Howard Hughes Holdings Inc. · NYSE:HHH
Howard Hughes — Q2 2026 Earnings Presentation
39 slides from Howard Hughes's earnings presentation, Aug 5, 2026
Slide 1: Second Quarter 2026 Supplemental Information
Howard Hughes Holdings Inc. Second Quarter 2026 Supplemental Information June 30, 2026 Exhibit 99.2
Slide 2: Cautionary Statements
2H O W A R D H U G H E S H O L D I N G S Cautionary Statements Forward-Looking Statements This presentation contains forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance,
Slide 3: Table of Contents
3H O W A R D H U G H E S H O L D I N G S Table of Contents Topics Page # Howard Hughes Holdings (HHH) Company Highlights 4 Howard Hughes Communities (HHC) Highlights 5 Vantage Highlights 16 Appendix 26
Slide 4: Howard Hughes Holdings Company Highlights
4H O W A R D H U G H E S H O L D I N G S Howard Hughes Holdings Company Highlights } Closed on $2.1 billion acquisition of Vantage Group Holdings, Ltd. (Vantage), a specialty insurance and reinsurance company } Continued momentum across its core real estate platform highlighted by 32% growth in MPC
Slide 5: Howard Hughes Communities Highlights
Howard Hughes Communities Highlights
Slide 6: Howard Hughes Communities Performance Update
6H O W A R D H U G H E S H O L D I N G S ($ in millions) Q2 2026 Q2 2025 TTM Q2 2026 TTM Q2 2025 Master Planned Communities: MPC Segment EBT $134.7 $102.4 $529.5 $367.3 Residual Value for Wholly Owned MPCs(1) $5,734.6 $6,112.7 N/A N/A Operating Assets: Net Operating Income (NOI) $70.5 $68.9 $279.6 $
Slide 7: Master Planned Communities: Earnings Before Taxes
7H O W A R D H U G H E S H O L D I N G S Master Planned Communities: Earnings Before Taxes1 ($ in millions, unless otherwise noted) Q2 2026 Q2 2025 TTM Q2 2026 TTM Q2 2025 Trailing 5- Year Avg. Earnings Before Taxes Total Acres Closed 119.7 ac. 110.5 ac. 646.5 ac. 431.3 ac. 477.6 ac. Price Per Acre
Slide 8: Master Planned Communities: Land Bank Overview
8H O W A R D H U G H E S H O L D I N G S Master Planned Communities: Land Bank Overview1 Wholly Owned MPCs Joint-Venture MPCs ($ in millions, unless otherwise noted) Summerlin Bridgeland The Woodlands The Woodlands Hills Wholly Owned MPC Total Teravalis (5) Floreo (5)(6) Residential Land Remaining S
Slide 9: Master Planned Communities: Residual Land Values
H O W A R D H U G H E S H O L D I N G S 9 $5.1 $6.0 $5.9 $5.8 $5.7 $341 $349 $476 $497 $529 2023 2024 2025 Q1 2026 Q2 2026 MPC Residual Value MPC EBT Master Planned Communities: Residual Land Values1 (1) MPC residual value is margin-adjusted and excludes Teravalis and Floreo. MPC EBT includes Floreo
Slide 10: Operating Assets: Adjusted Maintenance Free Cash Flow
10H O W A R D H U G H E S H O L D I N G S Operating Assets: Adjusted Maintenance Free Cash Flow2 ($ in millions) Q2 2026 Q2 2025 TTM Q2 2026 TTM Q2 2025 NOI to Adjusted Maintenance Free Cash Flow Total Operating Assets NOI $70.5 $68.9 $279.6 $266.4 YoY Same Store NOI Growth 2 % 5 % 6 % 7 % YoY Total
Slide 11: Operating Assets: Results by Asset Type
11H O W A R D H U G H E S H O L D I N G S Operating Assets: Results by Asset Type2 Q2 2026 (1) Adj. Maintenance Free Cash Flow By Asset Type Note: Total Operating Assets NOI and Adjusted Maintenance Free Cash Flow are non-GAAP performance measures. See the “Definitions” section for definitions of ou
Slide 12: Condominiums: Sales Activity & Profit Generation
12H O W A R D H U G H E S H O L D I N G S Condominiums: Sales Activity & Profit Generation3 ($ in millions) Q2 2026 Q2 2025 TTM Q2 2026 TTM Q2 2025 Condominium Sales Activity & Gross Profit Number of Condo Units Closed During the Period 527 Units 0 Units 1,223 Units 349 Units Condo Rights & Unit Sal
Slide 13: Condominiums: Future Condo Tower Pipeline
13H O W A R D H U G H E S H O L D I N G S Condominiums: Future Condo Tower Pipeline3 Completed Under Construction Predevelopment ($ in millions) The Park Ward Village Ritz-Carlton Residences Kalae The Launiu Melia ‘Ilima Total Under Construction and Predevelopment Condo Tower Pipeline Key Metrics Lo
Slide 14: Other Expenses: HHH Adj. G&A and Net Interest Expense
14H O W A R D H U G H E S H O L D I N G S ($ in millions) Q2 2026 Q2 2025 TTM Q2 2026 TTM Q2 2025 HHH General & Administrative Expense Detail G&A Expense $36.1 $34.6 $127.1 $104.7 Less: Restructuring & Acquisition-Related Costs (15.4) (14.3) (30.7) (14.3) Less: Pershing Square Base & Variable Fees (
Slide 15: HHC Debt & Liquidity Overview
15H O W A R D H U G H E S H O L D I N G S $1,213 $230 $596 $294 $1,048 $366 $2,967 $698 $515 $163 $582 $254 $388 $279 $1,317$650 $1,650 Cash & Cash Equivalents Revolver Capacity Mortgages & Loans Payable Senior Unsecured Notes Condo Construction Loans Liquidity 2026 2027 2028 2029 2030 Thereafter Q2
Slide 16: Vantage Highlights
Vantage eee Highlights Senne enennnnne fie HHH 4
Slide 17: Group Statement of Operations
17H O W A R D H U G H E S H O L D I N G S CommentaryGroup Statement of Operations $ in millions (Unaudited) GWP for the three months ended June 30, 2026, of $473m grew 29.0% vs. prior year and NEP of $295m grew 21.6%, reflecting continued production growth across Insurance and Reinsurance. G&A e
Slide 18: Quarterly Statement of Operations by Business
18H O W A R D H U G H E S H O L D I N G S Quarterly Statement of Operations by Business* $ in millions (Unaudited) Q2 2026 Q2 2025 Insurance Reinsurance ILS Corporate Total Insurance Reinsurance ILS Corporate Total Gross Written Premiums $344 $129 -- -- $473 $274 $93 -- -- $367 Net Written Premiums
Slide 19: Gross Written Premiums Detail
19H O W A R D H U G H E S H O L D I N G S Gross Written Premiums Detail Reinsurance: Q2 2026 Gross Written Premiums by LineInsurance: Q2 2026 Gross Written Premiums by Line $96 28% $83 24% $47 14% $43 12% $29 8% $24 7% $23 7% Casualty Property Financial Lines Construction Political Risk & Credit Hea
Slide 20: Insurance Underwriting Results
20H O W A R D H U G H E S H O L D I N G S Insurance Underwriting Results* $ in millions (Unaudited) Commentary Total GWP for the three months ended June 30, 2026 was 26% ahead of prior year, driven by growth in Casualty, Property and Construction. Higher loss ratio primarily due to loss in Polit
Slide 21: Reinsurance Underwriting Results
21H O W A R D H U G H E S H O L D I N G S Reinsurance Underwriting Results* $ in millions (Unaudited) Commentary Total GWP for the three months ended June 30, 2026 in the quarter was 39% ahead of prior year, driven by growth in Property and Specialty segments. Total NEP in the quarter was 14% ah
Slide 22: Vantage Historical Balance Sheets
22 32% 7% 61% Invested Assets & Cash AllocationBalance Sheet Vantage Historical Balance Sheets* As of June 30, 2026 Fixed Income June 30, December 31, December 31, Assets 2026 2025 2024 Common Equities $ 1,078 $ - $ - Fixed Income Securities 247 2,618 1,930 Cash, Restricted Cash & Short-Term Investm
Slide 23: Investment Portfolio Returns
H O W A R D H U G H E S H O L D I N G S 23 Investment Portfolio Returns $ in millions (Unaudited) Net Investment Results Commentary Post close of the acquisition the investment portfolio started its transition from a diversified fixed income portfolio to the announced public equities and cash/T-bi
Slide 24: Capital & Financial Strength Overview
24H O W A R D H U G H E S H O L D I N G S Rating Agency Entity Capital Adequacy Ratio(1) Financial Strength Rating(2) Group 49% (99.6% VaR) A- (Positive Outlook) Capital & Financial Strength Overview $ in millions (Unaudited) Rating Agency Capital Measures GAAP Equity (1) A.M. Best ratio reflects es
Slide 25: Return on Equity
25H O W A R D H U G H E S H O L D I N G S Return on Equity (“ROE”) Return on Equity Note: Presentation is based on HGAAP accounting. Denominator used in after-tax ROE is average equity. (1) TTM metrics as follows: Underwriting Income Q3 2025 $12mm, Q4 2025 $26mm, Q1 2026 $27mm and Q2 2026 ($5mm). Ne
Slide 26: Appendix
Appendix “~~ HHH ar
Slide 27: Definitions
27H O W A R D H U G H E S H O L D I N G S Operating Asset Net Operating Income (NOI): We define NOI as operating revenues (rental income, tenant recoveries, and other revenues) less operating expenses (real estate taxes, repairs and maintenance, marketing, and other property expenses). NOI excludes
Slide 28: Reconciliation of Non-GAAP Financial Measure
28H O W A R D H U G H E S H O L D I N G S Reconciliation of Non-GAAP Financial Measure $ in millions Q2 2026 Q2 2025 TTM Q2 2026 TTM Q2 2025 Reconciliation of Operating Assets Segment EBT to Total Operating Asset NOI Total Revenues $120.0 $116.4 $474.3 $457.0 Total Operating Expenses (50.5) (49.5) (
Slide 29: Vantage Glossary
29H O W A R D H U G H E S H O L D I N G S Vantage Glossary Acronym Full Term Definition / Context GWP Gross Written Premiums The total premium on policies written during the period, before deductions for reinsurance ceded. NWP Net Written Premiums Gross written premiums less premiums ceded to reinsu
Slide 30: Vantage Non-GAAP Definitions Rationale
30H O W A R D H U G H E S H O L D I N G S Vantage Non-GAAP Definitions Rationale for the Use of Non-GAAP Financial Measures We present our results of operations and financial position in the way we believe will be most meaningful and useful to investors, analysts, rating agencies and others who use
Slide 31: Vantage Non-GAAP Definitions Basis of Presentation
31H O W A R D H U G H E S H O L D I N G S Vantage Non-GAAP Definitions Basis of Presentation — Results Including the Pre-Acquisition Period and Excluding Acquisition Accounting Adjustments HHH completed its acquisition of Vantage on June 4, 2026 (the "Acquisition Date"). Under U.S. GAAP as of June 3
Slide 32: Vantage Non-GAAP Definitions Underwriting Income (Loss)
32 Vantage Non-GAAP Definitions Underwriting Income (Loss) and Underwriting-Related General and Administrative Expenses Underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net earned premiums as revenue, and claims and claim expenses incurred, acquis
Slide 33: Vantage Non-GAAP Definitions Impact of Catastrophes
33H O W A R D H U G H E S H O L D I N G S Vantage Non-GAAP Definitions Impact of Catastrophes on the Combined Ratio The impact of catastrophes on the combined ratio represents claims and claim expenses incurred in the current accident year in respect of natural catastrophes, man-made disasters and o
Slide 34: Vantage Non-GAAP Definitions Accident Year Combined Ratio
34 Vantage Non-GAAP Definitions Accident Year Combined Ratio, Excluding Impact from Catastrophes The accident year combined ratio, excluding impact from catastrophes, is the calendar year combined ratio adjusted to exclude (i) claims and claim expenses incurred in the current accident year in respec
Slide 35: Vantage Non-GAAP Definitions Invested Assets and Cash
35 Vantage Non-GAAP Definitions Invested Assets and Cash; Invested Assets and Cash to Equity Invested assets and cash represents the sum of common equity securities, fixed income securities, cash, restricted cash and short-term investments (including U.S. Treasury securities with remaining maturitie
Slide 36: Vantage Non-GAAP Definitions Average Equity; Return on Equity
36 Vantage Non-GAAP Definitions Average Equity; Pre-Tax and After-Tax Return on Equity Average equity value represents the average of total equity as of the end of each of the four most recent quarterly periods. Pre-tax return on equity represents income (loss) before income taxes for the period div
Slide 37: Q2 2026 Pre- and Post-Acquisition Period Reconciliation
37H O W A R D H U G H E S H O L D I N G S Total Pre-Acquisition Post-Acquisition Period PGAAP Post-Acquisition Period after PGAAP AdjustmentsQ2 2026 Period (June 2026) Adjustments Gross Written Premiums $473 $318 $156 -- $156 Net Written Premiums $325 $218 $107 -- $107 Net Earned Premiums $295 $198
Slide 38: YTD Q2 2026 Pre- and Post-Acquisition Period Reconciliation
38H O W A R D H U G H E S H O L D I N G S Total Pre-Acquisition Post-Acquisition Period PGAAP Post-Acquisition Period after PGAAP AdjustmentsYTD Q2 2026 Period (June 2026) Adjustments Gross Written Premiums $1,018 $862 $156 -- $156 Net Written Premiums $760 $653 $107 -- $107 Net Earned Premiums $580
Slide 39: Balance Sheet Reconciliation of Historical Balance Sheets
39H O W A R D H U G H E S H O L D I N G S Balance Sheet Reconciliation of Historical Balance Sheets as of June 30, 2026 Historical Basis Historical Basis after PGAAP Adjustments June 30, PGAAP June 30, Assets 2026 Adjustments 2026 Common Equities $ 1,078 $ - $ 1,078 Fixed Income 247 -- 247 Cash, Res
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