Slide 1: FY 2025 Results Investor Presentation
FY 2025 Results Investor Presentation JULY 2025 STRICTLY PRIVATE AND CONFIDENTIAL
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is provided by CSI Properties Limited (the "Company") based on information available to it and does not constitute a recommendation regarding the securities of the Company and or its subsidiaries The information contained in this presentation
Slide 3: Agenda
Agenda Section 1 FY 2025 Results Section 2 Recent Financings Section 3 Our Credit Strengths Section 4 Our Portfolio Highlights Appendix Company Overview
Slide 4: FY 2025 Sales Highlights
FY 2025 Sales Highlights CSI made c.HK$1.55 billion of sales and c.HK$1.22 billion of unrecognized contracted sales commitment for FY2025 (incl. JV and Associates) to ensure cashflow despite the challenging market For the period Unrecognised ended Contracted Sales committed 31 Mar 2025 31 Mar 2025 %
Slide 5: FY 2025 and Post FY 2025 Key Disposals
FY 2025 and Post FY 2025 Key Disposals CSI has achieved important disposals this period and beyond to ensure healthy cashflow Date completed Projects sold and booked for FY 2025 Location Jun 2024 Car Parking Spaces at COO Residence Tuen Mun Sep 2024 Units at Broadway Center (CSI-60%) Macau Nov 2024
Slide 6: Income statement highlights
Income statement highlights FY23 FY24 FY25 HK$mm Gross revenue from property business 804 1,579 521 Property sale 546 1,343 290 Rental income 258 236 231 Gross profit 404 786 16 Share of results of JV / associates 190 (2) (1,058) Loss mainly due to adverse change in the fair value of the Company’s J
Slide 7: Balance sheet highlights
Balance sheet highlights Maintain steady balance sheet to ensure financial stability Solid deleveraging in the past year FY 2024 FY 2025 Changes HK$mm FY23 FY24 FY25 (HK$ Properties & related assets1 23,628 22,870 20,370 (HK$ Billion) Billion) (HK$ Billion) Bank Loan at Group Cash & bank balances (i
Slide 8: Well managed bank borrowing
Well managed bank borrowing • The Group maintained a prudent approach to its bank borrowings with well balanced and staggered maturities and established relationships with a wide variety of commercial bank lending partners for flexibility and diversification • Our bank loans are mostly project loans
Slide 9: Well managed debt maturity profile
Well managed debt maturity profile • CSI manages prudent financing policies, with a debt maturity profile spread over the next five years. The majority of the debts due are secured bank loans from commercial banks, which can be rolled over and are collateralized with prime property assets. • In Apri
Slide 10: Agenda: Recent Financings
Agenda Section 1 FY 2025 Results Section 2 Recent Financings Section 3 Our Credit Strengths Section 4 Our Portfolio Highlights Appendix Company Overview
Slide 11: Funding from new strategic investor to bolster balance sheet
Funding from new strategic investor to bolster balance sheet On Feb 2, 2025, CSI properties announced a c.HK$2bn Strategic Funding & Partnership Proposal, which includes a rights issue (c.HK$1.5bn) and bond issuance (HK$500mm). Gaw Capital, a global real estate private equity firm, becomes a long-te
Slide 12: USD bond successful refinancing with strong institutional support
USD bond successful refinancing with strong institutional support On May 14, 2025, CSI Properties announced a the US$150 million 3NC2 senior notes offering and concurrent tender offer for its July 2025 bonds to successfully refinance Transaction Highlights ⚫ This transaction marks CSI’s return to th
Slide 13: Agenda: Our Credit Strengths
Agenda Section 1 FY 2025 Results Section 2 Recent Financings Section 3 Our Credit Strengths Section 4 Our Portfolio Highlights Appendix Company Overview
Slide 14: Our Credit Strengths
Our Credit Strengths 1 Optimization of debt 2 Our HK$9 billion disposal program well on progress 3 Significant recurring rental income stream complimenting active asset disposals to ensure cash flow certainty 4 Healthy coverage ratio underpinned by strong lender support 5 Ongoing development as long
Slide 15: Optimization of debt
1 Optimization of debt The c. HK$ 1.49 billion rights issue strategic financing in April 2025 further optimize the debt profile of CSI Pro Forma FY 2025 FY 2025 FY 2024 Net Debt Net Debt Net Debt Post Rights HK$15.2b Issue HK$15.6b HK$13.7b Continual deleveraging to optimize debt Source: Company fil
Slide 16: Our HK$9 billion disposal program well on progress
2 Our HK$9 billion disposal program well on progress Robust pipeline of quality assets supports our HK$9billion+ active asset disposal program as agreed with Gaw Capital for the next 4 years with solid sales progress, with over HK$2.57 billion presales achieved up to Jun 2025 already Property pipeli
Slide 17: Solid history of active asset disposals to ensure cash flow certainty
2 Solid history of active asset disposals to ensure cash flow Solid continuous certainty disposals with additional c. HK$2.57 billion Active key asset disposals observed in the past few years, successfully navigating through market cycles presales achieved up to Jun 2025 FY20 FY21 FY22 FY23 FY24 FY2
Slide 18: Healthy coverage ratio underpinned by strong lender support
3 Healthy coverage ratio underpinned by strong lender support Liquidity is adequate to cover short-term maturity, especially after rights issue and private bond issue to Gaw Capital and the new USD bond issue in April and May 2025 respectively Cash / short term debt Cash + marketable securities / sh
Slide 19: Significant recurring rental income stream complimenting active asset disposals
4 Significant recurring rental income stream complimenting active asset disposals to ensure cash flow certainty Rental income has been stable over the past decade, covering substantially the interest expenses paid Rental income (HK$mm) Rental income as % of total income 32.1% 14.9% 44.3% 258 236 231
Slide 20: Ongoing development as long-term revenue catalysts
5 Ongoing development as long-term revenue catalysts Continuous developments provides sustained revenue growth in the long term “Deep Water Pavilla”- MTR Wong Chuk Hang project (15% stake) MTR Yau Tong project (20% stake) ⚫ Premium residential units within 5-minute MTR ⚫ Located near the Yau Tong MT
Slide 21: Agenda: Our Portfolio Highlights
Agenda Section 1 FY 2025 Results Section 2 Recent Financings Section 3 Our Credit Strengths Section 4 Our Portfolio Highlights Appendix Company Overview
Slide 22: Manage disposal pipeline to recycle capital & monetize
Manage disposal pipeline to recycle capital & monetize • Management’s top priority is to focus on making continuing asset sales, especially the assets pertaining to the HK$9 billion sales plan within four years as agreed with Gaw Capital, to recycle capital & crystalize profit • CSI has made solid c
Slide 23: High quality residential portfolio with massive value to be realized
High quality residential portfolio with massive value to be realized • CSI has an extensive prime luxury and mass residential portfolio in Hong Kong and China • The current offerings include high-end luxury projects like the Dukes Place, the Infinity, the Cadenza and the Peak Road detached house, wi
Slide 24: High quality commercial portfolio in Central
High quality commercial portfolio in Central Strong portfolio in prime Central locations with steady rental income “DL Tower “92-96 Wellington Street c.43k sqft GFA Comm’l Redevelopment (10 floors sold strata already) “FOCO” 46/48 Cochrane Street. 152-156 Wellington St c.32k sqft GFA 152-164 Welling
Slide 25: High quality commercial portfolio in core Kowloon and Shanghai
High quality commercial portfolio in core Kowloon and Shanghai Strong portfolio in prime locations with steady rental income to maintain cashflow • Hong Kong —— Core Central; Core Kowloon (TST/Jordan) and Kowloon East Novotel Redevelopment 350/352 Nathan Rd, Jordan Hong Kong Health Check c. 254K sqf
Slide 26: Appendix: Company Overview
Agenda Section 1 FY 2025 Results Section 2 Recent Financings Section 3 Our Credit Strengths Section 4 Our Portfolio Highlights Appendix Company Overview
Slide 27: CSI Properties at a glance
CSI Properties at a glance Leading HK-based mid-cap property investor and developer Over 20 Years of operation since 2004 ~HK$13bn NAV1 IRR driven model in c.100 real estate investment Real estate professionals Applied proven strategy of value-add and asset enhancement to a portfolio of 3.8mm+ sq.ft
Slide 28: Our business encompasses commercial and residential properties
Our business encompasses commercial and residential properties Commercial properties (CSI Investment Properties) Residential properties (CSI Couture Homes) Reposition / monetize / lease properties in prime areas Develop and sell lifestyle residential units Trendsetting, Super luxury and Strategic co
Slide 29: Strong management leadership with over 20 years of experience
Strong management leadership with over 20 years of experience in property investment and development in Hong Kong and Mainland China Mr. Mico Chung Chairman, Founder and Executive Director ⚫ Chairman Chung was nominated as one of the “Asia’s Business Leaders” by CNBC Asia in 2014 ⚫ He has over 30 ye
Slide 30: Our portfolio at a glance
Our portfolio at a glance We have built a portfolio of high-quality properties in prime locations that are ready for sale / capable of generating income Portfolio overview (as at Mar 2025) China 15 Sheung Shui Dongcheng District, Beijing Yuen Long 9 18 HONG KONG Shanghai 2 Jordan 11 12 6 Kowloon Bay
Slide 31: Major Property Portfolio details (as at Mar 2025)
Major Property Portfolio details (as at 31 Mar 2025) Commercial properties Approximate Book 1 gross area value 1 sq.ft. (000s) (HK$m) G/F, 11 carparks of Capital Centre Wan Chai 17 137 Nos. 350-352 Nathan Road (Redevelopment) (CSI – 51%) at 24/9/2021 Jordan 254 4,611 LL Tower, No. 2 Shelley Street (