Hysan Development Co., Ltd. · HKEX:14
Hysan Development — FY2025 Earnings Presentation
38 slides from Hysan Development's earnings presentation, Feb 26, 2026
Slide 1: 2025 Annual Results Analyst Briefing
2025 ANNUAL RESULTS ANALYST BRIEFING Hysan Development Company Limited 26 February 2026
Slide 2: Disclaimer
Disclaimer This document has been prepared for general information purposes only, and is not, and should not be construed as an offer to sell, or a solicitation of an offer to buy any securities. Information and estimates contained and opinions expressed herein have been complied in good faith by Hy
Slide 3: Building on a Century of Vision
Building on a Century of Vision 2
Slide 4: Delivers Solid Results that Outperform the Market
Delivers Solid Results that Outperform the Market Navigating a Dynamically Challenging Landscape Turnover Recurring Underlying Profit Underlying Profit 1.6% 1.9% 28.3% VS 2024 VS 2024 VS 2024 Retail Office Residential 2.6% 0.1% 5.0% VSVS 2024 2024 VS 2024 VS 2024 3
Slide 5: From Vision to Results
From Vision to Results Core Rejuvenation Connectivity & Expansion Growth Pillars Capital Recycling • Chanel, Louis Vuitton and • Fully connected Lee Gardens • LGSH: Strong ramp-up. Office • HK$8B recycling target by Tiffany in 2025 – now totaling by 2H 2026 & Retail committed occupancy 2030: HK$2.1B
Slide 6: Unique Portfolio Drives Strong Performance
Unique Portfolio Drives Strong Performance Century-Long Curation + Community Business Model Authentic Culture & Luxury + Trendsetting Experiences Tenant Sales Traffic 8% 11% VS 2024 VS 2024 Double-Digit YoY Growth Year-Round Growth in 2H 2025 5
Slide 7: 10+ Major Flagship Maisons all Opened
10+ Major Flagship Maisons all Opened Large-Scale Harvest Phase of Lee Gardens Rejuvenation 6
Slide 8: Lee Gardens as Home of Luxury
Lee Gardens as Home of Luxury Large-Scale Harvest Phase of Lee Gardens Rejuvenation ROLEX VAN CLEEF & ARPELS BVLGARI Lee Garden MIKIMOTO DIOR Two CHAUMET RIMOWA FRED Lee Garden CARTIER One CHANEL LV HERMES Lee Garden Five One Hysan Avenue TIFFANY Lee Garden Three 7
Slide 9: Hermès: Exclusive VIP Outdoor Party
Hermès: Exclusive VIP Outdoor Party One-Night-Only Spectacle Featuring Performers from Paris 8
Slide 10: Dior: Exquisite Luxury Art Space
Dior: Exquisite Luxury Art Space “First in Hong Kong” Dior Tailleur Bar Sculpture Display 9
Slide 11: Cartier: Dazzling Festive Light Show
Cartier: Dazzling Festive Light Show Festive Celebration with Spectacular Fireworks and Performances 10
Slide 12: Chanel: One-on-One Boutique Tours
Chanel: One-on-One Boutique Tours Tailored Experience for VIPs 11
Slide 13: Tiffany & Co.: Series of Store Opening Activations
Tiffany & Co.: Series of Store Opening Activations Soft Opening in Dec 2025; Grand Opening in Mid-2026 12
Slide 14: Louis Vuitton: Tribute to Yum Sing Bar and Lee Theatre
Louis Vuitton: Tribute to Yum Sing Bar and Lee Theatre Thematic Displays and Pop-Up Bar Amplifying Lee Gardens’ Heritage 13
Slide 15: Community Engagement with Authentic Experiences
Community Engagement with Authentic Experiences Engaging and Resonating with Different Generations Global Trends + Hong Kong’s Authentic Culture 14
Slide 16: Strengthening Workplace Value and Flexibility
Strengthening Workplace Value and Flexibility Resilient Occupancy at Hong Kong’s Favoured Office Destination Traditional Office Space Flexible Co-working Solutions Full-range Office Offerings 15
Slide 17: Lee Garden Eight: Masterpiece of Sustainable Development
Lee Garden Eight: Masterpiece of Sustainable Development Expansion of Lee Gardens Leasable Portfolio by Approximately 30% Topping Out Ceremony in Nov 2025; Slated for Completion in Q3 2026 Expected Over 20% Increase in Daily Captive Footfall in Lee Gardens Precinct 16
Slide 18: Lee Garden Eight: Model for Next-Generation Business Community
Lee Garden Eight: Model for Next-Generation Business Community Sets New Benchmarks for Building Quality, Sustainability and Connectivity 17
Slide 19: Lee Garden Eight: A Leader in Sustainable Development
Lee Garden Eight: A Leader in Sustainable Development Prestigious International Awards Grand Award Silver Award Projects Under Construction Best New Development and/or Design – Commercial Achieved Highest Green Building Accreditations BEAM Plus NB v2.0 LEED BD+C Core & WiredScore China Green Provisi
Slide 20: Integrated Pedestrian Walkway System: New Era of Connectivity
Integrated Pedestrian Walkway System: New Era of Connectivity Pedestrian-Friendly Neighbourhood in All Weather Conditions Second “Street Level” with Elevated Walkway Creating a Walkable Neighbourhood 19
Slide 21: Strategic Pillars: Business and Geographic Diversification
Strategic Pillars: Business and Geographic Diversification Investment in Market Leaders to Complement Core Business Lee Gardens Shanghai The World’s Leading Healthcare Investment Flex Operator IWG New Frontier Group High-quality tenant mix creates Steady growth across the Greater Maintained steady b
Slide 22: Review of Business Performance and Operation
Review of Business Performance and Operation
Slide 23: 2025 Annual Results
2025 Annual Results Revenue (HK$M) Year-end Occupancy HK Retail HK Office Residential +1.6% 3,409 3,464 95 % 94 % 87% (2024 : 92%) (2024 : 90%) (2024 : 73%) HK Retail Revenue : +1.5% Y.o.Y 1,678 +1.5% 1,704 • Improved occupancy with new tenants • Positive rental reversion 218 +5.0% 229 HK Office Rev
Slide 24: Lee Gardens Rejuvenation: Target Completion in 2H 2026
Lee Gardens Rejuvenation: Target Completion in 2H 2026 Including Lee Garden Eight, Footbridges and Covered Walkways Victoria Park Hysan Place Lee Garden Two Lee Garden One Times Lee Square Garden Lee Five Theatre One Hysan Avenue Leighton Lee Lee Center Garden Garden Three Six OVT Lee Garden Eight L
Slide 25: Lee Gardens as a Premier Retail Destination
HK Retail Portfolio Tenant Sales Occupancy Lee Gardens as a 8% 95% VS 2024 (2024: 92%) Premier Retail Destination 2025 YoY Growth Outperforming HK Retail Sales Distinctive retail environment meeting evolving expectations of consumers while providing dynamic platform on which established and emerging
Slide 26: Quality of Loyal Member Base
HK Retail Portfolio Quality of Loyal Member Base Member Spending Single Transaction Annual Spending per Head Over HK$100,000 23% 22% $1.4M+ VS 2024 VS 2024 Avg. per Top Tier Member Strategic Partnerships with Banks and Wealth Management Firms Converted over 1,500 Individuals Targeted outreach model:
Slide 27: Unique and Authentic Brand Mix: Introduction of 50+ New Brands
HK Retail Portfolio Unique and Authentic Brand Mix: Introduction of 50+ New Brands Catering for Wider Range of Consumer Preferences and Lifestyles 26
Slide 28: High-Profile Pop-ups + Immersive Marketing Campaigns
HK Retail Portfolio High-Profile Pop-ups + Immersive Marketing Campaigns Offering Novel and Compelling Shopping Experiences Promotional Campaigns 180+ campaigns and events in 2025 Strategic Partnerships 100+ partners engaged in 2025 27
Slide 29: Upgraded F&B at Lee Gardens
HK Retail Portfolio Upgraded F&B at Lee Gardens Curated Offerings of Premium Dining from 110+ F&B Outlets Aire Roganic Starbucks Reserve Lee Garden One Lee Garden One Lee Garden One Louis Vuitton x Bar Leone Lee Garden One Caviar House & Prunier Unagi Yondaime Kikukawa An Nam and Gonpachi Lee Garden
Slide 30: Hysan Place as Trendsetting Hub of Urban Culture
HK Retail Portfolio Hysan Place as Trendsetting Hub of Urban Culture Appealing to Younger Generation and Global Audiences 29
Slide 31: Premium Office Space with Improved Occupancy
HK Office Portfolio Tenant Retention Occupancy Premium Office Space > 85% 94% with Improved Occupancy as at 31 Dec 2025 (2024: 90%) Office Tenant Profile by Area (as at 31 December 2025) Flexible leasing strategies and sector-focused outreach to Others attract and retain quality multinational and lo
Slide 32: HK$8B Capital Recycling On Track
HK$8B Capital Recycling On Track • HK$8B target by 2030 • Residential market improving at the perfect time • Deleveraging • Unlocking Value • Seeding Future Growth 26% Received + 20% Committed VILLA LUCCA 63% contracted Bamboo Grove 8.0 Block 74 and 82 74% contracted 1.6 2.1 FY2025 2030 Target TKW P
Slide 33: Financial Management
Financial Management
Slide 34: Financial & Capital Management
Financial & Capital Management Shareholders’ Fund HK$ 65.5B (-0.8%) NAV per share HK$ 63.7 (-0.9%) HK$ 1.08 (flat) DPS 33
Slide 35: Financial & Capital Management
Financial & Capital Management Debt Maturity Profile as at 31 December 2025 Key Financial Metrics (HK$ m) Net Gearing Effective Interest Rate 4,087* 32.4% 3.7% Secured bank loan (MI) Secured bank loan Fixed Rate Debt Ratio Average Debt Maturity 6,131 Medium term notes Unsecured bank loans 54% 2.8 ye
Slide 36: Indicative Cap Rates
Indicative Cap Rates 31 Dec 2025 31 Dec 2024 Retail 5.25% - 5.50% 5.25% - 5.50% Office 4.25% - 5.00% 4.25% - 5.00% Residential 3.00% 3.75% 35
Slide 37: Outlook
Outlook
Slide 38: Embracing Tomorrow Charting New Horizons
Embracing Tomorrow Charting New Horizons
Hysan Development Company — FY2025 Earnings Presentation on 6ix