Shui On Land Ltd. · HKEX:272
Shui On Land — 1H 2026 Earnings Presentation
46 slides from Shui On Land's earnings presentation, Aug 27, 2026
Slide 1: 2026 Interim Results
2026 Interim Results 27 August 2026
Slide 2: Agenda
Agenda Business Review and Vincent Lo Outlook & Strategy Chairman Key Financial Highlights Douglas Sung CFO & CIO, Shui On Land Property Sales, Development & Jessica Wang Sustainability CEO, Shui On Land Commercial Asset Management Allan Zhang CEO, Shui On Xintiandi
Slide 3: Business Review and Outlook & Strategy
Business Review and Outlook & Strategy _______ Vincent Lo Chairman
Slide 4: Resilient Performance, Opportunities Ahead
Resilient Performance, Opportunities Ahead Risks Opportunities Persistent geopolitical uncertainties Urban regeneration Prolonged adjustment and Shifts in consumption patterns correction in the property focusing on experiences and sector services Divergent market Sustained recovery in inbound perfor
Slide 5: 1H 2026 Highlights
1H 2026 Highlights Profit recovery Positive momentum Proactive Special in commercial capital dividend property management performance ◼ Core earnings ◼ Total rental and ◼ Fully repaid USD400 ◼ Special dividend of 53% y-o-y to related income million of senior HKD0.04 per share RMB403 million1 4% y-o-
Slide 6: TIME World's Most Impactful Companies 2026
Shui On Land- TIME World’s Most Impactful Companies 2026 First and Only Chinese Property Company to Receive This Global Honour “Thriving cities are made of vibrant communities, not buildings. We are dedicated to building resilient and culturally diverse urban communities that bring heritage to life.
Slide 7: Gradual Recovery in China's Property Market
Gradual Recovery in China’s Property Market Residential ▪ Property market expected to remain in a gradual bottoming-out process as supportive policies and supply-demand rebalancing take effect ▪ Market divergence widening with transactions gathering pace and prices beginning to stabilise in first-ti
Slide 8: Strategy Going Forward
Strategy Going Forward Short-term strategic priorities ▪ Expand Asset-Light strategy and capture selective opportunities ▪ Leverage on our brands (community brand - “Xintiandi” and luxury residential living brand -“Lakeville”), focusing on Shanghai and selective top-tier cities, and further expand i
Slide 9: Key Financial Highlights
Key Financial Highlights _______ Douglas Sung CFO & CIO
Slide 10: Financial Performance
Financial Performance Revenue Gross profit ▪ Core earnings and profit (RMB) (RMB) attributable to shareholders rose by 53% and 337% y-o-y, 1,711m 1,167m supported in part by prudent cost management and solid rental growth Property sales Total rental and revenue related income ▪ Revenue and property
Slide 11: Income Statement
Income Statement RMB’m 1H 2026 1H 2025 Change Revenue of the Group 1,711 2,074 (18%) Property sales 7 145 (95%) Rental & related income 1,038 965 8% Property management income 291 281 4% Hotel, construction and others 375 683 (45%) Cost of sales (544) (705) (23%) Gross profit 1,167 1,369 (15%) Gross
Slide 12: Income Statement (Cont'd)
Income Statement (Cont’d) RMB’m 1H 2026 1H 2025 Change Profit before tax 319 13 24x Tax (76) 68 (212%) Profit for the period 243 81 200% Attributable to: Non-controlling shareholders 20 30 (33%) Profit attributable to shareholders 223 51 337% Core earnings 403 263 53% Earnings per share – Basic RMB2
Slide 13: Core Earnings
Core Earnings RMB’m 1H 2026 1H 2025 Change Profit attributable to shareholders 223 51 337% Decrease in fair value of investment properties, net of tax and non- 112 136 (18%) controlling interests Share of results of associates and joint ventures - decrease in fair value of investment properties, net
Slide 14: Key Balance Sheet Metrics
Key Balance Sheet Metrics Total assets Total debt ▪ Valuation of investment (RMB) (RMB) property portfolio remained largely stable ▪ Net gearing ratio slightly 84,598m 27,851m increased Total cash and bank Net debt deposits (RMB) (RMB) 6,142m 21,709m Shareholders' Net gearing equity per share ratio
Slide 15: Asset and Debt Movements
Asset and Debt Movements Net assets Breakdown of assets by nature (RMB’bn) 44.1 4% 42.7 38.2 38.7 7% 1% 4% 19% 50% Dec 23 Dec 24 Dec 25 1H 2026 Net debt 15% (RMB’bn) 23.0 22.2 21.7 19.8 Investment Properties JV and Associate Investment & Loans - for IP JV and Associate Investment & Loans - for Sale
Slide 16: Valuation of Investment Property Portfolio
Valuation of Investment Property Portfolio Increase Carrying Value Fair Value Attributable /(decrease) Leasable GFA as of Gain/(loss) to Carrying Value in fair value Portfolio 30 June 2026 Carrying Value to the Group for 1H 2026 sq.m. RMB’m RMB’m % RMB’m Completed investment properties at valuation
Slide 17: Stable Financial Position After Deleveraging
Stable Financial Position After Deleveraging Net gearing 81% 68% Consistently 52% 52% 52% 52% 56% maintained a relatively 51% 45% 45% low gearing ratio in the 40% 30% past few years as compared against industry peers 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 Net debt (RMB’m) 37,
Slide 18: Refinancing Extended Maturity Profile
Refinancing Extended Maturity Profile Offshore debt repayment since 2021 (RMB’m) ▪ Full repayment of USD400 11,576 million senior notes 11,132 9,344 8,930 ▪ Since 2021, a total of 5,018 7,965 RMB51.5 billion offshore 4,931 5,824 5,320 5,178 debts (gross amount) and 1,808 2,390 RMB26.8 billion in net
Slide 19: A Well-Managed Debt Maturity Profile
A Well-Managed Debt Maturity Profile ▪ Maturity wall has peaked ▪ 96% of debts due in 2026 already repaid/refinanced ▪ Maturity over the next 18 months is relatively light Annual debt maturity from 2023 Debt maturity profile as of 30 June 2026 (RMB’m) (RMB’m) 14,562 14,359 10,870 10,165 7,551 14,562
Slide 20: Strengthening Credit Profile and Coverage Ratio
Strengthening Credit Profile and Coverage Ratio Rental income/ total interest costs1 ▪ Proportion of FX funding has lowered 134.7% 140.5% from 78% in 2022 to 18% as of 30 June 106.1% 104.6% 124.2% 2026 ▪ Average cost of debt remained at a relatively low level of 4.4% ▪ Interest coverage continued to
Slide 21: Strong Increase in Net Current Assets
Strong Increase in Net Current Assets Net current assets (RMB’m) Jun 23 1,443 Dec 23 1,516 Jun 24 1,902 Dec 24 7,975* Jun 25 2,387 Dec 25 1,507 Jun 26 6,978 Note: * As of 31 December 2024, net current assets increased by RMB6.1 billion compared with June 2024, primarily because the remaining proceed
Slide 22: Priorities for Capital Management
Priorities for Capital Management ▪ Continue to exercise prudent yet proactive capital management strategy for liquidity management and financial stability ▪ Exercise strong discipline in cost control ▪ Maintain a diversified approach to funding, including exploring ABS issuance, CMBS issuance, asse
Slide 23: Property Sales, Development & Sustainability
Property Sales， Development & Sustainability _______ Jessica Wang CEO, Shui On Land
Slide 24: Property Sales
Property Sales ▪ Contracted property sales amounted to RMB2,961 million, comprising residential property sales of RMB2,440 million and commercial property sales of RMB521 million ▪ RMB464 million subscribed sales for contract in coming months ▪ RMB19,433 million locked-in sales available for deliver
Slide 25: Residential Sales Pipeline
Residential Sales Pipeline Residential GFA available for sale and pre-sale in 2H 2026 GFA Group’s Attributable Project Product in sq.m. Interests GFA in sq.m. i Shanghai Lakeville VI (Lot 122)1 Townhouses 6,200 50% 3,100 Riverville Townhouses 10,100 60% 6,100 Nanqiao Tiandi High-rises 13,900 5% 700
Slide 26: Continuing to Advance our Development Strategy
Continuing to Advance our Development Strategy Market highlights in 1H 2026 Strategic focus More supportive policies released to stabilise the market 1 ▪ Continued policy support focused on market stabilisation and the Continue to focus on top- shift towards “improving quality and transforming the d
Slide 27: Adhering to Asset-Light Strategy
Adhering to Asset-Light Strategy Asset-Light strategy Leading position in selective Asset-Light Developer, markets: Shanghai as home Investor & market and further expand in GBA Developer Asset strategy Manager Balanced strategy between property development, asset management and fee income Continue t
Slide 28: Asset-Light Projects in Progress
Asset-Light Projects in Progress Asset-Light mixed-use development projects as of 30 June 2026 Estimated Residential Estimated Commercial Estimated Group’s Project GFA sq.m. GFA sq.m. Project Period Interests Nanqiao Tiandi, Shanghai 325,000 98,000 2025 – 2031 5% Yong Xin Li, Shanghai 165,000 55,000
Slide 29: Expanding Urban Retreat Community Line
Expanding Urban Retreat Community Line ▪ Drawing on the Panlong Xintiandi Zhaolou Xintiandi Sanlin Xintiandi success of (completed) (upcoming) (upcoming) Panlong Xintiandi, two urban retreat projects in the pipeline ▪ Proven success with 50+ ▪ A mixed-used ▪ Strategically located ▪ To capture indust
Slide 30: Residential Development Saleable Resources as of 30 June 2026
Residential Development Saleable Resources as of 30 June 2026 ▪ Two new projects in Shanghai have been added Approximate Saleable Estimated Gross Estimated Project Residential Saleable Group’s Attributable Sales GFA Resource Interests RMB’ bn sq.m. RMB’ bn Lakeville VI (Lot 122)2 11,200 3.6 50% 1.8
Slide 31: Commercial Development
Commercial Development Commercial properties Under development and for future development as of 30 June 2026 Office Retail Total Group’s Attributable Project GFA sq.m. GFA sq.m. GFA sq.m. Interests GFA sq.m. Xintiandi Liuheli (Lot 122) - 11,000 11,000 50% 5,500 Yong Xin Li New - 23,000 23,000 15% 3,
Slide 32: Delivering Sustainability Performance and Recognition
Delivering Sustainability Performance and Recognition 1H 2026 achievements Clean – carbon reduction Community – sustainable lifestyle 100% 2026 Green Xintiandi Festival Renewable electricity adoption at KIC ▪ Held across 11 projects in five cities Shanghai since January ▪ Engaged tenants and the pub
Slide 33: Commercial Asset Management
Commercial Asset Management _______ Allan Zhang CEO, Shui On Xintiandi
Slide 34: Prime Shanghai Assets Underpin Commercial Portfolio Strength
Prime Shanghai Assets Underpin Commercial Portfolio Strength Xintiandi Shikumen Block , Xintiandi Style, Shui On Plaza and Xintiandi Plaza CPIC Xintiandi Commercial Centre Completed commercial assets in Shanghai RMB78.4 bn Asset value1 (as of 30 June 2026) GFA: 140,0001 sq.m. GFA: 271,000 sq.m. 5 Co
Slide 35: Solid Rental Growth
Solid Rental Growth Rental and related income (RMB’m) ▪ Total rental and related income increased by 4% y-o-y ▪ Shanghai portfolio recorded 5% y-o-y growth 1,781 1,856 ▪ Contributions from new projects: 818 ▪ Xintiandi Dongtaili 816 (opened in December 2025) ▪ Wuhan KIC Park (opened in September 202
Slide 36: Retail: Positive Momentum
Retail: Positive Momentum ▪ Strong momentum in overall sales and shopper Retail sales and shopper traffic growth (y-o-y) traffic, up 20% and 17% y-o-y in 1H 2026 20% 17% ▪ Average occupancy stable at 94% 15% 12% 10.5% 10.5% ▪ Accounted for 62% of total rental income, excluding rental related income
Slide 37: Office: Higher Occupancy Supported by Quality Tenants
Office: Higher Occupancy Supported by Quality Tenants Resilient performance Office service platform upgrade ▪ Mature Shanghai office portfolio achieved ▪ Upgraded Shui On WorkX into an “Office 94%1 average occupancy as of 30 June Ecosystem Value Co-creation Platform”, 2026, up from 93% as of 31 Dece
Slide 38: Strategic Focus in 2H 2026
Strategic Focus in 2H 2026 Retail Maintaining robust growth in shopper traffic and tenant sales while sustaining high occupancy ▪ Capitalise on inbound tourism opportunities ▪ Deliver vibrant cultural and lifestyle experiences and launch an enhanced CRM platform to elevate the community experience ▪
Slide 39: Q&A
Q&A
Slide 40: Appendix
Appendix ecg - of [Rae mae
Slide 41: Commercial Portfolio Performance by Project
Commercial Portfolio Performance by Project Leasable Occupancy Rate Project Product GFA sq.m. 30 June 2026 Shanghai Xintiandi Xintiandi Shikumen Block Office / Retail 54,000 96% Xintiandi Style Retail 26,000 96% Shui On Plaza and Xintiandi Plaza Office / Retail 53,000 96% 5 Corporate Avenue, Xintian
Slide 42: Financial Position
Financial Position RMB’m 30 June 2026 31 December 2025 Change % Total cash and bank deposits 6,142 6,451 (5%) Total assets 84,598 82,577 2% Total debt 27,851 26,294 6% Bank and other borrowings 24,728 19,200 29% Senior notes 3,123 2,809 11% CMBS - 4,285 (100%) Net debt 21,709 19,843 9% Total equity
Slide 43: Property Sales by Projects
Property Sales by Projects Wuhan La Valle KIC Wuhan As of Changjiang Lakeville VI Riverville Wuhan The Moment Tiandi 30 June 2026 Xintiandi (R2) (B4) GFA (sq.m.) 86,0001 30,0001 38,600 32,300 135,000 108 (High-rises)+ Total units 90 226 280 836 44 (Townhouses) 108 (High-rises)+ No. of units launched
Slide 44: 2030 Sustainability Strategy
2030 Sustainability Strategy Our Vision: To be a pioneer of sustainable premium urban communities 44
Slide 45: Quality Resources in Top-tier and High-growth Cities
Quality Resources in Top-tier and High-growth Cities Total Approximate/ Project Residential Commercial Estimated GFA sq.m. Shanghai Xintiandi 86,000 508,000 594,000 Ruihong Xintiandi - 441,000 441,000 KIC Shanghai - 253,000 253,000 Inno KIC - 45,000 45,000 Hongqiao Xintiandi - 263,000 263,000 Panlon
Slide 46: Building a future, Sharing a dream
APA BE AT HR Sh im 22 is th Building a future, Sharing a dream SHUI ON LAND