Shangri-la Asia Limited · HKEX:69
Shangri-la Asia — FY2025 Earnings Presentation
19 slides from Shangri-la Asia's earnings presentation, March 2026
Slide 1: Shangri-La Asia Ltd FY2025 Financial Results
Shangri-La Asia Ltd FY2025 Financial Results Mar 2026 Shangri-La Hongqiao 1
Slide 2: Agenda
Agenda ▪ FY25 Results Highlights, Outlook and Prospects ▪ FY25 Key Financials, Cashflow and Capital Management ▪ Operational Updates ▪ Closing ▪ Appendix: Additional Information on Financials Shangri-La Kunming 2
Slide 3: FY25 Key Highlights
FY25 Consol Revenue +2% YoY; Consol EBITDA +3% YoY. Both Op Cashflow and Free Cashflow improved YoY; Free Cashflow record high. Consol Basis FY25 Key Highlights Group Occupancy 65% Group RevPAR 63% 111 62% 64.7% US$111.0 108 108 +1.2pp YoY 2023 2024 2025 +3% YoY 2023 2024 2025 Revenue 2.19 2.23 EBIT
Slide 4: Expanding Footprint for future growth
Expanding Footprint for future growth Total Hotels Under Management 2025 New Addition/Upgrade: 106 3 Owned Hotel Latest Development May 2025 Oct 2025 The Silk Lakehouse, Shangri-La Hangzhou, the first hotel under Shangri-La Hongqiao Airport, Shanghai and Traders Hongqiao group’s new ultra-luxury bra
Slide 5: Outlook: Balanced portfolio, disciplined financial framework, and broader suite of brands
Outlook: Balanced portfolio, disciplined financial framework, and broader suite of brands position SA to navigate uncertainties and drive growth Our Strategy ▪ Pursue balanced geographic expansion through asset-light model ▪ Advance brand and portfolio: introduction of new brand tier (“Shangri-La Si
Slide 6: FY25 Key Financials, Cashflow & Capital Management
FY25 Key Financials, Cashflow & Capital Management The Silk Lakehouse, Shangri-la Hangzhou 6
Slide 7: FY25 Consol Revenue and EBITDA higher YoY; Margin +10bps
FY25 Consol Revenue and EBITDA higher YoY; Margin +10bps Recurring business (Hotel + IP) profit +15% YoY, mainly due to interest expenses saving Consol Basis OP PATMI, excl. Resi & FX Revenue (USD’M) EBITDA (USD’M) (USD’M) 2,185 2,234 Group EBITDA margin (Recurring business: Hotel + IP) 2,142 17 23
Slide 8: 2H25 Group Rev +4% YoY, uplifted by both hotel operation and IP
2H25 Group Rev +4% YoY, uplifted by both hotel operation and IP; EBITDA and EBITDA margin higher YoY, driven by market improvement and cost discipline. Consol Basis Revenue (USD’M) EBITDA (USD’M) Group EBITDA 26.3% 24.2% 23.8% 22.7% 22.1% 22.7% 1,178 margin (excl. Resi & 390 1,136 1,136 10 others) 2
Slide 9: Cash Flow: 2025 Operating Cash Flow and Free Cash Flow
Cash Flow: 2025 Operating Cash Flow @ US$393.9M, flat YoY; Free Cash Flow @US$313.2M, +US$40.4M YoY Operating Cash Flow and Free Cash Flow* (US$ million) 800 Op CF Free Cash Flow 600 561.0 364.4 392.7 393.9 400 313.2 244.6 272.8 200 144.6 57.1 31.7 63.8 3.6 0 -200 -82.7 -162.4 -400 -301.7 -434.9 -60
Slide 10: Continued deleveraging: FY Net Debt -$95M YoY
Continued deleveraging : FY Net Debt -$95M YoY (despite FX headwind); Funding cost continued to improve, from effective management of loan mix. FY25 Net Debt -$95M, 3rd year of deleveraging post-COVID Avg. gross funding cost continued to improve Net Debt Trend, 2016-2025 (USD’M) COVID disruption FY
Slide 11: Operational Updates
Operational Updates 11 Shangri-La Hongqiao
Slide 12: Shangri-La Owned Hotels FY25 STR Performance Index
SA RevPAR index beat CompSet (>100) in FY2025 FY25 SA RGI Index 100+ in key markets Shangri-La Owned Hotels FY25 STR Performance Index 140 Index Score >100 represents outperformance 120 109.2 112.1 112.2 113.2 vs. comparable peers 108.2 93.8 100 80 60 40 20 0 SA Group China Hong Kong Singapore SEAA
Slide 13: Group Occ%: Feb-2026 YTD @ 63.7% +1.5pp YoY
Group Occ%: Feb-2026 YTD @ 63.7% +1.5pp YoY. All regions improved YoY, esp. Hong Kong and MEIA region. Source: TM1 Group Occ%: Feb-2026 YTD Occ% at 63.7% +1.5pp YoY Owned Hotel SA Owned Hotels Occupancy (%) Group China SEAA MEIA Hong Kong Singapore 100% Occ%: YoY %: Feb YTD Feb YTD 90% Hong Kong 88.
Slide 14: Appendix: Additional Information on Financials
Appendix: Additional Information on Financials Shangri-La Hongqiao
Slide 15: Net Debt -$95mn YoY, Cash & Cash equivalent +$599mn YoY
Net Debt -$95mn YoY, Cash & Cash equivalent +$599mn YoY Available resources @$3,289mn ($2,530mn Cash & $759mn Facilities > 24mth refi needs) Key Highlight Debt Portfolio as of 31 December, 2025 1. Net Debts in FY25 reduced by Interest Rate Weighted Debt Maturity: 3.59 years -$95mn vs FY24 8,000 Hedg
Slide 16: Operating cashflow FY25 at US$394M, flat YoY
Operating cashflow FY25 at US$394M, flat YoY 2,800.0 Operating cashflow US$394M 2,600.0 170 2 3 33 2,530 526 196 2,400.0 -56 -190 143 -56 2,200.0 -81 -86 -6 2,000.0 1,931 1,800.0 1,600.0 Utilization of cash Source of cash US$172M US$344M 1,400.0 1,200.0 1,000.0 Cash at Net cash Lease related Cash Ne
Slide 17: FY25 Effective Revenue +2% YoY & Eff. EBITDA +2% YoY
FY25 Effective Revenue +2% YoY & Eff. EBITDA +2% YoY; Record-high Free Cashflow at US$313M, mainly due to disciplined CAPEX Numbers on eff. Basis Effective Share basis FY25 Key Highlights Group Occupancy Group RevPAR 64.7% US$111.0 +1.2pp YoY +3% YoY Effective Share of Revenue Effective Share of EBI
Slide 18: FY25 Margin -0.4pp YoY, mainly due to soft China market
FY25 Margin -0.4pp YoY, mainly due to soft China market. Recurring business (Hotel + IP) profit +15% YoY, mainly due to interest expense saving. Effective Basis Revenue (USD’M) EBITDA (USD’M) PATMI, excl. Resi & FX (USD’M) Group EBITDA margin (Recurring business: Hotel + IP) (excl. Resi & others) 2,
Slide 19: 2H25 Group Rev +5% YoY and EBITDA +8% YoY
2H25 Group Rev +5% YoY and EBITDA +8% YoY, uplifted by hotel operation and property sales. EBITDA margin (excl. property sales & other) flat YoY. Effective Basis Revenue (USD’M) EBITDA (USD’M) 1,800 32.6% 30.4% 29.5% 1,542 Group EBITDA margin 28.3% 27.6% 27.5% 1,600 1,450 (excl. Resi & others) Group