Slides
Page 1
SWIRE PACIFIC Interim Results Analyst Briefing 2026 6th August 2026 | Hong Kong CATHAY PACIFIC
Page 2
DISCLAIMER This document has been prepared by Swire Pacific Limited (the “Company”, and together with its subsidiaries, the “Group”) solely for information purposes and information in it has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the accuracy, fairness, completeness, reasonableness or correctness of the information or opinions presented herein or any verbal or written communication in connection with the contents contained herein. Neither the Company nor any of its directors, officers, employees, agents, affiliates, advisers or representatives shall have any responsibility or liability whatsoever, as a result of negligence, omission, error or otherwise, for any loss howsoever arising in relation to any information presented or contained in this document or otherwise arising in connection with this presentation. The information presented or contained in this document is subject to change without notice and shall only be considered current at the date of this presentation. This document may contain forward-looking statements that reflect the Company’s beliefs, plans or expectations about the future or future events. These forward‐looking statements are based on a number of assumptions, estimates and projections, and are therefore subject to inherent risks, uncertainties and other factors beyond the Company’s control. The actual results or outcomes of events may differ materially and/or adversely due to a number of factors, including changes in the economies and industries in which the Group operates (in particular in Hong Kong and the Chinese Mainland), macro-economic and geopolitical uncertainties, changes in the competitive environment, data quality, foreign exchange rates, interest rates and commodity prices, and the Group’s ability to identify and manage risks to which it is subject. Nothing contained in these forward-looking statements is, or shall be, relied upon as any assurance or representation as to the future or as a representation or warranty otherwise. Neither the Company nor its directors, officers, employees, agents, affiliates, advisers or representatives assume any responsibility to update these forward‐looking statements or to adapt them to future events or developments or to provide supplemental information in relation thereto or to correct any inaccuracies. This document is for information purposes only and does not constitute or form any part of, and should not be construed as, an invitation or offer to acquire, purchase or subscribe for securities nor is it calculated to invite any such offer or invitation, whether in Hong Kong, the United States or elsewhere. This document does not constitute, and should not be construed as, any recommendation or form the basis for any investment decisions regarding any securities of the Company. Potential investors and shareholders of the Company should exercise caution when investing in or dealing in the securities of the Company. References in this document to Hong Kong are to Hong Kong SAR, to Macau are to Macao SAR and to Taiwan are to the Taiwan region. 2
Page 3
AGENDA 1H2026 STRATEGIC & FINANCIAL HIGHLIGHTS 1H2026 FINANCIAL PERFORMANCE SUSTAINABILITY PROGRESS BUSINESS REVIEW KEY TAKEAWAYS Q&A 3
Page 4
1H2026 STRATEGIC & FINANCIAL HIGHLIGHTS GUY BRADLEY, CHAIRMAN 4
Page 5
▪ Integration of new franchises progressing well following recent significant investments in South East Asia. ▪ Continue to advance RMB12Bn investment plan in new facilities and equipment in the Chinese Mainland. ▪ Disciplined execution of HK$100Bn investment plan and continuous enhancement of portfolio quality. ▪ Seven projects currently under development in the Chinese Mainland, the most in Swire Properties’ history. ▪ Expanding investment in property trading with residential projects in Bangkok and Miami. ▪ HAECO is investing significantly in Greater China and South East Asia. ▪ Cathay group has already committed around HK$150Bn in investments into its fleet, cabin and lounge products, and digital innovation. 5 B E V E R A G E S A V I A T I O N P R O P E R T Y 1H2026 STRATEGIC HIGHLIGHTS Highest first-half recurring underlying profit driven by improving consumer sentiment in all divisions Executing on record levels of planned investment to support future growth in our core markets o New world-class production facilities in Kunshan and Guangzhou opened in May 2026. o Construction of new facility in Hainan underway. o HAECO’s new Xiamen facility completing equipment installation, with operations set to commence in late 2026. o New HAECO JV in Vietnam with Sun Group, Toyota Tsusho and Japan Airlines, with operations targeted for late 2028.
Page 6
FINANCIAL HIGHLIGHTS • Solid financial position with gearing ratio of 19.3% • HK$45.8Bn of available liquidity Financial Health • 15% increase in first interim dividend to HK$1.50 per ‘A’ share • Progressive dividend policy and target payout ratio of 50%+ of recurring underlying profit1 over time Dividends HK$7.0Bn Recurring Underlying Profit48% 1H2025: HK$4.7Bn 15% HK$1.50 First Interim Dividend per ‘A’ Share 1H2025: HK$1.30 HK$49.4Bn Revenue8% 1H2025: HK$45.8Bn 1H2025: HK$5.5BnHK$7.8Bn Underlying Profit43% Underlying profit increased by 43% to HK$7.8Bn, driven by strong demand and one-off gains in Aviation, robust retail sales and residential trading profits in Property, with Swire Coca-Cola also recording an improving performance in the Chinese Mainland Note: 1. Excluding the share of the results of Cathay Pacific Airways but including all dividends received from that company. 6
Page 7
Recurring Underlying Profit ▪ Significant improvement in results from the Chinese Mainland supported by stronger consumer demand and investments in emerging channels. ▪ All major markets in South East Asia saw revenue growth, but recurring profit fell due to lower FX gains, reduced interest income and higher commodity and logistics costs. ▪ Solid performances in Taiwan and in Hong Kong, where we are now the market leader in five beverage categories. ▪ Robust demand for HAECO’s base maintenance and engine overhaul services. ▪ Cathay group delivered an excellent performance in the first quarter. Demand remained high in Q2 but fuel prices increased significantly due to the situation in the Middle East. 37% (1) 39% Record recurring underlying 1H2026 profit of HK$7.0bn (+48%), with improved consumer sentiment lifting performance in core divisions Record recurring underlying 1H2026profit of HK$7.0bn (+48%), with improved consumer sentiment lifting performance in core divisions Note: 1. Recurring underlying profit attributable to Swire Pacific. The increase of 37% rather than the 36% reported by Swire Properties reflects the increase in Swire Pacific’s attributable interest compared to the first half of 2025. 1H2026: HK$3.9Bn 1H2025: HK$2.8Bn 1H2026: HK$0.91Bn 1H2025: HK$0.86Bn 5% 1H2026: HK$3.1Bn 1H2025: HK$2.2Bn ▪ Residential trading made a strong contribution to underlying profit driven by sale completion of 6 Deep Water Bay Road. ▪ Accelerating retail performance in Hong Kong and the Chinese Mainland, with momentum expected to continue. ▪ Hong Kong office portfolio benefitting from high occupancy and increased leasing activity. P R O P E R T Y A V I A T I O NB E V E R A G E S 7 FINANCIAL HIGHLIGHTS BY DIVISION
Page 8
1H2026 FINANCIAL PERFORMANCE MARTIN MURRAY, FINANCE DIRECTOR 8
Page 9
1H2026 FINANCIAL SUMMARY Recurring Underlying Profit 48% 1H2026: HK$6,962m 1H2025: HK$4,712m Underlying Profit 43% 1H2026: HK$7,843m 1H2025: HK$5,476m Statutory Attributable Profit 731% 1H2026: HK$6,769m 1H2025: HK$815m Revenue 1H2026: HK$49,446m 1H2025: HK$45,774m +8% Equity Attributable to the Company’s Shareholders June 2026: HK$266Bn Dec 2025: HK$260Bn +3% First Interim Dividend per Share 1H2026: HK$1.50 per ‘A’ Share HK$0.30 per ‘B’ Share 1H2025: HK$1.30 per ‘A’ Share HK$0.26 per ‘B’ Share +15% Cash Generated from Operations 1H2026: HK$9,217m 1H2025: HK$8,438m +9% Strong fundamentals continue to support progressive dividend policy with 15% increase in interim dividends 9
Page 10
4,712 6,962 +1,054 +46 +861 +289 1H2025 Recurring Underlying Profit Property Beverages Aviation Head Office and Other Businesses 1H2026 Recurring Underlying Profit +759 HK$M 1H2026 MOVEMENT IN RECURRING UNDERLYING PROFIT +48% 48% recurring underlying profit growth driven by residential sales and strong aviation performance • Sale of 6 Deep Water Bay Road houses. • Higher net rental income from retail portfolio. 10 • Significant improvement in results from the Chinese Mainland. • Partly offset by lower recurring profit in South East Asia. • Lower net finance charges due to lower interest rates and lower net debt. • Lower admin costs. +102 • Cathay group saw high demand for air travel, although fuel prices increased significantly in Q2. • HAECO group had robust demand for base maintenance, with more line maintenance and repair and overhaul activity.
Page 11
1H2026 HK$M 1H2025 HK$M Recurring underlying profit 6,962 4,712 Significant non-recurring items: Gain on disposals of interests in investment properties and properties held for development 199 833 Gain on disposals of property, plant and equipment and other investments 309 69 Cathay group non-recurring items 434 - Remeasurement losses on investments (61) (138) Underlying profit 7,843 5,476 Adjustments in respect of investment properties (1,074) (4,661) Statutory profit 6,769 815 Sale of investment property in Hong Kong Remeasurement loss on put option liability and exchange losses on cash balances in ThaiNamthip Mainly gain on sale of shares in Cathay group Adjusting the fair value gains on properties sold in the current period because they were recognised in prior years in statutory profit 1H2026 RECONCILIATION OF PROFITS 11 Mainly Cathay group's gain on deemed disposal of Air China
Page 12
Note: 1. Available committed facilities, excluding lease liabilities. December 2023 HK$M December 2024 HK$M December 2025 HK$M June 2026 HK$M Change % (June 26 vs December 25) Bank balances and short-term deposits 14,082 21,028 23,172 22,247 -4% Total undrawn facilities - Committed 34,850 22,092 29,565 23,552 -20% Group committed liquidity 48,932 43,120 52,737 45,799 -13% - Uncommitted 10,548 11,296 11,837 11,577 -2% Group total liquidity 59,480 54,416 64,574 57,376 -11% Financing Maturity Profile at 30th June 2026(1) HK$M 1,818 14,145 15,403 8,891 9,580 753 809 6,729 640 10,400 9,509 8,518 9,217 4,221 5,884 2,111 0 5,000 10,000 15,000 20,000 25,000 2H2026 2027 2028 2029 2030 2031 2032 2033-2040 Bonds Loans Weighted average term of debt (1): 3.2 years HK$M LIQUIDITY AND MATURITY PROFILE 12 Liquidity headroom normalised following substantial 1H2026 debt repayments
Page 13
Note: 1. Excluding lease liabilities. 18.0 17.0 22.1 20.6 19.3 0.0 5.0 10.0 15.0 20.0 25.0 30.0 0 100,000 200,000 300,000 400,000 December 2022 December 2023 December 2024 December 2025 June 2026 %HK$M Total equity Net debt Gearing ratio (excluding lease liabilities) HK$Bn June 2026 December 2025 Change % Net debt 62.5 65.3 -4% Net debt including lease liabilities 67.4 70.4 -4% 65.3 3.6 2.5 2.4 0.7 62.5 (9.2) (2.8) Net debt at 31st December 2025 Cash from operations Disposal proceeds Capex and investments Net dividends paid Net tax and interest paid Others Net debt at 30th June 2026 FINANCIAL POSITION Strong operating cash flow and capital recycling resulted in lower gearing, while WACD also declined Net Debt Movements (HK$Bn) June 2026 December 2025 Underlying cash interest cover – times 5.7 4.3 Weighted average cost of debt (%) (1) 3.4% 3.6% Gross borrowings on fixed rate basis (%) (1) 75% 73% Gearing Ratio 13
Page 14
Sustainable dividend growth Share buy-backs Focus on operational excellence Long-term strategic investments in core markets Disciplined approach to capital allocation, balancing significant investments with continued focus on shareholder returns • First interim 2026 dividends above market expectations • Progressive dividend policy and target payout ratio of 50%+ of recurring underlying profit1 over time • Share buy-backs evaluated when operational and market conditions allow • HK$100Bn investment plan and divestment of non-core assets by Property • Significant long-term investments in core strategic assets in Swire Coca- Cola and HAECO • Increased focus on property trading • Swire Coca-Cola strengthening e- commerce and other emerging channels • Productivity improvements across core divisions Strong balance sheet Sustainable dividend growth Share buy-backs Focus on operational excellence Long-term strategic investments in core markets Strong balance sheet • Healthy gearing ratio at 19.3% • Weighted average cost of debt at 3.4% • 75% fixed-rate borrowings Note: 1. Excluding the share of the results of Cathay Pacific Airways but including all dividends received from that company. 14 SHAREHOLDER RETURNS
Page 15
SUSTAINABILITY PROGRESS MARTIN MURRAY, FINANCE DIRECTOR 15
Page 16
16 Sustainability is embedded across our operations and business performance SUSTAINABILITY PROGRESS TARGETS PROGRESS Notes: 1. Scope 1 + Scope 2 emissions only. 2018 base year. 2. Includes non-hazardous waste (where Swire Pacific exercises operational control). 2018 base year. 3. Compared to a 2018 frozen efficiency baseline. Excludes bottling volume from Swire Coca-Cola. 4. Performance against climate, waste and water targets, and charitable donations amount, represents progress as of 31st December 2025. 50% reduction in greenhouse gas emissions (1) by 2030 and net-zero by 2050 ► 46% reduction in GHG emissions. (4) ► Swire Properties is first real estate company in Hong Kong and the Chinese Mainland to have decarbonisation targets validated under new SBTi Buildings criteria. 65% waste diversion from landfill (2) by 2030, and zero waste to landfill by 2050; ► 64% of waste diverted from landfill. (4) ► 50% recycled aluminium content introduced in Swire Coca-Cola Hong Kong-produced canned beverages from May 2026. 30% reduction in water withdrawal (3) by 2030, and water neutrality by 2050 ► 27% reduction in freshwater withdrawal. (4) ► Swire Coca-Cola’s new facilities in the Chinese Mainland set new benchmarks for water stewardship and waste management. 30% female Board representation over a 3-year cycle ► Maintained over 30% female representation on Board. ► Two new female Directors appointed in May 2026. Create positive impact and build stronger communities ► Over HK$120 million charitable donations through the Swire Trust and our businesses. (4) ► Swire Properties launched new SD strategy in April 2026, guided by new vision, “Building the world’s most sustainable communities.”
Page 17
BUSINESS REVIEW PROPERTY GUY BRADLEY, CHAIRMAN 17
Page 18
The Chinese Mainland - Retail-led mixed-use projects in Tier-1 / emerging Tier-1 cities; doubling of GFA by 2032 ▪ Taikoo Li Xi’an ▪ Taikoo Li Sanya (3) ▪ Increased stake at Taikoo Li Chengdu ▪ Taikoo Li Qiantan (New Retail Phase) and Qiantan Place (4) ▪ Lujiazui Taikoo Yuan, Shanghai ▪ Taikoo Li Julong Wan Guangzhou ▪ Phase 3 of Taikoo Hui, Guangzhou ▪ Increased stake at Taikoo Place Beijing Hong Kong – Asset reinforcement opportunities at Pacific Place and TaikooPlace ▪ Increased stake at Citygate ▪ 100% ownership at 1067 King’s Road and 8 Shipyard Lane (2) ▪ 100% ownership at 9-43 Hoi Wan Street and 29-41 Tong Chong Street Continuous execution and positioning for growth Notes: 1. As at 31st July 2026. 2. Formerly known as Zung Fu Industrial Building and Wah Ha Factory Building respectively. 3. Project name to be confirmed. 4. Formerly known as Shanghai New Bund Mixed-use Project. HK$ 46 Bn / HK$ 50 Bn Investing in Long-term Growth HK$ 13 Bn / HK$ 30 Bn Trading- Residential pipeline in Hong Kong, the Chinese Mainland and South East Asia South East Asia - Building a presence in Vietnam, Indonesia, Singapore and Thailand ▪ THE HEADLAND RESIDENCES, Hong Kong ▪ 269 Queen’s Road East, Hong Kong ▪ 983-987A King’s Road and 16-94 Pan Hoi Street, Hong Kong ▪ Upper House Residences Bangkok and The Wireless Residences by Upper House, Bangkok ▪ 6 Deep Water Bay Road, Hong Kong HK$ 10 Bn / HK$ 20 Bn 69% Committed HK$100 BILLION INVESTMENT PLAN 18
Page 19
Notes: 1. Representing GFA of the sites as at 30th June 2026. The GFA will increase to ~1.6M sq ft, subject to further relevant transaction agreements. 2. Representing 983-987A King’s Road, 16-94 Pan Hoi Street, 1067 King’s Road and 8 Shipyard Lane and 9-43 Hoi Wan Street and 29-41 Tong Chong Street in Quarry Bay, Hong Kong. 3. Representing construction floor area of the project including hotel portion and subject to change. Diversifiedportfolioacrossour core markets PROPERTY – UPCOMING NEW PROJECTS PROPERTY – UPCOMING NEW PROJECTS 19 2028 onwards ▪Residential, office and other commercial developments in Quarry Bay (2) ▪Phase 3 of TaikooHui, Guangzhou ▪ Empire City,Ho Chi Minh City ▪The Residences at Mandarin Oriental, Miami (3) ▪Upper House Residences Bangkok and The Wireless Residences by Upper House, Bangkok From Q4 2026 Expected Completion Year Expected Attributable GFA to be Completed 1.4 M sq ft Hong Kong 9.7 M sq ft The ChineseMainland 4.3 M sq ft USA and South East Asia 15.4 M sq ft Total ▪TaikooLi Sanya ▪TaikooPlace Beijing ▪Redevelopment of Building N1 at Taikoo Li Sanlitun, Beijing From 2027 ▪TaikooLi Xi’an ▪ TaikooLi Julong Wan Guangzhou (1) ▪269 Queen’s Road East Artist Impression ▪ Lujiazui TaikooYuan, Shanghai Artist Impression ▪Taikoo Li Qiantan (New Retail Phase) and Qiantan Place Taikoo Li Xi’an Taikoo Li Sanya
Page 20
Underlying Profit attributable to Swire Pacific ▪ Underlying profit increased by 11% primarily driven by profit on sale of two residential properties at 6 Deep Water Bay Road in Hong Kong, partly offset by a lower gain on divestments. ▪ Profit from property investment decreased, mainly due to the loss of rental income from the Brickell City Centre retail mall (Miami) following its disposal and higher interest expenses, partly offset by increased rental income from the Hong Kong and the Chinese Mainland retail portfolios. ▪ Hotel performance in Hong Kong and the Chinese Mainland improved. Performance of the managed hotel in the USA was strong.6,260 6,479 289 PROPERTY – 1H2026 RESULTS PROPERTY – 1H2026 RESULTS Strong profit growth driven by significant residential profit 20 3,883 2,829 199 833 0 1,000 2,000 3,000 4,000 5,000 Non-recurring Recurring 1H2026 1H2025 Total $3,662 Total $4,082 HK$M 3,662 (634) (243) 1,243 54 4,082 Underlying profit 1H 2025 Decrease in profit from divestments Decrease in property investment Increase in profit from property trading Increase in profit from hotels and others Underlying profit 1H 2026 Movement in Underlying Profit attributable to Swire Pacific HK$M
Page 21
1,287 1,764 2,771 3,073 3,4651,327 2,386 2,401 3,180 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2016 2020 2022 2025 2026 1H 2H Attributable Gross Rental Income by Region (1) Attributable Gross Rental Income (1) CAGR (2016 - 2025): +10% Note: 1. After deducting rental concessions. 2,614 4,150 5,172 6,253 HK$M 10.6 10.6 10.6 2.9 8.3 PROPERTY – THE Chinese MAINLAND PORTFOLIOs PROPERTY – THE CHINESEMAINLAND PORTFOLIOS M sq ft Growing contribution with a robust opening pipeline • Attributable rental contributions from the Chinese Mainland retail portfolio exceeded those from Hong Kong office portfolio. • The Chinese Mainland portfolios contributed 46% of attributable gross rental income in 1H2026. 21 AttributableCompleted GFA 6 ➔11 developments GFA Doubling HK Office 34% HK Retail 17% HK Residential 3% CM Retail 40% CM Office 5% CM Residential 1% 46% Contribution from the Chinese Mainland 9.9 10.6 10.7 10.7 10.7 2.8 7.6 8.6 5 10 15 20 2022 2025 2026F 2027F Beyond 2028F Existing New Projects 13.5 18.3 19.3 +13%
Page 22
PROPERTY – HONG KONG OFFICE PROPERTY – HONG KONG OFFICE 22 High occupancy, office rents rising in Pacific Place Notes: 1. Occupancy as at 30th June 2026. 2. Including One Pacific Place, Two Pacific Place and Three Pacific Place. Excluding Six Pacific Place where occupancy was 70% as at 30th June 2026. 3. Including Cambridge House, Dorset House, FWD Tower, Lincoln House, Oxford House and PCCW Tower. 4. Excluding Two Taikoo Place and Six Pacific Place. Overall occupancy including Two Taikoo Place and Six Pacific Place was 90% at 30th June 2026. Overall Occupancy (4) 92% Attributable Gross Rental Income Flat (vs 1H2025) Attributable Valuation Unchanged (vs Dec 2025) HK$ 159.2 Bn Pacific Place (2) 98% Occupancy -14% Reversion One/Two PP : 90 – 100 Three PP : 80 – 90 Latest Rentals (HK$ psf) 91% Occupancy -14% Reversion Low 50s – mid 60s Latest Rentals (HK$ psf) One Island East & One TaikooPlace Other TaikooPlace Office Towers (3) 80% Occupancy Low 50s – high 50s Latest Rentals (HK$ psf) Two TaikooPlace 88% Occupancy -17% Reversion Mid 30s – high 40s Latest Rentals (HK$ psf)
Page 23
PROPERTY – OUTLOOK PROPERTY – OUTLOOK 23 Office Portfolio Residential Portfolio Hotel Portfolio ▪ Resilient, with high occupancy and narrowing reversions in Hong Kong, especially at Pacific Place ▪ Weak demand in the Chinese Mainland but with “flight- to-quality” trends ▪ Positive growth momentum in the ChineseMainland ▪ Sustained recovery in Hong Kong as sentiment improves ▪ Positive in Hong Kong and South East Asia ▪ Strong in the Chinese Mainland ▪ Strong demand in Miami, which remains an attractive destination for homebuyers ▪ Improving in Hong Kong ▪ Stable in the Chinese Mainland ▪ Positive in Miami Retail Portfolio Positive momentum across all portfolios ▪ Disciplined execution of HK$100Bn investment plan and continuous upgrading of portfolios. ▪ Sustainable growth driven by strong pipelines of residential and new retail-led developments in the Chinese Mainland. ▪ New SD 2050 vision to drive long-term shareholder value. ▪ Progressive, mid-single digit dividend growth.
Page 24
BUSINESS REVIEW SWIRE COCA-COLA KAREN SO, CHIEF EXECUTIVE OFFICER, SWIRE COCA -COLA 24
Page 25
SWIRE COCA‐COLA – 1H2026 MARKET OVERVIEW SWIRE COCA-COLA – 1H2026 MARKET OVERVIEW • Improving market conditions, particularly in the Chinese Mainland ✓ Well-positioned to capture the recovery through volume growth in immediate consumption and eating & drinking channels, and through our investment in marketing and cold drink equipment for emerging new sales channels in the Chinese Mainland • Input cost inflation weighing on margins, particularly in South East Asia ✓ Advance purchase contracts and manufacturing productivity initiatives are helping to manage exposure, although inflationary pressures and uncertainties continue to present margin risk • Evolving consumption trends and demand for affordable entry packs ✓ Heightened price sensitivity of local consumers reinforces the need for package and price discipline, with growing demand for affordable entry price package to capture growth opportunities • Focus on Sparkling core while growing low and no-sugar portfolio ✓ Sparkling remains core growth driver, supported by strategic product portfolio expansion to meet evolving consumer preferences and regulatory requirements, with product mix shift already underway across key markets 25
Page 26
SWIRE COCA‐COLA – STRATEGIC UPDATES SWIRE COCA-COLA – STRATEGIC UPDATES Investment in Greater China • Continue to advance RMB12Bn investment plan in new facilities and equipment in the Chinese Mainland to support expected growth. • New Kunshan and Guangzhou plants with over 20 lines commenced operations in May 2026. Both facilities integrate AI into the manufacturing process and are LEED Gold certified, set to boost the Chinese Mainland output by 10%. • Construction work for new production facility in Hainan is in progress, set to be operational by end of 2027. • New Automated Storage and Retrieval System (ASRS) and aseptic production line under construction in Taiwan. Expansion in South East Asia • Confident in the long-term potential in South East Asia, driven by favourable demographics, low per capita sparkling beverage consumption, and positive GDP trends. • Significant investment in cold drink equipment and production assets, including launch of Affordable Small Sparkling Pack (ASSP) line in Vietnam. • Continue to transfer digital expertise, operational expertise and innovations from Greater China to South East Asia. Investing in Digital & AI to Strengthen Long-Term Competitiveness • Building the foundations of an intelligent enterprise through modern business processes and enterprise data capabilities. • Accelerating investment in AI to transform how we operate. Examples include digital route-to-market planning, recommended SKU order quantities, and data-driven product selection in vending assortment. 26
Page 27
61 43 58 61 95 105 98 113 727 588 (132) (49) (200) 0 200 400 600 800 1,000 1,200 SWIRE COCA‐COLA – 1H2026 RESULTS SWIRE COCA-COLA – 1H2026 RESULTS • The Chinese Mainland – Recurring profit increased by 24%. Strong volume growth across emerging channels such as e-commerce, but this was partly offset by pricing discounts. The business was relatively insulated from higher raw material costs due to effective procurement strategies. • Hong Kong – Recurring profit fell by 5 %, mainly due to one-off lease termination compensation received in 1H2025. Revenue grew across most product categories, partly offset by higher operating expenses and depreciation charges. • Taiwan – Recurring profit increased by 42%. Strong growth in Sparkling and Tea partly benefitting from new product launches. Operating expenses increased but there were lower costs associated with the new facility in Taoyuan. • Vietnam and Cambodia – Recurring profit decreased by 13%. Excluding foreign exchange gains in both periods, profit would have risen by 15% due to recovery in Sparkling volume and absence of plant relocation expenses incurred in 2025 , partly offset by higher commodity and fuel prices arising from the Middle East conflict . • Thailand and Laos – Recurring profit decreased by 10%. Excluding the effect of interest income in both periods, profit would have increased by 16%. Stronger sales of Sparkling and expansion into Energy led to higher revenue. Higher spending on commercial initiatives to mitigate competitive pressures and the impact of incremental sugar tax. • Net Central and Other Costs1 – Higher net costs mainly due to absence of accrual reversals and tax refund in 1H2025.Note: 1. ‘Net Central and Other Costs’ includes administrative and project costs as well as management fee income from SCC USA. Stronger performanceled by the Chinese Mainland Total $861 Total $907 HK$M 1H2026 1H2025 Recurring Profit/(Loss) 27
Page 28
0 200 400 600 800 1,000 The Chinese Mainland Vietnam and Cambodia Thailand and Laos Hong Kong Taiwan 1H2026 1H2025 -10% +24% -5% +42%-13% Notes: 1. Revenue used in the calculation of EBITDA margin includes that of Shanghai Shen-Mei and excludes sales to other bottlers. 2. EBITDA used in the calculation of EBITDA margin includes that of Shanghai Shen-Mei and excludes non-recurring items and central costs and others. Recurring Profit by Territory EBITDA Margin by Territory Volume Change +12% +8% +9% +7% +10% HK$M SWIRE COCA‐COLA – 1H2026 RESULTS SWIRE COCA-COLA – 1H2026 RESULTS EBITDA margin increased from 12.8% to 12.9% driven by higher revenue, offset by pricing and cost pressures % change 13.1% 11.3% 12.9% 14.3% 11.9% 12.8% 11.9% 13.4% 14.2% 10.8% 0% 5% 10% 15% The Chinese Mainland Vietnam and Cambodia Thailand and Laos Hong Kong Taiwan 1H2026 1H2025 +16% (excl. interest income) +15% (excl. exchange gains) +5% (excl. lease termination) 28
Page 29
SWIRE COCA‐COLA – OUTLOOK SWIRE COCA-COLA – OUTLOOK Margin outlook: Continued geopolitical uncertainty affecting commodity prices and logistics costs may impact margins, with mitigation measures underway to reduce exposure. The Chinese Mainland: Improving consumer sentiment; accelerating growth through expansion in emerging sales channels and digital platforms, including e-commerce. South East Asia: Confident in long-term growth potential; Sparkling growth will be driven through recruitment and occasion building consumption along with portfolio expansion. - Vietnam: Launch of smaller, more affordable pack sizes for recruitment into the Sparkling category. - Thailand: Maintaining a cautious stance amid sugar tax impact; ongoing expansion of low and no-sugar portfolio and entrance into Energy with early positive signs. Overall: Confident about the prospects for all our markets, supported by our continued long-term investment plans. 29
Page 30
BUSINESS REVIEW AVIATION MARTIN MURRAY, FINANCE DIRECTOR 30
Page 31
Title and Content HAECO group • Already committed around HK$150Bn in investments in fleet, cabin and lounge products, and digital innovation. • Targeting to have 150 new aircraft joining the fleet in the next 10 years, if market conditions are favourable. • Targeting to reach 150 destinations in the next 10 years, if market conditions are favourable. • Expanding use of data analytics and AI to optimise operations. AVIATION – STRATEGIC UPDATES AVIATION – STRATEGIC UPDATES Cathay group 31 • Strategy focused on serving global customers from bases in Greater China and South East Asia following the sale of the US airframe business. • HAECO announced US$360m Vietnam MRO JV with Sun Group, Toyota Tsusho and Japan Airlines, with operations targeted to commence in late 2028. • The construction of the new LEED-platinum certified facility in Xiamen is now complete. HAECO Xiamen will relocate to the new airport in late 2026. • AI is deployed within base and line maintenance work processes, to increase operational efficiencies and reduce turnaround time.
Page 32
Title and Content 2,401 1,642 662 561 0 1,000 2,000 3,000 Total (1) $2,195 AVIATION – 1H2026 RESULTS AVIATION – 1H2026 RESULTS Total (1) $3,056 HK$M Key Financial Data HK$M 1H2026 1H2025 Change % HAECO group Revenue 12,875 11,201 +15% Attributable profit 653 599 +9% Recurring profit 662 561 +18% Cathay group Post-tax profit attributable to Swire Pacific 2,826 1,642 +72% Recurring profit attributable to Swire Pacific 2,401 1,642 +46% Passenger and cargo demand drove strong performance across our aviation businesses, despite higher fuel prices due to Middle East conflict Recurring Profit 1H2026 1H2025 32 Note: 1. The Total Recurring Profit figures include consolidation adjustments and results of minor aviation investments.
Page 33
Title and Content Robust demand for base maintenance and engine services in Hong Kong and Xiamen while growth in line maintenance in Hong Kong continued Key Financial Data – Recurring Profit/(Loss) HK$M 1H2026 1H2025 Change % Airframe 292 262 +11% Components 98 108 -9% Engine 420 375 +12% Other items(2) (148) (184) +20% Total 662 561 +18% HAECO GROUP – 1H2026 RESULTS HAECO GROUP – 1H2026 RESULTS Notes: 1. Recurring profit/(loss) of Airframe and Other items figures for 2025 have been updated due to changes to classification of central costs. 2. Other Items includes central costs, financingand net profit from various minor business segments. 0 20 40 60 80 0 1 2 3 4 5 6 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 Manhours (Million) Base maintenance manhours sold - HAECO Xiamen Base maintenance manhours sold - HAECO Hong Kong Line maintenance movements handled - HAECO group Line maintenance movements handled (Thousands) 33 Key Operating Statistics
Page 34
Title and Content Cathay Group Profit 10.4 9.1 CATHAY GROUP – 1H2026 RESULTS CATHAY GROUP – 1H2026 RESULTS Travel Cargo ▪ The growth in cargo capacity was driven primarily by the increase in belly capacity. ▪ Both cargo revenue and tonnage grew solidly, supported by robust demand and global network strength. ▪ Strong demand for AI infrastructure and technology- related cargo across the network. High demand for air travel drove a strong performance, despite higher fuel prices in the second quarter ▪ Capacity continued to increase from 2025 levels with more passenger flights. ▪ Load factor was the highest 1H since 2005. ▪ Passenger yield increased as Cathay Pacific carried more premium cabin passengers and passengers diverted from Middle East hubs. Cathay Cargo Change Available freight tonne kilometres +4.0% Cargo load factor +0.6%pt Cargo yield +18.1% Cathay Pacific Change Available seat kilometres +11.8% Passenger load factor +2.7%pt Passenger yield +9.4% Note: 1. Figures are shown at Cathay group level rather than Swire Pacific Group attributableshare. 34 953 5,290 3,651 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Non-recurring Recurring 1H2026 1H2025 Total $6,243 Total $3,651HK$M
Page 35
Title and Content AVIATION – OUTLOOK AVIATION – OUTLOOK HAECO Group • Demand for base maintenance and engine services in Hong Kong and the Chinese Mainland is expected to remain stable in 2H2026. • HAECO Xiamen will relocate to new airport in late 2026. The transition to the new facilities is on track. • HAECO’s growth is underpinned by more than US$1Bn of investment over four years in capacity, capability and infrastructure across Asia. 35 • Passenger capacity expected to grow by around 10% in 2026. • Summer travel demand going into Q3 is looking strong. Cautiously optimistic for the rest of the year, subject to developments in the Middle East situation and other macroeconomic factors. • Cautiously optimistic about the upcoming peak cargo season, supported by continued demand for AI and technology-related cargo and resilient regional flows. • The impact of elevated jet fuel prices is expected to continue for the rest of the year. Cathay Group
Page 36
HEALTHCARE – UPDATES OUTLOOK HEALTHCARE – UPDATES & OUTLOOK • DeltaHealth recorded best EBITDA performance since acquisition, reflecting steady operational improvement and focus on expanding cardiology services. • Columbia China saw revenue growth driven by strong patient volumes at its flagship hospital. • SHH Core delivered an improved performance, led by robust growth at its Hong Kong clinic chains. • In Indonesia, IHC recorded revenue growth compared to the same period in 2025. • Seeking further investment opportunities at reasonable valuations in the Chinese Mainland and in South East Asia. • Primary near-term focus is on improving the operational performance of our existing investments. New Healthcare CEO appointed in July to lead this initiative. Continue to deepen our understanding of healthcare business and take advantage of sector dynamics Updates Outlook 36
Page 37
KEY TAKEAWAYS GUY BRADLEY, CHAIRMAN 37
Page 38
KEY TAKEAWAYS KEY TAKEAWAYS Operating environment expected to improve further in 2H2026 • We are investing at record levels and this will support future growth in our core markets of Hong Kong, the Chinese Mainland and South East Asia. • Our capital allocation strategy will continue to deliver sustainable growth in shareholder value. • Continued progress on our sustainability commitments embedded into all business divisions. Excellent 1H2026 on improving customer sentiment • Stronger consumer sentiment in 2026 in core markets. • Property Division performance supported by robust residential trading, stronger retail sales and ongoing capital recycling. • Swire Coca-Cola saw significantly improved results in the Chinese Mainland, its largest market. • Excellent start to the year by the Cathay group despite higher fuel prices in second quarter. 38
Page 39
Q&A 6TH AUGUST 20 26 | HONG KONG 39