Final Results 2025 Results Presentation

The Wharf (Holdings) Limited 2025 Final Results | 12 Mar 2026

• Group Profit +$3.3B as IP & DP Write-downs ↓$3.5B

• UNP +$1.3B as DP Write-downs ↓$1.2B

• Net Debt Free at Year End

• Net Asset Value +7% to $48.01 per Share

  
  
  

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  Strategic Core Focus

Total Assets Breakdown

Total: $199B (As at 31 Dec 25)

• UNP +47%

  • MLIP slipped by 5%

  • Decrease in MLDP Provisions to $839M

  • Increase in HKDP Contribution

  • Logistics 3rd Largest Contributor

  • Decrease in Borrowing Costs

• Group Profit Restored

  - Lower IP Revaluation Deficit to $3.6B

• DPS Consistent Since 2020

  HKD Million	2025	2024	%Chg.
  Group Revenue	10,997	12,115	-9%
  Operating Profit	5,068	5,644	-10%
  Underlying Net Profit*	4,104	2,798	+47%
  Attributable IP Revaluation (Deficit) After Taxation	(3,641)	(5,990)
  Profit/ (Loss) Attributable to Equity Shareholders	50	(3,224)
  Earnings/ (Loss) Per Share (HK$) - Attributable to Equity Shareholders	0.02	(1.05)
  - Underlying*	1.34	0.92	+46%
  Dividend Per Share (HK$)	0.40	0.40	+0%

  * Underlying Net Profit - Excl. IP Revaluation Deficit & Exceptional Items

  
  
  

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  Proactive Capital Management

  Net Cash/ (Debt) (HKD Billion)

• $9.7B Disposal of Equity Investment in 2025

• Net Debt Free Again Since 2017

• Net Cash $4.5B (Excl. MTL's Net Debt of $2.5B)

• 2025 Avg. Interest Rate 2.5%; Effectively All Debt in RMB

  2025

  2024

  2023

  2022

  2021

  2020

  Converted Majority Debt to RMB

  2.5%

  2.6%

  1.8%

  3.7%

  2.9%

  4.7%

  						2.0		Net Cash
  (25.5)	(13.2)	(5.3)	(7.8)	(7.1)
  Year-end: 2020	2021	2022	2023	2024		2025
  Gearing: 15.6%	7.9%	3.4%	5.3%	5.0%		NA

  Average Interest Rate

  
  
  

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  Agenda

  • Hong Kong Properties

  • Mainland Investment Properties

  • Mainland Development Properties

  • Hotels

  • Logistics Infrastructure

• Post-Covid Recovery Underway; Activity Rebounding

  - Positive Stock Market Sentiments Fuel Confidence

• Planned Sales Rollout Amid Improving Market Sentiment

• Att. DP Revenue +254% to $1,140M, OP +66% to $287M

  - 77/79 Peak Road, Mount Nicholson, Victoria Voyage

• Att. HK Residential Landbank 2.7M s.f.

  
  
  

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  HKDP Major Pipeline

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• Retail:

  • Weak Sentiment; Market Growth Led by Subsidies

  • Over-capacity & E-commerce Intensified Competition

  • Critical Mass & Innovative Marketing Support IFS

• Office:

  - Supply-demand Imbalance Worsened

• Segment Revenue -3% to $4,419M; OP -4% to $2,876M (in HKD)

  Mainland IP Revenue (RMB Billion)

  
  
  

  4.5 4.1 4.3 4.2 4.0 3.5 3.7 1.7 1.8 1.7 2.0 2.2 2.3 2.1 2.0 2.2 2.1 2.1 2.1 2.1 1.9 2019 2020 2021 2022 2023 2024 2025 1H 2H FY
  Chengdu IFS Mall Occ.*: 97%	Changsha IFS Mall Occ.*: 99%

  * As at 31 Dec 2025

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  Mainland Development Properties

• Housing Policies Pending Full Execution

• Suspended Acquisitions & Derisked Portfolio since 2019

  - Available Stock Depleting & Contracted Sales Low

• Resi Stock Mostly Cleared; Office Sales Remain Slow

  Operating Matrix & Contracted Sales (2025)

  Revenue Operating Profit		$1,363M (-58%) $208M (-73%)
  Contracted Sales Net Order Book (Year-end)		RMB 1,121M (-22%) RMB 312M
  	Stock
  MLDP Stock (Year-end)* Net Book Value		1.2M s.m. $15.9B

  *Incl. Developed & Undeveloped

  Note: All Figures Inclusive of JVs & Associates on an Attributable Basis

  
  
  

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  Hotels

• HK:

  
  
  

  • Sustaining Tourism Momentum Boosted Occupancy

  • Room Rates Trend Improving in 2H25

• ML:

  
  
  

  • Domestic Tourism Recovering & Dominating

  • Travellers' Spending Pattern Hit Occ. & Room Rates

  
  
  
  
  

• Segment Revenue +6% to $656M; OP Breakeven (From Ownership & Management)

  
  
  

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  Logistics Infrastructure

• Global Trade Demand Remained Uneven

• Ongoing Trade Disputes Reshaping Cargo Flow

• Over-capacity & Regional Competition Added Pressure

  - HK Port Hard Hit by Shipping Alliances Realignment

• Segment Revenue -3% to $2,128M; OP -12% to $278M

Modern Terminals (2025)

Hong Kong Air Cargo Terminals Ltd (HACTL) #

Total Throughput 2.0M Tonnes (Flat)

*Total Throughput (Instead of Attributable);

Market Throughput Kwai Tsing -7%; Shenzhen +7%

#DCB: 65%-owned; SCT: 20%-owned; HACTL: 21%-owned

The Wharf (Holdings) Limited - 2025 Final Results | 12

Member of Hang Seng Corporate Sustainability Index Series; "AA+" Sustainability Rating

"A" at MSCI ESG Rating

2025 Management Band Score "B" at CDP

CSR Index Plus Mark

Recognitions

THE USE BY THE WHARF (HOLDINGS) LIMITED OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES ("MSCI") DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF THE WHARF (HOLDINGS) LIMITED BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED 'AS-IS' AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI.

Certifications

*Incl. Niccolo Chengdu, Niccolo Chongqing (50%-owned), Niccolo Changsha, Marco Polo Wuhan & Managed Hotels Marco Polo Xiamen & Marco Polo Parkside, Beijing

The Wharf (Holdings) Limited - 2025 Final Results | 14

Science Based Targets Initiative ("SBTi") Sustainable Finance Renewable Energy

• Changsha IFS

• Chengdu IFS

• Shanghai Times Square

• Times Outlets Changsha

Raised ~$23.6B Accumulatively (By 31 Dec 2025)

50%

(As at 31 Dec 2025)

• Changsha IFS

• Chengdu IFS

• Shanghai Wheelock Square

• Kowloon Bay Redevelopment

↓42%

↓25%

From Capital Goods, Downstream Leased Assets & Investments

Modern Terminals

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•

•

Offers LNG Bunkering at All Facilities

DaChan Bay Terminals: In-Yard Truck Fleet 100% Powered by Cleaner Energy

(Battery-Swap or LNG)

Project WeCan Donations Employee Wellbeing

• Benefit >100,000 Students of >80 Schools, with Support from ~70 Partner Organisations

• Accumulated WeCan Scholarships >$76M,

of The Community Chest ("The Chest")

For 5 Consecutive Years

Awarded to The Wharf Group incl. Wharf REIC & Wharf Holdings

Pledged $30M

to Support Victims of Fire in Tai Po

Training & Development

Diversity & Inclusion

Good Distribution of Gender Diversity

Safe & Healthy Workplace

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Corporate Governance

Board Diversity Board Engagement

2025 Meeting Attendance

85%

For 4 Board Meetings in 2025

Corporate Governance

The Wharf (Holdings) Limited - 2025 Final Results | 17

>75

25%

66-75

59%

≤65

16%

Age

Education/ Academia

Risk Mgt/ Internal Control

Chinese Mainland Exposure

Governance/ Regulatory Compliance

Accounting Professionals/ Financial Mgt

Banking/ Financial & Securities/ Investment

INEDs 58%

Executive Board

Members 42%

Designation

12 Board Members (As at 31 Dec 2025)

Chaired by Chairman

For Board Members, Directors & Employees

Healthcare Services Mgt

Industrial & Commerce Entrepreneurship

Gender

Male 75%

Female 25%

Hospitality Innovation & Technologies Logistics & Transportation

Media & Communications

Sustainability/ Environment

Ethnicity

Chinese 83%

Non-CHN 17%

Public Services & Administration/ Associations

Real Estate/ Property Operation & Mgt

Strategy

Consultancy

Geopolitical & Economic Shifts China's Technological Ascent

• "Make America Great Again" Politics; World Order is Cracking

• Tariff Rollercoasters; Surging Military Spending & National Debt

• Wars; Disrupted Shipping; Energy; Soaring Gold Price

• First: EVs, Batteries, Solar Tech; Next: Robots, AI & Pharma

• De-Risk from "Traditional" Markets

• Capture Global Market Share via Quality & Cost Efficiency

AI: Main Pillar of The 4th Industrial Revolution Evolving Consumer Markets

• AI the New Catchphrase

• Massive Investment into AI across All Industries

• Transforming Job Markets & Creating New Opportunities

• Aging & Shrinking Population Refines Consumption Patterns

• Luxury Softens, Domestic Brands Gain Traction

• E-Commerce Expansion Reshaping Retailers Business Models

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Global

Hong Kong

Chinese Mainland

• Policy Risks & Tech Revolution

  • Geopolitical Risks & Wars

  • Global Trade Link Disruptions

  • AI Reshaping Business Dynamics

• Property Market Regaining Momentum

• Potential Challenges from Interest Rate Fluctuations & Inventory Overhang

• Property Market & Consumer Confidence Largely Policy-driven

• Fundamentals Yet to Improve

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