Howard Hughes Holdings Inc. · NYSE:HHH
Howard Hughes — Shareholder Meeting (September 2026)
23 slides from Howard Hughes's shareholder meeting presentation, Sep 30, 2026
Slide 1: 2026 HHH Shareholder Meeting
2026 HHH Shareholder Meeting September 30, 2026
Slide 2: Cautionary Statements
Cautionary Statements Forward-Looking Statements This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor
Slide 3: Agenda
Agenda 01 Proposals and Voting Results 02 Vantage Acquisition: Progress Since Closing 03 Accelerating HHH’s Transformation 04 Conclusion and Q&A HOWARD HUGHES HOLDINGS 3
Slide 4: Vantage Acquisition: Progress Since Closing
Vantage Acquisition: Progress Since Closing HOWARD HUGHES HOLDINGS 4
Slide 5: Excerpt from September 2025 Annual General Meeting
Excerpt from September 2025 Annual General Meeting At last year’s Annual General Meeting, we outlined our goal to acquire an insurance subsidiary to begin transitioning HHH to a diversified holding company HOWARD HUGHES HOLDINGS 5
Slide 6: Substantial Progress Executing on Insurance Strategy
Substantial Progress Executing on Insurance Strategy Since last year, we have made meaningful progress on our insurance strategy through the acquisition of Vantage, a specialty insurance and reinsurance company We evaluated several opportunities in the insurance and reinsurance industry before ult
Slide 7: Vantage Strategic Highlights
Vantage Strategic Highlights The acquisition of Vantage anchors HHH’s transformation into a diversified holding company ✓ Well-diversified across lines of business with both specialty insurance and reinsurance exposure ✓ No pre-2020 legacy reserving issues (Vantage was launched in 2020) ✓ In-place r
Slide 8: Strengthened Leadership at Vantage
Strengthened Leadership at Vantage Since closing, we have strengthened Vantage’s leadership team with world-class executives from the insurance industry, each of whom brings decades of underwriting and public company experience that will support the long-term growth of the business New Executives Ba
Slide 9: Meaningful Business & Operational Progress at Vantage
Meaningful Business & Operational Progress at Vantage Under Marc Grandisson's leadership, Vantage is successfully executing on several key initiatives across its underwriting function, senior hires, and growth strategy ✓ Completing key hires in several senior roles across lines of business ✓ Conduct
Slide 10: Vantage Investment Portfolio Repositioning
Vantage Investment Portfolio Repositioning Supported by our $300 million additional primary capital infusion into Vantage in connection with closing, we have meaningfully repositioned Vantage’s portfolio towards common equities and cash & Treasury bills Vantage Investment Portfolio | At Closing (Jun
Slide 11: Pathway to Improved Vantage ROE
Pathway to Improved Vantage ROE With a greater allocation to common equities, Vantage can drive a higher long-term return on equity with less leverage than a typical insurer, while simultaneously optimizing underwriting profitability Typical Illustrative Vantage (1) P&C Insurer at 2030 Year-End(2) %
Slide 12: Accelerating HHH's Transformation
Accelerating HHH’s Transformation HOWARD HUGHES HOLDINGS 12
Slide 13: HHH is Trading at a Significant Discount to Intrinsic Value
HHH is Trading at a Significant Discount to Intrinsic Value Investors have undervalued HHH’s high-quality real estate portfolio and do not yet credit the platform’s evolution into a diversified holding company High-Quality Platform Mispriced by Public Markets HHH Share Price vs. Intrinsic Value(1) 2
Slide 14: Embedded Cash Generation Potential at HHC Real Estate
Embedded Cash Generation Potential at HHC Real Estate Under its status quo plan, HHC Real Estate will generate substantial cash, but over several years, while the opportunity to deploy additional capital in Vantage at attractive rates of return exists today HHC Real Estate Subsidiary HHH Sources of
Slide 15: Avenues to Accelerate HHC Real Estate Monetization
Avenues to Accelerate HHC Real Estate Monetization We intend to promptly begin monetizing assets through sales and joint ventures while retaining operational control and transitioning HHC into a fee-generating real estate asset management platform Howard Hughes Communities Operating Assets MPCs Cond
Slide 16: Real Estate Asset Monetization Can Unlock Substantial Value
Real Estate Asset Monetization Can Unlock Substantial Value Based on our previously shared estimate of HHC’s sum-of-the-parts value, we believe that monetizing select MPCs and Operating Assets could generate significant near-term proceeds Excerpt from Q1’26 Perspectives on Valuation Framework Presen
Slide 17: HHC Real Estate Future State
HHC Real Estate Future State HHC’s real estate business will transition into an asset management platform that earns development and management fees on third-party capital HHC Real Estate Status Quo vs. Future State Status Quo Asset-Light Future State Owns nearly all of its real estate outright ✓
Slide 18: Asset-Light Real Estate Platform Will Drive Premium Valuation
Asset-Light Real Estate Platform Will Drive Premium Valuation We believe HHH will achieve a higher valuation by improving returns on equity and establishing recurring, more predictable fee-driven earnings streams in its real estate business Minimize balance sheet investment and earn fees on third-
Slide 19: Asset-Light Model is Proven Across Industries
Asset-Light Model is Proven Across Industries Several businesses in real estate and other industries have similarly established standalone, fee-generating asset managers Company Industry NTM P/E Multiple(1) Overview Platform Structure • Global owner-operator of real assets with • Separated the asset
Slide 20: HHH Pro Forma Structure
HHH Pro Forma Structure HHH will be comprised of Vantage and a pro forma asset-light HHC real estate business composed of a high-margin, fee-generating asset management platform and minority stakes in its existing real estate assets Howard Hughes Holdings Inc. (“HHH”, NYSE: HHH) Asset-Light HHC Real
Slide 21: Improving Business Composition
Improving Business Composition We expect Vantage to represent a substantial majority of HHH’s pro forma equity value Percentage of HHH Equity Value by Subsidiary As HHH’s business mix shifts towards Vantage, we expect its equity value to compound at a significantly faster rate than its current profi
Slide 22: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations
Slide 23: Reconciliation of HHC Net Debt
Reconciliation of HHC Net Debt Q1 2026 HHC Net Debt Reconciliation ($ in millions) Amount Operating Assets Debt $2,751 MPC Debt 161 Strategic Developments Debt 626 Senior Unsecured Notes 2,300 Deferred Financing Costs (47) Mortgages, Notes & Loans Payable, Net $5,791 Less: Unamortized Deferred Finan
Howard Hughes Holdings — Shareholder Meeting (September 2026) on 6ix