Approx. Unsold Saleable Area/ Leasing Area 6 Residential projects APG 2021 50% 177,900 sq. ft 86A-D Pok Fu Lam Road Kam Wah 2018 70% 13,200 sq. ft The Parkside KKR 2019 50% 35,3
Slide 21: Asset Management Fee – Financial Highlights
Wang On Properties | HKEX: 1243 ASSET MANAGEMENT FEE – FINANCIAL HIGHLIGHTS Fee income by projects Asset Management fee by Projects 25 Strategy: 20 As the asset manager of the invested assets, the group earns fee income upon achieving or exceeding certain target internal rate 15 of return. Millions
Slide 22: 5. Student Housing
Sunny House@Kai Tak 5. Student housing Sunny House@Mong Kok
Slide 23: Sunny House – Core Values
Wang On Properties | HKEX: 1243 SUNNY HOUSE – 6 CORE VALUES Redefining the new standard for student accommodation in Hong Kong Wang On strives to deliver the highest quality accommodation specifically designed for university students. Sunny House embodies the new standard for student accommodation i
Slide 24: Sunny House@Mong Kok (Former Hotel Ease Mong Kok)
Wang On Properties | HKEX: 1243 SUNNY HOUSE@MONG KOK (FORMER HOTEL EASE MONG KOK) The conversion into student accommodation is scheduled for completion in 2026. Address 60 Portland Street, Mong Kok GFA 48,595 sq. ft Room Numbers 199 Bed Numbers 216 Occupancy Rate Leasing is scheduled to commence in
Slide 25: Sunny House – Financial Highlights
Wang On Properties | HKEX: 1243 SUNNY HOUSE – FINANCIAL HIGHLIGHTS Rental performance by room type Trend in Average Monthly Bed Rates by Room Type Key highlight 18,000 16,492 15,917 16,000 ➢ A positive year-on-year pricing Average Monthly Bed Rate (HK$) 14,000 trend across all room types 12,000 ➢ Th
Slide 26: Sunny House – Marketing & Leasing Strategies
Wang On Properties | HKEX: 1243 SUNNY HOUSE – MARKETING & LEASING STATEGIES Xiaohongshu, WeChat & Instagram | Online Room Viewing Page 26
Slide 27: Sunny House – Marketing & Leasing Strategies
Wang On Properties | HKEX: 1243 SUNNY HOUSE – MARKETING & LEASING STRATEGIES KOL Seeding | Tenant Sharing Page 27
Slide 28: Sunny House – Marketing & Leasing Strategies
Wang On Properties | HKEX: 1243 SUNNY HOUSE – MARKETING & LEASING STRATEGIES Press Release & Media Articles Page 28
Slide 29: Sunny House – All-Round Community Life
Wang On Properties | HKEX: 1243 SUNNY HOUSE – ALL-ROUND COMMUNITY LIFE Student life programmes across sports, culture, education and community Sports Gathering / Voluntary Work Education & Career Festive & Arts Page 29
Slide 30: 6. Financial Ratios
6. Financial ratios 101 KINGS ROAD Project
Slide 31: Revenue Growth: +369% Over Three Years
Wang On Properties | HKEX: 1243 REVENUE GROWTH: +369% OVER THREE YEARS Revenue surged from HKD 298M (FY2024) to HKD 1,397M (FY2026) on successful project completions | FY2024–FY2026 3500 HKD 3,349M Contracted Sales (FY2026) 3000 HKD 2,933M HKD 2,933M ▲ +72% vs FY2024 2500 3-Year Revenue Growth HKD M
Slide 32: Consistent Deleveraging: Borrowings Down 39%
Wang On Properties | HKEX: 1243 CONSISTENT DELEVERAGING: TOTAL INTEREST-BEARING BORROWINGS¹ DOWN 39% Total Interest-bearing borrowings¹ reduced HKD 1,676M from peak — third consecutive year of deleveraging | FY2024–FY2026 5000 Total Interest-bearing borrowings¹ FY2026 HKD 4,236M HKD 2,560M 4000 −HKD
Slide 33: Cash Balance Recovery: +39% in FY2026
Wang On Properties | HKEX: 1243 CASH BALANCE RECOVERY: +39% IN FY2026 Cash and equivalents rebounded to HKD 492M despite repaying HKD 569M of debt in the same year | FY2024–FY2026 900 Cash Balance FY2026 800 HKD 492M HKD 723M ▲ +39% vs FY2025 (HKD 354M) 700 Main Cash Source 600 Property Proceeds HKD
Slide 34: Operating Cash Flow Turnaround
Wang On Properties | HKEX: 1243 OPERATING CASH FLOW TURNAROUND: +HKD 1,645M SWING OCF turned strongly positive in FY2025 and sustained at +HKD 921M in FY2026 — covering interest expense 3.5x | FY2024–FY2026 1000 HKD 918M HKD 921M OCF FY2026 750 +HKD 921M Sustained positive — 2nd consecutive year 500
Slide 35: 7. Sustainable Development
7. Sustainable Development
Slide 36: Our Sustainability Approach
Wang On Properties | HKEX: 1243 ESG PILLARS Our Sustainability Approach 5-YEAR ESG plan to actively support and advance relevant United Nations Sustainable Development Goals (UNSDG) Continue to provide anti-corruption training annually to directors and Robust Governance employees Annual declaration
Slide 37: Our Sustainability Approach
Wang On Properties | HKEX: 1243 ESG PILLARS Our Sustainability Approach 5-YEAR ESG plan to actively support and advance relevant United Nations Sustainable Development Goals (UNSDG) Green Building Sustainable Places • Taking part in the Global Real Estate Sustainability Benchmark (“GRESB”) assessmen
Slide 38: Our Sustainability Approach
Wang On Properties | HKEX: 1243 ESG PILLARS Our Sustainability Approach 5-YEAR ESG plan to actively support and advance relevant United Nations Sustainable Development Goals (UNSDG) Caring our people Thriving People Using charitable and recreational activities to build team cohesion Cultivating a co
Slide 39: PORTO Project
A - HA (ftrtititii 1 if an Ve z 2 it @ q WANG ON PROPERTIES oe www.voproperties.com PORTO Project