Lai Fung Holdings Limited · HKEX:1125
Lai Fung — Lai Sun Group — H1 FY2025/26 Earnings Presentation
27 slides from Lai Fung's earnings presentation, March 2026
Slide 1: 2026 Interim Results Presentation
2026 Interim Results Presentation Mar 2026
Slide 2: 2026 Interim Results Overview
2026 Interim Results Overview LAI SUN GROUP 麗新集團 2 Lai Sun Group © All rights reserved
Slide 3: Results summary – resilience and tenacity
Results summary – resilience and tenacity 2026 Interim Results The Lam Family LSG LSD 47.23% HK and Int’l properties + hotels + F&B Holding LSD + small IP portfolio + eSun + LFH Lai Sun Garment (International) Revenue: HK$2,633m Limited (“LSG”) Revenue: HK$2,584m Stock Code: 191 Operating Loss: HK$4
Slide 4: Results summary (cont’d) – Key Highlights
Results summary (cont’d) – Key Highlights •Revenue: marginally down 1% to HK$2,584m •Revenue: up 43% to HK$927m •Net Loss: widened to HK$1,166m from HK$118m •Net Loss: widened to HK$384m from HK$164m Financial results •Adjusted EBITDA1: down 23% to HK$379m •Adjusted EBITDA1: down 47% to HK$132m •Adj
Slide 5: Resilient rental portfolio
Resilient rental portfolio Occupancy Rental income Occupancy Rental income Total GFA Total GFA as at 31 Jan 2026 6m 2026 % change as at 31 Jan 2026 6m 2026 % change (square feet) (square feet) (%) (HK$ m) (%) (HK$ m) Shanghai Hong Kong Retail: 96.0 Shanghai Hong Kong Plaza 830,530 119.0 -8.9 Office:
Slide 6: Property sales – LSD, HK
Property sales – LSD, HK Concluding sale of existing projects as previously guided Bal Residence The Parkland Total Salable area: 62,148 sq.ft. (54,642 sq.ft. of residential) Total Salable area: 36,720 sq.ft. No. of units available for sale: 156 No. of units available for sale: 112 Progress to date:
Slide 7: Property sales – LFH, China
Property sales – LFH, China Concluding sale of existing projects Zhongshan Palm Spring (concluding) Novotown Phase I (residual stock) Progress to date: Progress to date: Novotown Phase II Recognised in 1H FY25/26: HK$90.3m (inc. carparks) Recognised in 1H FY25/26: HK$39.6m To be recognised in 2H FY2
Slide 8: Properties under development – LSD, HK
Properties under development – LSD, HK 79 Broadcast Drive project, Kowloon Tong 1 Kotewall Road project, Mid-Levels Total GFA: approx. 71,600 sq. ft. Total GFA: approx. 55,200 sq. ft. Number of residential units: 46 (inc. 2 houses) Number of residential units: 27 Estimated total investment: ~HK$2.3b
Slide 9: Hotel revenue steady – LSD, HK
Hotel revenue steady – LSD, HK Revenue* (HK$ m) Occupancy# (%) Ocean Park Marriott Hotel 272 271 79% 79% 246 77% 227 229 226 76% 72% Caravelle Hotel (Vietnam) 69% Ocean Park Marriott Caravelle (Vietnam) Ocean Park Marriott Caravelle (Vietnam) 2024 2025 2026 2024 2025 2026 * For the six months ended
Slide 10: Hotel revenue steady - LFH, China
Hotel revenue steady - LFH, China Revenue* (HK$ m) Occupancy# (%) Ascott Huaihai Road Shanghai 82 83 89% 75 83% 83% 78% 76% 75% 72%71% Hyatt Regency Hengqin 68% 53 53 51 STARR Hotel Shanghai 15 13 13 Ascott Huaihai Hyatt Regency STARR Hotel Ascott Huaihai Hyatt Regency STARR Hotel Rd SH Hengqin SH R
Slide 11: Continuous cost engineering
Continuous cost engineering Admin expenses* (HK$ m) 428 LSD LFH 393 342 LSD CAGR: (10.5%) 122 112 77 LFH CAGR: (20.4%) 2024 2025 2026 * For the six months ended 31 Jan LAI SUN GROUP 麗新集團 11 Lai Sun Group © All rights reserved
Slide 12: Continuous cost engineering (cont’d)
Continuous cost engineering (cont’d) Finance cost before capitalisation* (HK$ m) 5.50% LSD LFH Fed Funds Rate 940 4.50% 772 3.75% 669 389 312 228 2024 2025 2026 * For the six months ended 31 Jan LAI SUN GROUP 麗新集團 12 Lai Sun Group © All rights reserved
Slide 13: Disposals – progressing ahead of plan
Disposals – progressing ahead of plan Attributable gross proceeds (HK$ m) Target: HK$6,000m in 2 years • Ordinary course of business sales (e.g. Deep Water Pavilia) shown good momentum and positive market LSD 2,400 3,600* sentiment likely to sustain • LSD would complete its disposals target ahead of
Slide 14: Refinancing
Refinancing LAI SUN GROUP 麗新集團 14 Lai Sun Group © All rights reserved
Slide 15: Proven support from banks rooted in years of close relationships
Proven support from banks rooted in years of close relationships ✓ HK$3.3bn CSW Plaza syndicated loan refinanced with HK$3.46bn ✓ New HK$3.0bn equivalent SHHK Plaza syndicated facility new 5 years facility from 20 banks refinanced to a “1+1” year facility from 12 banks LAI SUN GROUP 麗新集團 15 Lai Sun
Slide 16: Financial position – LSD
Financial position – LSD Successful refinancing of loans such as CSW Plaza are testament to relationship with banks and diligent executions. Dialogue with bondholders will be the focus Consolidated: HK$4.0bn cash + HK$0.9bn undrawn facilities Maturity profile as reported (in HK$ bn) Key components o
Slide 17: Refinancing in progress – Causeway Bay Plaza 2, HK (LSD)
Refinancing in progress – Causeway Bay Plaza 2, HK (LSD) Stable performance despite competitions Rental income* (HK$ m); Occupancy# (%) 95% 92% 89% 68 62 60 2024 2025 2026 CWB Plaza 2 rental income CWB Plaza 2 occupancy * For the six months ended 31 Jan # As at 31 Jan • A 28-storey commercial/office
Slide 18: Financial position – LFH
Financial position – LFH Successful refinancing of Lai Fung Tower offshore loan and SHHK Plaza syndicated loan after balance sheet date Consolidated: HK$1.8bn cash + HK$0.1bn undrawn facilities Maturity profile as reported (in HK$ bn) Key components of obligations within 1 year: As at 31/01/2026 HK$
Slide 19: Recent Developments in Hengqin
Recent Developments in Hengqin LAI SUN GROUP 麗新集團 19 Lai Sun Group © All rights reserved
Slide 20: Hengqin Novotown Phase I – functions
Hengqin Novotown Phase I – functions Hengqin Novotown Phase I has developed various infrastructures for cross-border e-commerce industrial hub along with its related ecosystem. This encompasses a cross-border e-commerce headquarters base, cross-border e-commerce influencer studios, a multifunctional
Slide 21: Hengqin Novotown Phase I (cont’d) – performance
Hengqin Novotown Phase I (cont’d) – performance “Hengqin-Macao Cross-border E-Commerce Industrial Park” Occupancy* Revenue# (%) (HK$ m) Hyatt Regency Hotel 80 75.1 Office 97 6.8 - serves 2,800 people and rising Serviced apartments (4/F-8/F) 100 0.7 - leased to healthcare/beauty company Serviced apar
Slide 22: Hengqin Novotown Phase I (cont’d) – current retail tenant mix
Hengqin Novotown Phase I (cont’d) – current retail tenant mix LAI SUN GROUP 麗新集團 22 Lai Sun Group © All rights reserved
Slide 23: Hengqin Novotown Phase II – capturing synergies from Phase I
Hengqin Novotown Phase II – capturing synergies from Phase I •Estimated 3,000+ accommodation need from office tenants in Novotown Phase I T3 (21/21) T2 (18/18) T1 Topped out Topped out •T1 and T3: constructed for accommodation Completed purpose supplying approximately 780 units together. T1 sold and
Slide 24: Other Operational Highlights
Other Operational Highlights LAI SUN GROUP 麗新集團 24 Lai Sun Group © All rights reserved
Slide 25: Restaurant and F&B Product Sales Operations
Restaurant and F&B Product Sales Operations Acclaimed Michelin starred restaurants Western / International Cuisine Asian Cuisine • 8½ Otto e Mezzo, BOMBANA Hong Kong • China Tang Landmark (Three Michelin stars (2012-2026)) (The Plate Michelin (2019-2021) & One Michelin star (2026)) • 8½ Otto e Mezzo
Slide 26: Cinema, Media and Entertainment
Cinema, Media and Entertainment Hotel Management Cinema in Operation Recent Shows & Concerts Recent Films Cinema (managed by the Group) No. of Screens No. of seats Hong Kong K11 Art House 12 1,708 Movie Town (including MX4D theatre) 7 1,702 Festival Grand Cinema 8 1,196 MCL AIRSIDE Cinema 7 944 MCL
Slide 27: DISCLAIMER
DISCLAIMER •This document has been prepared by Lai Sun for marketing and general information exclusively for potential investors. •Lai Sun makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of cont