FY2026 Interim Results Presentation (Analyst Briefing)

FY2026 INTERIM PRESENTATION

ANALYST BRIEFING

27 February 2026

SECTION ONE

FINANCIAL HIGHLIGHTS

RESULT HIGHLIGHTS

PRIORITIZE ON REDUCING INDEBTEDNESS

3

PRIORITIZING CASH FLOW IN AN UNCERTAIN MARKET

Note 1: Excluding disposed, new & pre-operating properties for both periods

4

BUSINESS AS USUAL WITH SEVEN MEASURES TO REDUCE INDEBTEDNESS

(HK$B)

HKD13.8B

6

TEMPORARY DIVIDEND

& GROUP PCS DIST. HALT

2 ASSET DISPOSAL

1 RESILIENT DP MOMENTUM

Business

FY26 Guidance On Track

3 FARMLAND OPPORTUNITIES

Two projects started construction in 2025

4 IP STRONG AND GROWING

IP 5% YoY

123.7

124.6

120.1

CAPEX 29% YoY

5 CAPEX & OPEX OPTIMIZATION

G&A 18% YoY

Financial

Improve Financial Flexibility

Jun-24 Dec-24 Jun-25 Dec-25

Debt Exchange

7 TREASURY MANAGEMENT

Completed

5

HK$8.7B

Shareholders' Fund (1)

HK$0.4B

Bonds Outstanding

HK$8.7B

Perps Outstanding

HKD20 BILLION DEBT EXCHANGE COMPLETED

Key Transaction Terms

Exchange offers for perps and bonds to provide holders with new instruments linked to an enhanced credit profile associated with Victoria Dockside

3 November 2025 5 December 2025

Announcement Date Closing Date

(HK$B) 35.0

Tendered 1.9

17.7

Tendered

17.9

Untendered

VD Bond 1.5

0.4

8.7

VD Perp

9.2

Untendered

26.3

Untendered 15.8

17.1

17.3

Untendered 15.8

17.1

Before the exchange Post the exchange

USD Bonds USD Perps

1. Minimal impact to total equity. Represents drop of perps of HK$8.7B and drop of bond of HK$0.4B, offset by HK$0.4B cash payment to perp holders (before considering transaction costs). 6

NET DEBT INCREASE MAINLY DUE TO TIMING OF CASH COLLECTION AND JV ACCOUNTING

1 Timing of Cash Collection

Contributes to 1HFY26 contracted sales Cash collection mainly in 2HFY26

Contributes to contracted sales

JV cash not reflected in listco

balance sheet

Loans repayment for

completed JV projects

Listco cash

Listco debt

2 JV Contracted Sales

Net Debt

(HK$B)

2.6

Jun-25 Dec-25

Financial Guarantee

3 JV Loan Repayment

(HK$B)

2.8

5.5

Jun-25 Dec-25

7

CONTINUOUS PROGRESS IN DEBT REDUCTION

Declining interest costs on the back of rate cuts and lower debt balance

(HK$B)

(HK$B)

124.6

120.1

57.5% 58.1% 59.7%

Dec-24 Jun-25 Dec-25

Total Debt over 1HFY26

HK$1.7B

164.1

157.9

151.6

146.5

146.0

/

Net Debt Net Gearing Ratio

3.9%

(HK$B)

4.7%

Jun-23 (Excl.

NWS)

Dec-23 Jun-24 Dec-24 Jun-25 Dec-25

1HFY25 1HFY26

/

Total Borrowing Costs (1) Average Interest Rate

1. Before capitalization of interest 8

SECTION TWO

PROGRESS UNDER SEVEN MEASURES

SUCCESSFUL NEW LAUNCHES IN FY26 ON THE BACK OF STRONG MOMENTUM

1HFY26 Group Total Attri. Contracted Sales: HK$13.8bn - on Track to Deliver FY26 Guidance

Launched in

September 2025

1HFY26 Hong Kong Attri. Contracted Sales: HK$10.3bn

Launched in

September 2025

Launched in

December 2025

Bohemian Collection

House Muse 瑧博 Austin Bohemian 瑧 爾

All Price-List Units Sold

on 1st day of Launch (19 Sep 2025)

All Units Sold

on 1st day of Launch (12 Dec 2025)

The Legacy 天御

Most HK$100M+ Transactions in 2025 in HK

10

EXISTING PROJECTS CONTINUE TO SELL

Launched in July 2024

Launched in January 2025

Launched in May 2025

Best-selling presale project on Kai Tak runway

Broken three 2025 sales

records at launch

Best-selling newly-launched

project in HK in 2025

~220

UNITS SOLD

1HFY26

HKD1.7B

1HFY26 Gross

Contracted Sales

~500

UNITS

REMAINING

~60

UNITS SOLD

1HFY26

HKD0.6B

1HFY26 Gross

Contracted Sales

ALL UNITS SOLD

~370

UNITS SOLD

1HFY26

HKD5.8B

1HFY26 Gross

Contracted Sales

~120

UNITS

REMAINING

11

ABUNDANT SALEABLE RESOURCES IN HONG KONG

Major Existing Projects

The Knightsbridge

Miami Quay

DOUBLE COAST

The Legacy

Other Projects

Deep Water Pavilia I&II Pavilia Forest I, II&III

PAVILIA Collection

2H FY26 FY27+

PAVILIA ROSA

Low-Rise Luxury Residential Project

• GFA: ~117k ft2

• No. of units: ~100

  GRAND AUSTIN BOHEMIAN

  Boutique Residence in West Kowloon

  • Bohemian

    Collection

  • GFA: ~24k ft2

  • No. of units: ~60

    Atop Tai Wai MTR Station and The Wai (shopping mall)

  • GFA: ~689k ft2 (2)

    Higher proportion of Shing Mun River view units

  • No. of remaining units: ~540

    A four-bedroom unit at The Pavilia Farm II set a new high for ASP of primary stratified units in NT in 2025

    Ma Sik Road (JV with )

    1st Pavilia Collection in NM

    • GFA: ~1.1m ft2

    • No. of units: ~2,300

      Lung Tin Tsuen (JV with )

      Full Connectivity with the Railway System

    • GFA: ~720k ft2

    • No. of units: ~1,800

      Pak Shing Kok Ventilaton Building

      Rare Large-Scale New Development in TKO Town Centre

    • GFA: ~291k ft2

    • No. of units: ~610

12

Note 1: As of 31 Dec 2025

Note 2: Total GFA for The Pavilia Farm III (total units: 892)

3 DEVELOPMENT PROPERTIES & ASSET DISPOSAL - HONG KONG FARMLAND

ADDITIONAL OPPORTUNITIES ON LANDBANK REPLENISHMENT (1)

Converted in 2025

17

Short Term (Landbank in 1-2 years)

18 6

Medium Term (Landbank in 3-5 years)

9

Long Term (Landbank in 5+ years)

11

西貢沙下 790K FT2

粉嶺馬適路 336K FT2 1

Land exchange completed (Dec 24)

欖口村 504K FT2

3

2

唐人新村

(山頭) (地盤A) 1,597K FT2

7 10

唐人新村

(山頭) (地盤B) 1,417K FT2

8 12

流浮山 661K FT2

唐人新村4 743K FT2

15

練板村 3,994K FT2

十八鄉路 240K FT2

16

龍田村4期 173K FT2

Land exchange completed (Nov 25)

龍田村2期 275K FT2

永寧村 889K FT2

牛潭尾 1,090K FT2

榮基村 1,051K FT2

TOTAL(2)

(Attributable GFA)

0.5M FT2 2.0M FT2 6.2M FT2 5.8M FT2

Total

~14.5M FT2

Note 1: Subject to Government's approvals;

The above are examples with the rough estimates of attributable GFA for illustrative purpose only

Recent updates

Photos of land plot selective and non-exhaustive 13

RESILIENT CHINESE MAINLAND DP SALES

Shenyang THE PARKSVILLE

瀋陽悅景 新世界

Guangzhou New World · Canton Bay

廣州新世界 凱粵灣

Guangzhou The Sillage

廣州新世界·天馥

Guangzhou The Central Park View

廣州凱旋 新世界

Attributable Contracted Sales

1HFY26

RMB 3.2B

GBA & YRD Others

14

ABUNDANT SALEABLE RESOURCES

FY2026+

Shenzhen New World 188 深圳新世界188號

Development Properties

Guangzhou

The Canton View

廣州凱旋新世界·廣粵尊府

Guangzhou The Sillage

廣州新世界·天馥

Rendering*

Residential Phase I:

TO LAUNCH IN

Q2 2026

「Wellspring瑧悅」

* Rendering

Shenzhen Xili

深圳西麗 項目

Shenyang THE PARKSVILLE

瀋陽悅景 新世界

Rendering*

Total GFA up to

~628,000 sqm

Rendering*

>3,000

Saleable Units

Atop

Metro station

15

Audemars Piguet

House Expansion

First Concept Store

Duplex Expansion

Duplex Expansion

New Flagship Store

To Open in 2026

K11 MUSEA - KEY STORE OPENINGS

Flat YoY

Solid Segment Results (1) in 1HFY26

+5% YoY

IP

To Open

Opened

RESILIENT PERFORMANCE ON THE BACK OF CONTINUOUS TENANT UPGRADE AND MEGA EVENTS

Exclusive Dior Pop-up

Hong Kong's 1st La Patinoire

Longchamp Pop-up

adidas Pickleball Fest

Jan

2026

Dec

2025

Oct

2025

Note 1: Excluding disposed, new & pre-operating properties for both periods 16

Note 2: Occupancy rate improved to 95% as of 22 Feb 2026

RESILIENT OCCUPANCY & STRATEGIC EXPANSION

Note 1: As at 31 December 2025. Including those under renovation

Leading the "First-Store Economy" with nearly 50 debut brands at regional and national levels

166+ events

since opening

17

KEY K11 PROJECTS TO LAUNCH IN COMING YEAR

• K11 Atelier to open in 2H 2026

• Pre leasing rate over 50%

• Key tenants: Marsh Group and leading retail,

  legal & financial institutions ~130k M2

  Total GFA

  • K11 Art Mall and K11 Atelier to open in 2027 Q4

    
    
    

  • Spatial Design: 9F above ground / 3F below ground; creating an innovative retail environment.

~336k M2

Total GFA 18

SIGNIFICANTLY LOWER CAPEX SINCE FY24

1. From continuing operations, excluding NWS 19

CAPEX (HK$B)

Significantly Lower since FY24

▼4.5

▼2.2

12.6

< 12

14.8

▼1.4

FY23A (1)

FY24A (1)

FY25A

FY26

Capex for DP with short cash conversion cycle

OPEX OPTIMIZATION

A group-wide continuous improvement program to drive down G&A cost

20