Slides
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2025 Annual Results Presentation January 2026
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Contents 03 2025 Annual Results Highlights 19 Hang Lung V.3 24 ESG Highlights 2025 Annual Results Investor Presentation 2025 Annual Results Announcement 36 Chinese Mainland Portfolio 40 Hong Kong Portfolio 45 Development Highlights 48 Appendix 49 HLP – Financial Highlights and Position 52 HLG – Financial Highlights and Position
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Hang Lung Properties Limited Hang Lung Properties Limited 2025 Annual Results Highlights 3 18 18 12 12 60 60 40 40 FY22 FY23 FY24 FY25 Interim (HK cents) Final (HK cents) HLP – Dividends per share Hang Lung Properties (101.HK) 21 21 21 21 65 65 65 65 FY22 FY23 FY24 FY25 Interim (HK cents) Final (HK cents) Hang Lung Group (10.HK) Revenue Operating profit / loss Underlying profit / loss HK$mn 2025 YoY% 2025 YoY% 2025 YoY% Leasing 9,389 -1% 6,663 -1% 3,358 -3% Hotels 297 +57% (34) + 46% (80) +17% Sales 264 - 83% (102) + 58% (76) +71% Total 9,950 -11% 6,527 +1% 3,202 +3% Revenue Operating profit / loss Underlying profit / loss HK$mn 2025 YoY% 2025 YoY% 2025 YoY% Leasing 9,853 -2% 6,972 -2% 2,529 -2% Hotels 297 +57% (34) + 46% (73) +13% Sales 264 - 83% (102) + 58% (49) + 70% Total 10,414 -11% 6,836 Flat 2,407 +3% HLG – Dividends per share (Note 1) (Note 1) (Note 1) Note 1: The positive YoY% for the operating and underlying losses implies the narrowing of loss. For example, 2025 hotels operating loss +46%YoY to HK$34mn implies a narrowing of the loss from FY24 to FY25 Note 2: Some expenses in 2024 had been reclassified between the leasing and hotels segments. The YoY changes of the underlying profit / loss for FY25 have reflected these reclassifications (Note 2) (Note 2) (Note 1) (Note 2) (Note 2)
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Hang Lung Properties Limited Hang Lung Properties Limited 4 0 2,000 4,000 6,000 8,000 10,000 12,000 FY22 FY23 FY24 FY25 Chinese Mainland rental HK rental Hotels Property sales FY25 Mainland Rental: RMB5,878mn / HK$6,414mn Accounts for 68% of total rental Flat YoY in RMB / -1% YoY in HKD FY25 HK Rental: HK$2,975mn Accounts for 32% of total rental -2%YoY FY25 Property Sales: HK$264mn (-83% YoY) FY25 Mainland Hotels: HK$297mn (+57% YoY) HK$mn Revenue Contribution by Segments HLP revenue contribution by segments (HK$mn) (FY25 RMB/HKD: -0.4% YoY)
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Hang Lung Properties Limited Hang Lung Properties Limited 5 81% 81% 81% 83% 19% 19% 19% 17%0.03% +1% YoY +7% YoY -4% YoY -70% -65% -60% -55% -50% -45% -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 0 2,000 4,000 6,000 8,000 10,000 FY22 FY23 FY24 FY25 RMB mn Retail rental revenue Office rental revenue Serviced apartments rental revenue YoY% - Rental revenue total Flat YoY FY25 Mainland rental revenue: RMB5,878mn Rental Revenue in Chinese Mainland HLP Chinese Mainland overall rental revenue (RMB mn) and YoY change% Rental revenue FY25 RMB mn YoY% Retail 4,871 +1% Office 1,005 -8% Serviced apartments 2 N/A Overall 5,878 Flat
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Hang Lung Properties Limited Hang Lung Properties Limited 6 1H 1H 1H 1H 2H 2H 2H 2H -1% YoY +8% YoY -3% YoY +1% YoY -150% -130% -110% -90% -70% -50% -30% -10% 10% 0 2,000 4,000 6,000 8,000 FY22 FY23 FY24 FY25 RMB mn FY25 Mainland retail rental revenue: RMB4,871mn Retail Rental Revenue in Chinese Mainland HLP Chinese Mainland retail rental revenue (RMB mn) and YoY change (%) +3% YoY -3% YoY +3% YoY -1% YoY -1% YoY +13% YoY -3% YoY Flat YoY Retail rental revenue FY25 RMB mn YoY% Plaza 66 1,661 +1% Grand Gateway 66 1,197 +2% Center 66 502 +10% Olympia 66 331 +12% Spring City 66 328 +9% Parc 66 323 +2% Palace 66 172 +6% Riverside 66 165 -3% Heartland 66 140 -31% Forum 66 52 -36% Overall 4,871 +1%
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Hang Lung Properties Limited Hang Lung Properties Limited 7 -12% YoY -14% YoY -18% YoY -11% YoY -7% YoY -1% YoY +10% YoY +18% YoY -20% -10% 0% 10% 20% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 YoY% Tenant Sales YoY Change (%) in Chinese Mainland FY25: +4% YoY Tenant sales FY25 YoY% Plaza 66 +4% Grand Gateway 66 +20% Center 66 +3% Olympia 66 +14% Spring City 66 +7% Parc 66 +6% Palace 66 +17% Riverside 66 +2% Heartland 66 -23% Forum 66 -54% Overall +4%
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Hang Lung Properties Limited Hang Lung Properties Limited 8 727 760 800 524 561 644 0 500 1,000 1,500 FY23 FY24 FY25 New leases signed (no. of cases) Renewals (no. of cases) 151 181 200 0 100 200 FY23 FY24 FY25 FY25: +10% YoY ▪ New lettings was increased in FY25, +15% YoY, resulting in occupancy rate increase and content enhancement ▪ A total of 200 first-in-town brands were welcomed, spotlighting the sought after brands in athleisure, premium F&B and lifestyle categories Number of first-in-town brands launched at Hang Lung’s Chinese Mainland retail portfolio Both renewal and new lease cases have increased YoY in Hang Lung’s Chinese Mainland retail portfolio Active Tenant Management Drives Content Enhancement +4% +3% +2% Luxury Personal care & beauty F&B Others Flat Net LFA change (YoY%) in Hang Lung’s Chinese Mainland retail portfolio during FY25 (by trade categories) Mall occupancy rate at Dec 31, 2024 Dec 31, 2025 Grand Gateway 66 99% 100% Center 66 99% 100% Spring City 66 98% 99% Palace 66 94% 98% Parc 66 93% 97% Plaza 66 99% 96% Olympia 66 94% 95% Riverside 66 95% 94% Heartland 66 85% 90% Forum 66 87% 89% Note Note: The temporary drop in occupancy rate was due to various reconfiguration works, for the VIP Lounge upgrade, and connection to the Pavilion Extension +15% YoY +5% YoY
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Hang Lung Properties Limited Hang Lung Properties Limited 9 Record-High Foot Traffic in Chinese Mainland HLP Chinese Mainland average daily foot traffic ▪ As part of Hang Lung’s 65th anniversary celebrations, a comprehensive set of nationwide events and marketing campaigns rolled out throughout the year, significantly driving foot traffic and strengthening customer interaction in the Mainland and Hong Kong ▪ These efforts contributed to an all-time high in average daily foot traffic in 2025, underscoring the effectiveness of our enhanced customer outreach and experience-driven initiatives ▪ As Hang Lung enters its 66th anniversary in 2026, a series of “66” brand campaigns in the Mainland would be launched 50 75 100 125 150 2019 2020 2021 2022 2023 2024 2025 (2019 = 100) Index
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Hang Lung Properties Limited Hang Lung Properties Limited 10 71% 60% 65% 70% 75% FY22 FY23 FY24 FY25 CRM via HOUSE 66 Program Total valid members Member sales (Up to Dec 2025) (Jan – Dec 2025) +24% YoY +7% YoY New members Sales penetration (Jan – Dec 2025) (Jan – Dec 2025) +10% YoY 71% (+4pts YoY) HOUSE 66 sales penetration (%) Plaza 66 Spring City 66 Olympia 66 Riverside 66 Center 66Spring City 66 ▪ Key highlights of member activities in 2025:
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Hang Lung Properties Limited Hang Lung Properties Limited 11 1H 1H 1H 1H 2H 2H 2H 2H +11% YoY +5% YoY -6% YoY -8% YoY -120% -110% -100% -90% -80% -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 0 500 1,000 1,500 2,000 FY22 FY23 FY24 FY25 RMB mn FY25 Mainland office rental revenue: RMB1,005mn Office Rental Revenue in Chinese Mainland HLP Chinese Mainland office rental revenue (RMB mn) and YoY change (%) -12% YoY -5% YoY -7% YoY - 4% YoY +3% YoY +6% YoY +7% YoY +16% YoY Office rental revenue FY25 RMB mn YoY% Plaza 66 538 -11% Spring City 66 133 - 4% Forum 66 118 - 4% Center 66 114 -7% Heartland 66 102 - 4% Overall 1,005 -8%
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Hang Lung Properties Limited Hang Lung Properties Limited 12 59% 60% 60% 59% 33% 33% 33% 34% 8% 7% 7% 7% -3% YoY +2% YoY -9% YoY -2% YoY -100% -95% -90% -85% -80% -75% -70% -65% -60% -55% -50% -45% -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 0 1,000 2,000 3,000 4,000 5,000 FY22 FY23 FY24 FY25 Residential & serviced apartments rental revenue Office rental revenue Retail rental revenue YoY% - Rental revenue total HK$mn Rental Revenue in Hong Kong HLP HK overall rental revenue (HK$mn) and YoY change (%) FY25 HK rental revenue: HK$2,975mn Rental revenue FY25 HK$mn YoY% Retail 1,742 -4% Office 1,004 -1% Residential & serviced apartments 229 +6% Overall 2,975 -2%
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Hang Lung Properties Limited Hang Lung Properties Limited 13 Property Sales FY25 property sales revenue HK$264mn Total sales proceeds HK$1.6bn Hong Kong HK$205mn Chinese Mainland HK$59mn The Aperture Heartland Residences Wuhan Grand Hyatt Residences Kunming Hong Kong HK$0.8bn Chinese Mainland HK$0.5bn The Aperture 23-39 Blue Pool Road Heartland Residences Wuhan Grand Hyatt Residences Kunming Center Residences, Wuxi Hong Kong HK$0.3bn Summit 23-39 Blue Pool Road HIGHEST in the last 8 years FY25 contracted sales HK$1.3bn FY25 disposal of investment properties HK$0.3bn Sold but not booked at Dec 31, 2025: HK$1.2bn Hong Kong HK$0.7bn Chinese Mainland HK$0.5bn
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Hang Lung Properties Limited Hang Lung Properties Limited 14 Kowloon Bay station Hong Kong Residential Portfolio at Prime Locations Summit ▪ 53 duplex suites for lease ▪ Renovation completed in 2025; the first lease post-renovation was recorded in Jan 2026 ▪ A duplex unit was disposed in 1H 2025 Burnside Villa ▪ 45 units for lease Investment properties 37 Shouson Hill Road (Under planning) ▪ Total GFA of approx. 47,000 sq ft ▪ Demolition work completed in Jun 2025 ▪ Site formation plan approved in Sep 2025 8-12A Wilson Road (Under planning) ▪ Total GFA of approx. 25,800 sq ft ▪ Demolition work commenced in Aug 2025 and is expected to be completed in 1H 2026 23-39 Blue Pool Road (Completed) ▪ 5 unsold houses (as of Dec 31, 2025) ▪ Contracted sales will be recognized upon sale completion in 2026: ➢ 1 standard house: Sold in 2025 ➢ 1 combined house: Sold in Jan 2026 The Aperture (Completed) ▪ 97 unsold units (as of Dec 31, 2025) Investment Properties Properties for Sale Development properties for sale
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Hang Lung Properties Limited Hang Lung Properties Limited 15 Center Residences ▪ Location: Liangxi District ▪ Status: Completed from 2H 2026 onwards ▪ Total no. of units: 573 units ▪ Unsold units: 520 units (as at Dec 31, 2025) ▪ Sale in progress, since the debut launch in September 2025 Image Heartland Residences ▪ Location: Qiaokou District ▪ Status: Completed in 2023 ▪ Total no. of units: 492 units (432 units classified as DP; 60 units as IP for rental purpose) ▪ Unsold DP units: 425 units (as at Dec 31, 2025) ▪ Sale of Tower 3 in progress Property for Sale in Chinese Mainland Wuhan Grand Hyatt Residences Kunming ▪ Location: Panlong District ▪ Status: Completed in 2024 ▪ Total no. of units: 254 apartments including 3 premium penthouses ▪ Unsold units: 246 apartments (as at Dec 31, 2025) ▪ Sale of apartment units in progress Kunming Wuxi Residences (28-57/F) Image The photographs, images, drawings or sketches shown in this section represent an artist’s impression of the development concerned and is for reference only
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Hang Lung Properties Limited Hang Lung Properties Limited 16 3.5% 4.3% 4.3% 3.8% FY22 FY23 FY24 FY25 28.1% 31.9% 33.4% 32.7% Dec-22 Dec-23 Dec-24 Dec-25As at Financial Management ▪ Net gearing ratio was 32.7% as at Dec 31, 2025. Net debt stayed flat. Net gearing dropped mainly due to cash preserved by scrip dividend and expansion in shareholders’ equity ▪ Gross finance costs -8% YoY to HK$1,938mn, due to lower average cost of borrowing (FY25: 3.8% vs. FY24: 4.3%) ▪ Net finance costs (gross finance costs, net of interest capitalized) +3% YoY to HK$954mn, amid lower interest capitalization ratio, upon completion of various projects Net gearing ratio (%) Average borrowing cost (%) Key financial metrics (at Dec 31, 2025) * Interest cover: calculated as profit from operations before changes in fair value of properties, divided by finance costs before capitalization less interest income Net debt Cash and bank deposits Interest cover * HK$47.3bn HK$6.3bn 3.1x (end-FY24: HK$47.1bn) (end-FY24: HK$10.3bn) (FY24: 2.8x)
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Hang Lung Properties Limited Hang Lung Properties Limited 17 <1 year, 9% After 1 but within 2 years, 31% >5 years, 7% Financial Management Financing highlights: ▪ A HK$10.0bn five-year syndicated loan facilities was signed in Jan 2025 ❑ Support from a consortium of 10+ leading international, Chinese and local banks ▪ RMB3.2bn of offshore fixed rate CNH facilities had been arranged in 2025 ❑ 47% of debt portfolio is denominated in RMB Debt portfolio (%) - by currency and fixed vs. floating rate Debt maturity profile (%) at Dec 31, 2025 • Average debt maturity at 2.9 years (FY24: 2.9 years) • 60% of outstanding debts repayable after 2 years • Total undrawn committed banking facilities amounted to HK$21.4bn 34% 37% 33% 27% 38% 34% 31% 26% 28% 27% 26% 31% 2% 10% 16% 0 10,000 20,000 30,000 40,000 50,000 60,000 Dec-22 Dec-23 Dec-24 Dec-25 HKD borrowings - floating HKD borrowings - fixed RMB borrowings - floating RMB borrowings - fixed Total debt (HK$mn)
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Hang Lung Properties Limited Hang Lung Properties Limited 18 Key Milestones on Sustainability in 2025 CDP Water Security: A ESG score: 3.8 “AA+” rating 2025 CSA score: 82 “5-star” rating Ongoing efforts to achieve Sustainability Excellence RECEIVED 40+ ESG AWARDS IN 2025 ▪ 8 out of 10 Mainland operating properties powered by renewable energy through power purchase agreements (PPAs) Community Engagement ▪ Promoting connection and enriching culture ▪ Create vibrant living spaces that foster connection and strengthen community bonds Community · Connect“Throwback Causeway Days” City Walk Driving Decarbonization with Ideas and Actions Upgrade on ESG Ratings / Indices Performance CITI score: 29.75 Forum 66, Palace 66 and Olympia 66 were added since May 2025 Ideas: ▪ Publication of a groundbreaking discussion paper in Mar 2025 - “Our Journey to Net Zero” Actions: ▪ Low carbon emissions steel procurement: ➢ Westlake 66 (2025) ➢ Plaza 66 Pavilion Extension (2024) Together, achieved a 42% in embodied carbon emissions (No. 1 in real estate industry)
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Hang Lung V.3
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Hang Lung Properties Limited Hang Lung Properties Limited 20 Hang Lung V.3 A Strategic Growth Blueprint, Evolving from a Capital-intensive Expansion in Chinese Mainland, to a Capital-efficient and Strategic Growth Path CORE CITIES EXPANSION CUSTOMER EXPERIENCE ELEVATION CAPITAL-EFFICIENT, REINFORCING SCALE AND VISIBILITY Attributable CAPEX est. RMB1bn including three projects: Westlake 66 Expansion Center 66 Expansion No. 1038 West Nanjing Road Commercial Project (“West Nanjing Road”) Shanghai ▪ Pavilion Extension ▪ West Nanjing Road Hangzhou ▪ Westlake 66 Expansion Wuxi ▪ Center 66 Expansion Kunming ▪ Shangyi Street (Spring City 66) Retail area expansion Pavilion Extension: +13% retail LFA Center 66 Expansion: +38% retail GFA Westlake 66 Expansion: +40% retail GFA West Nanjing Road: +67% retail GFA Street frontage expansion Shangyi Street: +53% / +67 meters Center 66 Expansion: +30% / +185 meters Westlake 66 Expansion: Tripled / +200 meters
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Hang Lung Properties Limited Hang Lung Properties Limited 21 Pavilion Extension of Plaza 66 Mall’s LFA +13% ▪ Seamlessly connected to the existing mixed-use complex ▪ GFA: 3,080 sqm ▪ 1st Mainland project using nearly 100% low carbon emissions steel in building structure Completion 2026 Shangyi Street of Spring City 66 Street frontage +53% / +67 meters ▪ Revitalized as an open-air extension of the Spring City 66 mall ▪ Create a must-visit streetscape destination for urban explorers and a photography hotspot Completion 2025 Recent Cases of Hang Lung V.3 Kunming Shanghai The photographs, images, drawings or sketches shown in this section represent an artist’s impression of the development concerned and is for reference only
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Hang Lung Properties Limited Hang Lung Properties Limited 22 Center 66 Expansion Announcement date: Dec 9, 2025 ▪ HLP: 60% interest in joint venture ▪ GFA: ~55,000 sqm ▪ Usage: Retail (47,000 sqm) & Others ▪ Total retail GFA: ~169,200 sqm W Westlake 66 Expansion Announcement date: July 11, 2025 ▪ HLP: 100% interest ▪ Lease tenure: 20 years (Apr 2028 to Mar 2048) ▪ GFA: ~42,000 sqm ▪ Usage: Retail ▪ Total retail GFA: ~147,900 sqm More Expansion under Hang Lung V.3 No. 1038 West Nanjing Road Commercial Project Announcement date: Dec 12, 2025 ▪ HLP: 60% interest in joint venture ▪ GFA: ~96,000 sqm ▪ Usage: Retail (36,000 sqm), Office, Hotel & Others (under planning) ▪ Total project GFA: ~312,300 sqm Hangzhou Wuxi Shanghai Retail GFA Street frontage +40% Tripled / +200 meters Retail GFA Street frontage +38% +30% / +185 meters Retail GFA Total GFA (Hang Lung’s project on West Nanjing Road) +67% +44% The photographs, images, drawings or sketches shown in this section represent an artist’s impression of the development concerned and is for reference only
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Hang Lung Properties Limited Hang Lung Properties Limited 23 Tower E Tower D Tower A Tower B Retail podium ExpansionWestlake 66 Westlake 66 in Hangzhou (Based on 100% occupancy) G 5 Office Towers ▪ Total GFA: 95,600 sqm ▪ Expected opening: ➢ Tower E: Late Nov 2025 ➢ Towers A, B, C, D: 2026 onwards ▪ Status: ➢ Towers A, B, C, D, E: 17% pre-leased Hotel Tower C Office lobby of Tower E Manda Mandarin Oriental Hangzhou ▪ Total GFA: 38,100 sqm ▪ Expected opening: 2027 ▪ Features: ➢ 194 keys ➢ Direct access to the mall Manda Retail ▪ Total GFA: 147,900 sqm (incl. expansion) ▪ Expected opening: 2Q 2026 ▪ Status: 91% pre-leased ▪ Proposed tenant mix: Total GFA: 432,200 sqm (incl. expansion) 41% 29% 17% 13% Fashion & accessories F&B Leisure & entertainment OthersNote: LFA from the expansion at Westlake 66 is excluded OT LEED PLATINUM and GOLD PRE-CERTIFIED MALL LEED GOLD PRE-CERTIFIED 1ST COMMERCIAL DEVELOPMENT PROJECT IN GREATER CHINA TO USE LOW CARBON CONCRETE BRICKS High-end and one-stop shopping destination in Hangzhou, combining retail with nature, cultural and social experience (Based on 100% occupancy) The photographs, images, drawings or sketches shown in this section represent an artist’s impression of the development concerned and is for reference only
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ESG Highlights 2024 Sustainability report ESG full presentation (Jan 2026)
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Hang Lung Properties Limited Hang Lung Properties Limited 25 Latest Ratings & Awards “AA” rating since 2020 Index component since inception in 2010 “Low” ESG risk rating “AA+” rating Index component since inception in 2010 CITI score: 29.75 CATI score: 56.4 (No. 1 in real estate industry) 5-star performance rating (standing investment) CSA score: 82 S&P Global Sustainability Yearbook 2025 member ESG score: 3.8 Constituent of FTSE4Good Index Series 2024 ESG Model Enterprise Award and the 2024 Green Development Model Award 14th China Philanthropy Festival Inclusion & Diversity Award – Corporate Sector I&D Appreciation Awards 2025, Dialogue in the Dark (HK) Foundation RE100 Leadership Awards 2025 – Best newcomer Climate Group - RE100 Energy Saving and Carbon Reduction Award 3rd China Corporate Carbon Neutral Performance Ranking in 2025, Yicai Green Building Award 2025 - Grand Award for Existing Buildings (Interiors) Hong Kong Green Building Council Climate: A Water Security: A Supplier Engagement Assessment A-List
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Hang Lung Properties Limited Hang Lung Properties Limited 26 Our refreshed 2030 Sustainability Goals and Targets * Our definition of diverse background includes people with disabilities and ethnic minorities. Climate Resilience • In-use operational emissions: 56.1% per m2 reduction in scope 1, 2 and 3 in-use operational GHG emissions of owned and leased buildings from a 2023 base year. • Upfront embodied emissions: 42% reduction in upfront embodied emissions from a 2023 base year. • Renewable electricity: 70% of our landlord’s electricity consumption across the portfolio provided by renewable electricity. • Adaptation: 10% reduction in our Climate Value-at-Risk compared to the absence of implemented adaptation measures. • Energy use intensity: 10% reduction in the landlord’s energy use intensity from a 2023 base year. • Operational waste: 35% recycling of municipal solid waste generated from operating properties. • Construction waste: 90% recycling of construction waste generated from construction sites. • Water: 8% reduction in freshwater intensity from a 2023 base year. • Biodiversity: 10% biodiversity net gain on all new development projects and major renovations with landscape renovation. • Health and safety: Maintain zero work-related fatalities, serious injuries, and occupational diseases for employees and contractors. Maintain a Lost Time Injury Rate of 1.5 or below for employees and contractors. • Indoor air quality: Maintain, more than 90% of the time, PM2.5, TVOC and CO2 levels below levels defined in the RESET Air standard. • Employee engagement: Maintain an employee engagement survey rating greater than or equal to the 75th percentile. • Diversity: At least 5% of our workforce across the portfolio is comprised of people from diverse backgrounds.* • Diversity: Maintain Female-to-Male pay ratio of 1:1; maintain gender balance in management positions. • Social impact: Create at least HK$40 million in social value through our community investments. • Tenant electricity intensity: Benchmarking provided to 100% of tenants across the Chinese Mainland portfolio and work with tenants towards a 10% reduction in their electricity intensity from a 2023 base year. • Tenants: Tenants representing 25% of our leased floor area in applicable Chinese Mainland and Hong Kong properties participate in our tenant sustainability partnerships program. • Suppliers: Regularly conduct ESG risk screening for 100% of active suppliers and provide ESG assessments for suppliers covering 50% of spending. • Procurement: 15% of spending on operational procurement qualifies as sustainable procurement. • Standards development: Undertake at least three innovative initiatives in standards development to help accelerate learning and sustainability impact. Resource Management Wellbeing Sustainable Transactions ▪ 4 Goals and 20 Targets ▪ We refreshed our 2030 Sustainability Goals and Targets (originally established in 2020 to guide and focus our actions between 2026 and 2030) Click for more details
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Hang Lung Properties Limited Hang Lung Properties Limited 27 Board Engagement and Diversity Highly engaged (as of December 31, 2025) ▪ 6 regular Board meetings/year (98% attendance) ▪ 4 Audit Committee meetings/year (100% attendance) ▪ 4 meetings of Audit Committee members with external auditor without the presence of management 33% 11% 56% Designation Executive Directors NED INEDs 34% 11%22% 11% 22% Age group Under 56 56-60 61-65 66-70 71 or above (Age range) 78% 22% Gender Male Female Board Diversity of Hang Lung Properties (as of December 31, 2025)
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Hang Lung Properties Limited Hang Lung Properties Limited 28 The first property and the first commercial complex in Yunnan Province to be powered by renewable energy The first commercial property in Jinan and Shandong Province to be powered by renewable energy Five out of tenMainland operating properties are powered by renewable energy through power purchase agreements The first commercial developments in Liaoning Province to be powered by wind and solar energy through PPAs Eight out of ten Mainland properties powered by renewable energy Plaza 66, Grand Gateway 66, Shanghai; Center 66, Wuxi Forum 66, Palace 66, Shenyang; Olympia 66, Dalian Parc 66, Jinan Spring City 66, Kunming Estimated results for end of 2025 2 8 GHG intensity reduction from tenants’ electricity (relative to 2018) 2025 target: -15% % of our Chinese Mainland portfolio’s landlord electricity demand met by renewable energy 2025 target: 25% 70% 60%
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Hang Lung Properties Limited Hang Lung Properties Limited 29 Collaboration for Low Carbon Emissions Steel in Real Estate We joined other real estate companies, steel manufacturers, and organizations in endorsing the Collaboration Statement on Low Carbon Emissions Steel for Real Estate in China, convened by China Iron and Steel Association (CISA), the Urban Land Institute (ULI) and the World Steel Association (WSA) This initiative focuses on improving emissions data transparency, integrating low carbon emissions steel into procurement, addressing cost challenges, and promoting global and local standards (Joiners as of June 2025) Plaza 66 Pavilion Extension Westlake 66 Hang Lung projects that have procured low carbon emissions steel A combined 42% reduction in carbon emissions For all above ground structural and reinforcing bars For 80%+ of the reinforcing steel bars in a key tunnel
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Hang Lung Properties Limited Hang Lung Properties Limited 30 Pre-certifications for Development Projects Green Building Certifications >80% CFA certified to LEED / BEAM Plus Gold or above Including: • Shenyang: Palace 66 & Forum 66 • Dalian: Olympia 66 • Tianjin: Riverside 66 • Jinan: Parc 66 • Shanghai: Grand Gateway 66 & Plaza 66 • Wuxi: Center 66 • Wuhan: Heartland 66 • Kunming: Spring City 66 • Hong Kong: Standard Chartered Bank Building, Peak Galleria, Grand Plaza, Baskerville House, 228 Electric Road, Gala Place, The Aperture Green Building Certifications for Existing Buildings Hangzhou – Westlake 66 • LEED Platinum: Office Towers 1 & 2 • LEED Gold: Shopping Mall, Towers 3, 4 & 5, Hotel • CGBL Three-star: entire project • BREEAM Excellent: Mall and Office Towers Wuxi – Center 66 (Phase 2) • LEED Gold: Towers 1, 2 & Hotel Center 66 in Wuxi Grand Gateway 66 in Shanghai Westlake 66 in Hangzhou: Artist’s impression Xi Zhe Wuxi, Curio Collection by Hilton Artist’s impression Note: Office Towers 1, 2, 3, 4 and 5 at Westlake 66, as presented on the LEED certificates and documents, are equivalent to Office Towers B, A, C, D and E at Westlake 66 respectively
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Hang Lung Properties Limited Hang Lung Properties Limited 31 Health, Safety & Wellness The photographs, images, drawings or sketches shown in this section represent an artist’s impression of the development concerned and is for reference only. Over 90% of the total construction floor area has either been certified with WELL or WELL Health and Safety Rating (WELL HSR) Certified • WELL Platinum: Plaza 66 in Shanghai • WELL Gold: 228 Electric Road in Hong Kong • WELL HSR: all Chinese Mainland malls, offices, residential towers and service apartments (total 18 properties), and 15 properties in Hong Kong Pre-certified • WELL: Westlake 66 in Hangzhou (target rating: Platinum)
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Hang Lung Properties Limited Hang Lung Properties Limited 32 Sustainability Partnerships with Tenants Three-Year Sustainability Partnership with LVMH Changemakers Program for all tenants Image ▪ Launched in Oct 2022 ▪ Launched Common Charter in 2023 and 2024 ▪ Share 20 sustainability actions in each Common Charter ▪ Launched a podcast series with ESG thought leaders in real estate and retail ▪ Launched in Dec 2023 following the partnership with LVMH ▪ Applicable to all types of tenants in Hong Kong and Chinese Mainland ▪ Distribute quarterly sustainability newsletters for tenants Overall Impact of the Two Programs (as of December 2025) Number of tenants collaborating with Hang Lung across Hong Kong and Chinese Mainland 76 Representing leased floor area 20% Participating premises 178 Coverage of properties 18
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Hang Lung Properties Limited Hang Lung Properties Limited 33 Community · Connect (since 2025) Community Investment Elderly Services Youth Development & Education Volunteer Services Dementia Friendly Program (since 2021) • Reaffirms HL’s commitment to promoting sustainable growth and enhancing community wellbeing • Strengthens long-term relationships with local authorities, NGO partners and the community at large • Creates lasting positive social impact The Hang Lung Scholarship and Development Donation for the Visually Impaired (since 2023) Hang Lung Center for Real Estate, Tsinghua University (since 2010) Dr Image Hang Lung Mathematics Awards (since 2004) Hang Lung As One Volunteer Team We have committed a total of HK$11 million to establish the Tai Po Wang Fuk Court Fire Relief Fund, providing financial assistance and accommodation support to affected residents. From this total, HK$10 million was pledged for relief and recovery efforts. To address the urgent need for shelter, Hang Lung also offered 20 serviced apartment units at Kornhill Apartments in Quarry Bay, rent-free for two months, to assist those displaced by the incident. Supporting Households Affected by the Wang Fuk Court Fire
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Hang Lung Properties Limited Hang Lung Properties Limited 34 Community Investment Honorary Chair Mr. Ronnie Chan awarded the Grand Bauhinia Medal (GBM), the highest honor bestowed, by the Government of the Hong Kong Special Administrative Region • The honor is given in recognition of his long and distinguished community service, particularly his dedication and significant contributions in developing and supporting Hong Kong's external relations, and promoting the development of tertiary education in Hong Kong and in nurturing talents • Honorary Chair Mr. Ronnie Chan has also devoted great efforts in the promotion of cultural exchanges and conservation of cultural heritage. As a successful entrepreneur, Mr. Chan has made exemplary efforts in driving the economic development of Hong Kong Honorary Chair Mr. Ronnie Chan awarded the 2018 Dwight D. Eisenhower Global Leadership Award by the Business Council for International Understanding • Honorary Chair Mr. Ronnie Chan was honored for his role as a business-statesman and his life- long commitment to philanthropy, the advancement of education, as well as building bridges in the pursuit of global stability • Tributes from the late U.S. President George H.W. Bush and former U.S. Secretary of State Dr. Henry A. Kissinger were read out at the gala Honorary Chair Mr. Ronnie Chan awarded the Rockefeller Award by International House • Honorary Chair Mr. Ronnie Chan was honored with the Rockefeller Award for Distinguished Philanthropic Service The Dwight D. Eisenhower GlobalAwards Gala The International House 2018 Awards Gala Community Investment
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Hang Lung Properties Limited Hang Lung Properties Limited 35 Community Investment Rebuilding of Jianfu Palace Garden & The Hall of Rectitude Complex in Beijing • Projects funded by the China Heritage Fund, a non-profit organization created by Honorary Chair Mr. Ronnie Chan to preserve and restore Chinese cultural relics Jianfu Palace Garden – Rebuilt completed in Nov 2005 Hang Lung Center for Real Estate, Tsinghua University, Beijing • The Hang Lung Center for Real Estate serves as an academic platform for quality research, grooms talents in the areas of housing policy and security, land management and urban development, and provides research backup to the government in formulating policy The Hall of Rectitude Complex – Rebuilt completed in Nov 2012 Inauguration ceremony in Apr 2010 Community Investment
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Chinese Mainland Portfolio
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Hang Lung Properties Limited Hang Lung Properties Limited 37 Plaza 66 Grand Gateway 66 Center 66 Olympia 66 Spring City 66 Shanghai Shanghai Wuxi Dalian Kunming FY25 tenant sales YoY% +4% +20% +3% +14% +7% Mall occupancy 96% 100% 100% 95% 99% Retail Portfolio in Chinese Mainland Parc 66 Palace 66 Riverside 66 Heartland 66 Forum 66 Jinan Shenyang Tianjin Wuhan Shenyang FY25 tenant sales YoY% +6% +17% +2% -23% -54% Mall occupancy 97% 98% 94% 90% 89% Powered by renewable energy Note: Occupancy rate as at Dec 31, 2025
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Hang Lung Properties Limited Hang Lung Properties Limited 38 Plaza 66 Spring City 66 Forum 66 Center 66 Heartland 66 Westlake 66 Shanghai Kunming Shenyang Wuxi Wuhan Hangzhou Office occupancy 82% 86% 86% 78% 65% Tower E: Commenced progressive occupancy in late Nov 2025Other features AEI completed in 2017/18 Modular office Conrad Shenyang HANGOUT • HANGOUT • Modular office Office Portfolio in Chinese Mainland Note: Occupancy rate as at Dec 31, 2025
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Hang Lung Properties Limited Hang Lung Properties Limited 39 Hotel Portfolio in Chinese Mainland Conrad Shenyang at Forum 66 Grand Hyatt Kunming at Spring City 66 Xi Zhe Wuxi, Curio Collection by Hilton at Center 66 Mandarin Oriental Hangzhou at Westlake 66 Location Shenyang Kunming Wuxi Hangzhou Average occupancy 74% 65% N/A N/A No. of keys 315 331 105 194 Notes: 1. Average occupancy for the year ended Dec 31, 2025 2. The photographs, images, drawings or sketches shown in this section represent an artist’s impression of the development concerned and is for reference only Year of opening 20242019 1H 2026 2027
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Hong Kong Portfolio
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Hang Lung Properties Limited Hang Lung Properties Limited 41 95% 90% 91% 0% 20% 40% 60% 80% 100% Dec-22 Dec-23 Dec-24 Dec-25 Retail Office Residential & serviced apartments 0 500 1,000 1,500 2,000 2,500 3,000 3,500 FY24 FY25 Retail Office Residential & serviced apartments Rental Performance in Hong Kong FY25: HK$2,975mn HK overall rental revenue (HK$mn) Hong Kong occupancy rate (%) Resi. & S.A.: 7% of total Office: 34% of total Retail: 59% of total Resi. & S.A.: 7% of total Office: 33% of total Retail: 60% of total HK$mn % As at
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Hang Lung Properties Limited Hang Lung Properties Limited 42 Peak GalleriaCentral Portfolio Investment Properties in Hong Kong Standard Chartered Bank Building 1 Duddell Street Baskerville House Printing House Retail Office ▪ A tourist landmark, with pet-friendly features to attract local pet lovers ▪ A variety of F&B and entertainment offerings ▪ Comprising 4 office buildings with a diversified tenant profile ▪ Form a thriving fine-dining hub in Central
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Hang Lung Properties Limited Hang Lung Properties Limited 43 Mongkok PortfolioCauseway Bay Portfolio Investment Properties in Hong Kong Fashion Walk Hang Lung Centre ▪ Continued to solidify the area’s position as the place “Where Trends Meet” ▪ An elite shopping destination featuring numerous internationally renowned fashion, beauty, and lifestyle brands Grand Plaza Gala Place Retail Office Residential & Serviced Apartments
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Hang Lung Properties Limited Hang Lung Properties Limited 44 Amoy PlazaHong Kong East Portfolio Investment Properties in Hong Kong 228 Electric Road, North Point Kornhill Plaza / Kornhill Apartments, Quarry Bay ▪ A one-stop community hub in Kowloon East featuring diverse casual, grocery stores, education providers, and entertainment brands ▪ A new footbridge will seamlessly connect Amoy Plaza, the East Kowloon Cultural Centre, and the MTR Kowloon Bay Station by mid-2026 ▪ This new footbridge energizes the district to promote sustainable urban growth ▪ Comprises Kornhill Plaza, Kornhill Apartments, and 228 Electric Road Retail Office Residential & Serviced Apartments
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Development Highlights
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Hang Lung Properties Limited Hang Lung Properties Limited 46 Plaza 66 Completed Investment Properties Projects Under Development Shenyang Shanghai Hangzhou Palace 66 Forum 66 Westlake 66 (Completion from 2025 onwards) Kunming Spring City 66 Wuhan Heartland 66 Jinan Parc 66 Tianjin Riverside 66 Grand Gateway 66 (note 1) Wuxi Center 66 (note 2) # # # Dalian Olympia 66 # # # Retail Office Resi. & S.A. Apartments for Sale Hotel Under development Upcoming projects completion pipeline Westlake 66, Hangzhou ▪ GFA: 390,200 sqm ▪ GFA: ~3,080 sqm Kimpton Xujiahui Shanghai at Grand Gateway 66 Notes: 1. Interest directly held under Hang Lung Group 2. Remaining phases of Forum 66 is temporarily designated for the development of an urban park to enhance community well-being 3. Exclude the three expansion projects and Pavilion Extension in Plaza 66 ▪ 11 projects across 9 Chinese Mainland cities with the completion of Westlake 66 in Hangzhou from 2025 onwards ▪ GFA: 151,000 sqm ▪ 149 keys The photographs, images, drawings or sketches shown in this section represent an artist’s impression of the development concerned and is for reference only Westlake 66 Expansion, Hangzhou ▪ GFA: ~42,000 sqm Chinese Mainland Property Portfolio # Center 66 Phase 2, Wuxi Pavilion Extension at Plaza 66, Shanghai Center 66 Expansion, Wuxi No. 1038 West Nanjing Road Commercial Project, Shanghai ▪ GFA: ~96,000 sqm▪ GFA: ~47,000 sqm 2026 2025 + 2027 + (note 1)
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Hang Lung Properties Limited Hang Lung Properties Limited 47 Projects Under Development in Chinese Mainland Notes: 1. The photographs, images, drawings or sketches shown in this section represent an artist’s impression of the development concerned and is for reference only 2. Remaining phases of Forum 66 is temporarily designated for the development of an urban park to enhance community well-being Center 66 ▪ Location: Renmin Zhong Road & Jiankang Road, Liangxi District ▪ Usage: Mall, Office, Hotel, Apartments for Sale ▪ Total gross floor area: 518,000 sqm - Completed: 367,000 sqm (Phase 1) - Under development: 151,000 sqm (Phase 2) ▪ Completion Year: Phase 1: 2013 – 2019 Phase 2: 2026 onwards Wuxi Kunming Wuxi Pavilion Extension at Plaza 66 ▪ Location: West Nanjing Road, Jing’an District ▪ Usage: Mall ▪ Gross floor area: 3,080 sqm ▪ Completion year: 2026 (Topped out in June 2025) ▪ ESG feature: First Chinese Mainland project using nearly 100% low carbon emissions steel in its building structure Shanghai Image
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Appendix
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Hang Lung Properties Limited Hang Lung Properties Limited 49 Hang Lung Properties – Financial Highlights 2025 2024 (HK$mn) Property Leasing Hotels Property Sales Total Property Leasing Hotels Property Sales T otal Revenue 9,389 297 264 9,950 9,515 189 1,538 11,242 - Chinese Mainland 6,414 297 59 6,770 6,466 189 56 6,711 - Hong Kong 2,975 - 205 3,180 3,049 - 1,482 4,531 Operating Profit / (Loss) 6,663 (34) (102) 6,527 6,763 (63) (245) 6,455 - Chinese Mainland 4,355 (34) (51) 4,270 4,385 (63) (197) 4,125 - Hong Kong 2,308 - (51) 2,257 2,378 - (48) 2,330 Underlying Net Profit / (Loss) * 3,358 (80) (76) 3,202 3,455 (96) (264) 3,095 Net change in fair value of Properties # (1,396) - - (1,396) (942) - - (942) Net Profit / (Loss) 1,962 (80) (76) 1,806 2,513 (96) (264) 2,153 Margin 71% 71% - Chinese Mainland 68% 68% - Hong Kong 78% 78% *Exclude changes in fair value of properties, net of related income tax and non-controlling interests #Net of related income tax and non-controlling interests
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Hang Lung Properties Limited Hang Lung Properties Limited 50 Hang Lung Properties – Financial Position (HK$mn) 31/12/2025 31/12/2024 Investment Properties 167,897 166,519 - Chinese Mainland 105,576 104,043 - Hong Kong 62,321 62,476 Investment Properties under development 27,359 24,001 Properties for sale 14,272 13,489 Cash and bank deposits 6,335 10,303 Total Borrowings 53,589 57,376 Net Debt 47,254 47,073 Net Debt to Equity Ratio 32.7% 33.4% Total Assets 222,912 221,648 Shareholders’ equity 134,729 131,587 Net Assets Attributable to Shareholders Per Share (HK$) $26.6 $27.5 ▪ As of Dec 31, 2025, total cash and available facilities amounted to HK$49,470mn, including available facilities of HK$43,135mn
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Hang Lung Properties Limited Hang Lung Properties Limited 51 0.05 0.2 0.5 0.5 0.7 0.9 0.9 1.4 1.3 1.0 1.0 1.3 1.2 1.0 1.5 1.5 1.5 1.5 2.0 2.1 1.9 17.8% 21.3% 24.4% 28.1% 31.9% 33.4% 32.7% 97% 88% 67% 66% 65% 56% 51% -50.0% -30.0% -10.0% 10.0% 30.0% 50.0% 70.0% 90.0% - 1.00 2.00 3.00 4.00 5.00 FY19 FY20 FY21 FY22 FY23 FY24 2025 Finance costs charged to Profit & Loss (HK$bn) Borrowing costs capitalized (HK$bn) Net gearing ratio (%) Interest capitalization ratio (%) Hang Lung Properties – Gross and Net Interest Expense
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Hang Lung Properties Limited Hang Lung Properties Limited 52 Hang Lung Group – Financial Highlights *Exclude changes in fair value of properties, net of related income tax and non-controlling interests #Net of related income tax and non-controlling interests 2025 2024 (HK$mn) Property Leasing Hotels Property Sales Total Property Leasing Hotels Property Sales T otal Revenue 9,853 297 264 10,414 10,033 189 1,538 11,760 - Chinese Mainland 6,757 297 59 7,113 6,851 189 56 7,096 - Hong Kong 3,096 - 205 3,301 3,182 - 1,482 4,664 Operating Profit / (Loss) 6,972 (34) (102) 6,836 7,134 (63) (245) 6,826 - Chinese Mainland 4,568 (34) (51) 4,483 4,656 (63) (197) 4,396 - Hong Kong 2,404 - (51) 2,353 2,478 - (48) 2,430 Underlying Net Profit / (Loss) * 2,529 (73) (49) 2,407 2,576 (84) (165) 2,327 Net change in fair value of Properties # (1,037) - - (1,037) (714) - - (714) Net Profit / (Loss) 1,492 (73) (49) 1,370 1,862 (84) (165) 1,613 Margin 71% 71% - Chinese Mainland 68% 68% - Hong Kong 78% 78% Hang Lung Group Limited
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Hang Lung Properties Limited Hang Lung Properties Limited 53 Hang Lung Group – Financial Position (HK$mn) 31/12/2025 31/12/2024 Investment Properties 175,536 174,558 - Chinese Mainland 111,413 110,280 - Hong Kong 64,123 64,278 Investment Properties under development 27,359 24,001 Properties for sale 14,293 13,510 Cash and bank deposits 6,792 10,817 Total Borrowings 54,837 57,794 Net Debt 48,045 46,977 Net Debt to Equity Ratio 30.9% 30.8% Total Assets 236,232 234,968 Shareholders’ equity 98,881 95,776 Net Assets Attributable to Shareholders Per Share (HK$) $72.6 $70.3 ▪ As of Dec 31, 2025, total cash and available facilities amounted to HK$51,262mn, including available facilities of HK$44,470mn Hang Lung Group Limited
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Hang Lung Properties Limited Hang Lung Properties Limited 54 Investment Property Portfolio: HLG Note: Properties held via HLP are excluded from this session Note: To be converted into Kimpton Xujiahui Shanghai, with expected completion by 2027 (Note) 9 Wing Hong Street Luen Cheong Can Centre Tai Hing Gardens Grand Gateway 66 Location Cheung Sha Wan, HK Tuen Mun, HK Tuen Mun, HK Puxi, Shanghai Usage Office Office Retail portion Office Tower I & Serviced Apartments (note) 228 Electric Road Citygate Location North Point, HK Tung Chung, HK (HLG held: 33.3% & HLP held: 66.7%) (HLG’s shareholding: 26.67%) Usage Grade A office tower / Retail area on podium floors Mixed-use development with retail, office & hotel Hang Lung Group Limited
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Hang Lung Properties Limited Hang Lung Properties Limited 55 Grand Gateway 66, Above Xujiahui Subway Station, Puxi, Shanghai FY25 rental revenue (RMB mn) YoY% Occupancy (at Dec 31, 2025) Office Tower I 218mn -3% 89% Residential & Serviced Apartments (note) 96mn -24% 71% Mall (held via HLP) 1,197mn +2% 100% To be converted into Kimpton Xujiahui Shanghai, with expected completion by 2027 Note: The serviced apartment building was ceased business operations at the end of Feb 2025 for hotel redevelopment Hang Lung Group Limited
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Hang Lung Properties Limited Hang Lung Properties Limited 56 1. All information and data are provided for information purposes only. All opinions included herein are based on information av ailable as of the date hereof and are subject to change without notice. There is no guarantee, representation or warranty provided for accuracy, timeliness or completeness for the information contained in this presentation. Neither Hang Lung Properties Limited, Hang Lung Group Limited or any of their respective subsidiaries or affiliates, nor any of its or their directors, officers or any other persons, accepts any responsibility or liability whatsoever from any actions or claims arising from any use or interpretation of the information contained herein. You may not distribute, reproduce, modify or otherwise use the content of the document for public or commercial use without prior permission of Hang Lung Properties Limited and Hang Lung Group Limited. 2. The figures and financial information for the year ended December 31, 2025 included in this presentation are not the statutory consolidated financial statements. The full-year statutory financial information of preceding financial years quoted in this presentation are derived f rom statutory annual financial statements for that relevant financial years, which have been delivered to the Registrar of Companies in accordance with the prevailing Companies Ordinance and are reported on by the auditor with relevant auditor’s reports without qualification or modification. Thank You Disclaimer